EFTA00200854

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Your Portfolio Holdings ... 4

Financial Summary 3

## What’s In This Statement

Transaction Detail ... 5

Your Messages 7

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859





# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802

JEFFREY EPSTEIN

ACCOUNT NUMBER

TAXPAYER NUMBER On File

THROUGH June 30, 2004

| LAST STATEMENT | May 28, 2004 |

| :--- | :--- |

STATEMENT PERIOD May 29, 2004

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,918,612</td></tr><tr><td>NET CREDIT BALANCE</td><td>375,451</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,294,063</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,280,455</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>13,609</td></tr></table>

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

Market Value of Your Portfolio

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

## Important Message

This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for your records. See reverse side for important information.

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Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

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STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$108,112.58</td></tr><tr><td>Securities Sold</td><td>249,597.25</td></tr><tr><td>Dividends/Interest</td><td>17,741.65</td></tr><tr><td>Amount Credited</td><td>$267,338.90</td></tr><tr><td>Net Cash Activity</td><td>267,338.90</td></tr><tr><td>ClosingBalance</td><td>$375,451.48</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>108,112.58</td><td>375,451.48</td></tr><tr><td>Net Cash Balance</td><td>$108,112.58</td><td>$375,451.48</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>17,678.29</td><td>46,897.18</td></tr><tr><td>Credit Balance Int.</td><td>63.36</td><td>248.81</td></tr><tr><td>Total</td><td>$17,741.65</td><td>$47,145.99</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>375,451</td></tr><tr><td>Equities</td><td>3,918,612</td></tr><tr><td>Total</td><td>$4,294,063</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

| STATEMENT PERIOD | May 29, 2004 |
| :--- | :--- |
| THROUGH | June 30, 2004 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | May 28, 2004 |

| :--- | :--- |



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STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>375,451</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$375,451</td><td></td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CANHORN CHEMICAL CORP</td><td>CNCPF</td><td>CASH</td><td>19</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>12.1000</td><td>24,200</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>18.3500</td><td>36,700</td><td>2,800</td><td>7.6294</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>22.1200</td><td>44,240</td><td>3,846</td><td>8.6935</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>10.0100</td><td>100,100</td><td>8,000</td><td>7.9920</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>42.3000</td><td>84,600</td><td>5,760</td><td>6.8085</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>55.7000</td><td>3,219,460</td><td>65,892</td><td>2.0467</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>16.0000</td><td>32,000</td><td>2,600</td><td>8.1250</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>50.5200</td><td>22,027</td><td>946</td><td>4.2947</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>34.2500</td><td>61,445</td><td>3,875</td><td>6.3065</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>24.2300</td><td>290,760</td><td>20,160</td><td>6.9336</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD May 29, 2004

THROUGH June 30, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 28, 2004 |

| :--- | :--- |

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STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Your Portfolio Holdings (continued)

Equities & Options (continued)

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.0800</td><td>3,080</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,918,612</td><td>$113,879</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,918,612</td><td>$113,879</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$113,879</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,294,063</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>06/17/04</td><td>06/14/04</td><td>SOLD</td><td>TOO INC<br>UNSOLICITED</td><td>TOO</td><td>-15,600</td><td>16.06020</td><td></td><td>249,597.25</td></tr><tr><td colspan="8">TOTAL</td><td>$249,597.25</td></tr></tbody></table>

STATEMENT PERIOD May 29, 2004

ACCOUNT NUMBER

THROUGH June 30, 2004

TAXPAYER NUMBER On File

| LAST STATEMENT | May 28, 2004 |

| :--- | :--- |

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>06/08/04</td><td>JOHNSON &amp; JOHNSON<br>REC 05/18/04 PAY 06/08/04</td><td>JNJ</td><td>57,800</td><td>0.2850</td><td></td><td>16,473.00</td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

6 of 8

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD May 29, 2004

DIVIDENDS (continued)

THROUGH June 30, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 28, 2004 |

| :--- | :--- |

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>06/15/04</td><td>PAN PACIFIC RETAIL PROPERTIES INC REC 05/28/04 PAY 06/15/04</td><td>PNP</td><td>436</td><td>0.5425</td><td></td><td>236.53</td></tr><tr><td>06/15/04</td><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI REC 06/01/04 PAY 06/15/04</td><td>PEI</td><td>1,794</td><td>0.5400</td><td></td><td>968.76</td></tr><tr><td colspan="6">TOTAL</td><td>$17,678.29</td></tr></tbody></table>



INTEREST


<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>06/21/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT AT 00,50000% 05/21 - 06/20</td><td></td><td></td><td></td><td></td><td>63.36</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$63.36</td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



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Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

Effective no earlier than thirty (30) days from your receipt of this statement, we will compute interest regarding your short sales and marking-to-the market as follows:

The credit that appears on your statement due to short sales (including short sales against the box) is offset by a debit of like amount because Bear Stearns Securities has to borrow the same security in order to deliver it to the buying broker and has to provide its lender additional collateral of up to 105% of the settled short market value of the borrowed securities to secure such loan. This means that the debit balance on which interest is computed will be the difference between (i) up to 105% of the settled short market value of such short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales,

Notice Regarding a Change in The Statement of Interest Charges Pursuant to the "Truth-in-Lending" Rule 10 (b)-16 Regarding Short Sales And Marking-To-The-Market

JEFFREY EPSTEIN

## Your messages

STATEMENT PERIOD May 29, 2004



Any short positions in your account will be kept "marked-to-the market". This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the short securities. Securities that are priced below five dollars per share may be valued at five dollars per share for short marking-to-the market purposes. If a security has been sold short (or sold short against the box) and has appreciated in market price over the selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the drop in value. The appreciation or depreciation of securities sold short will be determined by Bear Stearns Securities based upon daily closing prices or quotations provided by pricing services, as applicable, or upon such factors as Bear Stearns Securities in its sole judgement deems pertinent.

Please note that the other sections of the "Truth-in-Lending" disclosure previously provided to you remain unchanged.

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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Bear, Steams Securities Corp.

One Mebrotech Center North Brooklyn, New York 11201-3859



JEFFREY EPSTEIN



Pursuant to the terms of the equity research settlement that was entered into by Bear Stearns and other major investment banks, we will soon make available to our customers, independent third-party research ("Independent Research"), at no cost, on the common stock of certain companies covered by the Firm's Equity Research Department ("Covered Company"). Customers will be able to access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them. Further, Bear Stearns will notify certain of our customers, at the time of each solicited order to buy or sell the common stock of a Covered Company, of the availability of Independent Research, and will provide, on the confirmations and statements that are generated for these customers, the rating(s) on such Covered Company(s) by the Firm's Equity Research Department, as well as the corresponding rating(s) by the applicable Independent Research provider(s), where available. These notice provisions become effective in the near future and, to the extent applicable, will be included in your next monthly statement. Please note, Bear Stearns is not responsible or liable for (i) decisions relating to the procurement of Independent Research, (ii) Independent Research or its content, (iii) customer transactions, to the extent based on Independent Research, or (iv) claims arising from or in connection with access provided by the Firm and/or the inclusion of Independent Research ratings in trade confirmations, periodic account statements or www.bearstearns.com. Bear Stearns is not required to supervise the production of Independent Research and has no responsibility to comment on the content of such Research.



## Please be advised of the following changes regarding account service fees:

Beginning September 1, 2004, accounts will be subject to a $20,00 processing fee for each outgoing wire transfer and for each check issued by Bear Stearns at the request of a customer. You may wish to speak to your Account Executive to inquire about the availability of check writing privileges for your brokerage account.

Beginning January 1, 2005, accounts will be subject to an annual account charge of $75,00 applicable for households that maintain less than $100,000 in net equity in related accounts or that generated less than $500 in brokerage commissions and/or fees paid to Bear Stearns in those accounts in the prior calendar year.



******* End of Statement*******


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