EFTA00200862

OFFICE SERVICING YOUR ACCOUNT

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail ... 5



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY







# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

## Your Portfolio at a Glance

JEFFREY EPSTEIN

ACCOUNT NUMBER

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

STATEMENT PERIOD May 1, 2004

THROUGH May 28, 2004

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,172,342</td></tr><tr><td>NET CREDIT BALANCE</td><td>108,113</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,280,455</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,170,996</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>109,459</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.

Market Value of Your Portfolio

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.

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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EFTA00200864



BEAR
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>$104,629.07</td></tr><tr><td>Dividends/Interest</td><td>3,483.51</td></tr><tr><td>Amount Credited</td><td>$3,483.51</td></tr><tr><td>Net Cash Activity</td><td>3,483.51</td></tr><tr><td>ClosingBalance</td><td>$108,112.58</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>104,629.07</td><td>108,112.58</td></tr><tr><td>Net Cash Balance</td><td>$104,629.07</td><td>$108,112.58</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>3,440.00</td><td>29,218.89</td></tr><tr><td>Credit Balance Int.</td><td>43.51</td><td>185.45</td></tr><tr><td>Total</td><td>$3,483.51</td><td>$29,404.34</td></tr></table>

## CASH & CASH EQUIVALENTS

Portfolio Composition

## Your Portfolio Holdings

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>108,113</td></tr><tr><td>Equities</td><td>4,172,342</td></tr><tr><td>Total</td><td>$4,280,455</td></tr></table>

<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>108,113</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$108,113</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Stearns Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

STATEMENT PERIOD May 1, 2004

THROUGH May 28, 2004



ACCOUNT NUMBER





05/29/04;12:32 001


TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

Your Portfolio Allocation

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00200865



BEAR
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

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>10.6400</td><td>21,280</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.0100</td><td>38,020</td><td>2,800</td><td>7.3645</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>22.3300</td><td>44,660</td><td>3,846</td><td>8.6117</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.8500</td><td>98,500</td><td>8,000</td><td>8.1218</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>40.9300</td><td>81,860</td><td>5,760</td><td>7.0364</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>55.7100</td><td>3,220,038</td><td>65,892</td><td>2.0463</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>16.1200</td><td>32,240</td><td>2,600</td><td>8.0645</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>46.0000</td><td>20,056</td><td>946</td><td>4.7168</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>33.3000</td><td>59,740</td><td>3,875</td><td>6.4864</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>24.2000</td><td>290,400</td><td>20,160</td><td>6.9421</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.0000</td><td>3,000</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>16.8300</td><td>262,548</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,172,342</td><td>$113,879</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,172,342</td><td>$113,879</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD May 1, 2004

THROUGH May 28, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

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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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CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Your Portfolio Holdings (continued)

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$113,879</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,280,455</td></tr></table>



Transaction Detail


## 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>05/20/04</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 05/04/04 PAY 05/20/04</td><td>HPT</td><td>2,000</td><td>0.7200</td><td></td><td>1,440.00</td></tr><tr><td>05/24/04</td><td>HRPT PROPERTIES TR-SBI<br>SBI REC 04/23/04 PAY 05/24/04</td><td>HRP</td><td>10,000</td><td>0.2000</td><td></td><td>2,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$3,440.00</td></tr></tbody></table>

STATEMENT PERIOD May 1, 2004

THROUGH May 28, 2004

AGCOUNT NUMBER

JEFFREY EPSTEIN

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |



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>05/21/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT<br>AT 00,50000% 04/21 - 05/20</td><td></td><td></td><td></td><td></td><td>43.51</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$43.51</td></tr></tbody></table>

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