EFTA00200873

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

Your Messages 6





# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

TAXPAYER NUMBER On File

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,053,854</td></tr><tr><td>NET CREDIT BALANCE</td><td>97,235</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,151,089</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,275,042</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-123,952</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

JEFFREY EPSTEIN

ACCOUNT NUMBER

STATEMENT PERIOD February 28, 2004

THROUGH March 31, 2004

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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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>$82,122.74</td></tr><tr><td>Dividends/Interest</td><td>15,112.69</td></tr><tr><td>Amount Credited</td><td>$15,112.69</td></tr><tr><td>Net Cash Activity</td><td>15,112.69</td></tr><tr><td>ClosingBalance</td><td>$97,235.43</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>82,122.74</td><td>97,235.43</td></tr><tr><td>Net Cash Balance</td><td>$82,122.74</td><td>$97,235.43</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>15,077.29</td><td>18,427.29</td></tr><tr><td>Credit Balance Int.</td><td>35.40</td><td>99.90</td></tr><tr><td>Total</td><td>$15,112.69</td><td>$18,527.19</td></tr></table>

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>97,235</td></tr><tr><td>Equities</td><td>4,053,854</td></tr><tr><td>Total</td><td>$4,151,089</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>97,235</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$97,235</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

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Bear, Stearns Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

STATEMENT PERIOD February 28, 2004

THROUGH March 31, 2004



ACCOUNT NUMBER





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TAXPAYER NUMBER On File

| LAST STATEMENT | February 27, 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.

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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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## 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>10.4200</td><td>20,840</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>22.3500</td><td>44,700</td><td>2,800</td><td>6.2640</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>27.1000</td><td>54,200</td><td>3,846</td><td>7.0959</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.3000</td><td>113,000</td><td>8,000</td><td>7.0796</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>46.4000</td><td>92,800</td><td>5,760</td><td>6.2069</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>50.7200</td><td>2,931,616</td><td>55,488</td><td>1.8927</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>18.9000</td><td>37,800</td><td>2,600</td><td>6.8783</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>52.1000</td><td>22,716</td><td>946</td><td>4.1645</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>37.6600</td><td>67,562</td><td>3,875</td><td>5.7355</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>28.2000</td><td>338,400</td><td>7,896</td><td>2.3333</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.4000</td><td>3,400</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>20.9500</td><td>326,820</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,053,854</td><td>$91,211</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,053,854</td><td>$91,211</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 February 28, 2004

THROUGH March 31, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

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BEAR
STEARNS


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

5 of 7



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Your Portfolio Holdings (continued)

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$91,211</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,151,089</td></tr></table>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





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>03/09/04</td><td>JOHNSON &amp; JOHNSON<br>REC 02/17/04 PAY 03/09/04</td><td>JNJ</td><td>57,800</td><td>0.2400</td><td></td><td>13,872.00</td></tr><tr><td>03/15/04</td><td>PAN PACIFIC RETAIL PROPERTIES<br>INC<br>REC 02/27/04 PAY 03/15/04</td><td>PNP</td><td>436</td><td>0.5425</td><td></td><td>236.53</td></tr><tr><td>03/15/04</td><td>PENNSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI<br>REC 03/01/04 PAY 03/15/04</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>$15,077.29</td></tr></tbody></table>

STATEMENT PERIOD February 28, 2004

ACCOUNT NUMBER

JEFFREY EPSTEIN

TAXPAYER NUMBER On File

THROUGH March 31, 2004

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

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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



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Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD February 28, 2004



INTEREST


THROUGH March 31, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<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>03/22/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT AT 00,50000% 02/21 - 03/20</td><td></td><td></td><td></td><td></td><td>35.40</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$35.40</td></tr></tbody></table>

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

## Your messages



Excess SIPC Account Protection Update

Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.



Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements:

At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3.2 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $930.3 million and $967.8 million by approximately $2.4 billion and $2.2 billion, all respectively.

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call - toll free 1-866-299-9331.

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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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The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments. Additionally, you may review this information online at the following NASD web site:



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http://www.nasdr.com/breakpoints_statement.asp





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859







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



JEFFREY EPSTEIN



ACCOUNT NUMBER



STATEMENT PERIOD February 28, 2004

TAXPAYER NUMBER On File

THROUGH March 31, 2004

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

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