EFTA00200880

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







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 | January 30, 2004 |

| :--- | :--- |

*Note: The table is not present in the image.*

## Your Portfolio at a Glance

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

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,192,919</td></tr><tr><td>NET CREDIT BALANCE</td><td>82,123</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,275,042</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,167,113</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>107,929</td></tr></table>

ACCOUNT NUMBER

STATEMENT PERIOD January 31,2004

JEFFREY EPSTEIN

THROUGH February 27, 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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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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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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>$80,088.52</td></tr><tr><td>Dividends/Interest</td><td>2,034.22</td></tr><tr><td>Amount Credited</td><td>$2,034.22</td></tr><tr><td>Net Cash Activity</td><td>2,034.22</td></tr><tr><td>ClosingBalance</td><td>$82,122.74</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>80,088.52</td><td>82,122.74</td></tr><tr><td>Net Cash Balance</td><td>$80,088.52</td><td>$82,122.74</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>2,000.00</td><td>3,350.00</td></tr><tr><td>Credit Balance Int.</td><td>34.22</td><td>64.50</td></tr><tr><td>Total</td><td>$2,034.22</td><td>$3,414.50</td></tr></table>

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>82,123</td></tr><tr><td>Equities</td><td>4,192,919</td></tr><tr><td>Total</td><td>$4,275,042</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>82,123</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$82,123</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 January 31,2004

THROUGH February 27, 2004



02/28/04;11:57 001


ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

*Note: The table is not present in the image.*

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.

EFTA00200883



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>10.7400</td><td>21,480</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>21.0000</td><td>42,000</td><td>2,800</td><td>6.6667</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>25.7700</td><td>51,540</td><td>3,846</td><td>7.4622</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.0800</td><td>110,800</td><td>8,000</td><td>7.2202</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>43.5000</td><td>87,000</td><td>5,760</td><td>6.6207</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>53.9100</td><td>3,115,998</td><td>55,488</td><td>1.7807</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>19.6700</td><td>39,340</td><td>2,600</td><td>6.6090</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>49.5000</td><td>21,582</td><td>946</td><td>4.3833</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>36.4500</td><td>65,391</td><td>3,875</td><td>5.9259</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>27.9700</td><td>335,640</td><td>7,896</td><td>2.3525</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>2.9400</td><td>2,940</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>19.1800</td><td>299,208</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,192,919</td><td>$91,211</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,192,919</td><td>$91,211</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD January 31, 2004

THROUGH February 27, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

*Note: The table is not present in the image.*

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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



## 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>$4,275,042</td></tr></table>

JEFFREY EPSTEIN

STATEMENT PERIOD January 31, 2004



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>02/23/04</td><td>HRPT PROPERTIES TR-SBI REC 01/21/04 PAY 02/23/04</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>$2,000.00</td></tr></tbody></table>

THROUGH February 27, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

*Note: The table is not present in the image.*



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>02/23/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT<br>AT 00,50000% 01/21 - 02/20</td><td></td><td></td><td></td><td></td><td>34.22</td></tr><tr><td colspan="7">TOTAL</td><td>$34.22</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

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## 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 & Poor's.



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







CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

STATEMENT PERIOD January 31, 2004

ACCOUNT NUMBER

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

THROUGH February 27, 2004

TAXPAYER NUMBER On File

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