EFTA00200886

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,087,024</td></tr><tr><td>NET CREDIT BALANCE</td><td>80,089</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,167,113</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,074,108</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>93,005</td></tr></table>

TAXPAYER NUMBER On File

*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.

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

ACCOUNT NUMBER

STATEMENT PERIOD January 1, 2004

JEFFREY EPSTEIN

THROUGH January 30, 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>$69,694.64</td></tr><tr><td>Dividends/Interest</td><td>10,393.88</td></tr><tr><td>Amount Credited</td><td>$10,393.88</td></tr><tr><td>Net Cash Activity</td><td>10,393.88</td></tr><tr><td>ClosingBalance</td><td>$80,088.52</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>69,694.64</td><td>80,088.52</td></tr><tr><td>Net Cash Balance</td><td>$69,694.64</td><td>$80,088.52</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>1,350.00</td><td>1,350.00</td></tr><tr><td>Credit Balance Int.</td><td>30.28</td><td>30.28</td></tr><tr><td>Total</td><td>$1,380.28</td><td>$1,380.28</td></tr></table>

Portfolio Composition

## Your Portfolio Holdings

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>80,089</td></tr><tr><td>Equities</td><td>4,087,024</td></tr><tr><td>Total</td><td>$4,167,113</td></tr></table>

## 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>80,089</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$80,089</td><td></td><td></td></tr></tbody></table>

027



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Stearns Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD January 1, 2004

JEFFREY EPSTEIN

THROUGH January 30, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |



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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.

EFTA00200889



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>11.7500</td><td>23,500</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.4100</td><td>38,820</td><td>2,800</td><td>7.2128</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>25.1900</td><td>50,380</td><td>3,846</td><td>7.6340</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>10.6000</td><td>106,000</td><td>8,000</td><td>7.5472</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>41.8500</td><td>83,700</td><td>5,760</td><td>6.8817</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>53.4200</td><td>3,087,676</td><td>55,488</td><td>1.7971</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>18.6000</td><td>37,200</td><td>2,600</td><td>6.9892</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>51.1100</td><td>22,284</td><td>889</td><td>3.9894</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>37.3600</td><td>67,024</td><td>3,875</td><td>5.7815</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>27.4200</td><td>329,040</td><td>7,896</td><td>2.3997</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>2.7200</td><td>2,720</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>15.3000</td><td>238,680</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,087,024</td><td>$91,154</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,087,024</td><td>$91,154</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 January 1, 2004

THROUGH January 30, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

5 of 6



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Your Portfolio Holdings (continued)

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$91,154</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,167,113</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>01/15/04</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 01/01/04 PAY 01/15/04</td><td>GLB</td><td>2,000</td><td>0.3500</td><td></td><td>700.00</td></tr><tr><td>01/15/04</td><td>GLIMCHER REALTY TRUST-SBI<br>CASH DIV ON 2000 SHS<br>REC 12/31/03 PAY 01/15/04<br>AMOUNT INCLUDED ON 2003-1099</td><td>GRT</td><td></td><td></td><td></td><td>961.60</td></tr><tr><td>01/20/04</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>CASH DIV ON 12000 SHS<br>REC 12/31/03 PAY 01/20/04<br>AMOUNT INCLUDED ON 2003-1099</td><td>RPT</td><td></td><td></td><td></td><td>6,612.00</td></tr><tr><td>01/22/04</td><td>KRAMONT REALTY TRUST<br>REC 01/02/04 PAY 01/22/04</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr></tbody></table>

JEFFREY EPSTEIN

STATEMENT PERIOD January 1, 2004



ACCOUNT NUMBER



THROUGH January 30, 2004

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

027



01/31/04;09:43 001


EFTA00200891



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 6

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD January 1, 2004

THROUGH January 30, 2004



DIVIDENDS (continued)



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>01/30/04</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>CASH DIV ON 2000 SHS<br>REC 12/31/03 PAY 01/30/04<br>AMOUNT INCLUDED ON 2003-1099</td><td>HPT</td><td></td><td></td><td></td><td>1,440.00</td></tr><tr><td colspan="7">TOTAL</td><td>$10,363.60</td></tr></tbody></table>

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |



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>01/21/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT AT 00,50000% 12/21 - 01/20</td><td></td><td></td><td></td><td></td><td>30.28</td></tr><tr><td colspan="7">TOTAL</td><td>$30.28</td></tr></tbody></table>

## Your messages



Excess SIPC Account Protection Update

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



The interest, if any, charged to your account during December 2003 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2004 is computed from December 31, 2003.

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