Bear Stearns brokerage statement for Jeffrey Epstein, January 2004

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

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| 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¶

TOTAL VALUE OF SECURITIES THIS PERIOD*	4,087,024
NET CREDIT BALANCE	80,089
NET EQUITY THIS PERIOD	$4,167,113
NET EQUITY LAST STATEMENT	4,074,108
CHANGE SINCE LAST STATEMENT	93,005

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 |¶

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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¶

	THIS PERIOD
OpeningBalance	$69,694.64
Dividends/Interest	10,393.88
Amount Credited	$10,393.88
Net Cash Activity	10,393.88
ClosingBalance	$80,088.52

Cash Balance Summary¶

	OPENING	CLOSING
Cash	69,694.64	80,088.52
Net Cash Balance	$69,694.64	$80,088.52

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	1,350.00	1,350.00
Credit Balance Int.	30.28	30.28
Total	$1,380.28	$1,380.28

Portfolio Composition¶

Your Portfolio Holdings¶

Cash/Cash Equivalent	80,089
Equities	4,087,024
Total	$4,167,113

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				80,089
TOTAL CASH & CASH EQUIVALENTS				$80,089

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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.¶

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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¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CANHORN CHEMICAL CORP	CNCPF	CASH	19	Unpriced
FELCOR LODGING TRUST INC	FCH	CASH	2,000	11.7500	23,500
GLENBOROUGH REALTY TRUST INC	GLB	CASH	2,000	19.4100	38,820	2,800	7.2128
GLIMCHER REALTY TRUST-SBI	GRT	CASH	2,000	25.1900	50,380	3,846	7.6340
HRPT PROPERTIES TR-SBI	HRP	CASH	10,000	10.6000	106,000	8,000	7.5472
HOSPITALITY PROPERTIES TRUST SBI	HPT	CASH	2,000	41.8500	83,700	5,760	6.8817
JOHNSON& JOHNSON	JNJ	CASH	57,800	53.4200	3,087,676	55,488	1.7971
KRAMONT REALTY TRUST	KRT	CASH	2,000	18.6000	37,200	2,600	6.9892
PAN PACIFIC RETAIL PROPERTIES INC	PNP	CASH	436	51.1100	22,284	889	3.9894
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI	PEI	CASH	1,794	37.3600	67,024	3,875	5.7815
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	CASH	12,000	27.4200	329,040	7,896	2.3997
SIRIUS SATELLITE RADIO INC	SIRI	CASH	1,000	2.7200	2,720
TOO INC	TOO	CASH	15,600	15.3000	238,680
Total Equities& Options					$4,087,024	$91,154
TOTAL EQUITIES					$4,087,024	$91,154

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¶

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CLEARED THROUGH ITS¶

CLEARLY WOUNDED SUBSIDIARY¶

Your Portfolio Holdings (continued)¶

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$91,154
YOUR PRICED PORTFOLIOHOLDINGS	$4,167,113

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

Transaction Detail¶

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
01/15/04	GLENBOROUGH REALTY TRUST INC REC 01/01/04 PAY 01/15/04	GLB	2,000	0.3500		700.00
01/15/04	GLIMCHER REALTY TRUST-SBI CASH DIV ON 2000 SHS REC 12/31/03 PAY 01/15/04 AMOUNT INCLUDED ON 2003-1099	GRT				961.60
01/20/04	RAMCO GERSHENSON PROPERTIES TRUST-MD SBI CASH DIV ON 12000 SHS REC 12/31/03 PAY 01/20/04 AMOUNT INCLUDED ON 2003-1099	RPT				6,612.00
01/22/04	KRAMONT REALTY TRUST REC 01/02/04 PAY 01/22/04	KRT	2,000	0.3250		650.00

JEFFREY EPSTEIN¶

STATEMENT PERIOD January 1, 2004¶

ACCOUNT NUMBER¶

THROUGH January 30, 2004¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | December 31, 2003 |¶

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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¶

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JEFFREY EPSTEIN¶

Transaction Detail (continued)¶

STATEMENT PERIOD January 1, 2004¶

THROUGH January 30, 2004¶

DIVIDENDS (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
01/30/04	HOSPITALITY PROPERTIES TRUST SBI CASH DIV ON 2000 SHS REC 12/31/03 PAY 01/30/04 AMOUNT INCLUDED ON 2003-1099	HPT				1,440.00
TOTAL							$10,363.60

| LAST STATEMENT | December 31, 2003 |¶

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INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
01/21/04	INTEREST ON CREDIT BALANCE ACCT AT 00,50000% 12/21 - 01/20					30.28
TOTAL							$30.28

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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