## Statements

EFTA00200893



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN





STATEMENT PERIOD December 1, 2005

JEFFREY EPSTEIN

# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802

THROUGH December 30, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |



Pursuant to your previously issued instructions, Bear Stearns Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements.

Third Party

EPSTEIN INTERESTS

A/C JEFFREY EPSTEIN

ATTN HARRY BELLER

457 MADISON AVE 4TH FLR

NEW YORK NY 10022

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Your Portfolio Holdings ... 4

Financial Summary 3

Transaction Detail ... 6

## What’s In This Statement

Fund Activity ... 6

Your Messages ... 7

# 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

STATEMENT PERIOD December 1, 2005

JEFFREY EPSTEIN



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |

THROUGH December 30, 2005

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>4,199,568</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>618,814</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,818,382</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,912,525</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-94,143</td></tr></table>

Market Value of Your Portfolio

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

If any information regarding 2005 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31,2006 or a 1042S by March 15,2006.

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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BEAR
STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>1,881.43</td></tr><tr><td>Dividends/Interest</td><td>20,653.82</td></tr><tr><td>Amount Credited</td><td>$22,535.25</td></tr><tr><td>Money Fund</td><td>-22,535.25</td></tr><tr><td>Amount Debited</td><td>$-22,535.25</td></tr><tr><td>Closing Balance</td><td>$0.00</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>22,535.25</td><td>128,395.83</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>13.43</td></tr><tr><td>Total</td><td>$22,535.25</td><td>$128,409.26</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>618,814</td></tr><tr><td>Equities</td><td>4,199,568</td></tr><tr><td>Total</td><td>$4,818,382</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

<table><tr><td>STATEMENT PERIOD</td><td>December 1, 2005</td></tr><tr><td>THROUGH</td><td>December 30, 2005</td></tr><tr><td>ACCOUNT NUMBER</td><td>X72</td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>November 30, 2005</td></tr></table>

Your Portfolio Allocation

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

EFTA00200897



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 7

## Your Portfolio Holdings

## 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>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4.1100%</td><td>DICXX</td><td>618,813.54</td><td>1.0000</td><td>618,814</td><td>23,515</td><td>3.8000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$618,814</td><td>$23,515</td><td></td></tr></tbody></table>

## EQUITIES



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Equities & Options

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons.

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them.

STATEMENT PERIOD December 1, 2005

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

JEFFREY EPSTEIN

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>17.2100</td><td>34,420</td><td>1,200</td><td>3.4863</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC BSC RATING:STOCK P/SECTOR MW NED DAVIS RESEARCH RATING:H</td><td>GLB</td><td>CASH</td><td>2,000</td><td>18.1000</td><td>36,200</td><td>2,800</td><td>7.7348</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>24.3200</td><td>48,640</td><td>3,846</td><td>7.9071</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>10.3500</td><td>103,500</td><td>8,400</td><td>8.1159</td></tr></table>

THROUGH December 30, 2005

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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
WHOLLY OWNED SUBSIDIARY



5 of 7



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



Equities & Options (continued)

<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>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>40.1000</td><td>80,200</td><td>5,840</td><td>7.2818</td></tr><tr><td>JOHNSON &amp; JOHNSON BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>60.1000</td><td>3,473,780</td><td>76,296</td><td>2.1963</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.5650</td><td>133</td><td></td><td></td></tr><tr><td>NAYARIT GOLD INC</td><td>NYRTF</td><td>CASH</td><td>19</td><td>0.3440</td><td>7</td><td></td><td></td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>66.8900</td><td>29,164</td><td>1,029</td><td>3.5283</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>4,090</td><td>6.1023</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>26.6500</td><td>319,800</td><td>21,000</td><td>6.5666</td></tr><tr><td>SIRIUS SATELLITE RADIO INC BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>6.7000</td><td>6,700</td><td></td><td></td></tr><tr><td colspan="4">Total Equities&amp; Options</td><td></td><td>$4,199,568</td><td>$124,501</td><td></td></tr><tr><td colspan="4">TOTAL EQUITIES</td><td></td><td>$4,199,568</td><td>$124,501</td><td></td></tr></tbody></table>

## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

STATEMENT PERIOD December 1, 2005



ACCOUNT NUMBER X72



THROUGH December 30, 2005

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$148,016</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,818,382</td></tr></table>

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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
WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859


6 of 7

JEFFREY EPSTEIN



Transaction Detail


## MONEY FUND ACTIVITY

<table border="1"><tr><td>DATE
MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>12/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>596,278.29</td><td></td><td></td><td></td></tr></table>

<table border="1"><tr><td>12/01/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>300</td><td>1.0000</td><td>300.00</td><td></td></tr><tr><td>12/01/05</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>1,881.43</td></tr><tr><td>12/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,881.43</td><td></td><td>1,881.43</td><td></td></tr><tr><td>12/13/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>19,074</td><td>1.0000</td><td>19,074.00</td><td></td></tr><tr><td>12/15/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,279.82</td><td>1.0000</td><td>1,279.82</td><td></td></tr></table>

<table border="1"><tr><td>12/30/05</td><td>CLOSINGBALANCE</td><td colspan="2">618,813.54</td></tr><tr><td>TOTAL</td><td></td><td>-22,535.25</td><td>$1,881.43</td></tr></table>

## 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>12/01/05</td><td>FELCOR LODGING TRUST INC<br>REC 11/15/05 PAY 12/01/05</td><td>FCH</td><td>2,000</td><td>0.1500</td><td></td><td>300.00</td></tr><tr><td>12/13/05</td><td>JOHNSON &amp; JOHNSON<br>REC 11/22/05 PAY 12/13/05</td><td>JNJ</td><td>57,800</td><td>0.3300</td><td></td><td>19,074.00</td></tr><tr><td>12/15/05</td><td>PAN PACIFIC RETAIL PROPERTIES<br>INC<br>REC 11/23/05 PAY 12/15/05</td><td>PNP</td><td>436</td><td>0.5900</td><td></td><td>257.24</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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

7 of 7

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD December 1, 2005

DIVIDENDS (continued)

THROUGH December 30, 2005



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |

<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 rowspan="3">12/15/05</td><td>PENNSYLVANIA REAL ESTATE</td><td>PEI</td><td>1,794</td><td>0.5700</td><td></td><td>1,022.58</td></tr><tr><td>INVESTMENT TRUST-SBI</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>REC 12/01/05 PAY 12/15/05</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$20,653.82</td></tr></tbody></table>

## Your messages



As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.



Florida residents who own, manage, or control stocks, bonds, money market or mutual funds having a value of $250,000 or more for individuals or $500,000 for married couples filing jointly must pay a tax on these items, called "Intangible Tax", by June 30 to avoid increased penalties. For Tax Returns and information, call the Department of Revenue at 1-800-352-3671.





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



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