Bear Stearns brokerage statement for Jeffrey Epstein, November 2005

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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 … 4¶

Transaction Detail … 6¶

Fund Activity 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¶

Your Portfolio at a Glance¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 31, 2005 |¶

| :--- | :--- |¶

TOTAL VALUE OF SECURITIES THIS PERIOD	4,316,247
MONEY MARKET FUND BALANCE	596,278
NET EQUITY THIS PERIOD	$4,912,525
NET EQUITY LAST STATEMENT	4,948,917
CHANGE SINCE LAST STATEMENT	-36,392

STATEMENT PERIOD November 1, 2005¶

ACCOUNT NUMBER X72¶

JEFFREY EPSTEIN¶

THROUGH November 30, 2005¶

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

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, Stearns Securities Corp., One Matteroch 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	$0.00
Money Fund	1,820.42
Dividends/Interest	3,560.00
Amount Credited	$5,380.42
Money Fund	-5,380.42
Amount Debited	$-5,380.42
ClosingBalance	$0.00

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	5,380.42	105,860.58
Credit Balance Int.	0.00	13.43
Total	$5,380.42	$105,874.01

Portfolio Composition¶

Cash/Cash Equivalent	596,278
Equities	4,316,247
Total	$4,912,525

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

STATEMENT PERIOD November 1, 2005¶

JEFFREY EPSTEIN¶

THROUGH November 30, 2005¶

ACCOUNT NUMBER X72¶

Your Portfolio Allocation¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 31, 2005 |¶

| :--- | :--- |¶

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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¶

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 3,9000%	DICXX	596,278.29	1.0000	596,278	22,062	3.7000
TOTAL CASH & CASH EQUIVALENTS				$596,278	$22,062

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

Equities & Options¶

EQUITIES¶

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¶

STATEMENT PERIOD November 1, 2005¶

ACCOUNT NUMBER X72¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 31, 2005 |¶

| :--- | :--- |¶

THROUGH November 30, 2005¶

JEFFREY EPSTEIN¶

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.¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD(%)
FELCOR LODGING TRUST INC	FCH	CASH	2,000	16.9800	33,960	1,200	3.5336
GLENBOROUGH REALTY TRUST INC BSC RATING:STOCK P/SECTOR MW NED DAVIS RESEARCH RATING:H	GLB	CASH	2,000	18.9700	37,940	2,800	7.3801
GLIMCHER REALTY TRUST-SBI	GRT	CASH	2,000	25.6800	51,360	3,846	7.4883
HRPT PROPERTIES TR-SBI	HRP	CASH	10,000	10.9400	109,400	8,400	7.6782

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EFTA00200905¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

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Your Portfolio Holdings (continued)¶

Equities & Options (continued)¶

JEFFREY EPSTEIN¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
HOSPITALITY PROPERTIES TRUST SBI	HPT	CASH	2,000	41.1900	82,380	5,840	7.0891
JOHNSON & JOHNSON BSC RATING: STOCK O/SECTOR MW NED DAVIS RESEARCH RATING: B	JNJ	CASH	57,800	61.7500	3,569,150	76,296	2.1377
WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007	LUTHW	CASH	235	0.6200	146
NAYARIT GOLD INC		CASH	19	0.3170	6
PAN PACIFIC RETAIL PROPERTIES INC	PNP	CASH	436	67.3000	29,343	1,029	3.5068
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI	PEI	CASH	1,794	36.9300	66,252	4,090	6.1734
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	CASH	12,000	27.4300	329,160	21,000	6.3799
SIRIUS SATELLITE RADIO INC BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B	SIRI	CASH	1,000	7.1500	7,150
Total Equities& Options					$4,316,247	$124,501
TOTAL EQUITIES					$4,316,247	$124,501

STATEMENT PERIOD November 1, 2005¶

THROUGH November 30, 2005¶

ACCOUNT NUMBER X72¶

| LAST STATEMENT | October 31, 2005 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$146,563
YOUR PRICED PORTFOLIOHOLDINGS	$4,912,525

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EFTA00200906¶

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¶

MONEY FUND ACTIVITY¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
11/01/05		OPENINGBALANCE		590,897.87

11/01/05	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				1,820.42
11/01/05	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST	DICXX	1,820.42		1,820.42
11/17/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	1,460	1.0000	1,460.00
11/22/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	2,100	1.0000	2,100.00

11/30/05	CLOSINGBALANCE	596,278.29
TOTAL		-5,380.42	$1,820.42

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
11/17/05	HOSPITALITY PROPERTIES TRUST SBI REC 10/21/05 PAY 11/17/05	HPT	2,000	0.7300		1,460.00
11/22/05	HRPT PROPERTIES TR-SBI REC 10/21/05 PAY 11/22/05	HRP	10,000	0.2100		2,100.00
TOTAL						$3,560.00

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