EFTA00200943

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 ... 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

TAXPAYER NUMBER On File

## Your Portfolio at a Glance

LAST STATEMENT April 29, 2005

| TOTAL VALUE OF SECURITIES THIS PERIOD* | 4,650,260 |

| :--- | :--- |





JEFFREY EPSTEIN



ACCOUNT NUMBER X72



<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><td>525,589</td></tr></thead></table>

STATEMENT PERIOD April 30, 2005

<table border="1"><tr><td>NET EQUITY THIS PERIOD</td><td>$5,175,849</td></tr><tr><td></td><td></td></tr></table>

THROUGH May 31, 2005

| NET EQUITY LAST STATEMENT | 5,243,578 |

| :--- | :--- |

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><td>-67,729</td></tr></thead></table>

*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.

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.

027 06/01:05:09:03 001

EFTA00200944



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 7


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

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00200945



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>1,069.61</td></tr><tr><td>Funds Deposited</td><td>288.51</td></tr><tr><td>Dividends/Interest</td><td>3,540.00</td></tr><tr><td>Amount Credited</td><td>$4,898.12</td></tr><tr><td>Money Fund</td><td>-4,898.12</td></tr><tr><td>Amount Debited</td><td>$-4,898.12</td></tr><tr><td>ClosingBalance</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>4,609.61</td><td>35,171.66</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>13.43</td></tr><tr><td>Total</td><td>$4,609.61</td><td>$35,185.09</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>525,589</td></tr><tr><td>Equities</td><td>4,650,260</td></tr><tr><td>Total</td><td>$5,175,849</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD April 30, 2005

JEFFREY EPSTEIN

THROUGH May 31, 2005



ACCOUNT NUMBER X72



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | April 29, 2005 |

| :--- | :--- |

EFTA00200946



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 2,9000%</td><td>DICXX</td><td>525,589.37</td><td>1.0000</td><td>525,589</td><td>13,665</td><td>2.5999</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$525,589</td><td>$13,665</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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 April 30, 2005



ACCOUNT NUMBER X72



| LAST STATEMENT | April 29, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH May 31, 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.

<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>13.9200</td><td>27,840</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC BSC RATING:STOCK P/SECTOR MW SABRIENT SYSTEMS,L.L.C.RATING:H</td><td>GLB</td><td>CASH</td><td>2,000</td><td>20.2100</td><td>40,420</td><td>2,800</td><td>6.9273</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>25.7500</td><td>51,500</td><td>3,846</td><td>7.4680</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.8300</td><td>118,300</td><td>8,400</td><td>7.1006</td></tr></table>

027



06/01/05;09:03 001


EFTA00200947



BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


5 of 7



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


## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

Equities & Options (continued)

STATEMENT PERIOD April 30, 2005

THROUGH May 31, 2005



ACCOUNT NUMBER X72



<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>43.9200</td><td>87,840</td><td>5,760</td><td>6.5574</td></tr><tr><td>JOHNSON &amp; JOHNSON BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L,C. RATING: H</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>67.1000</td><td>3,878,380</td><td>76,296</td><td>1.9672</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.7000</td><td>165</td><td></td><td></td></tr><tr><td>NAYARIT GOLD INC</td><td></td><td>CASH</td><td>19</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>63.8500</td><td>27,839</td><td>1,029</td><td>3.6963</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>44.0000</td><td>78,936</td><td>4,090</td><td>5.1814</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>27.7500</td><td>333,000</td><td>21,000</td><td>6.3063</td></tr><tr><td>SIRIUS SATELITE RADIO INC BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>6.0400</td><td>6.040</td><td></td><td></td></tr><tr><td>Total Equities& Options</td><td></td><td></td><td></td><td></td><td>$4,650,260</td><td>$123,221</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,650,260</td><td>$123,221</td><td></td></tr></tbody></table>

| LAST STATEMENT | April 29, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$136,886</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$5,175,849</td></tr></table>

027



06/01/05;09:03 001


EFTA00200948



BEAR
STEARNS


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



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



6 of 7

JEFFREY EPSTEIN



Transaction Detail


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/27/05</td><td></td><td>EXCHANGE</td><td>CANHORN CHEMICAL CORP<br>TO<br>PL/AARRNGMNT@1-1NAYARIT</td><td>137913109</td><td>-19</td><td></td><td></td><td></td></tr><tr><td>05/27/05</td><td></td><td>EXCHANGE</td><td>NAYARIT GOLD INC<br>FROM<br>PL/AARRNGMNT@1-1NAYARIT</td><td></td><td>19</td><td></td><td></td><td></td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/20/05</td><td>DEPOSIT</td><td>LUCENT TECH OO EPSTEIN SIGNATURE</td><td></td><td>288.51</td></tr><tr><td colspan="4">TOTAL</td><td>$288.51</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>04/30/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>520,691.25</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>05/02/05</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>1,069.61</td></tr><tr><td>05/02/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,069.61</td><td></td><td>1,069.61</td><td></td></tr><tr><td>05/19/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,440</td><td>1.0000</td><td>1,440.00</td><td></td></tr></table>

027



06/01/05;09:03 001


EFTA00200949



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

7 of 7

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD April 30, 2005

## MONEY FUND ACTIVITY (continued)

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/24/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>2,388.51</td><td>1.0000</td><td>2,388.51</td><td></td></tr></tbody></table>

<table border="1"><tr><td>05/31/05</td><td>CLOSINGBALANCE</td><td colspan="2">525,589.37</td></tr><tr><td>TOTAL</td><td></td><td>-4,898.12</td><td>$1,069.61</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>05/19/05</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 04/19/05 PAY 05/19/05</td><td>HPT</td><td>2,000</td><td>0.7200</td><td></td><td>1,440.00</td></tr><tr><td>05/23/05</td><td>HRPT PROPERTIES TR-SBI<br>SBI<br>REC 04/22/05 PAY 05/23/05</td><td>HRP</td><td>10,000</td><td>0.2100</td><td></td><td>2,100.00</td></tr><tr><td colspan="6">TOTAL</td><td>$3,540.00</td></tr></tbody></table>





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


027



06/01/05;09:03 001