EFTA00200950

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 SUBSDIARY



# 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

| LAST STATEMENT | March 31, 2005 |

| :--- | :--- |

## Your Portfolio at a Glance

TOTAL VALUE OF SECURITIES THIS PERIOD* 4,722,887



NET EQUITY THIS PERIOD $5,243,578



JEFFREY EPSTEIN



ACCOUNT NUMBER X72



STATEMENT PERIOD April 1, 2005

<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><td>520,691</td></tr></thead></table>

THROUGH April 29, 2005

*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.

| NET EQUITY LAST STATEMENT | 5,133,480 |

| :--- | :--- |

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><th>110,098</th></tr></thead></table>

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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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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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>$5.60</td></tr><tr><td>Securities Sold</td><td>47,000.00</td></tr><tr><td>Money Fund</td><td>962.47</td></tr><tr><td>Dividends/Interest</td><td>6,911.60</td></tr><tr><td>Amount Credited</td><td>$54,874.07</td></tr><tr><td>Money Fund</td><td>-54,879.67</td></tr><tr><td>Amount Debited</td><td>$-54,879.67</td></tr><tr><td>Net Cash Activity</td><td>-5.60</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>5.60</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$5.60</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>7,874.07</td><td>30,562.05</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>13.43</td></tr><tr><td>Total</td><td>$7,874.07</td><td>$30,575.48</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>520,691</td></tr><tr><td>Equities</td><td>4,722,887</td></tr><tr><td>Total</td><td>$5,243,578</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN

STATEMENT PERIOD April 1, 2005

THROUGH April 29, 2005

| | |
| :--- | :--- |
| ACCOUNT NUMBER | X72 |
| TAXPAYER NUMBER | On File |
| LAST STATEMENT | March 31, 2005 |

Your Portfolio Allocation



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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

<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 2,6900%</td><td>DICXX</td><td>520,691.25</td><td>1.0000</td><td>520,691</td><td>13,017</td><td>2.4999</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$520,691</td><td>$13,017</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 1, 2005



ACCOUNT NUMBER X72



| LAST STATEMENT | March 31, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH April 29, 2005

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.

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>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>12.2400</td><td>24,480</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>20.5400</td><td>41,080</td><td>2,800</td><td>6.8160</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>25.1700</td><td>50,340</td><td>3,846</td><td>7.6400</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 SUBSDIARY




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


5 of 7

JEFFREY EPSTEIN

## Your Portfolio Holdings (continued)

Equities & Options (continued)

STATEMENT PERIOD April 1, 2005

THROUGH April 29, 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>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.7500</td><td>117,500</td><td>8,400</td><td>7.1489</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>41.7800</td><td>83,560</td><td>5,760</td><td>6.8933</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>68.6300</td><td>3,966,814</td><td>76,296</td><td>1.9234</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.4800</td><td>113</td><td></td><td></td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>60.4200</td><td>26,343</td><td>1,029</td><td>3.9062</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>42.1500</td><td>75,617</td><td>3,875</td><td>5.1245</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>27.6900</td><td>332,280</td><td>21,000</td><td>6.3200</td></tr><tr><td>SIRIUS SATELLITE RADIO INC BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>4.7600</td><td>4,760</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,722,887</td><td>$123,006</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,722,887</td><td>$123,006</td><td></td></tr></tbody></table>

| LAST STATEMENT | March 31, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$136,023</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$5,243,578</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

6 of 7



Transaction Detail


<table><thead><tr><th>SEITLEMENT 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>04/21/05</td><td></td><td>MERGER</td><td>KRAMONT REALTY TRUST<br>TO<br>CASH MERGER @$23,50 P/S</td><td>50075Q107</td><td>-2,000</td><td></td><td></td><td>47,000.00</td></tr><tr><td colspan="8">TOTAL</td><td>$47,000.00</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>04/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>465,811.58</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>04/01/05</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>962.47</td></tr><tr><td>04/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>962.47</td><td></td><td>962.47</td><td></td></tr><tr><td>04/04/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>5,255.60</td><td>1.0000</td><td>5,255.60</td><td></td></tr><tr><td>04/15/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,661.60</td><td>1.0000</td><td>1,661.60</td><td></td></tr><tr><td>04/22/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>47,000</td><td>1.0000</td><td>47,000.00</td><td></td></tr></table>

<table border="1"><tr><td>04/29/05</td><td>CLOSINGBALANCE</td><td colspan="2">520,691.25</td></tr><tr><td>TOTAL</td><td></td><td>-54,879.67</td><td>$962.47</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
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 1, 2005

DIVIDENDS

THROUGH April 29, 2005



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | March 31, 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>04/01/05</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 03/20/05 PAY 04/01/05</td><td>RPT</td><td>12,000</td><td>0.4375</td><td></td><td>5,250.00</td></tr><tr><td>04/15/05</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 04/01/05 PAY 04/15/05</td><td>GLB</td><td>2,000</td><td>0.3500</td><td></td><td>700.00</td></tr><tr><td>04/15/05</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 03/31/05 PAY 04/15/05</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td colspan="6">TOTAL</td><td>$6,911.60</td></tr></tbody></table>





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



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