EFTA00200957

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

<table><tr><td>Transaction Detail</td><td>6</td></tr></table>

Fund Activity 6

Your Messages 8





# 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



Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,667,662</td></tr><tr><td>NET CREDIT BALANCE</td><td>6</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>465,812</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$5,133,480</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>5,054,929</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>78,551</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

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

TAXPAYER NUMBER On File



ACCOUNT NUMBER X72



STATEMENT PERIOD March 1, 2005

JEFFREY EPSTEIN

THROUGH March 31, 2005

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 600-634-1428; 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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STEARNS


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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$2,103.58</td></tr><tr><td>Money Fund</td><td>772.15</td></tr><tr><td>Dividends/Interest</td><td>17,704.60</td></tr><tr><td>Amount Credited</td><td>$18,476.75</td></tr><tr><td>Money Fund</td><td>-20,574.73</td></tr><tr><td>Amount Debited</td><td>$-20,574.73</td></tr><tr><td>Net Cash Activity</td><td>-2,097.98</td></tr><tr><td>Closing Balance</td><td>$5.60</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>18,471.15</td><td>22,687.98</td></tr><tr><td>Credit Balance Int.</td><td>5.60</td><td>13.43</td></tr><tr><td>Total</td><td>$18,476.75</td><td>$22,701.41</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>465,818</td></tr><tr><td>Equities</td><td>4,667,662</td></tr><tr><td>Total</td><td>$5,133,480</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>2,103.58</td><td>5.60</td></tr><tr><td>Net Cash Balance</td><td>$2,103.58</td><td>$5.60</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

STATEMENT PERIOD March 1, 2005

JEFFREY EPSTEIN

THROUGH March 31, 2005



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

Your Portfolio Allocation

EFTA00200960



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

4 of 8

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>6</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST,30 DAY AVG YIELD 2,6700%</td><td>DICXX</td><td>465,811.58</td><td>1.0000</td><td>465,812</td><td>9,782</td><td>2.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$465,818</td><td>$9,782</td><td></td></tr></table>

JEFFREY EPSTEIN

STATEMENT PERIOD March 1, 2005

THROUGH March 31, 2005



ACCOUNT NUMBER X72



| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

## 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.

## Equities & Options

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><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>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>12.4300</td><td>24,860</td><td></td><td></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 SUBSDIARY


5 of 8



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



Equities & Options (continued)

## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

<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>GLENBOROUGH REALTY TRUST INC<br>BSC RATING: STOCK P/SECTOR MW<br>SABRIENT SYSTEMS, L,L,C.<br>RATING: H</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.1200</td><td>38,240</td><td>2,800</td><td>7.3222</td></tr><tr><td>GLUMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>23.7000</td><td>47,400</td><td>3,846</td><td>8.1139</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.9100</td><td>119,100</td><td>8,400</td><td>7.0529</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST<br>SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>40.3800</td><td>80,760</td><td>5,760</td><td>7.1322</td></tr><tr><td>JOHNSON&amp; JOHNSON<br>BSC RATING: STOCK P/SECTOR MW<br>BUCKINGHAM RESEARCH RATING: B</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>67.1600</td><td>3,881,848</td><td>65,892</td><td>1.6974</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>23.4000</td><td>46,800</td><td>2,600</td><td>5.5556</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC<br>EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.6700</td><td>157</td><td></td><td></td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES<br>INC</td><td>PNP</td><td>CASH</td><td>436</td><td>56.7500</td><td>24,743</td><td>1,029</td><td>4.1588</td></tr><tr><td>PENINSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>40.3200</td><td>72,334</td><td>3,875</td><td>5.3571</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>27.1500</td><td>325,800</td><td>21,000</td><td>6.4457</td></tr><tr><td>SIRIUS SATELLITE RADIO INC<br>BSC RATING: STOCK P/SECTOR MW<br>ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>5.6200</td><td>5,620</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,667,662</td><td>$115,202</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,667,662</td><td>$115,202</td><td></td></tr></tbody></table>

STATEMENT PERIOD March 1, 2005



ACCOUNT NUMBER X72



THROUGH March 31, 2005

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 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

CLEARLY WOUNDED SUBSIDIARY



6 of 8



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

STATEMENT PERIOD March 1, 2005

Your Portfolio Holdings (continued)

THROUGH March 31, 2005



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$124,984</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$5,133,480</td></tr></table>



Transaction Detail


## 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>03/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>445,236.85</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>03/01/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>2,103.58</td><td>1.0000</td><td>2,103.58</td><td></td></tr><tr><td>03/01/05</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>772.15</td></tr><tr><td>03/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>772.15</td><td></td><td>772.15</td><td></td></tr><tr><td>03/15/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>17,699</td><td>1.0000</td><td>17,699.00</td><td></td></tr></table>

<table border="1"><tr><td>03/31/05</td><td>CLOSINGBALANCE</td><td>465,811.58</td><td></td></tr><tr><td>TOTAL</td><td></td><td>-20,574.73</td><td>$772.15</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 8



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD March 1, 2005

DIVIDENDS

THROUGH March 31, 2005



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 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>03/08/05</td><td>JOHNSON &amp; JOHNSON<br>REC 02/15/05 PAY 03/08/05</td><td>JNJ</td><td>57,800</td><td>0.2850</td><td></td><td>16,473.00</td></tr><tr><td>03/15/05</td><td>PAN PACIFIC RETAIL PROPERTIES<br>INC<br>REC 02/25/05 PAY 03/15/05</td><td>PNP</td><td>436</td><td>0.5900</td><td></td><td>257.24</td></tr><tr><td>03/15/05</td><td>PENNSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI<br>REC 03/01/05 PAY 03/15/05</td><td>PEI</td><td>1,794</td><td>0.5400</td><td></td><td>968.76</td></tr><tr><td colspan="6">TOTAL</td><td>$17,699.00</td></tr></tbody></table>



INTEREST


<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>03/21/05</td><td>INTEREST ON CREDIT BALANCE<br>ACCT<br>AT 01,75000% 02/21 - 03/20</td><td></td><td></td><td></td><td></td><td>5.60</td></tr><tr><td colspan="7">TOTAL</td><td>$5.60</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

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## Your messages



Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements:

At November 30, 2004 and January 31, 2005, the Company's net capital of approximately $3.8 billion and $3.8 billion was approximately 6.4% and 6.3% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.2 billion and $1.2 billion by approximately $2.6 billion and $2.6 billion, all respectively.

A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call - toll free 1-866-299-9331.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD March 1, 2005



ACCOUNT NUMBER X72



THROUGH March 31, 2005

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

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