EFTA00200965

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





# 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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,607,588</td></tr><tr><td>NET CREDIT BALANCE</td><td>2,104</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>445,237</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$5,054,929</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,995,300</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>59,629</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</td></tr></table>

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH February 28, 2005

STATEMENT PERIOD February 1, 2005

JEFFREY EPSTEIN

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



ACCOUNT NUMBER X72



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 Matrotech 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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$9,003.80</td></tr><tr><td>Money Fund</td><td>766.83</td></tr><tr><td>Dividends/Interest</td><td>2,103.58</td></tr><tr><td>Amount Credited</td><td>$2,870.41</td></tr><tr><td>Money Fund</td><td>-9,770.63</td></tr><tr><td>Amount Debited</td><td>$-9,770.63</td></tr><tr><td>Net Cash Activity</td><td>-6,900.22</td></tr><tr><td>ClosingBalance</td><td>$2,103.58</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>2,866.83</td><td>4,216.83</td></tr><tr><td>Credit Balance Int.</td><td>3.58</td><td>7.83</td></tr><tr><td>Total</td><td>$2,870.41</td><td>$4,224.66</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>447,341</td></tr><tr><td>Equities</td><td>4,607,588</td></tr><tr><td>Total</td><td>$5,054,929</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>9,003.80</td><td>2,103.58</td></tr><tr><td>Net Cash Balance</td><td>$9,003.80</td><td>$2,103.58</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD February 1, 2005

THROUGH February 28, 2005

JEFFREY EPSTEIN



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |

Your Portfolio Allocation

EFTA00200968



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 7

JEFFREY EPSTEIN

## Your Portfolio Holdings

STATEMENT PERIOD February 1, 2005

## CASH & CASH EQUIVALENTS

THROUGH February 28, 2005



ACCOUNT NUMBER X72



<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>2,104</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST.30 DAY AVG YIELD 2,3400%</td><td>DICXX</td><td>445,236.85</td><td>1.0000</td><td>445,237</td><td>9,350</td><td>2.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$447,341</td><td>$9,350</td><td></td></tr></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |

## EQUITIES

## 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.

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>12.5400</td><td>25,080</td><td></td><td></td></tr></tbody></table>

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EFTA00200969



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**

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: S</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.7300</td><td>39,460</td><td>2,800</td><td>7.0958</td></tr><tr><td>GLUMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>25.7200</td><td>51,440</td><td>1,280</td><td>2.4883</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>12.6800</td><td>126,800</td><td>8,400</td><td>6.6246</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST<br>SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>41.4700</td><td>82,940</td><td>5,760</td><td>6.9448</td></tr><tr><td>JOHINSON&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>65.6000</td><td>3,791,680</td><td>65,892</td><td>1.7378</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>23.3100</td><td>46,620</td><td>2,600</td><td>5.5770</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC<br>EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.8900</td><td>209</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>58.1500</td><td>25,353</td><td>1,029</td><td>4.0587</td></tr><tr><td>PENINSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>40.6000</td><td>72,836</td><td>3,875</td><td>5.3202</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>28.3000</td><td>339,600</td><td>7,332</td><td>2.1590</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>5.5700</td><td>5,570</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,607,588</td><td>$98,968</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,607,588</td><td>$98,968</td><td></td></tr></tbody></table>

STATEMENT PERIOD February 1, 2005

THROUGH February 28, 2005



ACCOUNT NUMBER X72



| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

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EFTA00200970



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



6 of 7

JEFFREY EPSTEIN

STATEMENT PERIOD February 1, 2005

THROUGH February 28, 2005



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$108,318</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$5,054,929</td></tr></table>

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |

*Note: The table is not present in the image.*



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>02/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>435,466.22</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>02/01/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>9,003.80</td><td>1.0000</td><td>9,003.80</td><td></td></tr><tr><td>02/01/05</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>766.83</td></tr><tr><td>02/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>766.83</td><td></td><td>766.83</td><td></td></tr></table>

<table border="1"><tr><td>02/28/05</td><td>CLOSINGBALANCE</td><td colspan="2">445,236.85</td></tr><tr><td>TOTAL</td><td></td><td>-9,770.63</td><td>$766.83</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 February 1, 2005

## DIVIDENDS

THROUGH February 28, 2005



ACCOUNT NUMBER X72



<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>02/23/05</td><td>HRPT PROPERTIES TR-SBI<br>REC 01/21/05 PAY 02/23/05</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>$2,100.00</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |



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>02/22/05</td><td>INTEREST ON CREDIT BALANCE<br>ACCT AT 01,50000% 01/21 - 02/20</td><td></td><td></td><td></td><td></td><td>3.58</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$3.58</td></tr></tbody></table>





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


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