EFTA00200972

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



## Your Portfolio at a Glance

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,550,830</td></tr><tr><td>NET CREDIT BALANCE</td><td>9,004</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>435,466</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,995,300</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,993,982</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,318</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not</td></tr></table>

| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

TAXPAYER NUMBER On File

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

STATEMENT PERIOD January 1, 2005



ACCOUNT NUMBER X72



THROUGH January 31, 2005

JEFFREY EPSTEIN

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.

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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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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>$9.12</td></tr><tr><td>Money Fund</td><td>690.03</td></tr><tr><td>Funds Deposited</td><td>198.83</td></tr><tr><td>Dividends/Interest</td><td>8,795.85</td></tr><tr><td>Amount Credited</td><td>$9,684.71</td></tr><tr><td>Money Fund</td><td>-690.03</td></tr><tr><td>Amount Debited</td><td>$-690.03</td></tr><tr><td>Net Cash Activity</td><td>8,994.68</td></tr><tr><td>Closing Balance</td><td>$9,003.80</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>9.12</td><td>9,003.80</td></tr><tr><td>Net Cash Balance</td><td>$9.12</td><td>$9,003.80</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>1,350.00</td><td>1,350.00</td></tr><tr><td>Credit Balance Int.</td><td>4.25</td><td>4.25</td></tr><tr><td>Total</td><td>$1,354.25</td><td>$1,354.25</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>444,470</td></tr><tr><td>Equities</td><td>4,550,830</td></tr><tr><td>Total</td><td>$4,995,300</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 January 1, 2005

THROUGH January 31, 2005



ACCOUNT NUMBER X72



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

Your Portfolio Allocation

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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

4 of 8

JEFFREY EPSTEIN

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

STATEMENT PERIOD January 1, 2005

THROUGH January 31, 2005



ACCOUNT NUMBER X72



<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>CASH BALANCE</td><td></td><td></td><td></td><td>9,004</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,1700%</td><td>DICXX</td><td>435,466.22</td><td>1.0000</td><td>435,466</td><td>8,709</td><td>1.9999</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$444,470</td><td>$8,709</td><td></td></tr></tbody></table>

| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

## 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>13.9600</td><td>27,920</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: S</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.2600</td><td>38,520</td><td>2,800</td><td>7.2690</td></tr><tr><td>GLUMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>25.5900</td><td>51,180</td><td>1,280</td><td>2.5010</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>42.6500</td><td>85,300</td><td>5,760</td><td>6.7526</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>64.7000</td><td>3,739,660</td><td>65,892</td><td>1.7620</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>23.4100</td><td>46,820</td><td>2,600</td><td>5.5532</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC<br>EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>1.1650</td><td>274</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>57.8900</td><td>25,240</td><td>939</td><td>3.7203</td></tr><tr><td>PENINSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>40.0200</td><td>71,796</td><td>2,569</td><td>3.5782</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>28.2000</td><td>338,400</td><td>7,332</td><td>2.1667</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>6.6200</td><td>6,620</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,550,830</td><td>$97,572</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,550,830</td><td>$97,572</td><td></td></tr></tbody></table>

STATEMENT PERIOD January 1, 2005

THROUGH January 31, 2005



ACCOUNT NUMBER X72



| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

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STEARNS


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

6 of 8



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## Your Portfolio Holdings (continued)

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$106,281</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,995,300</td></tr></table>



Transaction Detail


## 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>01/07/05</td><td>DEPOSIT</td><td>LUCENT TECH OO J EPSTEIN SI NATURE BK</td><td></td><td>198.83</td></tr><tr><td colspan="4">TOTAL</td><td>$198.83</td></tr></tbody></table>

## MONEY FUND ACTIVITY

STATEMENT PERIOD January 1, 2005

JEFFREY EPSTEIN



ACCOUNT NUMBER X72



THROUGH January 31, 2005

<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>01/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>434,776.19</td><td></td><td></td><td></td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

<table border="1"><tr><td>01/03/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>690.03</td><td>690.03</td><td></td></tr><tr><td>01/03/05</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES AMT INCLUDED IN 2004 - 1099</td><td>DICXX</td><td></td><td></td><td>690.03</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

JEFFREY EPSTEIN

<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>01/31/05</td><td></td><td>CLOSINGBALANCE</td><td></td><td>435,466.22</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-$690.03</td><td>$690.03</td></tr></tbody></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>01/03/05</td><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI<br>CASH DIV ON 12000 SHS<br>REC 12/20/04 PAY 01/03/05<br>AMOUNT INCLUDED ON 2004-1099</td><td>RPT</td><td></td><td></td><td></td><td>5,040.00</td></tr><tr><td>01/14/05</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 01/01/05 PAY 01/14/05</td><td>GLB</td><td>2,000</td><td>0.3500</td><td></td><td>700.00</td></tr><tr><td>01/18/05</td><td>GLIMCHER REALTY TRUST-SBI<br>CASH DIV ON 2000 SHS<br>REC 12/31/04 PAY 01/18/05<br>AMOUNT INCLUDED ON 2004-1099</td><td>GRT</td><td></td><td></td><td></td><td>961.60</td></tr><tr><td>01/21/05</td><td>KRAMONT REALTY TRUST<br>REC 01/03/05 PAY 01/21/05</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td>01/31/05</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>CASH DIV ON 2000 SHS<br>REC 12/30/04 PAY 01/31/05<br>AMOUNT INCLUDED ON 2004-1099</td><td>HPT</td><td></td><td></td><td></td><td>1,440.00</td></tr><tr><td colspan="6">TOTAL</td><td>$8,791.60</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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



8 of 8

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD January 1, 2005

THROUGH January 31, 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>01/21/05</td><td>INTEREST ON CREDIT BALANCE<br>ACCT AT 01,50000% 12/21 - 01/20</td><td></td><td></td><td></td><td></td><td>4.25</td></tr><tr><td colspan="7">TOTAL</td><td>$4.25</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |





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



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