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ously provided to you remains in effect except to the extent specifically amended by this notice. 027 0622/0203:16 001 VMS EFTA00200675 GEARED THRCOGH ITS WHOLLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear Stearns & Co. Inc. New Y New York 10179 ACCOUNT EXECUTIVE TELEPH

PACE VALUE ANNUAL INCOLAE YELDN) CENTER TR INC CTA CASH 2,000 7.8000 15.600 480 3.0769 CANKIRN CHEMICAL CORP CNCPF CASH 19 Unprioed CROWN AMERICAN REALTY TRUST CWN CASH 5.000 9.2000 46.000 4.250 9.2391 FELCOR LODGING TRUST INC FCH CASH 2.000 11.4400 22,880 1,200 5.2448 GLENBOROUGH REALTY TRUS

/30/01 JOURNAL JOURNAL FROM TYPE 1 TO 2 1.700.000.00 TOTAL $-12,028,567.38 $4.528,567.38 027 1201.'01:10:46 001 V513 EFTA00200566 CLEARED THRCOGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8. Co. Inc. 383 Madison Avenue New York Nell York 10179 A

W MRGN 50,000 14.0600 703.000 NEW CENTER TR INC CTA CASH 2.000 4.2500 8.500 320 3.7647 CANHORN CHEMICAL CORP CNCPF CASH 19 Unpoced CROWN AMERICAN REALTY TRUST CWN MRGN 5.000 7.8000 39.000 4,200 10.7692 FELCOR LODGING TRUST INC FCH MRGN 2.000 16.7100 33.420 400 1.1969 GLENBOROUGH REALTY TRUST

Statements EFTA00200731 CLEARED THRCOGH nS meekly 0He.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, Nage York 10179

ENT WOW 31.2003 SETTLEMENT MADE DATE DATE TRANSACDON DESCRIPTION ST/AGO-CUSP ov.wrir, PRCE DE8iT AMOUNT CREPT AMOUNT 11/21/03 EXCHANGE CROWN AMERICAN REALTY TRUST -5.000 C621722 TO MERGER Cp. REAL 11/21/03 EXCHANGE PENNSYLVANIA REAL ESTATE PEI 1.794 Nr TRUST-Sal FROM C621722 0.3589 PENN REAL TOTAL