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S8I JOHNSON& JOHNSON JNJ CASH 57.800 51.6600 2.985.948 55.488 1.8583 KRAMONT REALTY TRUST KRT CASH 2.000 18.1000 36.200 2.600 7.1823 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 47.6500 20.775 889 4.2792 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 36.3000 65,122 3.875 5.9504 INVESTMENT
N STATEMENT PERIOD November 29.2003 THROUGH December 31.2003 ACCCUNT NUMBER TAXPAYER KAMER OTI Foe LAST STATEMENT November 28.2003 As part of the National Association of Securities Dealers (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (8
.892 1.8899 BSC RATING: STOCK P/SECTOR MW 81.ICKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2.000 20.1200 40.240 2,600 6.4612 PAN PACIFIC RETAIL PROPERTIES PAW CASH 438 59.3000 25.855 946 3.6589 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.7500 73.106 3.875 5.3005 emalmEm TR
une 30 to avoid increased penalties. For Tax Returns and information. call the Department of Revenue at 1.800-352.3671. End of Statemnt As part of the National Association of Securities Dealers (NASD) Investor Education Program. you may obtain information on the NASels Public Disclosure Program by contacting the NASD at telephone number (8
STK JOHNSON& JOHNSON JNJ CASH 57.800 50.3300 2.909.074 55.488 1.9074 KRAMONT REALTY TRUST KRT CASH 2.000 17.1700 34,340 2.600 7.5713 PAN PACIFIC RETAIL PROPERTIES PNP CASH 438 44.3500 19.337 889 4.5974 INC RAMCO GERSHENSONPROPMES RP7 CASH 12.030 24.1500 289.800 20.160 8.9565 TRUST-ml
P000 NOorte 29.2033 THROUGH DOC0M00' 31. 2003 ht.t0.04T WHBER 038.2802s 117 TAY,A, ER liWISLR on it µST STATEUEsT NOoembet 28.2003 As pan of the National Association of Securities Dealers (NASD) Investor Education Program, you may obtain ink:motion on the NASCrs Public Disclosure Program by =tooting the NASD at telephone number (800)
Entities connected to both PAN PACIFIC RETAIL and the National Association of Securities Dealers

Bear Stearns
ORGANIZATION
New York City
LOCATION
Jeffrey Epstein
PERSONEOUITY
ORGANIZATIONMoney Fund
ORGANIZATION
North
LOCATIONSZeirns
PERSON
Financial Trust Company
ORGANIZATIONTHRCOGH
ORGANIZATIONBear, Steams & Co. Inc.
ORGANIZATIONMASSER
PERSONPERKO
ORGANIZATION
New York
LOCATIONMONET
PERSONBear, Stearns & Co. Inc.
ORGANIZATIONOESCRPTION
ORGANIZATIONFELCOR LODGING TRUST INC
ORGANIZATIONCantot North
LOCATIONEquities & Options
ORGANIZATIONthe Bear, Steams Securities Corp. Statement
ORGANIZATION