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ements EFTA00200645 CLEARED THROUGH ITS wHDLLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. New York. Nen York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WESSITE LICHERMAKIRA eintearsteams.com What's In This Statement Financial Summary 3 Your Portf

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ITY PROPERTIES TRUST HPT CASH 2.000 32.0000 64.000 5.760 9.0000 S81 JOHNSON& JOHNSON JNJ CASH 57,800 57.7600 3.338.528 47,396 1.4197 KRAMONT REALTY TRUST KRT CASH 2,000 14.2200 28.440 2.600 9.1421 RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 19.1000 229.200 20.160 8.7958 TRUST-MD SBI SI

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V1.43 0 0 m C in r _ S68SS£00 IN9 ANGS BEAR STEARNS OFFICE SERVICING WuR ACCOLPIT Bear, Steams & Co. Inc. 383 Madison Avenue New Yolk. New Yot ,0179 5 o• sTflw).' 8€,000 MAC4XIN )u 30.2005 August 31. 2005 Your Portfolio Holdings (Continued) ACCCUKT 00.096 it Equities & Options (corx

.892 2.600 1.029 3.875 21.000 1115.202 7.3222 8.1139 7.0529 7.1322 1.6974 5.5556 4.1588 5.3571 6.4457 BUCK.4634APA RESEARCH RATING: 8 KRAMONT REALTY TRUST VAS LUCENT TECHNOLOGIES INC DIP 12/102037 PAN PACIFIC RETNL PROPERTIES INC PENNSYLVANIA REAL ESTATE PIVESTIAENT TRUST-SW RAMCO GERSHEMONPROPER

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York, Nee York 10179 8 c/ Your messages Bear. Stearns Securities Corp, Net Capital and Net Capital Requirements: At May 31, 2004 and July 31. 2004. the Company'

CLEARED THROUGH ITS niCkLY OW ,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York, Nen York 10179 5 ri Your Portfolio Holdings (continued) Equities & Options (continued) DESCRPRON SYMBOUCUSIP ACCT TYPE OUATITY AWKET VALLE ESTIMATE

0 6.2609 S8I JOHNSON& JOHNSON JNJ CASH 57.800 63.4200 3.665.676 65.892 1.7975 BSC AMINO: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KRT CASH 2.000 23.4000 46.800 2.600 5.5556 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 1.5800 371 IDT 12/10/2007 PAN PACIFIC RETAIL PRO

CLEARED THROUGH ITS niCkLY OW,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, Nee York 10179 5 vi Your Portfolio Holdings (continued) Equities & Options (continued) ACC! DESORPTION SYMBatuSie 119E SIRIUS SATELLITE RADIO INC SIR

ITY PROPERTIES TRUST HPT CASH 2.000 41.2800 82.560 5.760 6.9767 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 REA