## Statements

EFTA00200550

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 |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Your Messages</td><td>7</td></tr></table>

## What’s In This Statement





| **JEFFREY EPSTEIN** |

| :--- |

| 358 EL BRILLO WAY |

| PALM BEACH FL 33480-4730 |

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN



ACCOUNT NUMBER



THROUGH December 31, 2001

TAXPAYER NUMBER On File

STATEMENT PERIOD December 1, 2001

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

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

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,655,390</td></tr><tr><td>NET DEBIT BALANCE</td><td>-895,708</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$3,759,682</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>2,750,397</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,009,284</td></tr></table>

Market Value of Your Portfolio

## Important Message

If any information regarding 2001 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31, 2002 or 1042S by March 15, 2002.

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.

| SIPC | 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. |
| :--- | :--- |
| 027 | 01/03/02;08:34 001 |

EFTA00200551



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 7


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00200552



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>-2,971,432.62</td></tr><tr><td>Securities Sold</td><td>1,473,948.36</td></tr><tr><td>Funds Deposited</td><td>100,000.00</td></tr><tr><td>Dividends/Interest</td><td>11,454.00</td></tr><tr><td>Miscellaneous</td><td>700,000.00</td></tr><tr><td>Amount Credited</td><td>$2,285,402.36</td></tr><tr><td>Securities Bought</td><td>-167,732.50</td></tr><tr><td>Dividends/Interest Charged</td><td>-5,415.69</td></tr><tr><td>Miscellaneous</td><td>-36,530.04</td></tr><tr><td>Amount Debited</td><td>-209,678.23</td></tr><tr><td>Net Cash Activity</td><td>2,075,724.13</td></tr><tr><td>Closing Balance</td><td>-895,708.49</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-2,971,432.62</td><td>-895,708.49</td></tr><tr><td>Net Cash Balance</td><td>$-2,971,432.62</td><td>$-895,708.49</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>11,454.00</td><td>94,319.48</td></tr><tr><td>Other Dividends</td><td>0.00</td><td>68,516.90</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>32,227.50</td></tr><tr><td>Total</td><td>$11,454.00</td><td>$195,063.88</td></tr><tr><td>Margin Int. Paid</td><td>-5,415.69</td><td>-5,415.69</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td>895,708</td><td></td></tr><tr><td>Equities</td><td></td><td>4,655,390</td></tr><tr><td>Total</td><td>$895,708</td><td>$4,655,390</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

<table><thead><tr><th>STATEMENT PERIOD</th><td>December 1, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>December 31, 2001</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>November 30, 2001</td></tr></tbody></table>

Your Portfolio Allocation

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00200553



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 7

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<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>-895,708</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-895,708</td><td></td><td></td></tr></tbody></table>

## EQUITIES

Equities & Options

<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>ALLIED WASTE INDUSTRIES INC NEW</td><td>AW</td><td>MRGN</td><td>50,000</td><td>14.0600</td><td>703,000</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>4.2500</td><td>8,500</td><td>320</td><td>3.7647</td></tr><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>CROWN AMERICAN REALTY TRUST</td><td>CWN</td><td>MRGN</td><td>5,000</td><td>7.8000</td><td>39,000</td><td>4,200</td><td>10.7692</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>MRGN</td><td>2,000</td><td>16.7100</td><td>33,420</td><td>400</td><td>1.1969</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>MRGN</td><td>2,000</td><td>19.4000</td><td>38,800</td><td>3,440</td><td>8.8660</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>MRGN</td><td>2,000</td><td>18.8300</td><td>37,660</td><td>3,846</td><td>10.2124</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>MRGN</td><td>10,000</td><td>8.6600</td><td>86,600</td><td>8,000</td><td>9.2379</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>MRGN</td><td>2,000</td><td>29.5000</td><td>59,000</td><td>5,680</td><td>9.6271</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>MRGN</td><td>57,800</td><td>59.1000</td><td>3,415,980</td><td>41,616</td><td>1.2183</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>MRGN</td><td>2,000</td><td>14.6000</td><td>29,200</td><td>2,600</td><td>8.9041</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>MRGN</td><td>12,000</td><td>16.0500</td><td>192,600</td><td>20,160</td><td>10.4673</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD December 1, 2001

THROUGH December 31, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

027



01/03/02;08:34 001


EFTA00200554



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

5 of 7

## Your Portfolio Holdings (continued)

Equities & Options (continued)

<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>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>MRGN</td><td>1,000</td><td>11.6300</td><td>11,630</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,655,390</td><td>$90,262</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,655,390</td><td>$90,262</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$90,262</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$3,759,681</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

STATEMENT PERIOD December 1, 2001

THROUGH December 31, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</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>12/13/01</td><td>12/10/01</td><td>BOUGHT</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>UNSOLICITED</td><td>RPT</td><td>10,000</td><td>16.71300</td><td>167,732.50</td><td></td></tr><tr><td>12/20/01</td><td>12/17/01</td><td>SOLD</td><td>ORACLE CORP<br>WITH RIGHTS TO PURCHASE PREFRD<br>STK UNDER CERTAIN CIRCUMSTANCE<br>UNSOLICITED<br>WE MAKE A MKT IN THIS SECURITY<br>AVG PRICE: DETAILS ON REQUEST<br>UNIT PRICE 14,800000</td><td>ORCL</td><td>-100,000</td><td>14.74000</td><td></td><td>1,473,948.36</td></tr></tbody></table>

027



01/03/02;08:34 001


V519

EFTA00200555



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

6 of 7



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



## **Transaction Detail** (continued)

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>12/11/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM PALM BEACH BK</td><td></td><td>100,000.00</td></tr><tr><td colspan="4">TOTAL</td><td>$100,000.00</td></tr></tbody></table>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## 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>12/11/01</td><td>JOHNSON &amp; JOHNSON<br>REC 11/20/01 PAY 12/11/01</td><td>JNJ</td><td>57,800</td><td>0.1800</td><td></td><td>10,404.00</td></tr><tr><td>12/21/01</td><td>CROWN AMERICAN REALTY TRUST<br>REC 12/10/01 PAY 12/21/01</td><td>CWN</td><td>5,000</td><td>0.2100</td><td></td><td>1,050.00</td></tr><tr><td colspan="6">TOTAL</td><td>$11,454.00</td></tr></tbody></table>

JEFFREY EPSTEIN



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 rowspan="2">12/21/01</td><td>FROM 12/11 THRU 12/20 @21/2%</td><td></td><td></td><td>2.5000</td><td>2,003.02</td><td></td></tr><tr><td>BAL 1591,342 AVBAL 2884,349</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="2">12/21/01</td><td>FROM 11/21 THRU 12/10 @23/4%</td><td></td><td></td><td>2.7500</td><td>2,499.62</td><td></td></tr><tr><td>BAL 3007,962 AVBAL 2726,857</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="2">12/31/01</td><td>FROM 12/21 THRU 12/30 @21/2%</td><td></td><td></td><td>2.5000</td><td>913.05</td><td></td></tr><tr><td>BAL 1594,795 AVBAL 1314,795</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-5,415.69</td><td></td></tr></tbody></table>

STATEMENT PERIOD December 1, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

THROUGH December 31, 2001

027



01/03/02;08:34 001


EFTA00200556



BEAR
STEARNS




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


7 of 7

## **Transaction Detail** (continued)

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/10/01</td><td>JOURNAL</td><td>TO 101-80048 PER LOA</td><td>36,530.04</td><td></td></tr><tr><td>12/11/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>10,404.00</td><td></td></tr><tr><td>12/11/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>100,000.00</td><td></td></tr><tr><td>12/11/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>10,404.00</td></tr><tr><td>12/11/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>100,000.00</td></tr><tr><td>12/27/01</td><td>JOURNAL</td><td>COL REC LOA FROM 35301417</td><td></td><td>700,000.00</td></tr><tr><td>12/31/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>700,000.00</td><td></td></tr><tr><td>12/31/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>700,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-846,934.04</td><td>$1,510,404.00</td></tr></tbody></table>



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



## Your messages



Florida residents who own, manage, or control stocks, bonds, money market or mutual funds having a value of $25,000 or more for individuals or $45,000 for married couples filing jointly must pay a tax on these items, called "Intangible Tax", by June 30 to avoid increased penalties. For tax returns and information, call the Department of Revenue at 1-800-352-3671.



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





JEFFREY EPSTEIN

STATEMENT PERIOD December 1, 2001

ACCOUNT NUMBER

THROUGH December 31, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.



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


027



01/03/02;08:34 001