EFTA00200557

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

<table border="1"><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>Fund Activity</td><td>8</td></tr></table>





| **JEFFREY EPSTEIN** |

| :--- |

| 358 EL BRILLO WAY |

| PALM BEACH FL 33480-4730 |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Your Portfolio at a Glance

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

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

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>5,721,830</td></tr><tr><td>NET DEBIT BALANCE</td><td>-2,971,433</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$2,750,397</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>9,281,217</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-6,530,819</td></tr></table>

Market Value of Your Portfolio

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File



ACCOUNT NUMBER



STATEMENT PERIOD October 27,2001

JEFFREY EPSTEIN

THROUGH November 30, 2001

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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BEAR
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>$0.58</td></tr><tr><td>Money Fund</td><td>3,532,515.61</td></tr><tr><td>Funds Deposited</td><td>3,000,000.00</td></tr><tr><td>Dividends/Interest</td><td>4,545.90</td></tr><tr><td></td><td></td></tr><tr><td>Amount Credited</td><td>$6,537,061.51</td></tr><tr><td></td><td></td></tr><tr><td>Money Fund</td><td>-8,494.71</td></tr><tr><td>Funds Withdrawn</td><td>-2,000,000.00</td></tr><tr><td>Miscellaneous</td><td>-7,500,000.00</td></tr><tr><td></td><td></td></tr><tr><td>Amount Debited</td><td>$-9,508,494.71</td></tr><tr><td>Net Cash Activity</td><td>-2,971,433.20</td></tr><tr><td></td><td></td></tr><tr><td>Closing Balance</td><td>$-2,971,432.62</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>Cash</td><td>0.58</td><td>0.00</td></tr><tr><td>Margin</td><td>0.00</td><td>-2,971,432.62</td></tr><tr><td>Net Cash Balance</td><td>$0.58</td><td>$-2,971,432.62</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>4,520.00</td><td>82,865.48</td></tr><tr><td>Other Dividends</td><td>11,781.29</td><td>68,516.90</td></tr><tr><td>Credit Balance Int.</td><td>25.90</td><td>32,227.50</td></tr><tr><td>Total</td><td>$16,327.19</td><td>$183,609.88</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>2,971,433</td><td></td></tr><tr><td>Equities</td><td></td><td>5,721,830</td></tr><tr><td>Total</td><td>$2,971,433</td><td>$5,721,830</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>October 27, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>November 30, 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>October 26, 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.

EFTA00200560



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## 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>-2,971,433</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-2,971,433</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>11.8400</td><td>592,000</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>4.0300</td><td>8,060</td><td>320</td><td>3.9702</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>7.9600</td><td>39,800</td><td>4,200</td><td>10.5528</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>MRGN</td><td>2,000</td><td>16.5800</td><td>33,160</td><td>4,400</td><td>13.2690</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>MRGN</td><td>2,000</td><td>18.1300</td><td>36,260</td><td>3,360</td><td>9.2664</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>MRGN</td><td>2,000</td><td>18.4800</td><td>36,960</td><td>3,846</td><td>10.4058</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>MRGN</td><td>10,000</td><td>8.4200</td><td>84,200</td><td>8,000</td><td>9.5012</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>MRGN</td><td>2,000</td><td>27.4300</td><td>54,860</td><td>5,680</td><td>10.3536</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>MRGN</td><td>57,800</td><td>58.2500</td><td>3,366,850</td><td>41,616</td><td>1.2361</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>MRGN</td><td>2,000</td><td>13.4200</td><td>26,840</td><td>2,600</td><td>9.6870</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>14.0300</td><td>1,403,000</td><td></td><td></td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>MRGN</td><td>2,000</td><td>16.4000</td><td>32,800</td><td>3,360</td><td>10.2439</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 October 27,2001

THROUGH November 30, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

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STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



5 of 9



## Your Portfolio Holdings (continued)

Equities & Options (continued)

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>MRGN</td><td>1,000</td><td>7.0400</td><td>7,040</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$5,721,830</td><td>$77,382</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,721,830</td><td>$77,382</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$77,382</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$2,750,397</td></tr></table>



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

STATEMENT PERIOD October 27, 2001

ACCOUNT NUMBER

<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>11/29/01</td><td></td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>JOURNAL FROM TYPE 1 TO 2</td><td>AW</td><td>-50,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>CROWN AMERICAN REALTY TRUST<br>JOURNAL FROM TYPE 1 TO 2</td><td>CWN</td><td>-5,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>FELCOR LODGING TRUST INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>FCH</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>GLENBOROUGH REALTY TRUST INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>GLB</td><td>-2,000</td><td></td><td></td><td></td></tr></tbody></table>

THROUGH November 30, 2001

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

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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



6 of 9

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD October 27,2001

THROUGH November 30, 2001

## INVESTMENT ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

<table><thead><tr><th>REIMMENENT DATE</th><th>PHONE 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>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>GLMCHER REALTY TRUST-SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>GRT</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>HRPT PROPERTIES TR-SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>HRP</td><td>-10,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>HPT</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>JOHNSON&amp; JOHNSON<br>JOURNAL FROM TYPE 1 TO 2</td><td>JNJ</td><td>-57,800</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>KRAMONT REALTY TRUST<br>JOURNAL FROM TYPE 1 TO 2</td><td>KRT</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>ORACLE CORP<br>JOURNAL FROM TYPE 2 TO 1</td><td>ORCL</td><td>100,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>ORACLE CORP<br>JOURNAL FROM TYPE 1 TO 2</td><td>ORCL</td><td>-100,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>RPT</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>SIRIUS SATELLITE RADIO INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>SIRI</td><td>-1,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>JOURNAL FROM TYPE 1 TO 2</td><td>AW</td><td>50,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>CROWN AMERICAN REALTY TRUST<br>JOURNAL FROM TYPE 1 TO 2</td><td>CWN</td><td>5,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>FELCOR LODGING TRUST INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>FCH</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>GLENBOROUGH REALTY TRUST INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>GLB</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL</td><td>GLMCHER REALTY TRUST-SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>GRT</td><td>2,000</td><td></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
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



7 of 9



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD October 27, 2001

## INVESTMENT ACTIVITY (continued)

THROUGH November 30, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 26, 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>11/29/01</td><td></td><td>JOURNAL</td><td>HRPT PROPERTIES TR-SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>HRP</td><td>10,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>HPT</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>JOHNSON&amp; JOHNSON<br>JOURNAL FROM TYPE 1 TO 2</td><td>JNJ</td><td>57,800</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>KRAMONT REALTY TRUST<br>JOURNAL FROM TYPE 1 TO 2</td><td>KRT</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>ORACLE CORP<br>JOURNAL FROM TYPE 1 TO 2</td><td>ORCL</td><td>100,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>ORACLE CORP<br>JOURNAL FROM TYPE 2 TO 1</td><td>ORCL</td><td>-100,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>JOURNAL FROM TYPE 1 TO 2</td><td>RPT</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>11/29/01</td><td></td><td>JOURNAL</td><td>SIRIUS SATELLITE RADIO INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>SIRI</td><td>1,000</td><td></td><td></td><td></td></tr></tbody></table>

## 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>11/13/01</td><td>FND WIRED</td><td>MDA#MB191958FNDSWIRED TO PALM BEACH NATL BK &amp; TR CO<br>FD#01693<br>$ COMING FROM MONEY FUND</td><td>2,000,000.00</td><td></td></tr><tr><td>11/29/01</td><td>FUNDS REC</td><td>FNDSWIRED TO CITIBANK FROM PALM BEACH BK<br>F05133300A9801</td><td></td><td>1,300,000.00</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 9

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD October 27, 2001

## DEPOSITS AND WITHDRAWALS (continued)

THROUGH November 30, 2001

ACCOUNT NUMBER

<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>11/29/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM MORGAN STANLEY DW INC</td><td></td><td>1,700,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-$2,000,000.00</td><td>$3,000,000.00</td></tr></tbody></table>

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MODAY</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>10/27/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>3,512,239.61</td><td></td><td></td><td></td></tr><tr><td>11/01/01</td><td>DIVIDEND</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH MONTHLY DIVIDEND</td><td>26202K205</td><td></td><td></td><td></td><td>8,494.71</td></tr><tr><td>11/01/01</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>26202K205</td><td>8,494.71</td><td></td><td>8,494.71</td><td></td></tr><tr><td>11/13/01</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>26202K205</td><td>-2,000,000</td><td>1.0000</td><td></td><td>2,000,000.00</td></tr><tr><td>11/29/01</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>26202K205</td><td>-1,520,734.32</td><td>1.0000</td><td></td><td>1,520,734.32</td></tr><tr><td>11/29/01</td><td>DIVIDEND</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIV</td><td>26202K205</td><td></td><td></td><td></td><td>3,286.58</td></tr><tr><td>11/30/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-8,494.71</td><td>$3,532,515.61</td></tr></tbody></table>

027



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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


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



9 of 9



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD October 27,2001

DIVIDENDS

THROUGH November 30, 2001

AGCOUNT NUMBER

<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">10/31/01</td><td>FELCOR LODGING TRUST INC</td><td rowspan="2">FCH</td><td rowspan="2">2,000</td><td rowspan="2">0.5500</td><td rowspan="2"></td><td rowspan="2">1,100.00</td></tr><tr><td>REC 10/01/01 PAY 10/31/01</td></tr><tr><td rowspan="2">11/21/01</td><td>HRPT PROPERTIES TR-SBI</td><td rowspan="2">HRP</td><td rowspan="2">10,000</td><td rowspan="2">0.2000</td><td rowspan="2"></td><td rowspan="2">2,000.00</td></tr><tr><td>REC 10/22/01 PAY 11/21/01</td></tr><tr><td rowspan="2">11/23/01</td><td>HOSPITALITY PROPERTIES TRUST</td><td rowspan="2">HPT</td><td rowspan="2">2,000</td><td rowspan="2">0.7100</td><td rowspan="2"></td><td rowspan="2">1,420.00</td></tr><tr><td>SBI<br>REC 10/25/01 PAY 11/22/01</td></tr><tr><td colspan="6">TOTAL</td><td>$4,520.00</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |



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>11/21/01</td><td>INTEREST ON CREDIT BALANCE AT 2,000% 10/21 THRU 11/05</td><td></td><td></td><td>2.0000</td><td></td><td>25.90</td></tr><tr><td colspan="7">TOTAL</td><td>$25.90</td></tr></tbody></table>

## 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>11/29/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>2,828,567.38</td><td></td></tr><tr><td>11/29/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>2,828,567.38</td></tr><tr><td>11/30/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>1,700,000.00</td><td></td></tr><tr><td>11/30/01</td><td>JOURNAL</td><td>TO LOA</td><td>7,500,000.00</td><td></td></tr><tr><td>11/30/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>1,700,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-$12,028,567.38</td><td>$4,528,567.38</td></tr></tbody></table>

027



12/01/01;10:46 001