EFTA00200566

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><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>6</td></tr><tr><td>Your Messages</td><td>8</td></tr></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| **JEFFREY EPSTEIN** |

| :--- |

| 358 EL BRILLO WAY |

| PALM BEACH FL 33480-4730 |

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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

## Your Portfolio at a Glance



ACCOUNT NUMBER



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

JEFFREY EPSTEIN

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

STATEMENT PERIOD September 29, 2001

TAXPAYER NUMBER On File

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,768,976</td></tr><tr><td>NET CREDIT BALANCE</td><td>1</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>3,512,240</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$9,281,217</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>11,923,807</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-2,642,591</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not</td></tr></table>

THROUGH October 26, 2001

Market Value of Your Portfolio

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>$151,868.42</td></tr><tr><td>Money Fund</td><td>2,857,442.20</td></tr><tr><td>Dividends/Interest</td><td>3,636.16</td></tr><tr><td>Amount Credited</td><td>$2,861,078.36</td></tr><tr><td>Money Fund</td><td>-12,946.20</td></tr><tr><td>Funds Withdrawn</td><td>-3,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-3,012,946.20</td></tr><tr><td>Net Cash Activity</td><td>-151,867.84</td></tr><tr><td>Closing Balance</td><td>$0.58</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>151,868.42</td><td>0.58</td></tr><tr><td>Net Cash Balance</td><td>$151,868.42</td><td>$0.58</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>3,371.60</td><td>78,345.48</td></tr><tr><td>Other Dividends</td><td>12,946.20</td><td>56,735.61</td></tr><tr><td>Credit Balance Int.</td><td>264.56</td><td>32,201.60</td></tr><tr><td>Total</td><td>$16,582.36</td><td>$167,282.69</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>3,512,241</td></tr><tr><td>Equities</td><td>5,768,976</td></tr><tr><td>Total</td><td>$9,281,217</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD September 29, 2001

THROUGH October 26, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

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

EFTA00200569



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 8

## 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>1</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td>26202K205</td><td>3,512,239.61</td><td>1.0000</td><td>3,512,240</td><td>73,757</td><td>2.1000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 2,0900%</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$3,512,241</td><td>$73,757</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>CASH</td><td>50,000</td><td>13.8400</td><td>692,000</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>3.5000</td><td>7,000</td><td>320</td><td>4.5714</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>CASH</td><td>5,000</td><td>7.1200</td><td>35,600</td><td>4,200</td><td>11.7978</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>13.7500</td><td>27,500</td><td>4,400</td><td>16.0000</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>17.2000</td><td>34,400</td><td>3,360</td><td>9.7674</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>15.8800</td><td>31,760</td><td>3,846</td><td>12.1096</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.2100</td><td>82,100</td><td>8,000</td><td>9.7442</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>24.7900</td><td>49,580</td><td>5,680</td><td>11.4562</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>58.6700</td><td>3,391,126</td><td>41,616</td><td>1.2272</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>12.4700</td><td>24,940</td><td>2,600</td><td>10.4250</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>13.5800</td><td>1,358,000</td><td></td><td></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 September 29, 2001

THROUGH October 26, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

**5 of 8**

## 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>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>2,000</td><td>16.0500</td><td>32,100</td><td>3,360</td><td>10.4673</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>2.8700</td><td>2,870</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$5,768,976</td><td>$77,382</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,768,976</td><td>$77,382</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$151,139</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$9,281,216</td></tr></table>



Transaction Detail


## 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>10/11/01</td><td>FND WIRED</td><td>PALM BEACH NATL BK &amp; TR CO</td><td>2,000,000.00</td><td></td></tr><tr><td>10/24/01</td><td>FND WIRED</td><td>PALM BEACH NATL BK &amp; TR CO</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-$-3,000,000.00</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD September 29, 2001

| THROUGH | October 26, 2001 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

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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

6 of 8

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD September 29, 2001

THROUGH October 26, 2001

MONEY FUND ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

<table><thead><tr><th>DATE MOIDAY</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>09/29/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>6,343,789.41</td><td></td><td></td><td></td></tr><tr><td>10/01/01</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>12,946.20</td></tr><tr><td>10/01/01</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>26202K205</td><td>12,946.20</td><td></td><td>12,946.20</td><td></td></tr><tr><td>10/11/01</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>10/24/01</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>26202K205</td><td>-844,496</td><td>1.0000</td><td></td><td>844,496.00</td></tr><tr><td>10/26/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>3,512,239.61</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-12,946.20</td><td>$2,857,442.20</td></tr></tbody></table>

## 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>10/15/01</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 10/01/01 PAY 10/15/01</td><td>GLB</td><td>2,000</td><td>0.4200</td><td></td><td>840.00</td></tr><tr><td>10/15/01</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 09/28/01 PAY 10/15/01</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>10/16/01</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 09/30/01 PAY 10/16/01</td><td>RPT</td><td>2,000</td><td>0.4200</td><td></td><td>840.00</td></tr><tr><td>10/19/01</td><td>KRAMONT REALTY TRUST<br>REC 10/05/01 PAY 10/19/01</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





7 of 8



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD September 29, 2001

DIVIDENDS (continued)

THROUGH October 26, 2001

ACCOUNT NUMBER

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

<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">10/22/01</td><td>CENTER TR INC</td><td>CTA</td><td>2,000</td><td>0.0400</td><td></td><td>80.00</td></tr><tr><td>REC 10/01/01 PAY 10/22/01</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$3,371.60</td></tr></tbody></table>



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>10/22/01</td><td>INTEREST ON CREDIT BALANCE AT 1 1/2% 09/21 THRU 09/23</td><td></td><td></td><td>1.5000</td><td></td><td>18.98</td></tr><tr><td>10/22/01</td><td>INTEREST ON CREDIT BALANCE AT 2 1/2% 09/24 THRU 10/01</td><td></td><td></td><td>2.5000</td><td></td><td>84.37</td></tr><tr><td>10/22/01</td><td>INTEREST ON CREDIT BALANCE AT 2,000% 10/02 THRU 10/20</td><td></td><td></td><td>2.0000</td><td></td><td>161.21</td></tr><tr><td colspan="6">TOTAL</td><td>$264.56</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

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## Your messages



We are pleased to announce that we have moved our world headquarters, previously located at 245 Park Avenue, to:



383 Madison Avenue

New York, New York 10179





CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



While our telephone numbers and e-mail addresses remain the same, some fax numbers have changed. Please check with your Account Executive.



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





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



JEFFREY EPSTEIN

ACCOUNT NUMBER

STATEMENT PERIOD September 29, 2001

THROUGH October 26, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

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