EFTA00200583

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 6







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| **JEFFREY EPSTEIN** |

| :--- |

| 358 EL BRILLO WAY |

| PALM BEACH FL 33480-4730 |

## Your Portfolio at a Glance

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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,549,618</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,438,796</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>8,027,714</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$15,016,128</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>17,447,354</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-2,431,226</td></tr></table>

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

JEFFREY EPSTEIN



ACCOUNT NUMBER



TAXPAYER NUMBER On File

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 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.

| 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. |
| :--- | :--- |
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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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EFTA00200585



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$250,212.93</td></tr><tr><td>Securities Sold</td><td>1,138,051.14</td></tr><tr><td>Money Fund</td><td>2,022,606.56</td></tr><tr><td>Funds Deposited</td><td>45,235.74</td></tr><tr><td>Dividends/Interest</td><td>5,295.73</td></tr><tr><td>Amount Credited</td><td>$3,211,189.17</td></tr><tr><td>Money Fund</td><td>-22,606.56</td></tr><tr><td>Funds Withdrawn</td><td>-2,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-2,022,606.56</td></tr><tr><td>Net Cash Activity</td><td>1,188,582.61</td></tr><tr><td>Closing Balance</td><td>$1,438,795.54</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>250,212.93</td><td>1,438,795.54</td></tr><tr><td>Net Cash Balance</td><td>$250,212.93</td><td>$1,438,795.54</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>4,520.00</td><td>63,519.88</td></tr><tr><td>Other Dividends</td><td>22,606.56</td><td>27,714.03</td></tr><tr><td>Credit Balance Int.</td><td>775.73</td><td>30,318.16</td></tr><tr><td>Total</td><td>$27,902.29</td><td>$121,552.07</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></td><td>9,466,510</td></tr><tr><td>Equities</td><td>5,000</td><td>5,554,618</td></tr><tr><td>Total</td><td>$5,000</td><td>$15,021,128</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN

<table><tr><td>STATEMENT PERIOD</td><td>July 28, 2001</td></tr><tr><td>THROUGH</td><td>August 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>July 27, 2001</td></tr></table>

Your Portfolio Allocation

EFTA00200586



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

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>1,438,796</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>26202K205</td><td>8,027,714.03</td><td>1.0000</td><td>8,027,714</td><td>200,693</td><td>2.5000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$9,466,510</td><td>$200,693</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>18.1300</td><td>906,500</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>4.1300</td><td>8,260</td><td>320</td><td>3.8741</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>8.3100</td><td>41,550</td><td>4,200</td><td>10.1083</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>21.0300</td><td>42,060</td><td>4,400</td><td>10.4612</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>20.7500</td><td>41,500</td><td>3,360</td><td>8.0964</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>18.1000</td><td>36,200</td><td>3,846</td><td>10.6243</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.7300</td><td>87,300</td><td>8,000</td><td>9.1638</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>28.5200</td><td>57,040</td><td>5,680</td><td>9.9579</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>52.7100</td><td>3,046,638</td><td>41,616</td><td>1.3660</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>12.9600</td><td>25,920</td><td>2,600</td><td>10.0309</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>12.2100</td><td>1,221,000</td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

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>CALL ORACLE CORP SEP17.50**** EXP 09/22/2001</td><td>ORQI17</td><td>MRGN</td><td>-1,000</td><td>0.0500</td><td>-5,000</td><td></td><td></td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>2,000</td><td>17.0000</td><td>34,000</td><td>3,360</td><td>9.8824</td></tr><tr><td>SIRIUS SATELLITE RADIO INC Total Equities&amp; Options</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>6.6500</td><td>6,650</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,549,618</td><td>$77,382</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$278,075</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$15,016,127</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001



ACCOUNT NUMBER



| LAST STATEMENT | July 27, 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>08/27/01</td><td>08/22/01</td><td>SOLD</td><td>BANK ONE CORP<br>UNSOLICITED<br>SEE NOTE "S" ON BACK</td><td>ONE</td><td>-30,561</td><td>37.30000</td><td></td><td>1,138,051.14</td></tr><tr><td colspan="8">TOTAL</td><td>$1,138,051.14</td></tr></tbody></table>

TAXPAYER NUMBER On File

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



6 of 7

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

Transaction Detail (continued)

DEPOSITS AND WITHDRAWALS



JEFFREY EPSTEIN

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</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>07/28/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>10,005,107.47</td><td></td><td></td><td></td></tr><tr><td>08/01/01</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH SELL FD</td><td>26202K205</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr><tr><td>08/01/01</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>22,606.56</td></tr><tr><td>08/01/01</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>26202K205</td><td>22,606.56</td><td></td><td>22,606.56</td><td></td></tr><tr><td>08/08/01</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH SELL FD</td><td>26202K205</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



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



7 of 7



JEFFREY EPSTEIN

## Transaction Detail (continued)

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001

MONEY FUND ACTIVITY (continued)

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

<table border="1"><tr><td>DATE MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>08/31/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>8,027,714.03</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-22,606.56</td><td>$2,022,606.56</td></tr></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>07/31/01</td><td>FELCOR LODGING TRUST INC<br>REC 07/13/01 PAY 07/31/01</td><td>FCH</td><td>2,000</td><td>0.5500</td><td></td><td>1,100.00</td></tr><tr><td>08/23/01</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 07/06/01 PAY 08/23/01</td><td>HPT</td><td>2,000</td><td>0.7100</td><td></td><td>1,420.00</td></tr><tr><td>08/24/01</td><td>HRPT PROPERTIES TR-SBI<br>REC 07/26/01 PAY 08/24/01</td><td>HRP</td><td>10,000</td><td>0.2000</td><td></td><td>2,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$4,520.00</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>08/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/4% 07/21 THRU 08/20</td><td></td><td></td><td>3.2500</td><td></td><td>775.73</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$775.73</td></tr></tbody></table>

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