EFTA00200590

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

Financial Summary 3

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 |



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## 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.

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>7,192,034</td></tr><tr><td>NET CREDIT BALANCE</td><td>250,213</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>10,005,107</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$17,447,354</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>18,128,383</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-681,029</td></tr></table>



ACCOUNT NUMBER



JEFFREY EPSTEIN

TAXPAYER NUMBER On File

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 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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STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$239,818.84</td></tr><tr><td>Money Fund</td><td>1,005,107.47</td></tr><tr><td>Dividends/Interest</td><td>10,394.09</td></tr><tr><td>Amount Credited</td><td>$1,015,501.56</td></tr><tr><td>Money Fund</td><td>-5,107.47</td></tr><tr><td>Funds Withdrawn</td><td>-1,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,005,107.47</td></tr><tr><td>Net Cash Activity</td><td>10,394.09</td></tr><tr><td>ClosingBalance</td><td>$250,212.93</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>239,818.84</td><td>250,212.93</td></tr><tr><td>Net Cash Balance</td><td>$239,818.84</td><td>$250,212.93</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>9,789.41</td><td>58,999.88</td></tr><tr><td>Other Dividends</td><td>5,107.47</td><td>5,107.47</td></tr><tr><td>Credit Balance Int.</td><td>604.68</td><td>29,542.43</td></tr><tr><td>Total</td><td>$15,501.56</td><td>$93,649.78</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>10,255,320</td></tr><tr><td>Equities</td><td>260,000</td><td>7,452,034</td></tr><tr><td>Total</td><td>$260,000</td><td>$17,707,354</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

| STATEMENT PERIOD | June 30, 2001 |
| :--- | :--- |
| THROUGH | July 27, 2001 |

Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

EFTA00200593



BEAR
STEARNS


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

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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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>250,213</td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>26202K205</td><td>10,005,107.47</td><td>1.0000</td><td>10,005,107</td><td>280,143</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,255,320</td><td>$280,143</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>18.5500</td><td>927,500</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>30,561</td><td>37.8900</td><td>1,157,956</td><td>25,671</td><td>2.2169</td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>4.1500</td><td>8,300</td><td>320</td><td>3.8554</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>8.3400</td><td>41,700</td><td>4,200</td><td>10.0719</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>21.9800</td><td>43,960</td><td>4,400</td><td>10.0091</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.0700</td><td>38,140</td><td>3,360</td><td>8.8096</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>17.4000</td><td>34,800</td><td>3,846</td><td>11.0517</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.5500</td><td>85,500</td><td>8,000</td><td>9.3567</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>28.9700</td><td>57,940</td><td>5,680</td><td>9.8032</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>53.0100</td><td>3,063,978</td><td>41,616</td><td>1.3582</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>12.9000</td><td>25,800</td><td>2,600</td><td>10.0775</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>19.2300</td><td>1,923,000</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 June 30, 2001

THROUGH July 27, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

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STEARNS


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

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## 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>2.6000</td><td>-260,000</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>17.7500</td><td>35,500</td><td>3,360</td><td>9.4648</td></tr><tr><td>SIRIUS SATELLITE RADIO INC Total Equities&amp; Options</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>7.9600</td><td>7,960</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$7,192,034</td><td>$103,053</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$383,196</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$17,447,353</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>07/23/01</td><td>FND WIRED</td><td>FNDS WIRED TO PALM BEACH NATL BK &amp; TR CO<br>$ COMING FROM DREYFUS</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-1,000,000.00</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 June 30, 2001

THROUGH July 27, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

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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

6 of 7

JEFFREY EPSTEIN

STATEMENT PERIOD June 30, 2001

<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>06/30/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>11,000,000</td><td></td><td></td><td></td></tr><tr><td>07/02/01</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>5,107.47</td></tr><tr><td>07/02/01</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>26202K205</td><td>5,107.47</td><td></td><td>5,107.47</td><td></td></tr><tr><td>07/23/01</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH SID SELL</td><td>26202K205</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr><tr><td>07/27/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>10,005,107.47</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-$-5,107.47</td><td>$1,005,107.47</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>07/02/01</td><td>BANK ONE CORP<br>REC 06/15/01 PAY 07/01/01</td><td>ONE</td><td>30,561</td><td>0.2100</td><td></td><td>6,417.81</td></tr><tr><td>07/16/01</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 07/01/01 PAY 07/16/01</td><td>GLB</td><td>2,000</td><td>0.4200</td><td></td><td>840.00</td></tr><tr><td>07/16/01</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 06/29/01 PAY 07/16/01</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>07/17/01</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 06/30/01 PAY 07/17/01</td><td>RPT</td><td>2,000</td><td>0.4200</td><td></td><td>840.00</td></tr><tr><td>07/20/01</td><td>CENTER TR INC<br>REC 07/02/01 PAY 07/20/01</td><td>CTA</td><td>2,000</td><td>0.0400</td><td></td><td>80.00</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 June 30, 2001

DIVIDENDS (continued)

THROUGH July 27, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

<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">07/20/01</td><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td>REC 06/29/01 PAY 07/20/01</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$9,789.41</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>07/23/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 3 1/2% 06/21 THRU 06/26</td><td></td><td></td><td>3.5000</td><td></td><td>72.88</td></tr><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 3 1/4% 06/27 THRU 07/20</td><td></td><td></td><td>3.2500</td><td></td><td>531.80</td></tr><tr><td colspan="6">TOTAL</td><td>$604.68</td></tr></tbody></table>





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



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