EFTA00200597

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| 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

Your Messages ... 7





| **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

THROUGH June 29, 2001

TAXPAYER NUMBER On File

ACCOUNT NUMBER

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

STATEMENT PERIOD May 26, 2001

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>6,888,564</td></tr><tr><td>NET CREDIT BALANCE</td><td>239,819</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>11,000,000</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$18,128,383</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>6,710,259</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>11,418,124</td></tr></table>

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

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.

Please note: You may find more than one statement in this envelope. Beginning this month, all statements with the same Address and Social Security number / Taxpayer Identification number are being mailed in one envelope. For further details, please contact your account executive.

## Important Message

| 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>$55,824.14</td></tr><tr><td>Funds Deposited</td><td>13,672,315.31</td></tr><tr><td>Dividends/Interest</td><td>11,679.39</td></tr><tr><td>Amount Credited</td><td>$13,683,994.70</td></tr><tr><td>Money Fund</td><td>-11,000,000.00</td></tr><tr><td>Funds Withdrawn</td><td>-2,500,000.00</td></tr><tr><td>Amount Debited</td><td>$-13,500,000.00</td></tr><tr><td>Net Cash Activity</td><td>183,994.70</td></tr><tr><td>Closing Balance</td><td>$239,818.84</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>55,824.14</td><td>239,818.84</td></tr><tr><td>Net Cash Balance</td><td>$55,824.14</td><td>$239,818.84</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>49,210.47</td></tr><tr><td>Credit Balance Int.</td><td>225.39</td><td>28,937.75</td></tr><tr><td>Total</td><td>$11,679.39</td><td>$78,148.22</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>11,239,819</td></tr><tr><td>Equities</td><td>330,000</td><td>7,218,564</td></tr><tr><td>Total</td><td>$330,000</td><td>$18,458,383</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><thead><tr><th>STATEMENT PERIOD</th><th>May 26, 2001</th></tr></thead><tbody><tr><td>THROUGH</td><td>June 29, 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>May 25, 2001</td></tr></tbody></table>

Your Portfolio Allocation

EFTA00200600



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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>239,819</td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>26202K205</td><td>11,000,000</td><td>1.0000</td><td>11,000,000</td><td>363,000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$11,239,819</td><td>$363,000</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>18.6800</td><td>934,000</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>30,561</td><td>35.8000</td><td>1,094,084</td><td>25,671</td><td>2.3463</td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>4.6400</td><td>9,280</td><td>320</td><td>3.4483</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>8.3500</td><td>41,750</td><td>4,200</td><td>10.0599</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>23.4000</td><td>46,800</td><td>4,400</td><td>9.4017</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.3000</td><td>38,600</td><td>3,360</td><td>8.7047</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>17.9000</td><td>35,800</td><td>3,846</td><td>10.7430</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.7300</td><td>97,300</td><td>8,000</td><td>8.2220</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>28.5000</td><td>57,000</td><td>5,680</td><td>9.9649</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>50.0000</td><td>2,890,000</td><td>41,616</td><td>1.4400</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>13.6800</td><td>27,360</td><td>2,600</td><td>9.5029</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>19.0000</td><td>1,900,000</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 May 26, 2001

THROUGH June 29, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 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>3.3000</td><td>-330,000</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>17.2000</td><td>34,400</td><td>3,360</td><td>9.7674</td></tr><tr><td>SIRIUS SATELLITE RADIO INC Total Equities&amp; Options</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>12.1900</td><td>12,190 $6,888,564</td><td>$103,053</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,888,564</td><td>$103,053</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$466,053</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$18,128,382</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 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>06/18/01</td><td>06/13/01</td><td>BOUGHT</td><td>JOHNSON &amp; JOHNSON<br>STK SPLIT ON 28900 SHS<br>REC 05/22/01 PAY 06/12/01</td><td>JNJ</td><td>28,900</td><td></td><td></td><td></td></tr><tr><td colspan="9">TOTAL</td></tr></tbody></table>

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

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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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CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## Transaction Detail (continued)

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

DEPOSITS AND WITHDRAWALS

JEFFREY EPSTEIN

STATEMENT PERIOD May 26, 2001

ACCOUNT NUMBER

THROUGH June 29, 2001

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

## MONEY FUND ACTIVITY

TAXPAYER NUMBER On File

<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>05/26/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td>06/25/01</td><td>BOUGHT</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH BUY FD</td><td>26202K205</td><td>11,000,000</td><td>1.0000</td><td>11,000,000.00</td><td></td></tr><tr><td>06/29/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>11,000,000</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td></td><td>$-11,000,000.00</td><td></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 May 26, 2001

## DIVIDENDS

THROUGH June 29, 2001

ACCOUNT NUMBER

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>06/12/01</td><td>JOHNSON &amp; JOHNSON<br>REC 05/22/01 PAY 06/12/01</td><td>JNJ</td><td>28,900</td><td>0.3600</td><td></td><td>10,404.00</td></tr><tr><td>06/15/01</td><td>CROWN AMERICAN REALTY TRUST<br>REC 06/04/01 PAY 06/15/01</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>

| LAST STATEMENT | May 25, 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>06/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 05/21 THRU 06/20</td><td></td><td></td><td>3.5000</td><td></td><td>225.39</td></tr><tr><td colspan="7">TOTAL</td><td>$225.39</td></tr></tbody></table>

## Your messages



Confirmation:

Unless we hear from you to the contrary. It is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.



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


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