EFTA00200604

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 |

<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></table>

## What’s In This Statement





| **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



ACCOUNT NUMBER



THROUGH May 25, 2001

TAXPAYER NUMBER On File

STATEMENT PERIOD April 28, 2001

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>6,654,435</td></tr><tr><td>NET CREDIT BALANCE</td><td>55,824</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$6,710,259</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>6,795,671</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-85,412</td></tr></table>

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.

Market Value of Your Portfolio

In an effort to deliver statements to you more efficiently, Bear Stearns has enhanced the distribution of statements to household accounts.

Beginning in June, all statements with the same Address and Social Security number / Taxpayer identification number will be mailed in a single envelope. For further details, please contact your account executive.

## Important Message

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.

027 05/26/01:10:08 001

EFTA00200605



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 6


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

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00200606



BEAR
STEARNS


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

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$300,346.70</td></tr><tr><td>Funds Deposited</td><td>750,000.00</td></tr><tr><td>Dividends/Interest</td><td>5,477.44</td></tr><tr><td>Amount Credited</td><td>$755,477.44</td></tr><tr><td>Funds Withdrawn</td><td>-1,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,000,000.00</td></tr><tr><td>Net Cash Activity</td><td>-244,522.56</td></tr><tr><td>ClosingBalance</td><td>$55,824.14</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>300,346.70</td><td>55,824.14</td></tr><tr><td>Net Cash Balance</td><td>$300,346.70</td><td>$55,824.14</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>4,500.00</td><td>37,756.47</td></tr><tr><td>Credit Balance Int.</td><td>977.44</td><td>28,712.36</td></tr><tr><td>Total</td><td>$5,477.44</td><td>$66,468.83</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>55,824</td></tr><tr><td>Equities</td><td>220,000</td><td>6,874,435</td></tr><tr><td>Total</td><td>$220,000</td><td>$6,930,259</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

<table><tr><td>STATEMENT PERIOD</td><td>April 28, 2001</td></tr><tr><td>THROUGH</td><td>May 25, 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>April 27, 2001</td></tr></table>

Your Portfolio Allocation



05/26/01;10:08 001


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

EFTA00200607



BEAR
STEARNS


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

4 of 6

## 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>55,824</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$55,824</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>16.9200</td><td>846,000</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>30,561</td><td>38.6100</td><td>1,179,960</td><td>25,671</td><td>2.1756</td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>3.8100</td><td>7,620</td><td>320</td><td>4.1995</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>8.3000</td><td>41,500</td><td>4,200</td><td>10.1205</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>24.5900</td><td>49,180</td><td>4,400</td><td>8.9467</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>18.5900</td><td>37,180</td><td>3,360</td><td>9.0371</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>16.2900</td><td>32,580</td><td>3,846</td><td>11.8048</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.9400</td><td>89,400</td><td>8,000</td><td>8.9485</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>27.5600</td><td>55,120</td><td>5,600</td><td>10.1597</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>28,900</td><td>97.2500</td><td>2,810,525</td><td>41,616</td><td>1.4807</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>12.6700</td><td>25,340</td><td>2,600</td><td>10.2605</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>16.5100</td><td>1,651,000</td><td></td><td></td></tr><tr><td>CALL ORACLE CORP SEP17.50**** EXP 09/22/2001</td><td>ORQI17</td><td>MRGN</td><td>-1,000</td><td>2.2000</td><td>-220,000</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

STATEMENT PERIOD April 28, 2001

THROUGH May 25, 2001

JEFFREY EPSTEIN

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

027



05/26/01;10:08 001


EFTA00200608



BEAR
STEARNS


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

5 of 6

## 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>16.8800</td><td>33,760</td><td>3,360</td><td>9.9526</td></tr><tr><td>SIRIUS SATELLITE RADIO INC Total Equities&amp; Options</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>15.2700</td><td>15,270</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,654,435</td><td>$102,973</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$102,973</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$6,710,259</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>05/23/01</td><td>FND WIRED</td><td>WIRED TO PALM BEACH NATL BR &amp; TR CO<br>$ COMING FROM CTC TODAY</td><td>1,000,000.00</td><td></td></tr><tr><td>05/23/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>750,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-1,000,000.00</td><td>$750,000.00</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 April 28, 2001

THROUGH May 25, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

027



05/26/01;10:08 001


V478

EFTA00200609



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 6

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD April 28, 2001

DIVIDENDS

THROUGH May 25, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 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>04/30/01</td><td>FELCOR LODGING TRUST INC<br>REC 04/13/01 PAY 04/30/01</td><td>FCH</td><td>2,000</td><td>0.5500</td><td></td><td>1,100.00</td></tr><tr><td>05/24/01</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 04/23/01 PAY 05/24/01</td><td>HPT</td><td>2,000</td><td>0.7000</td><td></td><td>1,400.00</td></tr><tr><td>05/25/01</td><td>HRPT PROPERTIES TR-SBI<br>REC 04/24/01 PAY 05/25/01</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>$4,500.00</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>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 05/15 THRU 05/20</td><td></td><td></td><td>3.5000</td><td></td><td>175.84</td></tr><tr><td>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4,000% 04/21 THRU 05/14</td><td></td><td></td><td>4.0000</td><td></td><td>801.60</td></tr><tr><td colspan="6">TOTAL</td><td>$977.44</td></tr></tbody></table>



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


027



05/26/01;10:08 001