EFTA00200610

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 |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## What’s In This Statement

<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>





| **JEFFREY EPSTEIN** |

| :--- |

| 358 EL BRILLO WAY |

| PALM BEACH FL 33480-4730 |

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

ACCOUNT NUMBER

JEFFREY EPSTEIN

## Your Portfolio at a Glance

| STATEMENT PERIOD | March 31, 2001 |

| :--- | :--- |

| THROUGH | April 27, 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>6,495,324</td></tr><tr><td>NET CREDIT BALANCE</td><td>300,347</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$6,795,671</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>7,820,481</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,024,810</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.

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN



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STATEMENT BACKER IS PRINTED ON THIS PAGE

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BEAR
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>$1,783,012.72</td></tr><tr><td>Funds Deposited</td><td>1,500,254.44</td></tr><tr><td>Dividends/Interest</td><td>14,988.54</td></tr><tr><td>Miscellaneous</td><td>2,091.00</td></tr><tr><td>Amount Credited</td><td>$1,517,333.98</td></tr><tr><td>Funds Withdrawn</td><td>-3,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-3,000,000.00</td></tr><tr><td>Net Cash Activity</td><td>-1,482,666.02</td></tr><tr><td>ClosingBalance</td><td>$300,346.70</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,783,012.72</td><td>300,346.70</td></tr><tr><td>Net Cash Balance</td><td>$1,783,012.72</td><td>$300,346.70</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>33,256.47</td></tr><tr><td>Credit Balance Int.</td><td>5,199.13</td><td>27,734.92</td></tr><tr><td>Total</td><td>$14,988.54</td><td>$60,991.39</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>300,347</td></tr><tr><td>Equities</td><td>330,000</td><td>6,825,324</td></tr><tr><td>Total</td><td>$330,000</td><td>$7,125,671</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN

<table><thead><tr><th>STATEMENT PERIOD</th><td>March 31, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 27, 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>March 30, 2001</td></tr></tbody></table>

Your Portfolio Allocation

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

EFTA00200613



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>300,347</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$300,347</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>16.5600</td><td>828,000</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>30,561</td><td>38.4000</td><td>1,173,542</td><td>25,671</td><td>2.1875</td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>3.6000</td><td>7,200</td><td>320</td><td>4.4444</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>7.0000</td><td>35,000</td><td>4,200</td><td>12.0000</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>21.5800</td><td>43,160</td><td>4,400</td><td>10.1946</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>17.4000</td><td>34,800</td><td>3,360</td><td>9.6552</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>15.4400</td><td>30,880</td><td>3,846</td><td>12.4547</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.7900</td><td>87,900</td><td>8,000</td><td>9.1013</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>26.2500</td><td>52,500</td><td>5,600</td><td>10.6667</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>28,900</td><td>95.3800</td><td>2,756,482</td><td>36,992</td><td>1.3420</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>11.1000</td><td>22,200</td><td>2,600</td><td>11.7117</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>17.1400</td><td>1,714,000</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>3.3000</td><td>-330,000</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

STATEMENT PERIOD March 31, 2001

JEFFREY EPSTEIN

THROUGH April 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 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>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>2,000</td><td>14.9000</td><td>29,800</td><td>3,360</td><td>11.2752</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>9.8600</td><td>9,860</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$6,495,324</td><td>$98,349</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,495,324</td><td>$98,349</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$98,349</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$6,795,670</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>04/12/01</td><td>FND WIRED</td><td>FNDS WIRED TO<br>PALM BEACH NATE<br>FD#06427<br>BALANCE COMING FROM CTC</td><td>3,000,000.00</td><td></td></tr><tr><td>04/12/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM<br>CTC NJ</td><td></td><td>1,500,000.00</td></tr><tr><td>04/18/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM<br>CHASE NYC</td><td></td><td>23.05</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 March 31, 2001

THROUGH April 27, 2001

AGCOUNT NUMBER

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

027



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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



6 of 7

## **Transaction Detail** (continued)

## DEPOSITS AND WITHDRAWALS (continued)



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<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>04/18/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM BANKERS NYC</td><td></td><td>231.39</td></tr><tr><td colspan="3">TOTAL</td><td>-3,000,000.00</td><td>$1,500,254.44</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>04/02/01</td><td>BANK ONE CORP<br>REC 03/15/01 PAY 04/01/01</td><td>ONE</td><td>30,561</td><td>0.2100</td><td></td><td>6,417.81</td></tr><tr><td>04/16/01</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 04/01/01 PAY 04/16/01</td><td>GLB</td><td>2,000</td><td>0.4200</td><td></td><td>840.00</td></tr><tr><td>04/16/01</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 03/30/01 PAY 04/16/01</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>04/17/01</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 03/31/01 PAY 04/17/01</td><td>RPT</td><td>2,000</td><td>0.4200</td><td></td><td>840.00</td></tr><tr><td>04/20/01</td><td>CENTER TR INC<br>REC 04/02/01 PAY 04/20/01</td><td>CTA</td><td>2,000</td><td>0.0400</td><td></td><td>80.00</td></tr><tr><td>04/20/01</td><td>KRAMONT REALTY TRUST<br>REC 03/29/01 PAY 04/20/01</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td colspan="6">TOTAL</td><td>$9,789.41</td></tr></tbody></table>

JEFFREY EPSTEIN

STATEMENT PERIOD March 31, 2001

ACCOUNT NUMBER

THROUGH April 27, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 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>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4,000% 04/18 THRU 04/20</td><td></td><td></td><td>4.0000</td><td></td><td>98.22</td></tr></tbody></table>



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EFTA00200616



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 March 31, 2001



INTEREST (continued)



THROUGH April 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 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>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/21 THRU 04/17</td><td></td><td></td><td>4.5000</td><td></td><td>5,100.91</td></tr><tr><td colspan="6">TOTAL</td><td>$5,199.13</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>04/02/01</td><td>JOURNAL</td><td>FROM LOA</td><td></td><td>2,091.00</td></tr><tr><td colspan="5">TOTAL</td><td>$2,091.00</td></tr></tbody></table>





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


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