EFTA00200617

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><tr><td>Your Messages</td><td>8</td></tr></table>

## What’s In This Statement





| **JEFFREY EPSTEIN** |

| :--- |

| 358 EL BRILLO WAY |

| PALM BEACH FL 33480-4730 |

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN



ACCOUNT NUMBER

TAXPAYER NUMBER



THROUGH March 30, 2001

STATEMENT PERIOD February 24, 2001

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>6,037,468</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,783,013</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$7,820,481</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>7,993,282</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-172,801</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not</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.

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

Market Value of Your Portfolio

## Important Notice

Decimal Trading is Here for Nasdaq!

Decimal Trading is the shift from fractional pricing (e.g. 211/2) to decimal pricing (e.g.$21.50) for equities and options.

Nasdaq securities have been phased in during March and the remaining securities are scheduled to be trading in decimals in April.

For details, visit our website at www.bearstearns.com.

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

STATEMENT BACKER IS PRINTED ON THIS PAGE

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| :--- | :--- | :--- |

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BEAR
STEARNS


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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,970,318.90</td></tr><tr><td>Securities Sold</td><td>1,581,539.40</td></tr><tr><td>Funds Deposited</td><td>1,000,000.00</td></tr><tr><td>Dividends/Interest</td><td>15,355.92</td></tr><tr><td></td><td></td></tr><tr><td>Amount Credited</td><td>$2,596,895.32</td></tr><tr><td></td><td></td></tr><tr><td>Securities Bought</td><td>-1,784,201.50</td></tr><tr><td>Miscellaneous</td><td>-1,000,000.00</td></tr><tr><td></td><td></td></tr><tr><td>Amount Debited</td><td>$-2,784,201.50</td></tr><tr><td></td><td></td></tr><tr><td>Net Cash Activity</td><td>-187,306.18</td></tr><tr><td></td><td></td></tr><tr><td>Closing Balance</td><td>$1,783,012.72</td></tr><tr><td></td><td></td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,970,318.90</td><td>1,783,012.72</td></tr><tr><td>Net Cash Balance</td><td>$1,970,318.90</td><td>$1,783,012.72</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>10,285.50</td><td>23,467.06</td></tr><tr><td>Credit Balance Int.</td><td>5,070.42</td><td>22,535.79</td></tr><tr><td>Total</td><td>$15,355.92</td><td>$46,002.85</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>1,783,013</td></tr><tr><td>Equities</td><td>230,000</td><td>6,267,468</td></tr><tr><td>Total</td><td>$230,000</td><td>$8,050,481</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

Your Portfolio Allocation

EFTA00200620



BEAR
STEARNS


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

4 of 8

## 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>1,783,013</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,783,013</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>15.6800</td><td>784,000</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>30,561</td><td>36.1800</td><td>1,105,697</td><td>25,671</td><td>2.3217</td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>3.9200</td><td>7,840</td><td>320</td><td>4.0816</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>6.7500</td><td>33,750</td><td>4,150</td><td>12.2963</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>22.9500</td><td>45,900</td><td>4,400</td><td>9.5861</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>15.1100</td><td>30,220</td><td>3,846</td><td>12.7267</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.2800</td><td>82,800</td><td>8,000</td><td>9.6618</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>26.4000</td><td>52,800</td><td>5,600</td><td>10.6061</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>28,900</td><td>87.4700</td><td>2,527,883</td><td>36,992</td><td>1.4634</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>11.0200</td><td>22,040</td><td>2,600</td><td>11.7967</td></tr><tr><td>ORACLE CORP</td><td>ORCL</td><td>MRGN</td><td>100,000</td><td>14.9800</td><td>1,498,000</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>2.3000</td><td>-230,000</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

JEFFREY EPSTEIN

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STEARNS


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

**5 of 8**

## 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>14.6500</td><td>29,300</td><td>3,360</td><td>11.4676</td></tr><tr><td>SIRIUS SATELLITE RADIO INC Total Equities&amp; Options</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>12.4380</td><td>12,438</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,037,468</td><td>$98,299</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$98,299</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$7,820,480</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



Transaction Detail


## INVESTMENT ACTIVITY

JEFFREY EPSTEIN

<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>03/05/01</td><td>03/02/01</td><td>SOLD</td><td>CALL ORACLE CORP SEP17.50**** EXP 09/22/2001 UNSOLICITED OPEN CONTRACT</td><td>QORQI17</td><td>-1,000</td><td>4.25000</td><td></td><td>421,483.33</td></tr><tr><td>03/07/01</td><td>03/02/01</td><td>BOUGHT</td><td>ORACLE CORP WITH RIGHTS TO PURCHASE PREFRD STK UNDER CERTAIN CIRCUMSTANCE UNSOLICITED</td><td>ORCL</td><td>100,000</td><td>17.75000</td><td>1,781,002.50</td><td></td></tr></tbody></table>

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EFTA00200622

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 8

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

## INVESTMENT ACTIVITY (continued)

<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>03/09/01</td><td></td><td>JOURNAL</td><td>CALL ABERCROMBIE&amp; MAR 030 **** EXP 03/17/2001 A/E QANFC30 ASSIGNED 00006</td><td>0028969C4</td><td>1</td><td></td><td></td><td></td></tr><tr><td>03/13/01</td><td>03/09/01</td><td>SOLD</td><td>ABERCROMBIE &amp; FITCH CO-CL A SHORT, A/E QANFC30 1 ASSIGNED AS OF 03/09/01</td><td>ANF</td><td>-100</td><td>30.00000</td><td></td><td>2,947.40</td></tr><tr><td>03/19/01</td><td></td><td>JOURNAL</td><td>ABERCROMBIE &amp; FITCH CO-CL A TO CLOSE BOX POS JOURNAL FROM TYPE 1 TO 5</td><td>ANF</td><td>-100</td><td></td><td></td><td>3,199.00</td></tr><tr><td>03/19/01</td><td></td><td>JOURNAL</td><td>CALL ABERCROMBIE&amp; MAR 030 **** EXP 03/17/2001 A/E QANFC30 ASSIGNED 00092</td><td>0028969C4</td><td>299</td><td></td><td></td><td></td></tr><tr><td>03/19/01</td><td></td><td>JOURNAL</td><td>ABERCROMBIE &amp; FITCH CO-CL A TO CLOSE BOX POS JOURNAL FROM TYPE 1 TO 5</td><td>ANF</td><td>100</td><td></td><td>3,199.00</td><td></td></tr><tr><td>03/21/01</td><td>03/19/01</td><td>SOLD</td><td>ABERCROMBIE &amp; FITCH CO-CL A A/E QANFC30 299 ASSIGNED</td><td>ANF</td><td>-29,900</td><td>30.00000</td><td></td><td>896,220.10</td></tr><tr><td>03/22/01</td><td>03/19/01</td><td>SOLD</td><td>ABERCROMBIE &amp; FITCH CO-CL A UNSOLICITED</td><td>ANF</td><td>-7,978</td><td>32.36110</td><td></td><td>257,689.57</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$-1,784,201.50</td><td>$1,581,539.40</td></tr></tbody></table>

## 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>03/12/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>1,000,000.00</td></tr><tr><td colspan="4">TOTAL</td><td>$1,000,000.00</td></tr></tbody></table>

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EFTA00200623



BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





7 of 8



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

## DIVIDENDS

STATEMENT PERIOD February 24, 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>03/13/01</td><td>JOHNSON &amp; JOHNSON<br>REC 02/20/01 PAY 03/13/01</td><td>JNJ</td><td>28,900</td><td>0.3200</td><td></td><td>9,248.00</td></tr><tr><td>03/16/01</td><td>CROWN AMERICAN REALTY TRUST<br>REC 03/05/01 PAY 03/16/01</td><td>CWN</td><td>5,000</td><td>0.2075</td><td></td><td>1,037.50</td></tr><tr><td colspan="6">TOTAL</td><td>$10,285.50</td></tr></tbody></table>

THROUGH March 30, 2001

| LAST STATEMENT | February 23, 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>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/20 THRU 03/20</td><td></td><td></td><td>4.5000</td><td></td><td>78.00</td></tr><tr><td>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5,000% 02/21 THRU 03/19</td><td></td><td></td><td>5.0000</td><td></td><td>4,992.42</td></tr><tr><td colspan="6">TOTAL</td><td>$5,070.42</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>03/05/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>1,359,519.17</td><td></td></tr><tr><td>03/05/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>1,359,519.17</td></tr><tr><td>03/12/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>610,799.73</td><td></td></tr><tr><td>03/12/01</td><td>JOURNAL</td><td>TO 038-66056</td><td>1,000,000.00</td><td></td></tr><tr><td>03/12/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>610,799.73</td></tr><tr><td>03/19/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>389,200.27</td><td></td></tr><tr><td>03/19/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>389,200.27</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

8 of 8

## **Transaction Detail** (continued)

## MISCELLANEOUS (continued)

<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>03/20/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 5</td><td>251.60</td><td></td></tr><tr><td>03/20/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 5</td><td></td><td>251.60</td></tr><tr><td>TOTAL</td><td></td><td></td><td>-$3,359,770.77</td><td>$2,359,770.77</td></tr></tbody></table>

## Your messages



Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At November 30, 2000 and January 26, 2001, the Company's net capital of $2,620,960,000 and $2,761,817,000 was approximately 9% and 10% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $572,456,000 and $559,381,000 by $2,048,504,000 and $2,202,436,000, all respectively.

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call toll free 1-866-299-9331.



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STOP



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


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