EFTA00200625

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

<table><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>9</td></tr></table>







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

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

Your Portfolio at a Glance

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

JEFFREY EPSTEIN

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>6,022,963</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,970,319</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$7,993,282</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>10,328,675</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-2,335,393</td></tr></table>

| LAST STATEMENT | January 26, 2001 |

| :--- | :--- |

| STATEMENT PERIOD | January 27, 2001 |

| :--- | :--- |

| THROUGH | February 23, 2001 |



ACCOUNT NUMBER

TAXPAYER NUMBER



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

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 9


Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$3,014,703.74</td></tr><tr><td>Securities Sold</td><td>9,196,568.28</td></tr><tr><td>Funds Deposited</td><td>2,206,841.99</td></tr><tr><td>Dividends/Interest</td><td>16,935.39</td></tr><tr><td>Amount Credited</td><td>$11,420,345.66</td></tr><tr><td>Securities Bought</td><td>-7,464,730.50</td></tr><tr><td>Funds Withdrawn</td><td>-5,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-12,464,730.50</td></tr><tr><td>Net Cash Activity</td><td>-1,044,384.84</td></tr><tr><td>Closing Balance</td><td>$1,970,318.90</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>-28.98</td><td>1,970,318.90</td></tr><tr><td>Margin</td><td>3,014,732.72</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$3,014,703.74</td><td>$1,970,318.90</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>5,503.75</td><td>13,181.56</td></tr><tr><td>Credit Balance Int.</td><td>10,331.64</td><td>17,465.37</td></tr><tr><td>Total</td><td>$15,835.39</td><td>$30,646.93</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>1,970,319</td></tr><tr><td>Equities</td><td>34,500</td><td>6,057,463</td></tr><tr><td>Total</td><td>$34,500</td><td>$8,027,782</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

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.



02/24/01;20:42 001


EFTA00200628



BEAR
STEARNS


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

4 of 9

## 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>1,970,319</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,970,319</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>ABERCROMBIE &amp; FITCH CO-CLA A</td><td>ANF</td><td>CASH</td><td>37,978</td><td>28.2100</td><td>1,071,359</td><td></td><td></td></tr><tr><td>CALL ABERCROMBIE&amp; MAR 030 **** EXP 03/17/2001</td><td>ANFC30</td><td>CASH</td><td>-300</td><td>1.1500</td><td>-34,500</td><td></td><td></td></tr><tr><td>ALLIED WASTE INDUSTRIES INC NEW</td><td>AW</td><td>CASH</td><td>50,000</td><td>16.0000</td><td>800,000</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>30,561</td><td>34.8300</td><td>1,064,440</td><td>25,671</td><td>2.4117</td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>6.2900</td><td>12,580</td><td>1,680</td><td>13.3545</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>6.6900</td><td>33,450</td><td>4,150</td><td>12.4066</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>23.7000</td><td>47,400</td><td>4,400</td><td>9.2827</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>18.7000</td><td>37,400</td><td>3,360</td><td>8.9840</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>14.0800</td><td>28,160</td><td>3,846</td><td>13.6577</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>7.8500</td><td>78,500</td><td>8,000</td><td>10.1911</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>25.7000</td><td>51,400</td><td>5,600</td><td>10.8949</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>28,900</td><td>95.4900</td><td>2,759,661</td><td>36,992</td><td>1.3405</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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BEAR
STEARNS


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



5 of 9



## 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>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>10.4000</td><td>20,800</td><td>2,600</td><td>12.5000</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>2,000</td><td>14.2500</td><td>28,500</td><td>3,360</td><td>11.7895</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>23.8130</td><td>23,813</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$6,022,963</td><td>$99,659</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,022,963</td><td>$99,659</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$99,659</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$7,993,281</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>01/29/01</td><td>01/26/01</td><td>SOLD</td><td>CALL ABERCROMBIE&amp; MAR 030**** EXP 03/17/2001 UNSOLICITED OPEN CONTRACT</td><td>QANFC30</td><td>-300</td><td>2.37500</td><td></td><td>70,195.12</td></tr><tr><td>01/29/01</td><td></td><td>JOURNAL</td><td>BANK ONE CORP JOURNAL FROM TYPE 1 TO 2</td><td>ONE</td><td>-30,561</td><td></td><td></td><td></td></tr><tr><td>01/29/01</td><td></td><td>JOURNAL</td><td>BANK ONE CORP JOURNAL FROM TYPE 1 TO 2</td><td>ONE</td><td>30,561</td><td></td><td></td><td></td></tr></tbody></table>

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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 9

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

## INVESTMENT ACTIVITY (continued)

<table><thead><tr><th>DEMENTMENT DATE</th><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/30/01</td><td>01/25/01</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC UNSOLICITED AS OF 01/25/01</td><td>BSC</td><td>50,000</td><td>60.79000</td><td>3,042,502.50</td><td></td></tr><tr><td>01/30/01</td><td>01/29/01</td><td>BOUGHT</td><td>CALL MERRIL LYNCH FEB 085**** EXP 02/17/2001 UNSOLICITED CLOSING CONTRACT</td><td>5E699W9B8</td><td>500</td><td>0.30000</td><td>16,002.50</td><td></td></tr><tr><td>02/01/01</td><td>01/29/01</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC UNSOLICITED</td><td>BSC</td><td>14,500</td><td>63.74660</td><td>925,198.20</td><td></td></tr><tr><td>02/08/01</td><td></td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC NEW JOURNAL FROM TYPE 2 TO 1</td><td>AW</td><td>50,000</td><td></td><td></td><td></td></tr><tr><td>02/08/01</td><td></td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC NEW JOURNAL FROM TYPE 2 TO 1</td><td>AW</td><td>-50,000</td><td></td><td></td><td></td></tr><tr><td>02/20/01</td><td></td><td>JOURNAL</td><td>CALL BEAR STEARNS FEB 055**** EXP 02/17/2001 A/E OBSCBK ASSIGNED 00327</td><td>0739029B6</td><td>1,660</td><td></td><td></td><td></td></tr><tr><td>02/21/01</td><td></td><td>EXPIRED</td><td>CALL BANK ONE CP FEB 37.5**** EXP 02/17/2001</td><td>06423A9B1</td><td>150</td><td></td><td></td><td></td></tr><tr><td>02/21/01</td><td></td><td>EXPIRED</td><td>CALL MERRIL LYNCH FEB 085**** EXP 02/17/2001</td><td>5E699W9B8</td><td>500</td><td></td><td></td><td></td></tr><tr><td>02/22/01</td><td>02/20/01</td><td>SOLD</td><td>BEAR STEARNS COMPANIES INC A/E OBSCBK 1660 ASSIGNED AS OF 02/20/01</td><td>BSC</td><td>-105,500</td><td>55.00000</td><td>5,800,194.08</td><td></td></tr><tr><td>02/22/01</td><td>02/20/01</td><td>SOLD</td><td>BEAR STEARNS COMPANIES INC SHORT A/E OBSCBK 1660 ASSIGNED AS OF 02/20/01</td><td>BSC</td><td>-60,500</td><td>55.00000</td><td>3,326,179.08</td><td></td></tr><tr><td>02/22/01</td><td></td><td>JOURNAL</td><td>BANK ONE CORP JOURNAL FROM TYPE 2 TO 1</td><td>ONE</td><td>30,561</td><td></td><td></td><td></td></tr><tr><td>02/22/01</td><td></td><td>JOURNAL</td><td>BANK ONE CORP JOURNAL FROM TYPE 2 TO 1</td><td>ONE</td><td>-30,561</td><td></td><td></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
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



7 of 9



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>02/23/01</td><td>02/20/01</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC UNSOLICITED COVER SHORT.</td><td>BSC</td><td>60,500</td><td>57.47760</td><td>3,481,027.30</td><td></td></tr></tbody></table>

<table><thead><tr><th>TOTAL</th><th>-$7,464,730.50</th><th>$9,196,568.28</th></tr></thead></table>

## DEPOSITS AND WITHDRAWALS

## 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>01/31/01</td><td>BEAR STEARNS COMPANIES INC<br>REC 01/17/01 PAY 01/31/01</td><td>BSC</td><td>14,025</td><td>0.1500</td><td></td><td>2,103.75</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

8 of 9

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD January 27, 2001

DIVIDENDS (continued)

THROUGH February 23, 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>01/31/01</td><td>FELCOR LODGING TRUST INC<br>REC 12/29/00 PAY 01/31/01<br>AMOUNT INCLUDED ON 2000-1099</td><td>FCH</td><td>2,000</td><td></td><td></td><td>1,100.00</td></tr><tr><td>02/16/01</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 01/19/01 PAY 02/16/01</td><td>HPT</td><td>2,000</td><td>0.7000</td><td></td><td>1,400.00</td></tr><tr><td>02/23/01</td><td>HRPT PROPERTIES TR-SBI<br>REC 01/24/01 PAY 02/23/01</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>$6,603.75</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>02/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5,000% 01/31 THRU 02/20</td><td></td><td></td><td>5.0000</td><td></td><td>3,609.19</td></tr><tr><td>02/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5 1/2% 01/21 THRU 01/30</td><td></td><td></td><td>5.5000</td><td></td><td>6,722.45</td></tr><tr><td colspan="6">TOTAL</td><td>$10,331.64</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>01/29/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>70,166.14</td><td></td></tr><tr><td>01/29/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>70,166.14</td></tr><tr><td>02/08/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>896,700.59</td><td></td></tr><tr><td>02/08/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>896,700.59</td></tr></tbody></table>

027

EFTA00200633



BEAR
STEARNS


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



9 of 9



## **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>02/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>5,800,194.08</td></tr><tr><td>02/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>5,800,194.08</td><td></td></tr><tr><td>02/23/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 5</td><td>154,848.22</td><td></td></tr><tr><td>02/23/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 5</td><td></td><td>154,848.22</td></tr><tr><td colspan="3">TOTAL</td><td>-6,921,909.03</td><td>$6,921,909.03</td></tr></tbody></table>

## Your messages



The interest, if any, charged to your account during December 2000 was computed on the net debit balance through December 28. The interest, if any, charged to your account during January 2001 is computed from December 29, 2000.





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





CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

STATEMENT PERIOD January 27, 2001

THROUGH February 23, 2001

| LAST STATEMENT | January 26, 2001 |

| :--- | :--- |

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