EFTA00200634

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



<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>6</td></tr><tr><td>Trades Not Yet Settled</td><td>10</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

| STATEMENT PERIOD | December 30, 2000 |

| :--- | :--- |

| THROUGH | January 26, 2001 |



ACCOUNT NUMBER

TAXPAYER NUMBER



| LAST STATEMENT | December 29, 2000 |

| :--- | :--- |

## Your Portfolio at a Glance

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>7,313,971</td></tr><tr><td>NET CREDIT BALANCE</td><td>3,014,704</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$10,328,675</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>12,165,196</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,836,521</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.

All trading on NYSE, AMEX, and regional exchanges will be in decimals effective as of 1/29/01.

Decimal Trading is Coming!

Decimal Trading is the shift from fractional pricing (e.g.,21 1/2) to decimal pricing (e.g.,$21.50) for equities and options.

## Important Message

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

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EFTA00200635

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN

2 of 10

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 10

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$303,228.64</td></tr><tr><td>Securities Sold</td><td>11,985,177.24</td></tr><tr><td>Funds Deposited</td><td>14,039,835.85</td></tr><tr><td>Dividends/Interest</td><td>17,263.14</td></tr><tr><td>Amount Credited</td><td>$26,042,276.23</td></tr><tr><td>Securities Bought</td><td>-7,830,801.13</td></tr><tr><td>Funds Withdrawn</td><td>-15,500,000.00</td></tr><tr><td>Amount Debited</td><td>$-23,330,801.13</td></tr><tr><td>Net Cash Activity</td><td>2,711,475.10</td></tr><tr><td>Closing Balance</td><td>$3,014,703.74</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>6,048.78</td><td>-28.98</td></tr><tr><td>Margin</td><td>297,179.86</td><td>3,014,732.72</td></tr><tr><td>Net Cash Balance</td><td>$303,228.64</td><td>$3,014,703.74</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>7,257.81</td><td>7,677.81</td></tr><tr><td>Credit Balance Int.</td><td>7,133.73</td><td>7,133.73</td></tr><tr><td>Total</td><td>$14,391.54</td><td>$14,811.54</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>3,014,704</td></tr><tr><td>Equities</td><td>1,224,500</td><td>8,538,471</td></tr><tr><td>Total</td><td>$1,224,500</td><td>$11,553,175</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.



01/27/01;13:44 001


EFTA00200637



BEAR
STEARNS


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

4 of 10

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>3,014,704</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$3,014,704</td><td></td></tr></table>

## EQUITIES

Equities & Options



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<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</td><td>ANF</td><td>CASH</td><td>37,978</td><td>27.2500</td><td>1,034,901</td><td></td><td></td></tr><tr><td>ALLIED WASTE INDUSTRIES INC NEW</td><td>AW</td><td>MRGN</td><td>50,000</td><td>15.8130</td><td>790,650</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>30,561</td><td>39.3130</td><td>1,201,445</td><td>25,671</td><td>2.1367</td></tr><tr><td>CALL BANK ONE CP FEB 37.5**** EXP 02/17/2001</td><td>ONEB37</td><td>MRGN</td><td>-150</td><td>2.5000</td><td>-37,500</td><td></td><td></td></tr><tr><td>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>MRGN</td><td>41,000</td><td>60.6880</td><td>2,488,208</td><td>24,600</td><td>0.9887</td></tr><tr><td>CALL BEAR STEARNS FEB 055**** EXP 02/17/2001</td><td>BSCBK</td><td>MRGN</td><td>-1,660</td><td>7.0000</td><td>-1,162,000</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>5.9380</td><td>11,876</td><td>1,680</td><td>14.1462</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>6.0630</td><td>30,315</td><td>4,150</td><td>13.6896</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>23.4380</td><td>46,876</td><td>4,400</td><td>9.3865</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>18.8130</td><td>37,626</td><td>3,360</td><td>8.9300</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>14.0630</td><td>28,126</td><td>3,846</td><td>13.6742</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.0000</td><td>80,000</td><td>8,000</td><td>10.0000</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

027



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BEAR
STEARNS


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

**5 of 10**

## 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>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>25.1250</td><td>50,250</td><td>5,600</td><td>11.1443</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>28,900</td><td>91.9380</td><td>2,657,008</td><td>36,992</td><td>1.3922</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>10.4380</td><td>20,876</td><td>2,600</td><td>12.4545</td></tr><tr><td>CALL MERRIL LYNCH FEB 085**** EXP 02/17/2001</td><td>JMRB85</td><td>MRGN</td><td>-1,000</td><td>0.2500</td><td>-25,000</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>14.1880</td><td>28,376</td><td>3,360</td><td>11.8410</td></tr><tr><td>SIRIUS SATELLITE RADIO INC Total Equities&amp; Options</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>31.9380</td><td>31,938<br>$7,313,971</td><td>$124,259</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$7,313,971</td><td>$124,259</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$124,259</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$10,328,674</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

027

EFTA00200639



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 10

JEFFREY EPSTEIN



Transaction Detail


## INVESTMENT ACTIVITY

<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>01/08/01</td><td>01/05/01</td><td>SOLD</td><td>CALL BANK ONE CP FEB 37.5**** EXP 02/17/2001 UNSOLICITED OPEN CONTRACT</td><td>QONEB37</td><td>-150</td><td>2.56250</td><td></td><td>37,908.71</td></tr><tr><td>01/12/01</td><td>01/11/01</td><td>BOUGHT</td><td>CALL MERRIL LYNCH FEB 075**** EXP 02/17/2001 OPEN CONTRACT</td><td>QJMRB75</td><td>1,000</td><td>4.62500</td><td>466,002.50</td><td></td></tr><tr><td>01/12/01</td><td>01/11/01</td><td>SOLD</td><td>CALL MERRIL LYNCH FEB 085**** EXP 02/17/2001</td><td>QJMRB85</td><td>-1,000</td><td>1.25000</td><td></td><td>121,495.83</td></tr><tr><td>01/12/01</td><td></td><td>JOURNAL</td><td>CALL BEAR STEARNS JAN 050CBOE EXP 01/20/2001 A/E OBSCAJ ASSIGNED 00022</td><td>0739029A8</td><td>1,146</td><td></td><td></td><td></td></tr><tr><td>01/17/01</td><td>01/11/01</td><td>BOUGHT</td><td>SIRIUS SATELLITE RADIO INC UNSOLICITED WE MAKE A MKT IN THIS SECURITY REPORTED PRICE 33,000000 DIFFERENCE + 0,060000</td><td>SIRI</td><td>1,000</td><td>33.06000</td><td>33,062.50</td><td></td></tr><tr><td>01/17/01</td><td>01/12/01</td><td>SOLD</td><td>BEAR STEARNS COMPANIES INC A/E OBSCAJ 1146 ASSIGNED</td><td>BSC</td><td>-114,600</td><td>50.00000</td><td></td><td>5,728,660.50</td></tr><tr><td>01/22/01</td><td>01/19/01</td><td>SOLD</td><td>CALL BEAR STEARNS FEB 055**** EXP 02/17/2001 UNSOLICITED OPEN CONTRACT</td><td>QBSCBK</td><td>-1,660</td><td>4.75000</td><td></td><td>782,661.21</td></tr><tr><td>01/22/01</td><td>01/19/01</td><td>BOUGHT</td><td>CALL BEAR STEARNS JAN 055CBOE EXP 01/20/2001 UNSOLICITED CLOSING CONTRACT</td><td>0739029A8</td><td>1,660</td><td>2.56250</td><td>431,187.50</td><td></td></tr><tr><td>01/22/01</td><td>01/19/01</td><td>SOLD</td><td>CALL BEAR STEARNS JAN 055CBOE EXP 01/20/2001 UNSOLICITED OPEN CONTRACT</td><td>0739029A8</td><td>-1,660</td><td>2.06250</td><td></td><td>336,551.08</td></tr><tr><td>01/22/01</td><td></td><td>JOURNAL</td><td>CALL BEAR STEARNS JAN 050CBOE EXP 01/20/2001 A/E OBSCAJ ASSIGNED 00633</td><td>0739029A8</td><td>929</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



7 of 10

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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>01/23/01</td><td></td><td>JOURNAL</td><td>BEAR STEARNS COMPANIES INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>BSC</td><td>-119,875</td><td></td><td></td><td></td></tr><tr><td>01/23/01</td><td></td><td>JOURNAL</td><td>CALL BEAR STEARNS FEB 055 ****<br>EXP 02/17/2001<br>JOURNAL FROM TYPE 2 TO 1</td><td>QBSCBK</td><td>1,660</td><td></td><td></td><td></td></tr><tr><td>01/23/01</td><td></td><td>JOURNAL</td><td>BEAR STEARNS COMPANIES INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>BSC</td><td>119,875</td><td></td><td></td><td></td></tr><tr><td>01/23/01</td><td></td><td>JOURNAL</td><td>CALL BEAR STEARNS FEB 055 ****<br>EXP 02/17/2001<br>JOURNAL FROM TYPE 2 TO 1</td><td>QBSCBK</td><td>-1,660</td><td></td><td></td><td></td></tr><tr><td>01/24/01</td><td>01/19/01</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC<br>UNSOLICITED<br>AS OF 01/19/01</td><td>BSC</td><td>78,875</td><td>56.87500</td><td>4,490,750.63</td><td></td></tr><tr><td>01/24/01</td><td>01/22/01</td><td>SOLD</td><td>BEAR STEARNS COMPANIES INC<br>A/E QBSCAJ 929 ASSIGNED</td><td>BSC</td><td>-92,900</td><td>50.00000</td><td></td><td>4,643,913.66</td></tr><tr><td>01/25/01</td><td>01/22/01</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC<br>UNSOLICITED</td><td>BSC</td><td>41,000</td><td>58.71550</td><td>2,409,798.00</td><td></td></tr><tr><td>01/26/01</td><td>01/25/01</td><td>SOLD</td><td>CALL MERRIL LYNCH FEB 075 ****<br>EXP 02/17/2001<br>UNSOLICITED<br>OPEN CONTRACT</td><td>QJMRB75</td><td>-1,000</td><td>3.37500</td><td></td><td>333,986.25</td></tr><tr><td>01/26/01</td><td></td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>JOURNAL FROM TYPE 1 TO 2</td><td>AW</td><td>-50,000</td><td></td><td></td><td></td></tr><tr><td>01/26/01</td><td></td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>JOURNAL FROM TYPE 1 TO 2</td><td>AW</td><td>50,000</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-$7,830,801.13</td><td>$11,985,177.24</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 10

## Transaction Detail (continued)

## DEPOSITS AND WITHDRAWALS





CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## 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>01/02/01</td><td>BANK ONE CORP<br>REC 12/15/00 PAY 01/01/01</td><td>ONE</td><td>30,561</td><td>0.2100</td><td></td><td>6,417.81</td></tr><tr><td>01/16/01</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 01/01/01 PAY 01/15/01</td><td>GLB</td><td>2,000</td><td>0.4200</td><td></td><td>840.00</td></tr><tr><td>01/16/01</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 12/29/00 PAY 01/15/01<br>AMOUNT INCLUDED ON 2000-1099</td><td>GRT</td><td>2,000</td><td></td><td></td><td>961.60</td></tr><tr><td>01/16/01</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 12/31/00 PAY 01/16/01<br>AMOUNT INCLUDED ON 2000-1099</td><td>RPT</td><td>2,000</td><td></td><td></td><td>840.00</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

027



01/27/01;13:44 001


EFTA00200642



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



9 of 10



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

DIVIDENDS (continued)

STATEMENT PERIOD December 30, 2000

THROUGH January 26, 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>01/22/01</td><td>CENTER TR INC<br>REC 12/29/00 PAY 01/22/01<br>AMOUNT INCLUDED ON 2000-1099</td><td>CTA</td><td>2,000</td><td></td><td></td><td>420.00</td></tr><tr><td>01/22/01</td><td>KRAMONT REALTY TRUST<br>REC 12/29/00 PAY 01/20/01<br>AMOUNT INCLUDED ON 2000-1099</td><td>KRT</td><td>2,000</td><td></td><td></td><td>650.00</td></tr><tr><td colspan="6">TOTAL</td><td>$10,129.41</td></tr></tbody></table>

| LAST STATEMENT | December 29, 2000 |

| :--- | :--- |



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>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6,000% 12/29 THRU 01/02</td><td></td><td></td><td>6.0000</td><td></td><td>253.76</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6,000% 12/21 THRU 12/28</td><td></td><td></td><td>6.0000</td><td></td><td>603.71</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 5 1/2% 01/03 THRU 01/20</td><td></td><td></td><td>5.5000</td><td></td><td>6,276.26</td></tr><tr><td colspan="6">TOTAL</td><td>$7,133.73</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>01/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>5,719,242.40</td></tr><tr><td>01/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>5,719,242.40</td><td></td></tr><tr><td>01/26/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>463,167.19</td></tr><tr><td>01/26/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>463,167.19</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-6,182,409.59</td><td>$6,182,409.59</td></tr></tbody></table>

027

EFTA00200643



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





10 of 10



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

## Trades Executed Pending Settlement

<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****</td><td>QANFC30</td><td>-300.00</td><td>2 3/8</td><td></td><td>70,195.12</td></tr><tr><td>01/30/01</td><td>01/25/01</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>50,000.00</td><td>60 7900</td><td>3,042,502.50</td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$3,042,502.50</td><td>$70,195.12</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.





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


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EFTA00200644