## Statements

EFTA00200645

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
New York, New York 10179



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Your Portfolio Holdings ... 4

Financial Summary 3

Transaction Detail ... 6

Fund Activity 6

Your Messages ... 7

## What’s In This Statement

# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802







Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

STATEMENT PERIOD November 30, 2002



ACCOUNT NUMBER



THROUGH December 31, 2002

TAXPAYER NUMBER On File

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>6,046,710</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>2,419</td></tr><tr><td>NET CREDIT BALANCE</td><td>80,376</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>3,417,795</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$9,547,300</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>9,810,083</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-262,783</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

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.

If any information regarding 2002 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31, 2003 or a 1042Sby March 17, 2003.

## Important Message

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.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

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OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
New York, New York 10179

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$64,926.08</td></tr><tr><td>Money Fund</td><td>2,760.53</td></tr><tr><td>Dividends/Interest</td><td>15,450.28</td></tr><tr><td>Amount Credited</td><td>$18,210.81</td></tr><tr><td>Money Fund</td><td>-2,760.53</td></tr><tr><td>Amount Debited</td><td>$-2,760.53</td></tr><tr><td>Net Cash Activity</td><td>15,450.28</td></tr><tr><td>ClosingBalance</td><td>$80,376.36</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>64,926.08</td><td>80,376.36</td></tr><tr><td>Net Cash Balance</td><td>$64,926.08</td><td>$80,376.36</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>12,911.50</td><td>89,213.30</td></tr><tr><td>Other Dividends</td><td>2,760.53</td><td>42,794.94</td></tr><tr><td>Muni Bond Int.</td><td>2,494.52</td><td>5,352.05</td></tr><tr><td>Credit Balance Int.</td><td>44.26</td><td>1,849.01</td></tr><tr><td>Total</td><td>$18,210.81</td><td>$139,209.30</td></tr><tr><td>Bond Purchase Int.</td><td>0.00</td><td>-1,375.34</td></tr><tr><td>Margin Int. Paid</td><td>0.00</td><td>-6,516.67</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>3,498,171</td></tr><tr><td>Equities</td><td>4,046,710</td></tr><tr><td>Fixed Income</td><td>2,000,000</td></tr><tr><td>Total</td><td>$9,544,881</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

<table><thead><tr><th>STATEMENT PERIOD</th><td>November 30, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>December 31, 2002</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>November 29, 2002</td></tr></tbody></table>

Your Portfolio Allocation



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

EFTA00200648



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
New York, New York 10179

4 of 7

## 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><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>80,376</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td>DEIXX</td><td>3,417,794.94</td><td>1.0000</td><td>3,417,795</td><td>44,431</td><td>1.3000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,3600%</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$3,498,171</td><td>$44,431</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>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>7.8000</td><td>15,600</td><td>480</td><td>3.0769</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>9.2000</td><td>46,000</td><td>4,250</td><td>9.2391</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>11.4400</td><td>22,880</td><td>1,200</td><td>5.2448</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>17.8200</td><td>35,640</td><td>3,440</td><td>9.6521</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>17.7500</td><td>35,500</td><td>3,846</td><td>10.8338</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.2400</td><td>82,400</td><td>8,000</td><td>9.7087</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>35.2000</td><td>70,400</td><td>5,760</td><td>8.1818</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>53.7100</td><td>3,104,438</td><td>47,396</td><td>1.5267</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>14.6500</td><td>29,300</td><td>2,600</td><td>8.8737</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>19.7500</td><td>237,000</td><td>20,160</td><td>8.5063</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>0.6400</td><td>640</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

STATEMENT PERIOD November 30, 2002

THROUGH December 31, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

027



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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




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


5 of 7

JEFFREY EPSTEIN

## 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>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>23.5200</td><td>366,912</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,046,710</td><td>$97,132</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,046,710</td><td>$97,132</td><td></td></tr></tbody></table>

STATEMENT PERIOD November 30, 2002

THROUGH December 31, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Municipal Bonds

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

## FIXED INCOME

<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>ACCRUED INTEREST</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>METROPOLITAN TRANSN AUTH NY</td><td></td><td>CASH</td><td>2,000,000</td><td>100.0000</td><td>2,000,000</td><td>2,419</td><td>30,000</td><td>1.5000</td></tr><tr><td>REV RFDG-SER D-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DATED DATE 05/30/02</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>BOOK ENTRY ONLY</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>PAR CALL 01/30/2003</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>FSA INSURED</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DUE 11/01/2032 1,500%</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>RATING: S&amp;P A-1+</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total MunicipalBonds</td><td></td><td></td><td></td><td></td><td>$2,000,000</td><td>$2,419</td><td>$30,000</td><td></td></tr><tr><td>TOTAL FIXED INCOME</td><td></td><td></td><td></td><td></td><td>$2,000,000</td><td>$2,419</td><td>$30,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$2,419</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$171,563</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$9,544,881</td></tr></table>

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EFTA00200650



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 7

JEFFREY EPSTEIN



Transaction Detail


STATEMENT PERIOD November 30, 2002

## MONEY FUND ACTIVITY

THROUGH December 31, 2002

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</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>11/30/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>3,415,034.41</td><td></td><td></td><td></td></tr><tr><td>12/02/02</td><td>DIVIDEND</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH MONTHLY DIVIDEND</td><td>DEIXX</td><td></td><td></td><td></td><td>2,760.53</td></tr><tr><td>12/02/02</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>2,760.53</td><td></td><td>2,760.53</td><td></td></tr><tr><td>12/31/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>3,417,794.94</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-2,760.53</td><td>$2,760.53</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>12/10/02</td><td>JOHNSON &amp; JOHNSON<br>REC 11/19/02 PAY 12/10/02</td><td>JNJ</td><td>57,800</td><td>0.2050</td><td></td><td>11,849.00</td></tr><tr><td>12/20/02</td><td>CROWN AMERICAN REALTY TRUST<br>REC 12/09/02 PAY 12/20/02</td><td>CWN</td><td>5,000</td><td>0.2125</td><td></td><td>1,062.50</td></tr><tr><td colspan="6">TOTAL</td><td>$12,911.50</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>12/02/02</td><td>METROPOLITAN TRANSN AUTH NY<br>REV RFDG-SER D-2<br>DUE 11/01/2032 0.000<br>REG INT ON 2000000 BND<br>REC 11/29/02 PAY 12/02/02</td><td></td><td>2,000,000</td><td></td><td></td><td>2,494.52</td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
New York, New York 10179



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 November 30, 2002

THROUGH December 31, 2002



INTEREST (continued)





ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

<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>12/23/02</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 11/21 THRU 12/20</td><td></td><td></td><td>0.7500</td><td></td><td>44.26</td></tr><tr><td colspan="7">TOTAL</td><td>$2,538.78</td></tr></tbody></table>

## Your messages



Florida residents who own, manage, or control stocks, bonds, money market or mutual funds having a value of $20,000 or more for individuals or $40,000 for married couples filing jointly must pay a tax on these items, called "Intangible Tax", by June 30 to avoid increased penalties. For Tax Returns and information, call the Department of Revenue at 1-800-352-3671.



As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.





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



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