EFTA00200652

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Financial Summary 3

Your Portfolio Holdings ... 4

## What’s In This Statement

Transaction Detail ... 6



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Fund Activity 6





# 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

## Your Portfolio at a Glance

JEFFREY EPSTEIN

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

STATEMENT PERIOD October 26, 2002

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

ACCOUNT NUMBER

THROUGH November 29, 2002

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>6,328,256</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>1,867</td></tr><tr><td>NET CREDIT BALANCE</td><td>64,926</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>3,415,034</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$9,810,083</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>8,330,733</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,479,350</td></tr></table>

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.

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




2 of 7


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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EFTA00200654

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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$29,973.64</td></tr><tr><td>Money Fund</td><td>4,488.99</td></tr><tr><td>Funds Deposited</td><td>1,428,297.00</td></tr><tr><td>Dividends/Interest</td><td>6,655.44</td></tr><tr><td>Amount Credited</td><td>$1,439,441.43</td></tr><tr><td>Money Fund</td><td>-1,404,488.99</td></tr><tr><td>Amount Debited</td><td>$-1,404,488.99</td></tr><tr><td>Net Cash Activity</td><td>34,952.44</td></tr><tr><td>Closing Balance</td><td>$64,926.08</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>29,973.64</td><td>64,926.08</td></tr><tr><td>Net Cash Balance</td><td>$29,973.64</td><td>$64,926.08</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>3,740.00</td><td>76,301.80</td></tr><tr><td>Other Dividends</td><td>4,488.99</td><td>40,034.41</td></tr><tr><td>Muni Bond Int.</td><td>2,857.53</td><td>2,857.53</td></tr><tr><td>Credit Balance Int.</td><td>57.91</td><td>1,804.75</td></tr><tr><td>Total</td><td>$11,144.43</td><td>$120,998.49</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>3,479,960</td></tr><tr><td>Equities</td><td>4,328,256</td></tr><tr><td>Fixed Income</td><td>2,000,000</td></tr><tr><td>Total</td><td>$9,808,216</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>October 26, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>November 29, 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>October 25, 2002</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.

EFTA00200655



BEAR
STEARNS


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

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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><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>64,926</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td>DEIXX</td><td>3,415,034.41</td><td>1.0000</td><td>3,415,034</td><td>51,226</td><td>1.5000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,1400%</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>$3,479,960</td><td>$51,226</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>7.6900</td><td>15,380</td><td>480</td><td>3.1209</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>9.4400</td><td>47,200</td><td>4,250</td><td>9.0042</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>11.8900</td><td>23,780</td><td>1,200</td><td>5.0463</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>17.2500</td><td>34,500</td><td>3,440</td><td>9.9710</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>16.5000</td><td>33,000</td><td>3,846</td><td>11.6545</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.3700</td><td>83,700</td><td>8,000</td><td>9.5579</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>34.1000</td><td>68,200</td><td>5,760</td><td>8.4457</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>57.0200</td><td>3,295,756</td><td>47,396</td><td>1.4381</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>14.8500</td><td>29,700</td><td>2,600</td><td>8.7542</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>19.8600</td><td>238,320</td><td>20,160</td><td>8.4592</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>0.8600</td><td>860</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 October 26, 2002

THROUGH November 29, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

027



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EFTA00200656



BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Stearns 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>29.3500</td><td>457,860</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,328,256</td><td>$97,132</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,328,256</td><td>$97,132</td><td></td></tr></tbody></table>

STATEMENT PERIOD October 26, 2002

THROUGH November 29, 2002



ACCOUNT NUMBER



Municipal Bonds

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

## 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>1,867</td><td>24,000</td><td>1.2000</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 12/25/2002</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 1,200%</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>$1,867</td><td>$24,000</td><td></td></tr><tr><td>TOTAL FIXED INCOME</td><td></td><td></td><td></td><td></td><td>$2,000,000</td><td>$1,867</td><td>$24,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$1,867</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$172,358</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$9,808,216</td></tr></table>

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EFTA00200657



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 October 26, 2002

## DEPOSITS AND WITHDRAWALS

THROUGH November 29, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<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>11/19/02</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM MORGAN STANLEY</td><td></td><td>1,428,297.00</td></tr><tr><td colspan="4">TOTAL</td><td>$1,428,297.00</td></tr></tbody></table>

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<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>10/26/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>2,010,545.42</td><td></td><td></td><td></td></tr><tr><td>11/01/02</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>4,488.99</td></tr><tr><td>11/01/02</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>4,488.99</td><td></td><td>4,488.99</td><td></td></tr><tr><td>11/20/02</td><td>BOUGHT</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>DEIXX</td><td>1,400,000</td><td>1.0000</td><td>1,400,000.00</td><td></td></tr><tr><td>11/29/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>3,415,034.41</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-1,404,488.99</td><td>$4,488.99</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>10/31/02</td><td>FELCOR LODGING TRUST INC<br>REC 10/11/02 PAY 10/31/02</td><td>FCH</td><td>2,000</td><td>0.1500</td><td></td><td>300.00</td></tr></tbody></table>

027



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EFTA00200658



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 October 26, 2002

DIVIDENDS (continued)

THROUGH November 29, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 25, 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>11/21/02</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 10/25/02 PAY 11/21/02</td><td>HPT</td><td>2,000</td><td>0.7200</td><td></td><td>1,440.00</td></tr><tr><td>11/22/02</td><td>HRPT PROPERTIES TR-SBI<br>REC 10/22/02 PAY 11/22/02</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>$3,740.00</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>11/01/02</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 10/31/02 PAY 11/01/02</td><td></td><td>2,000,000</td><td></td><td></td><td>2,857.53</td></tr><tr><td>11/21/02</td><td>INTEREST ON CREDIT BALANCE<br>AT 1 1/4% 10/21 THRU 11/05</td><td></td><td></td><td>1.2500</td><td></td><td>17.21</td></tr><tr><td>11/21/02</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 11/06 THRU 11/20</td><td></td><td></td><td>0.7500</td><td></td><td>40.70</td></tr><tr><td colspan="6">TOTAL</td><td>$2,915.44</td></tr></tbody></table>



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


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