Financial Summary	3
Your Portfolio Holdings	4
Transaction Detail	6
Fund Activity	6

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY # 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 TAXPAYER NUMBER On File JEFFREY EPSTEIN | LAST STATEMENT | September 27, 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. STATEMENT PERIOD September 28, 2002 ACCOUNT NUMBER There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. | THROUGH | October 25, 2002 | | :--- | :--- |

TOTAL VALUE OF SECURITIES THIS PERIOD*	6,287,827
LONG ACCRUED INTEREST	2,387
NET CREDIT BALANCE	29,974
MONEY MARKET FUND BALANCE	2,010,545
NET EQUITY THIS PERIOD	$8,330,733
NET EQUITY LAST STATEMENT	10,167,939
CHANGE SINCE LAST STATEMENT	-1,837,206

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. 027 10/26/02;10:31 001 V637 EFTA00200660 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 027 EFTA00200661 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. New York, New York 10179 3 of 7 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$23,693.89
Money Fund	4,006,642.84
Dividends/Interest	7,657.59
Amount Credited	$4,014,300.43
Securities Bought	-2,000,002.50
Money Fund	-6,642.84
Funds Withdrawn	-2,000,000.00
Dividends/Interest Charged	-1,375.34
Amount Debited	$-4,008,020.68
Net Cash Activity	6,279.75
ClosingBalance	$29,973.64

Cash Balance Summary

	OPENING	CLOSING
Cash	23,693.89	29,973.64
Net Cash Balance	$23,693.89	$29,973.64

Income Summary

	THIS PERIOD	YEAR TO DATE
Dividends	7,631.60	72,561.80
Other Dividends	6,642.84	35,545.42
Credit Balance Int.	25.99	1,746.84
Total	$14,300.43	$109,854.06
Bond Purchase Int.	-1,375.34	-1,375.34
Margin Int. Paid	0.00	-6,516.67

Portfolio Composition

Cash/Cash Equivalent	2,040,519
Equities	4,287,827
Fixed Income	2,000,000
Total	$8,328,346

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

STATEMENT PERIOD	September 28, 2002
THROUGH	October 25, 2002
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	September 27, 2002

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. EFTA00200662 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. New York, New York 10179 4 of 7 ## Your Portfolio Holdings CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				29,974
DREYFUS TAX EXEMPT CASH	DEIXX	2,010,545.42	1.0000	2,010,545	26,137	1.3000
MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,5700%
TOTAL CASH & CASH EQUIVALENTS				$2,040,519	$26,137

## EQUITIES Equities & Options

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CENTER TR INC	CTA	CASH	2,000	6.0500	12,100	480	3.9669
CANHORN CHEMICAL CORP	CNCPF	CASH	19	Unpriced
CROWN AMERICAN REALTY TRUST	CWN	CASH	5,000	8.9500	44,750	4,250	9.4972
FELCOR LODGING TRUST INC	FCH	CASH	2,000	11.0700	22,140	1,200	5.4201
GLENBOROUGH REALTY TRUST INC	GLB	CASH	2,000	19.5400	39,080	3,440	8.8025
GLIMCHER REALTY TRUST-SBI	GRT	CASH	2,000	17.2200	34,440	3,846	11.1672
HRPT PROPERTIES TR-SBI	HRP	CASH	10,000	8.0500	80,500	8,000	9.9379
HOSPITALITY PROPERTIES TRUST SBI	HPT	CASH	2,000	32.0000	64,000	5,760	9.0000
JOHNSON & JOHNSON	JNJ	CASH	57,800	57.7600	3,338,528	47,396	1.4197
KRAMONT REALTY TRUST	KRT	CASH	2,000	14.2200	28,440	2,600	9.1421
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	CASH	12,000	19.1000	229,200	20,160	8.7958
SIRIUS SATELLITE RADIO INC	SIRI	CASH	1,000	0.7490	749

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 28, 2002 | THROUGH | October 25, 2002 | | :--- | :--- | AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | September 27, 2002 | | :--- | :--- | 027 10/26/02;10:31 001 EFTA00200663 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)

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME
TOO INC	TOO	CASH	15,600	25.2500	393,900
Total Equities& Options					$4,287,827	$97,132
TOTAL EQUITIES					$4,287,827	$97,132

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
METROPOLITAN TRANSN AUTH NY	CASH	2,000,000	100.0000	2,000,000	2,387	37,000	1.8500
REV RFDG-SER D-2
DATED DATE 05/30/02
BOOK ENTRY ONLY
PAR CALL 11/21/2002
FSA INSURED
DUE 11/01/2032 1,850%
RATING: S&P A-1+
Total MunicipalBonds				$2,000,000	$2,387	$37,000
TOTAL FIXED INCOME				$2,000,000	$2,387	$37,000

YOUR TOTAL ACCRUED INTEREST	$2,387
YOUR TOTAL ESTIMATED ANNUAL INCOME	$160,269
YOUR PRICED PORTFOLIOHOLDINGS	$8,328,346

027 10/26/02;10:31 001 EFTA00200664 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 6 of 7 JEFFREY EPSTEIN Transaction Detail INVESTMENT ACTIVITY

SETTLLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT
10/17/02	10/17/02	BOUGHT	METROPOLITAN TRANSN AUTH NY	2,000,000	100.00000	2,000,002.50
			REV RFDG-SER D-2	ACCR. INT.		1,375.34
			DUE 11/01/2032 01.750%
			SUBJ TO EXTRA ORD CALL
			THIS SECURITY HAS PUT FEATURES
			ADDITIONAL INFORMATION WILL
			BE PROVIDED UPON REQUEST
TOTAL					$-2,001,377.84

## DEPOSITS AND WITHDRAWALS ## MONEY FUND ACTIVITY

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/28/02		OPENINGBALANCE		6,003,902.58
10/01/02	DIVIDEND	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH MONTHLY DIVIDEND	DEIXX				6,642.84
10/01/02	REINVEST	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED	DEIXX	6,642.84		6,642.84
10/11/02	SOLD	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH	DEIXX	-2,000,000	1.0000		2,000,000.00

027 10/26/02;10:31 001 EFTA00200665 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 September 28, 2002 | THROUGH | October 25, 2002 | | :--- | :--- | ## MONEY FUND ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | September 27, 2002 | | :--- | :--- |

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
10/17/02	SOLD	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH	DEIXX	-2,000,000	1.0000		2,000,000.00

10/25/02	CLOSINGBALANCE	2,010,545.42
TOTAL		-6,642.84	$4,006,642.84

## DIVIDENDS

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	CREDIT AMOUNT
10/15/02	GLENBOROUGH REALTY TRUST INC REC 10/01/02 PAY 10/15/02	GLB	2,000	0.4300	860.00
10/15/02	GLIMCHER REALTY TRUST-SBI REC 09/30/02 PAY 10/15/02	GRT	2,000	0.4808	961.60
10/15/02	RAMCO GERSHENSON PROPERTIES TRUST-MD SBI REC 09/30/02 PAY 10/15/02	RPT	12,000	0.4200	5,040.00
10/18/02	KRAMONT REALTY TRUST REC 09/27/02 PAY 10/18/02	KRT	2,000	0.3250	650.00
10/21/02	CENTER TR INC REC 09/30/02 PAY 10/21/02	CTA	2,000	0.0600	120.00
TOTAL					$7,631.60

INTEREST

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
10/21/02	INTEREST ON CREDIT BALANCE AT 1 1/4% 09/21 THRU 10/20			1.2500		25.99
TOTAL							$25.99

027 10/26/02;10:31 001