EFTA00200675

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Financial Summary 3

## What’s In This Statement

Your Portfolio Holdings ... 4

Transaction Detail ... 5

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



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

JEFFREY EPSTEIN

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

## Your Portfolio at a Glance

STATEMENT PERIOD July 27, 2002

THROUGH August 30, 2002

ACCOUNT NUMBER

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,103,574</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,766</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>5,996,237</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$10,110,577</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>11,841,586</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,731,009</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.

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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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>$7,018.42</td></tr><tr><td>Money Fund</td><td>2,008,737.92</td></tr><tr><td>Dividends/Interest</td><td>3,747.75</td></tr><tr><td>Amount Credited</td><td>$2,012,485.67</td></tr><tr><td>Money Fund</td><td>-8,737.92</td></tr><tr><td>Funds Withdrawn</td><td>-2,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-2,008,737.92</td></tr><tr><td>Net Cash Activity</td><td>3,747.75</td></tr><tr><td>Closing Balance</td><td>$10,766.17</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>7,018.42</td><td>10,766.17</td></tr><tr><td>Net Cash Balance</td><td>$7,018.42</td><td>$10,766.17</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>52,018.70</td></tr><tr><td>Other Dividends</td><td>8,737.92</td><td>21,237.49</td></tr><tr><td>Credit Balance Int.</td><td>7.75</td><td>1,704.63</td></tr><tr><td>Total</td><td>$12,485.67</td><td>$74,960.82</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>6,007,003</td></tr><tr><td>Equities</td><td>4,103,574</td></tr><tr><td>Total</td><td>$10,110,577</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD July 27, 2002

THROUGH August 30, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

EFTA00200678



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>10,766</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td>DEIXX</td><td>5,996,237.49</td><td>1.0000</td><td>5,996,237</td><td>77,951</td><td>1.3000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,3000%</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>$6,007,003</td><td>$77,951</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>5.7000</td><td>11,400</td><td>480</td><td>4.2105</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>9.5500</td><td>47,750</td><td>4,250</td><td>8.9005</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>14.8000</td><td>29,600</td><td>1,200</td><td>4.0541</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>21.0500</td><td>42,100</td><td>3,440</td><td>8.1710</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>18.0700</td><td>36,140</td><td>3,846</td><td>10.6419</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.4200</td><td>84,200</td><td>8,000</td><td>9.5012</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>34.6800</td><td>69,360</td><td>5,760</td><td>8.3045</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>54.3100</td><td>3,139,118</td><td>47,396</td><td>1.5099</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>15.0000</td><td>30,000</td><td>2,600</td><td>8.6667</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>20.3400</td><td>244,080</td><td>20,160</td><td>8.2596</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>1.5100</td><td>1,510</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 July 27, 2002

| THROUGH | August 30, 2002 |

| :--- | :--- |

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

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STEARNS


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

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## Your Portfolio Holdings (continued)

Equities & Options (continued)

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>23.6100</td><td>368,316</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$4,103,574</td><td>$97,132</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,103,574</td><td>$97,132</td><td></td></tr></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$175,083</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$10,110,577</td></tr></table>



Transaction Detail


## DEPOSITS AND WITHDRAWALS

<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>08/08/02</td><td>FND WIRED</td><td>FNDS WIRED TO<br>PALM BEACH NATL BK &amp; TR CO</td><td>1,000,000.00</td><td></td></tr><tr><td>08/30/02</td><td>FND WIRED</td><td>FNDS WIRED TO<br>PALM BEACH NATL BK &amp; TR CO</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-2,000,000.00</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 July 27, 2002

THROUGH August 30, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

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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


6 of 7

JEFFREY EPSTEIN

## Transaction Detail (continued)

STATEMENT PERIOD July 27, 2002

THROUGH August 30, 2002

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

<table><thead><tr><th>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>07/27/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>7,987,499.57</td><td></td><td></td><td></td></tr><tr><td>08/01/02</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>8,737.92</td></tr><tr><td>08/01/02</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>8,737.92</td><td></td><td>8,737.92</td><td></td></tr><tr><td>08/08/02</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>DEIXX</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr><tr><td>08/30/02</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>DEIXX</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr><tr><td>08/30/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>5,996,237.49</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-$-8,737.92</td><td>$2,008,737.92</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>07/31/02</td><td>FELCOR LODGING TRUST INC<br>REC 07/15/02 PAY 07/31/02</td><td>FCH</td><td>2,000</td><td>0.1500</td><td></td><td>300.00</td></tr><tr><td>08/22/02</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 07/24/02 PAY 08/22/02</td><td>HPT</td><td>2,000</td><td>0.7200</td><td></td><td>1,440.00</td></tr><tr><td>08/23/02</td><td>HRPT PROPERTIES TR-SBI<br>REC 07/25/02 PAY 08/23/02</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>

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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 July 27, 2002



INTEREST


THROUGH August 30, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 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>08/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 07/21 THRU 08/20</td><td></td><td></td><td>1.2500</td><td></td><td>7.75</td></tr><tr><td colspan="6">TOTAL</td><td>$7.75</td></tr></tbody></table>





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



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