EFTA00200682

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

## What’s In This Statement

Your Portfolio Holdings 4

Transaction Detail ... 5

Fund Activity ... 6







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



# 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.

## Your Portfolio at a Glance

JEFFREY EPSTEIN

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

STATEMENT PERIOD June 29, 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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,847,068</td></tr><tr><td>NET CREDIT BALANCE</td><td>7,018</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>7,987,500</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$11,841,586</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>13,100,511</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,258,924</td></tr></table>

THROUGH July 26, 2002

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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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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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>$698,754.87</td></tr><tr><td>Money Fund</td><td>1,008,120.29</td></tr><tr><td>Dividends/Interest</td><td>8,263.55</td></tr><tr><td>Amount Credited</td><td>$1,016,383.84</td></tr><tr><td>Money Fund</td><td>-708,120.29</td></tr><tr><td>Funds Withdrawn</td><td>-1,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,708,120.29</td></tr><tr><td>Net Cash Activity</td><td>-691,736.45</td></tr><tr><td>Closing Balance</td><td>$7,018.42</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>698,754.87</td><td>7,018.42</td></tr><tr><td>Net Cash Balance</td><td>$698,754.87</td><td>$7,018.42</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>7,631.60</td><td>48,278.70</td></tr><tr><td>Other Dividends</td><td>8,120.29</td><td>12,499.57</td></tr><tr><td>Credit Balance Int.</td><td>631.95</td><td>1,696.88</td></tr><tr><td>Total</td><td>$16,383.84</td><td>$62,475.15</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>7,994,518</td></tr><tr><td>Equities</td><td>3,847,068</td></tr><tr><td>Total</td><td>$11,841,586</td></tr></table>

Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

<table><thead><tr><th>STATEMENT PERIOD</th><td>June 29, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>July 26, 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>June 28, 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.



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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>7,018</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td>DEIXX</td><td>7,987,499.57</td><td>1.0000</td><td>7,987,500</td><td>103,837</td><td>1.3000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,3300%</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>$7,994,518</td><td>$103,837</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>6.0000</td><td>12,000</td><td>480</td><td>4.0000</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>8.3500</td><td>41,750</td><td>4,250</td><td>10.1796</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>14.9000</td><td>29,800</td><td>1,200</td><td>4.0268</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>20.0000</td><td>40,000</td><td>3,440</td><td>8.6000</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>17.3000</td><td>34,600</td><td>3,846</td><td>11.1156</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>7.8000</td><td>78,000</td><td>8,000</td><td>10.2564</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>31.6200</td><td>63,240</td><td>5,760</td><td>9.1082</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>49.6100</td><td>2,867,458</td><td>47,396</td><td>1.6529</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>13.4500</td><td>26,900</td><td>2,600</td><td>9.6654</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>20.3800</td><td>244,560</td><td>20,160</td><td>8.2434</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>1.6000</td><td>1,600</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 June 29, 2002

THROUGH July 26, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

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Bear, Stearns & Co. Inc.
New York, New York 10179

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## 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>26.1000</td><td>407,160</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,847,068</td><td>$97,132</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,847,068</td><td>$97,132</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$200,969</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$11,841,586</td></tr></table>

## DEPOSITS AND WITHDRAWALS



Transaction Detail


<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>07/23/02</td><td>FND WIRED</td><td>PALM BEACH NATL FNDS WIRED TO BK &amp; TR CO</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-$-1,000,000.00</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 June 29, 2002

THROUGH July 26, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 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

STATEMENT PERIOD June 29, 2002

## Transaction Detail (continued)

THROUGH July 26, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

<table><thead><tr><th>DATE MOIDAY</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>06/29/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>8,279,379.28</td><td></td><td></td><td></td></tr><tr><td>07/01/02</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>8,120.29</td></tr><tr><td>07/01/02</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>8,120.29</td><td></td><td>8,120.29</td><td></td></tr><tr><td>07/17/02</td><td>BOUGHT</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>DEIXX</td><td>700,000</td><td>1.0000</td><td>700,000.00</td><td></td></tr><tr><td>07/23/02</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>07/26/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>7,987,499.57</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-708,120.29</td><td>$1,008,120.29</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>07/15/02</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 07/01/02 PAY 07/15/02</td><td>GLB</td><td>2,000</td><td>0.4300</td><td></td><td>860.00</td></tr><tr><td>07/15/02</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 06/28/02 PAY 07/15/02</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>07/16/02</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 06/30/02 PAY 07/16/02</td><td>RPT</td><td>12,000</td><td>0.4200</td><td></td><td>5,040.00</td></tr><tr><td>07/19/02</td><td>KRAMONT REALTY TRUST<br>REC 06/26/02 PAY 07/19/02</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td>07/22/02</td><td>CENTER TR INC<br>REC 06/28/02 PAY 07/22/02</td><td>CTA</td><td>2,000</td><td>0.0600</td><td></td><td>120.00</td></tr><tr><td colspan="6">TOTAL</td><td>$7,631.60</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)



INTEREST


STATEMENT PERIOD June 29, 2002

THROUGH July 26, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<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>07/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 06/21 THRU 07/20</td><td></td><td></td><td>1.2500</td><td></td><td>631.95</td></tr><tr><td colspan="7">TOTAL</td><td>$631.95</td></tr></tbody></table>

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |





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



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