EFTA00200689

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



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

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

TAXPAYER NUMBER On File

## Your Portfolio at a Glance

JEFFREY EPSTEIN

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

STATEMENT PERIOD June 1, 2002

ACCOUNT NUMBER

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>4,122,377</td></tr><tr><td>NET CREDIT BALANCE</td><td>698,755</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>8,279,379</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$13,100,511</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>11,805,819</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,294,691</td></tr></table>

THROUGH June 28, 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.

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>$137,663.44</td></tr><tr><td>Securities Sold</td><td>567,830.73</td></tr><tr><td>Money Fund</td><td>4,379.28</td></tr><tr><td>Dividends/Interest</td><td>13,493.27</td></tr><tr><td>Miscellaneous</td><td>1,779,767.43</td></tr><tr><td>Amount Credited</td><td>$2,365,470.71</td></tr><tr><td>Money Fund</td><td>-1,804,379.28</td></tr><tr><td>Amount Debited</td><td>$-1,804,379.28</td></tr><tr><td>Net Cash Activity</td><td>561,091.43</td></tr><tr><td>Closing Balance</td><td>$698,754.87</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>131,409.18</td><td>698,754.87</td></tr><tr><td>Margin</td><td>6,254.26</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$137,663.44</td><td>$698,754.87</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>40,647.10</td></tr><tr><td>Other Dividends</td><td>4,379.28</td><td>4,379.28</td></tr><tr><td>Credit Balance Int.</td><td>581.77</td><td>1,064.93</td></tr><tr><td>Total</td><td>$17,872.55</td><td>$46,091.31</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>8,978,134</td></tr><tr><td>Equities</td><td>4,122,377</td></tr><tr><td>Total</td><td>$13,100,511</td></tr></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

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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EFTA00200692



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>698,755</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td></td><td>8,279,379.28</td><td>1.0000</td><td>8,279,379</td><td>124,191</td><td>1.5000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,2300%</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>$8,978,134</td><td>$124,191</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>7.0600</td><td>14,120</td><td>480</td><td>3.3994</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>9.4000</td><td>47,000</td><td>4,250</td><td>9.0426</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>18.3500</td><td>36,700</td><td>1,200</td><td>3.2698</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>23.7000</td><td>47,400</td><td>3,440</td><td>7.2574</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>18.5000</td><td>37,000</td><td>3,846</td><td>10.3946</td></tr><tr><td>HRPT PROPERTIES TR- SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.8500</td><td>88,500</td><td>8,000</td><td>9.0395</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>36.5000</td><td>73,000</td><td>5,680</td><td>7.7808</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>52.2600</td><td>3,020,628</td><td>47,396</td><td>1.5691</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>15.9900</td><td>31,980</td><td>2,600</td><td>8.1301</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>20.1500</td><td>241,800</td><td>20,160</td><td>8.3375</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.7690</td><td>3,769</td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 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>30.8000</td><td>480,480</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$4,122,377</td><td>$97,052</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,122,377</td><td>$97,052</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$221,243</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$13,100,510</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002

<table><thead><tr><th>SETLEMENT DATE</th><th>TRADE DATE</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>06/17/02</td><td>06/12/02</td><td>SOLD</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>UNSOLICITED</td><td>AW</td><td>-2,500</td><td>11.42000</td><td></td><td>28,399.14</td></tr><tr><td>06/17/02</td><td>06/12/02</td><td>SOLD</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>AW</td><td>-23,100</td><td>11.51230</td><td></td><td>264,537.62</td></tr><tr><td>06/17/02</td><td>06/12/02</td><td>SOLD</td><td>FIVE STAR QUALITY CARE INC<br>UNSOLICITED</td><td>FVE</td><td>-100</td><td>6.52000</td><td></td><td>599.48</td></tr></tbody></table>



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

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EFTA00200694



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 June 1, 2002

## INVESTMENT ACTIVITY (continued)

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</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>06/18/02</td><td>06/13/02</td><td>SOLD</td><td>ALLIED WASTE INDUSTRIES INC NEW AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>AW</td><td>-13,200</td><td>11.50790</td><td></td><td>151,105.20</td></tr><tr><td>06/19/02</td><td>06/14/02</td><td>SOLD</td><td>ALLIED WASTE INDUSTRIES INC NEW AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>AW</td><td>-11,200</td><td>11.05960</td><td></td><td>123,189.29</td></tr></tbody></table>

$$567,830.73$$

## 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>06/01/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>6,475,000</td><td></td><td></td><td></td></tr><tr><td>06/03/02</td><td>DIVIDEND</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH MONTHLY DIVIDEND</td><td></td><td></td><td></td><td></td><td>4,379.28</td></tr><tr><td>06/03/02</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td></td><td>4,379.28</td><td></td><td>4,379.28</td><td></td></tr><tr><td>06/12/02</td><td>BOUGHT</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td></td><td>1,800,000</td><td>1.0000</td><td>1,800,000.00</td><td></td></tr><tr><td>06/28/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>8,279,379.28</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-1,804,379.28</td><td>$4,379.28</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
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



7 of 7

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD June 1, 2002

## DIVIDENDS

THROUGH June 28, 2002

AGCOUNT 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>06/11/02</td><td>JOHNSON &amp; JOHNSON<br>REC 05/21/02 PAY 06/11/02</td><td>JNJ</td><td>57,800</td><td>0.2050</td><td></td><td>11,849.00</td></tr><tr><td>06/14/02</td><td>CROWN AMERICAN REALTY TRUST<br>REC 06/03/02 PAY 06/14/02</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>

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |



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>06/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 05/21 THRU 06/20</td><td></td><td></td><td>1.2500</td><td></td><td>581.77</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$581.77</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>06/06/02</td><td>JOURNAL</td><td>COL REC LOA FROM 35301417</td><td></td><td>1,779,767.43</td></tr><tr><td>06/12/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>6,254.26</td></tr><tr><td>06/12/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>6,254.26</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-6,254.26</td><td>$1,786,021.69</td></tr></tbody></table>



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


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