EFTA00200696

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

Your Portfolio Holdings ... 4

## What’s In This Statement

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 Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

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

## Your Portfolio at a Glance

ACCOUNT NUMBER

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 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.

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,193,156</td></tr><tr><td>NET CREDIT BALANCE</td><td>137,663</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>6,475,000</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$11,805,819</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>5,888,067</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>5,917,753</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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EFTA00200698

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>$101,773.57</td></tr><tr><td>Securities Sold</td><td>631,511.40</td></tr><tr><td>Money Fund</td><td>25,000.00</td></tr><tr><td>Dividends/Interest</td><td>4,162.16</td></tr><tr><td>Miscellaneous</td><td>6,000,000.00</td></tr><tr><td>Amount Credited</td><td>$6,660,673.56</td></tr><tr><td>Securities Bought</td><td>-90,000.00</td></tr><tr><td>Money Fund</td><td>-6,500,000.00</td></tr><tr><td>Miscellaneous</td><td>-34,783.69</td></tr><tr><td>Amount Debited</td><td>$-6,624,783.69</td></tr><tr><td>Net Cash Activity</td><td>35,889.87</td></tr><tr><td>Closing Balance</td><td>$137,663.44</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>95,519.31</td><td>131,409.18</td></tr><tr><td>Margin</td><td>6,254.26</td><td>6,254.26</td></tr><tr><td>Net Cash Balance</td><td>$101,773.57</td><td>$137,663.44</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>3,720.00</td><td>27,735.60</td></tr><tr><td>Credit Balance Int.</td><td>442.16</td><td>483.16</td></tr><tr><td>Total</td><td>$4,162.16</td><td>$28,218.76</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>6,612,663</td></tr><tr><td>Equities</td><td>5,193,156</td></tr><tr><td>Total</td><td>$11,805,819</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.
One Metrotech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

| STATEMENT PERIOD | April 27, 2002 |
| :--- | :--- |
| THROUGH | May 31, 2002 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00200699



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>137,663</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td></td><td>6,475,000</td><td>1.0000</td><td>6,475,000</td><td>90,650</td><td>1.4000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,4000%</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>$6,612,663</td><td>$90,650</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>ALLIED WASTE INDUSTRIES INC NEW</td><td>AW</td><td>CASH</td><td>50,000</td><td>11.2000</td><td>560,000</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>6.7900</td><td>13,580</td><td>480</td><td>3.5346</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>9.0100</td><td>45,050</td><td>4,250</td><td>9.4340</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>18.7500</td><td>37,500</td><td>1,200</td><td>3.2000</td></tr><tr><td>FIVE STAR QUALITY CARE INC</td><td>FVE</td><td>CASH</td><td>100</td><td>7.0600</td><td>706</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>22.5000</td><td>45,000</td><td>3,440</td><td>7.6444</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>19.8000</td><td>39,600</td><td>3,846</td><td>9.7121</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.8200</td><td>88,200</td><td>8,000</td><td>9.0703</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>35.3300</td><td>70,660</td><td>5,680</td><td>8.0385</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>61.3500</td><td>3,546,030</td><td>47,396</td><td>1.3366</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></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 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><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>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>19.6500</td><td>235,800</td><td>20,160</td><td>8.5496</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.9700</td><td>3,970</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>30.6000</td><td>477,360</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$5,193,156</td><td>$97,052</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,193,156</td><td>$97,052</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$187,702</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$11,805,819</td></tr></table>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002



ACCOUNT NUMBER



<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>05/07/02</td><td>05/02/02</td><td>SOLD</td><td>TOO INC UNSOLICITED</td><td>TOO</td><td>-16,300</td><td>31.00380</td><td></td><td>504,366.22</td></tr><tr><td>05/21/02</td><td>05/15/02</td><td>BOUGHT</td><td>AEROPOSTALE UNSOLICITED PROSPECTUS UNDER SEPARATE MAIL AS OF 05/15/02</td><td>ARO</td><td>5,000</td><td>18.00000</td><td>90,000.00</td><td></td></tr></tbody></table>

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

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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)

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>05/21/02</td><td>05/16/02</td><td>SOLD</td><td>AEROPOSTALE<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>ARO</td><td>-5,000</td><td>25.59750</td><td></td><td>127,145.18</td></tr></tbody></table>

## 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>04/27/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td>05/15/02</td><td>BOUGHT</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td></td><td>6,500,000</td><td>1.0000</td><td>6,500,000.00</td><td></td></tr><tr><td>05/17/02</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td></td><td>-25,000</td><td>1.0000</td><td></td><td>25,000.00</td></tr><tr><td>05/31/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>6,475,000</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-6,500,000.00</td><td>$25,000.00</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>04/30/02</td><td>FELCOR LODGING TRUST INC<br>REC 04/12/02 PAY 04/30/02</td><td>FCH</td><td>2,000</td><td>0.1500</td><td></td><td>300.00</td></tr><tr><td>05/23/02</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 04/24/02 PAY 05/23/02</td><td>HPT</td><td>2,000</td><td>0.7100</td><td></td><td>1,420.00</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 April 27, 2002

THROUGH May 31, 2002



DIVIDENDS (continued)



ACCOUNT NUMBER

TAXPAYER NUMBER On File

LAST STATEMENT April 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 rowspan="2">05/24/02</td><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>10,000</td><td>0.2000</td><td></td><td>2,000.00</td></tr><tr><td>REC 04/22/02 PAY 05/24/02</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$3,720.00</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>05/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 04/21 THRU 05/20</td><td></td><td></td><td>1.2500</td><td></td><td>442.16</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$442.16</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>05/07/02</td><td>JOURNAL</td><td>TO</td><td>34,783.69</td><td></td></tr><tr><td>05/14/02</td><td>JOURNAL</td><td>FROM PER LOA</td><td></td><td>6,000,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-34,783.69</td><td>$6,000,000.00</td></tr></tbody></table>





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



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