EFTA00200703

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

| Transaction Detail | 5 |

| :--- | :--- |







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

## Your Portfolio at a Glance

| LAST STATEMENT | March 28, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

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

*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>5,786,293</td></tr><tr><td>NET CREDIT BALANCE</td><td>101,774</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$5,888,067</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,953,140</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>934,927</td></tr></table>

ACCOUNT NUMBER

JEFFREY EPSTEIN

STATEMENT PERIOD March 29, 2002

THROUGH April 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.

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.

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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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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>-978,512.93</td></tr><tr><td>Dividends/Interest</td><td>7,672.60</td></tr><tr><td>Miscellaneous</td><td>1,100,000.00</td></tr><tr><td>Amount Credited</td><td>$1,107,672.60</td></tr><tr><td>Dividends/Interest Charged</td><td>-1,298.34</td></tr><tr><td>Miscellaneous</td><td>-26,087.76</td></tr><tr><td>Amount Debited</td><td>-27,386.10</td></tr><tr><td>Net Cash Activity</td><td>1,080,286.50</td></tr><tr><td>ClosingBalance</td><td>$101,773.57</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>0.00</td><td>95,519.31</td></tr><tr><td>Margin</td><td>-978,512.93</td><td>6,254.26</td></tr><tr><td>Net Cash Balance</td><td>-978,512.93</td><td>$101,773.57</td></tr></table>

Income Summary

<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Dividends</td><td>7,631.60</td><td>24,015.60</td></tr><tr><td>Credit Balance Int.</td><td>41.00</td><td>41.00</td></tr><tr><td>Total</td><td>$7,672.60</td><td>$24,056.60</td></tr><tr><td>Margin Int. Paid</td><td>-1,298.34</td><td>-6,516.67</td></tr></tbody></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>101,774</td></tr><tr><td>Equities</td><td>5,786,293</td></tr><tr><td>Total</td><td>$5,888,067</td></tr></table>

Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



04/27/02;12:01 001


JEFFREY EPSTEIN

<table><thead><tr><th>STATEMENT PERIOD</th><td>March 29, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 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>March 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.

EFTA00200706



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>101,774</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$101,774</td><td></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>11.7900</td><td>589,500</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>5.6000</td><td>11,200</td><td>480</td><td>4.2857</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>9.4700</td><td>47,350</td><td>4,250</td><td>8.9757</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>21.0000</td><td>42,000</td><td>1,200</td><td>2.8571</td></tr><tr><td>FIVE STAR QUALITY CARE INC</td><td FVE</td><td>CASH</td><td>100</td><td>7.3500</td><td>735</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>21.8000</td><td>43,600</td><td>3,440</td><td>7.8899</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>19.0700</td><td>38,140</td><td>3,846</td><td>10.0839</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.5900</td><td>85,900</td><td>8,000</td><td>9.3132</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>33.9300</td><td>67,860</td><td>5,680</td><td>8.3702</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>63.6100</td><td>3,676,658</td><td>47,396</td><td>1.2891</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>13.8600</td><td>27,720</td><td>2,600</td><td>9.3795</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td RPT</td><td>CASH</td><td>12,000</td><td>18.0200</td><td>216,240</td><td>20,160</td><td>9.3230</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>4.7200</td><td>4,720</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 March 29, 2002

THROUGH April 26, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 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>31,900</td><td>29.3000</td><td>934,670</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$5,786,293</td><td>$97,052</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,786,293</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>$97,052</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$5,888,066</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail


JEFFREY EPSTEIN

STATEMENT PERIOD March 29, 2002

THROUGH April 26, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2002 |

| :--- | :--- |

<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>04/10/02</td><td></td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>JOURNAL FROM TYPE 2 TO 1</td><td>AW</td><td>50,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>CROWN AMERICAN REALTY TRUST<br>JOURNAL FROM TYPE 2 TO 1</td><td>CWN</td><td>5,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>FELCOR LODGING TRUST INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>FCH</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>FIVE STAR QUALITY CARE INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>FVE</td><td>100</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>GLENBOROUGH REALTY TRUST INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>GLB</td><td>2,000</td><td></td><td></td><td></td></tr></tbody></table>

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EFTA00200708

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 8

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD March 29, 2002

THROUGH April 26, 2002

## INVESTMENT ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2002 |

| :--- | :--- |

<table><thead><tr><th>EMENT DATE</th><th>HOUR 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>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>GLIMCHER REALTY TRUST-SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>GRT</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>HRPT PROPERTIES TR-SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>HRP</td><td>10,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>HPT</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>JOHNSON&amp; JOHNSON<br>JOURNAL FROM TYPE 2 TO 1</td><td>JNJ</td><td>57,800</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>KRAMONT REALTY TRUST<br>JOURNAL FROM TYPE 2 TO 1</td><td>KRT</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>RPT</td><td>12,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>SIRIUS SATELLITE RADIO INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>SIRI</td><td>1,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>ALLIED WASTE INDUSTRIES INC<br>NEW<br>JOURNAL FROM TYPE 2 TO 1</td><td>AW</td><td>-50,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>CROWN AMERICAN REALTY TRUST<br>JOURNAL FROM TYPE 2 TO 1</td><td>CWN</td><td>-5,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>FELCOR LODGING TRUST INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>FCH</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>FIVE STAR QUALITY CARE INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>FVE</td><td>-100</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>GLENBOROUGH REALTY TRUST INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>GLB</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>GLIMCHER REALTY TRUST-SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>GRT</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL</td><td>HRPT PROPERTIES TR-SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>HRP</td><td>-10,000</td><td></td><td></td><td></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 8

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD March 29, 2002

## INVESTMENT ACTIVITY (continued)

THROUGH April 26, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2002 |

| :--- | :--- |

<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>04/10/02</td><td></td><td>JOURNAL</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>HPT</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>JOHNSON &amp; JOHNSON<br>JOURNAL FROM TYPE 2 TO 1</td><td>JNJ</td><td>-57,800</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>KRAMONT REALTY TRUST<br>JOURNAL FROM TYPE 2 TO 1</td><td>KRT</td><td>-2,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>JOURNAL FROM TYPE 2 TO 1</td><td>RPT</td><td>-12,000</td><td></td><td></td><td></td></tr><tr><td>04/10/02</td><td></td><td>JOURNAL</td><td>SIRIUS SATELLITE RADIO INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>SIRI</td><td>-1,000</td><td></td><td></td><td></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>04/15/02</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 04/01/02 PAY 04/15/02</td><td>GLB</td><td>2,000</td><td>0.4300</td><td></td><td>860.00</td></tr><tr><td>04/15/02</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 03/29/02 PAY 04/15/02</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>04/16/02</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 03/31/02 PAY 04/16/02</td><td>RPT</td><td>12,000</td><td>0.4200</td><td></td><td>5,040.00</td></tr><tr><td>04/22/02</td><td>CENTER TR INC<br>REC 03/29/02 PAY 04/22/02</td><td>CTA</td><td>2,000</td><td>0.0600</td><td></td><td>120.00</td></tr><tr><td>04/22/02</td><td>KRAMONT REALTY TRUST<br>REC 03/29/02 PAY 04/20/02</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td colspan="7">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

8 of 8

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD March 29, 2002



INTEREST


THROUGH April 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>04/22/02</td><td>FROM 03/21 THRU 04/20 @2 1/2%<br>BAL 6,861- AVBAL 719,080</td><td></td><td></td><td>2.5000</td><td>1,298.34</td><td></td></tr><tr><td>04/22/02</td><td>INTEREST ON CREDIT BALANCE<br>AT 1 1/4% 03/21 THRU 04/20</td><td></td><td></td><td>1.2500</td><td></td><td>41.00</td></tr><tr><td colspan="5">TOTAL</td><td>-1,298.34</td><td>$41.00</td></tr></tbody></table>

| LAST STATEMENT | March 28, 2002 |

| :--- | :--- |

## 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>04/05/02</td><td>JOURNAL</td><td>TO</td><td>26,087.76</td><td></td></tr><tr><td>04/09/02</td><td>JOURNAL</td><td>FROM</td><td></td><td>1,100,000.00</td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>1,004,600.69</td><td></td></tr><tr><td>04/10/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>1,004,600.69</td></tr><tr><td colspan="3">TOTAL</td><td>-$1,030,688.45</td><td>$2,104,600.69</td></tr></tbody></table>





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


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