EFTA00200711

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

Your Messages 6





# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,931,653</td></tr><tr><td>NET DEBIT BALANCE</td><td>-978,513</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,953,140</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,494,480</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>458,660</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

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

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

JEFFREY EPSTEIN

STATEMENT PERIOD February 23, 2002

ACCOUNT NUMBER

Market Value of Your Portfolio

THROUGH March 28, 2002

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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BEAR
STEARNS


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>-958,140.16</td></tr><tr><td>Dividends/Interest</td><td>11,454.00</td></tr><tr><td>Amount Credited</td><td>$11,454.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-1,877.05</td></tr><tr><td>Miscellaneous</td><td>-29,949.72</td></tr><tr><td>Amount Debited</td><td>-31,826.77</td></tr><tr><td>Net Cash Activity</td><td>-20,372.77</td></tr><tr><td>Closing Balance</td><td>-978,512.93</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-958,140.16</td><td>-978,512.93</td></tr><tr><td>Net Cash Balance</td><td>-958,140.16</td><td>-978,512.93</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>11,454.00</td><td>16,384.00</td></tr><tr><td>Total</td><td>$11,454.00</td><td>$16,384.00</td></tr><tr><td>Margin Int. Paid</td><td>-1,877.05</td><td>-5,218.33</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td>978,513</td><td></td></tr><tr><td>Equities</td><td></td><td>5,931,653</td></tr><tr><td>Total</td><td>$978,513</td><td>$5,931,653</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN

<table><thead><tr><th>STATEMENT PERIOD</th><td>February 23, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>March 28, 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>February 22, 2002</td></tr></tbody></table>

Your Portfolio Allocation

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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>-978,513</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>-978,513</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>MRGN</td><td>50,000</td><td>13.0000</td><td>650,000</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>5.2900</td><td>10,580</td><td>480</td><td>4.5369</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>MRGN</td><td>5,000</td><td>9.7400</td><td>48,700</td><td>4,200</td><td>8.6242</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>MRGN</td><td>2,000</td><td>21.2500</td><td>42,500</td><td>400</td><td>0.9412</td></tr><tr><td>FIVE STAR QUALITY CARE INC</td><td>FVE</td><td>MRGN</td><td>100</td><td>7.3200</td><td>732</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>MRGN</td><td>2,000</td><td>21.5000</td><td>43,000</td><td>3,440</td><td>8.0000</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>MRGN</td><td>2,000</td><td>18.5500</td><td>37,100</td><td>3,846</td><td>10.3666</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>MRGN</td><td>10,000</td><td>9.0000</td><td>90,000</td><td>8,000</td><td>8.8889</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>MRGN</td><td>2,000</td><td>34.3300</td><td>68,660</td><td>5,680</td><td>8.2726</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>MRGN</td><td>57,800</td><td>64.9500</td><td>3,754,110</td><td>41,616</td><td>1.1085</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>MRGN</td><td>2,000</td><td>13.5500</td><td>27,100</td><td>2,600</td><td>9.5941</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>MRGN</td><td>12,000</td><td>17.7600</td><td>213,120</td><td>20,160</td><td>9.4595</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>MRGN</td><td>1,000</td><td>5.3200</td><td>5,320</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

STATEMENT PERIOD February 23, 2002

JEFFREY EPSTEIN

THROUGH March 28, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 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>TOO INC</td><td>TOO</td><td>CASH</td><td>31,900</td><td>29.4900</td><td>940,731</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$5,931,653</td><td>$90,422</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,931,653</td><td>$90,422</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$90,422</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$4,953,140</td></tr></table>



Transaction Detail


## 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>03/12/02</td><td>JOHNSON &amp; JOHNSON<br>REC 02/19/02 PAY 03/12/02</td><td>JNJ</td><td>57,800</td><td>0.1800</td><td></td><td>10,404.00</td></tr><tr><td>03/15/02</td><td>CROWN AMERICAN REALTY TRUST<br>REC 03/04/02 PAY 03/15/02</td><td>CWN</td><td>5,000</td><td>0.2100</td><td></td><td>1,050.00</td></tr><tr><td colspan="6">TOTAL</td><td>$11,454.00</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 February 23, 2002

THROUGH March 28, 2002

ACCOUNT NUMBER

| LAST STATEMENT | February 22, 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 6

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD February 23, 2002



INTEREST


THROUGH March 28, 2002

AGCOUNT NUMBER

<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>03/21/02</td><td>FROM 0/ 0 THRU 0/ 0 @21/2%<br>BAL 976,635 AVBAL 965,338</td><td></td><td></td><td>2.5000</td><td>1,877.05</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-1,877.05</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 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>03/11/02</td><td>JOURNAL</td><td>TO</td><td>29,949.72</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-29,949.72</td><td></td></tr></tbody></table>

## Your messages



Pursuant to SEC Rule 11Ac1-6, Bear, Stearns & Co., Inc will publicly post its quarterly routing statistics at the following web link: http://www.bearstearns.com/corporate/business/equities/orp.htm



Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At November 30, 2001 and January 31, 2002, the Company's net capital of approximately $2,6 billion and $2,6 billion was approximately 9% and 8% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $604.1 million and $648.0 million by approximately $2.0 billion and $2.0 billion, all respectively.

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call -toll free 1-866-299-9331.

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