EFTA00200717

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

<table><tr><td>Transaction Detail</td><td>5</td></tr></table>





# 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>5,452,620</td></tr><tr><td>NET DEBIT BALANCE</td><td>-958,140</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,494,480</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,370,641</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>123,839</td></tr></table>

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

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

JEFFREY EPSTEIN

ACCOUNT NUMBER

STATEMENT PERIOD January 26, 2002

THROUGH February 22, 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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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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EFTA00200719



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>-924,169.49</td></tr><tr><td>Dividends/Interest</td><td>3,520.00</td></tr><tr><td>Amount Credited</td><td>$3,520.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-2,013.78</td></tr><tr><td>Miscellaneous</td><td>-35,476.89</td></tr><tr><td>Amount Debited</td><td>-37,490.67</td></tr><tr><td>Net Cash Activity</td><td>-33,970.67</td></tr><tr><td>Closing Balance</td><td>-958,140.16</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>80.00</td><td>0.00</td></tr><tr><td>Margin</td><td>-924,249.49</td><td>-958,140.16</td></tr><tr><td>Net Cash Balance</td><td>-924,169.49</td><td>-958,140.16</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>3,420.00</td><td>4,930.00</td></tr><tr><td>Total</td><td>$3,420.00</td><td>$4,930.00</td></tr><tr><td>Margin Int. Paid</td><td>-2,013.78</td><td>-3,341.28</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>958,140</td><td></td></tr><tr><td>Equities</td><td></td><td>5,452,620</td></tr><tr><td>Total</td><td>$958,140</td><td>$5,452,620</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>January 26, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>February 22, 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>January 25, 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.

EFTA00200720



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>-958,140</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>-958,140</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>11.3300</td><td>566,500</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>4.0800</td><td>8,160</td><td>320</td><td>3.9216</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>8.9500</td><td>44,750</td><td>4,200</td><td>9.3855</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>MRGN</td><td>2,000</td><td>19.0900</td><td>38,180</td><td>400</td><td>1.0477</td></tr><tr><td>FIVE STAR QUALITY CARE INC</td><td>FVE</td><td>MRGN</td><td>100</td><td>8.4000</td><td>840</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>MRGN</td><td>2,000</td><td>20.6300</td><td>41,260</td><td>3,440</td><td>8.3374</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>MRGN</td><td>2,000</td><td>17.8000</td><td>35,600</td><td>3,846</td><td>10.8034</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>MRGN</td><td>10,000</td><td>8.7400</td><td>87,400</td><td>8,000</td><td>9.1533</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>MRGN</td><td>2,000</td><td>31.4800</td><td>62,960</td><td>5,680</td><td>9.0216</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>MRGN</td><td>57,800</td><td>59.4000</td><td>3,433,320</td><td>41,616</td><td>1.2121</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>MRGN</td><td>2,000</td><td>13.5000</td><td>27,000</td><td>2,600</td><td>9.6296</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>MRGN</td><td>12,000</td><td>17.6900</td><td>280</td><td>20,160</td><td>9.4969</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>MRGN</td><td>1,000</td><td>4.3600</td><td>4,360</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 January 26, 2002

THROUGH February 22, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

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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 (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>27.9000</td><td>890,010</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$5,452,620</td><td>$90,262</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,452,620</td><td>$90,262</td><td></td></tr></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$90,262</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$4,494,479</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>01/31/02</td><td>FELCOR LODGING TRUST INC<br>CASH DIV ON 2000 SHS<br>REC 12/31/01 PAY 01/31/02<br>AMOUNT INCLUDED ON 2001-1099</td><td>FCH</td><td></td><td></td><td></td><td>100.00</td></tr><tr><td>02/19/02</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 01/18/02 PAY 02/19/02</td><td>HPT</td><td>2,000</td><td>0.7100</td><td></td><td>1,420.00</td></tr><tr><td>02/22/02</td><td>HRPT PROPERTIES TR-SBI<br>REC 01/18/02 PAY 02/22/02</td><td>HRP</td><td>10,000</td><td>0.2000</td><td></td><td>2,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$3,520.00</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 January 26, 2002

THROUGH February 22, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 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 6

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD January 26, 2002



INTEREST


THROUGH February 22, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 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>02/21/02</td><td>FROM 01/21 THRU 02/20 @21/2%<br>BAL 958,126 AVBAL 935,435</td><td></td><td></td><td>2.5000</td><td>2,013.78</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-2,013.78</td><td></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>02/11/02</td><td>JOURNAL</td><td>TO</td><td>35,476.89</td><td></td></tr><tr><td>02/12/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>35,396.89</td></tr><tr><td>02/12/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>35,396.89</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-70,873.78</td><td>$35,396.89</td></tr></tbody></table>





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


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