EFTA00200723

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

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Your Messages</td><td>7</td></tr></table>





| **JEFFREY EPSTEIN** |

| :--- |

| 358 EL BRILLO WAY |

| PALM BEACH FL 33480-4730 |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## Your Portfolio at a Glance

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,294,810</td></tr><tr><td>NET DEBIT BALANCE</td><td>-924,169</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,370,641</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>3,759,682</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>610,959</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.

Market Value of Your Portfolio

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |



ACCOUNT NUMBER



STATEMENT PERIOD January 1, 2002

TAXPAYER NUMBER On File

JEFFREY EPSTEIN

THROUGH January 25, 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. |
| :--- | :--- |
| 027 | 01/26/02;08:54 001 |

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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>-895,708.49</td></tr><tr><td>Dividends/Interest</td><td>7,591.60</td></tr><tr><td>Amount Credited</td><td>$7,591.60</td></tr><tr><td>Dividends/Interest Charged</td><td>-1,327.50</td></tr><tr><td>Miscellaneous</td><td>-34,725.10</td></tr><tr><td>Amount Debited</td><td>-36,052.60</td></tr><tr><td>Net Cash Activity</td><td>-28,461.00</td></tr><tr><td>Closing Balance</td><td>-924,169.49</td></tr></table>

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>80.00</td></tr><tr><td>Margin</td><td>-895,708.49</td><td>-924,249.49</td></tr><tr><td>Net Cash Balance</td><td>-895,708.49</td><td>-924,169.49</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>1,510.00</td><td>1,510.00</td></tr><tr><td>Total</td><td>$1,510.00</td><td>$1,510.00</td></tr><tr><td>Margin Int. Paid</td><td>-1,327.50</td><td>-1,327.50</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>924,169</td><td></td></tr><tr><td>Equities</td><td></td><td>5,294,810</td></tr><tr><td>Total</td><td>$924,169</td><td>$5,294,810</td></tr></table>

Bear, Stearns Securities Corp.

One Metrotech Center North

Brocklyn, New York 11201-3859

JEFFREY EPSTEIN

| STATEMENT PERIOD | January 1, 2002 |
| :--- | :--- |
| THROUGH | January 25, 2002 |

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>December 31, 2001</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.

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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>-924,169</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-924,169</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>11.6000</td><td>580,000</td><td></td><td></td></tr><tr><td>CENTER TR INC</td><td>CTA</td><td>CASH</td><td>2,000</td><td>4.1600</td><td>8,320</td><td>320</td><td>3.8462</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>8.0400</td><td>40,200</td><td>4,200</td><td>10.4478</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>MRGN</td><td>2,000</td><td>17.3500</td><td>34,700</td><td>400</td><td>1.1527</td></tr><tr><td>FIVE STAR QUALITY CARE INC</td><td>FVE</td><td>MRGN</td><td>100</td><td>8.0500</td><td>805</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>MRGN</td><td>2,000</td><td>20.1500</td><td>40,300</td><td>3,440</td><td>8.5360</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>MRGN</td><td>2,000</td><td>17.5900</td><td>35,180</td><td>3,846</td><td>10.9323</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>MRGN</td><td>10,000</td><td>8.7100</td><td>87,100</td><td>8,000</td><td>9.1848</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>MRGN</td><td>2,000</td><td>29.2000</td><td>58,400</td><td>5,680</td><td>9.7260</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>MRGN</td><td>57,800</td><td>57.6500</td><td>3,332,170</td><td>41,616</td><td>1.2489</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>MRGN</td><td>2,000</td><td>12.9400</td><td>25,880</td><td>2,600</td><td>10.0464</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>MRGN</td><td>12,000</td><td>17.5500</td><td>210,600</td><td>20,160</td><td>9.5726</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>MRGN</td><td>1,000</td><td>6.9700</td><td>6,970</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

STATEMENT PERIOD January 1, 2002

JEFFREY EPSTEIN

THROUGH January 25, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

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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>26.1500</td><td>834,185</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$5,294,810</td><td>$90,262</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$5,294,810</td><td>$90,262</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$90,262</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$4,370,640</td></tr></table>



Bear, Stearns Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859





Transaction Detail


## INVESTMENT ACTIVITY

JEFFREY EPSTEIN

STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

<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>01/07/02</td><td>01/02/02</td><td>BOUGHT</td><td>FIVE STAR QUALITY CARE INC<br>SPINOFF ON 10000 SHS<br>HRPT PROPERTIES TR-SBI<br>SPIN-OFF F/R H004421<br>REC 12/17/01 PAY 12/31/01</td><td>FVE</td><td>100</td><td></td><td></td><td></td></tr><tr><td>01/25/02</td><td></td><td>RECEIVED</td><td>TOO INC<br>0015</td><td>TOO</td><td>31,900</td><td></td><td></td><td></td></tr></tbody><tfoot><tr><td colspan="9">TOTAL</td></tr></tfoot></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



6 of 7

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

## DIVIDENDS

STATEMENT PERIOD January 1, 2002

THROUGH January 25, 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>01/15/02</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 01/01/02 PAY 01/15/02</td><td>GLB</td><td>2,000</td><td>0.4300</td><td></td><td>860.00</td></tr><tr><td>01/15/02</td><td>GLIMCHER REALTY TRUST-SBI<br>CASH DIV ON 2000 SHS<br>REC 12/31/01 PAY 01/15/02<br>AMOUNT INCLUDED ON 2001-1099</td><td>GRT</td><td></td><td></td><td></td><td>961.60</td></tr><tr><td>01/15/02</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>CASH DIV ON 12000 SHS<br>REC 12/31/01 PAY 01/15/02<br>AMOUNT INCLUDED ON 2001-1099</td><td>RPT</td><td></td><td></td><td></td><td>5,040.00</td></tr><tr><td>01/22/02</td><td>KRAMONT REALTY TRUST<br>REC 01/04/02 PAY 01/19/02</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td>01/22/02</td><td>CENTER TR INC<br>CASH DIV ON 2000 SHS<br>REC 12/31/01 PAY 01/21/02<br>AMOUNT INCLUDED ON 2001-1099</td><td>CTA</td><td></td><td></td><td></td><td>80.00</td></tr><tr><td colspan="7">TOTAL</td><td>$7,591.60</td></tr></tbody></table>

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |



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>01/22/02</td><td>FROM 12/31 THRU 01/20 @21/2%<br>BAL 923,571 AVBAL 910,283</td><td></td><td></td><td>2.5000</td><td>1,327.50</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-1,327.50</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



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## **Transaction Detail** (continued)

## 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>01/11/02</td><td>JOURNAL</td><td>TO</td><td>34,725.10</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-34,725.10</td><td></td></tr></tbody></table>

## Your messages



The interest, if any, charged to your account during December 2001 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2002 is computed from December 31, 2001.





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




CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

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