EFTA00200743

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
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 ... 3

Transaction Detail ... 5

# 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

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,840,881</td></tr><tr><td>NET CREDIT BALANCE</td><td>51,021</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$3,891,902</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>3,817,213</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>74,689</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.

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



ACCOUNT NUMBER



JEFFREY EPSTEIN

STATEMENT PERIOD October 1, 2003

THROUGH October 31, 2003

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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EFTA00200745



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
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>$43,650.82</td></tr><tr><td>Dividends/Interest</td><td>7,369.93</td></tr><tr><td>Amount Credited</td><td>$7,369.93</td></tr><tr><td>Net Cash Activity</td><td>7,369.93</td></tr><tr><td>ClosingBalance</td><td>$51,020.75</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>43,650.82</td><td>51,020.75</td></tr><tr><td>Net Cash Balance</td><td>$43,650.82</td><td>$51,020.75</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>7,351.60</td><td>77,455.02</td></tr><tr><td>Other Dividends</td><td>0.00</td><td>3,162.50</td></tr><tr><td>Muni Bond Int.</td><td>0.00</td><td>9,162.43</td></tr><tr><td>Credit Balance Int.</td><td>18.33</td><td>501.32</td></tr><tr><td>Total</td><td>$7,369.93</td><td>$90,281.27</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>51,021</td></tr><tr><td>Equities</td><td>3,840,881</td></tr><tr><td>Total</td><td>$3,891,902</td></tr></table>

## 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>51,021</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$51,021</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



11/01/03;14:02 001


JEFFREY EPSTEIN

STATEMENT PERIOD October 1, 2003

| THROUGH | October 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

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.

W818

EFTA00200746



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 5

## Your Portfolio Holdings (continued)

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>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>11.9800</td><td>59,900</td><td>4,300</td><td>7.1786</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>10.1900</td><td>20,380</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.5000</td><td>39,000</td><td>2,800</td><td>7.1795</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>21.1800</td><td>42,360</td><td>3,846</td><td>9.0793</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.3600</td><td>93,600</td><td>8,000</td><td>8.5470</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>36.6700</td><td>73,340</td><td>5,760</td><td>7.8538</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>50.3300</td><td>2,909,074</td><td>55,488</td><td>1.9074</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>17.1700</td><td>34,340</td><td>2,600</td><td>7.5713</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>44.3500</td><td>19,337</td><td>889</td><td>4.5974</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>24.1500</td><td>289,800</td><td>20,160</td><td>6.9565</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>2.3500</td><td>2,350</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>16.5000</td><td>257,400</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,840,881</td><td>$103,843</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,840,881</td><td>$103,843</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$103,843</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$3,891,902</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

STATEMENT PERIOD October 1, 2003

JEFFREY EPSTEIN

| THROUGH | October 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

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EFTA00200747



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



**5 of 5**

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN



Transaction Detail


DIVIDENDS

STATEMENT PERIOD October 1, 2003

THROUGH October 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

<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>10/15/03</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 10/01/03 PAY 10/15/03</td><td>GLB</td><td>2,000</td><td>0.3500</td><td></td><td>700.00</td></tr><tr><td>10/15/03</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 09/30/03 PAY 10/15/03</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>10/21/03</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 09/30/03 PAY 10/21/03</td><td>RPT</td><td>12,000</td><td>0.4200</td><td></td><td>5,040.00</td></tr><tr><td>10/22/03</td><td>KRAMONT REALTY TRUST<br>REC 09/29/03 PAY 10/22/03</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td colspan="6">TOTAL</td><td>$7,351.60</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>10/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 09/21 THRU 10/20</td><td></td><td></td><td>0.5000</td><td></td><td>18.33</td></tr><tr><td colspan="7">TOTAL</td><td>$18.33</td></tr></tbody></table>





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



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