EFTA00200748

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Your Portfolio Holdings ... 3

Financial Summary 3

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

## What’s In This Statement





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

ACCOUNT NUMBER

THROUGH September 30, 2003

STATEMENT PERIOD August 30, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | August 29, 2003 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,773,562</td></tr><tr><td>NET CREDIT BALANCE</td><td>43,651</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$3,817,213</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>3,807,979</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>9,234</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.

Market Value of Your Portfolio

Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective this month, your account statement reflects all activity and account valuation up to and including the last business day of the month.

## Important Message

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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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.
383 Madison Avenue
New York, New York 10179

3 of 7

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$28,466.85</td></tr><tr><td>Dividends/Interest</td><td>15,183.97</td></tr><tr><td>Amount Credited</td><td>$15,183.97</td></tr><tr><td>Net Cash Activity</td><td>15,183.97</td></tr><tr><td>ClosingBalance</td><td>$43,650.82</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>28,466.85</td><td>43,650.82</td></tr><tr><td>Net Cash Balance</td><td>$28,466.85</td><td>$43,650.82</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>15,169.36</td><td>70,103.42</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>14.61</td><td>482.99</td></tr><tr><td>Total</td><td>$15,183.97</td><td>$82,911.34</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>43,651</td></tr><tr><td>Equities</td><td>3,773,562</td></tr><tr><td>Total</td><td>$3,817,213</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>43,651</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$43,651</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

JEFFREY EPSTEIN

STATEMENT PERIOD August 30, 2003



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THROUGH September 30, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | August 29, 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.

EFTA00200751



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 7

## 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>11.9000</td><td>59,500</td><td>4,300</td><td>7.2269</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>10.3600</td><td>20,720</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>18.8600</td><td>37,720</td><td>2,800</td><td>7.4231</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>21.0700</td><td>42,140</td><td>3,846</td><td>9.1267</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.1400</td><td>91,400</td><td>8,000</td><td>8.7527</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>35.0800</td><td>70,160</td><td>5,760</td><td>8.2098</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>49.5200</td><td>2,862,256</td><td>55,488</td><td>1.9386</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>16.9500</td><td>33,900</td><td>2,600</td><td>7.6696</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>43.0000</td><td>18,748</td><td>889</td><td>4.7418</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>25.4500</td><td>305,400</td><td>20,160</td><td>6.6012</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>1.8300</td><td>1,830</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>14.7300</td><td>229,788</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,773,562</td><td>$103,843</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,773,562</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>$3,817,213</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

STATEMENT PERIOD August 30, 2003

JEFFREY EPSTEIN

| THROUGH | September 30, 2003 |

| :--- | :--- |

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 29, 2003 |

| :--- | :--- |

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BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

5 of 7

JEFFREY EPSTEIN



Transaction Detail


STATEMENT PERIOD August 30, 2003

DIVIDENDS

THROUGH September 30, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 29, 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>09/09/03</td><td>JOHNSON &amp; JOHNSON<br>REC 08/19/03 PAY 09/09/03</td><td>JNJ</td><td>57,800</td><td>0.2400</td><td></td><td>13,872.00</td></tr><tr><td>09/12/03</td><td>CROWN AMERICAN REALTY TRUST<br>REC 08/29/03 PAY 09/12/03</td><td>CWN</td><td>5,000</td><td>0.2150</td><td></td><td>1,075.00</td></tr><tr><td>09/15/03</td><td>PAN PACIFIC RETAIL PROPERTIES<br>INC<br>REC 08/29/03 PAY 09/15/03</td><td>PNP</td><td>436</td><td>0.5100</td><td></td><td>222.36</td></tr><tr><td colspan="6">TOTAL</td><td>$15,169.36</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>09/22/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 08/21 THRU 09/20</td><td></td><td></td><td>0.5000</td><td></td><td>14.61</td></tr><tr><td colspan="7">TOTAL</td><td>$14.61</td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
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

STATEMENT PERIOD August 30, 2003

## Your messages

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

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.

THROUGH September 30, 2003



At May 31, 2003 and July 31, 2003, the Company's net capital of approximately $2.4 billion and $3.0 billion was approximately 6% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $799.5 million and $904.4 million by approximately $1.6 billion and $2.1 billion, all respectively.

AGCOUNT NUMBER

TAXPAYER NUMBER On File



| LAST STATEMENT | August 29, 2003 |

| :--- | :--- |

Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

- You can lose more funds than you deposit in the margin account,

- The firm can force the sale of securities or other assets in you account(s).

- The firm can sell your securities or other assets without contacting you.

- You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call.

- The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice,

- You are not entitled to an extension of time on a margin call.

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



7 of 7

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD August 30, 2003

This statement is provided to explain Bear, Stearns & Co., Inc.'s ("BSC") payment for order flow practices.



BSC routes a majority of orders for customer securities transactions to the primary market for such securities. Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBBO). BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge.



## Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear, Stearns & Co. Inc. will post its quarterly routing statistics at the following web link: http://www.bearstearns.com/, Click on Individual Investor, Click on Equities, Click on Order Routing Practices.

Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.



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


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