EFTA00200755

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

## What’s In This Statement

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802





JEFFREY EPSTEIN

ACCOUNT NUMBER

THROUGH August 29, 2003

TAXPAYER NUMBER On File

STATEMENT PERIOD July 26, 2003

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,779,512</td></tr><tr><td>NET CREDIT BALANCE</td><td>28,467</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$3,807,979</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,001,864</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-193,885</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

## Important Message

Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective September 2003, your account statement will reflect all activity and account valuation up to and including the last business day of the month.

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


2 of 5

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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EFTA00200757



BEAR
STEARNS


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

3 of 5

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$25,016.08</td></tr><tr><td>Dividends/Interest</td><td>3,450.77</td></tr><tr><td>Amount Credited</td><td>$3,450.77</td></tr><tr><td>Net Cash Activity</td><td>3,450.77</td></tr><tr><td>ClosingBalance</td><td>$28,466.85</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>25,016.08</td><td>28,466.85</td></tr><tr><td>Net Cash Balance</td><td>$25,016.08</td><td>$28,466.85</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>3,440.00</td><td>54,934.06</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>10.77</td><td>468.38</td></tr><tr><td>Total</td><td>$3,450.77</td><td>$67,727.37</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>28,467</td></tr><tr><td>Equities</td><td>3,779,512</td></tr><tr><td>Total</td><td>$3,807,979</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>28,467</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$28,467</td><td></td><td></td></tr></tbody></table>

027



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD July 26, 2003

JEFFREY EPSTEIN

THROUGH August 29, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

Your Portfolio Allocation



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Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00200758



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>11.2800</td><td>56,400</td><td>4,300</td><td>7.6241</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>9.6400</td><td>19,280</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>18.3500</td><td>36,700</td><td>3,440</td><td>9.3733</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>20.6600</td><td>41,320</td><td>3,846</td><td>9.3078</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.0700</td><td>90,700</td><td>8,000</td><td>8.8203</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>31.1400</td><td>62,280</td><td>5,760</td><td>9.2486</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>49.5800</td><td>2,865,724</td><td>55,488</td><td>1.9363</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>17.1500</td><td>34,300</td><td>2,600</td><td>7.5802</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>42.1000</td><td>18,356</td><td>889</td><td>4.8431</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>24.9800</td><td>299,760</td><td>20,160</td><td>6.7254</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>1.6600</td><td>1,660</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>16.2200</td><td>253,032</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,779,512</td><td>$104,483</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,779,512</td><td>$104,483</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$104,483</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$3,807,979</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD July 26, 2003

JEFFREY EPSTEIN

THROUGH August 29, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

027



08/30/03;13:45 001


EFTA00200759



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 5**

JEFFREY EPSTEIN



Transaction Detail


STATEMENT PERIOD July 26, 2003

## DIVIDENDS

THROUGH August 29, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 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>08/21/03</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 07/23/03 PAY 08/21/03</td><td>HPT</td><td>2,000</td><td>0.7200</td><td></td><td>1,440.00</td></tr><tr><td>08/25/03</td><td>HRPT PROPERTIES TR-SBI<br>SBI<br>REC 07/25/03 PAY 08/25/03</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>$3,440.00</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>08/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 07/21 THRU 08/20</td><td></td><td></td><td>0.5000</td><td></td><td>10.77</td></tr><tr><td colspan="6">TOTAL</td><td>$10.77</td></tr></tbody></table>



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


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