EFTA00200760

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Transaction Detail ... 5





# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Your Portfolio at a Glance

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

JEFFREY EPSTEIN

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,976,848</td></tr><tr><td>NET CREDIT BALANCE</td><td>25,016</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,001,864</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>3,944,973</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>56,891</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

STATEMENT PERIOD June 28, 2003

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

THROUGH July 25, 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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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>$17,496.11</td></tr><tr><td>Dividends/Interest</td><td>7,519.97</td></tr><tr><td>Amount Credited</td><td>$7,519.97</td></tr><tr><td>Net Cash Activity</td><td>7,519.97</td></tr><tr><td>ClosingBalance</td><td>$25,016.08</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>17,496.11</td><td>25,016.08</td></tr><tr><td>Net Cash Balance</td><td>$17,496.11</td><td>$25,016.08</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>7,511.60</td><td>51,494.06</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>8.37</td><td>457.61</td></tr><tr><td>Total</td><td>$7,519.97</td><td>$64,276.60</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>25,016</td></tr><tr><td>Equities</td><td>3,976,848</td></tr><tr><td>Total</td><td>$4,001,864</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>25,016</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$25,016</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

JEFFREY EPSTEIN

STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003



07/26/03;10:09 001


AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 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.

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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>11.2300</td><td>56,150</td><td>4,300</td><td>7.6581</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>8.5900</td><td>17,180</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.9000</td><td>39,800</td><td>3,440</td><td>8.6432</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>20.9000</td><td>41,800</td><td>3,846</td><td>9.2010</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.2600</td><td>92,600</td><td>8,000</td><td>8.6393</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>30.7500</td><td>61,500</td><td>5,760</td><td>9.3659</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>52.2300</td><td>3,018,894</td><td>55,488</td><td>1.8380</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>41.7000</td><td>18,181</td><td>889</td><td>4.8897</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>24.2900</td><td>291,480</td><td>20,160</td><td>6.9164</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>1.6310</td><td>1,631</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>19.4700</td><td>303,732</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,976,848</td><td>$104,483</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,976,848</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>$4,001,864</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 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



**5 of 5**

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN



Transaction Detail


STATEMENT PERIOD June 28, 2003

DIVIDENDS

THROUGH July 25, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 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>07/15/03</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 07/01/03 PAY 07/15/03</td><td>GLB</td><td>2,000</td><td>0.4300</td><td></td><td>860.00</td></tr><tr><td>07/15/03</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 06/30/03 PAY 07/15/03</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>07/15/03</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 06/30/03 PAY 07/15/03</td><td>RPT</td><td>12,000</td><td>0.4200</td><td></td><td>5,040.00</td></tr><tr><td>07/18/03</td><td>KRAMONT REALTY TRUST<br>REC 06/26/03 PAY 07/18/03</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>$7,511.60</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>07/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 06/21 THRU 06/24</td><td></td><td></td><td>0.7500</td><td></td><td>1.45</td></tr><tr><td>07/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 1/2% 06/25 THRU 07/20</td><td></td><td></td><td>0.5000</td><td></td><td>6.92</td></tr><tr><td colspan="6">TOTAL</td><td>$8.37</td></tr></tbody></table>



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



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