EFTA00200765

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 ... 4

## What’s In This Statement

Transaction Detail ... 5

Fund Activity 6

Your Messages ... 8





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

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,927,477</td></tr><tr><td>NET CREDIT BALANCE</td><td>17,496</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$3,944,973</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>5,799,343</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,854,370</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

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.

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.

## Important Message

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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EFTA00200767



BEAR
STEARNS


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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$123,298.47</td></tr><tr><td>Securities Sold</td><td>1,200,000.00</td></tr><tr><td>Money Fund</td><td>424,487.67</td></tr><tr><td>Dividends/Interest</td><td>17,093.62</td></tr><tr><td>Amount Credited</td><td>$1,641,581.29</td></tr><tr><td>Money Fund</td><td>-383.65</td></tr><tr><td>Funds Withdrawn</td><td>-1,747,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,747,383.65</td></tr><tr><td>Net Cash Activity</td><td>-105,802.36</td></tr><tr><td>Closing Balance</td><td>$17,496.11</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>123,298.47</td><td>17,496.11</td></tr><tr><td>Net Cash Balance</td><td>$123,298.47</td><td>$17,496.11</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>15,169.36</td><td>43,982.46</td></tr><tr><td>Other Dividends</td><td>583.22</td><td>3,162.50</td></tr><tr><td>Muni Bond Int.</td><td>1,842.74</td><td>9,162.43</td></tr><tr><td>Credit Balance Int.</td><td>81.52</td><td>449.24</td></tr><tr><td>Total</td><td>$17,676.84</td><td>$56,756.63</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>17,496</td></tr><tr><td>Equities</td><td>3,927,477</td></tr><tr><td>Total</td><td>$3,944,973</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |



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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.

EFTA00200768



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
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>17,496</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$17,496</td><td></td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ADCT 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>10.4800</td><td>52,400</td><td>4,300</td><td>8.2061</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>7.8000</td><td>15,600</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.4800</td><td>38,960</td><td>3,440</td><td>8.8296</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>22.5100</td><td>45,020</td><td>3,846</td><td>8.5429</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.2000</td><td>92,000</td><td>8,000</td><td>8.6957</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>51.5400</td><td>2,979,012</td><td>55,488</td><td>1.8626</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>16.8800</td><td>33,760</td><td>2,600</td><td>7.7014</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>39.6900</td><td>17,305</td><td>889</td><td>5.1372</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>23.1900</td><td>278,280</td><td>20,160</td><td>7.2445</td></tr><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>1.6400</td><td>1,640</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

THROUGH June 27, 2003

JEFFREY EPSTEIN

AGCOUNT NUMBER

STATEMENT PERIOD May 31, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

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BEAR
STEARNS


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

5 of 8

## Your Portfolio Holdings (continued)

Equities & Options (continued)

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>19.9500</td><td>311,220</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$3,927,477</td><td>$104,483</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,927,477</td><td>$104,483</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$104,483</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$3,944,973</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

## INVESTMENT ACTIVITY



Transaction Detail


STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

<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>06/18/03</td><td>06/18/03</td><td>SOLD</td><td>METROPOLITAN TRANSN AUTH NY<br>REV RFDG-SER D-2<br>DUE 11/01/2032 01,000%<br>SUBJ TO EXTRA ORD CALL<br>FF<br>OPT PUT 7D<br>YIELD 1,000 % TO MATURITY</td><td></td><td>-1,200,000</td><td>100.00000</td><td></td><td>1,200,000.00</td></tr><tr><td colspan="9">TOTAL</td><td>$1,200,540.82</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

WHOLLY OWNED SUBSDIARY



6 of 8



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Transaction Detail (continued)

DEPOSITS AND WITHDRAWALS

JEFFREY EPSTEIN

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<table><thead><tr><th>MOIDAY</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>05/31/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>423,520.80</td><td></td><td></td><td></td></tr><tr><td>06/02/03</td><td>DIVIDEND</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH MONTHLY DIVIDEND</td><td>DEIXX</td><td></td><td></td><td></td><td>383.65</td></tr><tr><td>06/02/03</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>383.65</td><td></td><td>383.65</td><td></td></tr><tr><td>06/19/03</td><td>SOLD</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH</td><td>DEIXX</td><td>-423,904.45</td><td>1.0000</td><td></td><td>423,904.45</td></tr><tr><td>06/20/03</td><td>DIVIDEND</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVS</td><td>DEIXX</td><td></td><td></td><td></td><td>199.57</td></tr><tr><td>06/27/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-383.65</td><td>$424,487.67</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





7 of 8





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD May 31, 2003

DIVIDENDS

THROUGH June 27, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 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>06/10/03</td><td>JOHNSON &amp; JOHNSON<br>REC 05/20/03 PAY 06/10/03</td><td>JNJ</td><td>57,800</td><td>0.2400</td><td></td><td>13,872.00</td></tr><tr><td>06/13/03</td><td>CROWN AMERICAN REALTY TRUST<br>REC 06/02/03 PAY 06/13/03</td><td>CWN</td><td>5,000</td><td>0.2150</td><td></td><td>1,075.00</td></tr><tr><td>06/13/03</td><td>PAN PACIFIC RETAIL PROPERTIES<br>INC<br>REC 05/23/03 PAY 06/13/03</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>06/02/03</td><td>METROPOLITAN TRANSN AUTH NY<br>REV RFDG-SER D-2<br>DUE 11/01/2032 1,150<br>REG INT ON 1200000 BND<br>REC 05/30/03 PAY 06/02/03</td><td></td><td>1,200,000</td><td></td><td></td><td>1,301.92</td></tr><tr><td>06/23/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 05/21 THRU 06/20</td><td></td><td></td><td>0.7500</td><td></td><td>81.52</td></tr><tr><td colspan="6">TOTAL</td><td>$1,383.44</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

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## Your messages



With interest rates at their lowest in 45 years, income oriented clients are reminded of the risks inherent in attempting to maintain or increase the average yield on a fixed income portfolio. Generally, securities carrying a higher yield come with some combination of added credit risk, extended maturities, reduced liquidity, or special call features. Rising interest rates can cause a decline in the market value of your portfolio, which will impact your principal if securities are sold prior to maturity. Please consult your Bear Stearns account executive if you would like to discuss your fixed income portfolio. As a leader in Fixed Income, Bear Stearns can analyze any portfolio, held here or elsewhere and make recommendations such that your portfolio is aligned within your tolerance for risk.

CLEARED THROUGH ITS WHOWY OWNED SUBSIDIARY

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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


JEFFREY EPSTEIN

ACCOUNT NUMBER

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

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