EFTA00200773 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 | Financial Summary 3 ## What’s In This Statement Your Portfolio Holdings ... 4 Transaction Detail ... 6 Fund Activity 6 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY # 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 | April 25, 2003 | | :--- | :--- | TAXPAYER NUMBER On File JEFFREY EPSTEIN STATEMENT PERIOD April 26, 2003 ACCOUNT NUMBER

TOTAL VALUE OF SECURITIES THIS PERIOD*	5,251,448
LONG ACCRUED INTEREST	1,076
NET CREDIT BALANCE	123,298
MONEY MARKET FUND BALANCE	423,521
NET EQUITY THIS PERIOD	$5,799,343
NET EQUITY LAST STATEMENT	5,881,585
CHANGE SINCE LAST STATEMENT	-82,242

THROUGH May 30, 2003 *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 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. 027 05/31/03;15:30 001 V644 EFTA00200774 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 7 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00200775 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 7 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$118,592.07
Money Fund	363.57
Dividends/Interest	4,706.40
Amount Credited	$5,069.97
Money Fund	-363.57
Amount Debited	-363.57
Net Cash Activity	4,706.40
ClosingBalance	$123,298.47

Cash Balance Summary

	OPENING	CLOSING
Cash	118,592.07	123,298.47
Net Cash Balance	$118,592.07	$123,298.47

Income Summary

	THIS PERIOD	YEAR TO DATE
Dividends	3,440.00	28,813.10
Other Dividends	363.57	2,579.28
Muni Bond Int.	1,191.78	7,319.69
Credit Balance Int.	74.62	367.72
Total	$5,069.97	$39,079.79

Portfolio Composition

Cash/Cash Equivalent	546,819
Equities	4,051,448
Fixed Income	1,200,000
Total	$5,798,267

Bear, Steams Securities Corp. One Metratech Center North Brooklyn, New York 11201-3859 STATEMENT PERIOD April 26, 2003 JEFFREY EPSTEIN THROUGH May 30, 2003 ACCOUNT NUMBER Your Portfolio Allocation TAXPAYER NUMBER On File | LAST STATEMENT | April 25, 2003 | | :--- | :--- | Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio. W644 05/31/03;15:30 001 EFTA00200776 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 of 7 ## Your Portfolio Holdings CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				123,298
DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,0400%	DEIXX	423,520.80	1.0000	423,521	4,235	1.0000
TOTAL CASH & CASH EQUIVALENTS				$546,819	$4,235

## EQUITIES ## Equities & Options

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CANHORN CHEMICAL CORP	CNCPF	CASH	19	Unpriced
CROWN AMERICAN REALTY TRUST	CWN	CASH	5,000	10.0400	50,200	4,300	8.5657
FELCOR LODGING TRUST INC	FCH	CASH	2,000	8.4900	16,980
GLENBOROUGH REALTY TRUST INC	GLB	CASH	2,000	18.6500	37,300	3,440	9.2225
GLIMCHER REALTY TRUST-SBI	GRT	CASH	2,000	21.8200	43,640	3,846	8.8130
HRPT PROPERTIES TR-SBI	HRP	CASH	10,000	9.4900	94,900	8,000	8.4299
HOSPITALITY PROPERTIES TRUST SBI	HPT	CASH	2,000	31.5900	63,180	5,760	9.1168
JOHNSON & JOHNSON	JNJ	CASH	57,800	54.3500	3,141,430	55,488	1.7663
KRAMONT REALTY TRUST	KRT	CASH	2,000	16.2500	32,500	2,600	8.0000
PAN PACIFIC RETAIL PROPERTIES INC	PNP	CASH	436	39.2900	17,130	889	5.1897
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	CASH	12,000	23.3900	280,680	20,160	7.1826

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 STATEMENT PERIOD April 26, 2003 JEFFREY EPSTEIN THROUGH May 30, 2003 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 25, 2003 | | :--- | :--- | 027 05/31/03;15:30 001 V644 EFTA00200777 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 5 of 7 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME
SIRIUS SATELLITE RADIO INC	SIRI	CASH	1,000	1.6000	1,600
TOO INC	TOO	CASH	15,600	17.4300	271,908
Total Equities& Options					$4,051,448	$104,483
TOTAL EQUITIES					$4,051,448	$104,483

Equities & Options (continued) ## Your Portfolio Holdings (continued) JEFFREY EPSTEIN Municipal Bonds STATEMENT PERIOD April 26, 2003 THROUGH May 30, 2003 ACCOUNT NUMBER ## FIXED INCOME

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
METROPOLITAN TRANSN AUTH NY	CASH	1,200,000	100.0000	1,200,000	1,076	13,800	1.1500
REV RFDG-SER D-2
DATED DATE 05/30/02
BOOK ENTRY ONLY
FSA INSURED
DUE 11/01/2032 1,150%
RATING: S&P A-1+
Total MunicipalBonds				$1,200,000	$1,076	$13,800
TOTAL FIXED INCOME				$1,200,000	$1,076	$13,800

YOUR TOTAL ACCRUED INTEREST	$1,076
YOUR TOTAL ESTIMATED ANNUAL INCOME	$122,518
YOUR PRICED PORTFOLIOHOLDINGS	$5,798,267

027 05/31/03;15:30 001 EFTA00200778 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 Transaction Detail STATEMENT PERIOD April 26, 2003 ## MONEY FUND ACTIVITY THROUGH May 30, 2003 TAXPAYER NUMBER On File LAST STATEMENT April 25, 2003

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
04/26/03		OPENINGBALANCE		423,157.23
05/01/03	DIVIDEND	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH MONTHLY DIVIDEND	DEIXX			363.57
05/01/03	REINVEST	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED	DEIXX	363.57	363.57
05/30/03		CLOSINGBALANCE		423,520.80
TOTAL					-363.57	$363.57

## DIVIDENDS

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	CREDIT AMOUNT
05/22/03	HOSPITALITY PROPERTIES TRUST SBI REC 04/23/03 PAY 05/22/03	HPT	2,000	0.7200	1,440.00
05/23/03	HRPT PROPERTIES TR-SBI SBI REC 04/23/03 PAY 05/23/03	HRP	10,000	0.2000	2,000.00
TOTAL					$3,440.00

INTEREST

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	CREDIT AMOUNT
05/01/03	METROPOLITAN TRANSN AUTH NY		1,200,000	1,191.78
	REV RFDG-SER D-2 DUE 11/01/2032	1,350
	REG INT ON 1200000 BND
	REC 04/30/03 PAY 05/01/03

027 EFTA00200779 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 7 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN ## **Transaction Detail** (continued) STATEMENT PERIOD April 26, 2003 INTEREST (continued) THROUGH May 30, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 25, 2003 | | :--- | :--- |

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
05/21/03	INTEREST ON CREDIT BALANCE AT 0 3/4% 04/21 THRU 05/20			0.7500		74.62
TOTAL							$1,266.40

******* End of Statement******* 027 05/31/03;15:30 001 V644