EFTA00200780

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 | March 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

JEFFREY EPSTEIN

STATEMENT PERIOD March 29, 2003

ACCOUNT NUMBER

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,338,756</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>1,080</td></tr><tr><td>NET CREDIT BALANCE</td><td>118,592</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>423,157</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$5,881,585</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>5,899,263</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-17,678</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.

THROUGH April 25, 2003

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.

SIPC

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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STEARNS


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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$109,974.19</td></tr><tr><td>Money Fund</td><td>349.64</td></tr><tr><td>Dividends/Interest</td><td>8,617.88</td></tr><tr><td>Amount Credited</td><td>$8,967.52</td></tr><tr><td>Money Fund</td><td>-349.64</td></tr><tr><td>Amount Debited</td><td>$-349.64</td></tr><tr><td>Net Cash Activity</td><td>8,617.88</td></tr><tr><td>ClosingBalance</td><td>$118,592.07</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>109,974.19</td><td>118,592.07</td></tr><tr><td>Net Cash Balance</td><td>$109,974.19</td><td>$118,592.07</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>7,511.60</td><td>25,373.10</td></tr><tr><td>Other Dividends</td><td>349.64</td><td>2,215.71</td></tr><tr><td>Muni Bond Int.</td><td>1,033.97</td><td>6,127.91</td></tr><tr><td>Credit Balance Int.</td><td>72.31</td><td>293.10</td></tr><tr><td>Total</td><td>$8,967.52</td><td>$34,009.82</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>541,749</td></tr><tr><td>Equities</td><td>4,138,756</td></tr><tr><td>Fixed Income</td><td>1,200,000</td></tr><tr><td>Total</td><td>$5,880,505</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

<table><thead><tr><th>STATEMENT PERIOD</th><th>March 29, 2003</th></tr></thead><tbody><tr><td>THROUGH</td><td>April 25, 2003</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>March 28, 2003</td></tr></tbody></table>

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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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>118,592</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,1400%</td><td>DEIXX</td><td>423,157.23</td><td>1.0000</td><td>423,157</td><td>4,232</td><td>1.0001</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$541,749</td><td>$4,232</td><td></td></tr></tbody></table>

## 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>10.2300</td><td>51,150</td><td>4,250</td><td>8.3089</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>7.1100</td><td>14,220</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>16.5100</td><td>33,020</td><td>3,440</td><td>10.4179</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>20.4800</td><td>40,960</td><td>3,846</td><td>9.3896</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.9100</td><td>89,100</td><td>8,000</td><td>8.9787</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>28.5500</td><td>57,100</td><td>5,760</td><td>10.0876</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>56.2100</td><td>3,248,938</td><td>55,488</td><td>1.7079</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>15.4000</td><td>30,800</td><td>2,600</td><td>8.4416</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>39.1000</td><td>17,048</td><td>872</td><td>5.1150</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>22.9100</td><td>274,920</td><td>20,160</td><td>7.3330</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD March 29, 2003

JEFFREY EPSTEIN

THROUGH April 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

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STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


5 of 7



Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<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>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>0.7000</td><td>700</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>18.0000</td><td>280,800</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,138,756</td><td>$104,416</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,138,756</td><td>$104,416</td><td></td></tr></tbody></table>

Equities & Options (continued)

## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

Municipal Bonds

STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



<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>ACCRUED INTEREST</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>METROPOLITAN TRANSN AUTH NY</td><td></td><td>CASH</td><td>1,200,000</td><td>100.0000</td><td>1,200,000</td><td>1,080</td><td>16,200</td><td>1.3500</td></tr><tr><td>REV RFDG-SER D-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DATED DATE 05/30/02</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>BOOK ENTRY ONLY</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>FSA INSURED</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DUE 11/01/2032 1,350%</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>RATING: S&amp;P A-1+</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total MunicipalBonds</td><td></td><td></td><td></td><td></td><td>$1,200,000</td><td>$1,080</td><td>$16,200</td><td></td></tr><tr><td>TOTAL FIXED INCOME</td><td></td><td></td><td></td><td></td><td>$1,200,000</td><td>$1,080</td><td>$16,200</td><td></td></tr></tbody></table>

## FIXED INCOME

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$1,080</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$124,848</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$5,880,505</td></tr></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



Transaction Detail


STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003

## MONEY FUND ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</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>03/29/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>422,807.59</td><td></td><td></td><td></td></tr><tr><td>04/01/03</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>349.64</td></tr><tr><td>04/01/03</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>349.64</td><td></td><td>349.64</td><td></td></tr><tr><td>04/25/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>423,157.23</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-349.64</td><td>$349.64</td></tr></tbody></table>

## DIVIDENDS

<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>04/15/03</td><td>GLENBOROUGH REALTY TRUST INC<br>REC 04/01/03 PAY 04/15/03</td><td>GLB</td><td>2,000</td><td>0.4300</td><td></td><td>860.00</td></tr><tr><td>04/15/03</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 03/31/03 PAY 04/15/03</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>04/15/03</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 03/31/03 PAY 04/15/03</td><td>RPT</td><td>12,000</td><td>0.4200</td><td></td><td>5,040.00</td></tr><tr><td>04/21/03</td><td>KRAMONT REALTY TRUST<br>REC 03/31/03 PAY 04/18/03</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td colspan="7">TOTAL</td><td>$7,511.60</td></tr></tbody></table>

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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 March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 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>04/01/03</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 03/31/03 PAY 04/01/03</td><td></td><td>1,200,000</td><td></td><td></td><td>1,033.97</td></tr><tr><td>04/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 03/21 THRU 04/20</td><td></td><td></td><td>0.7500</td><td></td><td>72.31</td></tr><tr><td colspan="6">TOTAL</td><td>$1,106.28</td></tr></tbody></table>





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


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