EFTA00200787

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

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>6</td></tr><tr><td>Fund Activity</td><td>6</td></tr><tr><td>Your Messages</td><td>8</td></tr></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



# 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 | February 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,365,479</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>1,002</td></tr><tr><td>NET CREDIT BALANCE</td><td>109,974</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>422,808</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$5,899,263</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>6,066,943</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-167,680</td></tr></table>

TAXPAYER NUMBER On File

JEFFREY EPSTEIN

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

STATEMENT PERIOD March 1, 2003

ACCOUNT NUMBER

THROUGH March 28, 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.

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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$195,638.74</td></tr><tr><td>Securities Sold</td><td>400,000.00</td></tr><tr><td>Money Fund</td><td>321.74</td></tr><tr><td>Dividends/Interest</td><td>14,335.45</td></tr><tr><td>Amount Credited</td><td>$414,657.19</td></tr><tr><td>Money Fund</td><td>-321.74</td></tr><tr><td>Funds Withdrawn</td><td>-500,000.00</td></tr><tr><td>Amount Debited</td><td>$-500,321.74</td></tr><tr><td>Net Cash Activity</td><td>-85,664.55</td></tr><tr><td>Closing Balance</td><td>$109,974.19</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>195,638.74</td><td>109,974.19</td></tr><tr><td>Net Cash Balance</td><td>$195,638.74</td><td>$109,974.19</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>12,911.50</td><td>17,861.50</td></tr><tr><td>Other Dividends</td><td>321.74</td><td>1,866.07</td></tr><tr><td>Muni Bond Int.</td><td>1,335.87</td><td>5,093.94</td></tr><tr><td>Credit Balance Int.</td><td>88.08</td><td>220.79</td></tr><tr><td>Total</td><td>$14,657.19</td><td>$25,042.30</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>532,782</td></tr><tr><td>Equities</td><td>4,165,479</td></tr><tr><td>Fixed Income</td><td>1,200,000</td></tr><tr><td>Total</td><td>$5,898,261</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD March 1, 2003

JEFFREY EPSTEIN

THROUGH March 28, 2003



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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>109,974</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td>DEIXX</td><td>422,807.59</td><td>1.0000</td><td>422,808</td><td>3,805</td><td>0.8999</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,0200%</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$532,782</td><td>$3,805</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>9.8000</td><td>49,000</td><td>4,250</td><td>8.6735</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>6.0600</td><td>12,120</td><td>1,200</td><td>9.9010</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>15.5600</td><td>31,120</td><td>3,440</td><td>11.0540</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>19.2700</td><td>38,540</td><td>3,846</td><td>9.9792</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.6500</td><td>86,500</td><td>8,000</td><td>9.2486</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>30.9500</td><td>61,900</td><td>5,760</td><td>9.3053</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>57.3800</td><td>3,316,564</td><td>47,396</td><td>1.4291</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>15.1000</td><td>30,200</td><td>2,600</td><td>8.6093</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>38.1300</td><td>16,625</td><td>872</td><td>5.2451</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>21.6800</td><td>260,160</td><td>20,160</td><td>7.7491</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 1, 2003

JEFFREY EPSTEIN

THROUGH March 28, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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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 8**



Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



Equities & Options (continued)

<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>0.6700</td><td>670</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>16.8000</td><td>262,080</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,165,479</td><td>$97,524</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,165,479</td><td>$97,524</td><td></td></tr></tbody></table>

## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

Municipal Bonds

STATEMENT PERIOD March 1, 2003

<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>1,002</td><td>13,800</td><td>1.1500</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 1,150%</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>$1,002</td><td>$13,800</td><td></td></tr><tr><td>TOTAL FIXED INCOME</td><td></td><td></td><td></td><td></td><td>$1,200,000</td><td>$1,002</td><td>$13,800</td><td></td></tr></tbody></table>



ACCOUNT NUMBER



THROUGH March 28, 2003

## FIXED INCOME

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$1,002</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$115,129</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$5,898,261</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



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



6 of 8

JEFFREY EPSTEIN



Transaction Detail



INVESTMENT ACTIVITY

<table><thead><tr><th>SEITLEMENT 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>03/07/03</td><td>03/07/03</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>THIS SECURITY HAS PUT FEATURES<br>ADDITIONAL INFORMATION WILL<br>BE PROVIDED UPON REQUEST</td><td></td><td>-400,000</td><td>100.00000</td><td></td><td>400,000.00</td></tr><tr><td colspan="8">TOTAL</td><td>$400,047.12</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



## MONEY FUND ACTIVITY

<table><thead><tr><th>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>03/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>422,485.85</td><td></td><td></td><td></td></tr><tr><td>03/03/03</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>321.74</td></tr><tr><td>03/03/03</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>321.74</td><td></td><td>321.74</td><td></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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

7 of 8

JEFFREY EPSTEIN

## Transaction Detail (continued)

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 2003

MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td>DATE MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>03/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>422,807.59</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-321.74</td><td>$321.74</td></tr></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>03/11/03</td><td>JOHNSON &amp; JOHNSON REC 02/18/03 PAY 03/11/03</td><td>JNJ</td><td>57,800</td><td>0.2050</td><td></td><td>11,849.00</td></tr><tr><td>03/14/03</td><td>CROWN AMERICAN REALTY TRUST REC 03/03/03 PAY 03/14/03</td><td>CWN</td><td>5,000</td><td>0.2125</td><td></td><td>1,062.50</td></tr><tr><td colspan="6">TOTAL</td><td>$12,911.50</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>03/03/03</td><td>METROPOLITAN TRANSN AUTH NY<br>REV RFDG-SER D-2<br>DUE 11/01/2032 0,000<br>REG INT ON 1600000 BND<br>REC 02/28/03 PAY 03/03/03</td><td></td><td>1,600,000</td><td></td><td></td><td>1,288.75</td></tr><tr><td>03/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 02/21 THRU 03/20</td><td></td><td></td><td>0.7500</td><td></td><td>88.08</td></tr><tr><td colspan="6">TOTAL</td><td>$1,376.83</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

WHOLLY OWNED SUBSDIARY



8 of 8

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

## Your messages

Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At November 30, 2002 and January 31, 2003, the Company's net capital of approximately $2.4 billion and $2.4 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $716.3 million and $684.1 million by approximately $1.7 billion and $1.7 billion, all respectively.



A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com . Alternatively, to request a free printed copy please call - toll free - 1-866-299-9331.

| STATEMENT PERIOD | March 1, 2003 |

| :--- | :--- |

| THROUGH | March 28, 2003 |

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>February 28, 2003</td></tr></tbody></table>





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


Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.

Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear Stearns & Co, Inc. will post its quarterly routing statistics at the following web link: http://www.bearstearns.com/.

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