EFTA00200795

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 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 | January 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

JEFFREY EPSTEIN

ACCOUNT NUMBER

STATEMENT PERIOD February 1, 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.

THROUGH February 28, 2003

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>5,447,404</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>1,414</td></tr><tr><td>NET CREDIT BALANCE</td><td>195,639</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>422,486</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$6,066,943</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>6,441,591</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-374,649</td></tr></table>

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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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$90,329.37</td></tr><tr><td>Securities Sold</td><td>400,000.00</td></tr><tr><td>Money Fund</td><td>1,544.33</td></tr><tr><td>Dividends/Interest</td><td>5,309.37</td></tr><tr><td>Amount Credited</td><td>$406,853.70</td></tr><tr><td>Money Fund</td><td>-1,544.33</td></tr><tr><td>Funds Withdrawn</td><td>-300,000.00</td></tr><tr><td>Amount Debited</td><td>$-301,544.33</td></tr><tr><td>Net Cash Activity</td><td>105,309.37</td></tr><tr><td>Closing Balance</td><td>$195,638.74</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>90,329.37</td><td>195,638.74</td></tr><tr><td>Net Cash Balance</td><td>$90,329.37</td><td>$195,638.74</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>3,440.00</td><td>4,950.00</td></tr><tr><td>Other Dividends</td><td>1,544.33</td><td>1,544.33</td></tr><tr><td>Muni Bond Int.</td><td>1,789.58</td><td>3,758.07</td></tr><tr><td>Credit Balance Int.</td><td>79.79</td><td>132.71</td></tr><tr><td>Total</td><td>$6,853.70</td><td>$10,385.11</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>618,125</td></tr><tr><td>Equities</td><td>3,847,404</td></tr><tr><td>Fixed Income</td><td>1,600,000</td></tr><tr><td>Total</td><td>$6,065,529</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 February 1, 2003

THROUGH February 28, 2003



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2003 |

| :--- | :--- |

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

V641

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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 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>195,639</td><td></td><td></td></tr><tr><td>DREYFUS TAX EXEMPT CASH</td><td>DEIXX</td><td>422,485.85</td><td>1.0000</td><td>422,486</td><td>4,225</td><td>1.0000</td></tr><tr><td>MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD ,9800%</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>$618,125</td><td>$4,225</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>9.5800</td><td>47,900</td><td>4,250</td><td>8.8727</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>6.8700</td><td>13,740</td><td>1,200</td><td>8.7336</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>16.2000</td><td>32,400</td><td>3,440</td><td>10.6173</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>18.8700</td><td>37,740</td><td>3,846</td><td>10.1908</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>8.5100</td><td>85,100</td><td>8,000</td><td>9.4007</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>30.5600</td><td>61,120</td><td>5,760</td><td>9.4241</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>52.4500</td><td>3,031,610</td><td>47,396</td><td>1.5634</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>14.9500</td><td>29,900</td><td>2,600</td><td>8.6957</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>37.6000</td><td>16,394</td><td>872</td><td>5.3190</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>21.0700</td><td>252,840</td><td>20,160</td><td>7.9734</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD February 1, 2003

THROUGH February 28, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 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




Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



5 of 7

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>0.7600</td><td>760</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>15.2500</td><td>237,900</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,847,404</td><td>$97,524</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,847,404</td><td>$97,524</td><td></td></tr></tbody></table>

## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

STATEMENT PERIOD February 1, 2003

Municipal Bonds

THROUGH February 28, 2003



ACCOUNT NUMBER



## FIXED INCOME

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 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>1,600,000</td><td>100.0000</td><td>1,600,000</td><td>1,414</td><td>17,600</td><td>1.1000</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>PAR CALL 03/24/2003</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 1,100%</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>$1,600,000</td><td>$1,414</td><td>$17,600</td><td></td></tr><tr><td>TOTAL FIXED INCOME</td><td></td><td></td><td></td><td></td><td>$1,600,000</td><td>$1,414</td><td>$17,600</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$1,414</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$119,349</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$6,065,529</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
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

6 of 7

JEFFREY EPSTEIN



Transaction Detail



INVESTMENT ACTIVITY

<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>02/11/03</td><td>02/11/03</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>$400,090.96</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



## MONEY FUND ACTIVITY

<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>02/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>420,941.52</td><td></td><td></td><td></td></tr><tr><td>02/03/03</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>1,544.33</td></tr><tr><td>02/03/03</td><td>REINVEST</td><td>DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED</td><td>DEIXX</td><td>1,544.33</td><td></td><td>1,544.33</td><td></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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

7 of 7

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD February 1, 2003

MONEY FUND ACTIVITY (continued)

THROUGH February 28, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 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>02/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>422,485.85</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-1,544.33</td><td>$1,544.33</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>02/20/03</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 01/23/03 PAY 02/20/03</td><td>HPT</td><td>2,000</td><td>0.7200</td><td></td><td>1,440.00</td></tr><tr><td>02/21/03</td><td>HRPT PROPERTIES TR-SBI<br>SBI<br>REC 01/17/03 PAY 02/21/03</td><td>HRP</td><td>10,000</td><td>0.2000</td><td></td><td>2,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$3,440.00</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>02/03/03</td><td>METROPOLITAN TRANSN AUTH NY<br>REV RFDG-SER D-2<br>DUE 11/01/2032 0,000<br>REG INT ON 2000000' BND<br>REC 01/31/03 PAY 02/03/03</td><td></td><td>2,000,000</td><td></td><td></td><td>1,698.62</td></tr><tr><td>02/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 01/21 THRU 02/20</td><td></td><td></td><td>0.7500</td><td></td><td>79.79</td></tr><tr><td colspan="6">TOTAL</td><td>$1,778.41</td></tr></tbody></table>

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