Financial Summary	3
Your Portfolio Holdings	4
Transaction Detail	6
Fund Activity	6
Your Messages	8

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 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. | LAST STATEMENT | December 31, 2002 | | :--- | :--- | JEFFREY EPSTEIN TAXPAYER NUMBER On File ACCOUNT NUMBER *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 January 1, 2003 THROUGH January 31, 2003

TOTAL VALUE OF SECURITIES THIS PERIOD*	5,928,546
LONG ACCRUED INTEREST	1,774
NET CREDIT BALANCE	90,329
MONEY MARKET FUND BALANCE	420,942
NET EQUITY THIS PERIOD	$6,441,591
NET EQUITY LAST STATEMENT	9,547,300
CHANGE SINCE LAST STATEMENT	-3,105,709

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. | | :--- | :--- | | | 027 | 02/01/03:15:36 001 | EFTA00200803 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 8 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00200804 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 8 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$80,376.36
Money Fund	3,003,146.58
Dividends/Interest	9,953.01
Amount Credited	$3,013,099.59
Money Fund	-3,146.58
Funds Withdrawn	-3,000,000.00
Amount Debited	$-3,003,146.58
Net Cash Activity	9,953.01
Closing Balance	$90,329.37

Cash Balance Summary

	OPENING	CLOSING
Cash	80,376.36	90,329.37
Net Cash Balance	$80,376.36	$90,329.37

Income Summary

	THIS PERIOD	YEAR TO DATE
Dividends	1,510.00	1,510.00
Muni Bond Int.	1,968.49	1,968.49
Credit Balance Int.	52.92	52.92
Total	$3,531.41	$3,531.41

Portfolio Composition

Cash/Cash Equivalent	511,271
Equities	3,928,546
Fixed Income	2,000,000
Total	$6,439,817

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD January 1, 2003 THROUGH January 31, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File Your Portfolio Allocation | LAST STATEMENT | December 31, 2002 | | :--- | :--- | Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio. EFTA00200805 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 of 8 ## Your Portfolio Holdings ## CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				90,329
DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,0400%	DEIXX	420,941.52	1.0000	420,942	4,630	1.0999
TOTAL CASH & CASH EQUIVALENTS				$511,271	$4,630

## 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	9.0500	45,250	4,250	9.3923
FELCOR LODGING TRUST INC	FCH	CASH	2,000	10.4500	20,900	1,200	5.7416
GLENBOROUGH REALTY TRUST INC	GLB	CASH	2,000	16.7800	33,560	3,440	10.2503
GLIMCHER REALTY TRUST-SBI	GRT	CASH	2,000	17.5300	35,060	3,846	10.9698
HRPT PROPERTIES TR-SBI	HRP	CASH	10,000	8.3900	83,900	8,000	9.5352
HOSPITALITY PROPERTIES TRUST SBI	HPT	CASH	2,000	32.4000	64,800	5,760	8.8889
JOHNSON & JOHNSON	JNJ	CASH	57,800	53.6100	3,098,658	47,396	1.5296
KRAMONT REALTY TRUST	KRT	CASH	2,000	14.9000	29,800	2,600	8.7248
PAN PACIFIC RETAIL PROPERTIES INC	PNP	CASH	436	36.6000	15,958	872	5.4643
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	CASH	12,000	19.9800	239,760	20,160	8.4084

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metratech Center North Brooklyn, New York 11201-3859 STATEMENT PERIOD January 1, 2003 JEFFREY EPSTEIN THROUGH January 31, 2003 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | December 31, 2002 | | :--- | :--- | 027 02/01/03;15:36 001 EFTA00200806 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 **5 of 8**

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME
SIRIUS SATELLITE RADIO INC	SIRI	CASH	1,000	1.1600	1,160
TOO INC	TOO	CASH	15,600	16.6500	259,740
Total Equities& Options					$3,928,546	$97,524
TOTAL EQUITIES					$3,928,546	$97,524

Equities & Options (continued) ## Your Portfolio Holdings (continued) JEFFREY EPSTEIN STATEMENT PERIOD January 1, 2003 Municipal Bonds THROUGH January 31, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File ## FIXED INCOME | LAST STATEMENT | December 31, 2002 | | :--- | :--- |

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
METROPOLITAN TRANSN AUTH NY	CASH	2,000,000	100.0000	2,000,000	1,774	22,000	1.1000
REV RFDG-SER D-2
DATED DATE 05/30/02
BOOK ENTRY ONLY
PAR CALL 02/27/2003
FSA INSURED
DUE 11/01/2032 1,100%
RATING: S&P A-1+
Total MunicipalBonds				$2,000,000	$1,774	$22,000
TOTAL FIXED INCOME				$2,000,000	$1,774	$22,000

YOUR TOTAL ACCRUED INTEREST	$1,774
YOUR TOTAL ESTIMATED ANNUAL INCOME	$124,154
YOUR PRICED PORTFOLIOHOLDINGS	$6,439,817

027 02/01/03;15:36 001 EFTA00200807 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

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
01/22/03		EXCHANGE	CENTER TR INC C009597 TO P004271 MERGER@,218 PAN PACIFIC		-2,000
01/22/03		EXCHANGE	PAN PACIFIC RETAIL PROPERTIES INC P004271 FROM C009597 MERGER@,218 PAN PACIFIC	PNP	436

## DEPOSITS AND WITHDRAWALS

DATE	TRANSACTION	DESCRIPTION	DEBIT AMOUNT
01/08/03	FND WIRED	JPMORGAN CHASE BANK WIRED TO	2,000,000.00
01/31/03	FND WIRED	JPMORGAN CHASE BANK WIRED TO	1,000,000.00
TOTAL			$-3,000,000.00

## MONEY FUND ACTIVITY

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUN
01/01/03		OPENINGBALANCE		3,417,794.94
01/02/03	REINVEST	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH DIVIDEND REINVESTED	DEIXX	3,146.58		3,146.58

027 02/01/03;15:36 001 EFTA00200808 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 8 JEFFREY EPSTEIN ## **Transaction Detail** (continued) STATEMENT PERIOD January 1, 2003 THROUGH January 31, 2003 ## MONEY FUND ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | December 31, 2002 | | :--- | :--- |

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
01/02/03	DIVIDEND	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH AMT INCLUDED IN 2002 - 1099	DEIXX				3,146.58
01/08/03	SOLD	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH	DEIXX	-2,000,000	1.0000		2,000,000.00
01/31/03	SOLD	DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH	DEIXX	-1,000,000	1.0000		1,000,000.00
01/31/03		CLOSINGBALANCE		420,941.52
TOTAL						$-3,146.58	$3,003,146.58

## DIVIDENDS

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	CREDIT AMOUNT
01/15/03	GLENBOROUGH REALTY TRUST INC REC 01/01/03 PAY 01/15/03	GLB	2,000	0.4300	860.00
01/15/03	GLIMCHER REALTY TRUST-SBI CASH DIV ON 2000 SHS REC 12/31/02 PAY 01/15/03 AMOUNT INCLUDED ON 2002-1099	GRT			961.60
01/17/03	CENTER TR INC CASH DIV ON 2000 SHS REC 12/31/02 PAY 01/17/03 AMOUNT INCLUDED ON 2002-1099				120.00
01/21/03	KRAMONT REALTY TRUST REC 01/02/03 PAY 01/20/03	KRT	2,000	0.3250	650.00
01/21/03	RAMCO GERSHENSON PROPERTIES TRUST-MD SBI CASH DIV ON 12000 SHS REC 12/31/02 PAY 01/21/03 AMOUNT INCLUDED ON 2002-1099	RPT			5,040.00

027 02/01/03;15:36 001 EFTA00200809 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 8 of 8 JEFFREY EPSTEIN ## **Transaction Detail** (continued) STATEMENT PERIOD January 1, 2003 DIVIDENDS (continued) THROUGH January 31, 2003 ACCOUNT NUMBER

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
01/31/03	FELCOR LODGING TRUST INC CASH DIV ON 2000 SHS REC 12/31/02 PAY 01/31/03 AMOUNT INCLUDED ON 2002-1099	FCH				300.00
TOTAL							$7,931.60

DATE	DESCRIPTION	QUANTITY	RATE (%)	CREDIT AMOUNT
01/02/03	METROPOLITAN TRANSN AUTH NY REV RFDG-SER D-2 DUE 11/01/2032 1,500 REG INT ON 2000000 BND REC 12/31/02 PAY 01/02/03	2,000,000	1.5000	1,968.49
01/21/03	INTEREST ON CREDIT BALANCE AT 0 3/4% 12/21 THRU 12/30		0.7500	16.74
01/21/03	INTEREST ON CREDIT BALANCE AT 0 3/4% 12/31 THRU 01/20		0.7500	36.18
TOTAL				$2,021.41

## Your messages The interest, if any, charged to your account during December 2002 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2003 is computed from December 31, 2002. 027 02/01/03;15:36 001 EFTA00200810