EFTA00200981.pdf

Statements EFTA00200981 CLEARED THROUGH ITS VOICU.Y ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 OW' llllllllllllllllll lllll IIIIIIIIIIIIIIIIIIIIIIIIIIII11111111111 JEFFREY EPSTEIN C/0 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 8-3 ST THOMAS VI 00802-1348 SW. Reams SOOtid081 Cat. One Metaled, Conk. North 9taltDn. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2006 THROUGH December 29.2006 ACCOUNT NUMBER TAXPAYER AMMER OR File LAST STATEMENT November 30.2006 Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH RR NEW YORK NY 10022 027 12030176/3923 001 7003 EFTA00200982 CLEARED THROUGH ITS ~GUY ONISED SUBSIDIARY BffiR STffiRNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 BM'. WHIMS Sealdeft Gap brie Marotta, Calla North Eitcaltn. New Yak 112014859 JEFFREY EPSTEIN INVESTMENT PROFESSIONAL ZICHERMAN.IFUI TELEPHONE VISIT OUR WEBSITE iwnv.bearslearns.com What's In This Statement Financial Summary 3 88888 JEFFREY EPSTEIN STATEMENT PERK* THROUGH ACCOUNT NUMBER TAXPAYER HOMER LAST STATEMENT December 1.2006 December 29.2006 On File November 30.2006 Your Portfolio Holdings 4 CFO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER B-3 Your Messages 8 ST THOMAS VI 00802-1348 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,667,973 MONEY MARKET FUND BALANCE 5,051,800 Cash & EtNevelent NET EQUITY THIS PERIOD $9,719,773 NET EQUITY LAST STATEMENT 10,347,987 CHANGE SINCE LAST STATEMENT -628,214 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities Home copal oaf anworoo a ~ream of storks er mocks. formal as &loam le itu. 10 Cleei Soma» al 800431-1129: a veto le Gem SONIC« a Boa &corm &cum.» Cap.. One MOONS Gala Hot. °Hahn, N Y 112014859 027 Market Value of Your Portfolio 051.800 65.690.854 $4.667.973 $4.657.133 Current market value me Last statement's market value Tin SIMIY is for dermeScoel pwpoew any item «teem n a tam ~snore ills =teener« should be craned fa your records See mace se for repot« reconatim 1240(060923 001 1003 II any information regarding 2006interest, dividends. miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099wi11 be mailed to you by January 31,2007or a 1042S by March 15,2007. EFTA00200983 CLEARED THROUGH ITS WHOLLY ORIRED SUBSIDIARY Seal. Reams SecudRes Cup One Mewled, Conk. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 ol e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 12/3ONBA923 001 V003 EFTA00200984 CLEARED THROUGH ITS VOICUY OMED SURSIDIAAv BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 3 Cash Flow Analysis Income Summary THIS PERIOD The PERM YEAR TO DATE Opening Balance $0.00 Dividends 49.636.78 322,345.81 Money Fund 4,025,934.53 Total $49.636.78 $322,345.81 Funds Deposited 3,311,309.87 Dividends/Interest 22,702.25 Amount Credited $7.360.946.65 Portfolio Composition Cash,Cash Equivalent 5.051,800 Money Fund -3.360.946.65 Equities 4.667,973 Funds Withdrawn -4.000.000.00 Total $9.719.773 Amount Debited $-7.360.946.65 Closing Balance $0.00 027 SW. Seams SMADO. CDT. One Metaled, Conk. North BrodWrn. Nov York 112013559 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2006 THROUGH December 29.2006 ACCOUNT NUMBER TAXPAYER NLISSER On Ale LAST STATEMENT NOveR1C0130. 2006 Cash & Equivate t 52% 12/30(060923 001 V003 Your Portfolio Allocation Equities 48% Untoded Donlon, denote 000* bet:ince wick, shod 'tuna vas. TM alocallx, matrix,: is clorhod from to absola marlin mak* 01 pxe EFTA00200985 CLEARED THROUGH ITS VOICUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPRON SRATEICVCVSIP DREYFUS CASH MANAGEMENT-CL A DIM INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,1700% TOTAL CASH & CASH EQUIVALENTS eumrnw 5,051,800.21 Mg' (ET PRICE 1.0000 5.051.800 ESTIMATED CURREAS MUM. INCOME YIELD I%) 257.642 5.1000 $5,051,800 5257,642 EQUITIES SRN. sown see-tweet cow Cno Motrotoch Conk. North bockkn. Nov York 112013559 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2006 THROUGH December 29.2006 ACCOUNT NUMBER TAXPAYER AVNEER On FIk LAST STATEMENT N0vet 30.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvnv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRIPTION SYMEICUCUSIP ACCT TOPE °warm PRCE MARKET VALUE ESTRAME0 ANNUAL INCOME CANIFeir YEW PR) FELCOR LODGING TRUST INC FCH CASH 2,000 21.8400 43.680 2,000 4.5788 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 263100 53.420 3,846 7.1996 HRPT PROPERTIES TR-SBI HRP CASH 10,000 12.3500 123.500 8,400 6.8016 HOSPITAUTY PROPERTIES TRUST HPT CASH 2,000 47.5300 95.060 5,920 6.2276 561 027 12)30030923 001 V003 EFTA00200986 CLEARED THROUGH ITS VOICUY ODIVED SUSSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 5 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESORPTION SITIBOUGUSIP TYPE OUAMITY PACE MARKET VALLE ESTMATED ANNJAL INCOIAE CURROVT VELD 1%) JOHNSON& JOHNSON JNJ CASH 57,800 66.0200 3.815.956 86,700 2.2720 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: B KIMCO REALTY CORP KIM CASH 98 44.9500 4,405 141 3.2009 BSC RATING: STOCK 0/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S lArTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.3100 73 EIS 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.6010 11 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 39.3800 70,648 4.090 5.7893 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 38.1400 457,680 21.480 4.6932 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.5400 3,540 BSC RATING: STOCK U/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.667,973 $132.577 TOTAL EQUITIES $4.667,973 $132.577 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $-390.219 YOUR PRICED PORTFOLIOHOLDINGS $9.719.773 SW. Reams Seamiest Cat. One Metaled, Conk. North baltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2006 THROUGH December 29.2006 ACCCUNT NUMBER TAXPAYER KAMER OR File LAST STATEMENT November 30. 2006 027 12/30(080923 001 V003 EFTA00200987 CLEARED THROUGH ITS YmGuy OHTJED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail DEPOSITS AND WITHDRAWALS D4-E 12/07/06 FND WIRED WIRED TO IPANSACT Cf: DESCRPIION peen Ammon 1.000.000.00 CREDIT MAXIM 12/15/06 FUNDS REC 12/18/06 FND WIRED FNDS WIRED TO CITIBANK FROM 3,311,309.87 WIRED TO 1.000.000.00 12X2ADTATAM:14. :UM . : 12/19/06 FND WIRED WIRED TO 2.000.000.00 TOTAL $-4,000,000.00 $3,311,309.87 MONEY FUND ACTIVITY Seel. Warn Seamilkil Cat. One Motrotoch Conk. North StoStlin. Nov York 112013559 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2006 THROUGH December 29.2006 ACCOUNT NUMBER TAXPAYER KISSER 011 Flk LAST STATEMENT NOveMCSI 30.2006 DATE ICADAY TRVISICTION DESCRIPTION STUMM/SIP WAARITY PRICE DEEM AMOUNT CREDIT MAWR 12/01/06 OPENINGBALANCE 5.690.853.56 12/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)C( 26.93433 INSTITUTIONAL SHARES MONTHLY DIVIDEND 12/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DIC)C( 26,934.53 26.934.53 INSTITUTIONAL SHARES DIVIDEND REINVEST 12/07/06 SOLD DREYFUS CASH MANAGEMENT-CL A DIC)C( -1.000.000 1.0000 1.000.000.00 INSTITUTIONAL SHARES 12/12/06 BOUGHT DREYFUS CASH MANAGEMENT-Cl. A DICK 21,679.67 1.0000 21.679.67 INSTITUTIONAL SHARES 027 12/30030923 001 V003 EFTA00200988 CLEARED THROUGH ITS VOICUY ONIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YOrk New York 10179 7 ri Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE TACTOAT TRANSACTION DESCRIPMN SYMECUICVS1P CVANTTry PRICE 06131T mom CREDIT AMOUNT 12/15/06 BOUGHT DREYFUS CASH MANAGEMENT-A. A DIC)0( 1,022.58 1.0000 1,022.58 INSTITUTIONAL SHARES 12/15/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 3.311,309.87 1.0000 3,311,309.87 INSTITUTIONAL SHARES 12/18/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICTer -1,000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 12/19/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICTA -2.000.000 1.0000 2.000.000.00 INSTITUTIONAL SHARES 12/29/06 CLOSINGBALANCE 5.051.800.21 TOTAL $.3.360,946.65 $4.026.934.53 DIVIDENDS SRN. warns seamiest Gory. One Metaled, Conk. North 9taltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2006 THROUGH December 29.2006 ACCOUNT NUMBER TAXPAYER KINSER OR File LAST STATEMENT November 30. 2006 DATE OESCRPTION STMECIANSIP OUANTITY RATE 1ST DENT AMOUNT CAECIT AMOUNT 12104/06 GLEN ROUGH REALTY TRUST INC 37803P105 4.67 TO $ PYMNTS.002336 12/12/06 JOHNSON& JOHNSON JNJ 57.800 0.3750 21,675.00 REC 11,28/06 PAY 12/12/06 12115/06 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5700 1.022.58 INVESTMENT TRUST-S8I REC 12/01106 PAY 12/15106 TOTAL $22,702.25 027 12/30660923 001 v003 EFTA00200989 CLEARED THROUGH ITS 1901CUY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 8 vi Your messages As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289.9999 or via the internet address which is www,nasdr,com, In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request, End of Statemen 027 1240(080923 001 8003 SW. Reams Seam* Core One Metaled, Conk. North bccItlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2006 THROUGH December 29.2006 ACCCUNT NUMBER TAXPAYER KINSER On File LAST STATEMENT November 30.2006 EFTA00200990 CLEARED THROUGH ITS IMICALY CHASED SUSSIDIARy BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE VISIT OUR WESSITE ‘wiw.bearstearns.com What's In This Statement Illlllllllllllllll lllll Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER B-3 Your Messages 9 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 4,657,133 MONEY MARKET FUND BALANCE 5,690,854 Cash & Equivalent — $5.690.854 NET EQUITY THIS PERIOD $10,347,987 NET EQUITY LAST STATEMENT 12,331,625 CHANGE SINCE LAST STATEMENT •1,983.638 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Reza roma oaf clIbronoo a corwoma% of twits or Mocks. naColod z clahorod to Cleni Sonic°. al 80004-1428: a veto to ChM SoNkos a Rom Swarm &conies Ca,.. One Manned, Cooler North. 8rooNyrr NY. 112014959 027 Equities $4.657.133 54.762.060 Current market value lin Last statement's market value $7.569.565 Seel. Reams Secures. Carp Coo Reefed, Center North Srceldrn. Nov York 11201-U69 JEFFREY EPSTEIN STATEMENT PERKO November 1.2006 THROUGH November 30.2006 ACCOUNT NUMBER TAXPAYER MANNA On File LAST STATEMENT °MIMI 31.2006 TNs summary Is for mOrnkshonnl Reposes only !HEM fended as dcarntal TN; staternere should be Mined for for records See revers* ode to ',modem fasnatrel 12)01/0605:S6 001 V9I7 EFTA00200991 CLEARED THROUGH ITS WHOLLY ORIVED SUBSIDIARY SW. SleanIS GRUNION, CUR One Metaled, Conic. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 01 $ STATEMENT BACKER IS PRINTED ON THIS PAGE O27 I2/0110605:56 001 V917 EFTA00200992 CLEARED THROUGH ITS WHOLLY (AWED SUBSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 3 0 Cash Flow Analysis Income Summary THIS PERIOD THIS PERIOD YEAR TO DATE Opening Balance $0.00 Dividends 43.118.50 272.709.03 Securities Sold 52,000.00 Total $13.118.50 $272,709.03 Money Fund 2,039,075.39 Dividendstinterest 4.043.11 Miscellaneous 26,170.34 Portfolio Composition Amount Credited $2,121,288.84 Cashtash Equivalent 5.690,854 Equities 4.657,133 Money Fund -121.288.84 Funds Withdrawn -2,000.000.00 Total $10,347,987 Amount Debited 3-2.121,288.84 Closing Balance $0.00 027 SRN. sown secwwer cork One Metaled, Conk. North &DSO% Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Noventer 1.2006 THROUGH November 30.2006 ACCOUNT NUMBER TAXPAYER NLISSER On File LAST STATEMENT October 31.2006 Your Portfolio Allocation Equities Cash &Equivale 45% 55% 12,011060556 001 V917 Unteeeti Preen, denote 000! OttenOD omit, shod Ticket Vitali alocama warm": es clawed from to amok*, (radon maw os pxe panna. EFTA00200993 CLEARED THROUGH ITS 1901CUY GMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS MAt-(ET ESTIMATED CURRENT DESCRPRON S/MEICVCVSIP ousirnw PRICE 4Niti-: ?MU& INCOME YELD I%) DREYFUS CASH MANAGEMENT-CL A DIDA 5,690,853.56 1.0000 5.690.854 301.615 5.3000 INSTITUTIONAL SHARES EST. 30 DAY AVG WIELD 5.1900% TOTAL CASH & CASH EQUIVALENTS $5.690.854 $301,615 EQUITIES 8081. warns secivion cow Cno Metaled, Conk. North boNtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD NOveMINN 1.2006 THROUGH Novernter 30.2006 ACCOUNT NUMBER TAXPAYER AMBER Gfl File LAST STATEMENT WOW 31.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third•party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third•party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvnv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRATION SYMEICUCUSIP ACCT TYPE DUMMY PRCE MANCET VALVE ESTPAME0 ANNUAL IIICOME CURNWT YEW IN4 FELCOR LODGING TRUST INC FCH CASH 2,000 22.0100 44.020 1,600 3.6347 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 26.9700 53.940 3,846 7.1301 HRPT PROPERTIES TR-SBI HRP CASH 10,000 12S700 125.700 8,400 6.6826 HOSPITAUTY PROPERTIES TRUST HPT CASH 2,000 501900 100.380 5,920 5.8976 581 027 12/01/01305:58 001 V917 EFTA00200994 CLEARED THROUGH ITS OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 5 SW. SIMMS SONNI981 GOO One Metrotech Coma North 13taltkn. New York 11201.3859 JEFFREY EPSTEIN STATEMENT PER100 Novemter 1.2006 Your Portfolio Holdings (continued) THROUGH ACCOUNT NUMBER TAXPAYER AILIUSER LAST STATEMENT Novernter 30.2006 On He WOW 31.2006 Equities & Options (continued) ACCT MARKET ESTMATED 0.11ROVT DESCRIPTION SIMBOUCUSIP TYPE OUANTITT PACE VALLE ANMJAL INCOIAE VELD i1) JOHNSON& JOHNSON JNJ CASH 57.800 65.9100 3.809.598 86,700 2.2758 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: B KIMCO REALTY CORP KIM CASH 98 46.3800 4,545 141 3.1023 BSC RATING: STOCK 0/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S lArTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.2250 53 DTP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.7450 14 PENNSYLVANIA REAL ESTATE PEI CASH 1.794 39.5000 70,863 4.090 5.7717 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 36.9800 443,760 21.480 4.8405 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 4.2600 4,260 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.657,133 $132.177 TOTAL EQUITIES $4.657,133 $132.177 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $433.792 YOUR PRICED PORTFOLIOHOLDINGS $10.347.987 027 12/01/0805:58 001 V917 EFTA00200995 CLEARED THROUGH ITS WHOLLY ONIVED SUBSOIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail INVESTMENT ACTIVITY 8081. Warns SecudOes Goo Cno Metaled, Conk. North bcdtlin. New York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD NOKIMINN 1.2006 THROUGH November 30.2006 ACCOUNT! NUMBER TAXPAYER WEIDER OR File LAST STATEMENT October 31,2006 SETTLEMENT !ROE DATE DATE TRANSACTION DESCRIPTION SYMI/OcCUSIP GUMMY PRICE DUE AMOUNT CRIX0 Wail 11/01/06 EXCHANGE 11/01/06 MERGER 11/30/06 MERGER KIMCO REALTY CORP illISI. R2Stailr PAN PACIFIC RETAIL PROPERTIES TO 01rJoGitir TRUST INC ER 6 KIM 698061104 GLB 98 -436 -2,000 52.000.00 TOTAL 552.000.00 DEPOSITS AND WITHDRAWALS TRANSACTION DESCRPTION AMOUNT CAM ir AlACtpa 1110&06 FND WIRED NDSWIRED TO 1,000,000.00 11/17/06 FND WIRED IIIIIMINDSWIRED TO 1,000,000.00 81.1. TOTAL $-2,000,000.00 MONEY FUND ACTIVITY DATE IADVAY TR/NEWTON DESCRIPTOR s) %AM_ CUSIP C/JANTrr 11/01/06 OPENINGBALANCE 7,569,564.72 PA10E DEBIT AMOUNT CREDIT MACWIT 027 12,011060556 001 V917 EFTA00200996 CLEARED THROUGH ITS VOICUY OMED SU8S0IARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 7 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE ICON TRANSACTICCI DESCRIPTCIV SYMEAUCVSIP EAMATTY PACE DEBIT AMOUNT CREDIT AMOUNT 11/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)0( 39,075.39 INSTITUTIONAL SHARES MONTHLY DIVIDEND 11/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 39,075.39 39,075.39 INSTITUTIONAL SHARES DIVIDEND REINVEST 11/02/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 26,273.45 1.0000 26,273.45 INSDTUTIONAL SHARES 11/06/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 11/16/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1.480 1.0000 1,480.00 INSTITUTIONAL SHARES 11/17/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 11/22/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 2,100 1.0000 2,100.00 INSTITUTIONAL SHARES 11/30/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 52.360 1.0000 52.360.00 INSOIUTIONAL SHARES 11/30/06 CLOSINGBALANCE 5,690.853.56 TOTAL $-121.288.84 $2.039.075.39 DIVIDENDS SRN. Warns SO0wI981 Cat. Cc* Metaled, Conk. North excltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Noventer 1.2006 THROUGH Novernter 30.2006 ACCCUNT NUMBER TAXPAYER AME93ER On File LAST STATEMENT 0010b8( 31.2006 DATE DESCRPTION STAIDOCCUSIP OUNVTITT RATE St 11/01/06 PAN PACIFIC RETAIL PROPERTIES 69806L104 TO $ @ $2365 PIS DEDT AMOUT CPECIT AMCuur 103.11 027 M01/0605:58 001 V917 EFTA00200997 CLEARED THROUGH ITS VOICUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 8 Transaction Detail (continued) DIVIDENDS (continued) DATE MORMON SYMEICIAUSP 11/16/06 HOSPITALITY PROPERTIES TRUST HPT SRI REC 10/16106 PAY I 1/16106 capvany RATE (5) 2.000 0.7400 CERT AMOUNT sm.steams sennint Corp One Metaled, CmIN North 9taltlin. Rat York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD NOvell6NN 1.2006 THROUGH Novernter 30.2006 ACCOUNT NUMBER TAXPAYER NUMBER Ofl File LAST STATEMENT °MOW 31.2006 CREDIT AMOUNT 1,480.00 11/22/06 HRPT PROPERTIES TR-SRI REC 1023/06 PAY 11/22/06 HAP 10.000 0.2100 2,100.00 11/30/06 iii( OuGH REALTY TRUST INC GIB 360.00 TO S • ENT @ $.18 P1S TOTAL $4,043.11 MISCELLANEOUS DATE 1.13DAY TRANSACTOR 11/01/06 CASH-LIEU DESCRIPTOR KIMCO REALTY CORP $60,00p/s8,2253 lamco DEBIT AMOUNT CREW MOUNT 10.34 11/01/06 MERGER PAN PACIFIC RETAIL PROPERTIES 26.160.00 To s lomco TOTAL 526,170.34 027 12/01.0805:58 001 V917 EFTA00200998 CLEARED THROUGH ITS WHOLLY ODIVED SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 9 Your messages Bear, Steams Securities Corp. would like to inform you that the Securities and Exchange Commission (the 'SEC) approved the Options Clearing Corporation's (the 'OCC) proposal to reduce the automatic exercise thresholds for listed equity options. Please be advised that this change is now in effect. Under the new expiration procedures, options that are in the money at the expiration by more than $.05 are automatically exercised unless your Investment Professional instructs us not to exercise them, Under the old procedure, the threshold amount was $,25, For example, if you have an equity option position in your account which is in-the-money by $.06 when it expires, the position will be automatically exercised at expiration unless we have received instructions to the contrary. Please note that this procedure only applies to options cleared by the OCC and regulated by the SEC, This does not apply to options on debt, foreign currency, and futures among others, It also does not apply to FLEX options or options traded on foreign exchanges or over-the-counter, If you should have any questions regarding this matter, please contact your Investment Professional End of Statement 027 12/01/080518 001 WIT SRN. Deems Secwiiiet Gat. One MORINO Conk. North 9taltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD November 1.2006 THROUGH November 30.2006 ACCOUNT NUMBER TAXPAYER IDJUSER On File LAST STATEMENT October 31.2006 EFTA00200999 CLEARED THROUGH ITS WHOLLY OMED SUEISIDIAFW BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHOW ■ VISIT OUR WEBSITE ‘ymv.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 4,762,060 7,569,565 Cash & Equvalent — NET EQUITY THIS PERIOD $12.331,625 NET EQUITY LAST STATEMENT 15,116,000 CHANGE SINCE LAST STATEMENT -2.784.375 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities Roza copal ant clIforonoo a rooromiot of Rd's or socks. °Moogd z clottrtad lo p5u. to Cleni Sonic°. al 800614.1428: a veto to Clad Soak.. a Sow. Stearn SauMos Ca,.. One Mflok•-li Carlo. NNW 8rooNyn, NY. 112014859 027 Illlllllllllllllll lllll JEFFREY EPSTEIN C.I0 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio 7 569 565 S10.613.444 54.762.060 64.602.556 Current market value Last statements market value Best. Steams Seeuriees Corp Cno Marotech Conte. North Eltedttin. New Yak 11201-1859 JEFFREY EPSTEIN STATEMENT PERM September 30.2006 THROUGH October 31.2006 ACCOUNT NUMBER TAXPAYER M,WSER On File LAST STATEMENT September 29.2006 T7W SaTITMTTN Va ITTOTmatenal stroasin env a asta candid as &can TN, staternorg should be Wired ts, your records See mom a 65- nworlart nfainatal I 1/01/060526 001 V9I6 EFTA00201000 CLEARED THROUGH ITS YmCuy ORIVED SUBS DIARY SW. Sleben SeWOO. CUR One Metaled, Conk. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 or 7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 M011060526 001 V916 EFTA00201001 CLEARED THROUGH ITS WHOU.Y (AWED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 SW. sown SMARM Cat. One Mewled, Conic. North 9foStlin. Nov York 11201.3859 JEFFREY EPSTEIN 3 cl STATEMENT PERIOD September 30.2006 THROUGH October 31.2006 Cash Flow Analysis Income Summary ACCOUNT NUMBER TAXPAYER KAMER Co File THIS PERIOD TIC PER00 YEAR TO DATE LAST STATEMENT Septeritet 29.2006 Opening Balance $0.00 Dividends 56.121.05 229,590.53 Money Fund 3.048.560.41 Total $56.121.05 3229 590.53 Dividends/Interest 7,560.64 Amount Credited $3,056,121.05 Portfolio Composition Money Fund -56.121.05 Cashtash Equivalent 7.569.565 Funds Withdrawn -3,000.000.00 Equities 4.762.060 Amount Debited $-3.056.121.05 Total $12,331,625 Closing Balance $0.00 027 1011060526 001 V9I6 Your Portfolio Allocation Cash & Equrrale 621/4 Equities 38% Unteeeti Preen, denote 000* o*f0noo omit, shod mina vilian alocama warm": is clorNod from to a05o130 /radon maw oF pxe Actilmo. EFTA00201002 CLEARED THROUGH ITS VOICUY ONIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPRON SYMBOJCVSIP DREYFUS CASH MANAGEMENT-CL A DICA INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 5,1900% TOTAL CASH 8 CASH EQUIVALENTS OUANTITY 7,569,564.72 PAWS ESTIMATED CURREAS PRIZE VALUE AMIN. INCOME YELD I%) 1.0000 7,569,565 386.048 5.1000 $7.569.565 $386,048 EQUITIES SRN. Steams SMARR COD One MORINO Conley North boNtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 30.2006 THROUGH October 31.2006 ACCOUNT NUMBER TAXPAYER WOOER Co File LAST STATEMENT September 29.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvnv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRPT1ON SYMBWCUSIP ACCT nPE OUMMTY PRCE /MRKEI VALUE ESTRUM) WAAL INCOME Offiferr YEW II61 FELCOR LODGING TRUST INC FCH CASH 2,000 20.7600 41,520 1,600 3.8536 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 25.9800 51.960 2,200 4.2340 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 25.7600 51.520 3.846 7.4651 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.9000 119.000 8.400 7.0588 027 V0011060526 001 V9I6 EFTA00201003 0.EARED THROUGH ITS WHOLLY OmIED SUEISICHAnv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New An New York 10179 5 vi Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCOPT1ON S/111906.0JSiP 1111£ °worm PRCE IMPXE1 Tau( EMCEED ANNUAL MOUE CuRFENT ICU) 1%) HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 48.4600 96,920 5.920 6.1081 S81 JOHNSON& JOHNSON JNJ CASH 57.800 67.4000 3.895.720 86.700 2.2255 BSC RATING: STOCK PISECTOR MO NED DAVIS RESEARCH RATING: WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1750 41 EXP 12(10AO07 NAYARIT GOLD INC NYRTF CASH 19 0.5350 10 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.9500 30,498 412 1.3509 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 43.1000 77,321 4.090 5.2896 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 32.8100 393,720 21.480 5.4557 TRUST-MD S81 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 3.8300 3,830 BSC RATING: STOCK OSECTOR MAI ATLANTIS RESEARCH RATING: B Total Equities& Options $4.762,060 $134.648 TOTAL EQUITIES $4.762,060 $134.648 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 8520.696 YOUR PRICED PORTFOLIOHOLDINGS $12.331.625 Bear. Reams Smithies Con. Ono Menotech Center Noah Entek101. New VG* 1120/3859 JEFFREY EPSTEIN STATEMENT PEF000 September 30.2006 THROUGH October 31.2006 Accocm NUMBER THAPATER MAGER On File LAST STATEMENT September 29.2006 027 11106060526 001 V916 EFTA00201004 CLEARED THROUGH ITS VOICU.Y ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail DEPOSITS AND WITHDRAWALS DVE TEANEACT u. 10/04/06 FND WIRED DESCRpT99/ DEINT AMOUNT MDR AMOUNT 10/12106 FND WIRED 10/27/06 FND WIRED SE WIRED TO 1.000.000.00 WIRED TO illai SE DirolatT371'9281. :7321: . : 1.000.000.00 1.000.000.00 TOTAL $-3.000.000.00 MONEY FUND ACTIVITY 8081. Steams SIO.A081 Cap. One MORINO Conk. North bcc4t9n. New York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 30.2006 THROUGH October 31.2006 ACCOUNT NUMBER TAXPAYER 8.16883ER CR File LAST STATEMENT September 29.2006 DATE maPon TRANSACTICN DESOVPD3N SYME0.02USIP OUOMITY PRZE DEBIT AMOUNT CREDIT AMOUNT 09/30/06 OPENINGBALANCE 10,513,443.67 10/02/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 5.64604 1.0000 5,649.04 INSTITUTIONAL SHARES 10/02/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 48.560.41 INSTITUTIONAL SHARES MONTHLY DIVIDEND 10/02/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 48.560.41 48,560.41 INSTITUTIONAL SHARES DIVIDEND REINVEST 10/04/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1.000.000.00 INSTITUTIONAL SHARES 10/12/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1.000.000.00 INSTITUTIONAL SHARES 027 1901/080528 001 v916 EFTA00201005 CLEARED THROUGH ITS YMOLLv 09MED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York. New York 10179 7 ci SM.smarm SOMAS* GOO One Motrotoch Conley North 9to:ItIrn. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 30.2006 THROUGH October 31.2006 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE MGVAY TRANSACTION DESCRIPTION SYkIEWCUSIP OUPARITY PRICE ACCOUNT NUMBER TAXPAYER NURSER OTI File LAST STATEMENT Seplernber 29.2006 DEBIT AMOUNT CREDIT AMMO 10/16/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1,511.60 1.0000 1,511.60 INS11TUTIONAL SHARES 10/27/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 10/31/06 BOUGHT DREYFUS CASH MANAGEMENT-CI A DIC)C( 400 1.0000 400.00 INSDTUTIONAL SHARES 10/31/06 CLOSINGBALANCE 7.569.564.72 TOTAL 6.56.121.05 $3.048.560.41 DIVIDENDS DATE DESCRIPTION SYMEICIAUSIP CUMMTY RATE (Si DEBT AMOUNT CREDIT AMOUNT 10/02/06 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.6400 279.04 INC REC 09.(I 9.06 PAY 09/2906 10/02/06 RAMCO GERSHENSON PROPERTIES RPT 12.000 0.4475 5,370.00 TRUST-MD S8I REC 09/2066 PAY 10/02/06 10/16/06 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.2750 550.00 REC 10/01106 PAY 10/16/)6 10/16/06 GLIMCHER REALTY TRUST-SBI GRT 2.000 0.4808 961.60 REC 0629/06 PAY 10/16/06 10/31/06 FELCOR LODGING TRUST INC FCH 2.000 0.2000 400.00 REC 10/1666 PAY 10/31/06 TOTAL $7.560.64 027 11,010605:28 001 V918 EFTA00201006 CLEARED THROUGH ITS YRICU.Y ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 IlllllllllllllllllllllllllllllllllllllllllllllllllllllI11111.1 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802-1348 1308I. warns SOO/4W Cat. One Motrotoch Conley North 9tooltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Seplernter 1.2006 THROUGH SOpleiTiter 29.2006 ACCOUNT NUMBER TAXPAYER AtEEER On File LAST STATEMENT August 31.2006 Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 0930080839 001 V915 EFTA00201007 CLEARED THROUGH ITS YiNOU.Y OWNED SUBSEMAily BffiR STffiRNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8. Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTNE ZICHERMAN.IRA TELEPEONE■ VISIT OUR WEBSITE winv.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Messages 8 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4.602.556 MONEY MARKET FIND BALANCE 10.513.444 Illlllllllllllllllllllllllllllllllllllllllllllllllllllllllllll JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio Casty & Eginjent $10.513.444 31 2.451.687 NET EQUITY THIS PERIOD $15.116.000 NET EOUITY LAST STATEMENT 17.035.517 CHANGE SINCE LAST STATEMENT -1.919.517 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities Plow° ten all/ dirOCOMO a ~Horne ol dbam or Mocks. •bicalal as dahoroa l0 you. lo ~I Sao of 800834-1428 or yam ro CNN Samna a Boon Steam &corn« Caw . <me Meirokun COMP Nonn. SroHlyn NY. 112014~ 027 $4.602.556 $4.583.830 Current market vake me Last statement's market value Ow. Steams Seouffike Gap Ono Memotech Carder Noah OnzAhn. New Yak 1120/3859 JEFFREY EPSTEIN STATEMENT PERO) Septernter 1.2006 THROUGH Septenter 29.2006 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT August 31.2006 Teas swernerY n ter .deo~ moons PNy a k not blended enter downed Res sidemel abased be retained to, your records See renew safe ra impala« rdonmatran 09,930688:39 001 V915 EFTA00201008 CLEARED THROUGH ITS YmCuy ORIVED SUBSIDIARY SW. Sleben SeWOO. CUR One Mewled, Conk. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 oi 10 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0930(01308:39 001 V915 EFTA00201009 CLEARED THROUGH ITS IMICUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 SRN. Steams SO0u(1981 Cat. One Metaled, Conk. North IloStlin. Nov York 11201.3859 JEFFREY EPSTEIN 3 STATEMENT PERIOD September 1,2006 THROUGH September 29.2006 Cash Flow Analysis Income Summary ACCOUNT NUMBER TAXPAYER KAMER On Flk THIS PERIOD THIS PERIOD YEAR TO DATE LAST STATEMENT August 31.2006 Opening Balance $0.00 Dividends 61.756.63 173,469.48 Money Fund 2,039,059.05 Total $61.756.63 $173,469.48 Dividends/Interest 22,697.58 Amount Credited $2,061,756.63 Portfolio Composition Money Fund -61.756.63 Cashtash Equivalent 10.513,444 Funds Withdrawn -2,000.000.00 Equities 4.602,556 Amount Debited $-2.061.756.63 Total $15,116,000 Closing Balance $0.00 027 0930(0808:39 001 V9I5 Your Portfolio Allocation I, Equities 30% Cash & EquivaleC 70% Unteeeti Preen, denote 000* OttenCe omit, shod Ticket vitals. TN alocama warm": m &need from to amola manor, mak* os pxe EFTA00201010 CLEARED THROUGH ITS WHOU.Y ()MED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS MORES ESTIMATED CURRENT DESCROTROti SYMECDCWIP OUENTITT PRICE VALUE MNVOL INCOME VELD Ivol DREYFUS CASH MANAGEMENT-CL A DICA 10,513,443.67 1.0000 10.513,444 557.213 5.3000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,2300% TOTAL CASH & CASH EQUIVALENTS $10,513,444 $557,213 EQUITIES 84181. Sown Secwifies COD One Motored, Conic. North 9tcoldrn. Hat York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD SepMonter 1,2006 THROUGH September 29.2006 ACCCUTIT NUMBER TAXPAYER NADER On Flk LAST STATEMENT August 31.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third•party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third•party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvnv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRATION SYMEICDCUSIP NWT nPE QUANTITY PRCE IMPRET VALUE ESTEEMED ANMAL NCOME CURRIER YEW PM FELCOR LODGING TRUST INC FCH CASH 2,000 20.0500 40,100 1,600 3.9900 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 25.7300 51.460 2,200 4.2752 BSC RATING: STOCK I:I/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 24.7800 49.560 3.846 7.7603 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.9500 119.500 8.400 7.0293 027 0930060839 001 V9I5 EFTA00201011 CLEARED THROUGH ITS WHOLLY GIWJED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York Nee York 10179 5 vi Seer. Stains Serxxllin COO Ono Mevotech Corder Noah 8recklin. New York 1120/3859 JEFFREY EPSTEIN STATEMENT PERIOD Septemter 1.2006 Your Portfolio Holdings (continued) THROUGH *COMM NUMBER TAXPAYER WEISER LAST STATEMENT Septernter 29.2006 OH Foe August 31.2006 Equities & Options (continued) ACCT IMPXE1 ESTMATED CuRCENT DESCOPTION SAISCLOSiP 11PC OLtmeiTv PRCE OWE ANNUAL MOUE ICU) NI HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 47.2000 94.400 5.920 6.2712 SO1 JOHNSON& JOHNSON JNJ CASH 57.800 64.9400 3.753.532 86.700 2.3098 BSC RAMC: STOCK PISECTOR MO NED DAVIS RESEARCH RATING: WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1900 45 EXP 12(10r2007 NAYARIT GOLD INC NYRTF CASH 19 0.5810 11 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.4200 30,267 1.116 3.6872 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 42.5700 76,371 4.090 5.3554 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 31.9500 383,400 21.480 5.6025 TRUST-MD S81 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 3.9100 3,910 BSC RAMC: STOCK OSECTOR WV ATLANTIS RESEARCH RATING: B Total Equities& Options $4.602,556 $135.352 TOTAL EQUITIES $4.602,556 $135.352 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 8692.565 YOUR PRICED PORTFOLIOHOLDINGS $15.116.000 027 OS000603;39 001 V9I5 EFTA00201012 CLEARED THROUGH ITS VOICU.Y OGGED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 6 vi Transaction Detail DEPOSITS AND WITHDRAWALS DATE WNW 09/07/06 FND WIRED DESCAPIION OEGI AMOUNT CREDIT AMOUNT WIRED TO 09/20/06 END WIRED WIRED TO s~ppyy 1.000.000.00 1.000.000.00 TOTAL $-2.000.000.00 MONEY FUND ACTIVITY 899. sown SeertANI Carp One Motrobtoh Conic. North 9rocklin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Seplernter 1,2006 THROUGH September 29.2006 ACCOUNT NUMBER TAXPAYER MAKER On File LAST STATEMENT August 31.2006 DATE MCOAY TRANSACTION DESCRIPTION SYMEC.LCUSIP OUANTITY PRCE ORBIT AMOUNT CREDIT AMOUNT 09/01/06 OPENINGBALANCE 12,451,687.04 09/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 39,059.05 INSTITUTIONAL SHARES MONTHLY DIVIDEND 09/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 39.059.05 39.059.05 INSTITUTIONAL SHARES DIVIDEND REINVEST 09/07/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 09/12/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 21,675 1.0000 21,675.00 INSTITUTIONAL SHARES 09/15/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1,022.58 1.0000 1,022.58 INSTITUTIONAL SHARES 09/20/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICU -1.000.000 1.0000 1,000,000 00 INSTITUTIONAL SHARES 027 09.30'060839 001 11915 EFTA00201013 CLEARED THROUGH ITS YHICU.Y OHMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York. New York 10179 7 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE 1.13.DAY TROTS:47*N DESCRIPTION SnaBCettni cumin pruCE SW. Hems seavion GOO One Matrotech Conic. North 9:874:08. Nat York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1,2006 THROUGH September 29.2006 ACCOUNT NUMBER TAXPAYER MANNER On File LAST STATEMENT August 31.2006 DEBIT AMOUNT CREDIT WONT 09/29/06 CLOSINGBALANCE 10.513.443.67 TOTAL 6-61.756.63 $2.039.059.05 DIVIDENDS DATE DESCRPTION STMEINJCUSIP OlUNTire RATE (5) CENT AMOUNT MECO AMOUNT 09/12/06 JOHNSON& JOHNSON JNJ 57.800 0.3750 21.675.00 REC 08.29r06 PAY 09/12/06 09/15/06 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5700 1.022.58 INVESTMENT TRUST-SBI REC 09/01106 PAY 09/15.106 TOTAL $22.697.58 027 09300308:39 001 V915 EFTA00201014 CLEARED THROUGH ITS WHOLLY ORIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New YY New York 10179 8 Your messages Revenue Sharing Advisers, distributors or other affiliates of certain mutual funds (which include money market and non-money market funds) may enter into arrangements to pay brokers that distribute their shares for administrative, technological or other services, including marketing and other support services provided to such funds or their affiliates. These fees, commonly referred to as 'revenue sharing; are separate from and in addition to any shareholder servicing or distribution fees that a mutual fund pays out of its own assets pursuant to its Rule 12b-1 plan and other expenses which are described in a funds prospectus fee table. Rule 12b-1 fees and other expenses described in a funds prospectus fee table increase a funds expense ratio and decrease the funds yieid. Revenue sharing fees, on the other hand. are paid out of the assets of the fund affiliate and not from the fund's assets and, therefore, have no impact on a funds expense ratio or yield. With respect to money market funds, Bear Steams negotiates revenue sharing payments separately with each fund family and not all fund families pay the same amount or pay according to the same formula. These payments are calculated based on a percentage of the dollar value of the fund assets held by Bear Steams in customer accounts. Bear Steams receives up to 0,66% per year of the average daily assets of fund shares carried in customers accounts at Bear Steams. Money market funds whose affiliates do not make revenue sharing payments to Bear Steams are generally not offered or recommended by Bear Stearns to its customers, GNI. Warn SONAR* CPT. One MORINO, Conic/ North Sto:4701. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD SepMonter 1,2006 THROUGH September 29.2006 ACCCUOT NUMBER TAXPAYER MAGER On Pile LAST STATEMENT August 31.2006 These money market funds may in some cases have higher yields than money market funds whose affiliates do make revenue sharing payments. There is, therefore, a potential conflict of interest in the form of an additional financial incentive to Bear Stearns for making available to customers money market funds whose affiliates enter into revenue sharing arrangements. In certain circumstances, a portion of these revenue sharing payments may be passed on as compensation to certain Private Client Services account executives, With respect to non money market fund shares held in Bear Stearns accounts. Bear Steams may receive Rule 12b-1 fees and other compensation described in a funds prospectus but does not receive revenue sharing payments, With respect to non-money market fund shares held by certain Private Client Services customers away from Bear Steams, Bear Stearns does receive revenue sharing payments in limited circumstances, A portion of these revenue sharing payments are passed on as compensation to the Private Client Services account executive designated by the customer. Bear Stearns does not believe that these revenue sharing arrangements involving such Private Client Services customers pose a conflict of interest with respect to customers whose accounts are held at Bear Stearns. The prospectus and statement of additional information of mutual funds available through Bear Steams may contain additional information regarding revenue sharing payments made by affiliates of the fund company. 027 0930030839 001 8915 EFTA00201015 CLEARED THROUGH ITS WHOLLY OMIVED SUEGIDIAFIv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 9 ra' Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements: At May 31, 2006 and July 31, 2006, the Company's net capital of approximately $3.7 billion and $3.8 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.1 billion and $1,1 billion by approximately $2,6 billion and $2.7 billion, all respectively. A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearsteams,com. Alternatively, to request a free printed copy please call - toll free 1.866.299.9331, 027 In? ItNM. Down Secwiket Cow One Metaled, Conic/ North 9to:4701. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD SepMonter 1,2006 THROUGH September 29.2006 ACCCUNT NUMBER TAXPAYER MAGER On Pile LAST STATEMENT August 31.2006 Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account, it is important that you fully understand the risks involved in trading securities on margin. These risks include the following: - You can lose more funds than you deposit in the margin account. - The firm can force the sale of securities or other assets in your account(s). • The firm can sell your securities or other assets without contacting you. • You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call. • The firm can increase its 'house" maintenance margin requirements at any time and is not required to provide you advance written notice. - You are not entitled to an extension of time on a margin call, 09.30030339 001 V915 EFTA00201016 CLEARED THROUGH ITS WHOU.Y ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 10 Bar This statement is provided to explain Bear, Stearns & Co. Inc.'s ("BSC") payment for order flow practices. BSC routes a majority of orders for customer securities transactions to the primary market for such securities, Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBB0). BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge. End of Statement 027 Ear 8081.54earns Sea nOn Goo One Metaled, Conic. North baltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1,2006 THROUGH September 29.2006 ACCOUNT NUMBER TAXPAYER WIA3ER OTI File LAST STATEMENT August 31.2006 Pursuant to SEC Rule 606, please note the following: Bear, Stearns & Co. Inc. will post its quarterly routing statistics at the following web link: httpliwww.bearsteams.com/. Click on Individual Investor, Click on Equities, Click on Order Routing Practices. Customers of Bear, Steams & 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. 0900030639 001 V915 EFTA00201017 CLEARED THROUGH ITS WHOLLY OYMED SLISSIDMAY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE ■ VISIT OUR WEBSITE AYALbearsteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,583.830 MONEY MARKET FUND BALANCE 12,451,687 Casn & Eguvalent NET EQUITY THIS PERIOD $17,035,517 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 9,084,654 7.950.863 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Ill lllll IIIIIIIIIIIIIIIIIIIIIIIIIIII11111111111 JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio $12.451.687 Equities H Roza tow oaf cliforonoo 'oncom ol evils or mocks, macaw! mdalaad 10 p5U. 10 al0111 sonic*. a 800611.1428: a vat lc, Clom SONIC.. a Bow. Smarm Secumos On. One 1.1flokyli Coolly North. Eirodiri, NY 112014859 027 54.670.736 84.583.830 54.413.918 Current market value MO Last statements market value Beet. Stearns SO0w1081 Gap. One Motrotoch Conley North Nov Yalc 11201.1859 JEFFREY EPSTEIN STATEMENT PER100 August 1.2006 THROUGH Auguu 31.2006 ACCOUNT NUMBER TAXPAYER MASER On File LAST STATEMENT Jut/ 31. 2006 SIK TIM MawMTY is to, nronreauel Penns cely rot W as dinners ended ay dinne lin statemeri shone be wanes to your mores See berme mee for inane acenwan 0401/06/37:93 001 V914 EFTA00201018 CLEARED THROUGH ITS WHOLLY OMIED SUBSIDIARY Bat. BOOMS SeOudlin Cat. Ono Llevotech Center Noah 8recIdgn. New York 11201.3899 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0901/0607.58 001 V914 EFTA00201019 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 3 rl Cash Flow Analysis THIS PERIOD Income Summary TH6 PERIOD YEAR TO DATE Opening Balance $63.052.55 Dividends 31.147.24 111,712.85 Money Fund 5.025.467.24 Total $31.147.24 $111,712.85 Funds Deposited 12.749.804.62 Dividends Interest 3.580.00 Amount Credited $17.778.851.86 Portfolio Composition CashCash Equivalent 12.451,687 Money Fund -12.841.904.41 Equities 4.583,830 Funds Withdrawn -5.000.000.00 Total $17,035.517 Amount Debited 6.17241.904.41 Net Cash Activity -63.052.55 Closing Balance $0.00 Cash Balance Summary OFEI•NO CIMINO Cash 63.052.55 0.00 Net Cash Balance $6a052.55 $0.00 027 0901)08/37:58 001 V9I4 SRN. sown see-wises core one Metaled, Conic. North IloStlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD AU9MSI 1.2006 THROUGH August 31.2006 ACCOUNT NUMBER TAXPAYER MASER Ofl File LAST STATEMENT Jul/ 31.2006 Your Portfolio Allocation Cash & Equivale 74% Equities 26% Unteeeti Preen, denote 000* OttenCe omit, shod Ticket vitals. TN alocama warm": es clawed from to amok*, (radon maw os pr.0 Actilmo. EFTA00201020 CLEARED THROUGH ITS 1901CUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPI1011 SYMECVCVSIP DREYFUS CASH MANAGEMENT-CL A DICA INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,2300% TOTAL CASH & CASH EQUIVALENTS eumrnw 12,451,687.04 MARRS ESTIMATED PARSERS PACE VALUE ANNUAL INCOME YELLIPQ 1.0000 12.451,687 659.939 5.3000 $12,451,687 $659,939 EQUITIES SW. Sown So-WV* Cow One Motrotoch Conk. North bockkn. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD AtipS1 1.2006 THROUGH August 31.2006 ACCOUNT NUMBER TAXPAYER MASER On Flk LAST STATEMENT Jul/ 31.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvnv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRATION SYLIECUCUSIP ACCT nPE OUANI1TY PRCE IMFOCE1 VALVE ESTRIA1E0 ANKIAL INCOME CVFIRBVI' YEW IVd FELCOR LODGING TRUST INC FCH CASH 2,000 21.4500 42,900 1,600 3.7296 GLENBOROUGH REALTY TRUST INC GUI CASH 2.000 25.8100 51.620 2,200 4.2619 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 24.4000 48.800 3.846 7.8811 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.6000 116.000 8.400 7.2414 027 0901/0607M 001 V914 EFTA00201021 CLEARED THROUGH ITS WHOLLY OMJED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 5 vi STATEMENT PERK* AucuS1 1.2006 THROUGH Autust 31.2006 Your Portfolio Holdings (continued) *COMM NUMBER TAXPAYER NUMBER On File LAST STATEMENT Julj 31.2006 Equities & Options (continued) ACCT IMPITET ESTIMATED CURRENT DESCOPOOti SAISCLOUSIP TOE OLVOCIT1 PACE VALUE ANNUAL diCOME VETO Ill HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 46.3200 92.640 5.920 6.3903 S81 JOHNSON& JOHNSON JNJ CASH 57.800 64.6600 3.737.348 86.700 2.3198 BSC RAINS: STOCK PISECTOR MO NED DAVIS RESEARCH RATING: B WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.2350 55 EXP 12(10r2007 NAYARIT GOLD INC NYRTF CASH 19 0.6870 13 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.8200 30,442 1.116 3.6660 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 42.3200 75,922 4.090 5.3871 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 32.0000 384.000 21.480 5.5938 TRUST-MD S81 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 4.0900 4.090 BSC RAMC: STOCK OSECTOR M1V ATLANTIS RESEARCH RATING: B Total Equities& Options $4.583,830 $135.352 TOTAL EQUITIES $4.583,830 $135.352 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $795.291 YOUR PRICED PORTFOLIOHOLDINGS $17.035.517 SM. 508MS SOMIM Cat. Ono Mevotech Corder NOM 8recklin. New Ye* 1120/3859 JEFFREY EPSTEIN 027 09010607.56 001 V914 EFTA00201022 CLEARED THROUGH ITS VOICU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail DEPOSITS AND WITHDRAWALS DVE IPANSACT DESCRpnGN DEBIT AMOUNT CREDIT AMOUM 08/07/06 FND WIRED WIRED TO sEsid. 1.000.000.00 08/11/06 FND WIRED WIRED TO 2.000.000.00 08/14/06 FUNDS AEC FNDS WIRED TO CITIBANK FROM 12.749.804.62 08/17/06 FND WIRED MDA#M8263725FNDS WIRED TO 1.000.000.00 E 08/25/06 FND WIRED MDA#CT960504 FNDS WIRED -0 1.000.000.00 TOTAL $-5,000,000.00 $12,749,804.62 MONEY FUND ACTIVITY 13.0.5111MB SOBANIIMI GOO Cno Metaled/ Cooler North 9taltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Aussie! 1.2006 THROUGH August 31.2006 ACCOUNT NUMBER TAXPAYER M.aER On Flk LAST STATEMENT Jul/ 31. 2006 DATE MCVDAY TRANSACTIGN OCSCAIPTON SYMBUCUSIP OUANTOT PReCC 0E91T AMOUNT CREDIT AMOUNT 08/01/06 OPENING BALANCE 4,607,682.63 08/01/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 63.052.55 1.0000 63.052.55 INS11TUTIONAL SHARES 08/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 27467.24 INSTITUTIONAL SHARES MONTHLY DIVIDEND 08/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 27,567.24 27.567.24 INSTITUTIONAL SHARES DIVIDEND REINVEST 027 0901/08D7/58 001 V914 EFTA00201023 CLEARED THROUGH ITS MOUT OMED SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 7 STATEMENT PERIOD At1=1 1.2006 THROUGH August 31.2006 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE ACCOUNT NUMBER TAXPAYER NADER On File LAST STATEMENT Jul/ 31.2006 AKMAY TRANSACTON DESORIPTI3N STAID:V=1P ousmny PRICE DEBIT AMOUNT CREDIT AMOUNT 08/07/06 SOLD DREYFUS CASH MANAGEMENT-CL A DIC>3( -t000.000 1.0000 1 000 000 00 INSUTUTIONAL SHARES 08/11/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -2.000.000 1.0000 2 000 000 00 INSUTUTIONAL SHARES 08/15/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A MCA 12.749.804.62 1.0000 12.749,804.62 INSUTUTIONAL SHARES 08/17/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 1.480 1.0000 1.480.00 INSUTUTIONAL SHARES 08/17/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1,000,000.00 INSUTUTIONAL SHARES 08/25/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -997.900 1.0000 997,900.00 08/31/06 INS11TUTIONAL SHARES CLOSINGBALANCE 12.451.687.04 TOTAL 848I. warns sectwvet Gory. One MORINO Conk. North 9tccItlin. Nov York 11201.3859 JEFFREY EPSTEIN 5-12.841.904.41 $5.025.467.24 DIVIDENDS DATE OESORPTION STAID:V=1P =MITT RATE IS) DEBT AMOUNT CREDIT AMOUNT 08/17/06 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7400 1.480.00 581 REC 07/14106 PAY 08117/06 08/25/06 HRPT PROPERTIES TR-SBI HRP 10,000 0.2100 2.100.00 REC 07/25+06 PAY 08+25106 TOTAL 83.580.00 027 09.01/080758 001 V914 EFTA00201024 CLEARED THROUGH ITS Yn1OLLY 01ThED SUBSIDIARY BEAR STEARNS 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.bearslearrts.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD NET CREDIT BALANCE MONEY MARKET FUND BALANCE 4,413,918 63,053 4,607,683 Cash & Equvalent NET EQUITY TIPS PERIOD $9,084,654 NET EQUITY LAST STATEMENT 4,931,284 CHANGE SINCE LAST STATEMENT 4,153,370 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities Nome rood ant Orforonoo a rawoma of torn or socks. mdicolod as dolkorod to 'co. 10 Oeni Sonia. of 800614.1428: a vat lo ChM SoNlcos ac Boat. Sorarrd SecuMos Ca,.. Co. 1.1floloch Cool. North. SrooNri, NY 112014859 027 Illlllllllllllllll lllll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio $4.670.736 5697.631 $4.413.918 $4.233.653 Current market value MO Last statements market value Gam. 51418*SSOOtritt Cap. hm Mettotech Corder North Brockton. lie* Tux 11201.1859 JEFFREY EPSTEIN STATEMENT PERK* Jul/ 1.2006 THROUGH July 31.2006 ACCOUNT NUMBER TAXPAYER ALAMER On File LAST STATEMENT June 30.2006 VONTMTYN br eon/myna' Purposes qty. It H ra nonfArd as a Ti. ctoarneC TIn clatecnerg should be Maned for your records Su men* mff* Ice ripcdant recnnacan 08.01/08/37:58 001 11912 EFTA00201025 CLEARED THROUGH ITS YmCuy ORIVED SUBSIDIARY SW. Sleben SMARR. CUR One Mewled, Conk. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 oi STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OB'01N80T:56 001 V912 EFTA00201026 CLEARED THROUGH ITS IMICUY (AWED SUSSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 3 Cash Flow Analysis THIS PERIOD Income Summary 1116 PERIOD YEAR TO DAR SW. sown section core One Metaled, Conk. North erodkln. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Juy 1.2006 THROUGH Ju6 31.2006 ACCOUNT NUMBER TAXPAYER NLISSER On File LAST STATEMENT June 30.2006 Opening Balance $0.00 Dividends 10.051.29 80.565.61 Money Fund 49,101,258.09 Total $10,051.29 $80,565.61 Funds Deposited 63,052.55 Dividends/Interest 7,281.60 Miscellaneous 53,000,000.00 Portfolio Composition Amount Credited $102,171,592.24 Cashleash Equivalent 4.670.736 Equities 4.413,918 Money Fund -53,008,539.69 Funds Withdrawn -49,100,000.00 Total $9.084.654 Amount Debited 8-102,108.539.69 Net Cash Activity 63,052.55 Closing Balance $63,052.55 Your Portfolio Allocation Cash Balance Summary OEEr<HO CLOSING Cash 0.00 63,052.55 Net Cash Balance $0.00 $63.052.55 Cash &Equrrale Eq uities 48% 027 52% 08011060716 001 V9I2 Unteeeti Preen, denote 000* 0ttenCe omit, shod Ticket Vitali abcalla' warm": es clawed from to amola (radon maw os pxe Actilmo. EFTA00201027 CLEARED THROUGH ITS VOICUY 01MVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRFROH CASH BALANCE SYMEIWCUSIP NMPokfl ESTIMATED CURRI3a °wenn MICE VALUE MAU& INCOME YELDIN4 63,053 DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 5,1900% TOTAL CASH & CASH EQUIVALENTS 4,607,682.63 1.0000 4,607,683 221.169 4.8000 $4,670,736 5221,169 EOUITIES 8418I. sown secwien cow One Motrotoch Conk. North Eitcdtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2006 THROUGH Juk 31.2006 ACCOUNT NUMBER TAXPAYER NURSER On File LAST STATEMENT June 30.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at www.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRFTION SYMBOUCUSIP ACCT TYPE OVAMITY PRCE WW1 VALIK ESTRUM/ ANNUM INCOME CURRID1R YEW I%4 FELCOR LODGING TRUST INC FCH CASH 2.000 22.0000 44.000 1.600 3.6364 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 22.2000 44.400 2.200 4.9550 BSC RATING: STOCK INSECTOR MW NED DAVIS RESEARCH RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 23.6500 47.300 3.846 8.1311 027 0801f0I307:58 001 V9I2 EFTA00201028 CLEARED THROUGH ITS PRIMLY 01VVED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue 8.0.5189n1S SMARR Cat. One MORINO Conk. North bcdtkn. Nov York 11201.3859 New York New York 10179 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD S41.2006 THROUGH Juy 31.2006 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER AMBER On File LAST STATEMENT June 30.2006 Equities & Options (continued) ACCT MARKET ESTA41199 CURFEW DESCREPTION SITIBOUCUSIP DPE OUAMTITY PRICE VALLE ANNUAL PIMA yet/ I14 HRPT PROPERTIES TRSBI HRP CASH 10.000 11.7500 117.500 8,400 7.1489 HOSPITAUTY PROPERTIES TRUST HPT CASH 2.000 43.5700 87.140 5,920 6.7937 581 JOHNSON& JOHNSON JNJ CASH 57.800 62.5500 3.615.390 86,700 2.3981 BSC RATING: STOCK FVSECTOR MO NED DAVIS RESEARCH RATING: B 1ARS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1700 40 12/10r2007 NAYARIT GOLD INC NYRTF CASH 19 0.6190 12 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.1000 30.128 1.116 3.7042 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 39.3800 70.648 4.090 5.7893 INVESTMENT TRUST-SBI RAMCO GEFISHENSON PROPERTIES RPT CASH 12.000 29.4300 353,160 21.480 6.0822 TRUST-MD SRI SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 4.2000 4.200 BSC RATING: STOCK OISECTOR MW ATLANTIS RESEARCH RATING: B Total Equines& Options $4.413.918 $135.352 TOTAL EQUITIES $4.413.918 $135.352 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 5356.521 YOUR PRICED PORTFOLIOHOLDINGS $9.084.654 027 08.01/08/37:58 001 V912 EFTA00201029 CLEARED THROUGH ITS IMICU.Y OnNED SUBSOIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 6 Transaction Detail DEPOSITS AND WITHDRAWALS DATE TIUNSACTCN DESCRPIICN DEEM AMOUNT CREDIT AMOUNT 07/06/06 END WIRED WIRED TO 47.100.000.00 07/10/06 FND WIRED WIRED TO 1.000.000.00 NNW lib 07/21/06 FND WIRED WIRED TO iere3taxote:Ix. , : 1.000.000.00 07/31/06 FUNDS REC ENDS WIRED TO CITIBANK FROM 63.052.55 NSW " TOTAL 9-49.100.000.00 $63.052.55 MONEY FUND ACTIVITY 13.N.989RIBSOOtAIMS GOO One Men/tech Conla North 9tonnn. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2006 THROUGH Juy 31.2006 ACCOUNT NUMBER TAXPAYER IMMSER On File LAST STATEMENT June 30.2006 DATE MD/DAY TRIMS/CT/ON DESCRIPTCN SYMEWOUSIP °wan), prac€ 003li AMOUNT CREDIT AMOUNT 07/01/06 OPENING BALANCE 697,631.34 07/03/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 2,769.69 INSTITUTIONAL SHARES MONTHLY DIVIDEND 07/03/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 2,769.69 2.769.69 INSTITUTIONAL SHARES DIVIDEND REINVEST 07/05/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICU 5.370 1.0000 5,370.00 INSTITUTIONAL SHARES 07/05/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 53.000,000 1.0000 53,000,000.00 INSTITUTIONAL SHARES 027 08101/06/37:58 001 1912 EFTA00201030 CLEARED THROUGH ITS INHCRLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 7 8418I. warns SOOPI981 Cat. Cne Metaled, Conk. North 9taltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2006 Transaction Detail (continued) THROUGH Juk 31.2006 ACCOUNT NUMBER TAXPAYER /MASER On File MONEY FUND ACTIVITY (continued) DATE LAST STATEMENT June 30.2006 1131DAT TRANSACTOR DESCRIPT13N SYMMUCVSIP OVANTSY PROF DEBIT Amman CREDIT AMOUNT 07/06/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -47.100,000 1.0000 47.100.000.00 INSTITUTIONAL SHARES 07/10/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1.000.000.00 INSTITUTIONAL SHARES 07/21/06 SOLD DREYFUS CASH MANAGEMENT-CL A CHOC( -998.488.40 1.0000 998,488.40 INSTITUTIONAL SHARES 07/28/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)3( 400 1.0000 400.00 07/31/06 INSTITUTIONAL SHARES CLOSINGBALANCE 4.607.682.63 TOTAL 5-53,008,539.69 549,101,258.09 DIVIDENDS DATE DESCRIPTION STME/CUCUSIP OUN4MY RATE (S) DEBT AMOUNT CREDIT AMOUNT 07/03/06 RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4475 5.370.00 TRUST-MD MI REC 06120106 PAY 07/03/06 07/17/06 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.2750 550.00 REC 07/01106 PAY 07/17/06 07/17/06 GLIMCHER REALTY TRUST-SBI GRT 2,000 0.4808 961.60 REC 06130106 PAY 07)17/06 07/28/06 FELCOR LODGING TRUST INC FCH 2.000 0.2000 400.00 REC 07/14(06 PAY 07/28106 TOTAL $7.281.60 027 06'01/0807M 001 V9I2 EFTA00201031 CLEARED THROUGH ITS VOICU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 8 r, Transaction Detail (continued) MISCELLANEOUS DATE 1.13DAY TFIANSACT/DN 07/05/06 JOURNAL DEER MT Cr/ FROM DEBIT AMOUNT CREDIT AlliOcter 53.000.000.00 TOTAL 553,000,000.00 End of Statement 027 06/01/0807:58 001 V912 8Rill. SIMMS SB0w198. GOO. One MORINO Coma North bcdtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2006 THROUGH Juk 31.2006 ACCOUNT NUMBER TAXPAYER AVUSER On File LAST STATEMENT June 30.2006 EFTA00201032 CLEARED THROUGH ITS YAKUT ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 Fa' Illml ..... llllllllllllllllllllllllllllll 111111.1 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802-1348 SRN. Stearns SONAR* Cat. One Metaled, Conk. North baltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERO> June 1.2008 THROUGH June 30.2006 ACCOUNT NUMBER TAXPAYER KAMER ON File LAST STATEMENT May 31.2006 Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 07/01/08:1018 001 V911 EFTA00201033 CLEARED THROUGH ITS WHOLLY OVMED SUSSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEMOKE ■ VISIT OUR WEBSITE wyny.bear stearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Messages 7 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,233,653 MONEY MARKET FUND BALANCE 697,631 Illlllllllllllllll lllll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio Cash & Eswaient $697.631 $671.919 NET EQUITY THIS PERIOD $4,931,284 NET EQUITY LAST STATEMENT 4,892,951 CHANGE SINCE LAST STATEMENT 38,333 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities H Roza roma an, erforocoo a rontoosse 01 stocks or mocks. evaded m ddhtod io ICY. lo al0111 SOMMI or 800614.14211: a vat 10 Clan SONIC.. Y Boon Smarm &comes Cap.. One lAterok•cli Cooler Nonh. Eiroo10n, NY. 112014859 027 Current market vi due MO Last statements market value $4.233.653 $4.221.032 ENV. Steams Senurlerie Cap. Coo Motrotosh Conk. Nan Elrocklin. Now 1'wk 11201.1859 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2006 THROUGH June 30.2006 ACCOUNT NUMBER TAXPAYER NUSI3ER On Ale LAST STATEMENT May 31.2006 SIK ann si for ofamabonal swiss only Nista vended natal do:~ Pre statecraft should be Waned for your records Soo mom a to" modem awn/Cm owoiroisioss 001 V911 Confirmation: Unless we hear from you to the contrary, it is our understanding that any free crest balances in your account are being maintained to facilitate your intention to invest such amounts through us. EFTA00201034 CLEARED THROUGH ITS YmCuy ORIVED SUBSIDIARY SW. Sleben SMARM CUR One Mewled, Conk. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 ol e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OTN1N8:1056 001 V911 EFTA00201035 CLEARED THROUGH ITS WHOLLY ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York Nee York 10179 Seel. 5119018 SBOwl981 Cap. One Metaled, Conley North baltlin. Nov York 11201.3859 JEFFREY EPSTEIN 3 ci STATEMENT PERIOD June 1.2006 THROUGH June 30.2006 Cash Flow Analysis Income Summary ACCOUNT NUMBER TAXPAYER NLIUSER On File THIS PERICO TH6 PERIOD YEAR TO DATE LAST STATEMENT May 31.2006 Opening Balance $0.00 Dividends 25,711.93 70,514.32 Money Fund 2,735.31 Total $25,711.93 $70.514.32 Dividends/Interest 22,976.62 Amount Credited $25.711.93 Portfolio Composition Money Fund -25.711.93 CashCash Equivalent 697.631 Amount Debited $-25,711.93 Equities 4.233.653 Closing Balance $0.00 Total $4,931,284 027 07/01/08:1058 001 V9I1 Your Portfolio Allocation Cash &Equivalent 15% Equities 85% Unteeeti Preen, denote 000* OttenCe omit, shod Ticket vats. TN atomism warm": m clorved Om to absola /nuke, maw os ,ote ActlIono. EFTA00201036 CLEARED THROUGH ITS VOICUY OMVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPSMI SYMEICtiCVSIP DREYFUS CASH MANAGEMENT-CL A DIM INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5.1700% TOTAL CASH & CASH EQUIVALENTS OUANTITY 697,631.34 MONET ESTIMATED CURRENT PRICE VALUE MNVAL INCOME YELD 1.0000 697,631 34.184 4.9000 $697.631 334.184 EQUITIES SRN. sown SO0wIlkil Cap. One Metaled, Conk. North bcdtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2006 THROUGH June 30.2006 ACCOUNT NUMBER TAXPAYER MASSER On File LAST STATEMENT May 31.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvAv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRATION SYMEICUCUSIP ACCT nPE °warm PRICE MARKET VALUE ESTIMATED ANNUAL INCOME (WEAR YEW Ive) FELCOR LODGING TRUST INC FCH CASH 2,000 21.7400 43.480 1,600 3.6799 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 21.5400 43.080 2,200 5.1068 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 24.8100 49.620 3.846 7.7509 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.5600 115.600 8.400 7.2664 027 07/01/08:10:58 001 V9I1 EFTA00201037 CLEARED THROUGH ITS WHOLLY (PANED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 5 vi Deer. Stearns WAIN, Cory. Ono Mevotech Center Noah 8recklin. New York 1120/3859 JEFFREY EPSTEIN STATEMENT PER100 June 1.2006 Your Portfolio Holdings (continued) THROUGH *COMM NUMBER TAXPAYER NUMBER LAST STATEMENT June 30.2006 On File May 31.2006 Equities & Options (continued) ACCT MARKET ESTIMATED CuAreavi DESCOPOOti SAIBCLCUSIP TEE Ow.UTITY PACE VALUE ANNUAL two.* VELD I%) HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.9200 87,840 5.840 6.6485 S81 JOHNSON& JOHNSON JNJ CASH 57.800 59.9200 3.463.376 86.700 2.5033 BSC RAINS: STOCK PISECTOR MO NED DAVIS RESEARCH RATING: B WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.2700 63 EXP 12(10r2007 NAYARIT GOLD INC NYRTF CASH 19 0.8060 15 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.3700 30,245 1.116 3.6899 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.3700 72,424 4.090 5.6473 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 26.9300 323,160 21.480 6.6469 TRUST-MD S81 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 4.7500 4.750 BSC RAMC: STOCK OSECTOR M1V ATLANTIS RESEARCH RATING: B Total Equities& Options $4.233,653 $135.272 TOTAL EQUITIES $4.233,653 $135.272 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $169.456 YOUR PRICED PORTFOLIOHOLDINGS $4,931,284 027 07/01)06.10.58 OD1 l911 EFTA00201038 CLEARED THROUGH ITS VOICUY OMVED SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail MONEY FUND ACTIVITY 8081. sown SMARR Cat. One Metaled, Conk. North excItlin. Nov To& 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2006 THROUGH June 30.2006 ACCOUNT NUMBER TAXPAYER KINSER On File LAST STATEMENT May 31,2006 DATE MOAT TRANSICTICN DESCRIPTION STIASOUGUSIP OUAMRY PRICE DEBIT AMOUNT CREDIT AMOUNT 06/01/06 OPENINGBAL.4NCE 671,919.41 06/01/06 DIVIDEND DREYFUS CASH MANAGEMENT.CL A DICA 2,735.31 INSTITUTIONAL SHARES MONTHLY DIVIDEND 06/01/06 REINVEST DREYFUS CASH MANAGEMENYCL A DICA 2.735.31 2.735.31 INSTITUTIONAL SHARES DIVIDEND REINVEST 06/14/06 BOUGHT DREYFUS CASH MANAGEMENYCL A DICA 21.675 1.0000 21.675.00 INSTITUTIONAL SHARES 06/15/06 BOUGHT DREYFUS CASH MANAGEMENYCL A DICA 1,301.62 1.0000 1,301.62 INSTITUTIONAL SHARES 06/3W06 OLOSINGBALANCE 697,631.34 TOTAL $-25,711.93 $2.735.31 DIVIDENDS DATE DESCRIPTION STIADOLCUSIP 06/13/06 JOHNSON& JOHNSON JNJ REC OS.30.'06 PAY 06/13106 GU AMITY PATE 4$) 57,800 0.3750 21.675.00 CENT AMOUNT CREW ItMCWIT 06/15/06 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.6400 279.04 INC REC 05/26/06 PAY 06/1&06 027 07/01/013:1058 001 V911 EFTA00201039 CLEARED THROUGH ITS YRICUY ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) DIVIDENDS (continued) DVE DESCRPTION symeciucusw 06/15/06 PENNSYLVANIA REAL ESTATE PEI INVESTMENT TRUST-S8I REC 06/01106 PAY 06/15/06 CUMRITY RATE lS) 1,794 0.5700 DEBIT AMOUNT 801. Sown Seamless Gore One MORINO Conk. North bccItlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2006 THROUGH June 30.2006 ACCOUNT NUMBER TAXPAYER AM MER On File LAST STATEMENT May 31.2006 MEM AMOUNT 1,022.58 TOTAL $22,976.62 Your messages NOTICE OF CHANGE PURSUANT TO TRUTH IN LENDING SEC RULE 10b-18 The annual rate of interest charged on any credit extended to you by Bear, Stearns Securities Corp. ('BSSC') for the purpose of purchasing, carrying or trading in any security or other property shall continue to be based on either the BSSC Margin Basis Rate, the BSSC Fed Funds Rate or the London Interbank Offered Rate ("LIBOR'), as notified to you upon request. The BSSC Margin Basis Rate will be quoted each business day by BSSC at our main office in New York, Factors affecting the determination of the BSSC Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that BSSC is charged for borrowing money. The purpose of this notice is to advise you that effective no earlier than thirty (30) days from your receipt of this statement: 027 1) The BSSC Fed Funds Rate shall be the rate for U.S. dollar funds, as quoted by an independent broker of such funds selected by BSSC for the first transaction completed on the opening of the business day on which such rate is determined, 2) The rate of interest charged to you on any such credit extended to you in a currency other than US dollars shall be based on either (i) LIBOR, as such rate is compiled by the British Bankers Association and published on Bloomberg or Reuters, or (ii) any other rate quoted by Reuters that is applicable to the currency in which the obligation is denominated or, if a rate for such currency is not quoted by Reuters, the rate provided by BSSC's local bank, as notified to you on request. 3) In either case, the annual rate of interest will not exceed a specified percentage above the applicable rate, specifically (i) 3% above the RS ' Margin Basis Rate, (ii) 4% above the BSSC Fed Funds Rate, or (iii) 5% above LIBOR, any rate quoted by Reuters or the rate provided by BSSCs local bank, and will appear on your monthly statements. 4) The amount lent to you by BSSC upon which you are charged interest may include purchases of securities for which payment is made by check for which BSSC has not yet received credit. owoucitioso 001 V911 EFTA00201040 CLEARED THROUGH ITS 1101CLLY ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 8 vi If BSSC makes changes in any of the credit terms and conditions described herein or if a change is required by law, we will notify you of such change within a reasonable period of time, unless such change results in the same or a higher rate to you, in which case we will provide you at least 30 days' prior written notice, The annual rate of interest you are charged may fluctuate with changes in the BSSC Margin Basis Rate, the BSSC Fed Funds Rate, LIBOR, any of the rates quoted by Reuters or the rate provided by BSSC's local bank, The changes in rates resulting from this fluctuation will be made without prior notice to you (as contrasted with changes in the credit terms and conditions, notice of which will be provided as described above), The Truth•in•Lending disclosure previously provided to you shall continue to apply except as specifically noted above, End of Statement 027 07/011013:1058 001 V911 5189nIs SMARM GOO One Motrotoch Coma North 9taltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PER100 June 1.2006 THROUGH June 30.2006 ACCOUNT NUMBER TAXPAYER AVUSER On File LAST STATEMENT May 31.2006 EFTA00201041 CLEARED THROUGH ITS INHCLLY OWED SUESIDIAily BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York. Nen York 10179 ACCOUNT EXECUTNE ZICHERMAN.IRA TELEPHONE ■ VISIT OUR VIEBSITE mny.beassteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VAWE OF SECURITIES THIS PERIOD 4,221,032 MONEY MARKET FUND BALANCE 671,919 Cash & Equvalent NET EQUITY THIS PERIOD $4,892,951 NET EQUITY LAST STATEMENT 4,816,952 CHANGE SINCE LAST STATEMENT 75,999 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities Roza rood ant Marco a 0:oromiot of dud's of sKKks. eidicolod z dottnurod to ,au. to Cleni Sone°. al 800611.1128: a veto to ChM SoNkos a Bow. Swum SKKuMos Coo.. One MenroNcli Coolly North. Orootly7 NY. 112014059 027 11111111111111111 111111111111111111111111111111111111111 JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio $671.919 $665$10 $4.221.032 34.151.442 Current market value MO Last statement's market value Seel. Steams SOMME COQ One Motrotech Conley North Erteddrn. Now Yak 1120/3859 JEFFREY EPSTEIN STATEMENT PERIOD April 29.2006 THROUGH May 31.2006 ACCOUNT NUMBER TAXPAYER NVEI3ER On File LAST STATEMENT April 28.2006 SIK TNT Mons/ fa mfOrmEhohN palms at It Hatf slatted natal dolman Tres ttatorn•N should be reared for your records Soo mono a for ormorral rolhinXite 06.01/013:11213 001 V909 EFTA00201042 CLEARED THROUGH ITS Cuy ORIVED SUBSIDIARY SW. Sleben SeUxIlkil CUR One Metaled, Conic. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 or 7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06.01l013:1128 001 V909 EFTA00201043 CLEARED THROUGH ITS WHOLLY OMED SUBSOIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York Nee York 10179 3 si Cash Flow Analysis Income Summary THIS PERIOD DC PERK* YEAR TO DATE Opening Balance $O.00 Dividends 6.409.49 44,802.39 Money Fund 2.549.49 Total 56 409.49 $44.802.39 Dividends/Interest 3,860.00 Amount Credited $6,409.49 Portfolio Composition Money Fund -6.409.49 Cashtash Equivalent 671.919 Amount Debited $-6.409.49 Equities 4.221,032 Closing Balance $0.00 Total $4,892,951 027 06.01/06:1128 001 V909 51110015 secu lbs CYO. One Merotoch Conk. North EltaWm. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD PPOI 29.2008 THROUGH May 31.2006 ACCOUNT NUMBER TAXPAYER MINDER On File LAST STATEMENT NXII 28.2006 Your Portfolio Allocation Cash & Equivalent Id% 0, Equities 86% Unteeeti Preen, donme (woe OttenOD omit, shod Ticket Vitali rho alocama warm": is denied from the amok*, /radon maw os pxe pallono. EFTA00201044 CLEARED THROUGH ITS VOICUY OMED SUSSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPRON SYRIEICVCVSIP DREYFUS CASH MANAGEMENT-CL A DICA INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4.8700% TOTAL CASH & CASH EQUIVALENTS eumrnw 671,919.41 /AM0CEI ESTIMATED CURRENT PRICE VALUE AMIN. INCOME VELD I%) 1.0000 671.919 30.908 4.6000 $671.919 530.908 EQUITIES 13091. sown SMARM CYO. One Mewled, Conk. North Sfo:Win. Nov York 1120/3859 JEFFREY EPSTEIN STATEMENT PERIOD PPTII 29.2008 THROUGH May 31.2006 ACCOUNT NUMBER TAXPAYER AVEEER On File LAST STATEMENT *11 28.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost, Customers can access this research at wvnv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRATION SYRIECUCUSIP ACCT DPE °warm PRCE MARKET VALUE ESTRAME0 ANNUAL 'COME DJ VT YEW I%) FELCOR LODGING TRUST INC FCH CASH 2,000 20.8100 41,620 1,200 2.8832 GLENBOROUGH REALTY TRUST INC GUI CASH 2.000 19.9100 39.820 2,200 5.5249 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: S GUMCHER REALTY TRUST-SBI GRT CASH 2.000 25.2500 50.500 3.846 7.6158 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.1600 111.600 8.400 7.5269 027 W0103:1128 001 V909 EFTA00201045 CLEARED THROUGH ITS WHOLLY OMIED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York Nee York 10179 5 vi Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCOPTION SAIBectuSiP 11PC OW.UTITY PACE IMPXE1 VALUE ESTIMATED ANNUAL iNCOME CURFENT VELD 1%) HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 42.1700 84,340 5.840 6.9244 S81 JOHNSON& JOHNSON JNJ CASH 57.800 60.2200 3.480.716 86.700 2.4909 BSC RAMC: STOCK PISECTOR MW NED DAVIS RESEARCH RATING: WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.3300 78 EXP 12(10r2O07 NAYARIT GOLD INC NYRTF CASH 19 0.9540 18 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.2700 28,894 1.116 3.8624 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 37.3000 66,916 4.090 6.1121 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 26.0000 312,000 21.480 6.8846 TRUST-MD S81 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 4.5300 4.530 BSC RAMC: STOCK °SECTOR MAI ATLANTIS RESEARCH RATING: B Total Equities& Options $4.221,032 $134.872 TOTAL EQUITIES $4.221,032 $134.872 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $165.780 YOUR PRICED PORTFOLIOHOLDINGS $4.892.951 Seer. Stains SIMLAlin COO Ono Mevotech Center Hann 8recklin. New York 1120/3859 JEFFREY EPSTEIN STATEMENT PERIOD April 29.2006 THROUGH May 31.2006 *COMM NUMBER TAXPAYER NUMBER On Fla LAST STATEMENT /yail 28.2006 027 0601'06.11:2S 001 V909 EFTA00201046 CLEARED THROUGH ITS WHOLLY OMPIED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail MONEY FUND ACTIVITY DATE MOAT TRINSICIKPI DESCRIPTION 04/29/06 OPENINGBALANCE SYMBOUCUSW SW. warns swoon CYO. Cno Metaled, Conk. North StccItlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD April 29.2008 THROUGH May 31.2006 ACCOUNT NUMBER TAXPAYER PANDER 0O File LAST STATEMENT April 28.2006 OUANMY PRICE DEBIT AMOUNT CREDIT AMOUNT 665,509.92 05/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 2.549.49 INSTITUTIONAL SHARES MONTHLY DIVIDEND 05/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST DICA 2.549.49 2,549.49 05/03/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 300 1.0000 300.00 INS11TUTIONAL SHARES 05/11/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1.460 1.0000 1,460.00 INS11TUTIONAL SHARES 05/24/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 2.100 1.0000 2,100.00 INS11TUTIONAL SHARES 05/31/06 CLOSINGBALANCE 671,919.41 TOTAL $4,409.49 $2.549.49 DIVIDENDS DATE DESCRIPTION 05/01/06 FELCOR LODGING TRUST INC REC 04/15/06 PAY 05101/06 sniectisusw CUPARTY RATE (Si FCH 2.000 0.1500 DENT AMOUNT CREDO AMOUNT 300.00 05/11/06 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7300 1.460.00 581 REC 04/12/06 PAY 05.11)06 027 08.01/013:1128 001 V9O9 EFTA00201047 CLEARED THROUGH ITS WHOLLY ODIVED SUBIC/101v BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) DIVIDENDS (continued) D4'E DESCRPTION SYMOCIUCUSIP 05/24/06 HRPT PROPERTIES TR-SBI HRP REC 04/24106 PAY 06124/06 OUAARITY RATE (S1 10,000 0.2100 DEBIT AMOUNT SW. warns SOMA* Cat. One Motrotoch Conk. North bccItkn. Nov York 112014859 JEFFREY EPSTEIN STATEMENT PERU/ PPM 29.2006 THROUGH May 31.2006 ACCOUNT NUMBER TAXPAYER AVUMER On FIk LAST STATEMENT *11 28.2006 MEM AMOUNT 2,100.00 TOTAL $3.860.00 End of Statement 027 06/01/06:1128 001 V909 EFTA00201048 CLEARED THROUGH ITS WITCU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE Z 13HERMAN,IRA on.uearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4.151.442 MONEY MARKET FUND BALANCE 665,510 llllllllllllllllll I ll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK WATER 5-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash& Egos/Went $665.510 $666.047 NET EQUITY THIS PERIOD $4,816,952 NET EQUITY LAST STATEMENT 4,904.546 CHANGE SINCE LAST STATEMENT -87,594 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities H Roza row any Marco a r4• citing M totes or mocks. dimmed w doewroo 10 wu. b Clow Somme 01800614•1028: a ywto 10 Clow Somcos a Bow. SWIM SCCUMOS Cad.. Co. MoSolten Cooke North. Orodlyn, NY. 112014859 027 Current market value MO Last statements market value $4.151.442 $4.248.499 13.11. Swann SeOwNel COW One Motrotoch Conley North Waken. Now York 11201.3859 JEFFREY EPSTEIN STATEMENT PERK* RPM 1. 2006 THROUGH WI 28.2006 ACCOUNT NUMBER TAXPAYER NAWER On File LAST STATEMENT Mardi 31.2006 arrarY 6 fa dOwelecoel StYpOsts only Itasca sereled as a ta. clocsnmet TN; stateenere should Watered for your records See wens Wok, newton ricensatan 0420060833 001 V908 EFTA00201049 CLEARED THROUGH ITS WHOLLY ORNED SUBSIDIARY Bear. Reams SecudRes Cup One Mewled, Conk. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 ol STATEMENT BACKER IS PRINTED ON THIS PAGE 027 04.29(080833 001 V908 EFTA00201050 CLEARED THROUGH ITS VOICUY CONNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 3 c/ Cash Flow Analysis Cash Balance Summary THIS PERIOD OPENIW1 CLOSNG Opening Balance $1.79 Cash 1.79 0.00 Money Fund 2,431.98 Net Cash Balance $1.79 $0.00 Dividends/Interest 7,031.60 Amount Credited $9,463.58 Money Fund -9.465.37 Income Summary THIS PERIOD YEAR TO OM Amount Debited 6-9.465.37 Dividends 9.463.58 38,392.90 Net Cash Activity -1.79 Total $9.463.58 $38,392.90 Closing Balance $0.00 Portfolio Composition CashiCash Equivalent 665,510 Equities 4.151,442 Total $4,816,952 027 Ok29(0808:33 001 V908 SW. sown SBOwl981 Cat. One Merotech Conic. North IloStlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD PPM 1.2008 THROUGH April 28.2006 ACCOUNT NUMBER TAXPAYER AMMER On File LAST STATEMENT Mardi 31.2006 Your Portfolio Allocation Cash 8 Equivalent 4% • Equities 86% Unteeeti Preen, denote 000* OttenCe omit, shod Ticket Vitali alocama warm": es clawed from to amok*, (radon maw os pxe panna. EFTA00201051 CLEARED THROUGH ITS VOICUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS /MRXE1 ESTIMATED CURRENT DESCRPRON SYMECtiCVSIP oustrnw PRICE VALUE ANNUAL INCOME YIELD ri.) DREYFUS CASH MANAGEMENT-CL A DICA 665,509.92 1.0000 665.510 29.948 4.5000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4.7100% TOTAL CASH & CASH EQUIVALENTS $665.510 529348 EQUITIES SRN. warns sectwon core One Motrotoch Conic. North EfroStkn. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD PPM 1. 2006 THROUGH April 28.2006 ACCOUNT NUMBER TAXPAYER MAEER On File LAST STATEMENT Minn 31.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; LI = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed. where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold: S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvnv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRPTION SYMECUCUSIP ACCT OPE OIANSTT PRCE MARKET VALUE ESTPAME0 MORAL NCOME CURFENr YEW 1%) FELCOR LODGING TRUST INC FCH CASH 2,000 21.6500 43.300 1,200 2.7714 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 20.9500 41.900 2,200 5.2506 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 25.8000 51.600 3.846 7.4535 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.9800 109.800 8.400 7.6503 027 04.28(060633 001 1,908 EFTA00201052 CLEARED THROUGH ITS WHOLLY GIWJED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 5 vi Bear. Roams SenudINS Cat. Ono Mevotech Center Noah 8recklin. New York 1120/3859 JEFFREY EPSTEIN STATEMENT PER100 April 1.2006 Your Portfolio Holdings (continued) THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT April 28.2006 On Hk Match 31.2006 Equities & Options (continued) ACCT IMPXE1 ESIMATED CURRENT DESCOPTION S.1.18ectuSiP Trir£ Ow.UTITY PACE VALUE ANNUAL two.* YELD 1‘) HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.1000 86,200 5.840 6.7749 S81 JOHNSON& JOHNSON JNJ CASH 57.800 58.6100 3.387.658 86.700 2.5593 BSC RAINS: STOCK PISECTOR MW NED DAVIS RESEARCH RATING: B WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.4400 103 EXP 12(10r2007 NAYARIT GOLD INC NYRTF CASH 19 1.0990 21 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.6400 29,055 1.116 3.8410 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.5600 72,765 4.090 5.6208 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 27.0300 324,360 21.480 6.6223 TRUST-MD S81 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 4.6800 4,680 BSC RAMC: STOCK OSECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.151.442 $134.872 TOTAL EQUITIES $4.151,442 $134.872 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $164.820 YOUR PRICED PORTFOLIOHOLDINGS $4,816,952 027 04.423660813 001 V908 EFTA00201053 CLEARED THROUGH ITS WHOU.Y OMED SUBIC:NW BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail MONEY FUND ACTIVITY DATE 1139AT TRANSACTION DESCRIPTION SAISCLCVSIP (AWRY PRICE ACCOUNT NUMBER TAXPAYER MJUSER On File LAST STATEMENT Merck 31,2006 OESIT AMOUNT CREDIT AMOUNT 04/01/06 OPENINGBALANCE 656.044.55 04/03/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 5,371.79 1.0000 5.371.79 INSTITUTIONAL SHARES 04/03/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 2.431.98 INSTITUTIONAL SHARES MONTHLY DIVIDEND 04/03/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 2,431.98 2.431.98 INSTITUTIONAL SHARES DIVIDEND REINVEST 04117/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1.661.60 1.0000 1,661.60 INSTITUTIONAL SHARES 04/28/06 CLOSINGBALANCE 665,509.92 TOTAL 9.465.37 $2.431.98 DIVIDENDS 84,81. sown SMARM Cat. One Mewled, Conic. North IloStlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD APOI 1.2006 THROUGH April 28.2008 DATE DESCRIPTION SYMEICIJCUSIP 04/03/06 RAMO GERSHENSON PROPERTIES RPT TRUST-MD S81 REC 03,20106 PAY 04/03106 OUAARITY PATE (5) 12,000 0A475 CENT AMOUNT CREDO AMOUNT 5,370.00 04/17/06 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 04/01106 PAY 04/17106 04/17/06 GLIMCHER REALTY TRUST-Sal GAT 2,000 0.4808 961.60 REC 03,31106 PAY 04/17106 TOTAL 57.031.60 027 04'28(080833 001 V906 EFTA00201054 CLEARED THROUGH ITS VOICU.Y ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 I II IIIIIIIIIIIIIII I II JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 SRN. warns SIOA081 Cap. One Metaled, Conk. North 9taltDn. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Minh 1.2008 THROUGH Mardi 31.2006 ACCOUNT NUMBER TAXPAYER AMMER On File LAST STATEMENT PeDruEuy 28.2006 rt Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS 027 04.01,06:10 28 001 V906 EFTA00201055 CLEARED THROUGH ITS IrdaLY ODISED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTNE TELEPHONE VISIT OUR WEBSITE ZICHERMAN.IRA ono oearsteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD NET CREDIT BALANCE MONEY MARKET FUND BALANCE 4,248.499 2 656,045 IIIIIIIIIIIIIIIIII I ll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & Equwatem _l ir $656.047 5633.588 NET EOUITY THIS PERIOD $4,904,546 NET EQUITY LAST STATEMENT 4,750,352 CHANGE SINCE LAST STATEMENT 154,194 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Equities Roza rood aor Mama a morocco el sharks or stocks. avowal as dattrona to fou. to Clem Samosa at 80061414211: or yet to Clam Son's.* a Boas Roam &comes Ca,.. Co. lActoloch Coolly North. Broofbri, NY I12014059 64.248.499 64.116.764 Current market value MO Last statement's market value Stearns SecodOes Corp Cue Motrobsch Conks North Brocktrn. Now York 11201.3859 JEFFREY EPSTEIN STATEMENT PERK* Mardi 1.2006 THROUGH Mardi 31.2006 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT February 28.2006 Sit TN, WIY010`0000 070n*Shorml prams only a Is not sanded natal downed Tin statarnore should be Maned for your records See renew fa fix mortars nrainatim 027 040106:1028 001 V906 EFTA00201056 CLEARED THROUGH ITS YRIOLLY ORYJED SUBSIDIARY Seal. Sleben SeWOOS Cory One Mewled, Conic. North 9toStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 ol STATEMENT BACKER IS PRINTED ON THIS PAGE 027 O401,08?028 001 EFTA00201057 CLEARED THROUGH ITS VOICUY 01M4ED SUSSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York Nee York 10179 3 ci Cash Flow Analysis Cash Balance Summary THIS PERIOD OPENPC.: CLOSEYG Opening Balance Money Fund Dividends/Interest Amount Credited $0.00 2,081.28 20,377.41 $22,458.69 Cash Net Cash Balance 0.00 $0.00 1.79 $1.79 Money Fund -22.456.90 Income Summary 11-118 PERIOD YEAR TO DAM Amount Debited $-22.456.90 Dividends 22.458.69 28,929.32 Net Cash Activity 1.79 Total $22 458 69 $28,929.32 Closing Balance $1.79 Portfolio Composition CashiCash Equivalent 656,047 Equities 4.248,499 Total $4,904,546 SW. Steams SMARM Cap. One Merotech Conk. North IloStlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD With 1.2006 THROUGH March 31.2006 ACCOUNT NUMBER TAXPAYER AMBER On Fee LAST STATEMENT February 28.2006 Your Portfolio Allocation Cash & Equivaleril 14% Equities 86% Unteeeti Preen, denote 000! OttenCe omit, shot Ticket Vitali alocama warm": es clawed from to aaso130 (radon maw 01 pxe Actilmo. 04.01.C6:70-28 001 V906 EFTA00201058 CLEARED THROUGH ITS 1901CUY OUMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRFRON CASH BALANCE SMIECUCIMIP BARNET ESTIMATED CURREAS RUMMY PRICE VALUE AMU& INCOME MID I%) 2 DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 4,5500% TOTAL CASH & CASH EQUIVALENTS 656,044.55 1.0000 656.045 26,242 4.0000 $656.047 $26,242 EOUITI ES SOL warns secwww, CYO. One Merotoch Conk. North StoRtlin. Nov York 1120141359 JEFFREY EPSTEIN STATEMENT PERIOD With 1.2006 THROUGH march 31.2006 ACCCUNT NUMBER TAXPAYER MADDER On File LAST STATEMENT PthruEuy 28.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvy,bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCROTION SOOBOUCUSIP ACCT TYPE OVAMITY PRCE MARREI VALLE ESTRUM() ANNUAL INCOME CURRMR YEW 1%4 FELCOR LODGING TRUST INC FCH CASH 2.000 21.1000 42.200 1,200 2.8436 GLENBOROUGH REALTY TRUST INC GL8 CASH 2.000 21.7500 43.500 2,200 5.0575 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 28.4000 56.800 3,846 6.7711 027 0401,06:10:28 001 V906 EFTA00201059 CLEARED THROUGH ITS VOICUY ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 5 SISI. sown SOOwl081 Cat. One Mctotocb Conk. North Oro:Wm. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERO) Mach 1.2006 Your Portfolio Holdings (continued) THROUGH ACCOUNT HOMER TAXPAYER AMBER LAST STATEMENT March 31.2006 On File PeDruEuy 28.2006 Equities & Options (continued) ACCT MARKET ESTPAATED CURFEW DESCRPRON SYMBOUCUSIP TYPE OUANFITY PRCE VALUE ANMJAL INCOME YELD HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.7400 117,400 8,400 7.1550 HOSPITAUTY PROPERTIES TRUST HAT CASH 2.000 43.6700 87.340 5,840 6.6865 581 JOHNSON& JOHNSON JNJ CASH 57.800 59.2200 3.422.916 76,296 2.2290 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B 1ARS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6250 147 GT 12/1012007 NAYARIT GOLD INC NYRTF CASH 19 1.4560 28 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 70.9000 30.912 1.116 3.6102 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 44.0000 78.936 4.090 5.1814 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12.000 30.2700 363,240 21,480 5.9134 TRUST-MD SRI SIRIUS SATELLITE RADIO INC WI CASH 1.000 5.0800 5,080 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,248,499 $124,468 TOTAL EQUITIES $4,248,499 $124,468 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME $150,710 YOUR PRICEDPORTFOLIOHOLDINGS $4,904,546 027 04131/08:10:28 001 EFTA00201060 OFFICE SERVICING YOUR ACCOUNT CLEARED THROUGH ITS VOICUY OMED SUBSIDIARY 8081. warns swoon cow BUR STEARNS Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 Cne Metaled, Conk. North baltlin. Nov York 11201.3859 JEFFREY EPSTEIN 6 Transaction Detail MONEY FUND ACTIVITY DATE STATEMENT PERIOD March 1.2008 THROUGH March 31.2006 ACCOUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT February 28.2006 MOAT TRANSICTIGN DESCRIPTICN STMEOLCVSIP OWNMY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/01/06 OPENINGBALANCE 633,587.65 03/01/06 DIVIDEND 03/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA DICA 2,081.28 2.081.28 2.081.28 INSTITUTIONAL SHARES DIVIDEND REINVEST 03/14/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 19.074 1.0000 19,074.00 INSTITUTIONAL SHARES 03/15/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1.301.62 1.0000 1.301.62 03/31/06 INSTITUTIONAL SHARES CLOSINGBALANCE 656,044.55 TOTAL $-22,456.90 $2.081.28 DIVIDENDS DATE DESCRIPTION STIADOLCUSIP OUANTRY PATE 4$) DENT AMOUNT MEDD AMOUNT 03/14/06 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 02,2&06 PAY 03/14106 03/15/06 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.6400 279.04 INC REC 02/24106 PAY 03115/06 027 04,0146:10:28 001 V906 EFTA00201061 CLEARED THROUGH ITS VOICUY OPINED SUBIC:N.01v BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YOrk New York 10179 7 Cl Transaction Detail (continued) DIVIDENDS (continued) Sew. Warns SennOet Core One Metaled, Conk. North bccItlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Mardi 1.2006 THROUGH Mardi 31.2006 ACCCUNT NUMBER TAXPAYER MASSER OR File LAST STATEMENT PeDruEuy 28.2006 DATE DESCRPOON SY1.18CliCoSIP cunany RATE (S) DEBIT AMOUNT CREDO AMOUNT 03/15/06 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5710 1,024.37 INVESTMENT TRUST-SBI REG 03101106 PAY 03/15106 REG 0'1/.57 / RTS REDEMPTION .001 TOTAL 520.377.41 End of Statemen 027 04.ti,06:i0 28 00, v906 EFTA00201062 CLEARED THROUGH ITS WHOLLY OGIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE ZICHERMAN.IRA 61A% nearsteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,116,764 MONEY MARKET FUND BALANCE 633,588 Cash & Equivalent — Equities H NET EQUITY THIS PERIOD $4,750,352 NET EQUITY LAST STATEMENT 4.727.506 CHANGE SINCE LAST STATEMENT 22.846 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Remo more oaf Marco a contomiot of re d's or Mocks. al/Wolof as &aroma to you. b Genf Swim. at 800611.1128: a vat to Clad Soak.. a Bow. Steam Becomes Cap.. Co. Moinoeck Come Nook 8rooNyn. NY 112014859 llllllllllllllllll I ll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $633.588 $627.817 Current market vidue MO Last statements market value $4.116.764 $4.099.689 Beer. Waft Searle* COQ Coo Motroboch Conic/ North thcceNn. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERM February 1.2006 THROUGH February 28.2006 ALLOW! NUMBER TAXPAYER NUMBER On File LAST STATEMENT January 31.2006 nel RaweatY a brelleonabenal pompom cob els red Needed as Can." 13 4 TNs statemere shale be waned for your records Soo mom rode to inponare neconaton 027 0101:06:08:00 001 M302 EFTA00201063 CLEARED THROUGH ITS WHOLLY ORNED SUBSIDIARY Seal. Reams Sesud Goo One Mewled, Conk. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN 2 ol STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0101.06:08:04 001 V902 EFTA00201064 CLEARED THROUGH ITS VOICUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 3 c/ Cash Flow Analysis Income Summary THIS PERIOD Tie PERIOD YEAR TO DATE Opening Balance $0.00 Dividends 5,770.63 6,470.63 Money Fund 2.210.63 Total $5,770.63 $6,470.63 Dividends/Interest 3,560.00 Amount Credited $5.770.63 Portfolio Composition Money Fund -5.770.63 Cashtash Equivalent 633,588 Amount Debited $-5.770.63 Equities 4.116,764 Closing Balance $0.00 Total $4,750,352 SRN. Sown Secudilet Dap. One Metaled, Conla North &DSO% Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD February 1.2006 THROUGH February 28.2006 ACCOUNT NUMBER TAXPAYER MAWR 011File LAST STATEMENT January 31.2006 Your Portfolio Allocation Cash & Equivalent 14% 0. Equities 66% Unteeeti Preen, denote 000* 0ttenCe omit, shod Ticket vitals. TN alocame. warm": es clawed from to attsola (radon maluo oF pxe panna. 027 0101.0E:08:04 001 V902 EFTA00201065 CLEARED THROUGH ITS VOICUY OMVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS PAUIXE1 ESTIMATED MESS DESCRPRON SYMECtiCVSIP Ountrnw MCC VALUE MAU& INCOME Y13.01%) DREYFUS CASH MANAGEMENT-CL A DICA 633,587.65 1.0000 633.588 26.611 4.2000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4,3600% TOTAL CASH & CASH EQUIVALENTS $633.588 $26,611 EQUITIES Smann Howie* Core Cno Merotoch Conk. North Oro:Wm. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD February 1.2006 THROUGH Fetkuwy 28.2006 ACCOUNT NUMBER TAXPAYER ARNOER On File LAST STATEMENT January 31.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present. the name of an independent, third-party research provider and their rating may also be displayed. where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wyv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRPTION SYMECUCUSIP ADC! TYPE OLWERTY PRCE MARKET VALUE ESTIAME0 ANNUAL INCOME CURFGVI' YEW IY4 FELCOR LODGING TRUST INC FCH CASH 2,000 19.8500 39,700 1,200 3.0227 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.3500 38.700 2.200 5.6848 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: H GUMCHER REALTY TRUST-SBI GRT CASH 2.000 26.6800 53.360 1.050 1.9678 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.7200 107.200 8.400 7 8358 027 0101.06:08:04 001 V902 EFTA00201066 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 5 vi Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCOPTION SohlEa..0JSO, T PE OLImeihr MCC NAPIEET VALUE ESTIMATE0 ANNUAL diCOME CURRENT VETO HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 44.5000 89,000 5.840 6.5618 S81 JOHNSON& JOHNSON JNJ CASH 57.800 57.6500 3.332.170 76.296 2.2897 BSC RAMC: STOCK PISECTOR MW NED DAVIS RESEARCH RATING: WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.5750 135 EXP 12(182007 NAYARIT GOLD INC NYRTF CASH 19 0.7750 15 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.2100 30.176 1.116 3.6983 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.4000 72,478 4.090 5.6431 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 29.0600 348,720 11.484 3.2932 TRUST-MD S81 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 5.1100 5.110 BSC RAMC: STOCK OSECTOR WV ATLANTIS RESEARCH RATING: B Total Equities& Options $4.116,764 $111.676 TOTAL EQUITIES $4.116,764 $111.676 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $138.287 YOUR PRICED PORTFOLIOHOLDINGS $4.750.352 Bear. Stearns SeOudlin Cat. Ono Metrotech Center Henn 8recklin. New York 1120/3859 JEFFREY EPSTEIN STATEMENT PERIOD February 1.2006 THROUGH February 28.2006 ACCOUNT NUMBER TAXPAYER NUMBER Ofl Foe LAST STATEMENT January 31.2006 027 03.01,M:0804 001 V902 EFTA00201067 CLEARED THROUGH ITS WHOU.Y ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YOrk New York 10179 6 c/ Transaction Detail SDP. warns seances CYO. One Metaled, Conk. North 9=4.101. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD February 1.2006 THROUGH February 28.2006 ACCOUNT NUMBER TAXPAYER NINSER Ca Fite MONEY FUND ACTIVITY DrE LAST STATEMENT January 31.2006 mom TRA,JEACTON DESOTIPTIDN SYMBCLCvS.P cvAlvirr PPCE DEBIT AMOUNT CREDIT AMOUNT 02/01/06 OPENINGBALANCE 627.817.02 02/01/06 DIVIDEND DREYFUS CASH MANAGEMENT.CL A DICXX 2,210.63 INSTITUTIONAL SHARES MONTHLY DIVIDEND 02,01/06 REINVEST DREYFUS CASH MANAGEMENT.CL A DICXX 2,210.63 2,210.63 INSTITUTIONAL SHARES DIVIDEND REINVEST 02/16/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.460 1.0000 1.460.00 INS11TUTIONAL SHARES 02/27/06 BOUGHT DREYFUS CASH MANAGEMENT.CL A DICXX 2.100 1.0000 2,100.00 INSTITUTIONAL SHARES 02/28/06 CLOSINGBALANCE 633.587.65 TOTAL $.5.770.63 $2.210.63 DIVIDENDS DATE OESCRPTKIN SYMEICIAUSIP OUNNTITY PATE rS) CENT AMOUNT CPECU AMOUNT 02116/06 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7300 1,460.00 SEC REC 01/27106 PAY 02/16106 02/23/06 HRPT PROPERTIES TR-SBI HAP 10,000 0.2100 2.100.00 REC 01,20416 PAY 02/23106 TOTAL $3.560.00 027 0101.06:08:00 001 v902 EFTA00201068 CLEARED THROUGH ITS WHCU.Y OWED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE TELEPHOPE VISIT OUR WEBSITE ZI3HEHMAN.IRA eimv.uentearrs.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 3 Transaction Detail 5 Fund Activity 5 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 4.099.689 627.817 III111111111111111 I ll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & Educelent 4627.817 4618.814 NET EQUITY THIS PERIOD $4.727.506 NET EOUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 4,818.382 -90.876 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities H Nona noon oa dfforecoo or nontoceire of flats or stocks. oulleolod as doltrogott l0 'nu. to until Sonion at 80004-1128: or veto to Clem San em at Bow. Steam &comes Cap.. One lAttok•-li Center North. Srodlyn NY. II2OSeS0 Current market value lin Last statement's market value $4.099.689 $4.199.568 895. Steams WAR,. CPO. Ono Mettotech Corder Noah 8recklin. New York 11201.3859 JEFFREY EPSTEIN STATEMENT PER100 December 31.2005 THROUGH January 31.2006 ACCOUNT NUMBER TAXPAYER NUMBER OH FIk LAST STATEMENT December 30.2005 gi te • nINSunTeNtsior Stamboul Winn, coly It Is ra flooded as a Or downier lin sr stated shoad be Maned for your records Soo rovers* sole kr modem rdcommon 027 0201.06:18:32 001 VS00 EFTA00201069 CLEARED THROUGH ITS WHOLLY ORNED SUBSIDIARY Seal. Reams Searllbf Gv0. One Mewled, Conic. North Oro*lin. Nov York 1120/3859 JEFFREY EPSTEIN 2 ol STATEMENT BACKER IS PRINTED ON THIS PAGE 021 020MS:18:32 001 V900 EFTA00201070 CLEARED THROUGH ITS 1901CUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 3 c/ Cash Flow Analysis Income Summary THIS PERIOD DiS PERIOD YEAR TO DATE Opening Balance $0.00 Dividends 700.00 700.00 Money Fund 2,091.88 Total $700.00 $700.00 Dividends/Interest 6,911.60 Amount Credited $9.003.48 Portfolio Composition Money Fund -9.003.48 CashICash Equivalent 627,817 Amount Debited $-9.003.48 Equities 4.099.689 Closing Balance $0.00 Total $4.727.506 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRohOo 511,4B0LMJSIP IAARNET ESTIMATED CLRRENT OLIANTITT PRICE VALUE AN.N.AL PECCUE ,E1.0 DREYFUS CASH MANAGEMENT-CL A Diet< 627,817.02 1.0000 627,817 25.740 4.0999 INSTITUTIONAL SHARES EST 30 DAY AVG new 4 1800% SW. Sown Secuden Gem. One Mewled, Conk. North bcdtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 31.2005 THROUGH January 31.2006 ACCOUNT NUMBER TAXPAYER NI/193ER On Flk LAST STATEMENT December 30.2005 Your Portfolio Allocation Cash 8. Equivalent TOTAL CASH 8 CASH EQUIVALENTS $627.817 525.740 14% 0 • Equities 86% Undrodod pomons denote 000* 0ttanCe omit, shod maim vain alomma warm": m &need from to amore minim maw oF ,ote palIono. 027 02,0146:18:12 001 Y900 EFTA00201071 CLEARED THROUGH ITS WHOLLY ODIVED SUSSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 4 c/ Your Portfolio Holdings (continued) EQUITIES Equities & Options Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at wvnv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESORPTION SYMBOUCUSIP ACCT TYPE °won PRCE PAARKET VALLE ESTIMATED ANMOL INCOME CURFEW VELD ILD FELCOR LODGING TRUST INC FCH CASH 2,000 19.8600 39.720 1,200 3.0211 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.6800 39.360 2,800 7.1138 GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 27.3400 54.680 1,050 1.9203 HRPT PROPERTIES TR-SBI HAP CASH 10.000 10.7300 107.300 8.400 7.8285 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 42.8700 85.740 5.840 6.8113 S81 JOHNSON& JOHNSON JNJ CASH 57.800 57.5400 3.325.812 76.296 2.2941 WTS LUCENT TECHNOLOGIES INC LUTHVi CASH 235 0.5150 121 ET 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.5780 11 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.2000 30.171 1.029 3.4106 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.6600 72.944 3.773 5.1725 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 28.1800 338.160 11.484 3.3960 TRUST-MD SIN SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 5.6700 5,670 Total Equities& Options $4.099,689 $111.872 TOTAL EQUITIES $4,099,689 $111.872 SW. Reams SMARM Cat. One Motrotoch Conic. North 9roStlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 31.2005 THROUGH January 31.2006 ACCCUNT NUMBER TAXPAYER PANMER On File LAST STATEMENT December 30.2005 027 020146:18:32 001 '.903 EFTA00201072 CLEARED THROUGH ITS VOICUY ODIVED SUSSIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 5 o Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 8137.612 YOUR PRICED PORTFOLIOHOLDINGS $4.727.506 Transaction Detail MONEY FUND ACTIVITY SW. Reams Sennees Cat. Cno Motrotoch Conic. North bcdtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 31.2005 THROUGH January 31.2006 ACCOUNT NUMBER TAXPAYER MAWR On File LAST STATEMENT December 30.2005 Pert ma DAY TRANSACTON CESCAIRDCN SYMBOCCUSIP CCANIre PP.CE OMIT /MOM CREDIT AMCWIT 12/31/05 OPENINGBALANCE 618.813.54 01/03/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 5.250 1.0000 5,250.00 INSWRITIONAL SHARES 01/03/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 2,091.88 2,091.88 INSTITUTIONAL SHARES DIVIDEND REINVEST 01/03/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DC/CC 2.091.88 INSWRITIONAL SHARES AMT INCLUDED IN 2005 - 1099 01/17/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1,661.60 1.0000 1,661.60 INSWRITIONAL SHARES 01/31/06 CLOSINGBALANCE 627.817.02 TOTAL 8.9.003.48 $2.091.88 027 020146:18:32 001 '03CO EFTA00201073 CLEARED THROUGH ITS VOICUY ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail (continued) DIVIDENDS SRN. Reams Mcwiiiet Soo One Metaled, Cerra North 9tcc4t101. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 31.2005 THROUGH January 31.2006 ACCOUNT NUMBER TAXPAYER AMMER On FAA LAST STATEMENT Oecembw 30.2005 D4-E DESCRPTION SYM&4JVUSIP MAMMY RATE <Di DEBIT AMOUNT CREDIT AMOUNT 01/03/06 RAMCO GERSHENSON PROPERTIES APT 5,250.00 TRUST-MD S8I CASH DIV ON 12000 SHS REC 1020105 PAY 01/03/06 AMOUNT RCLUCED ON 2005-1099 01/13/06 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC 01/01(06 PAY 01/13/06 01/17/06 GLIMCHER REALTY TRUST-Sal GRT 961.60 CASH DIV ON 2000 SHS REC 1030/05 PAY 01/17/06 AMOUNT INCLUDED ON 2005-1099 TOTAL $6.911.60 End of Statement 027 020146:18:32 001 1/900 EFTA00201074