Valuations

Valuations 5/31/12 EFTA01118717 JEE and Related Entities Investment Summary 5/31/12 Cash 8 Equidants Financial Trust Company. (see note below) 7.576.903 J EpSIN1 1.372.295 HAZE Trust 1,627.405 FT Rea! Estate 85.044 Epstein Interests iii.610 J Eastern VI Foundation 5.795,448 COUCI 3,045 Total Cash 8 Equivalents 16,571.840 Less Cash in Operating Accounts (641.162) Cash in Foundations (5,910 103) (6,551.285) Total Available Casn & Equivalents 10 020.555 JP Morgan Trading Account (cash, securities. Derwnwes)• FTC- See Note A JP Morgan Trading Account (cash. securities, Dnndnesl- HAZE 71.474,607 20.747.645 Marketable Securities -(frns.) 6 863,375 Investment Island Yacht Harbor (per JEE) 000.000 Settlements -DBZ 76.000.000 Partnership Investments (see attached seised's:4H 96 934.190 Total' 283 040 972 Value Above Adiuslments Operating Cash Loans Receivable Total per attached vauation schedule 283.040.372 641.182 2,201.845 285 883.399 • Investment partnerships are subject to various restncbons on withlrawaLs, and therefore. the temp of availability of funds will be so limited NOTE A The JPM trading account was funded wth 575 Milton. During July 2011 we withdrew S 52.478.520 On 5/22/12 the account was reduced by $1.330,000 for the purchase of 35.000 shares of Facebook 285.883 399 EFTA01118718 J. EPSTEIN 6 RELATED ENTITIES VALUATIONS CASHLIAINUTIES,INVESTMENTS 6131112 ACCOUNTS FINANCIAL TRUST COMPANY 01/01112 VALUATION YTD May PERFORMANCE 04/30/12 0.501112 J P MORGAN 7206.306 6.964.376 JP Morgan Trading Accami 75.144.45041 71.474.607 Facebook (35.000 shares al JPM) 1,036,000 Other Bare Accounts 274.200 190.316 JPM !Bear Steams) 5244,731 5.629247 INVESTMENTS AP TECHNOLOGY(LEON BLACK) 250.003 250.000 A P SHL INVESTOR 1.000,000 1.000.000 TUDOR FUTURES 18297.186 14.557 507 15.917 403 402% 1.60% HIGHBRIDGE CAPITAL 18232.934 17,874 214 17,097,994 454% -0.88% ML HERTZ 3.968,321 3.490.440 RENAISSANCE DIST EOUITY FUND 1.333,745 1.345.485 1.231.682 924% 088% Mart Alt BEAR STEARNS Asset Backed Socrates (7/31/09 Yak 331.882 331 882 Environmental SobAions tot cerlicote) 461,955 620.339 Settlements 013 2WIRN SPECIAL OPPURTUNITIES FUNO 76.000,000 76.000.000 see /Demote INVESTMENT Island Yo3m Harbor FT Real Estate (cart balance) Jeffrey Epstein 1600.000 WON 1.003.000 85,044 FT Real Estate • Investmem in Aisne a cost 920,500 920.500 FT Real Estee - Esaenv -Columbia Headings 500,030 500.000 CHECKING/SAVINGS ACCOUNTS 787.918 641.182 LOANS DUE FROM INDMDUALS 2.491245 2.101 846 CORE CLUB NOTE 100,000 100.000 BROKERAGEACCOUNTS JPM (Bea Stan) 668.214 668.281 J P MORGAN 56,788 56.788 &Manly Trost 8.044 8.044 HAZE Trust HIGHBRIDGE CAPITAL 33.088,186 32.806,822 31.384.774 4,53'% 088% KING STREET 21.995.814 21257,240 21.123.753 347% -063% JP Maroon - Cash 2.627,281 1.627.496 JP Morgetveronagea =cram 20.796,566 20747.645 TOTAL 291.380278 285.883.399 THESE AMOUNTS DO NOT INCLUDE HOUSES. A/RPLANE,FCCURES &OTHERASSETS There is opmackaley 32.3 neon in Freedom AP not included strove an 6/1112, 32 millea went to Mid JEE EFTA01118719 FTC JPM JPM (Bear Steams) JEE and Related Banes Cash Summary 5/31112 3493.334 3.493,253 Bank accounts 190,316 7.576.903 JEE Bank accounts 841.162 841 JPM (Bear Stearns) 686.781 JPM 56.788 audacity Twit (Bear Steams) 8.044 1.372.295 HA7F Trust JPM 1 627,495 1.627.495 FT Real Estate 85.044 85.044 Epstein Interests 111,610 J Epstein VI Foundation 5.651,450 J Epstein VI Foundation(accrued in0 143.998 COU0 3.045 5.910.103 Total Cash 18.571.840 15 571.840 tlics does not include cash in JP Morgan trading account There is approximates 32 3 (moron m Freedom Air not incruiled above on e(1/12. 32 Million went to fund JEE 182 EFTA01118720 Reconciliation of large items Value 4/30/12 291.380.678 Partnerships (794.347) see below JPM Trading account- FTC (2.340.002) JPM Trading account- HAZE (48,921) Securities (776.267) Dividends/interest 928 Appollo Dividend 65.789 cash spent : JEE FTC (1.536.736) (84,524) cash received BSABS 16.801 miscellaneous total 285.883.399 Value 5/31/12 285,883,399 Partnerships FTC TUDOR FUTURES 260,322 FTC HIGHBRIDGE CAPITAL (158,690) FTC ML HERTZ (477,881) FTC RENAISSANCE INST EQUITY FUND 11,740 Haze HIGHBRIDGE CAPITAL (291,264) Haze KING STREET (138.574) (794,347) DBZ- This is based on the following assumptions: 1) the fund will recognize a withdrawal amount payable to Jeepers totaling $70 million 70,000,000 2) Jeepers will receive an interest of G Dubins ptshp interest valued at approx 53.8 million with a 5,000,000 backstop payment from G. Dubin equal to the excess of $5 million over the aggregate value of all distributions made with respect to this investment 3) JEE will pay $1 million for Zwims interest in Corbin. JEE will rercieve all distributions upto $2 million 1,000.000 and the remaining distributions will be divided 50/50 between JEE and Zwim 76 000 000 The June 30,2011 valuations(prior to the settlement) valued DBZ at 18,688.906 (May valuation) + 44,850660 receivable . Total was 63.539,566. Thus the value as a result of the $76 million settlement increased by 12.460,434 from the valuation reported on June 30,2011 EFTA01118721 JEE and Related Enbtes Available Emmy for Investments 531112 13.198.711 95,250 151.464 20.000 21.759 263.157 35.000 FTC [repeated 5 times] HAZE HAZE FT Really FT Realty FT Realty FTC FTC Securities Long raFair Marto Value Envmomental Solutions Ascent' Retail Envimomental Solutions Bombard"( JP Morgan Apolo Global Management Facebook JPM Trading (Ste attached) sled( certificate at JPM (formerly Bear Stearns) at JPM (formerly Sear Stearns) JPM (formerly Bear Stearns) at JPM (formerly Bear Stearns) at JPM at JPM unrealized realized-2010 realize:1-2011 realizoC 7017 5131112 620,339 1,334.565 7,120 73.197 721,112 3.071.042 1.038.000 8,883,375 3.369.300 (6 959.209) 1,541.549 2331.487 283,127 Investments aro 911/12 at Fair Marital Value 4130112 gain(loss) 481,955 158.384 1,443,840 (109.275) 5,302 1,818 84.665 (11.468) 934.944 (213,632) 3.378.936 (307.894) 1,330,000 soviiihrowis (294,000) 7,639.642 (778.267) Net PSI 2010 (1.519.390) Net PSI 2011 (741,062) Net P812012 2.543.579 TUDOR FUTURES HIGHSRIDGE CAPITAL ML HERTZ RENAISSANCE MST EQUITY FUND(Mirch) ABS Trust (last valuation 7/31/09 FTC receives monthly Oistrtubons) HIGHBRIDGE CAPITAL KING STREET Advance Star LLC (cost basis) Lofts 21 LLC (cost bass) Escrow -Columbia Holdings AP TECHNOLOGY(wrte down) AP SHL INVESTORS (write down) S r .1.12 16,557,507 17,874,214 3.490.440 1.346.485 331.882 32,808,922 21.857.240 700,000 220,600 500.000 05 684 190 250.000 1000,000 1 250 000 Total Partnersro investments 96.934.190 EFTA01118722 ENHANCED EDUCATION 5/31112 PARTNERSHIPS RECEIVAI3LES TOTAL CASH SECURITIES BEAR STEARNS BANK GOLD/IAN SACHS TOTAL BEAR STEARNS BANK GOLDMAN SACHS TOTAL (YEAR STEARNS BANK 5 650.942 144.508 5.508.944 144.508 143 998 AnalInterest payment 5395,448 5.851450 143 998 3.485.850 Stove GCW 11/15/109 7.5% (face reduced by 05/1884410 IJPM ♦lows S 6616644 These statements deal Hauge lace by paydoens) delatA COUO FOUNDATION 6131/12 TOTAL PARTNERSHPSB RESEMBLES CASH SECURITIES 3 045 3.045 TOTAL 2015 3015 EPSTEIN INTERESTS 5131112 PARTNERSHIPS RECCWAOLES CASH SECURITIES 111.610 [repeated 4 times] EFTA01118723 Flaue Trust Comparry Autalysis of Investment usetment sei unfrohes, 5/31/12 Gselots) Mt Pelz 11/15/05 5.100)200 danteSons 8/11/06 (.160.021) detuartons 12/11/06 (560.806) tetribusens 7/26/07 (2.440,905) tedbuttorts 4/20/11 (1.297352) (1,358)85) 30490,440 4.848.725 mieteten pareenhipts dielte ate thefaxe fe reemptentallbed sahn egal Invetnem o1500000 UI Hit lease timaule, of 112.744 and 92,269 sh of Kn. Currem sendeten. Inestment Is 294.986 ih Kn 05 US denedons Valueen is basal on the 11/29/06 aha of HR (5/31/12 18000,080 (3,743,853) 51861/per Ase/ 6,254,147 332182 (5,924,2651 ilighedie Goal Corp 1/11/02 25,000.000 etnbetons 2/28/06 (25,800.000) 18,031,151 18,031,151 D8 bim nis tegiveseen ihr tote of Hehedge Opal Corp. and HO heulhamm Holdes Ltd. 4/29/02 10,000.600 8/30/01 10,000.800 12/2/02 30.000/100 611/0) 20.000.000 1/3/05 20 000.000 80,000,020 76,010.060 (4.0015000) DU- eillomont Ths s best on 9w faireng eslumptons MO fei wi teere ereeceel arme peelio to Jwpen Icube 870 mein 70,808000 Jeden oll feine en mau of 0 Date ise gaffe rase et eire $3 nben walle 5.083,080 Wickie eine« from G Q10neNsetodweaNOo185miM1onerM9wa99mDMewMuedaH cenbutles mach *Oh matt to Ihn .fteetroent 1EEwaperslmaenlprZwirntm4mtlnCmbinREwirertiaweaedpribueensupae$2mdeen 1.008000 ad IN ernenn dentbeens ei be *ade 50/50 Name JEE sehen 76.010,000 Ap5NL Item» Technology 1/9/02 7/7/07 7/14/08 4/24/10 910,562 (122.370) (107048) (254807) 526,437 250.000 (276,437) per ME) AP achnote Mao Nov 20:0 1,222,084 1/9/02 1,000.000 To Aff 1/9/02 (910.562) 12/13/09 (55,4171 1,256,105 1,000,010 (256.105) tat ;Et) Cleroup RonNISOna 1/21/011 1,010.000 1,145,405 333.415 spe Tu de 1/30/02 5.060600 16,557,507 11,557.507 EFTA01118724 Haze Trust Analysis of Investments unrealized Investment FMV 5/31/12 Gain(loss) Mghbridge Capital 4/20/99 10,041.666 32,806,922 22,765,256 This represents the total of Highbridge Capital Corp. and HE Multi•Strategy Holdings ltd. King Street 11/1/99 10,000,000 7/28/10 50% redemption (20,090,787) (10,090,787) 21,857,240 31,948,027 EFTA01118725 Fit GIO Ma C••••••••••• G obal inveement OppOrfunitie.GrOv9 Aeon,' Poa.,„.„ ca„ m n mey ,,, one. " 4.3 4" • In" na MinM Ir n VA., AV YOSSIO Si. SI •WI., OM .. Cs .• „ • • • I''s' ' ... o n .....n n non, S.m n.,.. t4 ass ,... e V • SS MS Abon An exAtaA ' ." .4 • no. A. I 14.1414. Fl. MISS* . ,,,,, sr Con o•ii V' IV . Jun • • ,S., I...U. II • eon l v.. sue. a • nun , Ann 1 •••• 9 I . /net m . .„ • •„ . .r 0...„ .... I .t..„. tor •!'.(4 ' M.M.. roe ••••••••• „arts. r a 11•414. lore lal Iry ..u- a ••-• a.m....* San. nor 0 soon noon Mr • lem..0 Won Al ..no 4 6011 nun. Men one.. .1 eras 41.. int •A one. , ..44.•• -Gc..• „craw. ft..“••• won.. non. • • ta. a a I e. IS •• ie. 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EFTA01118733 Bear Stearns Asset Backed Securities Distributlans Received FTC Total Partnership & Trust Partnership Trust 1/9/08 1,047,291.00 1,047291.00 3/12/08 431,015.00 431,015.00 4/14/08 147,707.00 147,707.00 5/14/08 147,707.00 147,707.00 6/16/08 135,377.00 135,377.00 7/16/08 110,711.00 110,711.00 8/21/08 110,615.00 110,615.00 9/25/08 110,578.00 110,578.00 10/29/08 92,127.00 92,127.00 11/25/08 85,953.00 85,953.00 12/22/08 73,670.00 73,670.00 1/23/09 73,670.00 73,670.00 2/20/09 73,614.00 73,61400 3/12/09 67,434.00 67,434.00 4/30/09 66,443.00 66,443.00 5/29/09 57,986.00 57,986.00 7/24/09 Note A 84,387.00 84,387.03 8/26/09 47,911.00 47,911.00 9/21/09 35,711.00 35,711.00 12/2/09 87,895.00 87,895.00 1/8/10 25,073.30 25,073.30 2/8/10 31,073.84 31,073.84 3/8/10 33,605.83 33.60523 418/10 22,613.71 22,613.71 5/10/10 26,315.18 26,315.18 6/8/10 25,243.91 25,243.91 7/8/10 19,961.45 19,961.45 8/10/10 22,012.08 22,012.08 9/8/10 24,989.61 24,989.61 10/13/10 20,527.91 20,527.91 11/8/10 23,336.55 23,33655 12/8/10 25,234.17 25,234.17 1/10/11 24,623.91 24,623.91 1/31/11 Note B 25,793.17 25,793.17 2/8/11 26,966.92 26,966.92 3/8/11 26,313.00 26,313.00 4/8/11 21,112.25 21,112.25 5/9/11 21,557.96 21,557.96 6/9/11 18,678.74 18,678.74 7/8/11 16,690.35 16,690.35 8/8/11 15,596.19 15,596.19 9/8/11 16,810.22 16,810.22 10/12/11 15,819.76 15,819 76 11/8/11 17,377.32 17,377.32 12/8/13 17,832.49 17832 49 1/9/12 18,088.73 18,088.73 2/8/12 18,611.56 18,611 56 3/9/12 19,76740 19,767.40 4/9/12 17,622.23 17,622.23 5/8/12 16,800.79 16,800.79 Total 3 743 852 53 3,113,595.17 630,257.36 3,743,852.53 FTC Invested 510,000,003 in Bear Stearns Asset Backed Securities on 11/2906 Vistribunons are based on maturing assets NOTE A: (represents 2 months per Dorothy Welkin NOTE B: (audit adjustment in partnership) EFTA01118734 Environmental Solutions Shares Financial Trust Company Date Shares May-05 100,000 4/21/05 2,352,941 3/19/10 2,002,959 11/30/10 175,883 6/30/11 6,333,333 6/30/11 2,333,595 6/30/11 51,494 13 350 205 Cost Basis per share 72,020.00 0.7202 (average) 2,000,000.00 0.8500 1,001,479.45 (Includes 1,479.45 of interest on debentures) 0.5000 premium for conversion from 9% debentures 0 add', shares based on 3/19/10 purchase for 0 consummation of bridge loan financing 280,031.40 subscription its O .12 on 4,531,783 shares offer at .51494 sh per share 6,179.28 subscription its O .12 on 100,000 shares offer at .51494 sh per share 3,359,710.13 78,199.28 at JP Morgan 3 281 510 85 certificate 0.12 0.12 EFTA01118735