Statements

Statements CONFIDENTIAL SDNYGM,355947 EFIA_0022R639 EFTA01261001 QEMFO 1141C1/O11 rrs wrocux Once° Sue..S.CcOV Of98ZZOO- Vida 0 O m C in r _ 8176SSE00 IN9 ANGS OFFICE SERVICING YOUR ACCOUNT BEAR Bear. 'Avenue Stearn 383 Madison STEARNS New Wok. Now York 10179 III., 111111 IIII I11111 IIIIIII I n IIIIIIIIIIIII II JEFFREY EPSTEIN CJO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802.1348 Ms Steen, Star tes Cap. 01e *Vann Una' Math Aroptri. Y1. VG* 11201.3859 JEFFREY EPSTEIN STAM.P.P1T PEP.3OO Detente 1.2006 TIMOLION cocentor 29,2006 ACCCOrt MAIOM TAXEAMM suLIMA ON AM LAST STATEMENT Newnan 20.2006 Pursuant to your previously issued instructions. Bear Steams Securities Corp. provides duplicate monthly statements an /0 transaction cceirmations to the third parties fisted 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. Ills reminder notice will continue to be provided to you on your quarterly statements. Thad Party EPSTEIN INTERESTS AC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 41NFLR NEW YORK NY 10022 CNC 1200060923 CO1 ‘003 EFTA01261002 I t98ZZOO-V.L.43 BEAR STMRNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madsen Avant* New Tort. New Yo-k 10179 iNVEStmt sit PROFESSIONAL 2ICHERMAN.IRA Nil -PHONE VISIT OuR a/035dt sweet bearstew ns.corn What's In This Statement Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail 8 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER B-3 0 Your Messages ST THOMAS VI 00802-1348 TZ L I C in Your Portfolio at a Glance TOTAL VALUE OF SECURMES THIS NERCO 4.667.973 Cash 6 Ecthassa Market Value of Your Portfolio al MO 55.690.854 MONEY MARKET FUND BALANCE 5,061.800 EquIts 54.667.973 NET sawn Taus PEMOO $9,719,773 56651.133 r CLAIMS reAreet value III Last stalemates market value NET EQUITY LAST STAIDA:10 MANGE SINCE LAST STATEMENT 10,347,987 -628,214 _ 6176SSE00 IN 9 ANGS There are no 'Stop Loss' orders or other pending buy or see open orders on file ter your account. Pease nese a., a Neva se noteesect of Pe n a MOOS eatteler as Oeaverer Cee UN., at 30543‘101. re rem te Cart Sown M P.. Sere Starke COP. Cett %geese., Crier WM. illtOrr. tr e•2GI.1Ka 021 WARM TAU' JTAI ITS W,C.S ammo SLISSOArte Bear Slum Seturen Coro Ore trietrkarrr. Cana Berk IreceNs. New ea% 112014559 JEFFREY EPSTEIN STATSUPCT MOOD December 1.2006 TswpAw December 29.2006 ACCOUNT PeArASCR TAJCPAYCK P On FM LAST STATE NT Nowniner 30.2006 If any information regarding 2006 intermt. dividends. miscellaneaul incamo. gross proceeds Cr Orkillial issue caseatalt is rept/red to be reported to the IRS for this account. a Consolidated Form 1099w1 be mailed to you by January 31.2037m a 10425 by March 15.2007. SIK TNT orrery is Ite aramromo onawas am n rracrasS ass Its %Pen TNI. Statement 5044 to neared r sear terCerra see reverse se% kr akolart it/retort 12&”00.09 TS 001 MDT EFTA01261003 CLEARED ThROLter rts ecoor OVOCI SubSOWC, Otet. Sitar. SeCuero Cap. Ore Vceetech Cerra Perth swaW 11201-3330 JEFFREY EPSTEIN 2 a. rn 8 IJ 00 IJ -n C in z -H r 0S6SSE00- 019- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 02r 12/30060013 COI t063 EFTA01261004 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Mahson Avenue New Yoh. New Yht 10179 a v $ Cash Flow Analysis reitte Income Summary TIM Pt YEAR 10 01/2 Opening8elanCe 30.03 Erlyklanis 49.636.78 322.345.81 Money Fuld 4.028.934.53 Total 349 636 78 5322.345.81 Funds Deposited 3.311.309.87 DIvIdendsAnterest 22.702.25 0 Arnctrot Credited 57.380.948.85 Portfolio Composition Cash/Cash Equvalent 5.051 800 -n Money Fund Funds Wltndrawn .3,380.948.85 4.000.000.00 Exams 4.667 973 Total 59 719 773 Amount Debited 5.7.380.948.65 in Closing Balance 50.00 r TS6SSE00- 019- ANGS 027 10%936 CO 23 031 araco 0.4•01491 %WOW? ASKO SIAMOIARY BA Sten Saito* c ae swum Allot WA 190:010. Np Yikk 11201.3850 JEFFREY EPSTEIN STATEMENT grope Decent. 1. 2005 nwouam December 29. 2006 ACC NT 791.11.9911111 TakpAvErt remote On Fie LAST sTATI1.4nir Warble 30.2006 • Your Portfolio Allocation Cosi% & Egos ECILi9CS 52% 48% v009 Um:Ad >Man true 41•04 tuanC• anSky Pori nano( rt... TM Storfoll >iinamabryi t• rood ion to meta Matt %S.* CI y0,0 WYO., EFTA01261005 REARED nntmicel IT 90,049 On0W St232+0ARY 0 -n C in r ZSESSE00- 019- ANGS BEAR STEARNS Orra SERVICING YOUR ACCOUNT Boar. Stearns & Co. Inc. 383 Madison Avenue od 10179 4 ate Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTIOM STROOLECUSEP DREW0S CASH MANAGEMENT-CL A MCA irenvtioNAL SHARES EST. 30 DAY AVG YIELD 5,1700% TOTAL CASH & CASH EQUIVALENTS OUNITITI 5.051.800.21 Mao ESTOWED WNW Piet VALUE nnut INCUR 'MD 00 1.0:00 5.051,800 257.642 5.1000 55.051.800 $257,642 EQUITIES Bear Steam Sparnts Cap. CritMencenh Cedar Ruth Ron 11201.3859 JEFFREY EPSTEIN STAPEuE,ET PER/00 twenty 1.2005 memoir December 29.2006 ALTOUNT *ad llllllll TPAP8VER µHOER On 4k :Art ST MCC ticnente 30.2006 Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key fee the stock rating values is as follows: 0 a Outperform: P - Peer Perform: U = Underperfcem. 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 w Market underweight. In cases Mien 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 folows: B - Buy: H - Hold: S a Sell (this may not always correspond drectty to the underlying rating system used by each provider or BSC), The ratings information Contained herein is for informational purposes orgy 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 Firm5 research is available to customers of Bear Stearns at no cost, Customers can access this research at vambearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. DESORPTION STABOVCUSIP Aar TEPE 01W/IllY PAS .4.46 WILE anlIATED MOCK POSE CURREN" MUM FaCOR LODGING TRUST INC FCH CASH 2.000 21.8400 2,0110 43,680 4.5788 GtilACHIR REALTY TRUST-Sal GRT CASH 2,000 26.7100 53.420 3,846 7.1996 HRPT PROPERTIES TR-S81 HRP CASH 10.030 12.3500 123,500 8.400 6.8016 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 47.5300 95,080 5.920 6.2278 sei 027 12,3008,0223 003 ROOS EFTA01261006 CLEARED 114110113/4 Ifs VACS( SLIISIDURY 0 -n C rn r ES6SSE00-019-ANGS BEAR STEARNS OFFICE SERVICING YOuR ACccsan Bear. Stearns & Co. Inc. 383 Madison Avenue Sal Sew Swann Saxrues Cop. Coe Meotozn Caw titre. &cod" Nye York 11201-3859 JEFFREY EPSTEIN STATWENT nmoo DttetTeOf 1.7006 Your Portfolio Holdings (continued) 11.01:00 DNERSJE1 29.2006 ACOOV47 MAW TAXPAYER TIMER LAST :Twos, On Fee liOrinter la 2006 Equities 8 Options (conrinued) ACCI wan wean° (Won wpm* SnaNuOar riff 01AUTIT MtltE MIME WO" ..0361 MO 00 JOHNSON& JOHNSON JNJ CASH 57.800 66.0200 3.815.956 86,700 2.2720 BSC RAM* STOCK P/SECTOR NED DAVIS RESEARCH RATING: B KIWO REAM CORP KIM CASH 98 44.9500 4.405 141 3.2009 BSC RAMC: STOCK 0/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S INTS LUCENT TECHNOLOGIES INC LUMP/ CASH 235 0.3100 73 OP 13/1 wow NAYARIT GOLD INC NYRTF CASH 19 0.6010 11 PENNSYLVANIA REAL ESTATE PD CASH 1.794 39.3800 70.648 4.090 5.7893 WEST/ENT TRUST-581 RAMCO GERSHENSON PROPERTIES RPT CASH 12.0170 38.1400 457.680 21.480 4.6932 TRUST-MD 581 SIRIUS SATEWTE RADIO INC Ste' CASH 1.000 3.5400 3.540 BSC RATING: STOse s — , , , . ATUU4T5 RESEAP^ Total Equitiese. 54,667.973 5132.577 TOTAL EQUITIES 54.667.973 5132,577 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 5390.219 YOUR PRICEDPORTFOLIOHOLDINGS 59.719.773 12110/0640 23 001 VCOS EFTA01261007 9t98ZZOO-V.L.43 0 -n C in r _ PS6SSECIO IN9 ANGS BEAR STEARNS OFFCE SERVICIUG YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 Madison Avenue allaiork 10179 6 or Transaction Detail DEPOSITS AND WITHDRAWALS CAMEO TIRCSJOH vmOLLY 067130 3USSUARY rpm swans Semmes Cap. Om ;Mucosa C4OW 2011 Yon 11201.3859 JEFFREY EPSTEIN ST AM...VC 231000 December 1.2005 7630332. December 29.2006 ACOOVN7 VINSER TA.177AvER vutten On Fee LAST centrum-, Revenuer 30. 2006 MR TPAPEACTION DESCISMON OW *0- 010:21 NOW 12/07/06 END WIRED MOASIT527233FTIDS WIRED TO 1.000.000.00 DUMAN CHASE BANK. NA AC739-110438 F#104576 8KREE#FTS0612071992900 12/15/06 FUNDS REC ENDS WIRED TO CMBANK FROM 3,311,309.87 COMPASS BANK F0763490150031 12/18/06 FND WIRED MDA/M8335167ENDSWIRED TO 1,0:0.003.00 /MORGAN CHASE Va. NA AC739-110438 F0901907 12/19836 FND WIRED MOMMB336719ENDSWIRED TO 2.000.000.00 A7MORGMI CHASE BANK. NA A0139410438 FDA04776 TOTAL S.4,000.000.00 43,311,309.87 MONEY FUND ACTIVITY 0613 MOAT 66620.01106 C4SCemeN sneetcusar 0.31:321 mKl Car ASOLIVT CRECII AISCOM 12101/06 OPENINGBALANCE 5.690.853.56 12/01/06 DMDEND DREYFUS CASH MANAGEMENT-CL A DIME 26.93433 INSTOUTIONAL SHARES MONTHLY DMDEND 12/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DEXX 26.93433 26.934.53 INSMUTIONAL SHARES DIVCCHO REINEW 12/07/06 SOLD DREYFUS CASH AMNAGEMENT.O. A DICK/ .1.000,000 1.0000 1.000.000.00 Dismunow. SHARES 12/12/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DC/OI 21479.67 1.0000 21.679.67 INSMUDONAL SHARES 027 12f 2006/1123 001 1003 EFTA01261008 CLEARED IlieDUGH ITS WICAY DA,AD) 80883DVRE rn IS b.) V.) 00 BEAR STEARNS orrice SERVICING YOUR ACOXINr Bear. Steams 6 Co. Ire. 383 Madsen Mettle NEW EOft NEW Ycelc 10179 o Sew Steams secusws CaD. one MettLea Cew Moth BrowErt New Ten 112014859 JEFFREY EPSTEIN STATWENT rearm Occerrter 1.2006 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE TwEOLGE becorrbe 29.2006 Acccuyr µASIR rAsEAEER WuSER On rio LAST synnwearr licroartor 30.2006 WOMAY *WRIACDON OtSCESDYN SYMIOUCUED (Warn MACS ono Ma CHAR AwOLN1 12/1506 BOUGHT DREYFUS CASH MANAGEMEHTCL A DICEC 1,022.58 1.0000 1.022.58 IN511TURONAL SHARES 12/15A36 BOUGHT DREYFUS CASH MANAGEMENT-a A DON 3,311,309.87 1.0000 3.311.309.87 0 12/18/06 SOLD INSTITUT:On SHARES DREYFUS CASH latANAGEN4NYCL A OICM AO:4WD 1.0000 1.000.030.00 z -n 12/1906 SOLO INSDNITISNAL SHARES DREYFUS CASH MANAGEMENI-CL r INS17TUTONAL earana DCO -2,000.000 1.0000 2.000.00040 C in 12/29/06 CLOSINGBALANCE 5,051,800.21 TOTAL 5.3.360.946.65 54.026.934.53 z J DIVIDENDS r SS6SSEOCIA19- ANGS DATE DESOtIPISOI STIMILELEW MUM IbUE W Mil ANEW CROW MCAT 12/04/06 GLENBOROUGH REALTY TRUST INC 37803P105 4.67 6000612 TO ADVIL ON PVMMS.002336 12/1246 JOHNSON& JOHNSON .161 57.800 0.3750 21.675.00 REC 11128106 PAY 1211206 12/15/06 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5700 1,022.58 ONESTNENT TRUST-Sal REC 1201/06 PAY 12/15.05 TOTAL 522.702.25 Cr imago:ORS col 7003 EFTA01261009 CLEARED 31111:(4.1 rrS WHOLLY ON3.10) SLOSIOVUTY -n z C in z r 9S6SSEOCIA19- ANGS 1 8 00 IJ BEAR STEARNS OFFICE SERVICRiG YOUR AMOUNT Bea:. Steams & Co. Inc. 183 nAaOson Avenue S t 10179 8 or Your messages Ca' As pan of the National Association of Securities Dealers (NASD) IMONOF Education Program, you may obtain information on the NASD's Pubic Disclosure Program by contacting the NASD et telephone number (800) 289-9999 or via the Internet address which is veywnasdr.com. In additicn, a brochure explaining the Public Disclosure Program is available from the NASD upon request. STOPi End of Statement 027 103006:09'.23 001 11293 Bee. Stars s_ Cap. one 1ANNSX Camp Math Nat Not 11201.3$39 JEFFREY EPSTEIN STAYEHENT PESCOO occamce 1.2008 111110.1011 0111140102/ 29.2006 ACCOUNT POWDER TAXPAYER MAIM On Fk MIT STATENENT NONNita 30.2006 EFTA01261010 6t98ZZOO-V.L.43 0 0 m C in r _ LS6SS£00 INS ANGS BEAR STEARNS MICE SERVCING YOUR ACCOUNT Bey. Stearns & Co. Inc. 383 tdatSSOn Avenue New York. New York 10179 ACCOUNT I si coma ZICHERMANUTA TELEPHONE ■ VISIT OUR WEESSITE wwwbearsteams.cri What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail Fund Activity 5 Your Messages 9 Your Portfolio at a Glance TOTAL VALUE Or SECURITIES 1146 NERCO 4.657,133 MONEY WAREET FUND BALANCE 5.690.854 Cash b Eenlialent NET EQUITY THIS PERM) 510,347,987 NET nun us STAID.OR 12.331.625 oiriuGE SNCE UST STAIEstfir -1,983.638 There are no Stop Loss' orders or other pending buy or sell open orders on file for your account. Paaa• mart ay THavy• a w..r a a z..acaa a fleet. ,.awn at detWoonpe ta is awn sewn x .03-434-142t to .man Pert Sankua at 9w. Sian Secteles CO,.. One MeTale.th Genet MIT an der 2^ 3058 027 ..... JEFFREY EPSTEIN C/0 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio 35.690.854 S7.669.565 14.657133 099101 54.152.060 C u r i a market rake Lnal staternercs market 1133:10 CLE.0120 TEISCOGal lIS weOwe patiE0 SUSSOLAITE law Sweet SeCetti COT Ole ake10.01 QM. Net ...afro. an Tort 11201-109 JEFFREY EPSTEIN maven mica Nowt. I. 2006 7100008 HOLerte 30.2006 'canvas mama TAXPAYER 141.4401 01100 LAST STAlto.40/7 October 31.2006 Sc TYE array n c,monnaconai P.I90541 WY. II nal Waded as mug Owinsin Va1enfe 00.14 be mans far 'tut reeerde Sea rearm use mpfetvi hftnnaSEL '201/06'05S6 COI Vr7 EFTA01261011 CtAnD niROUtas In %WOW' OwNE0 SUIrSOARY Inv San Seaslas Can 0st ileinara Canes /an lir90Vf1. Ness tat 11201.3859 JEFFREY EPSTEIN 2 a 0 Tz C in z -H r 8S6SSE00- 019- ANGS 8 b.) U.) to STATEMENT BACKER IS PRINTED ON THIS PAGE 11,01106.06:66 COI EFTA01261012 CLEAPID PPIRCOOPI ns WADLEY OPINED SLIASIDARY I 598Z:1'00- V1n BEAR STEARNS 01110E SERVCENG YOUR ACCOUNT Bete, Steams 8 Co. Inc. 383 Maciaon Avenue NEW I0fit NEW Vol< 10179 3e. SUITS DI-Abet c EOC laPPIDISCh LISP NOT PAPADVA DDT POPE 11201.1852 JEFFREY EPSTEIN 3 n STATPAPer 4.4m30 THIICAASH Nesente 1.2006 Hoverter 30. 2036 Cash Flow Analysis DC 20020 Income Summary ins Pomo IVA 100GIC ACONAPT NUIPME TAXPAYM swan On Fro WT STATEmEri Cklcter 31.2006 Opening Balance $0.00 Dividends 43.118.50 272,709.03 Securldes Sold 52.000.00 Total 143,118.50 5272.709.03 Wray Fund 2.039.075.39 Miderds4nterest 4.043.11 0 Miscellaneous 28.170.34 Portfolio Composition Amount Credited 12.121.288.84 Cashtesh Equrralem 5.890.854 -n •••• Money Fund .121.288.84 EL:Agnes 4.657.133 C in Funds Iffchdrawn Amount Debited 4.000.000.00 $4.121.288.84 Total 510.347.987 z Closing Balance 50.00 r _ 6S6SS£00 O19 ANC'S OV :2O:.O0O2 50 0Ot Your Portfolio Allocation 40.2446 Can CanL Counlle 45% 55% 'or 7 UPPArle co-a4 ;lea GOT Para DSC."' shDA grout nun AIMED" taveu.44 a erne r nn .t. M. nab: JD. & LP, DerAPE EFTA01261013 0 m C in r 096SSEOCIA19- ANGS IS b.) Ln IJ IJ BEAR STURNS OFFICE SERVICING MIR ACCOurc Bear. Stearns & Co. Inc. 383 Madison Annue ctk 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS OCSCRIPTCU SYSIOuOJSIP DREYFUS CASH MANAGEMENT01. A DCXX INSTMITONAL SHARES EST. 30 DAY AVG YIELD &1900% TOTAL CASH & CASH EQUIVALENTS OularMY 5.690.853.56 KAMM ISIVAMIED CLOSINT PRKI VALUE ISM MOW VOD ny 1.0000 5.690.854 301.615 5.3000 55.690.854 5301.615 =Ale tillt04111 ITS OVOCD sutultUARY Ow Suers SeariffS Co Ore Waage" Cane Meet r JEFFREY EPSTEIN STAToorer "spice ecternber 1.2006 nreCO3.4 Pieremea 30.2006 WO NT WARM as TAXPAYER pureen en no LAST SUMS!, Ottoter 31.2006 EOUMES 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 Meeks covered by that Analyst. The key for the stock rating values is as follows: 0 - Outperform: P - Pee 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 (replayed, where such research is evadable. 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 Stearns at no cost. Customers can access this research at worts.Cearsteams.com or can cal (800) 517.2327 to request that a copy of this research be sent to them. CESCSOMPI SMIOUEUS• ACGr 11Ff CONMIT FM2 mown VALUE Mau= Amu& NONE CURADrt Me n0 FELCOR LODGING TRUST INC FCH CASH 2.000 22.0100 44.020 1,600 3.6347 GUMCHER REALTY TRUST-SO GRT CASH 2,000 26.9700 53.940 3.846 7.1301 HRPT PROPERTIES TR-SBI HP, CASH 10.000 12.5700 125.700 8.400 6.6826 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 50.1900 100.380 5.920 5.8976 Sal 027 izizitososso co, wit EFTA01261014 cLEARED MAOUGH n ~Ora Me SLININARY -n in r 19655£00- IN9- ANGS 1 8 b.) 1,1 00 0 , Ln BDc1R STUkRNS OFFICE SERVICING YOUR ACCOUNT Beat. SlearnS & Co. Inc. 383 Madison ken.* New York New 1,- 10179 5 ott. Dew. San Scans e cop crie ~meth Mth endAn. lin Yert 11201.31.59 JEFFREY EPSTEIN STATE...a rewoo NØ 1. 2006 necoas Noel:« 30.2006 Your Portfolio Holdings (continued) ACC!~ rowan • ~Anti Awl« On ED. Lan sTATevern October 31. 2006 Equities & Options (continued) ACCT MARKET 6sØ CLIRMINT MS011P1.1 EnTSOUCUSIT Mt OUANCIT PACE VALUE APILIAL INCOME MID (TO JOHNSON& JOHNSON JPI; CASH 57.800 65.9100 3.809.598 86.700 2.2758 BSC RUNG: STOCA PrSECTOR AID NED DAVIS RESEARCH RATING: 8 KIMCO REALTY CORP 'CPA CASH 98 48.3800 4.545 141 3.1023 BSC RATING: STOCX CUSECTC41 MN GREEN STREET ADY6ORS. M. RATING: S MS LUCENT TECHNOLOGIES INC Lint* CASH 235 0.2250 53 ExP 12n0/2007 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 TRUST6BI RAA4C0 GERSHENSON PROPERTIES RPT CASH 12.003 36.9600 443.780 21.480 4.8405 TRUST-PAO SIM SIRIUS SATELLITE RADIO NC SIR! CASH 1.000 4.2600 4.260 85C PATNG: 5100C OFSECTCR MW ATLANTIS RESEARCH RATING: B Total Equities& Options 54.657.133 5132.177 TOTAL EQUITIES 54,657.133 5132.177 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL NCC; _ 5433.792 YOUR PRICEDPORTFOLIOHOLDINGS 510.347.987 401060i 56 001 Y917 EFTA01261015 En I8 IJ 00 LEN 0 0 m C in r Z96SSE00- 019- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Sear. Stearns & Co. Inc. 383 Madison Avenue N Y York 10179 6 a0 Transaction Detail INVESTMENT ACTIVITY =Ulla Mat CAN OAR TRANSACTION OISCRPTICM 11101/06 EXCHANGE ICIACO REALTY CORP 8388596 FROM PC04271 S80,00P/S8.2253 XLVCO 11/01/06 MERGER PAN PACIFIC RETAIL PROPERTIES INC P004271 108368596 S80.00P/S6.2253 KNICO 11/30106 MERGER GLENBOROUGH REALTY TRUST INC 0030512 TO 6000512 CASH MERGER @1526 WS TOTAL CLENNO INROLO. Mb %HOLLY 0W%50 Suesowei Beet Nen Searbra Can 0-e Irebourn Gamut ran 11201-1830 JEFFREY EPSTEIN STAIVAINT PFRICO /bete/ 1.2006 notOLON Ilevember 30. 2006 ACCO.NY NUINNIR OMR TrueNerle raw On Me LAST &UMW/a Wet. 31.2006 SYMIOUOJNP WHIM PK( DM are CREDO AmCONT 98 698061104 -436 GLB -2.030 52.000.00 $52.000.00 DEPOSITS AND WITHDRAWALS MR TRINSACTION DESCRINVI 11/06106 ENO WIRED MDAPM11310461FNDSVARED TO OmORGAN CHASE BANK. NA AC739-110438 F0.03186 man Nampa 1.000.000.00 OtECO 0.020 11/17/06 END WIRED MOAYMB317506FNDSWIRED TO 1.000.000.00 JFIAORGAN CHASE BANK. NA AC139.110438 F0603711 TOTAL 5-2.030.000.00 MONEY FUND ACTIVITY CAN MOAT 11/01/06 013011111CN OPENINGBALANCE 7,569,564.72 s,onto OUNNITY KC/ JEW HAMM CIIIM MOUNT 027 11010606:66 001 WIT EFTA01261016 CLEARED 1110uGm 02 Av.= Owe> Summar SS98ZZOO- V.L43 BEAR STEARNS OFFICE SERVICE% YOUR ACCOUNT Bear. Steams & Co. Inc 383 meson Avenue New York. New York 1O179 7 ae Bee. Sun Suvrat Cap Ora vented, Crier with leciatr1/4 Ng* Tot 112011859 JEFFREY EPSTEIN summer? room Harter 1.2006 Transaction Detail (continued) MONEY FUND ACTIVITY (Eoremed) DATE notouca. 1/21001002 30.2006 A000VN7 NuwIER • 100.MIR 0611101 C41 Fb LAST STArEuENT Omar 31.2008 1.20147 mane OISCRP1)01 51100L/CUSIP COMP MU ODI: AUCW1 CREDO MOUNT 11/O1/O6 DIVIDEND DREYFUS CASH MANAGEMENT-CL A eaSTRUTIONAL SHARES POI 39,075.39 C) MONTHLY PODEND 0 11)01106 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITu AL DNIOEN nDN D REINvEST SNARES MOO 39.075.39 39O75.39 11O2/O6 BOUGHT DREYFUS CASH MANAGEMENT.CL A 26.273.45 1.0000 26.273.45 -n 111O6O6 SOLD INSTRUDONAL SHARES DREYFUS CASH mANAGEMENT.CI. A DIGO .1,000,000 1.0000 1.OOO,OOO.OO NS1IM10NAL SNARES C 11/16106 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC100 1.010 1.0000 1,490.00 in 11/17/O6 SOLD INSTITUIENAL SHARES DREYFUS CASH MANAGEMENT.CL A CROIX -1,OOO.OOO 1.OOOO 1.O3O.OO3.OO RiSTMAXNAL SHARES 11/22/O6 BOUGHT DREYFUS CASH MANAGEMENT-a. A DICCI 2.100 1.0003 2,100.00 INSTITUTIONAL SHARES 11/3OO6 BOUGHT DREYFUS CASH MANAGEMENT-CL A iNSTIRMONAL SHARES DC* 52.360 1.OOOO 52,360.00 r 1140406 CLOSINGBALANCE 5.69O.135346 TOTAL S-121.288.84 52.O39,O75.39 DIVIDENDS _ £96SSECIO IND ANGS OAR 011211121101 1111101./CUSP 613K117/ kIn 29 NW MOUNT CREDIT MOW 11/O146 PAN PACIFIC RETAIL PROPERTIES 696061104 1O3.11 INC P004271 TOS DIVIDEND OP 3.2365 P4 027 12.01.0121$210 001 V117 EFTA01261017 9598ZZOO-V.L.43 0 -n rn r _ P9655£00 1A19 ',NOS BEAR STEARNS OFFICE SERVICNG YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 Madmen Avenue ~oh 10179 TS w6 Transaction Detail (continued) DIVIDENDS (continued) wain> ~cc/cm at ~01 OIMLO ~Way tug. Yam ~en mo. On* Mimeo' Cats Nov, 11501.3859 JEFFREY EPSTEIN 51.61411EnT 1161000 6105tendir 1. 2606 inR060-1 N1:54.610.6 30.2006 AC03~ ~YEA all yAvamut %wee* Cage tam symumer Oamer 31.2036 BAIT DESCsonix SvsleCtituSP COMM WE CO can »ADM alOIT Al•Olte 11/16006 NOSPITAUIY PROPERTIES TRUST HPT 2.000 0.7400 1.480.00 REC ion6106 PAY 11/16/05 11/22/06 HRPT PROPERTIES TR-SBI HRP 10.000 0.2100 2.100.00 REG TO/23/08 PAY 11/22/06 11/30/06 GLENBOROUGH REALTY TRUST INC GIB 360.03 G000512 TO S ON PAYMENT • $.18 NS TOTAL 34.043.11 MISCELLANEOUS an IOW 15/6545•41106 D65.01001011 0T «UR CREW *NOWT 11/01/06 CASSRIEU KIMCO REALTY CORP 10.34 $60.0DP/SS.2253 KØ 11/01/06 MERGER PAN PACIFIC RETML PROPERTIES 26.160.00 NC PO04271 TO S $60.00P/S8.2253 IMICO TOTAL $26.170.34 027 120006015 56 001 le917 EFTA01261018 01M630 THSOUGH ITS wale 063103 16.11.4103460 0 -n C in r S96SSEOCIA19- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOJNT Bear. Stearns & Co. It. 383 MerdiSOn Avenue ilialleck 10179 901 Your messages Kt' Bear. Stearns 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. Meese 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 5.05 are automatically exercised unless your Investment Professional instructs us not to exercise them. Under the old procedure. the threshold amount was 5.25. For example. if you have an equity option position in your account weed, is in.the-money by 5.06 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 overithe-counter. If you should have any questions regarding this matter. please contact your Investment Professional, STOPI End of Statement 027 12.010601 36 001 3117 Sue. Yon Secusles Cos. n. 1.4•Ottict Comer Noli 132013" Mai Von 112014859 lEFFREt EPSTEIN STATMENT PER= WAN 'S, 1.2006 neovoN revrernber 30.2006 ACC0 st•SER TAXPAYEI3 MAW On Ala LOT STATUES'? October 31. 2006 EFTA01261019 8598ZZOO- V.Ld3 0 -n C in r _ 99655£00 IND ANGS BEAR STEARNS OFFICE SERVKAVG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Matson Avenue NAM Y York 10179 ACCOUNT ExitunvF MUER/AAP/IRA IF LI mom VISIT OUR 'REISSUE wAw.bearstcarns.com What's In This Statement Financial Summary 3 You- Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURIILS THIS PERIOD 4.762,060 MONEY MARKET FUND BALANCE 7.569.565 CEM & Wean NET eanTY This PIRIO0 512,331,625 NET EWEN LAST STATEMENT 16.116.000 CHANGE Sea LAST STATEMENT -2384.375 There are no 'Stop Loss- ceases or other pending buy se sell open orders on file for your account_ Rowe- •ry *tarp re reasookr1 too wee ce woe Wane as Nero YKc to 0fir Me m11:04.14X1M ae S Is Olont Sewers a Saw Sian Sowers Con.. Coe letwas Cdift•I rams Sem" NY ...MISTS, 027 I Ile III II II 'Ile IIIIIIIIIII IIIIII I till JEFFREY EPSTEIN 010 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK WATER 8-3 ST THOMAS VI 00802.1348 Market Value of Your Portfolio 67 569 565 510.513.444 54.762.060 54.602.556 CUM/ =AMC Value in Lag Statemenes Patel vale CLEARED TIMOSION n sonoaxY OWNE0 SVISSIDMAY kw. Sten Sens Cup. Cot Vetatc6 Carter Huth sbt 11201-38st JEFFREY EPSTON STAMACNT .woo September 30.2006 111010USH Octet/ 31. 2006 ACCOVIX WATER TAXPAYER Wiftel on He UST STATEMENT SeXtRer 29.2036 gETM annoy • fo• ntelrenal Euesses arti.5 it tct Mania Met Somme eseetit Vuua Dr reuned fmymr terms So, merle peen MONS ~XX 11.0/ 05.06 26 001 VH1S EFTA01261020 CLEARED 1141Clian rte W14CLLY Ow2/E0 SAISCURY 8e.1 Stan SeCulan 027. OIl Mentath Cat licrtli an 11201.3859 JEFFREY EPSTEIN 7 0 z ii C in z -H r L96SSEOCIA19- ANGS 8 b.) 00 vto :0 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 t.,2,7123 22 N. 071 2714 EFTA01261021 BEAR STEARNS OFFICE SERVCRiG YOUR ACCOUNT Bea'. Steams & Co. Inc. 383 Madsen Avenue dialiactk 10179 fa teal THROWN ITS WMOLLY Oat° summon. ear. Sten Senn Cap. Weracce Cote Mal yt 11201.383.9 JEFFREY EPSTEIN 3 e STATaINT PEROD SepaMbec 30. 2006 TM Cya Weber 31. 2006 Cash Flow Analysis Income Summary ACCOal Mane* ASI alt roam On Re 1616 PICKO Mai= WAR TO Oat Opening Balance 50.00 Divkle-ds 56,121.05 225.590.53 LAST 8TatigMT Sateat*/ 29. 2006 Money Fund 3.048.560.41 Total 556.121.05 5229.590.53 COndendsAnterest 7.560.64 0 Amount Credited 53.056.121.05 Portfolio Composition z -n Money and Fulda Witiodmon -56.121.05 -3.000.000.03 Cashtash Equfralent Equiues 7.569.565 4.762.060 Amount Debited S-3,056,121.05 C rn z -H Closing Balance 50.00 Total 512.331 625 Your Portfolio Allocation r 896SSEOCIA19- ANGS oat 11,01.06M06 CO1 Wi 16 Fades 36% C.S1h & Ecurvti 62% Umtata ;care Caw net WINCe Note Ian mac *ca. 'le Sea /5Y mute°. 06.4 nun ye AtevAls me.* .16.• t ra PW0,0 EFTA01261022 I998ZZOO-V.L43 C) 0 m C in r _ 696SSE00 019 ANC'S BEAR STEARNS OFFICE SERVCING rot* ACCOUNT Bear. Stearns & Co. Inc. 383 MESson Avenue New York. New YOtk 10179 40'T Your Portfolio Holdings CASH 8 CASH EQUIVALENTS 0444.444104 SYMOOLCJAP DREYFUS CASH MANAGEMENT-CL A CCU INSTITUTONAL SHARES EST. 30 DAY AVG YIELD 5.1900% TOTAL CASH & CASH EQUIVALENTS OUM4ITY 7.569.564.72 wan onmum CURRENT litet VALUE AP0441.1.40.4 MID 00 1.0000 7,589.565 386.048 5.1000 57.569.565 $386.048 EQUITIES REAPED `141a,441 rt 44-Cur 01440 St.4420,Alrf tat %tam Swann Cap 0.• lattrtitech cierW ”0/1 w00/01. Sc'. Y*rt 112014859 JEFFREY EPSTEIN STATIMIN. 655,00 559161,00 30, 2005 ThROLCal Caoter 11.2005 A00040 MASIR TAXPAYIA MAISCR On Ile LAST STATWOO Swam* 29.2006 Equities 8. 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 - Underperfarn. The second rating represents the rating of the awerage 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. chid-party research provider and their rating may also be displayed. where such research Is available. The various providers use afferent ratings systems and have nonnalaed them as follows: B Buy; H Hold: S - Sell (this may not always correspond directly to the underlying rating system used by each provide or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax. legal. a 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 provide. The symbol indicates that continuing coverage of the subject company is temporary 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 Stearns at no cost. Customers can access this research at werw.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. DISMPTON STIAKIJI:USIP ACP Mt MINIM want @WARD v*g MAK NOM UOMO 'Cswap FELCOR LODGING TRUST INC FOt CASH 2.000 20.7600 41,520 1.600 3.8536 GLENBOROUGH REALTY TRUST NC GI8 CASH 2.000 25.9800 51.960 2.200 4.2340 BSC RATING: STOCK F./SECTOR MW 4410 DAVIS RESEARCH RATING: H GUMCHER REALTY TRUST-SEll GRT CASH 2.000 25.7600 51,520 3.646 7.4551 HRPT PROPERTIES TR-SEtt HPP CASH 10.000 11.9000 119.000 8.400 7.0588 an 11001.06:06.1. 491 1/216 EFTA01261023 -n C in r 0L6SSE00- O19- ANGS I8 IJ 00 0 , IJ OFFICE SERvoCreG YOUR ACCOUNT Bear. Steams & Co. Inc. BEAR 383 madson Avenue ok 10179 STEARNS CLEARFO T11,109,94 ITS Yeria.3.Y Cemi33 Su9.9CARY Res. Sterns Sectrtei Coo. Cne mframe CNrea sten & ete yea 11201.3359 JEFFREY EPSTEIN 3TAITIM.7 NERCO Septenta so. 20os Ne9OuGeo Cctcter 31. 2005 5 el 7 Your Portfolio Holdings (continued) Alen Nu reen/BER aNt TWAYER NueiSER Cc FiN Equities 8, Options (imminent!) LAST STAMEN' Seplerrter 29.2006 ACCT Waal ESTISMIED CUR30/1 OISCRIPTION Snakt/0.619 "PE WIMPY Pia NILUE NAVAL two* KID ON HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 48.4600 96.920 5.920 6.1081 SSI JOHNSON& JOHNSON CASH 57.803 67.4000 3.895.720 86.700 2.2255 8W RATING: STOCK P/SECTOR MO NED DAVE RESEARCH RATING: 8 WIS LUCENT TECHNOLOGIES lit UMW CASH 235 0.1750 41 fEP 12.110/2007 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-514 RAMCO GERSHENSON PROPERTIES RPT CASH '2.000 32.8100 393.720 21.480 5.4557 TRUST4A0 SIRIUS SATELLITE RADIO INC SARI CASH 1.000 3.8300 3.830 BSC RAMC: VOCE OfSECTCR MW AIUNIIS RESEARCH RATING: 8 Total Equities& Options 14.762.060 5134.648 TOTAL EQUITIES 14.762.060 5134.648 YOUR PORTFOLIOHOLDINGSESTI MATED ANNUAL INCOME 5520.696 YOUR PRICEOPORTFOLIOHOLDINGS 512.331.625 027 110. C60526 001 v913 EFTA01261024 1:998ZZOO-V.L43 0 -n C in z r _ IL6SS£00 IN9 ANGS BEAR STEARNS orrict SERVICING YOUR ACCOUM Bear. Steams a Co. Inc. 383 Madison Avenue New WA. New York 10179 6 ar 7 Transaction Detail CLEARED niROLKIn OS Alt= 0/040 Su6SO4Utv kw SAWS Starnes Cap. Ors Heroical term WM 8,(0*k New Tat 11201.34$9 JEMMY EPSTEN STAMiniT PEMOO SIDIernber 30. 2006 DiROU04 Octoter 31.2036 ACCOLtit NLMUR TAXPAKR IMAM On Re DEPOSITS AND WITHDRAWALS LAST STATOIEVT Septette VI. 2006 0All 11MASACTN CtSCNOTCN OEM NAM OMIT MOW 10/01/06 END YDRED MEM.M8289376FNDSWIRED TO 1,000,000.00 JPIACRGAN CHASE BANK, NA AC739-110438 FD000781 10/12/06 FND MED MOAMMB293102FNDSWIRED TO 1,000,000.00 PM:RGAN CHASE RANK, NA AC739.110438 FD001110 10127/06 FND WIRED MOW/MB302911FNDSWHED TO 1,000,000.00 WORGAN CHASE BANK. NA AC739.11043B D74102252 TOTAL 13.000.000.00 MONEY FUND ACTIVITY DAn 1.01MY TRANSCIION OtSCAIPTIM SWIKIMUSP GUMMY OW AMMO OMPI Akan 09130/06 OPENINGBALANCE 10,513,443.67 10/02/06 BOUGHT DREYFUS CASH MANAGEMENTCL A D1OOI 5,649.04 1.0303 5.649.01 INSMUTKPLAL SNARES 10/02/06 DNIOEHO DREYFUS CASH MANAGEMENT-CL A CCM 48.560.41 INSTM.MONN. SHARES MONTHLY 01YDEND 100206 REINVEST DREYFUS CASH MANAGEMENTDL A MCC 48.560,41 48,560.41 INSTITUTIONAL SNARES DNIDENO REINVEST 10/04/06 SOLD DREYFUS CASH MANAGEMENT-CL A moo( -1,000.000 1.0000 1.000.000.00 1115MUTIONAL SHARES ion 2/06 SOLD DREYFUS CASH MANAGEMENT-CI. A DICKS -1.000.000 1.0000 1.000.000.00 NSITTUMWAL SHARES on 11/0110103:26 001 VIII EFTA01261025 0 0 e l in r ZL6SSE00- 019- ANGS IJ 00 BEAR STEARNS OFFICE SERVICNG YOUR ACCOUNT Bear. Steams 8 Co. Inc. 383 Madison Avenue a rilariork 10179 7 a o.RAno net0J0ii vaitur OWNS, SUMMARY Beat Stunt Sonnies Can Aleuetsch Crew Awn 1%4 11201.3550 JEFFREY EPSTEIN STATELIEST Pence September 30.2006 TWIOUCal October 31.2006 Transaction Detail MONEY FUND ACTIVITY (continued) OAR (continued) ACOWIT Palle TAICPAWR MAW On Fie LAST STATIST Sapient. 29.2006 MORMON STIASCUCUSP LA WRY e110E Can MOUNT QM Maw MOMAY TRIMAC11O01 10/16/06 BOUGHT DREYFUS CASH MANAGEmENT-Cl. A 1,511.60 1.0000 1.511 60 INSTMMOIMI. SHARES 10/27106 SOLD DREYFUS CASH MANAGEMENT-CL A Dien .1.000.000 1.0000 1,000=0.00 NSTTIUTIONAL SHARES 10.01.06 BOUGHT DREYFUS CASH MANAGEMENT.CL A esSnernmei. SHARES DK= 400 1.0000 400.00 10/31/06 CLOSINGBALANCE 7,569,564.72 TOTAL 5-56.121.05 53.048.560.41 DIVIDENDS DATE DESCRI11O81 50.183/JCIARP OUNfriff RATE (SI atm Maw CALOR MAOO111 10/02/06 PAN PACIFIC REIM PROPERTIES PNP 436 0.6400 279.04 INC REC 09n 966 PAY 06/2906 10/02/06 RAMCO GERSHENSON PROPERTIES RPT 12.000 0.4475 5,370.00 TRUSTMO REC 09/2006 PAY 10/02/06 10/1606 GLENBOROUGH REALTY TRUST INC GUI 2.000 0.2750 550.00 REC 10.01/06 PAY 10/16/06 10/16.426 GLIMCNER REALTY TRUST-S& GRT 2.000 0.4808 961.60 KC 09/2906 PAY tarlyce 10/31/06 FELCOR LCIOC • ' FCH 2,000 0.2000 400.00 REC Tormt€ TOTAL ST.560.64 021 11101104116:26 001 V915 EFTA01261026 CLEARED ETROLOM ITS ?MOLLY DATED SLEISOURY 0 -n C in r EL6SSE00- 019- ANGS BEAR STEARNS OFFICE SERVICING YOUR acccusrr Bear. Steams 6 Co. Inc. 383 Madison krenti0 New Yet New Yak 10179 111.11II...l..I.II I JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER 8-3 ST THOMAS VI 00802-1348 Sear. Simms SeCulatt Cap. one MEIREECT Caw Plietn &web, Yee Tat 11901.1669 JEFFREY EPSTEIN STATErna Pel000 SeplarRef 1.2006 TmROuCtli Septertlit 29.2006 Arra NT liunBER TAXPAYER RARER On hk LAST 37A7/Wra Aug.'s/ 31.2006 Pursuant to you previously issued instructnns. Bear Stearns Sects-Ries Corp. provides duplicate monthly statements and/Or transaction confirmations to the third parties rated on the Cover page of this statement. If you wish to modify or cease dist:Stadion to any of the recipients indicated, please contact your Account Executive. This reminder notice PM continue to Pe provided to you on you quartet statements. Mid Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 022 DPIC006.0) 39 001 1IS EFTA01261027 9998ZZOO-V.L43 0 0 m C in r _ PL6SS£00 INS ANGS BEAR STEARNS orrtt %Rao YOUR ACCOUNT Bear. Steams 14 Co. Inc. 383 M0060.1 Avenue New York New York 10179 ACCOUNT I xECIONE ZICHERMANIRA TELEPHONE VISIT OuR WERSITE wenkbearslearnsteen What's In This Statement Financial Summary 3 Your P0(00110 Holdings 4 Transaction Detail Fund Activity 6 You Messages 8 Your Portfolio at a Glance TOTAL YAWE Of SECURMES THIS moo 4,602.556 MONEY MARKET FUND MANCE 10,513,444 Call A EalMaent le town THIS OW000 S15,116.000 NET EMMY LAST STATEMENT 17.035.517 CHANGE SINCE LAST STATEMENT •1.919.517 There are no 'Stop Loss' orders or other pending buy or set open orders on Me for your account. Cafes Pam wen W elivro v nenvest.1 N e.at v =AA ?dome a* asteencl no.• Mee Stream II SC04.11-142S. et rob %I Pet Bryce at Se Sara Seartne Coo. Ono Vtalsecn Cerra, Nton. Owittn. 4054 car MIMI' Milli 1 I I lllll I 11 l,,I111III1.l11111.11 S' JEFFREY EPSTEIN GO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER 6-3 ST THOMAS Vi 00802-1348 Market Value of Your Portfolio 510 513.444 512.451.687 S4.602.556 SA583.830 Current market ‘WLe last statemeres meow value CIAMIED . 119CWAII ES 95.0.19 OAAEO SW:MCVAY BOP. Siam Sacrum WT. Ont Metamn WON /WIN VW 11201-3859 JEFFREY EPSTEIN esArtnawr POMO *Slate 1.2006 DISOWN Septerreer 39.2006 ALMA? SWIM. TA PAVER KAMA On File WIT STATEMENT AP.susi 31.2[06 sk upturns." is to ricratnro o ATMS cm. stnx /WOES el w IllteNtAt YPUO to wares:WM:A newts S. wont wo fe rowan wormer. CS:3006W 39 001 1915 EFTA01261028 CLAM THROUGH ITS wM010v O%C SUSSIOWIY See. Rum Seasen Cop One PAsetach Noll Yoli 113014400 JEFFREY EPSTEIN L998ZZOO- V.L43 0 -n z C in z -H r SL6SS£00 IND ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0900060,39 001 031S EFTA01261029 8998ZZOO- V.L43 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams Si Co. Inc. 383 Madison Avenue 1O179 3 n•: Cash Flow Analysis 11/311036 Income Summary NS PINGO YEAR 10 DATE Opening Balance 5O.OO OhNiends 61.756.63 173,469.48 Money Fund 2.039.059.05 Total 561.756.63 5173.469.48 DaideodsfIrtmest 22.697.58 0 Amount Credited 52.0451.756.0 Portfolio Composition z -n Money Fund Funds Withdrawn -61.756.63 -2.000.800.00 Cashitasn Equreaterc Equivos 10,513.444 4.602.556 Amount Debited 5-2.O61.756.63 C Total 515 116.000 in z -H Closing Balance 50.00 r _ 9L6SS£00 IND ANGS 631 0i13096.C. 19 001 '411$ CLAPS°. 111,10104 ITS *MOLLY ovae SUI1SOMV OW. Sena Smells Can One 1MOCOmch Cerrler Ike Pm Volt 11201.31159 JEFFREY EPSTEIN SUYDAM 11111OCO 11.4.1311 Somme* 1.2O06 Sec *rater 29. 2006 /COMM TAXPAYER 10.1110, r11O LOT STATIIIPIT Nips 31.2O06 Your Portfolio Allocation Cash E 70% Uninalel we, cm dr eNtt ban:* "nth, .roll miniot Wag. Tim ',bun)" :t2. 3r eCan.44 Von tr. MAMA ...vie, vs'. awe web:. EFTA01261030 6998ZZOO-V1.43 0 r l TZ m r LL6SS£00 LAID ANGS BEAR STURNS COME SER1nCiNG YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Manson Mena Ma o& 10179 0 ono Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTRIAttO Cunha DESCRIPEON 5114BOIXUSIP WAXTITY RIMER LINA 00X0AE TITO tA DREYFUS CASH MANAGEMENT•CL A DIM% 10,513,443.67 1.0000 10,513,444 557.213 5.3000 INSTITUTIONAL SHARES EST. 30 DAY AVG YEW 5,2300% TOTAL CASH & CASH EQUIVALENTS $10.513,444 5557.213 EQUITIES O.EAREO TaDua 1TE TROLLY Pato SUSSOYAY ea Saw senora Oa anedi Coin WM as Tat 1120141a JEFFREY EPSTEIN STA1OST PEfeCO Secteenne 1.2006 11410lal Scotomote 29.2006 0000talf Kean lam! TAXPAYER Pate Orl Fie LAW STATEMENT AUgUSt 31.2006 Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the BSC Equity Research Department. The list 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. thid-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 Set (this may not always correspond directly to the unde4ing 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. Segal, or investment advice. Bear Stearns is neither soliciting any action based on such information, nix endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporariy not avaiat4e due to legal reasons. 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 bwer.bearsteams.ccm or can call (800) 517-2327 to request that a copy of this research be sent to them. OCSCRIPTDI SEADOLCUTXP AGO 111E OLIAMITTI PECt MWET VALE IESTIWATID MEER MCRAE CUROXPE TELE MI FELCOR LODGING TRUST INC FCH CASH 2.003 20.0500 40.100 1,600 3.0900 GLENBOROUGH REALTY TRUST INC GL8 CASH 2.000 25.7300 51.460 2,200 4.2752 BSC RATING: STOCK PSECTOR IRN NED DAVIS RESEARCH RATING: H GUMCHER REALTY TRUST-S8I GRT CASH 2.000 24.7800 49.560 3.846 7.7603 HRPT PROPERTIES TR-SBI HRP CASH 10.00:0 11.9500 118500 too 7.0293 027 0E90e6Al39 W1 ms EFTA01261031 OL98ZZOO- V.Ld3 0 -n C in r _ 8L6SS£00 IN9 ANGS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. BEAR 383 Ma0ison Avenue New Yak. New York 10179 STEARNS CLEANED THROUGH as YALCUA# O'i SUOSTUARY Ks Sierra Smite Colo. UNTSTOL Centel *AM Crean" Nis Yen 11:014469 JEFFREY EPSTEIN S a •: STATEMENT natio Septemou 1.7006 THROWN SALLSOLICS 29. 2006 Your Portfolio Holdings (Continued) ACCOUNT WNW TWA., WALE 0n fie LAST STATE...EAT August 11.2006 Equities & Options (ante ATOI OILSCSOTION swasaueuse THE COMITIrl itUntIl YAM ESTIVATE° SNICK wan CUIRUC nosh HOSPITALITY PROPERTES TRUST APT CASH 2.000 47.2000 94,400 5.920 6.2712 561 JOHNSON& JOICSON CASH 67,800 64.9400 3.753.532 86,700 2.3098 8SC RATING: STOCK PYSECTOR MO NED DAMS RESEARCH RATING: 8 WES LUCENT TECHNOLOGIES INC WNW CASH 235 0.1903 45 12/1&2007 NAYARIT GOLD INC EYRIE CASH 19 0.5810 11 PAN PACIFIC RETAIL PROPERTIES PIO CASH e4C 438 89.4200 30.267 1.116 3.6872 PENNSYLVANIA REAL ESTATE PO CASH eNESTmEta TRUST,S8i 1.794 42.5700 76.371 4.090 5.3554 RAMC° GERSHENSON PROPER TES ROT CASH 12.000 31.9500 383.400 21.480 5.6025 TRUSIAID 581 SIRIUS SATELLITE RADIO INC SIN CASH 1.000 3.9100 3.910 85C RATING: ST= 0ISECTOR SAY AluNTIS RESEARCH RAMC: Ft Total Equities& Options 54.602.556 5135.352 TOTAL EQUITIES 54.602,556 5135.352 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 5692 565 YOUR PRICED PORTFOLIOHOI DINGS 515.116,000 Ot.30,04C• 39 031 "IS EFTA01261032 I L98ZZOO-V.L.43 C) ii C in r _ 6L 6SSE00 IN 9 ANGS BEAR STEARNS OFFICE SERMCWG YOUR Aernmg Boar. Steams & Co. Inc. 383 mecum'. Avenue New York, Nen r.t. e. 101 79 6a • Transaction Detail DEPOSITS AND WITHDRAWALS WE ERMISalleiN OISCRIel1014 DEW WOW 09,07/06 ENO WIRED MDASIVEI273054FNDS OARED TO 1.000.000.00 JPMORGAN CHASE BANK, NA AC739.110438 FD*04261 09120/08 END WIRED MDA.8517500FNDS 1,000.000 00 'MORGAN CHASE E AC739-110438 INTREFINTS06.092 TOTAL S-2.000.000.03 MONEY FUND ACTIVITY °LOSE° netOvatt ITS A.40u.Y Ovo.F.0 SueS0av Beat Sun Senntes Cap. One %holt° Cetus WO baldr, wee ftet 11201-3$59 4 1 JEFFREY EPSTEIN Mimes! woo September 1.2006 THROUCfil September 29.2036 ACCOVAT wince TosAyeR NuIMER On Fae UST STArememr Alps{ 31. 2006 GR 1.40CAY !Wel...CEOs DESCRIPTION SI1160JCUSP 00M unr NMI Oafl MOON CRECel MOAT 09/01/08 OPENING8ATANCE 12.451.697.04 09/01/08 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DION 39,059.05 INSNTIN SNARES OITONAL NIDEHO MONTHLY 09(01)06 REINVEST DREYFUS CASH MANACEMENT-Cl. A DION 39.059.05 19.059.05 DISTMITIDNAL SHARES DMOEND RENVEST 09(07)06 SOLD DREYFUS CASH MANAGEMENTCL A minnow'. STORES DION -1,000,000 1.0000 1,000,000.00 09/12/06 BOUGHT DREYFUS CASH MANAGEMENT-Ct A DION 21.575 1.0000 21.875.03 INSTITUTIONAL SHARES 09/15/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DION 1,022.58 1.0000 1.022.58 INSTITUTIONAL SHARES 09/20/08 SOLD DREYFUS CASH MANAGEMENT-CL A DIM -1,030,003 1.0000 1,000,000.00 DISTITIAINAL SHARES 027 010001010,11 001 MlP EFTA01261033 CLEARED DIROutui its wmouv ornit0 SISSO.Afru rn 8 b.) 00 IJ i t TZ m r 086SSEOCIA19- ANGS BEAR STEARNS OFFICE SERVICING CUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Mymue New York. New York 10179 7 a Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE LOMAT ntimmeoN DESCROIXN SISAIOLOJSIP eat Sun Starnes COM Cue Uttosech Cent. San tw000lr. I. yak 11201-1/159 JEFFREY EPSTEIN STATDIer mew Semennter 1.2006 Detocam Matonter 29.2006 Art00.45 SUMER TAxPAyfit Hama On Fie IAS' STMT.* NT August 31.2006 DPW AMOY', CREDO /MOUNT 09/29/08 TOTAL CLOSINGBALANCE 10,513.443 67 5-61,756.63 52.039.059.05 DIVIDENDS DATE OESCW1311 611.0361CUW Wet EWE CI) Cart AISOUP11 CREDO AMOUKT 09/12/06 JOHNSON& JOHNSON NU 57)800 0.3750 21,875.00 REC 08/29,136 PAY 09(12406 09115/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRuSTSM REC 09.01106 PAY 09115)06 TOTAL $22.697.58 02T COW% 043 39 9: 11 15 EFTA01261034 GLEAM THROL0T. rtS %MOLLY GA,tD SUSSOVAY 0 -n C in r T86SSEOCIA19- ANGS 8 b.) 00 00 b.) -J BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams 8 Co. Inc. 383 Madison Avenue ork 10179 8 a Your messages ea' Revenue Sharing Advisers, distrbutors or other affikates 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 %boort services provided to such funds or OO affiliates. These fees. commonly referred to as 'revenue sharing.' are separate from and in addition to any shareholder servicing a 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 lees and other expenses described in a funds prospectus fee table increase a funds expense ratio and decrease the funds yield. 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 fund's expense ratio or yield. With respect to money market funds. Bear Steams negotiates revenue sharing payments separately with each find family and net al fund families pay the same amount or pay according to the same formula, These payments are calculated based on a percentage of thedollar value of the fund assets held by Bear Stearns 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 Steams to its customers. 027 OW. Sion STRullas cap. Ore Linelecn C— Myth Mar 11201.3.159 JEFFREY EPSTEIN STATELIEST WOW S.%erratr 1.2006 TmRcrACAT SOPICRIXY 29.2006 .A'3:09Ter %AMER 11111111.1112 TAXPAYER MASTER On fie LAST STATTRERT M9JSI 31.2036 These money market funds may in some cases have higher yields than money market funds whose affiliates do make revenue sharing payments. There is. thereffire, a potential conflict of interest in the form of an additional financial incentive to Bear Steams 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 Stearns. 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 Stearns may contain additional Information regarding revenue sharing payments made by affikates of the fund company. 09300900 39 001 1,913 EFTA01261035 Oat, THPOLCH n vonctLy °MED sussmuort (-) 0 m cim H r Z86SSE00- O1D- ANGS 8 ,..) 00 BUR STBeRNS orrice SERVICIRG YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Manson Avenue Y cek 10179 9 Bear. Steams Securities Corp. Net Capital and Net Capital Requirements: At May 31. 2006 and July 31, 2006. the Company's net capital of approximately 33.7 When and 43.8 billion was approximately 7% and 7% of aggegate debit items and exceeded the minimum regulatory net capital requirement of approximately 41.1 bilbon and 31.1 billion by approemately $2.6 billion and S2.7 billion, all respectively. A complete copy of the Bear, Steams SercsitiOS Corp. Statement of Financial Condition is available on the web site wrnv.bearsteams.com. Alternatively, to request a free printed copy please call - toll free 1.866-299.9331. 027 Bet. Sten Searapn rap. Wellactl, Ovey lath born esr‘ New Y01 11201.3851 JEFFREY EPSTEIN STAPEYPCI P0100 Sept cater 1.2006 NPC•JOn semen-ter 29.2006 0.0001.247 MAMMA TAXPAYER PAMPER On Flip LAST STATtAlt742 Auct.11 31.2006 • Securities and other assets in your account are the Gm's collateral (or 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, 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 you 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. 012,3710622.1.30 001 1915 EFTA01261036 O m cim H r £86SSEOCIND- ANGS MCC SUMMING YOUR ACCOUNT BD‘R 383 Ma diso Ber. Steams &venue Co. Inc. n A STBSRNS Nevi 'fork New York 10179 I0 IOW This statement is proWded to explain Bear. Steams & Co, Inc.'s BSC.) payment for order now 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 hid or best offer (NBBO). 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. STOPS End of Statement 027 ctIARIO 734301.01. 3990“9 01/040 Sue$309AT Bat Sian Starnes C . Cat Venni, Cenci Nonn s et 11201.24$ JEFFREY EPSTEIN STATE1ert MeCO Scooter 1, 2006 1310909i 50Plenter 29.2006 Accoute NSW. =IIL■ ton1119 MMES On Fie LAST STATEMENT is4m 31.2006 Pursuant to SEC Rule 606, please note the following: Bear. Steams & Co. Inc. will post its quarterly routing statistics at the following web link: httplAvom.bearsteams.corni. Click on Inch:dual 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 drected by you to that venue, and the time of the executions. if any. that resulted from such orders. 0:0.3:103 OS 39 001 vOIS EFTA01261037 CLEARED n.ftOvan rts wo04.2, om..co 81,560woy 9L98ZZOO- V.L43 0 -n C in r _ t786SSE00 IND ANGS BEAR STERNS CAME SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madsen Avenue New York. New Yak 10179 8w Sun Seosines 0:9 Ore liereW6 Caw .M ecuor. Now w '20 3859 JEFFREY EPSTEIN ACCOUNT EXECUTIVE Z/CHERMAMIRA sTATturicr PE0800 Augist 1.2006 MIEPHONE TH90JOn &gat 31.2006 Mgr OUR WEBSIIE WAW.00arStearnS.00m What's In This Statement 111111 II I r alall.111111,11111llal11111111111rllll11.11 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 WO FINANCIAL TRUST COMPANY Transaction Wad e ATM JEANNE BRENAN Fund Activity 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802.1348 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES MIS PERCO 4.583.830 CW.Enalla 54.670.736 MONEY MARKET EL MO BALANCE 12.451.687 NET !CARTY 1Nr8 PERJ00 $17,035,517 NET EQUITY LAST STATEMENT 8084.654 CHANGE SINCE MST STATEMENT 7.950.863 There are no 'Stop Loss' orders or other pending buy or see open orders on file for your account. Ewe's Piped mon pm gamine ce ronnortA Cl awn or Ina Mated OP Oehler] le pp.. b Own Sm.+e4 a 100434.14a CI *CS lip Den Some al Ses. Sir •• See•rtp• Carp. One FlerterCh Cons Nae% awn,' 20 4691 027 54.583.830 S4.413.918 Oren mares value NO last Staterriert's market vats 512.461.687 ACCOUNT WIMP THI.AviR MUSSER On File UST %Emmert My 31. 2006 511 'Nu snowy Mad norm/ bar carman Cy. b n% head In n W Cletneet Mn Wane% sum It ManedPM AC newts Soo mom sib. rowan itWoriaw, 0601636:07.91 OPP ‘r4 EFTA01261038 CLEARED THROUGH MI vffiCtLY (we SU8S.C4ARY 8m. Seem Stones Gyp. One Lieutozn Cow In I S I Svet 112'01,3859 JEFFREY EPSTEIN 2✓• C)0 "n C in z -H r S86SSE00- 019- ANGS IS IJ V.2 00 —J STATEMENT BACKER IS PRINTED ON THIS PAGE 027 C901.960, 58 CC! '914 EFTA01261039 CLIAPFD THAVJC04 re 211.0.1.2 MIMEO SUIISICSARY In I8 b.) 00 Oo b.) --J 00 0 0 z m C in z r 986SSE00- 019- ANGS BEAR STEARNS orra SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. New York 10179 3 a 7 Cash Flow Analysis as Illet0 Income Summary MS P02100 WA0 TO ATt Opening Balance S63.052.55 DMdends 31.147 24 111.712.85 Money Find 5.025.467.24 Total 531,147.24 1111.712.85 holds Deposited 12,749,804.62 Dmdendsfinterest 3.56000 Amount Credited $17,778,851.66 Portfolio Composition CashiCash Equivalent 12.451.687 Money Fund .12.841.904.41 Equities 4.583.830 Fends Welx1rum -5.000.CCO.00 Total 817 035,517 Amount Debited S17,841,904.41 Net Cash ay 43.052.55 Closing Balance $0.00 Cash Balance Summary ClIOASIG 0.05114G Cash 51052.55 0.00 Net Cash Balance 5.63.052.55 $0.00 027 09.13/.06,07 58 00/ vol. Isar. Soon swot Cu,. Cre FAMOMCIF c MOT Orvatan Mein 2On 11201.3859 JEFFREY EPSTEIN STRUMS:2 P81000 AUSVSI 1. 2006 718.101.33/4 Au9,41 31. 2006 ACCOUNT NUMMI TAIOAY01 RIMER On me vat RAMMED/T .k. 31. 2006 Your Portfolio Allocation Cash a feu 74% U-s•••3•4 pona Senzl• do! ultra .t time nano: Nw. YP San, so.-srette• h Seim, rmer moeF.if ,.sled viart 01 r0... prsoFQ, EFTA01261040 6L98ZZOO- V.L43 C) -n C in r _ L86SS£00 IN9 ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bow, Slams a Co. Inc. 383 Madsen Avenue ak 10179 4.., Your Portfolio Holdings CASH 8 CASH EQUIVALENTS IMA111 COWARD WRREM DESOWDOW STAKOWSW OLLWMY PACE WOK MOAK .COLE WM OD DREYFUS CASH MANAGEMENT-CL A OICU 12.451.687.04 1.0000 12.451.687 659.939 5.3000 WSTITUTIONAL SHARES E5T, 30 DAY AVG YEW 5.2300% TOTAL CASH 8, CASH EQUIVALENTS 512.451.687 5659.939 EQUITIES arAns0 na0110.4 ITS MOW 0.143) SUISCIARY W. Sown Swan CCM Ole Morn- Um( WV' aliaterk 11201'31150 JEFFREY EPSTEIN $1.713/0.3 PO0'33 Aug.iSt 1.2006 mre0U00 Aught 31.2006 AGOG...3 TAWAYon RAMC On File OAST STA/IWNT 1J 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 Overweigh: 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 Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent. thirdpany 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 Stearns at no cost. Customers can access this research at www.bearstearrts.com or can call (800) 517-2327 to request that a copy of this research be sent to them. 0130119113. SOABOUCUSIP ACCI 110E OUNITIIY MCI MURK VALUE /S1WARD NOCK ROWE 05003 110.0 00 FELCOR LODGING TRUST WC FCH CASH 2,000 21.4500 42,900 SACO 3.7296 GLENBOROUGH REALTY TRUST INC CAB CASH 2,000 25.8100 51,620 2.200 4.2619 85C RATING: STOCK P/SECTOR MW NED DAVE RESEARCH RATING: H GUMCHER REALTY TRUST-SW CAT CASH 2,000 24.4000 48.800 3.846 7.8811 HRPT PROPERTIES TR-58I HRP CASH 10.000 11 6000 116.000 8.400 7.2414 027 020122407.3. 001 W14 EFTA01261041 CLEAR= elpROUGH es meter PROS SteSIDCARY 0898ZZOO- V.L43 0 0 k l C in r _ 886SSE00 IN9 ANGS BEAR STEARNS orncE SCRAP% YOUR ACCOUNT Bear. Steams & Co. Inc_ 383 Macloon Avenue New York. New York 10179 5n. Your Portfolio Holdings (continued) Equities & Options (cordnued) CESCEPTCT4 SYNIOURLIOP nfl allenire plea Wan" nu, faun) NEOME C e 'a adwe( HOSFITAUTY PROPERTIES TRUST HITT CASH 2.000 46.3200 92.640 5,920 6.3903 SEP JOHNSON& JOHNSON RU CASH 57.800 64.6600 3.737.348 86.700 2.3198 SW RATIC: STOCK TYSECTCR MO MD DAVIS RESEARCH RAMC: 8 MS LUCENT TECHNOT onlre INC UMW CASH 235 0.2360 5$ 1210.2007 NAYARIT GOLD INC NYRTF CASH 19 0.6870 13 PAN PACIFIC RETAIL PRCPERTES P1 CASH 436 69.8200 30,442 1.116 3.6860 INC PENNSYLVANIA REAL ESTATE PO CASH 1.704 42.3200 76,922 4.090 5.3871 earESrmENT TRUST-$131 RAMC° GERSHENSON PROPERTIES RPT CASH 12.000 32.0000 384.000 21,480 5.5938 TRUST.MD 581 SIRIUS SATELLITE RADIO INC SIRI '.COO 4 09C0 4.090 ELSC RATING: STMIC 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total EquitteS& Options 1.4.583.830 1135.3.52 TOTAL EQUITIES 54.583.830 5135.352 YOUR PORTFOLIO HOLDINGSESTIMATED ANNUAL INCOME 5795.291 YOUR PRICED DORM], “Ce DINGS 517,035,517 3eel *Sees' 001 9ner. Sneers Sexuebes Cap. Cne Manna Cereal horn tIrTotbn, N1 York 11201-3859 JEFFREY EPSTEIN 8TATEPENT Nemo Algal 1.2006 neRC-031. Augat 31.2006 ACCOLNT MLIMER TAXPAYER NUMBER On Ode seer STAR We Yr My 31.2006 EFTA01261042 I898ZZOO- Vida C) 0 m C in r _ 686SSE00 IA19 ANC'S BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 Madison Avenue New Ycek. New Kock 10179 v Transaction Detail DEPOSITS AND WITHDRAWALS ACCOUNT PAA49ER Tarts NUGMCA Co Fie LAST Minim My 31. 2006 DATE MANSACSON Of SCRPrION DEW ANOINT MOO NEWT 05/07/06 END WIRED MDA*CF952700FNDSVARED TO 1.000.000.00 ANAORGAN CHASE RMS. NA AC739-110438 C#275752 08/11/06 END WIRED MDAPCT955407ENDS %RED TO 2.000.000.00 JPMORGAN CHASE BASK, NA AC739.110438 0/276527 013/14/06 FUNDS REC INDSVARED TOCMBANK FROM 12.749.804.62 COMPASS BANK F0762260135101 08J17106 FND WIRED MDASME1263725FNOSWIRED TO 1.000.000.00 KaMORGAN CHASE BANK, NA AC739-110438 ED/02332 08125/06 END WIRED META•C7960504ENDS PARED TO 1.000.000.00 SWORGAN CHASE MJ4K, NA A4739.i10418 0/283506 TOTAL S-5.000.000.00 512.749.804.62 MONEY FUND ACTIVITY OAR PAYDAY TUNSACTION DESCRIPTON STINOUCUSIP COWRY aAAKt DOE WOW MCC Sr 08/01/06 OPENINGSALANCE 4207.682.63 08/01706 BOUGHT DREYFLTS CASH MANAGEMENT-CL PDX 63.05245 1.0000 63052.55 DISTRUTIONAL SHARES 08101/06 DMDEND DREYFUS CASH MANAGEMENT-CL A ENDO( 27.557.24 WSTITIMONAL SHARES MONTHLY OWIDEND 08,01/043 REINVEST DREYFUS CASH MANAGEMENT-CL A DIGO( 27.56724 27.567.24 INSTITUTIDNAL SHARES DMDEND REDDEST =ARCO MROVON rTS ACtLy oWNED SUSSOtuir Sac Worn Starnes Corp. On lhotolich Orb WA 1 Nat na 11201.3149 JEFFREY EPSTEIN STATSISIT PERO& &gust 1.2006 na0ve. Swat 31.2006 OAT ONO WACO AS 001 VtI4 EFTA01261043 CA FARED THROWN MS WILL onti0 SueSCRARe ITT IJ IJ DD 00 0o 1.0 0 T I m r 066SSEOCIA19- ANGS BEAR STEARNS TWICE SERVICIRG YOUR ACCOUNT Bear. Steams 8 Co. Inc_ 383 itethson Avenue New Y r L N wYork 10179 7 a7 Transaction Detail (continued) MONEY FUND ACTIVITY (=lifted) DATE ROW RIANSACTION CCSOMPTCN Snanieuse cowry MICE 00111 MOAT CRISC MOUNT 08/07)06 SOLD DREYFUS CASH MANAGEMENT-CL A D/OCC •1.000.000 1.0000 1.000.000.00 INSWIVITONAL SHARES 08/11106 SOLD DREYFUS CASH MANAGEMENT-CL A DIOCC 9.000.000 1.0000 2.000.000.00 INSTITLMONAL SHARES 08/15/06 BOUGHT DREYFUS CASH MANAGEMENTCL A DION 12.749.804.82 1.0000 12.749804.82 INSITTuTiONAL SNARES 08117/08 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXC 1,480 1.0303 1.480.00 INSTITUTIONAL SHARES 08/17106 SOLD DREYFUS CASH MANAGEMENT-CL A 04C:0( -1.000.000 1.0000 1.000.000.00 DaSintoONAL SNARES 08125.06 SOLD DREYFUS CASH MANAGEMENT.CL A DICX( 997,900 1.0000 907.900.00 NSTGUTIONAL SHARES 08/31/06 CLOSINGBALANCE 12.451.687.04 TOTAL S-12.841.904.41 S5,025.467.24 DMDENDS Rap Sens SWAZIS COP CSe IMESES1 CAW vol. liaili Ten 11=1.3159 JEFFREY EPSTEIN STATEMENT PCS/CO Augur 1.2006 TS 090)0 AU9JM 31.2006 ACCOUNT sswCIER TAXPAYER AteRWR On rile usT rrmrwer AMY 31.2006 DATE DERSAIRRIRI 08/17)08 HOSPITALITY PROPERTIES TRUST SIN REC on No6 PAY 08/17/06 HPT Oursintt Ml! NI 2.000 0.7400 CCM Maw CREPT mown 1.480.00 08/25f013 HRPT PROPERTIES TR-581 1W 10.000 0.2100 2.100.00 REC 07/25)06 PAY 089504 TOTAL $3.580.00 037 0•01106.07:58 EFTA01261044 En I8 IJ V.) 00 00 00 0 -n C in r T66SSEOCIA19- ANGS OFFICE SERVICA% YOUR ACCOUNT B&W 383 Bear. Steams Et Co. Mc. Madison Avenue STEARNS New York. New York 10179 0.1•AF.0 nooDufai its NICELY OWNEO SURSCOUW Dm. Swans SavileS Cap Ore lietroical CONNORA Mi l..••• at 20 3530 JEFFREY EPSTEIN ACD:uNT EXLCulwE ZICHERAIANTRA IL IF PHONE visit OUR WEBSITE www.bearstemns.com What's In This Statement Financial Summary 3 JEFFREY EPSTEIN syarnerr Peplos, 0•10,304 ACCOUNT MASER TAXPAYER Nate LAST STATEMENT Jun 1.2006 Jug r 2006 On Fie AMP 30.2006 Your Portfolio Holdings 4 CJO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK WATER B-3 ST THOMAS VI 00802.1348 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 4,47 3.918 Cash 41 rquiyarl 54.670.738 $697.631 NET CREDIT BALANCE 63.053 foxes $4.413.918 54.233.653 MONEY mARLCE1 FUND BALANCE 4.607.683 Current market %Labe NET EQUITY Tine Remo° 59,O84.654 MI Last statement's mtrtke rate NET EQUITY IAST STATEMENT 4,931,284 CHANGE SINCE UST STATEMENT 4,153,370 There we no 'Stop Loss' orders cc other pending buy or see open coders on file for your account. Ppm "Nol a-y aY ofts o noNNo.0 a thila a plus., .arms n ayrpree ro Au u CNN Sawn st 10,434, ..24 a yrs. m Can Soya. Sew &Atm Spann Cap. 0'* leseire! Cyan 1Nen. &POOPSY. I.PCT4t50 027 TM sunnily is 10. 040—edoral ones*. re/. rt n au nen*: as a lit 0x."*S• 'Ns he went POJ0 Ft reftnea St Wats Set amass Ws use newsy istersece CE/J/tE.07 15 00. v112 EFTA01261045 ClE22/00 Theta. n WIICAAr O^1.92 9u&00.92 Ow. Sten Stones Cap. Cr* WeepoicO Ceps Yam Cet 11201-3859 JEFFREY EPSTEIN tae 1,898ZZOO- V.L.43 0 -n z C in z -H r Z66SS£00 IND ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 02/ 0e/1/1N6.O256 COI %.112 EFTA01261046 5898ZZOO- V.L43 BEAR SIMMS SEllnnteco YOUR &Mom Bear. Steams & Co. Inc. 383 Watson Avenue ork 10179 3 ors Cash Flow Analysis DESPEIWO Income Summary DES PO= YEAR TO Deft Opening Balance 50.00 Dividends 10,051.29 80.565.61 Money Fund 49.101.258.09 Total $10,051.28 580 565.61 Funds Deposited 63052.55 °Wends/Interest 7.281.60 0 Miscelanecus 53.000.000.00 Portfolio Composition z -n Amount Credited Money Fund 8102,171,502.24 -53.038.539.69 Cashtash Equivalent Equities 4.670.736 4,413.918 C Funds Withdrawal -49.100.000.00 Total 89.084.654 in z Amount Debited Net Cash Activity 3,102,108,539.69 63,052.55 Closing Balance $63.052.55 r _ £6655£00IND ANGS Cash Balance Summary °NANG CLOSERS Cash 0.00 63.052.55 Net CaSh Balance 50.00 563.052.55 02T CLEARED DLESEALAL ITS EvOLLv PALED tstESITALty taw Steens seonses Co' 0-e latectecl. Gone NOR, sac 11201.1166 JEFFREY EPSTEIN STAMM" MECO ELS 1.2006 THICUOLL lull St. 2006 Yee-VET KEINE NM. TAXPAYILE NSW On Fee LAST !SADDAM ELM 30.2006 CMS E 52% DEDIOS 07 SG 001 e212 Your Portfolio Allocation ECELESS 46% L, .hi SOIOM *ear OW bents fl a eel Eine ALE. The stabs snieen• • gees< vo-, ye toon rens yes. ce to pees° EFTA01261047 CLEANED 71.O.0N ITS veNOLAT OAEO suesourry 9898ZZOO- V.L43 0 0 m C in r _ t66SS£00 IN9 ANGS BEAR STEARNS OFFICE SERVO:14G YOUR ACCOUNT Bear. Steams & Co. Ine. 383 Madison MINIM Nrvr F v York 10179 4 et s Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRI911011 CASH BALANCE SMIOUDJSIP AMRIRI 61111ATED CURRIER MAIMITY eN6 VALUE ANNUMMOW TOD N 63.053 DREYFUS CASH MANAGEMENT-Q. A DIM 4.607.682.63 1.0003 4.807.883 221.189 4.9000 INSTOUTIONAL SHARES EST. 30 DAY AVG YIELD 5.1900% TOTAL CASH & CASH EQUIVALENTS 54.670.736 5221.169 EQUITIES Ser. Sterns SecMa Cap. QN Mesmem Cow YAM &NAM' Am Yen 112010860 JEFFREY EPSTEIN STATIVINT PERKO )fl 1.2006 rumour.. Ma 31.2006 Amapa woman imPATER µMFR On MY STATEMENT MIS 50.2006 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 = Underperforrn, 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 thee 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 Stearns at no cost. Customers can access this research at www.bearsteams.com or can cal (800) 517-2327 to request that a copy of this research be sent to them. DESMPTICAI STIMOUCUSIS ACCT Mt CSIAMIIV ram IAARICET cowl ESITIATED AIROJAL MOW CURRENT TIM MI FELCOR LODGING TRUST INC FCH CASH 2.030 22.0000 44.000 1.600 3.6384 CAENBOROUGH REALTY TRUST RIC GLB CASH 2.000 22.2000 44.400 2.200 4.9550 85C RATING: STOCK FVSECTOR MW NED DAVIS RESEARCH RATING: S CLINCHER REALTY TRUST-SBI GRT CASH 2.000 23.6500 47.303 3.848 8.1311 027 0•000(037011 001 VI/12 EFTA01261048 L898ZZOO-V.L43 0 -n rn z r _ 56655£00 IN9 JAGS BEAR STWRNS MICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Atenue N w V 1 York 10179 $ CLEARED 11.14.3Uan tR 1VPOLLY OAPS) Sue&PARY Inv. Reim Seaptes Cap. Cal *touch Wm Nall, ~col 112014859 JEFFREY EPSTEIN SPATEPENT PER$C0 >Sy I. 2006 THROUGH Aty 31.2006 Your Portfolio Holdings (continued) Equities & Options (cordnuad) tal DESCRP11411 MIAMACIAIP TOE $11Mmy PRICE IMRCE7 VklUt t5WATED ØE ACOPtea PLeAlin ~ME TAXIMEI MAW nk SPAnWEN7 Rine 30.2004 CURREN MID (19 HRPT PROPERTIES TR-S81 HPP CASH 10.000 11.7500 117.500 8.400 7.1489 HOSPITALRY PROPERTIES TRUST HPT CASH 2.000 43.5700 87,140 5.920 6.7937 SIN JOHNSON& JOHNSON .114.1 CASH 57.800 62.5500 3,615.390 86.700 2.3981 BSC RATING: STOCK P1SECTOR MO NED DAVE RESFAROI RADNG: B sVTS LUCENT TECHNOLOGIES INC LUNY! CASH 235 0.1700 40 CM 12202007 NAYARIT GOLD INC NYRTF CASH 19 0.6190 12 PM PACIFIC RETAIL PROPERTIES NIP 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 KNESTMENT TRUST-SEK RAMCO GERSHENSONPROPERTIES RPT CASH 12.000 29.4300 353.160 21.480 6.0822 TRUST-MO 5EII SFRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.2000 4.200 BSC RATING: STOCK &SECTOR MN ATIANIIS RESEARCH RATING: B Total Equities& Options $4.413.918 5135.352 TOTAL EQUITIES $4.413,918 5135.352 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $356.521 YOUR PRICEDPORTFOLIOHOLDINGS 59,084,654 027 C.11001.01‘07:88 001 n12 EFTA01261049 CLUAID 1,UtiD;Cal RS WinOLLY OWNED SUSSDAJV 8898ZZOO- V.L43 BEAR STEARNS OFFICE SERI/ICING YOUR ACCOUNT Bear. Steams .5 Co. Inc. 383 P.Iadisc3 A 8,80e de Transaction Detail BOO San Sent Sas Cord. 0, * *vane Cane Non, Itocier. NM eft 201 le-S9 JEFFREY EPSTEIN Amnion REMO° .10 1.2006 Hoccutui .166 31.2006 ACCCVal NUMER TAXPAYER &ACER OA Fie DEPOSITS AND WITHDRAWALS ntvISACTICH DISCRPTIOr. CM /MOW ter SIAM/DO Jun* 30, 2006 CREDO AMOUNT 07/06/06 ENO WIRED MDARCT942967 ENDS WIRED TO 47.100.000.00 US HAM NATIONAL ASSOCNTI AC120411324004 NY044766 0 07/10/06 END WIRED MDA*C7944473ENDSVARED TO 'MORGAN CHASE BANK. NA 1.000.000.00 AC739-1104313 0/131125/ -n 0781/06 P10 WIRED MDARM82.16525FNOSIMRED TO WIAORGAN CHASE Wm. NA AC739.110438 F0002527 1.000.000.00 07/31/06 FUNDS REC ENDSWIRED TOCMBANK FROM 63.052.55 C in WIVE GLEIN6300 SP FD762' 20150.401 TOTAL S-49.100.030.00 563.052.55 MONEY FUND ACTIVITY r _ 966SSE00 IN9 ANGS Oaat OO*Y rituiSACTCH 07/01/06 OPENINGBALANCE 697.631.34 CESCR1106 SYMIK)U0,19P Can MOM CREW MOUNT 07/03/06 DIVIDEND DREYFUS CASH MANAGEMENT.CL A DICAC 2.769.69 INSTTMTPFUL SHARES MONTHLY DNVEND 07/03/06 REINVEST DREYFUS CASH IMNAGEMENT-CL A INSTITUTODWil. SHARES DIVIDENO REINVEST Oita 2.769.69 2.769.69 07/05/06 BOUGHT DREYFUS CASH MUMGEMENT.CLA Olga 5.370 1.0000 5.370.00 INSMUMNAL SHARES 07/05/06 BOUGHT DREYFUS CASH MANAGEMENT-CI. A DICK% 53.000,000 1.0000 53.000.030.03 INSTIRMDTIAL SHARES 027 0•01.0•97:14 031 EFTA01261050 CURREO IDEROUGN ae ANIOLLY OWNED SUSS ORM( 6898ZZOO- V.L43 BEAR STEARNS OFFICE SEFNICZ6 YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New Yeck New York 10179 ate. Sian Soc\A Cap. Ore INTTOtedi OWN Ne 44.4 pk 20 355 JEFFREY EPSTEIN 7 N a surruncr 'moo Jury 1.2006 TNIOUGH July 31. 2006 Transaction Detail (continued) NC-COVErt Nuid8Eft TASTER WOW On TIN MONEY FUND ACTWITY (continuo6 LAST sysnmea Arm 30.2006 Dirt woDAT mucmcnai e4SCRPTICEI $ThiletaliP OWN= PRCE OWE AVON, catorr maxim 07/06/C6 SOLD DREYFUS CASH MANAGEMENTC1. A DK:0 -47,100,C00 1.0000 47.100.000.00 INSMun3NAL SHARES 07/10/06 SOLD DREYFUS CASH MANAGEMENT-CL A DION .1.000.000 1.0000 1.000.000.00 0 07/21/06 SOLD INSTITUTMNAL SHARES DREYFUS CASH MANAGEMENGCL A 044301 -998,488.40 1.0000 998,488.40 INTMUTOWN SHARES -n 07/28/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A ICTITUTI:mm. SHARES 400 1.0000 400.00 C 07/31/06 CLOSINGBALANCE 4.607.682.63 in z TOTAL $-53.008.539.69 549.101.25869 DIVIDENDS r _ L66SSECIO IN9 ANGS OATS DESCRIPTION SIMICIAUSP OWMITY PM 011 OM MiCett CAM mown 07/0366 RAMCO GERSHENSONPROPERTIES RPT 12.000 0.4475 5.37600 TRUSTAID SRI REC 06/2606 PAY 0763/06 07n7/06 GLENBOROUGH REALTY TRUST NC GLB 2.000 0.2750 550.00 REC 0710166 PAY 07/17/06 07/1766 GLFACHER REALTY TRUSTSBI GRT 2.000 0.4808 961.60 RFC 06/30406 PAY 07/17/06 07/2866 FELCOR LODGING TRUST INC FCH 2.000 0.2000 400.00 REC 07/1466 PAY 07/28/06 TOTAL $7,281.80 057 01101.031.0740 001 Y912 EFTA01261051 0 -n C in z -H r 866SSEOCIA19- ANGS IS 00 IJ BEAR STEARNS Caret SERYICSiG YOUR ACCOUNT Bear, Steams & Co. Inc. 183 Macaw Avenue N w Y a w YOrk 10179 8 a e Transaction Detail (continued) MISCELLANEOUS OAT( 1./041.1 1121212ACrtm 07/05/06 JOURNAL TOTAL 011011.113% FROM 038-66056 Of SC MMUN1 CRID0 21.0017 53,000,030.00 553.000.080.03 End of Statement CD/ 0110106 07 56 001 1,912 D.TARIE0 MROL1321 n VoMOIAY OmlED 8429810DAY Oes. Stens Startilta Cap. OnlIA/Velece Cum Din New Tot 11201.3859 JEFFREY EPSTEIN STA711111121 PEDIGO Ay 1.2006 romOuOm Ay 31. 2036 ACtOuNT tsnatal ala 123,m211 Nyman CM ChB LAST STATE ENT in 30. 2006 EFTA01261052 I 698ZZOO-V.L43 O -n C in r _ 66655£00 IND ANUS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. It. 383 Madison AleflUE NMIrk 10179 =WSJ racoon n NenanY CoATEZD SOSSIDITAY eme,Steins Stank, coo on pea. cwt. Mesh Sa Yolt 11201.31St JEFFREY EPSTON STATEMENT PETEOO ha, 1. 200$ TNROTICti An 30.2006 AESOUNT MAMA TwATIN mown On Fee WT STATtMENT May at 2006 JEFFREY EPSTEIN CJO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER 8-3 ST THOMAS VI 00802-1348 Pursuant to your previously issued instructions. Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confrmations 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. THrd Party EPSTEIN INTERESTS NC JEFFREY EPSTEIN ATTN HARRY BEELER 457 MADISON AVE 4TH FIR NEW TOME NY 10022 027 07.01.06.1,56 001 Y911 EFTA01261053 CLEARED 04401.10H ITS vniCLLY OAKS SLESIOHRT TQUNR0UNO0 00095£00 019 ANUS BEAR STEARNS OFFICE SERVICBG YOUR ACCOUNT Bear. Steams & Co. Inc 383 Madison Manua New York. New York 10179 ACCOUNT EXECUTM ZIEHERMAN.TRA WIEPTIONF 'ma OUR WEBSITT mvwboarstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detad Fund Activity 6 Your Messages 7 lin lllll IIIIIII1 I1111,11111(1111 JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURMES MIS PERM 4.233.653 MONEY MARKET FUNO BALANCE 697.631 Cash 6 Eoundent —OE 5697.631 5671.919 NET EOUITY THIS PERIOD 44,931.284 NET EQUITY LAST STAIWOR 4.892,951 CliMIGE SINCE LIST STATEMENT 38.333 There are no 'Stop Loss' ceders or other pending buy or Sell open orders on He for your account. Nes Roy. any Ofleep f4nroCael of Moan et moo. EMMA/ a b effOrt Ms Of 1)(1:434449). cowrie b 1116.9 arms st Ow Sin Seamy. Ca 0n IloIntoolt Cams Mn. tracer/ KY .179.44.74 on Equi14.1 — MI Gwent matter value NO LESI statemenrs market vela 54.233.653 54.221.032 Me lawny Seattle Cat Ole 141/410:11 WON Ilohi OrceOpt law TM 11201.3159 JEFFREY EPSTEIN STATESEM P ew .bat 1. 2006 111110‘01 Arne 30.2006 502.00.41 HAMER TAXOMER RUMOR On Ello teat IITATEHEM May 31. 2006 Conftrmaban: Unless we hear Rom )auto the corruary. U Is ow understanding that any tree erode balances in your account are being maintained to facilitate your intention to Invest such amounts through us. t OS easy h air inns* moan Rey. REM Nam ass Us aroma. 111.010MSRESHE b• ROW /EY Hof wreak Sea Men We rc, overran heennirce. 0101061056 001 Y911 IJ 00 0, IJ EFTA01261054 0.72a THROWN ITS NnOLLY MAID aSONRY Dm. SOOTS Skutt ivµ Ore aged, Ca. No., 17.a Neff 201 a JEFFREY EPSTEIN 2 on 0 0 C in z -H r TO095£00- 019- ANGS 8 b.) 00 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OM/06:1014 OM V911 EFTA01261055 CLIME° TraCtCH YMCµr COTED 803.8.3WY, t698ZZOO- V.L43 BEAR STEARNS MICE SERVICING YWR ACCOUNT Bear. Stearns & Co. Inc. 383 Madsen Avenue iiiiistek 10179 3 0. Cash Flow Analysis nes Pete° Income Summary MIS 104O0 YEAR 10 DATE Opening Balance $0.00 Dividends 25.711.93 70.514.32 Money Fund 2.735.31 Total 525.711.93 570.514.32 Ceridendsdnierest 22.976.62 0 Amount Credited 525,711.93 Portfolio Composition z Money Fund -25.711.93 CeshiCash Equevalern 597,631 m Amotnt Debited S-25.711.93 Equities 4.233.653 C in z -H Closing Balance 50.03 Total 54.931.284 r _ Z0095£00 IN9 ANGS 027 070‘06 10 56 001 Ow. Surd Starlit Cap. Cre MertuN Oros Nam at 11201.3659 JEFFREY EPSTEIN stAreuni veto Ant 2005 nnunkrum now 30.2006 ACCOUNT MAW 1 ,S m.xpAnli Waal" On Fie LAST STAillinir 'My 31.2006 Your Portfolio Allocation EquVe1011 15% Equities 85% reelys ONO* felt >same revs ',Nat moron T) LIIKOLOI WO.0110 • brad Inen Po *bola. fratel 40.01 O. 'KAI (01,14 EFTA01261056 5698ZZOO-V.L43 C) -n C rn r _ £0095£00 IN9 ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 6 Co. Inc. 383 Madison Alen.* Nev., VO4 Nevi York 10179 4 e t Your Portfolio Holdings CASH & CASH EQUIVALENTS INSCSOPMN SllaiDUCUSI DREYFUS CASH /AANAGDAENT-CL A Oita INSTITUMNAL SHARES EST. 30 DAY AVG IIELD 5.1700% TOTAL CASH & CASH EQUIVALENTS COUrtir. 697.631.34 HMCO !STUMM aaaEn PRICE OWE AMMUAL MOW( nELD ti 1.0000 697.631 34,184 4.9000 5697.631 534.184 EQUITIES cLtAga0 n*CUGH n1 wmeLLY CAN StilMIOwly Ow. Steams Sautes Co00 Cr. 120rtozn Cereet NOT bps*. Nen T01 112014559 JEFFREY EPSTEIN STATINieNT Pe C0 June 1. 2006 reetare. June 30. 2006 ACCCuta W10ER TpxYPTER 14.00011 On Fit LAST sTA777.0,rt May 31.2036 Equities & Options The research ratings fa Bear Stearns (BSC) are shown for certain securities covered by the 8SC Equity Research Department. Me 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 85C 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 - Sel (this may not always correspond directly to the underlying rating system used by each provider a BSC). The ratings information contained herein is for informational pirposes only and is not intended to provide tax, legal. or investment advice, Bear Steams is neither soliciting any action based on such infmmation, 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 evadable due to legal reasons. Independent. third-party research on nectar. companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research at winv.bearstearns.com or can cal (800) 517-2327 to request that a copy of this research be sent to them, DESCSSPTON SYMMS, MCI TYPE 011PITItt P9YE PLYXIT TAUPE ESTWATID Sala INCOME CUMPT 710.0 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 PISECTOR MN NED DAVIS RESEARCH RATING: S GLACIER REALTY TRUST-SEG GRT CASH 2.000 24.8100 49.620 3,846 7.7509 HRPT PROPERTIES TR.S8I NRP CASH 10.000 11.5600 115.600 8.400 7.2664 027 07/0140c1056 001 1E111 EFTA01261057 9698ZZOO-V.L43 0 -n C in r _ POO9S£00 IN9 ANGS BEAR STEARNS OFFICE SERRICIRG YOUR ACCOUNT Bear. Steams & Co. Inc. 363 Mackson Avenue at 10179 5 arc Your Portfolio Holdings (continued) Equities & Options (continued) PACT CESCIe0n3s VINICUCUSIP 1,R amain RICE Itsailn VALUE ES1WATED NOM MOM 0.1119011 01.0 HOSPITALITY PROPERTIES TRUST HP7 CASH 2.000 43.9200 87.840 5.840 6.6485 581 JCHNSON& JOHNSON TN/ CASH 57.800 59.9200 3.463.376 86.700 2.5033 8SC RATNG: STOCX MECUM La) NE0 DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUDAV CASH 235 0.2700 63 12/1&2007 NAYARIT GOLD INC NYRTF CASH 19 0.8060 15 PAN PACIFIC RETAIL PROPERTIES PIP CASH 436 69.3700 30.245 1,116 3.6899 NC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.3700 72,424 4.090 5.6473 INVESTMENT TRUSTaal RAMCO GERSHENSONPROPERTIES RFT CASH 12,000 26.9300 323.160 21,480 6.6469 TRUST4AD $61 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 4.7500 4,750 65C RAMO: STOCK OISECToR MW ATLANTIS RESEARCH RATING: B Total Equities& Options S4.233.653 5135.272 TOTAL EQUITIES 54.233.653 5135.272 YOUR PORTFOLIO HOLDINGSESTIMATED ANNUAL INCOME 5169.456 YOUR PRICED PORTFOLIOHOLDINGS 54.931.284 027 CLORED TwiCtKim n vmctLY OWNED SUBSIOka b. "ea Series Ca aR 1Aafa C4a No Btart xw Yet 11201.3859 JEFFREY EPSTEIN fl intier PM00 An 1.2006 nolaiUm lure 30,2006 pc00-JKI ware =la riawest talla On Flo art STATDieNT may 31.2006 OM, 03:036 001 v9I1 EFTA01261058 L698ZZOO-V.L43 BEAR STEARNS OFFICE SERVICIC YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue N Y N York 10119 6 us CLEARED nieGJOH its mealy awe 0.080eVey Ow Simms Smote Co. One Leerosech C— Henn ajar 11201.34140 JEFFREY EPSTEIN STAMENT PEfoOD Juno 1.2006 Transaction Detail MONEY FUND ACTIVITY dR -1•1000.4 June 3Ce 206 ACCOuNT Went! 'Armco. HAMM On Ft WIT sTArcueTe Noy 31.2006 VOW TWISACION 000.000,4 SYMOOLCUSap 010mre MX( DEW /ACM CAM AM0.00 06101/05 OPENINGBALANCE 671.919.41 0 06/01/06 OMDENO DREYFUS CASH IMNAGEMENTCL A MSMUTIONAL MOMMY Divi3EN SHARES D CNC* 2.735.31 z -n 06/01/06 REMVEST DREYFUS CASH MANAGEMENT-a. A INSTM.143/M. SNARES ONIDEND RENYEST DIM 2.735.31 2.735.31 06/14/06 BOUGHT DREYFUS CASH MANAGEMENT CL A 21.675 1.0:CO 21.675.00 C rn 06/15/06 BOUGHT INSTfluTD341 9 1411F6 DIM 1.30142 1.01100 1.30102 DREYFUS CASH MANAGEMENT.CL A MSTRUDONAL SNARES z J 061-30676 CLOSINGBALANCE 697431.34 TOTAL S-25.711.93 52.735.31 DIVIDENDS r 50095£00 INS ANGS curt DemetimoN 06/13/06 JOHNSON& JOHNSON REC 0930/06 PAY 0613/06 5710.30UCUSIP Cumin, RAN co oat MOW Ca /NOOK JNJ 57,B00 0.3750 21.67540 06/1906 PAN PACIFIC RETAIL PROPERTIES WC REC 05/26/06 PAY 06/15/06 PAP 436 0.6400 279.04 027 07/0144c1064 001 yeti EFTA01261059 CLEARED THROuOu ?slaty °some SaitS0Alri 8698ZZOO-Via 0 m cim H r 90095£00 IND ANUS BEAR STURNS OFFICE SERVICING YOUR Anrnmg Bear. Steams & Co. Inc. 383 Madison ATOMIC 10179 Transaction Detail (continued) DIVIDENDS (CCEIEEILled) pet SymISOLOJSie OISOIPTIOM 06/15/06 PENNSYLVANIA REAL ESTATE PEI ervESTigro TRUST-93i REC ceirovoe PAY Oen Me TOTAL Warm 1.794 MOE in 0.5700 k Simms Scones Oa Ox *eolith Coles Sly. an 20 -3959 JEFFREY EPSTEIN STATEMENT SSISOO June 1.2006 nacoom June 30. 2006 TAXPAY01 MAW On Flo LAST STATEPOrt May 31. 2006 011at WO.NT CMOS AKIN! 1.022.58 522.976.62 Your messages NOTICE OF CHANGE PURSUANT TO TRUTH IN LENDING SEC RULE 106.16 The annual rate of Interest charged on any credit extended to you by Bear, Steams Securities Corp, CBSSC) 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 far 1) The BSSC Fed Funds Rate shal be the rate for U.S. dollar funds. as quoted by an independent broker of such funds selected by BSSC for the fist 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 (0 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 BSSCs 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 (0 3% above the BSSC Margin Basis Rate. (i) 4% above the BSSC Fed Funds Rate. or (iii) 5% above LIBOR, any rate quoted by Reuters or the rate provided by BSSC's local bank. and call appear on your monthly statements. 4) The amount lent to you by BSSC upon vetch you are charged interest may include purchases of securities for which payment is made by check for which BSSC has not yet received credit. 070106;1056 001 Hn EFTA01261060 6698ZZOO-V.L43 0 z ii C in z r _ L0095£00 IN9 ANGS BEAR STEARNS OFFICE SERVCING YOUR ACCOUNT Beat. Steams & Co. Inc. 383 Madison Avenue New York New York 10179 8 as ua' If BSSC makes changes in any of the credit terms and conditions described herein or if a change is required by law, we mil 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 we charged may fluctuate with changes in the BSSC Margin Basis Rate, the BSSC Fed Funds Rate. LIBOR. arty of the rates quoted by Reuters a 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 TMh-in•lending disclosure previously provided to you shalt continue to apply except as specifically noted above. STOPI End of Statement 02? 070105.10 56 001 1911 MIMED 1MOUGH WlC.LY O*t $1.38*C4Afty am. lawns Scones Cap. One Melscectr, Cerny WV Orcelyn, Wm Tort 11201.3869 JEFFREY EPSTEIN STATE:weir PeraCO rune 7 2006 ^two-co, rune 30. 2006 'awn' laatit TAXPAYIN1 M.MICIE On Fle LAST syArorere May 31.2006 EFTA01261061 0 m 5 m r 80095£00- 019- ANGS OFFICE SERVICING YOUR Antra INT Bear. Steams & Co. Inc. BEAR 383 Madison Amble New Yak. New York 10179 STEARNS atwD nerouar yrs vilrOLLV OvolE0 tutISCuirg Bear Means Sautes Carp. Ore lattitesCh Cana Non, Nes York 11201.3850 JEFFREY EPSTEIN ACCOUNT EXECUTNI ZICITCRIVANARA IMPHDVT VISIT OUR WEEISITE wwwbearsteams.corn What's In This Statement Financial Summary 3 IIIIIII11111111111 lllll JEFFREYEPSTEIN STATEMENT PERRO AO 29.2006 MOTOWN May 31.2006 ACO:tNT ;MAWR TAXPAYER NOSIER On OR (AST SUMMIT AM2 28. 2006 Your Portfolio Holdings 4 0/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK OUATER 8-3 ST THOMAS VI 00802-1348 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PEMO 4.221.032 Cab a EceMaire Market Value of Your Portfolio $671.919 $665.510 MONEY MARKET FUND BALUKE 671.919 Write 54.221.032 54.151.442 NIT Num THIS OtR/00 $4,892.951 MI Current market vatic NET EQUITY LAST STATDADIT 1.816.952 left statements market ill CHANGE SPICE LAST STATEMENT 75.999 There are no 'Stop Loss orders or other pending buy or sell open orders on Me for your account. Pea mat it, elfenrcocenr.Tecotat RASA et man. esicaue n c•PAred u wv ps gff Trig unary* forintANTSIPIE Mane, arm. b amass n to atgleac. is Clem SerAma SOSSIA,A2S *inn O ' Simms it Sep Mara Simples startmert snub te rPenra RI TOY ret•RIA See le en WY tor "recital iTecamm. ewe. cm •i*oi cane NAT. Enektr. N.Y. 1,2014SM 027 OSO1 C601:28 001 YODa EFTA01261062 OLFNRE0 THROUSK ITS IMOU. Cvn.F.0 SUSSOMY Dete Stews Saunas Cap. Cr. hieraan 0ren Nash Stan" x.. Vat 11201049 JEFFREY EPSTEIN 2 a7 IOL8ZZOO- V.L.43 0 0 1 1 C in z -H r _ 60095£00 IND ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 07 0000101:112S 001 V903 EFTA01261063 0 -n z C in z -H r OT095£00- 019- ANGS I8 IJ 00 Y.) BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 5 Co. Inc. 383 Madison Avenue New York. New York 10179 3 MT Cash Flow Analysis PEN00 Income Summary NIS MOOD KM TO ant Opening8alarxe 50.00 Dividends 6.409.49 44.802.39 Maley Fund 2,549.49 Total $6.409.49 $44.802.39 DiWdends/Interest 1860.00 Amount Credited $6.409.49 Portfolio Composition Money Fund -6.409.49 Casntash Equhtlem 671.919 nfO0421t Debited 3-6.409.49 Equities 4.221.032 Closing Balance $0.00 Total 34.892.951 C27 0541.00.11 2$ 0O1 VOCO 01.41190 naCyCno er$ YalaLY ome suesaure Bon. Yon Sermon On On Manna, CAA* Ito,' tont" We. Yon 11201.3859 JEFFREY EPSTEIN STATEMEN1 WOW AO 29.2006 11410J04 ACCOUNT NUAKII May 31.2006 TAWAYER MAIM API. LAST STATrocort WI 28.2006 Your Portfolio Allocation Cash L Tomer; las EQUilieS 86% ~ASO WNW. OnNe -W Mn *nib ANA — AAA. Tin donne, power ' 0.0.1 — Ye COSY. vlia b rut peb.c. EFTA01261064 CLEAVED 11.1"JJ3ti ITS Wit-L. twit° SuISCWIT 0 -n in r TIO9S£00- 019- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Ateme eve 1' Mew 1'0-1 '0179 4 a. 7 Your Portfolio Holdings CASH 8 CASH EQUIVALENTS OtSCSSMIE DREYFUS CASH MANAGEMENT-CL A DIDOC estrtunown. SHARES UT. 30 DAY AVG YEW 4,8700% TOTAL CASH & CASH EQUIVALENTS MUM NIA MT ISMS= Cana Plat WWI wawa Nast MD ON 671.91%41 1.0000 671.919 30%08 4.6000 5671.919 530.908 EQUITIES Sur. Stuns Sepals Cep. Olt Pautakh Cast NMI erta/in. Nes 11.1 112014859 JEFFREY EPSTEIN TrAiDan'T PFPF00 411 29.2006 mnwop May 31.2006 ACCOLs1 KHMER TASYER nowSE/I Ca Fie LAST STATnere *1 28. 2006 Equities FA Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the BSC Equity Research Department. The fist 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 twouler market index. The key for the sector rating is as follows: MO vi 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 infccmatianal purposes only and is not intended to provide tax. legal, or investment advice. Bear Steams is neither sokiting 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 Uve Finn's research is available to customers of Bear Steams at no cost. Customers can access this research at vnwr.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. DIS45011:41 511103UW10 rat roc <SAMMY tea .swim wait WWI= MMUS. MAK CAW 110D FELCOR LOOMSTRUST RIC FCH CASH 2.000 20.8100 41,620 1,200 2.8832 StENBOROUGH REALTY TRUST INC all CASH 2000 19.9100 39.820 2,200 5.5249 BSC RAw4G: STOCK WSECTOR A/W NED DAVIS RESEARCH RAM: S GUMCHER REALTY TRUST-581 CAT CASH 2.000 25.2500 50.500 3.846 7.6158 HRPT PROPERTIES N-S8l HRP CASH 10,000 11.1600 111.600 8,400 7.5269 027 014.01,041121 COI WOO EFTA01261065 Gift-ME SERVICING YOLK ACCOUNT CAW= 114%00304 DPP:ALP OYnaD Suasown BEAR STEARNS Bete. Stearns & Co. Inc. 383 Madison Ammo illiark 10179 Rm. Si..,'. Searmrs Cup. One Mayouth Oros Wen 112O1443a JEFFREY EPSTEIN 5>T SUMMIT 'MOS April a, 2006 TlItOLM May 31.2006 Your Portfolio Holdings (continued) AODDIJYT MAW TAXPAYER lasolltit On RI. Equities 8 Options (cantme0 LAST STATEMERT Apil 28.20)6 IMAM ESTIMATED CURRD1E cacencN SYMIXXXUSIP ME DUMMY sbi YAM Arelau. INCOME TILED OD HOSPRAUT1 PROPERTIES TRUST HPT CASH 2.000 42.1700 84.340 5,840 6.9244 Sal 0 JOHNSON& JOHNSON BSC RATING: STOCK P/SECTOR MW NED OAWS RESEARCH RARING: B JNJ CASH 57.800 60.2200 3,488716 86,700 2.4909 -n COTS LUCENT TECHNOLOGIES INC Ce 12/102007 NAYARIT GOLD INC UJThW CASH NYRTF CASH 235 19 0.3300 0.9540 78 18 C in PAN PACIFIC RETAIL PROPERTIES P.0 PENNSYLVANIA REAL ESTATE PNP CASH PO CASH 436 1,794 66.2700 37.3CO3 28,894 66816 1,116 4,090 3.8624 6.1121 INVESTMENT TRUST-581 RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 26.0000 312.000 21.480 6.8846 TRUST-MQ 581 SIRIUS SATELLITE RADIO INC SIR! CASH 1.000 4.5300 4.530 BSC RATING: STOCK 0/SECTOR MW r /MANTIS RESEARCH RATING: 8 Total Equities& Options 44,221.032 4134.872 TOTAL EQUITIES 34,221.032 4134.872 ZI095£00- 019- ANGS I8 b.) b.) 00 2 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 4165.780 YOUR PRICEDPORTFOL IOHOLDINGS 54 892.951 027 OSOlO&11:2B OTT POO? EFTA01261066 50L8ZZOO-V.L.43 BEAR STEARNS OFFICE Same.% YOUR ACCOUrri Bear. Stearns & Co. In& 383 Madison Avenue New Yak. Nev York 10179 bon Transaction Detail MONEY FUND ACTIVITY DALE &COAT OPJOACI1Cti OCIWIPION SIlleCUCUSP CUOMO 1100tOrr RS vOrCruy OarED SASOORY Our. sten manse; Corp Ors Megoitai Csw NIP frocr0yx toot het l I zoirles7 JEFFREY EFSTEIN STATIMERT MOO AO 19.1005 111000ON Polly 31.2006 Accourer NOW WPM" *AIM crane UM STAMM! AO 2t 2006 away, Pea OOP MOUNT MCC MOUNT 0 -n 002006 05/01/06 DNIDEND 05/01/06 REINVEST 05103/06 BOUGHT 05/11/06 BOUGHT 05/24/06 BOUGHT 05/31/06 OPENINGBALANCE DREYFUS CASH MANAGEMENT-CL A 94STITuTIONN. SHARES MONTHLY DNEEND DREYFUS CASH MANAGDAENT-CL A IrcurunoNAL SHARES MEMO REPNEST DREYFUS CASH mANAGEFAENT-CL A ecuTuT0NAL SNARES DREYFUS CASH MANAGEMENT-CL A NSTnuTIONAL SHARES DREYFUS CASH MANAGEMENT-CL A asiTruTioNAL SHARES CLOSINGBALANCE DOOM DUX( 010C( 665.50%92 2.519.49 300 1.460 2.100 871.91%41 1.0000 1.0000 1.0000 2.519.49 300.00 1.460.00 2.100.00 2.549.49 C in r TOTAL 5.6.409.49 52.549.19 DIVIDENDS £T09S£00 IND ANGS DAR CESCrePTC0 SYPAICCCUSO CIMNIRI WE Ill CCM ACM 010317 AMOUR 05/0106 FELCOR LODGING TRUST INC FCH 2.000 0.1500 300.00 REC 0415116 PAY 05101/76 05/11/06 HOSINTALM PROPERTIES TRUST sel HPT 2400 0.7300 1.460.00 NEC 0412/006 PAY 05/11/06 027 0101/00:11111 COI VICO EFTA01261067 0 0 z m C in z -H r VTO9SEOCIA19- ANGS BEAR STEARNS OFFICE SERVICIAIG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madsen Avenue WAN V Pk 10179 7 0' Transaction Detail (continued) DIVIDENDS (continued) GATE otscarnoe SAMOUCUSP 05/24/01 NWT PROPERTIES TR-SBI IIRP REC 04/24/08 PAY 05/24/01 TOTAL S3.860.00 006/011Y WE is) CE81 10.000 0.2100 CLEARED TMOV.Y3H WICtLY OAMEO 81.4811CMRY ens stemsmr Litt CUP Cr* MoVanth CAM, Roo Yort 11201.38S9 JEFFREY EPSTEIN STATES/ea Infoco *I 29.2006 mottucm May St 2006 ACCOUNT NOME., TAXPANER NUtabes On IAA INT STATEMENT Apt 28. 2006 MOP aid Z11:0.00 End of Statement 027 C40106.11 28 a)1 EFTA01261068 CLEARED 6440336 ITS VIWOLLY 061493 SUSSUMIT En 8 00 IJ -n C in r ST095£00- 019- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams a Co. Inc. 383 Mattson Avenue New Tort New Tr'. 13179 ACCOUNT Exrchrer LICHERMANJRA RYERSON( IIISIT OUR WEBSITE What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALLE OF SECURMES THIS PERIOD 4.151.442 HOMY MARKET FUND BALANCE 665.510 Hill I llrlllrelrlle I I rillll JEFFREY EPSTEIN CJO FINANCIAL TRUST COMPANY ATM JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio ening Ba ssi .111 3665,510 1458047 NET EQUITY THIS PEWS 54,816,952 NET EQUITY LAST STATEMENT 4.904.546 CHANGE SWCE LAST STATEMENT -87.594 There are no*Stop toss' orders a other pending buy or sell open orders on file for your account. Pan mon ri ONIVVI Ot Kn*imp N Owen P PATS. None' n teneren b year n Cron :won Y NKY.W1, ce mire le Dent Zees* er Due bun Sewn. C.17 36.131.442 54.266.499 Current mew ebb* NI Last 13166M6963 market ,Sue Bear. Swims Stosbes on MillOtelli War WTI Pcc•Sn lam an Z01.34.59 JEFFREY EPSTEIN SterTEken bEie00 April 1.2006 Trig01.401 afl 28.2006 ACCOUNT rantets TeXPArerit Wenn On Fie Ler STAR/Aril' Match 31, 2006 Trrc so-traynex tiinmalosel mitoses Gen. C is La await emetic beast Tn. tenon.. mead be reline, for runner*. See 'Sne enle bre n3bIlet Winne:W. Cara:36C. 33 CO: 1100 EFTA01261069 CLLARID "na, ITS 88OLLY OvvNE0 SLOSTYANY 885 Slum Satin Ct, Ole Metraxeth Cat Not 112014859 JEFFREY EPSTEIN 2 80L8ZZOO- V.L.43 0 -n C in z -H r _ 91095£00 N19 ANUS STATEMENT SACKER IS PRINTED ON THIS PAGE 027 0829060833 001 YBOS EFTA01261070 r71 IJ oo S BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beer. Stearns & Co. Inc. 383 Madison Avent:e New York New k 0179 3 Cash Flow Analysis THIS PERKO Cash Balance Summary omen 0.031.4 Opening Balance 51.79 Cash 1.79 0.00 Money Fund 2.431.99 Net Cash Balance 31.79 $0.00 DMdendsinterest 7,031.60 0 z -n Amount Credited Money Fuld Amount Debited 59.463.68 4.465.37 S-9.465.37 Income Summary DIS MOO ITAR 10 DATE Ciwiderds 9.463.59 38.392.90 Net Cash &linty -1.79 Total 69,463.58 338.392.90 C in Closing Balance 60.00 z J Portfolio Composition CashICash Equkalent 665,510 Equities 4,151.442 r Total 94.916.952 LTO9SECICIN9- ANGS 027 01/21101.99 33 0)1 1/909 =alb naousH rrs WHIN.LY 0\040 SUOSICULRY Raw. erne Searias Ore Meutesch Can* Wein Irooltn. kt Yea 112011859 JEFFREY EPSTEIN SUMS, PIRKO Apra 1.2006 naowN ApI 28.2006 acowier maw twskweit rue On no tar stamen With 31.2006 Your Portfolio Allocation thsnaw tarns Oce.31/ 001 taxa matt sap este .an.. ”I• .cute, or...”.• • awn., EFTA01261071 fn IS IJ -4 0 0 m C in r STO9SEOCIN9- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madsen Avenue New 1fOrt. New York 10179 4 a6 Your Portfolio Holdings CASH & CASH EQUIVALENTS 0630591311 SThellett/CLISO DREYFUS CASH MANAGEMENT-et A DIOa rzSTnuTIONAL SHARES EST. 30 DAY AVG 11E10 4.7100% TOTAL CASH & CASH EQUIVALENTS OJANTITI 685.509.92 MARKET ESIIMUED COMO pact war AWOL *COME 1100 re 1.0600 685.510 29.948 4.5000 5665.510 $29.948 amen; 11s1030.4 rre Vmeux 0Martb SUMMARY bar, Stagers Smelts Ca". Cm mime° caner Mn isise ek 11201.3569 JEFFREY EPSTEIN errarEutgl 23.01C0 eel 1.2006 THROJCS WI 219 2005 ACCOUNT Nags TAXPAYER reVerSER On Ft MT STATTWNT March 31. 2006 EQUITIES Equities 8 Options The research ratings for Bear Stearns (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 Perham; U - Underperfam. lhe 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 8SC rating is present, the name of an independent. third-party research provider and their rating may also be displayed, vitiere 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, thirdpany 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 Fern's research is available to customers of Bear Steams at no cost. Customers can access this research at miny.bearsteamS.COM a Can call (800) 517.2327 to request that a copy of this research be sent to them. DESenneN Snaltv0.60 ACC1 OuTiarlY Pact env= Narn VALUE max MAE Wawa MD au FELCOR LOOCH1G TRUST WC FCH CASH 2.000 21.6500 43.300 1.200 2.7714 GLENBOROUGH REALTY TRUST NC GLB CASH 2,000 20.9500 41,900 2,200 5.2506 BSC Marc: sroac MOTOR lair NED DAVE RESEARCH RATTAG: &SACKER REALLY TRUST-S& GRT CASH 2.000 25.8000 51.600 3,846 7.4535 MK PROPERTIES TR.S8l HRP CASH 10,000 10.9800 109,800 8.400 7.6503 027 0.131660:443 001 610, EFTA01261072 CLIARID THRIXIGH 171 wHOLLY 0904:0 SUISCARY I I L8ZZOO- V.L.43 0 -n C in r 6109S£00 IN9 ANDS BEAR STEARNS OFFICE SERV1CM YOUR ACCOUNT Bear, Steams & Co. Inc. 363 Madeon Avenue New York New Yu'. '0179 5 uF Your Portfolio Holdings (continued) Equities 8/ Options (conteue) ACC 02501106011 SmaCuCuSe ME same PNCT wary %%WE 13966UID AMNON. NMI 0.111111110 Tepee HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.1030 86.200 5,840 6.7749 $81 JOHNSON& JOHNSON CASH 57.800 58.6100 3,387.658 86.700 24593 8$C RAMO: STOCK BISECTOR MN NED DAVIS RE$EARO4 RATING: 8 MS LUCENT TECHNOLOGIES NC UMW CASH 235 0.4400 103 DP 1280'2007 NAYARIT GOLD INC NYRTF CASH 19 1.0990 21 PAN PACIFIC RETNL PROPERTIES Pt/P CASH 436 66.6400 29.055 1.116 3.8410 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.5600 72.765 4.090 5.6206 INVESTMENT TRUST-561 RAMCO GERSHENSON PROPERTIES RP7 CASH 12.000 27.0300 324.360 21.480 6.6223 TRUSTATO 591 SalUS SATELLITE RADIO INC SIRI CASH 1.000 4.6800 4.680 BSC RATING: STOCK 0/SECTOR MW ARMES RESEARCH RATING: Total EquitioS& Options 54,151,442 5134,872 TOTAL EQUITIES 54.151.442 $134,872 \' CUR PORTEOLIONO-OINGSES'IMA'ED ANNJAL INCOME 1164.820 YOUR PRICED PORTFOLIOHOLDINGS 14.816.952 021 Sae Seen SocaIles CAT O! N050.66 Caller /120% • rara101 11201.1659 JEFFREY EPSTEIN SWUM! 0111100 WI 1,2036 1101C0Gm API 26.2006 ACCOUNT ANN-ER ■ TAXPAYER MAW On Fie LAST STAMEN! March 31.2006 007SCE 011 33 C01 VOX EFTA01261073 -n C rn z r OZO9SEOCIA19- ANGS I8 b.) V.) 00 IJ BEAR STEARNS TWICE SERVIMG YOUR ACCOUNT Bear. Steams L Co. Inc. 383 Madson Avenue Pk 10179 6 c16 CUAReD nlear,44 rts V040-LY oaito Steclicav Bey. Sown. Sear in Ca Cne 'Nommen Cns MVT von 1120,4110 JEFFREY EPSTEIN STATEwEra PISCO Api 1.2006 T,490000. App 28.2006 Transaction Detail MONEY FUND ACTIVITY arc ACCOUNT KAMA MIMS route, On n0 vat sTATeveNs match 31. 2006 DESCAPTIZMI STISOUCUSI. WOW/ MCI Cal WOW! MOP WPM WAN/ 11WISCIION 04/01/06 OPENINGBALANCE 656.044.55 04/03436 BOUGHT DREYFUS CASH MANAGEMENTa A DICI3C 5.371.79 1.0000 5.371.79 ReSITTUTS404. SHARES 04/03/06 DIVIDEND DREYFUS CASH MANAGUA/4ra A DICX4 2.431.98 INSTITUTIONAL SHARES MONTHLY WOOS 04/03/06 REINVEST DREYFUS CASH MANAGEMENTGL A DICOI 2,431.98 2.431.98 INSTITUTIONAL SHARES DIVDEND REINVEST 04/17106 SOUGHT DREYFUS CASH IAANAGEMENKL A DCOI 1,661.60 1.0000 1661.60 INSTITUTIONAL SHARES 04128/06 CLOSINGBALANCE 665.509.92 TOTAL 1-9,465.37 12.431.98 DIVIDENDS art CCSCMPTON 311141C4/0158. OUSIMV 447E (2) MIT AMMO CO= NOM 04/03/06 RAMCO GERSHENSONPROPERITES RPT 12,000 0.4475 5,370.00 TRUST-MD S8I REC 03/2008 PAY 04/03106 04/17106 GLEMIOROUGH REALTY TRUST INC GL8 2.000 0.3500 ••••• 700.00 REC 04/01/08 PAY 04/17/06 04/17/06 GLUACHER REALTY TRUSTSBI CAT 2.000 0.4808 961.60 KC 03/31/06 PAY 04/17/06 TOTAL $7.031.60 wr Can0.0t1 33 301 EFTA01261074 CLEAREO "Vinar..P4 fTS Knew. On%F.0 SuISICIARY 0 -n C in r TZ095£00-019-ANGS IS IJ 00 BEAR STERNS OFFICE SERVICING YOUR ACCOUNT Sew. Steams & Co. Inc. 383 Madison Avenue NevV 60It New Yak 10179 Lae IL 11 JEFFREY EPSTEIN CFO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER EI-3 ST THOMAS VI 00802 Cow. Sturm Scant Cop. Cne Metrtnath Cab Nadi Ornann. New Tat 11201.3859 JEFFREY EPSTEIN $7671CVENT PCP00) March 1.2006 TWOJCal march 31.2006 ACCOUNT TAxlmvER mate, On CIO wt SIATCvercr rebury 20 2006 Pursuant to your previously issued instructions. Bear Stearns Securities Corp. provides dupbcate monthly statements andkr transaction confimations 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 01.010A10216 CO1 PPM EFTA01261075 CsSAAED MAC/JOH Os watare CASCO SUIDSLCAAY BEAR STEARNS ma SERVICING YOUR ACCOUNT Bear. Steams a Co. NC. 383 Madison Avenue N Y N York 10179 ACCCUNt EXECUTIVE I I MANNA TELEPHONE NSA OUR WEEISITE wasy.bearSlearM,COM What's In This Statement III Financial Summary 3 JEFFREY EPSTEIN You' Portfolio Holdings 4 CAD FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK OUATER 8-3 ST THOMAS Vi 00802 0 -n C in r ZZO9SEOCIA19- ANGS Iex Saarm Swam Cern py lagrasOma Cent Nat mar 11201.3659 JEFFREY EPSTEIN STatestChT PS MOO IstAth 1.2006 THROunsi Math 31, 2006 ACCOula ALAMOS Ta.CMYER NUMBEA On Fre LAAT Ammon' Fitt4v80, 28.2006 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 4.248.499 Cash L ElMnakva ME 5656.041 5633.588 NET CREDIT "MANCE 2 EqUasn — 54.248.499 $4.116,164 MONEY MARKET 11110 BALANCE 656,045 MI Current manic value NET EQUITY Was PERIOD S4.904,546 MN Last statements mutat ‘2A.st NET EQUITY LAST STATEMENT 4.750,352 CHANGE SWF LAST STATEMENT 154.194 There are no 'Stop Loss' orders a other pending buy or sell open orders on file for your account. risme is., re einsams romna07 Anna n 777077 nmmes a Mnms is Okra Swam at K0444.142t nes 17 0.-c Swan se Ma Mu— Sms.men Can, Om IManAcit Mar Snag MAAM . TO .2104 stec Tiss unwary is Be treentsmaiposome MM. K Ann ManSaa al a 027:0767m 7. nis stemma 077761M ressnodsm wig menu. Ss new 5*Nr Incinant islaneat C27 04-07/01:10171 021 VS06 EFTA01261076 °JARED 110:43314 ITS .04OLLY Mae MANUOVIRY Sea. Rams ScaSS C. use Mebtach Cent —I 606660. 666 vat 11201415$ JEFFREY EPSTEIN rn 8 ba IJ z m cim z H r EZO9SEOCIND- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06000610M 001 V$06 EFTA01261077 BEAR STEARNS OFFICE SERVICING YOUR ACCCUNT Bear. Steams & Co. Ix. 383 Madison Avenue Now York. Now York 10179 3 Cash Flow Analysis Mn P(400 Cash Balance Summary 'Pt','. (WONG OpeningEalance Mom Fund OhidendsAnterast 50.00 2.061.28 20.377.41 Cash Net Cash Balance 0.00 50.00 1.79 51.79 0 Amount Credited 522.458.69 Money Fund -22.456.90 Income Summary -n Amore Debited 5.22,456.90 m 0019C0 TEAR TO DATE DM:Tends 22.458.69 28.929.32 C in z Net Cash Acthily Closing Balance 1.79 $1.79 'Total 522.458.69 Portfolio Composition 528.929.32 CesNCash Equeslare 658.047 Equkles 4.248.499 r Total 54.904.546 VZ095£00- 019- ANGS On 01.01.06‘10.28 0:1 CtIARID IllaCFAN ITS 'AIOLLY Own° SUSSOARY Sea SLAM Sion*, Co OY Mantach Cate. Lit SiWityn, Wm TA 117014119 vas JEFFREY EPSTEIN STATEMENT PIP= Mw! 1.2006 TmR0oen Myth 31. 2006 A=tMT %MIER TAX/AVER PANDER LAST STATEMENT Febnary 28.2006 Your Portfolio Allocation V.....sco >anat. Onto a., bare.* seder no. wan velar ry &Yaffe, mocerana n (M.< haunts:4We matt raise yos pars. 2916 EFTA01261078 IT, IS OO IJ -n C in r SZ095£00- 019- ANGS BEAR STEARNS WAX SERVEING YOUR ACCCATT• Bear, Steams 6 Co. Inc. 383 Madison Avenue oh 10179 4 a Your Portfolio Holdings CASH 6 CASH EQUIVALENTS CESCS.104 CASH BALANCE STIBOUCUS, 01.01/MY MCC MARCET VP411 WIWI la 2 (SIIMARD CURRENT VELD 00 DREWUS CASH MANAGEMENT-CL A OW riSmunorat SHARES ESE 30 DAY AVG YIELD 4.5500% TOTAL CASH 8, CASH EQUIVALENTS 656.044.55 1.0000 656.045 26.242 4.0000 1656.047 S26.242 EQUITIES cttsItt3 llaCcAN ITS wrakr M,ED SLIISOVAY Sew. San Horan ccrp CO • Mittel. Orin Wail Veit Ycn 11201.385.0 JEFFREY EPSTEIN STAMM/a KAM Mirth 1.2006 THROuOm march 31. 2036 AC0000 Nulh011a lllllllllllllSS TAXPAYER ma-MIER ert EAST stAttlavY ratnary 28.2006 Equities & Options The research ratings for Bear Stearns (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 a Outperform:Pt 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 Stearns IS neither soliciting any action based on such information. nor endorsing any recommendation or opinion expressed by any Independent gird-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 Stearns at no cost. Customers can access this research at www.bearsteams,com cc can call (800) 517.2327 to request that a copy et this research be sent to them. DI:SCRIMS SruiquouS• ADCI THE PAWN MC/ WAKE' Val% LSTWATED WILK WOVE COMBO 11ELD111 FELCOR LODGING TRUST NC F04 CASH 2.000 21.1000 42.200 1.200 2.8436 GLENBOROuGH REALTY TRUST INC MB CASH 2,000 21.7500 43,500 2.200 5.0575 BSC RATHQ STOCK Is/SECTOR MW NED DAVIS RESEARCH RAMC: S GLIACHER REALTY TRUST-581 CRT CASH 2.000 28.4000 56,800 3.846 6.7711 027 Ournanne 001 viK4 EFTA01261079 0.EARED 18.0808 %incur 0.8400 SUSSCuirf 8 I L8ZZOO- Vida 0 -n C in r 9Z095£00 IN 9 ANDS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bow. Steams & Co. Inc. 383 Madison Avenue New York, New yc-k 10179 5 - Your Portfolio Holdings (Continued) Equities & Options (conbrusill DESCSIOTION 58.180110160. ACC! amain tau MUM met DMA= ANIUk MOUE Puma YIELD 00 HRPT PROPERTIES IRNSBI 11RP CASH 10.000 11.7400 117.400 8,400 7.1550 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.6700 87.340 5,840 6.6865 561 JOHNSON& JOHNSON 1611 CASH 57,800 59.2200 3.422.916 76,288 2.2290 BSC RATING: STOCK P/SECTOR MW NED DAVE RESEARCH REM: B WTS LUCENT TECHNOLOGIES INC LOTMV CASH 235 0.6250 147 DP 12/1012007 NAYARIT GOLD INC wiluT CASH 19 1.4560 28 PAN PACIFIC RETATI. 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 RPT CASH 12.000 30.2700 363.240 21,480 5.9134 TR051440 581 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 5.0800 5.080 BSC RATING: STOCK CVSECTOR mw ATIAMIS RESEARCH RATING: B Total Equities& Options 54.248.499 5124,468 TOTAL EQUITIES 54.248.499 5124.46/3 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 5150.710 YOUR PRICED PORTFOLIOHOLDINGS 54.904.546 0401061020 001 Sur UNITS SCOODCS Co OV 0•4170)KII Caner Norl. 11,0858. New net 112018069 JEFFREY EPSTEIN sysrisavr inn= //arch 1.2036 8480808 Moth 31.2006 8.OO1ta wuweeft TAXPAYV4 MAYS Oil Filo µST STATE8047 reOnatry 28.2006 VON EFTA01261080 6 I LS?. ZOO-V.L.43 BEAR STEARNS OFFICE SFRVICIVG YOUR ACCOUNT Bear. Stearns & Co. 1x. 383 Madison Avenue New York. New York 101 19 6 at Transaction Detail CLEARED TH0OUOM ITS 01CUY D040 1068.00RY Bur. Sian Saila Cap. One Romeo, Cole Nall vcdOr. Plai at 20 USD JEFFREY EPSTEIN STATHAPC P0000 Myth 1.2026 n 0220004 lamb n2006 RZCOLINT 020001 TA200020 man on Fig MONEY FUND ACTIVITY DAtt HOMY TRAJESACTION OESCRPTIY2 SAISOUCUSP 0101MY LAST STATDOCT an /MOM February 28 2006 ar m sawn 03/01106 OPENINGBALANCE 633.597.65 0 03/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A RI MN MU A VOEND L SHARES MONDRY DI DIM 2.081.28 03/01/06 REINEST DREYFUS CASH MANAGEMENCCL A 2461.28 2081.213 -n RISIRUT3/141 SHARES DFADEND RERIVEST 03/14106 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIME 19.074 1.0000 19.074.00 C in 03/15/06 BOUGHT DISMUMNAL SHARES DREYFUS CASH MANAGEMENT-CI. A IISTRUTIONAL SHARES DOD( 1,301.62 1.0300 1,301.62 z J 03/31/06 CLOSINGBALANCE 656,044.55 TOTAL S-22,456.90 52.081.28 DIVIDENDS r LZO9S£00 IN 9 ANDS DATE 000001204 SOMICUCUSP MAMMY MR 24 MR MOW CREDO MOM 03/14/06 JOHNSON& JOHNSON 'NJ 57.800 0.3300 19,074.00 REC 02/28/06 PAY 03/14/06 01/15/06 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.6400 279.04 INC REC 02/2406 PAY ON &OA 027 04101a0k1CRSO COI VMS EFTA01261081 CLEARED loiriDuar its verrOULY OVR4030 938811.1.fer T I Tz m z -H r 8Z09SECICIN9- ANGS 8 O IJ BEAR STEARNS OFFICE SERVICING CUR ACCOUNT Bear. Stearns IS Co. Inc. 383 Madison Avenue Y ork 10179 7 Transaction Detail (continued) DIVIDENDS Ucteinutte Nat Mere% Se0s1Ses Cap eke IStotriech Cot kin . Para York 11201-3839 JEFFREY EPSTEIN ETATIIIMIir PERIOD MIRO 1.2006 ymicur. match 11, 2006 ACOC4247 aamsR ThxrArtlk MAIM on File WT STATWEMY Etteurary 29.7006 DATE DESCDPIXor 311.111000131P mmirrY bit cS) DIN &W W1 enon &WIN! 03/15/06 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5710 1.024.37 INVES1MENT TRUST.93I REC 03101106 PAY 03/15/06 REG DIV.57 I RTS REDEMPTION .001 TOTAL 520.377.41 End of Statement 037 04.01/06:10r29 001 111014 EFTA01261082 010GO TNIOLON as AYOu.Y ovine sass:ray En IS IJ IJ IJ z ii C in r 6Z09SEOCIA19- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. New York 10179 ACCOUNT EXECUTNE TELEPHONE ./511 OUR WEBSITE TICHERMAN.IRA Avert.beatstearriscom What's In This Statement Financial Summary 3 You Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITES THIS PERIOD LONEY MARKET FUND BALANCE 4,116.764 633.588 Gay, a F/myalent NET EQUITY MS PERIOD $4,750,352 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 4.727.506 22.846 There are no 'Stop loss orders or other pending buy or sell open orders on rile for you account. Maw rue.: wry daverce et nanogni Cl cheat et s Waled s• eaten." 1, eke. 10,414-142.1. tr voi• w ein Sr..« tar Sans Saone; Ca,. 0.e WerrAnn Carter um. Wady% .1, ',It -3$5t. (qv Des Illrrlllnrrinrlall I II JEFFREY EPSTEIN C/0 FINANCIAL TRUST COMPANY ATM JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio 1633 588 $627.817 54.116.764 S4.099.689 MO Current market vat* NI LPG staternints made: Yale tita Stuns Stratus Cap. 020 Mermen Caw North 160.1... Noe Vat 11201.3659 JEFFREY EPSTEIN STATEMENT PE 11100 February 1, 7006 TKROUC21 February 28.2006 ACC0111r 14111111211 TAYSAVCR 101/4101 Co File LUST STATTWENT MIS/ 31.2008 Tn summary sir enIvu Pte,, t es .tc reaNes es a tacayanset. - 11$ ttaTtnef welt ,V.Ipattl itf rAr, Meth 514 reverse a* M nearirt renal en 01,0i OS Ce0. 0,1 5901 EFTA01261083 CLUAIM !MOWN n VSOLIN 000102 SUSSIOvav Bers. Swan Seurat Cap. One Amu° Carts tin ass iiiVet 11201.389 JEFFREY EPSTEIN 2 O z m C m z H r 0£095£00- 01D- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 03.0, 4X030 04 OW 2.22 EFTA01261084 CLEARED THROUGH ITS VilIOLL71 OYSICO SLISSPARy BEAR STURNS OFFICE SEAMING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 &Reason Avenue New York. Nev Yu', '0179 3 uc Cash Flow Analysis Rte Poem Income Summary MS PER:00 TEAR ID DOE Opening Ba lance 50.00 DI/Woods 6370.63 6.470.63 Money Fund 2.210.63 Total 55.770.63 56,470.63 NYidendsAnterest 3.560.00 Amount Credited 55.770.63 Portfolio Composition Maley Fuel -5.770.63 -n Amount Debited 5-5,770.63 CasKash Equirelent Equities 633,566 4.116,764 - • C in z Closing Balance 50.00 Total 54.760.352 r TE09SECICIA19- ANGS 027 010'060204 001 Rea Sian 9P00944 OM% 010 WARN On NYS Owl*. Now TRY 112014169 JEFFREY EPSTEIN STATVC4T PEROD Febrowy 1.2006 TAII0J071 Fotevacy 28.2006 ACCOUNT NURSER TAXPAYER NURSER Cs File LAST STATENCAT Weary 31.2006 Your Portfolio Allocation Case litigtheler4 14% LV goLcra Pram Ogn bane rani tre, rain vats. TN* 7•77•701 pxy•Mn• 4 COMO Man P. a:ALLA ffinet ci %AOC Y902 EFTA01261085 CLLAPSO ThROuCim Iy MACtLY OVed0 SuSSOWEY 0 -n C in r ZE095£00- 019- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACGCSAVT Bear. Steams a Co. Inc. 383 MadISCO Avenue New Y New York 10179 4 46 Your Portfolio Holdings CASH & CASH EQUIVALENTS WREST MIMI° Cram DESCRIMIN 31349XCvSio Oummv PRIM VALUE MANUAL WOW DELO N DREYFuS CASH MANAGEMENT.C1 A DiCa iNsmumNAL SHARES EST. 30 DAY AVG YEW 4.3800% TOTAL CASH 6 CASH EQUIVALENTS 633.587.65 1.0000 633.568 26.611 4.2000 5633 588 526.611 kW. SMErns Sena c. Oro Morsisch Lin Main TI NT 112014SS9 JEFFREY EPSTEIN STATEMENT PERKO Feeney 1.3006 MEOWS Canary 29.2006 Annte NUMMI MIMI. TAximnit MAME CEt Ede LAST STATEMENT Newry 31.2006 EQUITIES Equities ei Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Finn's Equity Research Department. The first rating represents the stock's total return relathe to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 Outperform: Ft — 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 *nese 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 inveStrnent 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 rim's research is available to customers of Bear Stearns at no cost. Customers can access this research at vabearsteams.com or can call (BOO) 517-2327 to request that a copy of this research be sent to them. DflatliniON SYMOuCuMP ACCT MC OMMEY PRICE MARCO mu( (SIM= ANN.w. MOM CURRIER MOM FELCOR LODGING TRUST INC FCH CASH 1000 19.8500 39.700 1,200 3.0227 GIEN8OROUGH REALTY TRUST INC GLB CASH 2.000 19.3500 38.700 2,200 5.6848 BSC RATING: STOCK A/SECTOR MW NED awe RESEARCH RATNG: H WACKER REALTY TRUST-SRI GRT CASH 2,000 26.6800 53,360 1.050 1.9678 HRPT PROPERTIES TR-581 HRP CASH 10,000 10.7200 107.200 8.400 7.8359 on 0301PORMO. OM NO2 EFTA01261086 En IJ 1, ) 00 1, ) 0 -n in r E£095£00- IA19- ANGS BC-M2 STBNIZNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns E. Co. Inc. 383 ~son Avenue New Yoh New Yak 10179 5 A. Your Portfolio Holdings (continued) Equities 8 Options »airman KLT Nalco TSTRIATID aaWEMF DESCRPD311 SYMKICIMP TYPE Orallflre PRICE VALUE ~UAL P4001« 1100 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 44.5000 89.000 5.840 6.5618 581 JOHNSON& JOHNSON JNJ CASH 57.800 57.6500 3.332.170 76.296 2.2897 BSC PATNG: STOCK /SECTOR NED DAVIS RESEARCHP RUNG: B WS LUCENT TECHNOLOGIES INC WNW CASH 235 0.5750 135 Da+ 12/102007 NAYARIT GOLD INC NYRTF CASH 19 0.7750 15 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.2100 30.178 1.116 3.6983 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.4000 72.478 4.090 5.6431 INVESTMENT TRUSYSBI RAJA03 GERSHENSON PROPERTIES ROT CASH 12.003 29.0600 348.720 11,484 3.2932 TRUST-MD 581 SIRIUS SATEWTE RADIO INC SIRI CASH 1,000 5.1100 5,110 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.116.764 $111.676 TOTAL EQUITIES 54.116.764 5111.676 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $138.287 YOUR PRICED PORTFOLIONOLDINGS 54.750,352 027 0101(0608.04 011 auk«, TseC4)44 RS wnetty O~1 SUE440teay Sea Swn ~bee 0,0 ene ~hen ewer WM lfro"n. kb. Yin 112014859 JEFFREY EPSTEIN AT/ay/Ann PERM Fetniety 1.2006 ne:4444 Fetsueey 28.2006 AOCOn7 µALER TARPAYER Wan On lie NfT StATTivern January 31. 2006 V102 EFTA01261087 SLUM THITOUMI rn wtro•OrLLY OvorED SuOSOORY TNT I8 b.) DO IJ ST 0 0 L I C in r PEO9S£00- 019- ANGS BEAR STEARNS OFFICE SERVICING 1C Re ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New fic 10179 6 a6 Transaction Detail MONEY FUND ACTIVITY ACCO all MAW TAXPAnft Moan On Fla LAST STATIVIMT lams, 31.2006 MIL OESCISPZtr4 SILSOUCUSIP Olaualn Mlal of r AVOJYT Cal Orr AVOW I/OPY mutmcnc4 02/01/06 OPENINOBALANCE 827.817.02 02/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DION 2.210.63 INSTITUTCNAL SHARES MONTHLY DIVIDEND 02/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICE( 2,210.63 2.210.63 INSTITUTONAL SHARES OMEN° REINVEST 02/16/06 SOUGHT DREYFUS CASH MANAGEMENT-CL A CHOC( 1,460 1.0000 1,460.03 INSTITUTCAUIL SHARES 02/27/06 SOUGHT DREYFUS CASH MANAGEMENT•Cl. A DICXX 2,100 1.0000 2.100.00 INSTITUTCNAL SHARES 02/28/06 CLCGINGBALANCE 633.587.65 TOTAL 55.770.63 52.210.63 DMDENDS Oat Sans Sirains Cap. Ihrtrotedi Cart tennir , derrTcrt 1120146SG JEFFREY EPSTEIN summer ocmoo Fetruary 1.2006 Trar04,0m Fetruary 28.2006 OAR cescsarnom nemoucus• OUAIIMY PAR CO 02/16/06 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7300 561 REC 01/27/06 PAY 02/16,176 02/23/06 HRPT PROPERTIES TR-581 HRP µ 10.000 0.2100 2,100.00 REC 01/20106 PAY 02/23436 TOTAL $3.560.00 MIT MACitall CREW AMOUNT 1.460.00 021 03631/06.6604 C01 1102 EFTA01261088 0 -n C in r SE09SECICIA19- ANGS I8 IJ Oo V.2 7,2 BEAR STEARNS TWICE SERVICING YOUR ACCOUNT 8ear, Steams 6 Co. Inc 383 Madsen Avenue 10179 ACCOUNT ETECOUVE DCHERMAN.RA TELEPHONE VISIT OUR MUTSU www.bearMearTISTcen What's In This Statement Friancial Summary 3 Your Patton° Holdings 3 Transaction Detail 5 Fund Activity 5 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERKO 4.099.689 MCNET MARKET FUND BALANCE 627.817 Ill. HMIS I 11 I II JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER 8.3 ST THOMAS VI 00802 Market Value of Your Portfolio caft. & rose% 5627.817 6618.814 NET num 11418 PERIM $4.727.506 NET EQUITY LAST STATEMENT 4.818.382 CHANGE SINCE LAST STATEMENT .90,876 There are no 'Stop Loss' orders or other pending buy or sell open orders on fib for your account. Pease rep almr 6feenie a n:ea a' 7-ids >szeks. reael 0t aSsere.: le 2:0 C2.+: tomcat w 120244, 42. orra 7.7 Gent Seances', OM. Sloan. town. Co-. CH annat2 G , Seen 6/7.0/r. NV 11131.3350 Current market vale MO Last smtermnTs market value 54.099.689 54.199.568 GEARED 114400074 ITS VOICALV 0'-e 31.82201ARY 1*.ar Means scofln 40”. Oro *Meth Center 21:201 W a 11201.3060 JEFFREY EPSTEIN STAY/Nee PUJO0 December 31.2006 THROUGH WNW/ 31.2008 AOCCUIC7 WM/ER TAXPAYISI Kalt0 M U. UBY 87A• ESCHT Dane 30.2005 770 snaN 777 07:a7003NO Ve20.771 my. M. needed as a us ammat T-os • irnet snum et maim to 501 reams Sea tows* me b rrecam mmeunr. 027 C291,06;1632 001 1,03 EFTA01261089 0 z m ci m z H r 9£095£00- O19- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE CV °novae:lel: col vice EFTA01261090 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Sear. Stearns & Co. Inc. 383 Madison Memo Mew Yak New York 10179 CLEARED n4000:04 ITS wuouy DAM® SUMMARY W. Storm Searle. co% One intintech C4nler NET Snot*, Mow Yon 11301.3959 JEFFREY EPSTEIN 3 e. 6 STATEMENT PtioC0 %ROUGH Decernta 31.2005 Una) 31. 2006 Cash Flow Analysis Income Summary ACCemmi human yANPAYra moan On F,9 nes ,t INS r0000 MR 70 GTE Lase STATEmtwr drew 30.2005 Opening BillanCe SCECO DividenOS 700.00 700.00 MOW/ Fund 2.091.88 Total $700.00 5700.00 DhldendsfInterest 6.911.60 0 Amount Credited 59.003.48 Portfolio Composition z -n Money Fund Ain0Unt Debited -9.003.48 1.9.003.48 CaSh/Cash Epuwalent Eames 627.817 4,099,689 C in z Closing Balance Your Portfolio Holdings 50.00 Total 14.727 506 r LE095£00- 019- ANGS CASH It CASH EQUIVALENTS IAUtKET esTautto anon OESCREION SnalUeLGIP QUAIMyy PRIZE Will un.IAL Wee* SD (%) DREYFUS CASH MANAGEMENT-CL A DICYx INSTITUTIONAL SHARES EST. 30 DAY AVG YEW 4.1800% TOTAL CASH & CASH EQUIVALENTS 627.817.02 1.0000 627,817 25.740 4.0999 5627.817 $25.740 Your Portfolio Allocation Eq.ltes 86% unnen nn.m4 Tenn, fidt &Ara rda caw robe! wily.. Pa µweoi toraeUg• a Onri Irvn I. abolato ,Mel Thr ttenak. 027 02OL<5:1a22 001 WOO EFTA01261091 OEL8ZZOO- Vida 0 -n C in r _ 8£09S£00 IN9 ANGS BEAR STMRNS OFFICE SERVICING TWA ACCOUNT gem Stearns & Co. Inc. 383 Madison Avenue 10179 4 de Your Portfolio Holdings (Continued) EQUITIES Equities & Options Independent. third-party research on certain companies covered by the rem s research is evadable to customers of Bear Stearns at no cost Customers can access this research at wv.boarsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them, rat MUM ESTD.NTED DESCRIP110x 50.410.02110P nn 0000trt PPXS VANE WWI P{dll CURRINI Y1W2110 FELCOR LOOGP1G TRUST INC FCH CASH 2,000 19.8600 39,720 1,200 3.0211 GLEN8OROUGH REALTY MUST INC 61.8 CASH 2,000 19.8800 39.360 2.800 7.1138 GUMCHER REALTY TRUST.S8I GRT CASH 2.000 27.3400 54.690 1,050 1.9203 HRPT PROPERTIES TR•S8I HAP CASH 10.000 10.7300 107.300 8.400 7.8285 HOSPITAUTY PROPERTIES TRUST HPT CASH 2.000 42.8700 85.740 5.840 8.8113 Sal JOHNSON& JOHNSON Jal CASH 57.800 57.5400 3.325,812 76.296 2.2941 YTS LUCENT TECHNOLOGIES INC LUIMV CASH 235 0.5150 121 EIIP 12.210/2002 NAYARIT GOLD INC NYRTF CASH 19 0.5780 11 PAN PACIFIC RETAIL PROPERTIES PC PNP CASH 438 69.2000 30.171 1.029 3.4106 PENNSYLVANIA REAL ESTATE WESTMENT TRUSTS/9 PEI CASH 1.794 40.6600 72.944 3.773 5.1725 RMACO GERSHENSON PROPERTIES TRUST-3.40 581 RPT CASH 12,000 28.1800 338.160 11.484 3.3960 SIRIUS SATELLITE RADIO INC SIR CASH 1.000 5.6700 5.670 Total Equities& Options 34.099.689 5111.872 TOTAL EQUITIES 34.099.689 $111.872 027 02.01.06.1. S )2 031 POMO 11.0000,4 OveieD SUSS0i0tv Pet. Sian Soarilles Otto are Wage,. Cow tan isse k 11201.3559 JEFFREY EPSTEIN STATBAENT Wow Meant. 31.2005 isitOueti January 31. 2005 ACCOLert itedeet TAVAYER MISR on nu IAST enTareaT Decanter 30.2403 1101 EFTA01261092 CLEARED 2101000>i %MOLLY CA.NED SvenInn I EL8ZZOO- V.L.43 0 ii C in r _ 6£095£00 IND ANGS BEAR STEARNS O/710E SERYONG YOUR ACCOUNT Bear. Steams 6 Co. 383 Madison Avenue NOW York New Ws 10179 5 Your Portfolio Holdings (continued) YOUR PORTFOLIO HOLOINGSESTIMATE D ANNUAL INCOME 12 YOUR PRICED PORTFOLIOHOLDINGS )6 Transaction Detail MONEY FUND ACTIVITY Ow. sawn Searifts 0:22. Me vectotecn cow ma, 9•CtlA S. at 20 3530 JEFFREY EPSTEIN STATE1.067 PERIOD Cecembet 31. 2005 TH*Ouca. January 31 2006 AcCOlN2 wuRiER 702122rER 'ANGER On RN LAST stmeesm Decent*. 30.2005 DATE MANSACTEN tesete1MON Nueetitigs• OutNett MtA 01W Mar MEET AMOUNT "WY 12/31105 OPENINGBALANCE 618.813.54 01/03106 BOUGHT DREYFUS CASH MANAGEMENT-CI. A 5.250 1.OOOO 5,250.00 111511TUDONAL SHARES 01103106 REINVEST DREYFUS CASH MANAGEMENT{L A eiSliTuTIONAL SHARES DIEU 2.091.88 2,091.88 DMOON RENVEST 01/03/06 DIVIDEND DREYFUS CASH MMIAGEMENTCL A DICE( 2.091.88 INSTMMONAL SHARES ANT etCWIND IN 2005 • 1099 01/17/06 BOUGHT DREYFUS CASH MANAGEMENT-Cl A DIEM 1,661.60 1.0000 1,661.60 NSBnOI3NAL SHARES 01/3106 CLOSING BALANCE 827.817.02 TOTAL 5.9.003.48 52.09588 027 0223106.10 32 001 EFTA01261093 0 Tz L I 5 m z -H r 017095£00- O19- ANGS I8 IJ V.2 00 1.4 IN) BEAR STEARNS OFFICE SERVICIVG YOUR ACCOUNT Beer, Stearns 8, Co. Inc. 363 Mad6on Avenue New Y Ycek 10179 6 or 6 °AMMO TH•COOki ITS wnor. CrAMIO SteM0v.kv Bear. Steams Stosirm Cop. Cnt Morava Gem WWI Trit 11201-3859 JEFFREY EPSTEIN STATturbit taco december 31. 2005 nimmem January 31.2006 Transaction Detail (continued) DIVIDENDS ACCOUNT WteER as TAxPAYEA Habit On Flo tArr STATDoOrt Deseret 30.2005 OAR OLSCMPTON OUVMVI Sri M Dr AMMO MOM MOM! 01/03/06 RAMCO GERSHENSON PROPERTIES sisal» 01/13/06 TRUST4A0 561 CASH ON ON 12000 SHS REC 12/20.06 PAY 01/01006 AMOUNT INCLUDED ON 2005-1099 GLENBOROUGH REALTY TRUST INC REC 01/01/06 PAY 01113/06 GLB 2.000 0.3500 700.00 01/17/06 GUMCHER REALTY TRUST-SM CASH DP/ ON 2000 SIC CRT 961.60 REC 12/301:15 PAY 01/17/06 AMOUNT INCLUDED ON 2005.1099 TOTAL 56911.60 End of Statement On 0101/061R32 OM EFTA01261094