EFTA01261001

EFTA01261001 Statements SDNYGM,355947 CONFIDENTIAL EFIA_0022R639 QEMFO 1141C1/O11 rrs wrocux Once° Sue..S.CcOV OFFICE SERVICING YOUR ACCOUNT Ms Steen, Star tes Cap. Bear. Stearn BEAR 383 Madison'Avenue New Wok. Now York 10179 01e *Vann Una' Math Aroptri. Y1. VG* 11201.3859 STEARNS JEFFREY EPSTEIN STAM.P.P1T PEP.3OO Detente 1.2006 TIMOLION cocentor 29,2006 ACCCOrt MAIOM III.,111111IIII I11111IIIIIIII nIIIIIIIIIIIIIII TAXEAMM suLIMA ON AM LAST STATEMENT Newnan 20.2006 JEFFREY EPSTEIN CJO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 0 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802.1348 O m 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 C Account Executive. Ills reminder notice will continue to be provided to you on your quarterly statements. in Thad Party EPSTEIN INTERESTS AC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 41NFLR NEW YORK NY 10022 r _ 8176SSE00 IN9 ANGS CNC 1200060923 CO1 ‘003 Of98ZZOO- Vida EFTA01261002 WARM TAU' JTAI ITS W,C.S ammo SLISSOArte OFFICE SERVICING YOUR ACCOUNT Bear Slum Seturen Coro Bear. Stearns & Co. Inc. BEAR 383 Madsen Avant* Ore trietrkarrr. Cana Berk IreceNs. New ea% 112014559 STMRNS New Tort. New Yo-k 10179 JEFFREY EPSTEIN iNVEStmt sit PROFESSIONAL 2ICHERMAN.IRA STATSUPCT MOOD December 1.2006 Nil -PHONE TswpAw December 29.2006 VISIT OuR a/035dt sweet bearstew ns.corn ACCOUNT PeArASCR What's In This Statement TAJCPAYCK P On FM LAST STATE NT Nowniner 30.2006 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 Your Messages ST THOMAS VI 00802-1348 0 Z T L I C Your Portfolio at a Glance Market Value of Your Portfolio If any information regarding in TOTAL VALUE OF SECURMES THIS NERCO 4.667.973 Cash 6 Ecthassa al MO 55.690.854 2006 intermt. dividends. miscellaneaul incamo. gross proceeds Cr Orkillial issue MONEY MARKET FUND BALANCE 5,061.800 EquIts 54.667.973 caseatalt is rept/red to be 56651.133 reported to the IRS for this NET sawn Taus PEMOO $9,719,773 account. a Consolidated Form CLAIMS reAreet value 1099w1 be mailed to you by NET EQUITY LAST STAIDA:10 10,347,987 III Last stalemates market value January 31.2037m a 10425 r MANGE SINCE LAST STATEMENT -628,214 by March 15.2007. There are no 'Stop Loss' orders or other pending buy or see open orders on fi le ter your account. _ 6176SSE00 IN9 ANGS TNT orrery is Ite aramromo onawas am n Pease nese a., a Neva se noteesect of Pe n a MOOS eatteler as Oeaverer Cee UN., at 30543‘101. re rem te Cart Sown M P.. Sere Starke COP. Cett %geese., Crier WM. illtOrr. tr e•2GI.1Ka SIK rracrasS ass Its %Pen TNI. Statement 5044 to neared r sear terCerra see reverse se% kr akolart it/retort 021 12&”00.09 TS 001 MDT I t98ZZOO-V.L.43 EFTA01261003 CLEARED ThROLter rts ecoor OVOCI SubSOWC, Otet. Sitar. SeCuero Cap. Ore Vceetech Cerra Perth 11201-3330 swaW JEFFREY EPSTEIN 2 a. -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r 0S6SSE00- 019- ANGS 02r 12/30060013 COI t063 rn 8 IJ 00 IJ EFTA01261004 araco 0.4•01491 %WOW? ASKO SIAMOIARY OFFICE SERVICING YOUR ACCOUNT BA Sten Saito* c Bear. Steams & Co. Inc. BEAR 383 Mahson Avenue New Yoh. New Yht 10179 ae swum Allot WA 190:010. Np Yikk 11201.3850 STEARNS JEFFREY EPSTEIN a v$ STATEMENT grope Decent. 1. 2005 nwouam December 29. 2006 Cash Flow Analysis Income Summary ACC NT 791.11.991111 TakpAvErt remote On Fie • reitte TIM Pt YEAR 10 01/2 LAST sTATI1.4nir Warble 30.2006 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 .3,380.948.85 -n Money Fund Exams 4.667 973 Funds Wltndrawn 4.000.000.00 Total 59 719 773 Amount Debited 5.7.380.948.65 in ClosingBalance 50.00 Your Portfolio Allocation r Cosi% ECILi9CS & Egos 48% 52% TS6SSE00- 019- ANGS 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., 027 10%936 CO 23 031 v009 EFTA01261005 REARED nntmicel IT 90,049 On0W St232+0ARY Orra SERVICING YOUR ACCOUNT Bear Steam Sparnts Cap. Boar. Stearns & Co. Inc. BEAR 383 Madison Avenue od 10179 CritMencenh Cedar Ruth Ron 11201.3859 STEARNS JEFFREY EPSTEIN 4 ate STAPEuE,ET PER/00 twenty 1.2005 memoir December 29.2006 ALTOUNT *ad llllllll TPAP8VER µHOER On 4k Your Portfolio Holdings :Art ST MCC ticnente 30.2006 CASH & CASH EQUIVALENTS Mao ESTOWED WNW DESCRIPTIOM STROOLECUSEP OUNITITI Piet VALUE nnut INCUR 'MD 00 DREW0S CASH MANAGEMENT-CL A MCA 5.051.800.21 1.0:00 5.051,800 257.642 5.1000 0 irenvtioNAL SHARES EST. 30 DAY AVG YIELD 5,1700% TOTAL CASH & CASH EQUIVALENTS 55.051.800 $257,642 -n EQUITIES C Equities & Options in 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. r 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. Aar .4.46 anlIATED CURREN" DESORPTION STABOVCUSIP TEPE 01W/IllY PAS WILE MOCK POSE MUM FaCOR LODGING TRUST INC FCH CASH 2.000 21.8400 43,680 2,0110 4.5788 GtilACHIR REALTY TRUST-Sal GRT CASH 2,000 26.7100 53.420 3,846 7.1996 ZSESSE00- 019- ANGS 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 OFFICE SERVICING YOuR ACccsan Bear. Stearns & Co. Inc. Sew Swann Saxrues Cop. BEAR 383 Madison Avenue Coe Meotozn Caw titre. &cod" Nye York 11201-3859 STEARNS JEFFREY EPSTEIN Sal STATWENT nmoo DttetTeOf 1.7006 11.01:00 DNERSJE1 29.2006 Your Portfolio Holdings (continued) ACOOV47 MAW TAXPAYER TIMER On Fee LAST :Twos, 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 0 KIWO REAM CORP BSC RAMC: STOCK 0/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S KIM CASH 98 44.9500 4.405 141 3.2009 -n INTS LUCENT TECHNOLOGIES INC OP 13/1wow LUMP/ CASH 235 0.3100 73 NAYARIT GOLD INC NYRTF CASH 19 0.6010 11 C rn PENNSYLVANIA REAL ESTATE WEST/ENT TRUST-581 RAMCO GERSHENSON PROPERTIES PD RPT CASH CASH 1.794 12.0170 39.3800 38.1400 70.648 457.680 4.090 21.480 5.7893 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 r TOTAL EQUITIES 54.667.973 5132,577 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 5390.219 YOUR PRICEDPORTFOLIOHOLDINGS 59.719.773 ES6SSE00-019-ANGS 12110/0640 23 001 VCOS EFTA01261007 CAMEO TIRCSJOH vmOLLY 067130 3USSUARY OFFCE SERVICIUG YOUR ACCOUNT rpm swans Semmes Cap. BEAR Bear. Steams 6 Co. Inc. 383 Madison Avenue Om ;Mucosa C4OW 2011 Yon 11201.3859 STEARNS allaiork 10179 JEFFREY EPSTEIN 6 or ST AM...VC 231000 December 1.2005 7630332. December 29.2006 Transaction Detail ACOOVN7 VINSER TA.177AvER vutten On Fee DEPOSITS AND WITHDRAWALS 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 0 12/15/06 FUNDS REC ENDS WIRED TO CMBANK FROM COMPASS BANK F0763490150031 3,311,309.87 -n 12/18/06 FND WIRED MDA/M8335167ENDSWIRED TO /MORGAN CHASE Va. NA AC739-110438 F0901907 1,0:0.003.00 FND WIRED MOMMB336719ENDSWIRED TO C 12/19836 A7MORGMI CHASE BANK. NA 2.000.000.00 in TOTAL A0139410438 FDA04776 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 r 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 PS6SSECIO IN9 ANGS 027 12f2006/1123 001 1003 9t98ZZOO-V.L.43 EFTA01261008 CLEARED IlieDUGH ITS WICAY DA,AD) 80883DVRE orrice SERVICING YOUR ACOXINr Bear. Steams 6 Co. Ire. Sew Steams secusws CaD. BEAR 383 Madsen Mettle NEW EOft NEW Ycelc 10179 one MettLea Cew Moth BrowErt New Ten 112014859 STEARNS JEFFREY EPSTEIN o STATWENT rearm Occerrter 1.2006 TwEOLGE becorrbe 29.2006 Transaction Detail (continued) Acccuyr µASIR rAsEAEER WuSER On rio MONEY FUND ACTIVITY (continued) LAST synnwearr licroartor 30.2006 DATE 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 INSDNITISNAL SHARES -n 12/1906 SOLO DREYFUS CASH MANAGEMENI-CL r INS17TUTONAL earana DCO -2,000.000 1.0000 2.000.00040 C 12/29/06 CLOSINGBALANCE 5,051,800.21 in TOTAL 5.3.360.946.65 54.026.934.53 z J DIVIDENDS DATE DESOtIPISOI STIMILELEW MUM IbUE W Mil ANEW CROW MCAT 12/04/06 GLENBOROUGH REALTY TRUST INC 37803P105 4.67 6000612 TO r 12/1246 ADVIL ON PVMMS.002336 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 SS6SSEOCIA19- ANGS Cr imago:ORS col 7003 rn I S b.) V.) 00 EFTA01261009 CLEARED 31111:(4.1 rrS WHOLLY ON3.10) SLOSIOVUTY OFFICE SERVICRiG YOUR AMOUNT Bee. Stars s_ Cap. Bea:. Steams & Co. Inc. BEAR 183 nAaOson Avenue one 1ANNSX Camp Math Nat Not 11201.3$39 STEARNS S t 10179 JEFFREY EPSTEIN 8 or STAYEHENT PESCOO occamce 1.2008 111110.1011 0111140102/ 29.2006 ACCOUNT POWDER TAXPAYER MAIM On Fk Your messages MIT STATENENT NONNita 30.2006 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. z -n STOPi End of Statement C in z r 9S6SSEOCIA19- ANGS 027 103006:09'.23 001 11293 1 8 IJ 00 EFTA01261010 CLE.0120 TEISCOGal lIS weOwe patiE0 SUSSOLAITE MICE SERVCING YOUR ACCOUNT Bey. Stearns & Co. Inc. law Sweet SeCetti COT BEAR 383 tdatSSOn Avenue New York. New York 10179 Ole ake10.01 QM. Net ...afro. an Tort 11201-109 STEARNS JEFFREY EPSTEIN ACCOUNT I si coma ZICHERMANUTA maven mica Nowt. I. 2006 TELEPHONE ■ 7100008 HOLerte 30.2006 VISIT OUR WEESSITE wwwbearsteams.cri 'canvas mama What's In This Statement ..... TAXPAYER 141.4401 01100 LAST STAlto.40/7 October 31.2006 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail ATTN JEANNE BRENAN 0 Fund Activity Your Messages 5 9 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 0 m C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE Or SECURITIES 1146 NERCO 4.657,133 Cash b Eenlialent 35.690.854 S7.669.565 MONEY WAREET FUND BALANCE 5.690.854 099101 14.657133 54.152.060 NET EQUITY THIS PERM) 510,347,987 Curia market rake NET nunus STAID.OR 12.331.625 Lnal staternercs market 1133:10 r 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. _ LS6SS£00 INS ANGS Paaa• mart ay THavy• a w..r a a z..acaa a fleet. ,.awn at detWoonpe ta TYE array n c,monnaconai P.I90541 WY. II nal Waded as mug Owinsin is awn sewn x .03-434-142t to .man Pert Sankua at 9w. Sian Secteles Sc Va1enfe 00.14 be mans far 'tut reeerde Sea rearm use mpfetvi hftnnaSEL CO,.. One MeTale.th Genet MIT ander 2^ 3058 027 '201/06'05S6 COI Vr7 6t98ZZOO-V.L.43 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 z T STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r 8S6SSE00- 019- ANGS 11,01106.06:66 COI 8 b.) U.) to EFTA01261012 CLEAPID PPIRCOOPI ns WADLEY OPINED SLIASIDARY 01110E SERVCENG YOUR ACCOUNT 3e. SUITS DI-Abet c Bete, Steams 8 Co. Inc. BEAR 383 Maciaon Avenue NEW I0fit NEW Vol< 10179 EOC laPPIDISCh LISP NOT PAPADVA DDT POPE 11201.1852 STEARNS JEFFREY EPSTEIN 3 n STATPAPer 4.4m30 Nesente 1.2006 THIICAASH Hoverter 30. 2036 ACONAPT NUIPME Cash Flow Analysis Income Summary TAXPAYM swan On Fro DC 20020 ins Pomo IVA 100GIC WT STATEmEri Cklcter 31.2006 OpeningBalance $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 Cashtesh Equrralem Amount Credited 12.121.288.84 5.890.854 -n Money Fund •••• .121.288.84 EL:Agnes Total 4.657.133 Funds Iffchdrawn 4.000.000.00 510.347.987 C in Amount Debited $4.121.288.84 z ClosingBalance 50.00 Your Portfolio Allocation r 40.2446 CanL Counlle Can 45% _ 55% 6S6SS£00 O19 ANC'S UPPArle co-a4 ;lea GOT Para DSC."' shDA grout nun AIMED" taveu.44 a erne r nn .t. M. nab: JD. & LP, DerAPE OV :2O:.O0O2 50 0Ot 'or 7 I 598Z:1'00- V1n EFTA01261013 =Ale tillt04111 ITS OVOCD sutultUARY OFFICE SERVICING MIR ACCOurc Ow Suers SeariffS Co Bear. Stearns & Co. Inc. BEAR 383 Madison Annue ctk 10179 r Ore Waage" Cane Meet STURNS JEFFREY EPSTEIN 4 STAToorer "spice ecternber 1.2006 nreCO3.4 Pieremea 30.2006 WO NT WARM TAXPAYER pureen as en no Your Portfolio Holdings LAST SUMS!, Ottoter 31.2006 CASH & CASH EQUIVALENTS KAMM ISIVAMIED CLOSINT OCSCRIPTCU SYSIOuOJSIP OularMY PRKI VALUE ISM MOW VOD ny DREYFUS CASH MANAGEMENT01. A DCXX 5.690.853.56 1.0000 5.690.854 301.615 5.3000 INSTMITONAL SHARES 0 EST. 30 DAY AVG YIELD &1900% TOTAL CASH & CASH EQUIVALENTS 55.690.854 5301.615 m EOUMES C Equities & Options in 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. r 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. ACGr mown Mau= CURADrt CESCSOMPI SMIOUEUS• 11Ff CONMIT FM2 VALUE Amu& NONE 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 096SSEOCIA19- ANGS 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 I S b.) IJ Ln IJ EFTA01261014 cLEARED MAOUGH n ~Ora Me SLININARY OFFICE SERVICING YOUR ACCOUNT Beat. SlearnS & Co. Inc. Dew. San eScans cop BDc1R 383 Madison ken.* New York New 1,- 10179 crie ~meth Mth endAn. lin Yert 11201.31.59 STUkRNS JEFFREY EPSTEIN 5 ott. 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 -n MS LUCENT TECHNOLOGIES INC ExP 12n0/2007 Lint* CASH 235 0.2250 53 NAYARIT GOLD INC NYRTF CASH 19 0.7450 14 in PENNSYLVANIA REAL ESTATE INVESTMENT TRUST6BI RAA4C0 GERSHENSON PROPERTIES PEI RPT CASH CASH 1.794 12.003 39.5000 36.9600 70.863 443.780 4.090 21.480 5.7717 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 r TOTAL EQUITIES 54,657.133 5132.177 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL NCC; _ 5433.792 YOUR PRICEDPORTFOLIOHOLDINGS 510.347.987 19655£00- IN9- ANGS 401060i 56 001 Y917 1 b.) 8 1,1 00 0, Ln EFTA01261015 CLENNO INROLO. Mb %HOLLY 0W%50 Suesowei OFFICE SERVICING YOUR ACCOUNT Sear. Stearns & Co. Inc. Beet Nen Searbra Can BEAR 383 Madison Avenue N Y 0-e Irebourn Gamut ran 11201-1830 STEARNS York 10179 JEFFREY EPSTEIN 6 a0 STAIVAINT PFRICO /bete/ 1.2006 notOLON Ilevember 30. 2006 Transaction Detail ACCO.NY NUINNIR OMR TrueNerle raw On Me INVESTMENT ACTIVITY LAST &UMW/a Wet. 31.2006 =Ulla Mat CAN OAR TRANSACTION OISCRPTICM SYMIOUOJNP WHIM PK( DM are CREDO AmCONT 11101/06 EXCHANGE ICIACO REALTY CORP 98 0 8388596 FROM PC04271 S80,00P/S8.2253 XLVCO 0 11/01/06 MERGER PAN PACIFIC RETAIL PROPERTIES INC P004271 108368596 S80.00P/S6.2253 KNICO 698061104 -436 11/30106 MERGER GLENBOROUGH REALTY TRUST INC GLB -2.030 52.000.00 m 0030512 TO 6000512 CASH MERGER @1526 WS TOTAL C $52.000.00 in DEPOSITS AND WITHDRAWALS MR TRINSACTION DESCRINVI man Nampa OtECO 0.020 11/06106 ENO WIRED MDAPM11310461FNDSVARED TO 1.000.000.00 OmORGAN CHASE BANK. NA AC739-110438 F0.03186 r 11/17/06 END WIRED MOAYMB317506FNDSWIRED TO JFIAORGAN CHASE BANK. NA AC139.110438 F0603711 1.000.000.00 TOTAL 5-2.030.000.00 MONEY FUND ACTIVITY Z96SSE00- 019- ANGS CAN MOAT 013011111CN s,onto OUNNITY KC/ JEW HAMM CIIIM MOUNT 11/01/06 OPENINGBALANCE 7,569,564.72 027 11010606:66 001 WIT En I8 IJ 00 LEN EFTA01261016 CLEARED 1110uGm 02 Av.= Owe> Summar OFFICE SERVICE% YOUR ACCOUNT Bear. Steams & Co. Inc Bee. Sun Suvrat Cap BEAR 383 meson Avenue New York. New York 1O179 Ora vented, Crier with leciatr1/4 Ng* Tot 112011859 STEARNS JEFFREY EPSTEIN 7 ae summer? room Harter 1.2006 notouca. 1/21001002 30.2006 Transaction Detail (continued) A000VN7 NuwIER 100.MIR 0611101 C41 Fb • MONEY FUND ACTIVITY (Eoremed) LAST STArEuENT Omar 31.2008 DATE 1.20147 mane OISCRP1)01 51100L/CUSIP COMP MU ODI: AUCW1 CREDO MOUNT 11/O1/O6 DIVIDEND DREYFUS CASH MANAGEMENT-CL A POI 39,075.39 eaSTRUTIONAL SHARES MONTHLY PODEND C) 0 11)01106 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITu DNIOENDnDN AL SNARES REINvEST 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 NS1IM10NAL SNARES DIGO .1,000,000 1.0000 1.OOO,OOO.OO 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 RiSTMAXNAL SHARES CROIX -1,OOO.OOO 1.OOOO 1.O3O.OO3.OO 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 DC* 52.360 1.OOOO 52,360.00 iNSTIRMONAL SHARES r 1140406 CLOSINGBALANCE 5.69O.135346 TOTAL S-121.288.84 52.O39,O75.39 DIVIDENDS _ 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 £96SSECIO IND ANGS 027 12.01.0121$210 001 V117 SS98ZZOO- V.L43 EFTA01261017 wain> ~cc/cm at ~01 OIMLO ~Way OFFICE SERVICNG YOUR ACCOUNT Bear. Steams 6 Co. Inc. tug. Yam ~en mo. BEAR 383 Madmen Avenue ~oh 10179 On* Mimeo' Cats Nov, 11501.3859 STEARNS JEFFREY EPSTEIN TS w6 51.61411EnT 1161000 6105tendir 1. 2606 inR060-1 N1:54.610.6 30.2006 Transaction Detail (continued) AC03~ ~YEA all yAvamut %wee* Cage DIVIDENDS (continued) 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 0 11/22/06 11/30/06 HRPT PROPERTIES TR-SBI REG TO/23/08 PAY 11/22/06 GLENBOROUGH REALTY TRUST INC HRP GIB 10.000 0.2100 2.100.00 360.03 G000512 TO S -n TOTAL ON PAYMENT • $.18 NS 34.043.11 MISCELLANEOUS rn 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 r TOTAL $60.00P/S8.2253 IMICO $26.170.34 _ P9655£00 1A19 ',NOS 027 120006015 56 001 le917 9598ZZOO-V.L.43 EFTA01261018 01M630 THSOUGH ITS wale 063103 16.11.4103460 OFFICE SERVICING YOUR ACCOJNT Sue. Yon Secusles Cos. Bear. Stearns & Co. It. BEAR 383 MerdiSOn Avenue n. 1.4•Ottict Comer Noli 132013" Mai Von 112014859 STEARNS ilialleck 10179 lEFFREt EPSTEIN 901 STATMENT PER= WAN 'S, 1.2006 neovoN revrernber 30.2006 ACC0 st•SER TAXPAYEI3 MAW On Ala Your messages LOT STATUES'? October 31. 2006 Kt' andBear. Stearns Securities Corp. would like to inform you that the Securities 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. 0 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. -n 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. C Please note that this procedure only applies to options cleared by the OCC in 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, r STOPI End of Statement S96SSEOCIA19- ANGS 027 12.010601 36 001 3117 EFTA01261019 CLEARED TIMOSION n sonoaxY OWNE0 SVISSIDMAY OFFICE SERVKAVG YOUR ACCOUNT kw. Sten Sens Cup. BEAR Bear. Steams & Co. Inc. Cot Vetatc6 Carter Huth 383 Matson Avenue sbt 11201-38st STEARNS NAM Y York 10179 JEFFREY EPSTON ACCOUNT ExitunvF MUER/AAP/IRA STAMACNT .woo September 30.2006 IF LImom 111010USH Octet/ 31. 2006 VISIT OUR 'REISSUE wAw.bearstcarns.com ACCOVIX WATER What's In This Statement I Ile III II II 'Ile IIIIIIIIIII IIIIII I till TAXPAYER Wiftel on He UST STATEMENT SeXtRer 29.2036 Financial Summary 3 JEFFREY EPSTEIN You- Portfolio Holdings 4 010 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK WATER 8-3 ST THOMAS VI 00802.1348 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURIILS THIS PERIOD 4.762,060 CEM & Wean 67 569 565 510.513.444 MONEY MARKET FUND BALANCE 7.569.565 54.762.060 54.602.556 NET eanTY This PIRIO0 512,331,625 CUM/ =AMC Value 16.116.000 in Lag Statemenes Patel vale r NET EWEN LAST STATEMENT 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_ _ 99655£00 IND ANGS Rowe- •ry *tarp re reasookr1 too wee ce woe Wane as Nero YKc gETM annoy • fo• ntelrenal Euesses arti.5 it tct Mania Met Somme to 0fir Me m11:04.14X1M ae S Is Olont Sewers a Saw Sian Sowers eseetit Vuua Dr reuned fmymr terms So, merle peen MONS ~XX Con.. Coe letwas Cdift•I rams Sem" NY ...MISTS, 027 11.0/ 05.06 26 001 VH1S 8598ZZOO- V.Ld3 EFTA01261020 CLEARED 1141Clian rte W14CLLY Ow2/E0 SAISCURY 8e.1Stan SeCulan 027. OIl Mentath Cat licrtli an 11201.3859 JEFFREY EPSTEIN 7 0 z ii STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r L96SSEOCIA19- ANGS 027 t .,2,7123 22 N. 071 2714 8 b.) 00 to v:0 EFTA01261021 fa teal THROWN ITS WMOLLY Oat° summon. OFFICE SERVCRiG YOUR ACCOUNT Bea'. Steams & Co. Inc. ear. Sten Senn Cap. BEAR 383 Madsen Avenue dialiactk 10179 Weracce Cote Mal yt 11201.383.9 STEARNS JEFFREY EPSTEIN 3 e STATaINT PEROD SepaMbec 30. 2006 TM Cya Weber 31. 2006 Cash Flow Analysis Income Summary ACCOal Mane* Mai= WAR TO Oat ASI alt roam On Re 1616 PICKO LAST 8TatigMT Sateat*/ 29. 2006 OpeningBalance 50.00 Divkle-ds 56,121.05 225.590.53 Money Fund 3.048.560.41 Total 556.121.05 5229.590.53 COndendsAnterest 7.560.64 0 Amount Credited Money and 53.056.121.05 Portfolio Composition z -56.121.05 Cashtash Equfralent 7.569.565 -n Fulda Witiodmon Amount Debited -3.000.000.03 S-3,056,121.05 Equiues 4.762.060 Total C ClosingBalance 512.331 625 rn 50.00 z -H Your Portfolio Allocation r Fades 36% 896SSEOCIA19- ANGS 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 oat 11,01.06M06 CO1 Wi 16 EFTA01261022 REAPED `141a,441 rt 44-Cur 01440 St.4420,Alrf OFFICE SERVCING rot* ACCOUNT BEAR Bear. Stearns & Co. Inc. 383 MESson Avenue cierW tat %tam Swann Cap 0.• lattrtitech ”0/1 w00/01. Sc'. Y*rt 112014859 New York. New YOtk 10179 STEARNS JEFFREY EPSTEIN 40'T STATIMIN. 655,00 559161,00 30, 2005 ThROLCal Caoter 11.2005 A00040 MASIR TAXPAYIA MAISCR On Ile Your Portfolio Holdings LAST STATWOO Swam* 29.2006 CASH 8 CASH EQUIVALENTS wan onmum CURRENT 0444.444104 OUM4ITY C) DREYFUS CASH MANAGEMENT-CL A INSTITUTONAL SHARES SYMOOLCJAP CCU 7.569.564.72 litet 1.0000 VALUE 7,589.565 AP0441.1.40.4 386.048 MID 00 5.1000 0 EST. 30 DAY AVG YIELD 5.1900% TOTAL CASH & CASH EQUIVALENTS 57.569.565 $386.048 m EQUITIES C Equities 8. Options in 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. r 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. ACP want @WARD UOMO DISMPTON STIAKIJI:USIP Mt MINIM v*g MAK NOM '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 696SSE00 019 ANC'S an 11001.06:06.1. 491 1/216 I998ZZOO-V.L43 EFTA01261023 CLEARFO T11,109,94 ITS Yeria.3.Y Cemi33 Su9.9CARY OFFICE SERvoCreG YOUR ACCOUNT Bear. Steams & Co. Inc. Res. Sterns Sectrtei Coo. BEAR 383 madson Avenue ok 10179 Cne mframe CNrea sten & ete yea 11201.3359 STEARNS JEFFREY EPSTEIN 5 el 7 3TAITIM.7 NERCO Septenta so. 20os Ne9OuGeo Cctcter 31. 2005 Your Portfolio Holdings (continued) Alen Nu reen/BER aNt TWAYER NueiSER Cc FiN LAST STAMEN' Seplerrter 29.2006 Equities 8, Options (imminent!) 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 -n fEP 12.110/2007 NAYARIT GOLD INC NYRTF CASH 19 0.5350 10 C PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.9500 30.498 412 1.3509 in 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 r AIUNIIS RESEARCH RATING: 8 Total Equities& Options 14.762.060 5134.648 TOTAL EQUITIES 14.762.060 5134.648 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 5520.696 0L6SSE00- O19- ANGS YOUR PRICEOPORTFOLIOHOLDINGS 512.331.625 027 110. C60526 001 v913 I8 IJ 00 0 , IJ EFTA01261024 CLEARED niROLKIn OS Alt= 0/040 Su6SO4Utv orrict SERVICING YOUR ACCOUM Bear. Steams a Co. Inc. kw SAWS Starnes Cap. BEAR 383 Madison Avenue New WA. New York 10179 Ors Heroical term WM 8,(0*k New Tat 11201.34$9 STEARNS JEMMY EPSTEN 6 ar 7 STAMiniT PEMOO SIDIernber 30. 2006 DiROU04 Octoter 31.2036 Transaction Detail 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 0 10/12/06 FND MED MOAMMB293102FNDSWIRED TO PM:RGAN CHASE RANK, NA AC739.110438 FD001110 1,000,000.00 10127/06 FND WIRED MOW/MB302911FNDSWHED TO 1,000,000.00 -n TOTAL WORGAN CHASE BANK. NA AC739.11043B D74102252 13.000.000.00 C in MONEY FUND ACTIVITY z DAn 1.01MY 09130/06 TRANSCIION OtSCAIPTIM OPENINGBALANCE SWIKIMUSP GUMMY 10,513,443.67 OW AMMO OMPI Akan 10/02/06 BOUGHT DREYFUS CASH MANAGEMENTCL A D1OOI 5,649.04 1.0303 5.649.01 r 10/02/06 DNIOEHO INSMUTKPLAL SNARES 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 moo( _ 10/04/06 SOLD DREYFUS CASH MANAGEMENT-CL A -1,000.000 1.0000 1.000.000.00 1115MUTIONAL SHARES ion2/06 SOLD DREYFUS CASH MANAGEMENT-CI. A DICKS -1.000.000 1.0000 1.000.000.00 NSITTUMWAL SHARES IL6SS£00 IN9 ANGS on 11/0110103:26 001 VIII 1:998ZZOO-V.L43 EFTA01261025 o.RAno net0J0ii vaitur OWNS, SUMMARY OFFICE SERVICNG YOUR ACCOUNT Bear. Steams 8 Co. Inc. Beat Stunt Sonnies Can BEAR 383 Madison Avenue Aleuetsch Crew Awn 1%4 11201.3550 STEARNS a rilariork 10179 JEFFREY EPSTEIN 7 a STATELIEST Pence September 30.2006 TWIOUCal October 31.2006 Transaction Detail (continued) ACOWIT Palle TAICPAWR MAW On Fie MONEY FUND ACTIVITY (continued) LAST STATIST Sapient. 29.2006 OAR MOMAY TRIMAC11O01 MORMON STIASCUCUSP LAWRY e110E Can MOUNT QM Maw 10/16/06 BOUGHT DREYFUS CASH MANAGEmENT-Cl. A 1,511.60 1.0000 1.511 60 0 10/27106 SOLD INSTMMOIMI. SHARES DREYFUS CASH MANAGEMENT-CL A Dien .1.000.000 1.0000 1,000=0.00 0 10.01.06 BOUGHT NSTTIUTIONAL SHARES DREYFUS CASH MANAGEMENT.CL A DK= 400 1.0000 400.00 esSnernmei. SHARES e l 10/31/06 CLOSINGBALANCE 7,569,564.72 TOTAL 5-56.121.05 53.048.560.41 in 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 r RAMCO GERSHENSON PROPERTIES TRUSTMO REC 09/2006 PAY 10/02/06 RPT 12.000 0.4475 5,370.00 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 ZL6SSE00- 019- ANGS 2,000 0.2000 400.00 REC Tormt€ TOTAL ST.560.64 021 11101104116:26 001 V915 IJ 00 EFTA01261026 CLEARED ETROLOM ITS ?MOLLY DATED SLEISOURY OFFICE SERVICING YOUR acccusrr Sear. Simms SeCulatt Cap. Bear. Steams 6 Co. Inc. BEAR 383 Madison krenti0 New Yet New Yak 10179 one MEIREECT Caw Plietn &web, Yee Tat 11901.1669 STEARNS JEFFREY EPSTEIN STATErna Pel000 SeplarRef 1.2006 TmROuCtli Septertlit 29.2006 Arra NT liunBER 111.11II...l..I.II I TAXPAYER RARER On hk LAST 37A7/Wra Aug.'s/ 31.2006 JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER 8-3 ST THOMAS VI 00802-1348 0 -n 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 C Account Executive. This reminder notice PM continue to Pe provided to you on you quartet statements. in Mid Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 r EL6SSE00- 019- ANGS 022 DPIC006.0) 39 001 1IS EFTA01261027 CIAMIED . 119CWAII ES 95.0.19 OAAEO SW:MCVAY orrtt %Rao YOUR ACCOUNT Bear. Steams 14 Co. Inc. BOP. Siam Sacrum WT. BEAR 383 M0060.1 Avenue New York New York 10179 Ont Metamn WON /WIN VW 11201-3859 STEARNS JEFFREY EPSTEIN ACCOUNT I xECIONE ZICHERMANIRA esArtnawr POMO *Slate 1.2006 TELEPHONE DISOWN Septerreer 39.2006 VISIT OuR WERSITE wenkbearslearnsteen ALMA? SWIM. What's In This Statement MIMI' Milli 1I I lllll I 11 l,,I111III1.l11111.11 S' TA PAVER KAMA On File WIT STATEMENT AP.susi 31.2[06 Financial Summary 3 JEFFREY EPSTEIN Your P0(00110 Holdings 4 GO FINANCIAL TRUST COMPANY Transaction Detail ATTN JEANNE BRENAN 0 Fund Activity You Messages 6 8 6100 RED HOOK QUATER 6-3 ST THOMAS Vi 00802-1348 0 m C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL YAWE Of SECURMES THIS moo 4,602.556 Call A EalMaent 510 513.444 512.451.687 MONEY MARKET FUND MANCE 10,513,444 S4.602.556 Cafes SA583.830 le town THIS OW000 S15,116.000 Current market ‘WLe last statemeres meow value r 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. _ PL6SS£00 INS ANGS Pam wen W elivro v nenvest.1 N e.at v =AA ?dome a* asteencl no.• sk upturns." is to ricratnro oATMS cm. stnx /WOES el w Mee Stream II SC04.11-142S. et rob %I Pet Bryce at Se Sara Seartne IllteNtAt YPUO to wares:WM:A newts S. wont wo fe rowan wormer. Coo. Ono Vtalsecn Cerra, Nton. Owittn. 4054 car CS:3006W 39 001 1915 9998ZZOO-V.L43 EFTA01261028 CLAM THROUGH ITS wM010v O%C SUSSIOWIY See. Rum Seasen Cop One PAsetach Noll Yoli 113014400 JEFFREY EPSTEIN 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r SL6SS£00 IND ANGS 027 0900060,39 001 031S L998ZZOO- V.L43 EFTA01261029 CLAPS°. 111,10104 ITS *MOLLY ovae SUI1SOMV OFFICE SERVICING YOUR ACCOUNT OW. Sena Smells Can Bear. Steams Si Co. Inc. BEAR 383 Madison Avenue 1O179 One 1MOCOmch Cerrler Ike Pm Volt 11201.31159 STEARNS JEFFREY EPSTEIN 3 n•: SUYDAM 11111OCO Somme* 1.2O06 11.4.1311 Sec *rater 29. 2006 /COMM Cash Flow Analysis Income Summary TAXPAYER 10.1110, r11O 11/311036 NS PINGO YEAR 10 DATE LOT STATIIIPIT Nips 31.2O06 OpeningBalance 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 Money Fund -61.756.63 Cashitasn Equreaterc 10,513.444 -n Funds Withdrawn Amount Debited -2.000.800.00 5-2.O61.756.63 Equivos 4.602.556 Total 515 116.000 C in ClosingBalance 50.00 z -H Your Portfolio Allocation r _ Cash E 70% 9L6SS£00 IND ANGS Uninalel we, cm dr eNtt ban:* "nth, .roll miniot Wag. Tim ',bun)" :t2. 3r eCan.44 Von tr. MAMA ...vie, vs'. awe web:. 631 0i13096.C. 19 001 '411$ 8998ZZOO- V.L43 EFTA01261030 O.EAREO TaDua 1TE TROLLY Pato SUSSOYAY COME SER1nCiNG YOUR ACCOUNT ea Saw senora Oa BEAR Bear, Stearns & Co. Inc. 383 Manson Mena anedi Coin WM as Tat 1120141a STURNS Ma o& 10179 JEFFREY EPSTEIN 0 ono STA1OST PEfeCO Secteenne 1.2006 11410lal Scotomote 29.2006 0000talf Kean lam! TAXPAYER Pate Orl Fie Your Portfolio Holdings LAW STATEMENT AUgUSt 31.2006 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 0 EST. 30 DAY AVG YEW 5,2300% TOTAL CASH & CASH EQUIVALENTS $10.513,444 5557.213 Z T r l EQUITIES Equities & Options m 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. r 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. AGO MWET IESTIWATID CUROXPE OCSCRIPTDI SEADOLCUTXP 111E OLIAMITTI PECt VALE MEER MCRAE 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 LL6SS£00 LAID ANGS 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 6998ZZOO-V1.43 EFTA01261031 CLEANED THROUGH as YALCUA# O'i SUOSTUARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Ks Sierra Smite Colo. BEAR 383 Ma0ison Avenue New Yak. New York 10179 UNTSTOL Centel *AM Crean" Nis Yen 11:014469 STEARNS 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 itUntIl ESTIVATE° CUIRUC OILSCSOTION swasaueuse THE COMITIrl YAM SNICK wan nosh HOSPITALITY PROPERTES TRUST APT CASH 2.000 47.2000 94,400 5.920 6.2712 561 0 JOHNSON& JOICSON 8SC RATING: STOCK PYSECTOR MO NED DAMS RESEARCH RATING: 8 CASH 67,800 64.9400 3.753.532 86,700 2.3098 WES LUCENT TECHNOLOGIES INC WNW CASH 235 0.1903 45 -n 12/1&2007 NAYARIT GOLD INC EYRIE CASH 19 0.5810 11 C PAN PACIFIC RETAIL PROPERTIES PIO CASH 438 89.4200 30.267 1.116 3.6872 in e4C PENNSYLVANIA REAL ESTATE PO CASH 1.794 42.5700 76.371 4.090 5.3554 eNESTmEta TRUST,S8i 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 r 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 PORTFOLIOHOIDINGS 515.116,000 8L6SS£00 IN9 ANGS Ot.30,04C• 39 031 "IS OL98ZZOO- V.Ld3 EFTA01261032 °LOSE° netOvatt ITS A.40u.Y Ovo.F.0 SueS0av OFFICE SERMCWG YOUR Aernmg Boar. Steams & Co. Inc. Beat Sun Senntes Cap. BEAR 383 mecum'. Avenue New York, Nen r.t. e. 10179 One %holt° Cetus WO baldr, wee ftet 11201-3$59 STEARNS 4 1 JEFFREY EPSTEIN 6a • Mimes! woo September 1.2006 THROUCfil September 29.2036 Transaction Detail ACCOVAT wince TosAyeR NuIMER On Fae DEPOSITS AND WITHDRAWALS UST STArememr Alps{ 31. 2006 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 C) 09120/08 END WIRED MDA.8517500FNDS 1,000.000 00 'MORGAN CHASE E AC739-110438 INTREFINTS06.092 TOTAL S-2.000.000.03 ii MONEY FUND ACTIVITY C in GR 1.40CAY 09/01/08 !Wel...CEOs DESCRIPTION OPENING8ATANCE SI1160JCUSP 00M unr 12.451.697.04 NMI Oafl MOON CRECel MOAT 09/01/08 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DION 39,059.05 INSTIN OITO NAL SNARES MONTHLY NIDEHO N r 09(01)06 REINVEST DREYFUS CASH MANACEMENT-Cl. A DISTMITIDNAL SHARES DMOEND RENVEST DION 39.059.05 19.059.05 09(07)06 SOLD DREYFUS CASH MANAGEMENTCL A DION -1,000,000 1.0000 1,000,000.00 minnow'. STORES 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 6L 6SSE00 IN9 ANGS 027 010001010,11 001 MlP I L98ZZOO-V.L.43 EFTA01261033 CLEARED DIROutui its wmouv ornit0 SISSO.Afru OFFICE SERVICING CUR ACCOUNT eat Sun Starnes COM Bear. Steams & Co. Inc. BEAR 383 Madison Mymue Cue Uttosech Cent. San tw000lr. I. yak 11201-1/159 STEARNS New York. New York 10179 JEFFREY EPSTEIN 7 a STATDIer mew Semennter 1.2006 Detocam Matonter 29.2006 Transaction Detail (continued) Art00.45 SUMER TAxPAyfit Hama On Fie MONEY FUND ACTIVITY (continued) IAS' STMT.*NT August 31.2006 DATE LOMAT ntimmeoN DESCROIXN SISAIOLOJSIP DPW AMOY', CREDO /MOUNT 09/29/08 CLOSINGBALANCE 10,513.443 67 TOTAL 5-61,756.63 52.039.059.05 DIVIDENDS Z T i t 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 m 09115/05 PENNSYLVANIA REAL ESTATE INVESTMENT TRuSTSM REC 09.01106 PAY 09115)06 PEI 1,794 0.5700 1,022.58 TOTAL $22.697.58 r 086SSEOCIA19- ANGS 02T COW% 043 39 9: 1115 rn 8 b.) 00 IJ EFTA01261034 GLEAM THROL0T. rtS %MOLLY GA,tD SUSSOVAY OFFICE SERVICING YOUR ACCOUNT Bear. Steams 8 Co. Inc. OW. Sion STRullas cap. BEAR 383 Madison Avenue ork 10179 Ore Linelecn C— Myth Mar 11201.3.159 STEARNS JEFFREY EPSTEIN 8 a STATELIEST WOW S.%erratr 1.2006 TmRcrACAT SOPICRIXY 29.2006 .A'3:09Ter %AMER 11111111.1112 TAXPAYER MASTER On fie Your messages LAST STATTRERT M9JSI 31.2036 ea' Revenue Advisers, Sharing distrbutors or other affikates of certain mutual funds (which These money market funds may in some cases have higher yields than money market funds whose affiliates do make revenue sharing payments. There is. include money market and non-money market funds) may enter into thereffire, a potential conflict of interest in the form of an additional financial arrangements to pay brokers that distribute their shares for administrative. incentive to Bear Steams for making available to customers money market 0 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 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. servicing a distribution fees that a mutual fund pays out of its own assets -n 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 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 C funds yield. Revenue sharing fees, on the other hand, are paid out of the payments. With respect to non-money market fund shares held by certain in 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. 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 With respect to money market funds. Bear Steams negotiates revenue sharing Client Services account executive designated by the customer. Bear Stearns payments separately with each find family and net al fund families pay the does not believe that these revenue sharing arrangements involving such same amount or pay according to the same formula, These payments are Private Client Services customers pose a conflict of interest with respect to calculated based on a percentage of thedollar value of the fund assets held by customers whose accounts are held at Bear Stearns. Bear Stearns in customer accounts, Bear Steams receives up to 0.66% per r 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 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. by Bear Steams to its customers. T86SSEOCIA19- ANGS 027 09300900 39 001 1,913 8 b.) 00 b.) 00 -J EFTA01261035 Oat, THPOLCH n vonctLy °MED sussmuort orrice SERVICIRG YOUR ACCOUNT Bet. Sten Searapn rap. Bear. Stearns & Co. Inc. BUR 383 Manson Avenue Y cek 10179 Wellactl, Ovey lath bornesr‘ New Y01 11201.3851 STBeRNS JEFFREY EPSTEIN 9 STAPEYPCI P0100 Septcater 1.2006 NPC•JOn semen-ter 29.2006 0.0001.247 MAMMA TAXPAYER PAMPER On Flip • LAST STATtAlt742 Auct.11 31.2006 Bear. Steams Securities Corp. Net Capital and Net Capital Requirements: 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 (-) 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 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 0 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. 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: m 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. - You can lose more funds than you deposit in the margin account. ci • The firm can force the sale of securities or other assets in your account(s). m - 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. H - The firm can increase its 'house' maintenance margin requirements at any time and is not required to provide you advance written notice. r - You are not entitled to an extension of time on a margin call. Z86SSE00- O1D- ANGS 027 012,3710622.1.30 001 1915 8 ,..) 00 EFTA01261036 ctIARIO 734301.01. 3990“9 01/040 Sue$309AT MCC SUMMING YOUR ACCOUNT Bat Sian Starnes C . Ber.Ma 383 Steams Co. Inc. BD‘R dison A&venue Nevi 'fork New York 10179 Cat Venni, Cenci Nonn s et 11201.24$ STBSRNS JEFFREY EPSTEIN I0 STATE1ert MeCO Scooter 1, 2006 1310909i 50Plenter 29.2006 Accoute NSW. =IIL■ ton1119 MMES On Fie LAST STATEMENT is4m 31.2006 This statement is proWded to explain Bear. Steams & Co, Inc.'s BSC.) Pursuant to SEC Rule 606, please note the following: IOW payment for order now practices. BSC routes a majority of orders for customer securities transactions to the Bear. Steams & Co. Inc. will post its quarterly routing statistics at the following primary market for such securities. Orders may also be routed to other market web link: httplAvom.bearsteams.corni. Click on Inch:dual Investor. Click on service vendors that assure executions pursuant to complex mathematical Equities, Click on Order Routing Practices. O 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 Customers of Bear. Steams & Co. Inc. may request information on any order than favorable executions or executions of limit orders at no additional charge. executed within the prior six months from the time of the request. Specifically, m 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. ci m STOPS End of Statement H r £86SSEOCIND- ANGS 027 0:0.3:103 OS 39 001 vOIS EFTA01261037 CLEARED n.ftOvan rts wo04.2, om..co 81,560woy CAME SERVICING YOUR ACCOUNT 8w Sun Seosines 0:9 Bear. Steams & Co. Inc. BEAR 383 Madsen Avenue Ore liereW6 Caw .M ecuor. Now w '20 3859 STERNS New York. New Yak 10179 JEFFREY EPSTEIN ACCOUNT EXECUTIVE Z/CHERMAMIRA sTATturicr PE0800 Augist 1.2006 MIEPHONE TH90JOn &gat 31.2006 Mgr OUR WEBSIIE WAW.00arStearnS.00m ACCOUNT WIMP What's In This Statement 111111 II I r alall.111111,11111llal11111111111rllll11.11 THI.AviR MUSSER On File UST %Emmert My 31. 2006 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 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURITIES MIS PERCO 4.583.830 CW.Enalla 54.670.736 512.461.687 MONEY MARKET EL MO BALANCE 12.451.687 54.583.830 Ewe's S4.413.918 NET !CARTY 1Nr8 PERJ00 $17,035,517 Oren mares value NO last Staterriert's market vats r NET EQUITY LAST STATEMENT CHANGE SINCE MST STATEMENT 8084.654 7.950.863 There are no 'Stop Loss' orders or other pending buy or see open orders on file for your account. _ t786SSE00 IND ANGS 'Nu snowy Mad norm/ bar carman Cy. b n% head In n W Cletneet 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 511 Mn Wane% sum It ManedPM AC newts Soo mom sib. rowan itWoriaw, 027 0601636:07.91 OPP ‘r4 9L98ZZOO- V.L43 EFTA01261038 CLEARED THROUGH MI vffiCtLY (we SU8S.C4ARY 8m. Seem Stones Gyp. One Lieutozn Cow In IS I Svet 112'01,3859 JEFFREY EPSTEIN 2✓• C) 0 "n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r S86SSE00- 019- ANGS 027 C901.960, 58 CC! '914 I S IJ V.2 00 —J EFTA01261039 CLIAPFD THAVJC04 re 211.0.1.2 MIMEO SUIISICSARY orra SERVICING YOUR ACCOUNT Isar. Soon swot Cu,. Bear. Steams & Co. Inc. BEAR 383 Madison Avenue New York. New York 10179 Cre FAMOMCIF c MOT Orvatan Mein 2On 11201.3859 STEARNS JEFFREY EPSTEIN 3 a 7 STRUMS:2 P81000 AUSVSI 1. 2006 718.101.33/4 Au9,41 31. 2006 ACCOUNT NUMMI Cash Flow Analysis Income Summary TAIOAY01 RIMER On me as Illet0 MS P02100 WA0 TO ATt vat RAMMED/T .k. 31. 2006 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 0 holds Deposited Dmdendsfinterest 12,749,804.62 3.56000 0 Amount Credited $17,778,851.66 Portfolio Composition z Money Fund .12.841.904.41 CashiCash Equivalent 12.451.687 m Fends Welx1rum -5.000.CCO.00 Equities 4.583.830 C Amount Debited S17,841,904.41 Total 817 035,517 in Net Cash ay 43.052.55 z Closing Balance $0.00 Your Portfolio Allocation r Cash Balance Summary ClIOASIG 0.05114G Cash 51052.55 0.00 Net Cash Balance 5.63.052.55 $0.00 986SSE00- 019- ANGS 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, 027 09.13/.06,07 58 00/ vol. In I8 b.) 00 b.) Oo --J 00 EFTA01261040 arAns0 na0110.4 ITS MOW 0.143) SUISCIARY OFFICE SERVICING YOUR ACCOUNT Bow, Slams a Co. Inc. W. Sown Swan CCM BEAR 383 Madsen Avenue ak 10179 Ole Morn- Um( WV' aliaterk 11201'31150 STEARNS JEFFREY EPSTEIN 4.., $1.713/0.3 PO0'33 Aug.iSt 1.2006 mre0U00 Aught 31.2006 AGOG...3 TAWAYon RAMC On File Your Portfolio Holdings OAST STA/IWNT 1J 31.2006 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 C) WSTITUTIONAL SHARES E5T, 30 DAY AVG YEW 5.2300% TOTAL CASH 8, CASH EQUIVALENTS 512.451.687 5659.939 -n EQUITIES C Equities & Options in 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. r 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. ACCI MURK /S1WARD 05003 0130119113. SOABOUCUSIP 110E OUNITIIY MCI VALUE NOCK ROWE 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 L86SS£00 IN9 ANGS 027 020122407.3. 001 W14 6L98ZZOO- V.L43 EFTA01261041 CLEAR= elpROUGH es meter PROS SteSIDCARY orncE SCRAP% YOUR ACCOUNT 9ner. Sneers Sexuebes Cap. Bear. Steams & Co. Inc_ BEAR 383 Macloon Avenue New York. New York 10179 Cne Manna Cereal horn tIrTotbn, N1 York 11201-3859 STEARNS JEFFREY EPSTEIN 5n. 8TATEPENT Nemo Algal 1.2006 neRC-031. Augat 31.2006 Your Portfolio Holdings (continued) ACCOLNT MLIMER TAXPAYER NUMBER On Ode seer STAR We Yr My 31.2006 Equities & Options (cordnued) Wan" faun) e CESCEPTCT4 SYNIOURLIOP nfl allenire plea nu, NEOME C'ad we( HOSFITAUTY PROPERTIES TRUST HITT CASH 2.000 46.3200 92.640 5,920 6.3903 0 SEP JOHNSON& JOHNSON RU CASH 0 SW RATIC: STOCK TYSECTCR MO MD DAVIS RESEARCH RAMC: 8 57.800 64.6600 3.737.348 86.700 2.3198 MS LUCENT TECHNOT onlre INC UMW CASH 235 0.2360 5$ 1210.2007 k l NAYARIT GOLD INC NYRTF CASH 19 0.6870 13 C PAN PACIFIC RETAIL PRCPERTES INC P1 CASH 436 69.8200 30,442 1.116 3.6860 in PENNSYLVANIA REAL ESTATE earESrmENT TRUST-$131 PO CASH 1.704 42.3200 76,922 4.090 5.3871 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 r 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 886SSE00 IN9 ANGS 3eel *Sees' 001 0898ZZOO- V.L43 EFTA01261042 =ARCO MROVON rTS ACtLy oWNED SUSSOtuir OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. Sac Worn Starnes Corp. BEAR 383 Madison Avenue New Ycek. New Kock 10179 On lhotolich Orb WA 1 Nat na 11201.3149 STEARNS JEFFREY EPSTEIN v STATSISIT PERO& &gust 1.2006 na0ve. Swat 31.2006 Transaction Detail ACCOUNT PAA49ER Tarts NUGMCA Co Fie DEPOSITS AND WITHDRAWALS LAST Minim My 31. 2006 DATE MANSACSON OfSCRPrION DEW ANOINT MOO NEWT 05/07/06 END WIRED MDA*CF952700FNDSVARED TO 1.000.000.00 ANAORGAN CHASE RMS. NA C) 08/11/06 END WIRED AC739-110438 C#275752 0 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 m 08J17106 FND WIRED MDASME1263725FNOSWIRED TO 1.000.000.00 KaMORGAN CHASE BANK, NA C AC739-110438 ED/02332 in 08125/06 END WIRED META•C7960504ENDS PARED TO SWORGAN CHASE MJ4K, NA A4739.i10418 0/283506 1.000.000.00 TOTAL S-5.000.000.00 512.749.804.62 MONEY FUND ACTIVITY r OAR PAYDAY 08/01/06 TUNSACTION DESCRIPTON OPENINGSALANCE STINOUCUSIP COWRY 4207.682.63 aAAKt DOE WOW MCC Sr 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 686SSE00 IA19 ANC'S OAT ONOWACOAS 001 VtI4 I898ZZOO- Vida EFTA01261043 CA FARED THROWN MS WILL onti0 SueSCRARe TWICE SERVICIRG YOUR ACCOUNT Bear. Steams 8 Co. Inc_ Rap Sens SWAZIS COP BEAR 383 itethson Avenue New Y rL N wYork 10179 CSe IMESES1 CAW vol. liaili Ten 11=1.3159 STEARNS JEFFREY EPSTEIN 7 a7 STATEMENT PCS/CO Augur 1.2006 TS 090)0 AU9JM 31.2006 Transaction Detail (continued) ACCOUNT sswCIER TAXPAYER AteRWR On rile MONEY FUND ACTIVITY (=lifted) usT rrmrwer AMY 31.2006 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 0 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 T I INSTITUTIONAL SHARES 08/17106 SOLD DREYFUS CASH MANAGEMENT-CL A 04C:0( -1.000.000 1.0000 1.000.000.00 DaSintoONAL SNARES m 08125.06 SOLD DREYFUS CASH MANAGEMENT.CL A NSTGUTIONAL SHARES DICX( 997,900 1.0000 907.900.00 08/31/06 CLOSINGBALANCE 12.451.687.04 TOTAL S-12.841.904.41 S5,025.467.24 DMDENDS r DATE DERSAIRRIRI Oursintt Ml! NI CCM Maw CREPT mown 08/17)08 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7400 1.480.00 SIN REC on No6 PAY 08/17/06 08/25f013 HRPT PROPERTIES TR-581 1W 10.000 0.2100 2.100.00 066SSEOCIA19- ANGS REC 07/25)06 PAY 089504 TOTAL $3.580.00 037 0•01106.07:58 ITT IJ IJ DD 00 0o 1.0 EFTA01261044 0.1•AF.0 nooDufai its NICELY OWNEO SURSCOUW OFFICE SERVICA% YOUR ACCOUNT Bear. Steams Et Co. Mc. Dm. Swans SavileS Cap B&W 383 Madison Avenue Ore lietroical CONNORA Mi l..••• at 20 3530 STEARNS New York. New York 10179 JEFFREY EPSTEIN ACD:uNT EXLCulwE ZICHERAIANTRA syarnerr Peplos, Jun 1.2006 IL IF PHONE 0•10,304 Jug r 2006 visit OUR WEBSITE www.bearstemns.com ACCOUNT MASER What's In This Statement TAXPAYER Nate On Fie LAST STATEMENT AMP 30.2006 Financial Summary 3 JEFFREY EPSTEIN 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 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURITIES THIS PERIOD 4,47 3.918 Cash 41 rquiyarl $697.631 54.670.738 NET CREDIT BALANCE 63.053 $4.413.918 foxes 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 r 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. T66SSEOCIA19- ANGS Ppm "Nol a-y aY ofts o noNNo.0 a thila a plus., .arms n ayrpree ro Au TM sunnily is 10. 040—edoral ones*. re/. rt n au nen*: as a lit 0x."*S• u CNN Sawn st 10,434, ..24 a yrs. m Can Soya. Sew &Atm Spann 'Ns he went POJ0 Ft reftnea St Wats Set amass Ws use newsy istersece Cap. 0'* leseire! Cyan 1Nen. &POOPSY. I.PCT4t50 027 CE/J/tE.07 15 00. v112 En I8 IJ V.) 00 00 00 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 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r Z66SS£00 IND ANGS 02/ 0e/1/1N6.O256 COI %.112 1,898ZZOO- V.L.43 EFTA01261046 CLEARED DLESEALAL ITS EvOLLv PALED tstESITALty SEllnnteco YOUR &Mom Bear. Steams & Co. Inc. taw Steens seonses Co' BEAR 383 Watson Avenue 0-e latectecl. Gone NOR, sac 11201.1166 SIMMS ork 10179 JEFFREY EPSTEIN 3 ors STAMM" MECO ELS 1.2006 THICUOLL lull St. 2006 Yee-VET KEINE NM. Cash Flow Analysis Income Summary TAXPAYILE NSW On Fee DESPEIWO DES PO= YEAR TO Deft LAST !SADDAM ELM 30.2006 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 Amount Credited 8102,171,502.24 Cashtash Equivalent 4.670.736 -n Money Fund Funds Withdrawal -53.038.539.69 -49.100.000.00 Equities Total 4,413.918 89.084.654 C in Amount Debited 3,102,108,539.69 z Net Cash Activity Closing Balance 63,052.55 $63.052.55 Your Portfolio Allocation r Cash Balance Summary °NANG CLOSERS Cash 0.00 63.052.55 Net CaSh Balance 50.00 563.052.55 ECELESS CMS E 46% 52% _ £6655£00IND ANGS L, .hi SOIOM *ear OW bents fl a eel Eine ALE. The stabs snieen• • gees< vo-, ye toon rens yes. ce to pees° 02T DEDIOS 07 SG 001 e212 5898ZZOO- V.L43 EFTA01261047 CLEANED 71.O.0N ITS veNOLAT OAEO suesourry OFFICE SERVO:14G YOUR ACCOUNT Ser. Sterns SecMa Cap. Bear. Steams & Co. Ine. BEAR 383 Madison MINIM Nrvr F v York 10179 QN Mesmem Cow YAM &NAM' Am Yen 112010860 STEARNS JEFFREY EPSTEIN 4 et s STATIVINT PERKO )fl 1.2006 rumour.. Ma 31.2006 Amapa woman imPATER µMFR On Your Portfolio Holdings MY STATEMENT MIS 50.2006 CASH & CASH EQUIVALENTS AMRIRI 61111ATED CURRIER 0 DESCRI911011 CASH BALANCE SMIOUDJSIP MAIMITY eN6 VALUE 63.053 ANNUMMOW TOD N 0 DREYFUS CASH MANAGEMENT-Q. A INSTOUTIONAL SHARES DIM 4.607.682.63 1.0003 4.807.883 221.189 4.9000 EST. 30 DAY AVG YIELD 5.1900% TOTAL CASH & CASH EQUIVALENTS 54.670.736 5221.169 m C in EQUITIES 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 r 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. ACCT IAARICET ESITIATED CURRENT DESMPTICAI STIMOUCUSIS Mt CSIAMIIV ram cowl AIROJAL MOW 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 t66SS£00 IN9 ANGS 027 0•000(037011 001 VI/12 9898ZZOO- V.L43 EFTA01261048 CLEARED 11.14.3Uan tR 1VPOLLY OAPS) Sue&PARY MICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Inv.Reim Seaptes Cap. BEAR 383 Madison Atenue N wV 1 York 10179 Cal *touch Wm Nall, ~col 112014859 STWRNS JEFFREY EPSTEIN $ SPATEPENT PER$C0 >Sy I. 2006 THROUGH Aty 31.2006 Your Portfolio Holdings (continued) ACOPtea PLeAlin ~ME TAXIMEI MAW nk SPAnWEN7 Rine 30.2004 Equities & Options (cordnuad) tal IMRCE7 t5WATED CURREN DESCRP11411 MIAMACIAIP TOE $11Mmy PRICE VklUt ØE 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 0 JOHNSON& JOHNSON BSC RATING: STOCK P1SECTOR MO NED DAVE RESFAROI RADNG: B .114.1 CASH 57.800 62.5500 3,615.390 86.700 2.3981 -n sVTS LUCENT TECHNOLOGIES INC CM 12202007 LUNY! CASH 235 0.1700 40 NAYARIT GOLD INC NYRTF CASH 19 0.6190 12 rn PM PACIFIC RETAIL PROPERTIES INC NIP CASH 436 69.1000 30,128 1,116 3.7042 z PENNSYLVANIA REAL ESTATE KNESTMENT TRUST-SEK PEI CASH 1.794 39.3800 70.648 4.090 5.7893 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 r 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 56655£00 IN9 JAGS 027 C.11001.01‘07:88 001 n12 L898ZZOO-V.L43 EFTA01261049 CLUAID 1,UtiD;Cal RS WinOLLY OWNED SUSSDAJV OFFICE SERI/ICING YOUR ACCOUNT BOO San Sent Sas Cord. Bear. Steams .5 Co. Inc. BEAR 383 P.Iadisc3 A 8,80e 0 , * *vane Cane Non, Itocier. NM eft 201 le-S9 STEARNS JEFFREY EPSTEIN de Amnion REMO° .10 1.2006 Hoccutui .166 31.2006 Transaction Detail ACCCVal NUMER TAXPAYER &ACER OA Fie DEPOSITS AND WITHDRAWALS ter SIAM/DO Jun* 30, 2006 ntvISACTICH DISCRPTIOr. CM /MOW 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 AC739-1104313 0/131125/ 1.000.000.00 0781/06 P10 WIRED MDARM82.16525FNOSIMRED TO 1.000.000.00 -n 07/31/06 FUNDS REC WIAORGAN CHASE Wm. NA AC739.110438 F0002527 ENDSWIRED TOCMBANK FROM 63.052.55 C WIVE GLEIN6300 SP FD762' 20150.401 in TOTAL S-49.100.030.00 563.052.55 MONEY FUND ACTIVITY Oaat OO*Y rituiSACTCH CESCR1106 SYMIK)U0,19P Can MOM CREW MOUNT 07/01/06 OPENINGBALANCE 697.631.34 r 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 Oita 2.769.69 2.769.69 INSTITUTODWil. SHARES DIVIDENO REINVEST _ 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 966SSE00 IN9 ANGS 027 0•01.0•97:14 031 8898ZZOO- V.L43 EFTA01261050 CURREO IDEROUGN ae ANIOLLY OWNED SUSS ORM( OFFICE SEFNICZ6 YOUR ACCOUNT ate. Sian Soc\A Cap. Bear. Steams & Co. Inc. BEAR 383 Madison Avenue Ore INTTOtedi OWN Ne 44.4 pk 20 355 STEARNS New Yeck New York 10179 JEFFREY EPSTEIN 7 Na 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 INTMUTOWN SHARES 044301 -998,488.40 1.0000 998,488.40 -n 07/28/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A ICTITUTI:mm. SHARES 400 1.0000 400.00 07/31/06 CLOSINGBALANCE 4.607.682.63 C in TOTAL $-53.008.539.69 549.101.25869 z DIVIDENDS OATS DESCRIPTION SIMICIAUSP OWMITY PM 011 OM MiCett CAM mown 07/0366 RAMCO GERSHENSONPROPERTIES RPT 12.000 0.4475 5.37600 TRUSTAID SRI r 07n7/06 REC 06/2606 PAY 0763/06 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 $7,281.80 L66SSECIO IN9 ANGS 057 01101.031.0740 001 Y912 6898ZZOO- V.L43 EFTA01261051 D.TARIE0 MROL1321 n VoMOIAY OmlED 8429810DAY Caret SERYICSiG YOUR ACCOUNT Oes. Stens Startilta Cap. Bear, Steams & Co. Inc. BEAR 183 Macaw Avenue N wY a w YOrk 10179 OnlIA/Velece Cum Din New Tot 11201.3859 STEARNS JEFFREY EPSTEIN 8a e STA711111121 PEDIGO Ay 1.2006 romOuOm Ay 31. 2036 Transaction Detail (continued) ACtOuNT tsnatal ala 123,m211 Nyman CM ChB MISCELLANEOUS LAST STATE ENT in 30. 2006 OAT( 1./041.1 1121212ACrtm 011011.113% OfSC MMUN1 CRID0 21.0017 07/05/06 JOURNAL FROM 038-66056 53,000,030.00 TOTAL 553.000.080.03 0 -n End of Statement C in z -H r 866SSEOCIA19- ANGS CD/ 0110106 07 56 001 1,912 I S IJ 00 EFTA01261052 =WSJ racoon n NenanY CoATEZD SOSSIDITAY OFFICE SERVICING YOUR ACCOUNT eme,Steins Stank, coo Bear. Steams & Co. It. BEAR 383 Madison AleflUE on pea. Sa cwt. Mesh Yolt 11201.31St STEARNS NMIrk 10179 JEFFREY EPSTON STATEMENT PETEOO ha, 1. 200$ 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 O -n 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 C Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. in THrd Party EPSTEIN INTERESTS NC JEFFREY EPSTEIN ATTN HARRY BEELER 457 MADISON AVE 4TH FIR NEW TOME NY 10022 r _ 66655£00 IND ANUS 027 07.01.06.1,56 001 Y911 I 698ZZOO-V.L43 EFTA01261053 CLEARED 04401.10H ITS vniCLLY OAKS SLESIOHRT OFFICE SERVICBG YOUR ACCOUNT Me lawny Seattle Cat Bear. Steams & Co. Inc BEAR 383 Madison Manua New York. New York 10179 Ole 141/410:11 WON Ilohi OrceOpt law TM 11201.3159 STEARNS JEFFREY EPSTEIN ACCOUNT EXECUTM ZIEHERMAN.TRA STATESEM P ew .bat 1. 2006 WIEPTIONF 111110‘01 Arne 30.2006 'ma OUR WEBSITT mvwboarstearns.com 502.00.41 HAMER What's In This Statement lin lllll IIIIIII1 I1111,11111(1111 TAXOMER RUMOR On Ello teat IITATEHEM May 31. 2006 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detad ATTN JEANNE BRENAN TQUNR0UNO0 Fund Activity 6 6100 RED HOOK QUATER Your Messages 7 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio Conftrmaban: Unless we hear Rom )auto the corruary. U Is Cash 6 Eoundent —OE 5697.631 ow understanding that any TOTAL VALUE OF SECURMES MIS PERM 4.233.653 5671.919 tree erode balances in your MONEY MARKET FUNO BALANCE 697.631 Equi14.1 — 54.233.653 account are being maintained 54.221.032 to facilitate your intention to NET EOUITY THIS PERIOD 44,931.284 Invest such amounts through MI Gwent matter value us. NET EQUITY LAST STAIWOR 4.892,951 NO LESI statemenrs market vela 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. 00095£00 019 ANUS Nes Roy. any Ofleep effOrt Ms f4nroCael of Moan et moo. EMMA/ a Of 1)(1:434449). cowrie b 1116.9 arms st Ow Sin b Seamy. 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. Ca 0n IloIntoolt Cams Mn. tracer/ KY .179.44.74 on 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 STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r TO095£00- 019- ANGS 027 OM/06:1014 OM V911 8 b.) 00 EFTA01261055 CLIME° TraCtCH YMCµr COTED 803.8.3WY, MICE SERVICING YWR ACCOUNT Ow. Surd Starlit Cap. Bear. Stearns & Co. Inc. BEAR 383 Madsen Avenue i iiiistek 10179 Cre MertuN Oros Nam at 11201.3659 STEARNS JEFFREY EPSTEIN 3 0. stAreuni veto Ant 2005 nnunkrum now 30.2006 Cash Flow Analysis Income Summary ACCOUNT MAW 1 ,S m.xpAnli Waal" On Fie nes Pete° MIS 104O0 YEAR 10 DATE LAST STAillinir 'My 31.2006 OpeningBalance $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 Amotnt Debited S-25.711.93 Equities m 4.233.653 ClosingBalance 50.03 Total C 54.931.284 in z -H Your Portfolio Allocation r EquVe1011 15% _ Equities 85% Z0095£00 IN9 ANGS reelys ONO* felt >same revs ',Nat moron T) LIIKOLOI WO.0110 • brad Inen Po *bola. fratel 40.01 O. 'KAI (01,14 027 070‘06 10 56 001 t698ZZOO- V.L43 EFTA01261056 cLtAga0 n*CUGH n1 wmeLLY CAN StilMIOwly OFFICE SERVICING YOUR ACCOUNT Ow. Steams Sautes Co00 Bear. Stearns 6 Co. Inc. BEAR 383 Madison Alen.* Nev., VO4 Nevi York 10179 Cr. 120rtozn Cereet NOT bps*. Nen T01 112014559 STEARNS JEFFREY EPSTEIN 4 et STATINieNT Pe C0 June 1. 2006 reetare. June 30. 2006 ACCCuta W10ER TpxYPTER 14.00011 On Fit May 31.2036 Your Portfolio Holdings LAST sTA777.0,rt CASH & CASH EQUIVALENTS HMCO !STUMM aaaEn INSCSOPMN SllaiDUCUSI COUrtir. PRICE OWE AMMUAL MOW( nELD ti C) DREYFUS CASH /AANAGDAENT-CL A Oita 697.631.34 1.0000 697.631 34,184 4.9000 INSTITUMNAL SHARES EST. 30 DAY AVG IIELD 5.1700% TOTAL CASH & CASH EQUIVALENTS 5697.631 534.184 -n EQUITIES C Equities & Options rn 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. r 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, MCI PLYXIT ESTWATID CUMPT DESCSSPTON SYMMS, TYPE 011PITItt P9YE TAUPE Sala INCOME 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 £0095£00 IN9 ANGS 027 07/0140c1056 001 1E111 5698ZZOO-V.L43 EFTA01261057 CLORED TwiCtKim n vmctLY OWNED SUBSIOka OFFICE SERRICIRG YOUR ACCOUNT Bear. Steams & Co. Inc. b. "ea Series Ca BEAR 363 Mackson Avenue aR 1Aafa C4a No Btart xw Yet 11201.3859 STEARNS at 10179 JEFFREY EPSTEIN 5 arc fl intier PM00 An 1.2006 nolaiUm lure 30,2006 Your Portfolio Holdings (continued) pc00-JKI ware =la riawest talla On Flo art STATDieNT may 31.2006 Equities & Options (continued) PACT Itsailn ES1WATED 0.1119011 CESCIe0n3s VINICUCUSIP 1,R amain RICE VALUE NOM MOM 01.0 HOSPITALITY PROPERTIES TRUST HP7 CASH 2.000 43.9200 87.840 5.840 6.6485 581 0 JCHNSON& JOHNSON 8SC RATNG: STOCX MECUM La) NE0 DAVIS RESEARCH RATING: 8 TN/ CASH 57.800 59.9200 3.463.376 86.700 2.5033 WTS LUCENT TECHNOLOGIES INC LUDAV CASH 235 0.2700 63 -n 12/1&2007 NAYARIT GOLD INC NYRTF CASH 19 0.8060 15 C PAN PACIFIC RETAIL PROPERTIES NC PIP CASH 436 69.3700 30.245 1,116 3.6899 in PENNSYLVANIA REAL ESTATE INVESTMENT TRUSTaal PEI CASH 1.794 40.3700 72,424 4.090 5.6473 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 r 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 POO9S£00 IN9 ANGS 027 OM, 03:036 001 v9I1 9698ZZOO-V.L43 EFTA01261058 CLEARED nieGJOH its mealy awe 0.080eVey OFFICE SERVICIC YOUR ACCOUNT Bear. Steams & Co. Inc. Ow Simms Smote Co. BEAR 383 Madison Avenue N Y N York 10119 One Leerosech C— Henn ajar 11201.34140 STEARNS JEFFREY EPSTEIN 6 us STAMENT PEfoOD Juno 1.2006 -1•1000.4 June 3Ce 206 Transaction Detail ACCOuNT Went! 'Armco. HAMM On Ft MONEY FUND ACTIVITY WIT sTArcueTe Noy 31.2006 dR 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 Divi3END SHARES CNC* 2.735.31 z 06/01/06 REMVEST DREYFUS CASH MANAGEMENT-a. A DIM 2.735.31 2.735.31 -n 06/14/06 BOUGHT INSTM.143/M. SNARES ONIDEND RENYEST DREYFUS CASH MANAGEMENT CL A 21.675 1.0:CO 21.675.00 INSTfluTD341 9 1411F6 C rn 06/15/06 BOUGHT DREYFUS CASH MANAGEMENT.CL A MSTRUDONAL SNARES DIM 1.30142 1.01100 1.30102 z J 061-30676 TOTAL CLOSINGBALANCE 697431.34 S-25.711.93 52.735.31 DIVIDENDS r curt DemetimoN 5710.30UCUSIP Cumin, RAN co oat MOW Ca /NOOK 06/13/06 JOHNSON& JOHNSON JNJ 57,B00 0.3750 21.67540 REC 0930/06 PAY 0613/06 06/1906 PAN PACIFIC RETAIL PROPERTIES PAP 436 0.6400 279.04 WC REC 05/26/06 PAY 06/15/06 50095£00 INS ANGS 027 07/0144c1064 001 yeti L698ZZOO-V.L43 EFTA01261059 CLEARED THROuOu ?slaty °some SaitS0Alri OFFICE SERVICING YOUR Anrnmg k Simms Scones Oa Bear. Steams & Co. Inc. BEAR 383 Madison ATOMIC Ox *eolith Coles Sly. an 20 -3959 STURNS 10179 JEFFREY EPSTEIN STATEMENT SSISOO June 1.2006 nacoom June 30. 2006 Transaction Detail (continued) TAXPAY01 MAW On Flo DIVIDENDS (CCEIEEILled) LAST STATEPOrt May 31. 2006 pet OISOIPTIOM SymISOLOJSie Warm MOE in 011at WO.NT CMOS AKIN! 06/15/06 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5700 1.022.58 ervESTigro TRUST-93i REC ceirovoe PAY OenMe 0 TOTAL 522.976.62 m Your messages ci m NOTICE OF CHANGE PURSUANT TO TRUTH IN LENDING SEC RULE 106.16 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 The annual rate of Interest charged on any credit extended to you by Bear, fist transaction completed on the opening of the business day on which Steams Securities Corp, CBSSC) for the purpose of purchasing, carrying or such rate is determined. H trading in any security or other property shall continue to be based on either 2) The rate of interest charged to you on any such credit extended to you in the BSSC Margin Basis Rate. the BSSC Fed Funds Rate or the London a currency other than US dollars shall be based on either (0 LIBOR, as Interbank Offered Rate ("LIBOR"), as notified to you upon request. The BSSC such rate is compiled by the British Bankers Association and published on r 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 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 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 BSSCs local bank. as notified to you on request. borrowing money. 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 The purpose of this notice is to advise you that effective no earlier than thirty Margin Basis Rate. (i) 4% above the BSSC Fed Funds Rate. or (iii) 5% (30) days from your receipt of this statement: above LIBOR, any rate quoted by Reuters or the rate provided by BSSC's 90095£00 IND ANUS 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. 027 070106;1056 001 Hn 8698ZZOO-Via EFTA01261060 MIMED 1MOUGH WlC.LY O*t $1.38*C4Afty OFFICE SERVCING YOUR ACCOUNT am. lawns Scones Cap. Beat. Steams & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 One Melscectr, Cerny WV Orcelyn, Wm Tort 11201.3869 STEARNS JEFFREY EPSTEIN 8 as STATE:weir PeraCO rune 7 2006 ^two-co, rune 30. 2006 'awn' laatit TAXPAYIN1 M.MICIE On Fle LAST syArorere May 31.2006 ua' Ifherein BSSC makes changes in any of the credit terms and conditions described 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 0 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. z The changes in rates resulting from this fluctuation will be made without prior ii notice to you (as contrasted with changes in the credit terms and conditions. notice of which will be provided as described above). C The TMh-in•lending disclosure previously provided to you shalt continue to apply except as specifically noted above. in z STOPI End of Statement r _ L0095£00 IN9 ANGS 02? 070105.10 56 001 1911 6698ZZOO-V.L43 EFTA01261061 atwD nerouar yrs vilrOLLV OvolE0 tutISCuirg OFFICE SERVICING YOUR Antra INT Bear Means Sautes Carp. Bear. Steams & Co. Inc. BEAR 383 Madison Amble Ore lattitesCh Cana Non, Nes York 11201.3850 STEARNS Yak. New New York 10179 JEFFREY EPSTEIN ACCOUNT EXECUTNI ZICITCRIVANARA STATEMENT PERRO AO 29.2006 IMPHDVT MOTOWN May 31.2006 VISIT OUR WEEISITE wwwbearsteams.corn ACO:tNT ;MAWR What's In This Statement IIIIIII11111111111lllll TAXPAYER NOSIER On OR (AST SUMMIT AM2 28. 2006 Financial Summary 3 JEFFREYEPSTEIN 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 0 m 5 Your Portfolio at a Glance Market Value of Your Portfolio m TOTAL VALUE OF SECURITIES THIS PEMO 4.221.032 Cab a EceMaire $671.919 $665.510 MONEY MARKET FUND BALUKE 671.919 54.221.032 Write 54.151.442 NIT Num THIS OtR/00 $4,892.951 MI Current market vatic NET EQUITY LAST STATDADIT left statements market ill 1.816.952 r CHANGE SPICE LAST STATEMENT 75.999 There are no 'Stop Loss orders or other pending buy or sell open orders on Me for your account. 80095£00- 019- ANGS Pea mat it, elfenrcocenr.Tecotat RASA et man. esicaue n c•PAred u wv gff Trig unary* forintANTSIPIE Mane, arm. b amass n to atgleac. is Clem SerAma SOSSIA,A2S *inn O'ps Simms it Sep Mara Simples startmert snub te rPenra RI TOY ret•RIA See leen WY tor "recital iTecamm. ewe. cm •i*oi cane NAT. Enektr. N.Y. 1,2014SM 027 OSO1 C601:28 001 YODa EFTA01261062 OLFNRE0 THROUSK ITS IMOU. Cvn.F.0 SUSSOMY Dete Stews Saunas Cap. Cr. hieraan 0ren Nash Stan" x.. Vat 11201049 JEFFREY EPSTEIN 2 a7 0 0 1 1 STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ 60095£00 IND ANGS 07 0000101:112S 001 V903 IOL8ZZOO- V.L.43 EFTA01261063 01.41190 naCyCno er$ YalaLY ome suesaure OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 5 Co. Inc. Bon. Yon Sermon On BEAR 383 Madison Avenue On Manna, CAA* Ito,' tont" We. Yon 11201.3859 STEARNS New York. New York 10179 JEFFREY EPSTEIN 3 MT STATEMEN1 WOW AO 29.2006 11410J04 May 31.2006 Cash Flow Analysis ACCOUNT NUAKII PEN00 Income Summary NIS MOOD KM TO ant TAWAYER MAIM API. LAST STATrocort WI 28.2006 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 0 Amount Credited Money Fund $6.409.49 Portfolio Composition z -6.409.49 Casntash Equhtlem 671.919 -n nfO0421t Debited 3-6.409.49 Equities 4.221.032 ClosingBalance $0.00 Total 34.892.951 C in z -H Your Portfolio Allocation r Cash L Tomer; las OT095£00- 019- ANGS EQUilieS 86% ~ASO WNW. OnNe -W Mn *nib ANA — AAA. Tin donne, power ' 0.0.1 — Ye COSY. vlia b rut peb.c. C27 0541.00.11 2$ 0O1 VOCO I8 IJ 00 Y.) EFTA01261064 CLEAVED 11.1"JJ3ti ITS Wit-L. twit° SuISCWIT OFFICE SERVICING YOUR ACCOUNT Sur. Stuns Sepals Cep. Bear. Steams & Co. Inc. BEAR 383 Madison Ateme eve 1' Olt Pautakh Cast NMI erta/in. Nes 11.1 112014859 STEARNS Mew 1'0-1 '0179 JEFFREY EPSTEIN 4 a. 7 TrAiDan'T PFPF00 411 29.2006 mnwop May 31.2006 ACCOLs1 KHMER TASYER nowSE/I Ca Fie Your Portfolio Holdings LAST STATnere *1 28. 2006 CASH 8 CASH EQUIVALENTS NIAMT ISMS= Cana OtSCSSMIE MUM Plat WWI wawa Nast MD ON DREYFUS CASH MANAGEMENT-CL A DIDOC 671.91%41 1.0000 671.919 30%08 4.6000 estrtunown. SHARES 0 UT. 30 DAY AVG YEW 4,8700% TOTAL CASH & CASH EQUIVALENTS 5671.919 530.908 -n EQUITIES Equities FA Options in 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. r 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. rat .swim WWI= CAW DIS45011:41 511103UW10 roc <SAMMY tea wait MMUS. MAK 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 TIO9S£00- 019- ANGS 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 CAW= 114%00304 DPP:ALP OYnaD Suasown Gift-ME SERVICING YOLK ACCOUNT Bete. Stearns & Co. Inc. Rm. Si..,'. Searmrs Cup. BEAR 383 Madison Ammo illiark 10179 One Mayouth Oros Wen 112O1443a STEARNS 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 cacencN IMAM ESTIMATED CURRD1E 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 COTS LUCENT TECHNOLOGIES INC UJThW CASH 235 0.3300 78 -n Ce 12/102007 NAYARIT GOLD INC NYRTF CASH 19 0.9540 18 C PAN PACIFIC RETAIL PROPERTIES P.0 PNP CASH 436 66.2700 28,894 1,116 3.8624 in PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-581 PO CASH 1,794 37.3CO3 66816 4,090 6.1121 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 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 4165.780 ZI095£00- 019- ANGS YOUR PRICEDPORTFOL IOHOLDINGS 54 892.951 027 OSOlO&11:2B OTT POO? I8 b.) b.) 00 2 EFTA01261066 CUOMO 1100tOrr RS vOrCruy OarED SASOORY OFFICE Same.% YOUR ACCOUrri Our. sten manse; Corp Bear. Stearns & Co. In& BEAR 383 Madison Avenue New Yak. Nev York 10179 Ors Megoitai Csw NIP frocr0yx toot het l I zoirles7 STEARNS JEFFREY EFSTEIN bon STATIMERT MOO AO 19.1005 111000ON Polly 31.2006 Transaction Detail Accourer NOW WPM" *AIM crane MONEY FUND ACTIVITY UM STAMM! AO 2t 2006 DALE &COAT OPJOACI1Cti OCIWIPION SIlleCUCUSP away, Pea OOP MOUNT MCC MOUNT 002006 OPENINGBALANCE 665.50%92 0 05/01/06 DNIDEND DREYFUS CASH MANAGEMENT-CL A 94STITuTIONN. SHARES MONTHLY DNEEND 2.549.49 05/01/06 REINVEST DREYFUS CASH MANAGDAENT-CL A DOOM 2.519.49 2.519.49 -n 05103/06 BOUGHT IrcurunoNAL SHARES MEMO REPNEST DREYFUS CASH mANAGEFAENT-CL A 300 1.0000 300.00 ecuTuT0NAL SNARES C in 05/11/06 05/24/06 BOUGHT BOUGHT DREYFUS CASH MANAGEMENT-CL A NSTnuTIONAL SHARES DREYFUS CASH MANAGEMENT-CL A DUX( 010C( 1.460 2.100 1.0000 1.0000 1.460.00 2.100.00 asiTruTioNAL SHARES 05/31/06 CLOSINGBALANCE 871.91%41 TOTAL 5.6.409.49 52.549.19 r DIVIDENDS 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 £T09S£00 IND ANGS 05/11/06 HOSINTALM PROPERTIES TRUST HPT 2400 0.7300 1.460.00 sel NEC 0412/006 PAY 05/11/06 027 0101/00:11111 COI VICO 50L8ZZOO-V.L.43 EFTA01261067 CLEARED TMOV.Y3H WICtLY OAMEO 81.4811CMRY OFFICE SERVICIAIG YOUR ACCOUNT ens stemsmr Litt CUP Bear. Steams & Co. Inc. BEAR 383 Madsen Avenue Pk 10179 Cr* MoVanth CAM, Roo Yort 11201.38S9 STEARNS WAN V JEFFREY EPSTEIN 7 0' STATES/ea Infoco *I 29.2006 mottucm May St 2006 Transaction Detail (continued) ACCOUNT NOME., TAXPANER NUtabes On IAA DIVIDENDS (continued) INT STATEMENT Apt 28. 2006 GATE otscarnoe SAMOUCUSP 006/011Y WE is) CE81 MOP aid 05/24/01 NWT PROPERTIES TR-SBI IIRP 10.000 0.2100 Z11:0.00 0 TOTAL REC 04/24/08 PAY 05/24/01 S3.860.00 0 z m End of Statement C in z -H r VTO9SEOCIA19- ANGS 027 C40106.11 28 a)1 EFTA01261068 CLEARED 6440336 ITS VIWOLLY 061493 SUSSUMIT OFFICE SERVICING YOUR ACCOUNT Bear. Swims Stosbes BEAR Bear. Steams a Co. Inc. on MillOtelli War WTI 383 Mattson Avenue Pcc•Sn lam an Z01.34.59 STEARNS New Tort New Tr'. 13179 JEFFREY EPSTEIN ACCOUNT Exrchrer LICHERMANJRA SterTEken bEie00 April 1.2006 RYERSON( Trig01.401 afl 28.2006 IIISIT OUR WEBSITE ACCOUNT rantets What's In This Statement Hill I llrlllrelrlle I I rillll TeXPArerit Wenn On Fie Ler STAR/Aril' Match 31, 2006 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CJO FINANCIAL TRUST COMPANY Transaction Detail 6 ATM JEANNE BRENAN Fund Activity 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALLE OF SECURMES THIS PERIOD 4.151.442 ening Ba ssi .111 3665,510 1458047 HOMY MARKET FUND BALANCE 665.510 36.131.442 54.266.499 NET EQUITY THIS PEWS 54,816,952 Current mew ebb* NI Last 13166M6963 market ,Sue NET EQUITY LAST STATEMENT 4.904.546 r 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. ST095£00- 019- ANGS Pan mon ri ONIVVI Ot Kn*imp N Owen P PATS. None' n teneren b year Trrc so-traynex tiinmalosel mitoses Gen. C is La await emetic beast n Cron :won Y NKY.W1, ce mire le Dent Zees* er Due bun Sewn. Tn. tenon.. mead be reline, for runner*. See 'Sne enle bre n3bIlet Winne:W. C.17 Cara:36C. 33 CO: 1100 En 8 IJ 00 EFTA01261069 CLLARID "na, ITS 88OLLY OvvNE0 SLOSTYANY 885 Slum Satin Ct, Ole Metraxeth Cat Not 112014859 JEFFREY EPSTEIN 2 0 -n STATEMENT SACKER IS PRINTED ON THIS PAGE C in z -H r _ 91095£00 N19 ANUS 027 0829060833 001 YBOS 80L8ZZOO- V.L.43 EFTA01261070 =alb naousH rrs WHIN.LY 0\040 SUOSICULRY OFFICE SERVICING YOUR ACCOUNT Beer. Stearns & Co. Inc. Raw. erne Searias BEAR 383 Madison Avent:e New York New k 0179 Ore Meutesch Can* Wein Irooltn. kt Yea 112011859 STEARNS JEFFREY EPSTEIN 3 SUMS, PIRKO Apra 1.2006 naowN ApI 28.2006 acowier maw Cash Flow Analysis Cash Balance Summary twskweit rue On no THIS PERKO omen 0.031.4 tar stamen With 31.2006 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 Amount Credited Money Fuld 59.463.68 4.465.37 Income Summary z DIS MOO ITAR 10 DATE -n Amount Debited Net Cash &linty S-9.465.37 -1.79 Ciwiderds Total 9.463.59 69,463.58 38.392.90 338.392.90 C in Closing Balance 60.00 z J Portfolio Composition Your Portfolio CashICash Equkalent 665,510 Allocation Equities 4,151.442 r Total 94.916.952 LTO9SECICIN9- ANGS thsnaw tarns Oce.31/ 001 taxa matt sap este .an.. ”I• .cute, or...”.• • awn., 027 01/21101.99 33 0)1 1/909 r71 IJ oo S EFTA01261071 amen; 11s1030.4 rre Vmeux 0Martb SUMMARY OFFICE SERVICING YOUR ACCOUNT bar, Stagers Smelts Ca". Bear. Steams & Co. Inc. BEAR 383 Madsen Avenue Cm mime° caner Mn isise ek 11201.3569 STEARNS New 1fOrt. New York 10179 JEFFREY EPSTEIN 4 a6 errarEutgl 23.01C0 eel 1.2006 THROJCS WI 219 2005 ACCOUNT Nags TAXPAYER reVerSER OnFt Your Portfolio Holdings MT STATTWNT March 31. 2006 CASH & CASH EQUIVALENTS MARKET ESIIMUED COMO 0 0630591311 DREYFUS CASH MANAGEMENT-et A rzSTnuTIONAL SHARES SThellett/CLISO DIOa OJANTITI 685.509.92 pact 1.0600 war 685.510 AWOL *COME 29.948 1100 re 4.5000 0 EST. 30 DAY AVG 11E10 4.7100% TOTAL CASH & CASH EQUIVALENTS 5665.510 $29.948 m EQUITIES C Equities 8 Options in 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. r 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. ACC1 Narn env= Wawa DESenneN Snaltv0.60 OuTiarlY Pact VALUE max MAE 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 STO9SEOCIN9- ANGS 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, fn I S IJ -4 EFTA01261072 CLIARID THRIXIGH 171 wHOLLY 0904:0 SUISCARY OFFICE SERV1CM YOUR ACCOUNT Sae Seen SocaIles CAT Bear, Steams & Co. Inc. BEAR 363 Madeon Avenue New York New Yu'. '0179 O! N050.66 Caller /120% • rara101 11201.1659 STEARNS JEFFREY EPSTEIN 5 uF SWUM! 0111100 WI 1,2036 1101C0Gm API 26.2006 Your Portfolio Holdings (continued) ACCOUNT ANN-ER ■ TAXPAYER MAW On Fie LAST STAMEN! March 31.2006 Equities 8/ Options (conteue) ACC wary 13966UID 0.111111110 02501106011 SmaCuCuSe ME same PNCT %%WE AMNON. NMI Tepee HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.1030 86.200 5,840 6.7749 $81 JOHNSON& JOHNSON CASH 57.800 58.6100 3,387.658 86.700 24593 0 8$C RAMO: STOCK BISECTOR MN NED DAVIS RE$EARO4 RATING: 8 MS LUCENT TECHNOLOGIES NC UMW CASH 235 0.4400 103 -n 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 C INC in PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-561 PEI CASH 1.794 40.5600 72.765 4.090 5.6206 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 r 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 6109S£00 IN9 ANDS YOUR PRICED PORTFOLIOHOLDINGS 14.816.952 021 007SCE 011 33 C01 VOX I I L8ZZOO- V.L.43 EFTA01261073 CUAReD nlear,44 rts V040-LY oaito Steclicav TWICE SERVIMG YOUR ACCOUNT Bey. Sown. Sear in Ca Bear. Steams L Co. Inc. BEAR 383 Madson Avenue Cne 'Nommen Cns MVT von 1120,4110 STEARNS Pk 10179 JEFFREY EPSTEIN 6 c16 STATEwEra PISCO Api 1.2006 T,490000. App 28.2006 Transaction Detail ACCOUNT KAMA MIMS route, On n0 MONEY FUND ACTIVITY sTATeveNs vat match 31. 2006 arc WAN/ 11WISCIION DESCAPTIZMI STISOUCUSI. WOW/ MCI Cal WOW! MOP WPM 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 -n 04/03/06 REINVEST MONTHLY WOOS DREYFUS CASH MANAGEMENTGL A DICOI 2,431.98 2.431.98 INSTITUTIONAL SHARES C DIVDEND REINVEST rn 04/17106 SOUGHT DREYFUS CASH IAANAGEMENKL A INSTITUTIONAL SHARES DCOI 1,661.60 1.0000 1661.60 z 04128/06 CLOSINGBALANCE 665.509.92 TOTAL 1-9,465.37 12.431.98 DIVIDENDS r 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 OZO9SEOCIA19- ANGS 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 I8 b.) V.) 00 IJ EFTA01261074 CLEAREO "Vinar..P4 fTS Knew. On%F.0 SuISICIARY OFFICE SERVICING YOUR ACCOUNT Cow. Sturm Scant Cop. Sew. Steams & Co. Inc. BEAR 383 Madison Avenue Cne Metrtnath Cab Nadi Ornann. New Tat 11201.3859 STERNS NevV 60It New Yak 10179 JEFFREY EPSTEIN $7671CVENT PCP00) March 1.2006 TWOJCal march 31.2006 ACCOUNT IL11 TAxlmvER mate, On CIO wt SIATCvercr rebury 20 2006 JEFFREY EPSTEIN CFO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER EI-3 ST THOMAS VI 00802 0 -n Lae 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 C Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. in Third Party EPSTEIN INTERESTS r TZ095£00-019-ANGS 027 01.010A10216 CO1 PPM I S IJ 00 EFTA01261075 CsSAAED MAC/JOH Os watare CASCO SUIDSLCAAY ma SERVICING YOUR ACCOUNT Iex Saarm Swam Cern Bear. Steams a Co. NC. BEAR 383 Madison Avenue py lagrasOma Cent Nat mar 11201.3659 STEARNS N Y N York 10179 JEFFREY EPSTEIN ACCCUNt EXECUTIVE I I MANNA STatestChT PS MOO IstAth 1.2006 TELEPHONE THROunsi Math 31, 2006 NSA OUR WEEISITE wasy.bearSlearM,COM ACCOula ALAMOS What's In This Statement I II Ta.CMYER NUMBEA On Fre LAAT Ammon' Fitt4v80, 28.2006 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 Your Portfolio at a Glance Market Value of Your Portfolio in 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 $4.116,164 MONEY MARKET 11110 BALANCE 656,045 MI Current manic value NET EQUITY Was PERIOD S4.904,546 MN Last statements mutat ‘2A.st r NET EQUITY LAST STATEMENT 4.750,352 CHANGE SWF LAST STATEMENT 154.194 There are no 'Stop Loss' orders a other pending buy or sell open orders on file for your account. ZZO9SEOCIA19- ANGS stec Tiss unwary is Be treentsmaiposome risme is., re einsams romna07 Anna n 777077 nmmes a Mnms MM. K Ann ManSaa al a 027:0767m 7. is Okra Swam at K0444.142t nes 17 0.-c Swan se Ma Mu— Sm s.men nis stemma 077761M ressnodsm wig menu. Ss new 5*Nr Incinant islaneat Can, Om IManAcit Mar Snag MAAM . TO .2104 C27 04-07/01:10171 021 VS06 EFTA01261076 °JARED 110:43314 ITS .04OLLY Mae MANUOVIRY Sea. Rams ScaSS C. use Mebtach Cent —I 606660. 666 vat 11201415$ JEFFREY EPSTEIN z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r EZO9SEOCIND- ANGS 027 06000610M 001 V$06 rn 8 ba IJ EFTA01261077 CtIARID IllaCFAN ITS 'AIOLLY Own° SUSSOARY OFFICE SERVICING YOUR ACCCUNT Bear. Steams & Co. Ix. Sea SLAM Sion*, Co BEAR 383 Madison Avenue Now York. Now York 10179 OY Mantach Cate. Lit SiWityn, Wm TA 117014119 STEARNS vas JEFFREY EPSTEIN 3 STATEMENT PIP= Mw! 1.2006 TmR0oen Myth 31. 2006 Cash Flow Analysis Cash Balance Summary A=tMT %MIER TAX/AVER PANDER Mn P(400 'Pt','. (WONG LAST STATEMENT Febnary 28.2006 OpeningEalance 50.00 Cash 0.00 1.79 Mom Fund 2.061.28 Net Cash Balance 50.00 51.79 OhidendsAnterast 20.377.41 0 Amount Credited Money Fund 522.458.69 -22.456.90 Income Summary m 0019C0 TEAR TO DATE -n Amore Debited Net Cash Acthily 5.22,456.90 1.79 DM:Tends 22.458.69 28.929.32 'Total 522.458.69 528.929.32 C in ClosingBalance $1.79 z Portfolio Composition Your Portfolio CesNCash Equeslare 658.047 Allocation Equkles 4.248.499 r Total 54.904.546 VZ095£00- 019- ANGS V.....sco >anat. Onto a., bare.* seder no. wan velar ry &Yaffe, mocerana n (M.< haunts:4We matt raise yos pars. On 01.01.06‘10.28 0:1 2916 EFTA01261078 cttsItt3 llaCcAN ITS wrakr M,ED SLIISOVAY WAX SERVEING YOUR ACCCATT• Bear, Steams 6 Co. Inc. Sew. San Horan ccrp BEAR 383 Madison Avenue CO• Mittel. Orin Wail Veit Ycn 11201.385.0 STEARNS oh 10179 JEFFREY EPSTEIN 4 a STAMM/a KAM Mirth 1.2006 THROuOm march 31. 2036 AC0000 Nulh011a lllllllllllllSS TAXPAYER ma-MIER ert Your Portfolio Holdings EAST stAttlavY ratnary 28.2006 CASH 6 CASH EQUIVALENTS MARCET (SIIMARD CURRENT CESCS.104 STIBOUCUS, 01.01/MY MCC VP411 WIWI la VELD 00 CASH BALANCE 2 DREWUS CASH MANAGEMENT-CL A OW 656.044.55 1.0000 656.045 26.242 4.0000 riSmunorat SHARES ESE 30 DAY AVG YIELD 4.5500% -n TOTAL CASH 8, CASH EQUIVALENTS 1656.047 S26.242 C EQUITIES in 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 r 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. ADCI WAKE' LSTWATED COMBO DI:SCRIMS SruiquouS• THE PAWN MC/ Val% WILK WOVE 11ELD111 FELCOR LODGING TRUST NC F04 CASH 2.000 21.1000 42.200 1.200 2.8436 SZ095£00- 019- ANGS 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 IT, I S IJ OO EFTA01261079 0.EARED 18.0808 %incur 0.8400 SUSSCuirf OFFICE SERVICING YOUR ACCOUNT Sur UNITS SCOODCS Co Bow. Steams & Co. Inc. BEAR 383 Madison Avenue New York, New yc-k 10179 OV 0•4170)KII Caner Norl. 11,0858. New net 112018069 STEARNS JEFFREY EPSTEIN 5 - sysrisavr inn= //arch 1.2036 8480808 Moth 31.2006 Your Portfolio Holdings (Continued) 8.OO1ta wuweeft TAXPAYV4 MAYS Oil Filo µST STATE8047 reOnatry 28.2006 Equities & Options (conbrusill ACC! MUM DMA= Puma DESCSIOTION 58.180110160. amain tau met ANIUk MOUE 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 0 561 JOHNSON& JOHNSON BSC RATING: STOCK P/SECTOR MW 1611 CASH 57,800 59.2200 3.422.916 76,288 2.2290 NED DAVE RESEARCH REM: B -n WTS LUCENT TECHNOLOGIES INC DP 12/1012007 LOTMV CASH 235 0.6250 147 C NAYARIT GOLD INC wiluT CASH 19 1.4560 28 in PAN PACIFIC RETATI. PROPERTIES INC PNP CASH 436 70.9000 30.912 1,116 3.6102 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 r SIRIUS SATELLITE RADIO INC BSC RATING: STOCK CVSECTOR mw ATIAMIS RESEARCH RATING: B SIRI CASH 1.000 5.0800 5.080 Total Equities& Options 54.248.499 5124,468 TOTAL EQUITIES 54.248.499 5124.46/3 9Z095£00 IN9 ANDS YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 5150.710 YOUR PRICED PORTFOLIOHOLDINGS 54.904.546 0401061020 001 VON 8 I L8ZZOO- Vida EFTA01261080 CLEARED TH0OUOM ITS 01CUY D040 1068.00RY OFFICE SFRVICIVG YOUR ACCOUNT Bur. Sian Saila Cap. Bear. Stearns & Co. 1x. BEAR 383 Madison Avenue New York. New York 10119 One Romeo, Cole Nall vcdOr. Plai at 20 USD STEARNS JEFFREY EPSTEIN 6 at STATHAPC P0000 Myth 1.2026 n 0220004 lamb n2006 Transaction Detail RZCOLINT 020001 TA200020 man on Fig MONEY FUND ACTIVITY LAST STATDOCT February 28 2006 DAtt HOMY TRAJESACTION OESCRPTIY2 SAISOUCUSP 0101MY an /MOM ar m sawn 03/01106 OPENINGBALANCE 633.597.65 0 03/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A RIMUMNAL SHARES MONDRY DIVOEND DIM 2.081.28 03/01/06 REINEST DREYFUS CASH MANAGEMENCCL A 2461.28 2081.213 -n 03/14106 BOUGHT RISIRUT3/141 SHARES DFADEND RERIVEST DREYFUS CASH MANAGEMENT-CL A DIME 19.074 1.0000 19.074.00 C DISMUMNAL SHARES in 03/15/06 BOUGHT DREYFUS CASH MANAGEMENT-CI. A IISTRUTIONAL SHARES DOD( 1,301.62 1.0300 1,301.62 z J 03/31/06 TOTAL CLOSINGBALANCE 656,044.55 S-22,456.90 52.081.28 DIVIDENDS r 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 LZO9S£00 IN9 ANDS 027 04101a0k1CRSO COI VMS 6I LS?.ZOO-V.L.43 EFTA01261081 CLEARED loiriDuar its verrOULY OVR4030 938811.1.fer OFFICE SERVICING CUR ACCOUNT Nat Mere% Se0s1Ses Cap Bear. Stearns IS Co. Inc. BEAR 383 Madison Avenue eke IStotriech Cot kin . Para York 11201-3839 STEARNS Y ork 10179 JEFFREY EPSTEIN 7 ETATIIIMIir PERIOD MIRO 1.2006 ymicur. match 11, 2006 Transaction Detail (continued) ACOC4247 aamsR ThxrArtlk MAIM on File DIVIDENDS Ucteinutte WT STATWEMY Etteurary 29.7006 DATE DESCDPIXor 311.111000131P mmirrY bit cS) DIN &WW1 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 z T T I m End of Statement z -H r 8Z09SECICIN9- ANGS 037 04.01/06:10r29 001 111014 8 IJ O EFTA01261082 010GO TNIOLON as AYOu.Y ovine sass:ray OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. tita Stuns Stratus Cap. BEAR 383 Madison Avenue 020 Mermen Caw North 160.1... Noe Vat 11201.3659 STEARNS New York. New York 10179 JEFFREY EPSTEIN ACCOUNT EXECUTNE TICHERMAN.IRA STATEMENT PE11100 February 1, 7006 TELEPHONE TKROUC21 February 28.2006 ./511 OUR WEBSITE Avert.beatstearriscom ACC0111r 14111111211 What's In This Statement Illrrlllnrrinrlall I II TAYSAVCR 101/4101 Co File LUST STATTWENT MIS/ 31.2008 Financial Summary 3 JEFFREY EPSTEIN You Portfolio Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATM JEANNE BRENAN Fund Activity 6 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 z ii C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURITES THIS PERIOD 4,116.764 Gay, a F/myalent 1633 588 $627.817 LONEY MARKET FUND BALANCE 633.588 (qv Des 54.116.764 S4.099.689 NET EQUITY MS PERIOD $4,750,352 MO Current market vat* NET EQUITY LAST STATEMENT 4.727.506 NI LPG staternints made: Yale r CHANGE SINCE LAST STATEMENT 22.846 There are no 'Stop loss orders or other pending buy or sell open orders on rile for you account. 6Z09SEOCIA19- ANGS Maw rue.: wry daverce et nanogni Cl cheat et s Waled s• eaten." Tn summary sir enIvu Pte,, t es .tc reaNes es a tacayanset. 1, eke. 10,414-142.1. tr voi• w ein Sr..« tar Sans Saone; - 11$ ttaTtnef welt ,V.Ipattl itf rAr, Meth 514 reverse a* M nearirt renal Ca,. 0.e WerrAnn Carter um. Wady% .1, ',It -3$5t. en 01,0i OS Ce0. 0,1 5901 En I S IJ IJ IJ 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 STATEMENT BACKER IS PRINTED ON THIS PAGE C m z H r 0£095£00- 01D- ANGS 027 03.0, 4X030 04 OW 2.22 EFTA01261084 CLEARED THROUGH ITS VilIOLL71 OYSICO SLISSPARy OFFICE SEAMING YOUR ACCOUNT Bear. Steams & Co. Inc. Rea Sian 9P00944 OM% BEAR 383 &Reason Avenue New York. Nev Yu', '0179 010 WARN On NYS Owl*. Now TRY 112014169 STURNS JEFFREY EPSTEIN 3 uc STATVC4T PEROD Febrowy 1.2006 TAII0J071 Fotevacy 28.2006 ACCOUNT NURSER Cash Flow Analysis Income Summary TAXPAYER NURSER Cs File Rte Poem MS PER:00 TEAR ID DOE LAST STATENCAT Weary 31.2006 OpeningBa lance DI/Woods 6370.63 6.470.63 50.00 Total 55.770.63 56,470.63 Money Fund 2.210.63 NYidendsAnterest 3.560.00 Amount Credited 55.770.63 Portfolio Composition Maley Fuel -5.770.63 CasKash Equirelent 633,566 -n Amount Debited ClosingBalance 5-5,770.63 50.00 Equities Total 4.116,764 54.760.352 -• C in z Your Portfolio Allocation r Case litigtheler4 14% TE09SECICIA19- ANGS LV goLcra Pram Ogn bane rani tre, rain vats. TN* 7•77•701 pxy•Mn• 4 COMO Man P. a:ALLA ffinet ci %AOC 027 010'060204 001 Y902 EFTA01261085 CLLAPSO ThROuCim Iy MACtLY OVed0 SuSSOWEY OFFICE SERVICING YOUR ACGCSAVT Bear. Steams a Co. Inc. kW. SMErns Sena c. BEAR 383 MadISCO Avenue New Y New York 10179 Oro Morsisch Lin Main 112014SS9 STEARNS TI NT JEFFREY EPSTEIN 4 46 STATEMENT PERKO Feeney 1.3006 MEOWS Canary 29.2006 Annte NUMMI MIMI. TAximnit MAME CEt Ede Your Portfolio Holdings LAST STATEMENT Newry 31.2006 CASH & CASH EQUIVALENTS WREST MIMI° Cram DESCRIMIN 31349XCvSio Oummv PRIM VALUE MANUAL WOW DELO N DREYFuS CASH MANAGEMENT.C1 A DiCa 633.587.65 1.0000 633.568 26.611 4.2000 0 iNsmumNAL SHARES EST. 30 DAY AVG YEW 4.3800% TOTAL CASH 6 CASH EQUIVALENTS 5633 588 526.611 -n EQUITIES C Equities ei Options in 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. r 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. ACCT MARCO (SIM= CURRIER DflatliniON SYMOuCuMP MC OMMEY PRICE mu( ANN.w. MOM 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 ZE095£00- 019- ANGS 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 auk«, TseC4)44 RS wnetty O~1 SUE440teay OFFICE SERVICING YOUR ACCOUNT Sea Swn ~bee 0,0 Bear. Stearns E. Co. Inc. BC-M2 383 ~son Avenue New Yoh New Yak 10179 ene ~hen ewer WM lfro"n. kb. Yin 112014859 STBNIZNS JEFFREY EPSTEIN 5 A. AT/ay/Ann PERM Fetniety 1.2006 ne:4444 Fetsueey 28.2006 Your Portfolio Holdings (continued) AOCOn7 µALER TARPAYER Wan On lie NfT StATTivern January 31. 2006 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 0 BSC PATNG: STOCK /SECTOR NED DAVIS RESEARCH P RUNG: B WS LUCENT TECHNOLOGIES INC WNW CASH 235 0.5750 135 Da+ 12/102007 -n 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 in PENNSYLVANIA REAL ESTATE INVESTMENT TRUSYSBI PEI CASH 1,794 40.4000 72.478 4.090 5.6431 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 r Total Equities& Options TOTAL EQUITIES $4.116.764 54.116.764 $111.676 5111.676 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $138.287 E£095£00- IA19- ANGS YOUR PRICED PORTFOLIONOLDINGS 54.750,352 027 0101(0608.04 011 V102 En IJ 1, ) 00 1, ) EFTA01261087 SLUM THITOUMI rn wtro•OrLLY OvorED SuOSOORY OFFICE SERVICING 1C Re ACCOUNT Bear. Stearns & Co. Inc. Oat Sans Sirains Cap. BEAR 383 Madison Avenue New fic 10179 Ihrtrotedi Cart tennir derrTcrt , 1120146SG STEARNS JEFFREY EPSTEIN 6 a6 summer ocmoo Fetruary 1.2006 Trar04,0m Fetruary 28.2006 Transaction Detail ACCO all MAW TAXPAnft Moan On Fla MONEY FUND ACTIVITY LAST STATIVIMT lams, 31.2006 MIL I/OPY mutmcnc4 OESCISPZtr4 SILSOUCUSIP Olaualn Mlal of r AVOJYT CalOrr AVOW 02/01/06 OPENINOBALANCE 827.817.02 0 0 02/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A INSTITUTCNAL SHARES MONTHLY DIVIDEND DION 2.210.63 02/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICE( 2,210.63 2.210.63 INSTITUTONAL SHARES L I OMEN° REINVEST 02/16/06 SOUGHT DREYFUS CASH MANAGEMENT-CL A CHOC( 1,460 1.0000 1,460.03 C INSTITUTCAUIL SHARES in 02/27/06 SOUGHT DREYFUS CASH MANAGEMENT•Cl. A INSTITUTCNAL SHARES DICXX 2,100 1.0000 2.100.00 02/28/06 CLCGINGBALANCE 633.587.65 TOTAL 55.770.63 52.210.63 DMDENDS r OAR cescsarnom nemoucus• OUAIIMY PAR CO MIT MACitall CREW AMOUNT 02/16/06 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7300 1.460.00 561 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 PEO9S£00- 019- ANGS TOTAL $3.560.00 021 03631/06.6604 C01 1102 TNT I8 b.) DO IJ ST EFTA01261088 GEARED 114400074 ITS VOICALV 0'-e 31.82201ARY TWICE SERVICING YOUR ACCOUNT 8ear, Steams 6 Co. Inc 1*.ar Means scofln 40”. BEAR 383 Madsen Avenue Oro *Meth Center 21:201 W a 11201.3060 STEARNS 10179 JEFFREY EPSTEIN ACCOUNT ETECOUVE DCHERMAN.RA STAY/Nee PUJO0 December 31.2006 TELEPHONE THROUGH WNW/ 31.2008 VISIT OUR MUTSU www.bearMearTISTcen AOCCUIC7 WM/ER What's In This Statement Ill. HMIS I 11 I II TAXPAYISI Kalt0 M U. UBY 87A• ESCHT Dane 30.2005 Friancial Summary 3 JEFFREY EPSTEIN Your Patton° Holdings 3 C/O FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN Fund Activity 5 6100 RED HOOK QUATER 8.3 ST THOMAS VI 00802 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURITIES THIS PERKO 4.099.689 caft. & rose% 5627.817 6618.814 MCNET MARKET FUND BALANCE 627.817 54.099.689 54.199.568 NET num 11418 PERIM $4.727.506 Current market vale Last smtermnTs market value NET EQUITY LAST STATEMENT 4.818.382 MO r 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. SE09SECICIA19- ANGS Pease repalmr 6feenie a n:ea a' 7-ids >szeks. reael 0t aSsere.: le 2:0 770 snaN 777 07:a7003NO Ve20.771 my. M. needed as a us ammat C2.+: tomcat w 120244, 42. orra 7.7 Gent Seances', OM. Sloan. town. T-os • irnet snum et maim to 501reams Sea tows* me b rrecam mmeunr. Co-. CH annat2 G , Seen 6/7.0/r. NV 11131.3350 027 C291,06;1632 001 1,03 I8 IJ V.2 Oo 7,2 EFTA01261089 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r 9£095£00- O19- ANGS CV °novae:lel: col vice EFTA01261090 CLEARED n4000:04 ITS wuouy DAM® SUMMARY OFFICE SERVICING YOUR ACCOUNT W. Storm Searle. co% Sear. Stearns & Co. Inc. BEAR 383 Madison Memo One intintech C4nler NET Snot*, Mow Yon 11301.3959 STEARNS Mew Yak New York 10179 JEFFREY EPSTEIN 3 e. 6 STATEMENT PtioC0 Decernta 31.2005 %ROUGH Una) 31. 2006 ACCemmi human Cash Flow Analysis Income Summary 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 Money Fund 59.003.48 -9.003.48 Portfolio Composition z CaSh/Cash Epuwalent 627.817 -n Ain0Unt Debited Closing Balance 1.9.003.48 50.00 Eames Total 4,099,689 14.727 506 C in z Your Portfolio Holdings Your Portfolio CASH It CASH EQUIVALENTS Allocation IAUtKET esTautto anon OESCREION SnalUeLGIP QUAIMyy PRIZE Will un.IAL Wee* SD (%) r DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YEW 4.1800% DICYx 627.817.02 1.0000 627,817 25.740 4.0999 TOTAL CASH & CASH EQUIVALENTS 5627.817 $25.740 LE095£00- 019- ANGS 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 POMO 11.0000,4 OveieD SUSS0i0tv OFFICE SERVICING TWA ACCOUNT gem Stearns & Co. Inc. Pet. Sian Soarilles Otto BEAR 383 Madison Avenue are Wage,. Cow tan isse k 11201.3559 STMRNS 10179 JEFFREY EPSTEIN 4 de STATBAENT Wow Meant. 31.2005 isitOueti January 31. 2005 Your Portfolio Holdings (Continued) ACCOLert itedeet EQUITIES TAVAYER MISR on nu IAST enTareaT Decanter 30.2403 Equities & Options Independent. third-party research on certain companies covered by the rems 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 CURRINI 0 DESCRIP110x FELCOR LOOGP1G TRUST INC GLEN8OROUGH REALTY MUST INC 50.410.02110P FCH 61.8 nn CASH CASH 0000trt 2,000 PPXS 19.8600 VANE 39,720 WWI P{dll 1,200 Y1W2110 3.0211 2,000 19.8800 39.360 2.800 7.1138 -n GUMCHER REALTY TRUST.S8I HRPT PROPERTIES TR•S8I GRT HAP CASH CASH 2.000 10.000 27.3400 10.7300 54.690 107.300 1,050 8.400 1.9203 7.8285 C HOSPITAUTY PROPERTIES TRUST HPT CASH 2.000 42.8700 85.740 5.840 8.8113 in 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 PNP CASH 438 69.2000 30.171 1.029 3.4106 r PC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.6600 72.944 3.773 5.1725 WESTMENT TRUSTS/9 RMACO GERSHENSON PROPERTIES RPT CASH 12,000 28.1800 338.160 11.484 3.3960 TRUST-3.40 581 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 8£09S£00 IN9 ANGS 027 02.01.06.1. S )2 031 1101 OEL8ZZOO- Vida EFTA01261092 CLEARED 2101000>i %MOLLY CA.NED SvenInn O/710E SERYONG YOUR ACCOUNT Ow. sawn Searifts 0:22. Bear. Steams 6 Co. BEAR 383 Madison Avenue NOW York New Ws 10179 Me vectotecn cow ma, 9•CtlA S. at 20 3530 STEARNS JEFFREY EPSTEIN 5 STATE1.067 PERIOD Cecembet 31. 2005 TH*Ouca. January 31 2006 AcCOlN2 wuRiER 702122rER 'ANGER On RN LAST stmeesm Decent*. 30.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIO HOLOINGSESTIMATE D ANNUAL INCOME 12 YOUR PRICED PORTFOLIOHOLDINGS )6 0 ii Transaction Detail MONEY FUND ACTIVITY C in DATE "WY MANSACTEN tesete1MON Nueetitigs• OutNett MtA 01W Mar MEET AMOUNT 12/31105 OPENINGBALANCE 618.813.54 01/03106 BOUGHT DREYFUS CASH MANAGEMENT-CI. A 5.250 1.OOOO 5,250.00 111511TUDONAL SHARES r 01103106 REINVEST DREYFUS CASH MANAGEMENT{L A eiSliTuTIONAL SHARES DMOON RENVEST DIEU 2.091.88 2,091.88 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 6£095£00 IND ANGS 027 0223106.10 32 001 I EL8ZZOO- V.L.43 EFTA01261093 °AMMO TH•COOki ITS wnor. CrAMIO SteM0v.kv OFFICE SERVICIVG YOUR ACCOUNT Beer, Stearns 8, Co. Inc. Bear. Steams Stosirm Cop. BEAR 363 Mad6on Avenue New Y Ycek 10179 Cnt Morava Gem WWI Trit 11201-3859 STEARNS JEFFREY EPSTEIN 6 or 6 STATturbit taco december 31. 2005 nimmem January 31.2006 Transaction Detail (continued) ACCOUNT WteER as TAxPAYEA Habit On Flo DIVIDENDS tArr STATDoOrt Deseret 30.2005 OAR OLSCMPTON OUVMVI Sri M Dr AMMO MOM MOM! 01/03/06 RAMCO GERSHENSON PROPERTIES sisal» TRUST4A0 561 CASH ON ON 12000 SHS REC 12/20.06 PAY 01/01006 0 01/13/06 AMOUNT INCLUDED ON 2005-1099 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 z T 01/17/06 REC 01/01/06 PAY 01113/06 GUMCHER REALTY TRUST-SM CRT 961.60 CASH DP/ ON 2000 SIC L I REC 12/301:15 PAY 01/17/06 AMOUNT INCLUDED ON 2005.1099 5 TOTAL 56911.60 m z -H End of Statement r 017095£00- O19- ANGS On 0101/061R32 OM I8 IJ V.2 00 1.4 IN) EFTA01261094