Statements EFTA00200981

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN STATEMENT PERIOG December 1, 2006 THROUGH December 29, 2006 account numecr = Was DecsDectsDessssdedossldsaDLsabealbcteselaleallslslel TAXPAYER NUMBER On File LAST STATEMENT November 30, 2006 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 ie Pursuant to your previously issued instructions, Bear Stearns Securities Corp, provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements, Third Party EPSTEIN INTERESTS AVC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 O27 12/30/06.09:23 001 woos EFTA00200982

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS INVESTMENT PROFESSIONAL ZICHERMAN,IRA TeverHone VISIT OUR WEBSITE www.bearstearns.com CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO December 1, 2006 THROUGH December 29, 2006 . account numccr = What’s In This Statement Vac DecsDectsVDessssDadocsDLsaDdsabeslbsleselaleallsleleal TAXPAYER NUMBER On File LAST STATEMENT November 30, 2006 Financial Summary , 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail ...sweeeere 6 ATTN JEANNE BRENAN FUN ACTIVITY issesssessoneeeeeenees 6 6100 RED HOOK QUATER B-3 Your Messages 8 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio If any information regarding 2006interest, dividends, TOTAL VALUE OF SECURITIES THIS PERIOD —«- 4,667,973 $5,690,854 prooseds or original laewe MONEY MARKET FUND BALANCE 5,051,800 Equities $4,667,973 discount is required to be $4,657,133 reported to the IRS for this NET EQUITY THIS PERIOD $9,719,773 account, a Consolidated Form seseeessssannenneneeneeeeeeenenssesanennonnseeneenennee setsannnneneeeenecenennnn sts aneae HM Current market value 1099will be mailed to you by GBBI Last statements market value January 31,2007 or a 1042S NET EQUITY LAST STATEMENT 10,347,987 by March 15,2007. CHANGE SINCE LAST STATEMENT -628,214 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any diterence or nomrecaipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-634-1428; of write to Clan Services at Bear, Steams Socurities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. 027 This summary 5s for informational purposes only. It Is not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information. 12/30/06.09:23 001 woos EFTA00200983

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 12/30/06.09:23 001 woos CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200984

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of8 Cash Flow Analysis THIS PERIOD OpeningBalance Money Fund 4,026,934.53 Funds Deposited 3,311,309.87 Dividends/Interest 22,702.25 Amount Credited $7,360,946.65 Money Fund 360,946.65 Funds Withdrawn -4,000,.000.00 $-7,360,946.65 Amount Debited Closing Balance o27 Income Summary THIS PERIOD Dividends 49,636.78 Portfolio Composition Cash/Cash Equivalent Equities Total 12/30/06,09:23 001 $9,719,773 YEAR TO DATE 322,345.81 5,051,800 4,667,973 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD December 1, 2006 THROUGH ACCOUNT NUMBER December 29, 2006 TAXPAYER NUMBER On File LAST STATEMENT Cash & Equivales 52% November 30, 2006 Your Portfolio Allocation Unehaded portions denote debt balance andlor short market values. The allocation percentage is dorved from the absokte market value of your portiailo. EFTA00200985

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4 oe STATEMENT PERIOO December 1, 2006 THROUGH December 29, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT Novernber 30, 2006 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 5,051,800.21 1.0000 5,051,800 257,642 5.1000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD _5.1700% TOTAL CASH & CASH EQUIVALENTS $5,051,800 $257,642 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TPE QUANTITY PRIE VALUE __ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 21.8400 43,680 2,000 4.5788 GUMCHER REALTY usr, Sel GRT CASH 2, 000 2. 7100 53, 420 2 BAG Z. 1906 HRT PROPERTIES TR ‘Bl HRP CASH “10, 000 “12. 3500 “128. 500° “8 400 6. 2016 HOSPITALITY PROPERTIES. “TRUST HPT CASH "2, 000 "47 5300 95, "060 "5.920. 6. 2276 SBI o27 12/30/06.09:23 001 woos EFTA00200986

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metatech Canter North BEAR 383 Madison Avenue Brockln, New York 11201-2859 STEARNS New York, New York 10179 | JEFFREY EPSTEIN 5 of6 STATEMENT PERIOO December 1, 2006 THROUGH December 29, 2006 Your Portfolio Holdings (continued) account xumccr = TAXPAYER NUMBER On File sas . LAST STATEMENT Novernber 30, 2006 Equities & Options (continued) AcCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} JOHNSON & JOHNSON JNJ CASH 57,800 66.0200 3,815,956 86,700 2.2720 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: 8 KIMCO REALTY CORP KIM CASH 98 44.9500 4.405 141 3.2009 BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.3100 73 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.6010 11 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 39.3800 70,648 4,090 5.7893 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 38.1400 457,680 21,480 4.6932 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.5400 3,540 BSC RATING: STOCK L/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,667,973 $132,577 TOTAL EQUITIES $4,667,973 $132,577 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $390,219 YOUR PRICED PORTFOLIOHOLDINGS $9,719,773 027 12/30/0609:23 001 voos EFTA00200987

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Soar, Stewme Securities Co ear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York. New York 10179 | Pe JEFFREY EPSTEIN 6 of8 STATEMENT PERIOD December 1, 2006 THROUGH December 29, 2006 Transaction Detail accout numece | TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT November 30, 2006 DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT 12/07/06 END WIRED WIRED TO 1,000,000.00 FUNDS REC FNDS WIRED TO CITIBANK FROM 3,311,309.87 7 o ie TS ‘ eT 44s aussesensnsusenseoenessss snseusunsusenseounen sess aes 42/15/06 TOTAL $-4,000,000.00 $3,311 ,309.87 MONEY FUND ACTIVITY DATE MO'DAY TRANSACTION DESCAIPTION SYMBOUCUSIF QUANTITY PRICE CEBIT AMOUNT CREDIT AMOUNT 12/01/06 OPENINGBALANCE 5,690,.853.56 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 26,934.53 INSTITUTIONAL SHARES MONTHLY DIVIDEND REINVEST DREYFUS CASH MANAGEMENT-CL A DICK 26,934.53 26,934.53 INSTITUTIONAL SHARES DIVIDEND REINVEST 01/06 12/07/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICKK “{000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES “CL INSTITUTIONAL SHARES o27 12)30'06.09:23 001 voos EFTA00200988

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 7 of 8 , STATEMENT PERIOO December 1, 2006 THROUGH December 29, 2006 Transaction Detail (continued) accouvt xumcce TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT — Novernber 30, 2006 DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 12/15/06 BOUGHT OREYFUS CASH MANAGEMENT-CL A DICK 1,022.58 1.0000 1,022.58 INSTITUTIONAL SHARES 12/15/06 BOUGHT OREYFUS CASH MANAGEMENT-CL A DICKX 3,311,309.87 1.0000 3,311,309.87 INSTITUTIONAL SHARES INSTITUTIONAL SHARES DREYFUS CASH MANAGEMENT-CL A DICKX -2,000,000 1.0000 2,000,000.00 INSTITUTIONAL SHARES 12/1 12/29/06 CLOSINGBALANCE 5,051 ,800.21 TOTAL $-3,360,946.65 $4,026,934.53 DIVIDENDS DATE DESCRIPTION SYMBOLCUSIP QUANTITY RATE ($) DEBIT AMOUNT CREDIT AMOUNT 12/04/06 iLENBOROUGH REALTY TRUST INC 37803P 105 4.67 TO$ PYMNT$,002336 12/12/06 JOHNSON& JOHNSON JNJ 7.800 0.3750 21,675.00 REC 1 (06 PAY 12/12/06 42/15/06 PENNSYLVANIA REAL ESTATE. PEI i734" INVESTMENT TRUST-SBI REC 12/01/06 PAY 12/15/06 TOTAL $22,702.25 027 12/3006.09:23 001 woos EFTA00200989

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | JEFFREY EPSTEIN 8 of8 STATEMENT PERIOO December 1, 2006 THROUGH December 29, 2006 account xumccr = TAXPAYER NUMBER On File Your messages LAST STATEMENT November 30, 2006 EZ As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com, In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request, STOP ****** End of Statement****** 027 12/3006.09:23 001 woos EFTA00200990

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN,|IRA TeverHone VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial SUMMArY ssssesssssseessessaescnsnensaees Your Portfolio Holdings Transaction Detail Fund Activity w. Your Messages .... onnr w Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 5,690,854 NET EQUITY LAST STATEMENT 12,331,625 CHANGE SINCE LAST STATEMENT 1,983,638 There are no "Stop Loss” orders or other pending buy or sell open orders on file for your account. Please report any diference or nomracaipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. O27 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio 5.690.854 $4,657,133 HM Current market value ee] Last statements market value ‘This summary 5 for informational purposes only. It s not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO November 1, 2006 THROUGH November 30, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 31, 2006 ‘This statemem should be retained for your records. See reverse side for important information, 12/01/06.05:56 001 EFTA00200991

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2 of9 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 12/01/06,.05:56 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200992

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of9 Cash Flow Analysis THIS PERIOD Openi: ngBalance Securities Sold 52,000.00 Money Fund 2,039,075.39 Dividends/Interest 4,043.11 Miscellaneous 26,170.34 Amount Credited Money Fund 121,288.84 Funds Withdrawn -2,000,.000.00 Amount Debited $-2.121,288.84 $0.00 Closing Balance o27 Income Summary THIS PERIOD 43,118.50 Dividends YEAR TO DATE 272,709.03 $272,709.03 Portfolio Composition Cash/Cash Equivalent Equities Total 12/01/06,05:56 001 5,690,854 4,657,133 $10,347,987 VOT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD Novernber 1, 2006 THROUGH ACCOUNT NUMBER November 30, 2006 TAXPAYER NUMBER On File LAST STATEMENT Cash & Equivale 55% October 31, 2006 Your Portfolio Allocation Unehaded portions denote debt balance andlor short market values. The allocation percentage is dorved from the absokte market value of your portiailo. EFTA00200993

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN aos STATEMENT PERIOG November 1, 2006 THROUGH November 30, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 31, 2006 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 5,690,853.56 1.0000 5,690,854 301,615 5.3000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 5,1900% TOTAL CASH & CASH EQUIVALENTS $5,690,854 $301,615 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TPE QUANTITY PRIE VALUE __ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 22.0100 44,020 1,600 3.6347 GUMCHER REALTY usr, Sel GAT CASH 2, 000 28: S700 53,940 2 BAG Z. 1301 HRT PROPERTIES TR ‘Bl HRP 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 SBI 027 12/01/06.05:56 001 VaI7 EFTA00200994

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metatech Canter North BEAR 383 Madison Avenue Brockln, New York 11201-2859 STEARNS New York. New York 10179 a JEFFREY EPSTEIN 5 of9 STATEMENT PERIOD November 1, 2006 THROUGH Novernber 30, 2006 Your Portfolio Holdings (continued) account xumccr = TAXPAYER NUMBER On File eas . LAST STATEMENT October 31, 2006 Equities & Options (continued) AcCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} JOHNSON & JOHNSON JNJ CASH 57,800 65.9100 3,809,598 86,700 2.2758 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: 8 KIMCO REALTY CORP KIM CASH 98 46.3800 4,545 141 3.1023 BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.2250 53 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.7450 14 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 39.5000 70,863 4,090 5.7717 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 36.9800 443,760 21,480 4.8405 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.2600 4,260 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,657,133 $132,177 TOTAL EQUITIES $4,657,133 $132,177 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $433,792 YOUR PRICED PORTFOLIOHOLDINGS $10,347,987 027 12/01/06:05:56 001 voi7 EFTA00200995

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BEAR STEARNS 6 of9 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT — TRADE DATE DATE TRANSACTION 11/01/06 EXCHANGE OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 DESCRIPTION KIMCO REALTY CORP FROM "S822! SYMBOLICUSIP KIM QUANTITY CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD Novernber 1, 2006 THROUGH November 30, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 31, 2006 DEBIT AMOUNT CREDIT AMOUNT MERGER PAN PACIFIC RETAIL PROPERTIES oxy accn .! "S83 10 ie) TRUST INC TO ER 'S 69806L104 436 52,000.00 TOTAL $52,000.00 DEPOSITS AND WITHDRAWALS DATE TRANSACTION 11/06/06 FND WIRED 11/17/06 END WIRED DESCRPTION FINDS WIRED TO ae _| TOTAL MONEY FUND ACTIVITY TRANSACTION DESCAIFTION OPENINGBALANCE o27 DEBIT AMOUNT 1,000,000.00 7,000,000.00 $-2,000,000.00 SYMBOUCUSIF CREDIT AMOUNT QUANTITY 7,569,564.72 12/01/06.05:56 001 PRICE CESIT AMOUNT VOT CREDIT AMOUNT EFTA00200996

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | a JEFFREY EPSTEIN 7 of9 STATEMENT PERIOO November 1, 2006 THROUGH November 30, 2006 Transaction Detail (continued) accouvt xumcce TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT © October 31, 2006 DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRIGE DeSIT AMOUNT CAEDIT AMOUNT 11/01/06 DIVIDEND OREYFUS CASH MANAGEMENT-CL A DICK 39,075.39 INSTITUTIONAL SHARES MONTHLY DIVIDEND 11/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 39,075.39 39,075.39 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES DREYFUS CASH MANAGEMENT-CL A DICKX 1,480 1.0000 1,480.00 INSTITUTIONAL SHARES 11/17/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICKX -1,000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 11122106” BOUGHT DREYFUS CASH MANAGEMENT-CL A” BGK 260 TG000 2100.00 INSTITUTIONAL SHARES 11/30/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKK 52.360 1.0000 52,360.00 INSTITUTIONAL SHARES 11/30/06 CLOSINGBALANCE 5,690.853.56 TOTAL $-121.288.84 $2,039,075.39 DIVIDENDS OATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) DEBIT AMOUNT CAEDIT AMOUNT 11/01/06 PAN PACIFIC RETAIL PROPERTIES 698061104 103.11 @ $,2365 P, 027 12/01/06.05:56 001 VaI7 EFTA00200997

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York, New York 10179 a JEFFREY EPSTEIN 8 os STATEMENT PERIOO November 1, 2006 THROUGH November 30, 2006 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File DIVIDENDS (continued) LAST STATEMENT October 31, 2006 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 11/16/06 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7400 1,480.00 SBI REC 1 06 PAY 11/16/06 REC 10/23/06 PAY 11/22/06 ENT @ $,18 PIS TOTAL $4,043.11 MISCELLANEOUS DATE MavDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 11/01/06 CASH-LIEU KIMCO REALTY CORP 10.34 $60,00P/S&,2253 KIMCO TO$ .JUP/S&,2253 KIMCO TOTAL $26,170.34 027 12/01/06.05:56 001 VaI7 EFTA00200998

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 9 of9 STATEMENT PERIOD November 1, 2006 THROUGH November 30, 2006 accowt wuccr TAXPAYER NUMBER On File Your messages LAST STATEMENT October 31, 2006 i Bear, Stearns Securities Corp. would like to inform you that the Securities and Exchange Commission (the "“SEC") approved the Options Clearing Corporation's (the "OCC") proposal to reduce the automatic exercise thresholds for listed equity options, Please be advised that this change is now in effect. Under the new expiration procedures, options that are in the money at the expiration by more than $,05 are automatically exercised unless your Investment Professional instructs us not to exercise them, Under the old procedure, the threshold amount was $,25, For example, if you have an equity option position in your account which is in-the-money by $,06 when it expires, the position will be automatically exercised at expiration unless we have received instructions to the contrary, Please note that this procedure only applies to options cleared by the OCC and regulated by the SEC, This does not apply to options on debt, foreign currency, and futures among others, It also does not apply to FLEX options or options traded on foreign exchanges or over-the-counter, If you should have any questions regarding this matter, please contact your Investment Professional . ****** End of Statement****** O27 12/01/0605:56 001 Va EFTA00200999

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN,|IRA TeverHone VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial SUMMArY ssssesssesseessesseescnssensaces Your Portfolio Holdings Transaction Detail Fund Activity ,.,, ons Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 7,569,565 NET EQUITY LAST STATEMENT 15,116,000 CHANGE SINCE LAST STATEMENT -2,784,375 There are no "Stop Loss” orders or other pending buy or sell open orders on file for your account. Please report any diterence or nomroceigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clan! Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. 027 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio 7.569.565 a ae $4,762,060 ites co TT ts HM Current market value flea Last statements market value This summary §s for informational purposes only. It Is not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 30, 2006 THROUGH October 31, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 29, 2006 ‘This statemem should be retained for your records. See reverse side for important information, 11/01/06.05:26 001 EFTA00201000

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 11/01/06.05:26 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201001

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 | Pe JEFFREY EPSTEIN 3 of? STATEMENT PERIOD September 30, 2006 THROUGH October 31, 2006 accout nuvecr Cash Flow Analysis Income Summary saxpaver wuwwen On Fil THIS PERIOD TS PERIOD EAR TO DATE OpeningBalance $0.00 Dividends 56,121.05 229,590.53 ‘AST starewent” September 29,2008 Dividends/Interest 7,560.64 Amount Credited Portfolio Composition Money Fund 56,121.05 ney run Cash/Cash Equivalent 7,569,565 Funds Withdrawn -3,000,000.00 Equities 4,762,060 Closing Balance $0.00 Your Portfolio Allocation Unehaded portions denote debt balance andlor short market values. The allocation percentage is dorved from the absokte market value of your portiailo. o27 11/01/06.05:26 001 vai6 EFTA00201002

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4oar STATEMENT PERIOD September 30, 2006 THROUGH October 31, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 29, 2006 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 7,569,564.72 1.0000 7,569,565 386,048 5.1000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 5,1900% TOTAL CASH & CASH EQUIVALENTS $7,569,565 $386,048 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 20.7600 41,520 1,600 3.8536 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 25.9800 51,960 2,200 4.2340 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GuIMGHER REALTY Trust henlll GRT CASH 2 000 “2s. 7600 st, 520. "3, oo "7. 4651 HRT PROPERTIES. TR ‘Bl HRP CASH “10, 000 “n. 9000 “ 19, ‘000° "8, 400 “7. 0588 o27 11/01/06.05:26 001 va16 EFTA00201003

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Soar, Stewme Securities Co : r Bear, Stearns & Co. Inc. One Metatech Center Nort BEAR nf ereinp one ee ala STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of? STATEMENT PERIOD September 30, 2006 THROUGH October 31, 2006 Your Portfolio Holdings (continued) wen TAXPAYER NUMBER On File 29, 2006 Equities & Options (continued) LAST STATEMENT September ACCT NAARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOLCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('%) HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 48.4600 96,920 5,920 6.1081 SBI JOHNSON & JOHNSON JNJ CASH 57,800 67.4000 3,895,720 86,700 2.2255 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1750 4i EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.5350 10 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.9500 30,498 412 1.3509 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 43.1000 77,321 4,090 5.2896 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 32.8100 393,720 21,480 5.4557 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.8300 3,830 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,762,060 $134,648 TOTAL EQUITIES $4,762,060 $134,648 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $520,696 YOUR PRICED PORTFOLIOHOLDINGS $12,331,625 o27 11/01/06.05:26 001 va16 EFTA00201004

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BEAR STEARNS 6 of? Transaction Detail DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION 10/04/06 FND WIRED TOTAL MONEY FUND ACTIVITY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 WIRED TO ioizi0e ENO WiReD hhlhllilliialael 5ST MOVDAY TRANSACTION DESCAIPTION 09/30/06 OPENINGBALANCE 10/02/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES 10/02/06 DIVIDEND OREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND $-3,000,000.00 10,513,443.67 5,649.04 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD September 30, 2006 THROUGH October 31, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 29, 2006 DEBIT AMOUNT CAEDIT AMOUNT 48,560.41 INSTITUTIONAL SHARES DIVIDEND REINVEST 1,000,000.00 o27 11/01/06.05:26 001 EFTA00201005

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | Pe JEFFREY EPSTEIN 7 of? . STATEMENT PERIOD September 30, 2006 THROUGH October 31, 2006 Transaction Detail (continued) accouvt xumcce TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT September 29, 2006 DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 10/16/06 BOUGHT OREYFUS CASH MANAGEMENT-CL A DICK 1,511.60 1.0000 1,511.60 INSTITUTIONAL SHARES 40/27/06 SOLD DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES “{000.000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 10/31/06 CLOSINGBALANCE 7,569,564.72 TOTAL $-56,121.05 $3,048,560.41 DIVIDENDS DATE DESCRIPTION SYMBOLIGUSIP QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 10/02/06 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.6400 279.04 io! 6/06 U Li 2,000 0.2750 550.00 REC 10/01/06 PAY 10/16/06 10/16/06 GLIMCHER REALTY TRUST-SBI GRT 2,000 0.4808 961.60 REC 09/29/06 PAY 10/16/06 40/31/06 FELCOR LODGING TRUST INC FCH 2.000 0.2000 ‘400.00 REC 10/16/06 PAY 10/31/06 TOTAL $7,560.64 O27 11/01/0605:26 001 vate EFTA00201006

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS a" 10179 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2006 THROUGH September 29, 2006 account numecr = WNeaeDDesudasdsDesevalsdaseDeaD Eales basdesedalaalleleleal TAXPAYER NUMBER On File LAST STATEMENT August 31,2006 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 ie Pursuant to your previously issued instructions, Bear Stearns Securities Corp, provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements, Third Party EPSTEIN INTERESTS AVC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 O27 0W30/06.06;39 001 vats EFTA00201007

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN,|IRA TeverHone VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial SUMMArY ssssesssessenssessaescnenenseees Your Portfolio Holdings Transaction Detail Fund Activity ,.,, Your Messages .... aonnr Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 10,513,444 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT 17,035,517 CHANGE SINCE LAST STATEMENT 1,919,517 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any difference or nomroceigt of checks or stocks, indicated as delivered to you, Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio Cash & E lent 10.513.444 coooess <<<) i S50: aap ssssssaad $4,602,556 ites as $4,583,830 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2006 THROUGH September 29, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2006 HM Current market value laa Last statements market value % Client Senices at 800-624-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. O27 This summary is for informational purposes only. It s not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information. 09/30/06,06;39 001 VIS EFTA00201008

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2 of 0 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 09/30/06,06;39 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201009

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of 0 Cash Flow Analysis THIS PERIOD OpeningBalance Money Fund 2,039,059.05 Dividends/Interest 22,697.58 Amount Credited $2,061 ,756.63 Money Fund -61,756.63 Funds Withdrawn -2,000,000.00 Amount Debited $-2.061 (756.63 | $0.00 Closing Balance o27 Income Summary THIS PERIOD Dividends 61,756.63 Portfolio Composition YEAR TO DATE 173,469.48 Cash/Cash Equivalent 10,513,444 Equities 4,602,556 Total $15,116,000 09/30/06,06;39 001 vais CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2006 September 29, 2006 accout nuvecr TAXPAYER NUMBER On File August 31, 2006 THROUGH LAST STATEMENT Your Portfolio Allocation Equities 30% Cash & Equivale 70% Unehaded portions denote debt balance andlor short market values. The allocation percentage is dorved from the absokte market value of your portiailo. EFTA00201010

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4 of STATEMENT PERIOD September 1, 2006 THROUGH September 29, 2006 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT August 31, 2006 CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 10,513,443.67 1.0000 10,513,444 $57,213 5.3000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5.2300% TOTAL CASH & CASH EQUIVALENTS $10,513,444 $557,213 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 20.0500 40,100 1,600 3.9900 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 25.7300 51,460 2,200 4.2752 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GuIMGHER REALTY Trust henlll GRT CASH 2 000 “24. 7800 49,560 "3, oo "7. 7603 HRT PROPERTIES. TR ‘Bl HRP CASH “10, 000 “n. 9500 119,500 "8, 400 “7. 0293 027 09/30/06,06;39 001 VIS EFTA00201011

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York New York 10179 fl | JEFFREY EPSTEIN 5 of 0 STATEMENT PERIOD September 1, 2006 THROUGH September 29, 2006 Your Portfolio Holdings (continued) account numccrh | TAXPAYER NUMBER On File August 31, 2006 Equities & Options (continued) LAST STATEMENT gu ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 47.2000 94,400 5,920 6.2712 SBI JOHNSON & JOHNSON JNJ CASH 57,800 64.9400 3,753,532 86,700 2.3098 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1900 45 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.5810 11 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.4200 30,267 1,116 3.6872 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 42.5700 76,371 4,090 5.3554 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 31.9500 383,400 21,480 5.6025 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.9100 3,910 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,602,556 $135,352 TOTAL EQUITIES $4,602,556 $135,352 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $692,565 YOUR PRICED PORTFOLIOHOLDINGS $15,116,000 027 09/30/06.08:39 001 vos EFTA00201012

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS _—€€ 10179 6 of 0 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2006 THROUGH September 29, 2006 accout nuvecr TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT — August 31, 2006 Transaction Detail DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT 09/07/06 END WIRED WIRED TO 1,000,000.00 is TOTAL $-2,000,000.00 MONEY FUND ACTIVITY DATE MO/DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 09/01/06 OPENINGBALANCE 12,451 687.04 0! DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKK a nnn INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST 101/06 09/07/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -1,000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 12/06 BOUGHT DREYFUS CASH MANAGEMENT.CL A DICK 21,675 1.0000 21,675.00 INSTITUTIONAL SHARES -1,000,000 1.0000 ,000,000.00 027 09/30/06.08:39 001 vais EFTA00201013

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York, New York 10179 a JEFFREY EPSTEIN 7 of 0 STATEMENT PERIOO September 1, 2006 THROUGH September 29, 2006 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT — August 31, 2006 DATE MONDAY TRANSACTION DESCAIPTION SYMBOUUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/29/06 CLOSINGBALANCE 10,513,443.67 TOTAL $-61,756.63 $2,039,059.05 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (8) CeBIT AMOUNT CREDIT AMOUNT 09/12/06 JOHNSON& JOHNSON JNJ 57,800 0.3750 21,675.00 REC 08/29/06 PAY 09/12/06 INVESTMENT TRUST-SBI REC 09/01/06 PAY 09/15/06 TOTAL $22,697.58 027 09/30/06,06;39 001 vais EFTA00201014

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BEAR STEARNS 8 of 10 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 Your messages i Revenue Sharing Advisers, distributors or other affiliates of certain mutual funds (which include money market and non-money market funds) may enter into arrangements to pay brokers that distribute their shares for administrative, technological or other services, including marketing and other support services provided to such funds or their affiliates. These fees, commonly referred to as “revenue sharing,” are separate from and in addition to any shareholder servicing or distribution fees that a mutual fund pays out of its own assets pursuant to its Rule 12b-1 plan and other expenses which are described in a fund's prospectus fee table, Rule 12b-1 fees and other expenses described in a fund's prospectus fee table increase a fund's expense ratio and decrease the fund's yield, Revenue sharing fees, on the other hand, are paid out of the assets of the fund affiliate and not from the fund's assets and, therefore, have no impact on a funds expense ratio or yield, With respect to money market funds, Bear Steams negotiates revenue sharing payments separately with each fund family and not all fund families pay the same amount or pay according to the same formula. These payments are calculated based on a percentage of the dollar value of the fund assets held by Bear Stearns in customer accounts, Bear Stearns receives up to 0,66% per year of the average daily assets of fund shares carried in customers accounts at Bear Stearns. Money market funds whose affiliates do not make revenue sharing payments to Bear Stearns are generally not offered or recommended by Bear Stearns to its customers, 027 = CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2006 September 29, 2006 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT August 31,2006 These money market funds may in some cases have higher yields than money market funds whose affiliates do make revenue sharing payments. There is, therefore, a potential conflict of interest in the form of an additional financial incentive to Bear Stearns for making available to customers money market funds whose affiliates enter into revenue sharing arrangements. In certain circumstances, a portion of these revenue sharing payments may be passed on as compensation to certain Private Client Services account executives, With respect to non-money market fund shares held in Bear Stearns accounts, Bear Steams may receive Rule 12b-1 fees and other compensation described in a fund's prospectus but does not receive revenue sharing payments, With respect to non-money market fund shares held by certain Private Client Services customers away from Bear Steams, Bear Stearns does receive revenue sharing payments in limited circumstances, A portion of these revenue sharing payments are passed on as compensation to the Private Client Services account executive designated by the customer, Bear Stearns does not believe that these revenue sharing arrangements involving such Private Client Services customers pose a conflict of interest with respect to customers whose accounts are held at Bear Stearns, The prospectus and statement of additional information of mutual funds available through Bear Steams may contain additional information regarding revenue sharing payments made by affiliates of the fund company. 09/30/06,06;39 001 vais EFTA00201015

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BEAR STEARNS 9 of 10 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 ZS Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements: At May 31, 2006 and July 31, 2006, the Company's net capital of approximately $3.7 billion and $3.8 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.1 billion and $1,1 billion by approximately $2.6 billion and $2.7 billion, all respectively. A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearsteams,com, Alternatively, to request a free printed copy please call - toll free 1-866-299-9331, O27 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2006 THROUGH September 29, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2006 TZ Securities and other assets in your account are the firm's collateral for any margin loan made to you, If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account, It is important that you fully understand the risks involved in trading securities on margin. These risks include the following: ~ You can lose more funds than you deposit in the margin account, - The firm can force the sale of securities or other assets in your account(s). ~ The firm can sell your securities or other assets without contacting you. ~ You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call, - The firm can increase its “house” maintenance margin requirements at any time and is not required to provide you advance written notice, - You are not entitled to an extension of time on a margin call, 09/30/06,06;39 001 vais EFTA00201016

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BEAR STEARNS 10 of to 1S OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 This statement is provided to explain Bear, Stearns & Co, Inc.'s ("BSC") payment for order flow practices. BSC routes a majority of orders for customer securities transactions to the primary market for such securities, Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBBO), BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge, ****** End of Statement****** O27 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2006 THROUGH September 29, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2006 TZ Pursuant to SEC Rule 606, please note the following: Bear, Stearns & Co, Inc, will post its quarterly routing statistics at the following web link: http:/www.bearsteams.com/, Click on Individual Investor, Click on Equities, Click on Order Routing Practices. Customers of Bear, Stearns & Co, Inc, may request information on any order executed within the prior six months from the time of the request, Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders, 09/30/06,06;39 001 vais EFTA00201017

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-3859 New York, New York 10179 Pt STEARNS — JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZICHERMAN,|IRA STATEMENT PERIOD August 1, 2006 TELEPHONE = THROUGH August 31, 2006 VISIT OUR WEBSITE www.bearstearns.com accor wuuccr What’s In This Statement Vac DessDectsVDesssslelosslLsaDLaabealbosleselaleallslsleal TAXPAYER NUMBER On File LAST STATEMENT duly 31, 2006 Financial SUMMALY awe So JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity ,,.. 6 6100 RED HOOK QUATER B-3 ST THOMAS Vi 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio $12,451,687 TOTAL VALUE OF SECURITIES THIS PERIOD 4,583,830 #8" & Equivalent Es $4,670,736 MONEY MARKET FUND BALANCE 12,451,687 Equities Deere $4,583,830 $4,413,918 rene “SIF 038517 HE current market value NET EQUITY LAST STATEMENT 9,084,654 BEBE Last statement's market value CHANGE SINCE LAST STATEMENT 7,950,863 There are no "Stop Loss” orders or other pending buy or sell open orders on file for your account. Please report any difference or nomreceipt of checks of stocks, indicated as doltwered to you, ‘This summary is for informational purposes only. It Is not intended as a tax document, ‘© Client Senices at 800-634-1428; cr write to Clent Services at Bear, Steams Securities ‘This statemem should be retained for your records. See reverse side for important information. Corp., One Metrolech Center North, Brooklyn, N.Y. 11201-3859, 027 09'01/06.07:58 001 vod EFTA00201018

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 09/01/06,07:58 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201019

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of? Cash Flow Analysis THIS PERIOD OpeningBalance Money Fund 5,025,467.24 Funds Deposited 12,749,804.62 Dividends/Interest 3,580.00 Amount Credited $17,778,851 .86 Money Fund -12,841,904.41 Funds Withdrawn -5,000.000.00 Amount Debited $-17,841,904.41 -63,052.55 Net Cash Activity Cash Balance Summary OPENING 63,052.55 CLOSING Cash 0.00 $63,052.55 $0.00 Net Cash Balance 027 Income Summary Dividends YEAR TO DATE 111,712.85 THS PERIOD 31,147.24 Portfolio Composition Cash/Cash Equivalent Equities Total 0901/06.07:58 001 12,451,687 4,583,830 $17,035,517 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO August 1, 2006 August 31, 2006 accout nuvecr TAXPAYER NUMBER On File July 31, 2006 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivale: 74% Unehaded portions denote debt balance andlor short market values. The allocation percentage is dorved from the absokte market value of your portiailo. EFTA00201020

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4o7 STATEMENT PERIOO August 1, 2006 THROUGH August 31,2006 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT July 31, 2006 CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 12,451,687.04 1.0000 12,451,687 659.939 5.3000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5.2300% TOTAL CASH & CASH EQUIVALENTS $12,451,687 $659,939 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 21.4500 42,900 1,600 3.7296 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 25.8100 51,620 2,200 4.2619 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GuIMGHER REALTY Trust henlll GRT CASH 2 000 “24. 4000 48. 800 "3, oo "2. 8811 HRT PROPERTIES. TR ‘Bl HRP CASH “10, 000 “n. {6000 “ 16. ‘000° "8, 400 "7. 2414 027 0901/06.07:58 001 vara EFTA00201021

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York New York 10179 as a JEFFREY EPSTEIN 5 a7 STATEMENT PERIOO August 1, 2006 THROUGH August 31, 2006 Your Portfolio Holdings (continued) ow TAXPAYER NUMBER On File duly 31, 2006 Equities & Options (continued) LAST STATEMENT uly ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 46.3200 92,640 5,920 6.3903 SBI JOHNSON & JOHNSON JNJ CASH 57,800 64.6600 3,737,348 86,700 2.3198 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.2350 55 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.6870 13 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.8200 30,442 1,116 3.6660 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 42.3200 75,922 4,090 5.3871 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 32.0000 384,000 21,480 5.5938 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.0900 4,090 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,583,830 $135,352 TOTAL EQUITIES $4,583,830 $135,352 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $795,291 YOUR PRICED PORTFOLIOHOLDINGS $17,035,517 027 09/01/06,07:58 001 vara EFTA00201022

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BEAR STEARNS 6 of? Transaction Detail OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 DEPOSITS AND WITHDRAWALS DATE TRANSACTION 08/07/06 END WIRED 08/11/06 FND WIRED TOTAL MONEY FUND ACTIVITY MOvDAY TRANSACTION 08/01/06 BOUGHT DESCRPTION WIRED TO ee ein DESCAIPTION OPENINGBALANCE OREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES $-5,000,000.00 $12,749,804.62 63,052.55 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOO August 1, 2006 THROUGH August 31, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT July 31, 2006 CEBIT AMOUNT CAEDIT AMOUNT INSTITUTIONAL SHARES MONTHLY DIVIDEND 08/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST o27 0901/06.07:58 001 27,567.24 EFTA00201023

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS a" 10179 7 ot? JEFFREY EPSTEIN STATEMENT PERIOO August 1, 2006 THROUGH August 31,2006 Transaction Detail (continued) ACCOUNT NUMBER fs TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT — July 31, 2006 DATE MODAY TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT CREDIT AMOUNT 08/07/06 SOLD OREYFUS CASH MANAGEMENT-CL A DICK -1,000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES "2.000.000 1.0000 2.000,000.00 08/11/06 SOLD DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES INSTITUTIONAL SHARES INSTITUTIONAL SHARES DREYFUS CASH MANAGEMENT-CL A DICKX -1,000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 08/25/06 SOLD DREYFUS CASH MANAGEMENT-CL A DICK "997,900 1.0000 997,900.00 INSTITUTIONAL SHARES 08/1 08/17, 08/31/06 CLOSINGBALANCE 12,451 687.04 TOTAL $-12,841,904.41 $5,025,467.24 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 08/17/06 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7400 1,480.00 SBI REC 07/14/06 PAY 08/17/06 08/25/06 HAPT PROPERTIES TR-SBI HRP 10,000 ‘ 0.2100 2,100.00 REC 07/25/06 PAY 08/25/06 TOTAL $3,580.00 O27 09/01/0607:58 001 void EFTA00201024

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 ACCOUNT EXECUTIVE ZICHERMAN,|IRA TeverHone VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial SUMMArY ssssesasesseessessaescesnensaees Your Portfolio Holdings Transaction Detail Fund Activity ,.,, ons Ww Your Portfolio at a Glance CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steans Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD July 1, 2006 THROUGH July 31, 2006 accout nuvecr WseDDessDecdsVDessssdsdossldsaldsabealbcteselaleallslsleal TAXPAYER NUMBER On File LAST STATEMENT June 30, 2006 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 Market Value of Your Portfolio Bagg. $4,670,736 TOTAL VALUE OF SECURITIES THIS PERIOD }©©—»-4,413,918 O88" & Equivalent $697,631 $4,233,653 MONEY MARKET FUND BALANCE 4,607,683 fesse RRR V,7°7 7-7 a NET EQUITY LAST STATEMENT 4,931,284 CHANGE SINCE LAST STATEMENT 4,153,370 There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account. Please report any diterence or nomroceigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clan! Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. 027 HM Current market value pe] Last statements market value ‘This summary §s for informational purposes only. It s not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information. 06/01/06,07:56 001 vai2 EFTA00201025

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 08/01/06,07:56 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201026

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of8 Cash Flow Analysis THIS PERIOD Openi: ngBalance Money Fund 49,101,258.09 Funds Deposited 63,052.55 Dividends/Interest 7,281.60 Miscellaneous 53,000,000.00 Amount Credited Money Fund -53,008,539.69 Funds Withdrawn -49,100,000.00 Amount Debited .$-102.108.539.69 Net Cash Activity 63,052.55 Cash Balance Summary OPENING CLOSING Cash 0.00 63,052.55 Net Cash Balance $0.00 $63,052.55 o27 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD July 1, 2006 THROUGH July 31, 2006 Income Summai cont ccs u ry TAXPAYER NUMBER On File THIS PERIOD YEAR TO DATE LAST STATEMENT June 30, 2006 Dividends 10,051.29 80,565.61 Portfolio Composition Cash/Cash Equivalent 4,670,736 Equities 4413,918 Total $9,084,654 Your Portfolio Allocation Cash & Equivales 52% Unehaded portions denote debt balance andlor short market values. The allocation percentage is dorved from the absokte market value of your portiailo. 08/01/06.07:56 001 EFTA00201027

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New _ New York 10179 Pe JEFFREY EPSTEIN 4 oe STATEMENT PERIOG July 1,2006 THROUGH ACCOUNT NUMBER July 31, 2006 TAXPAYER NUMBER On File LAST STATEMENT Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} CASH BALANCE 63,053 DREYFUS CASH MANAGEMENT-CL A DICKK 4,607,682.63 1.0000 4,607,683 221,169 4.8000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD _5,1900% TOTAL CASH & CASH EQUIVALENTS $4,670,736 $221,169 EQUITIES Equities & Options June 30, 2006 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearstears.com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTIMATED (CURRENT DESCRIPTION SYMBOL'CUSIP TYRE PRE VALUE ANNUAL INCOME YELD [%) FELCOR LODGING TRUST INC FCH CASH 22.0000 44,000 GLENBOROUGH REALTY TRUST INC 44,400 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: S 027 08/01/06.07:56 001 vai2 EFTA00201028

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of6 STATEMENT PERIOD THROUGH Your Portfolio Holdings (continued) LAST STATEMENT Equities & Options (continued) ACCT NAARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOLCUSIP TPE PRICE VALUE ANNUAL INCOME YELD ('%) HAPT PROPERTIES TR-SBI HRP CASH 11.7500 117,500 8,400 1489 HOSPITALITY PROPERTIES TRUST HPT CASH 43.5700 87,140 5,920 6.7937 SBI JOHNSON & JOHNSON JNJ CASH 57,800 62.5500 3,615,390 86,700 2.3981 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1700 40 EXP 12/10/2007 NAYARIT GOLD INC NYATF CASH 19 0.6190 12 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.1000 30,128 1,116 3.7042 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 39.3800 70,648 4,090 5.7893 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 29.4300 353,160 21,480 6.0822 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.2000 4,200 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,413,918 $135,352 TOTAL EQUITIES $4,413,918 $135,352 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $356,521 YOUR PRICED PORTFOLIOHOLDINGS $9,084,654 027 08/01/06.07:56 001 vai2 ACCOUNT NUMBER TAXPAYER NUMBER July 1, 2006 July 31, 2006 On File June 30, 2006 EFTA00201029

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Soar, Stewme Securities Co 1, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York. New York 10179 | Pe JEFFREY EPSTEIN 6 of8 STATEMENT PERIOD July 1, 2006 THROUGH duly 31, 2006 Transaction Detail ACCOUNT NUMBER TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT June 30, 2006 DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 07/06/06 END WIRED WIRED TO 47,100,000.00 A ene! TOTAL $-49,100,000.00 $63,052.55 MONEY FUND ACTIVITY DATE MOUDAY TRANSACTION DESCAIFTION SYMBOUDUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 07/01/06 OPENINGBALANCE 697,631.34 DIVIDEND DREYFUS GASH MANAGEMENT.CL A. DICK 2,769.69 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 07/05/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 53,000,000 1.0000 53,000,000.00 INSTITUTIONAL SHARES o27 08/01/06.07:56 001 vai2 EFTA00201030

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 7 of6 STATEMENT PERIOO July 1, 2006 THROUGH July 31, 2006 Transaction Detail (continued) wen TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT June 30, 2006 DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 07/06/06 SOLD OREYFUS CASH MANAGEMENT-CL A DICK -47,100,000 1.0000 47,100,000.00 INSTITUTIONAL SHARES DREYFUS CASH MANAGEMENT.CL A DICK “4,000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES INSTITUTIONAL SHARES 07/28'06 BOUGHT DREYFUS CASH MANAGEMENT.CL A DICK 400 "0000 400.00 INSTITUTIONAL SHARES: 07/31/06 CLOSINGBALANCE 4,607.682.63 TOTAL $-53,008,539.69 $49,101 ,258.09 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 07/03/06 | RAMCO GERSHENSON PROPERTIES APT 12,000 0.4475 5,370.00 TRUST-MD SBI REC 06/20/06 PAY 07/03/06 REC 0) (06 PAY 07/17/06 GLIMCHER REALTY TRUST-SBI GRT 2.000 0.4808 961.60 REC 06/30/06 PAY 07/17/06 07/28/06 FELCOR LODGING TRUST INC FCH 2,000 0.2000 400.00 REC 07/14/06 PAY 07/28/06 TOTAL $7,281.60 027 08/01/06.07:56 001 vai2 EFTA00201031

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 | JEFFREY EPSTEIN 8 of6 STATEMENT PERIOD July 1, 2006 THROUGH July 31, 2006 accout nuvecr TAXPAYER NUMBER On File Transaction Detail (continued) MISCELLANEOUS LAST STATEMENT June 30, 2006 DATE MONDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 07/05/06 JOURNAL FROM | | 53,000,000.00 TOTAL $53,000.000.00 i, sop] “***** End of Statement****** — =~ o27 08/01/06.07:56 001 viz EFTA00201032

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS a" 10179 JEFFREY EPSTEIN STATEMENT PERIOD June 1, 2006 THROUGH June 30, 2006 account numecr = WNeaeDDesudasdsDesevalsdaseDeaD Eales basdesedalaalleleleal TAXPAYER NUMBER On File LAST STATEMENT May 31, 2006 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 ie Pursuant to your previously issued instructions, Bear Stearns Securities Corp, provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements, Third Party EPSTEIN INTERESTS AVC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 O27 07/01/06;10:56 001 voit EFTA00201033

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS _——-" 10179 ACCOUNT EXECUTIVE ZICHERMAN,|IRA CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO June 1, 2006 TecepHone = THROUGH June 30, 2006 VISIT OUR WEBSITE wow.bearstearns.com . account xumccr = What's In This Statement WNaedDenndaedsVDasseaDalacadalbatoedDaadeaedalaallelelaal TAXPAYER NUMBER On File LAST STATEMENT May 31, 2006 Financial Summary .. 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail ...weeweeeere 6 ATTN JEANNE BRENAN Fund ACtIVILY sissesssssoneeeeeonees — 6 6100 RED HOOK QUATER B-3 Your M@SSAQ@S weessesesseeeeeseaeee 7 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio Confirmation: Unless we hear from you to the contrary, it is 697,631 TOTAL VALUE OF SECURITIES THIS PERIOD «4,233,653 ash & Equivalent = ena our understanding that any free credit balances in your MONEY MARKET FUND BALANCE 697,631 Equities $4,233,653 account are being maintained $4,221,032 to facilitate your intention to NET EQUITY THIS PERIOD $4,931,284 NET EQUITY LAST STATEMENT 4,892,951 CHANGE SINCE LAST STATEMENT 38,333 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any diterence or nomrocaigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. O27 invest such amounts through HM Current market value us. Ae Last statements market value ‘This summary §s for informational purposes only. It Is not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information, 07/01/06:10:56 001 voit EFTA00201034

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07/01/06;:10:56 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201035

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . Bear, Steams Securities Corp Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 fl JEFFREY EPSTEIN 3 of@ STATEMENT PERIOD June 1, 2006 THROUGH June 30, 2006 . accout wuccr Cash Flow Analysis Income Summary caxpaveR muMeicR On File THIS PERIO THIS PERIOD YEAR TO DATE “ HIS PERIOD LAST STATEMENT May 31, 2006 OpeningBalance $0.00 Dividends 25,711.93 70,514.32 Money Fund 2,735.31 Dividends/Interest 22,976.62 Amount Credited $25,711.93 Portfolio Composition Money Fund -25,711.93 697,631 Cash/Cash Equivalent Amount Debited Equities 4,233,653 Closing Balance $0.00 Your Portfolio Allocation Cash & Equivalent 15% Equities 85% Unshaded portions denote debt balance andicr short market values. The allocation percemage is derived from the absokte market value of your porttollo. o27 07/01/06;10:56 001 voit EFTA00201036

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4 oe STATEMENT PERIOO June 1, 2006 THROUGH June 30, 2006 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT — May 31, 2006 CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 697,631.34 1.0000 697,631 34,184 4.9000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD _5.1700% TOTAL CASH & CASH EQUIVALENTS $697,631 $34,184 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 21.7400 43.480 1,600 3.6799 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 21.5400 43,080 2,200 5.1068 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: Ss GuIMGHER REALTY Trust henlll GRT CASH 2 000 “24. 8100 49. 620 "3, oo "7. 7508 HRT PROPERTIES. TR ‘Bl HRP CASH “10, 000 “n. ‘5600 “ 16, ‘600. "8, 400 "7. 2664 027 07/01/06;:10:56 001 voit EFTA00201037

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of6 STATEMENT PERIOD THROUGH Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT Equities & Options (continued) ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.9200 87,840 5,840 6.6485 SBI JOHNSON & JOHNSON JNJ CASH 57,800 59.9200 3,463,376 86,700 2.5033 BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.2700 63 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.8060 15 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.3700 30,245 1,116 3.6899 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.3700 72,424 4,090 5.6473 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 26.9300 323,160 21,480 6.6469 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.7500 4,750 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,233,653 $135,272 TOTAL EQUITIES $4,233,653 $135,272 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $169,456 YOUR PRICED PORTFOLIOHOLDINGS $4,931,284 027 07/01/06;10:56 001 voit June 1, 2006 June 30, 2006 On File May 31, 2006 EFTA00201038

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 6 of8 JEFFREY EPSTEIN STATEMENT PERIOD June 1, 2006 THROUGH June 30, 2006 Transaction Detail ACCOUNT NUMBER fs TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT = May 31, 2006 OATE MO'DAY TRANSACTION: DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 06/01/06 OPENINGBALANCE 671,919.41 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES 06/30/06 CLOSINGBALANCE 697,631.34 TOTAL 06/1 $-25,711.93 $2,735.31 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) DEBIT AMOUNT CREDIT AMOUNT 06/13/06 JOHNSON& JOHNSON JNJ 57,800 0.3750 21,675.00 REC 05/30/06 PAY 06/13/06 06/15/06 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.6400 279.04 15/06 027 07/01/06;:10:56 001 voit EFTA00201039

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BEAR STEARNS 7 of8 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 Transaction Detail (continued) DIVIDENDS (continued) DATE DESCRIPTION SYMBOUCUSIP 06/15/06 PENNSYLVANIA REAL ESTATE PEI INVESTMENT TRUST-SBI REC 06/01/06 PAY 06/15/06 TOTAL Your messages Zs NOTICE OF CHANGE PURSUANT TO TRUTH IN LENDING SEC RULE 10b-16 The annual rate of interest charged on any credit extended to you by Bear, Stearns Securities Corp, ("BSSC") for the purpose of purchasing, carrying or trading in any security or other property shall continue to be based on either the BSSC Margin Basis Rate, the BSSC Fed Funds Rate or the London Interbank Offered Rate ("LIBOR’), as notified to you upon request, The BSSC. Margin Basis Rate will be quoted each business day by BSSC at our main office in New York, Factors affecting the determination of the BSSC Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that BSSC is charged for borrowing money, The purpose of this notice is to advise you that effective no earlier than thirty (30) days from your receipt of this statement: 027 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO June 1, 2006 June 30, 2006 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT May 31, 2006 RATE (S$) DEBIT AMOUNT CREDIT AMOUNT 0.5700 1,022.58 $22,976.62 1) The BSSC Fed Funds Rate shall be the rate for U.S. dollar funds, as quoted by an independent broker of such funds selected by BSSC for the first transaction completed on the opening of the business day on which such rate is determined, 2) The rate of interest charged to you on any such credit extended to you in a currency other than US dollars shall be based on either (i) LIBOR, as such rate is compiled by the British Bankers Association and published on Bloomberg or Reuters, or (ii) any other rate quoted by Reuters that is applicable to the currency in which the obligation is denominated or, if a rate for such currency is not quoted by Reuters, the rate provided by BSSC's local bank, as notified to you on request. 3) In either case, the annual rate of interest will not exceed a specified percentage above the applicable rate, specifically (i) 3% above the BSSC Margin Basis Rate, (ii) 4% above the BSSC Fed Funds Rate, or (iii) 5% above LIBOR, any rate quoted by Reuters or the rate provided by BSSC's local bank, and will appear on your monthly statements. 4) The amount lent to you by BSSC upon which you are charged interest may include purchases of securities for which payment is made by check for which BSSC has not yet received credit. 07/01/06;:10:56 001 voit EFTA00201040

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 Pe 8 of8 EZ if BSSC makes changes in any of the credit terms and conditions described herein or if a change is required by law, we will notify you of such change within a reasonable period of time, unless such change results in the same or a higher rate to you, in which case we will provide you at least 30 days’ prior written notice, The annual rate of interest you are charged may fluctuate with changes in the BSSC Margin Basis Rate, the BSSC Fed Funds Rate, LIBOR, any of the rates quoted by Reuters or the rate provided by BSSC's local bank, The changes in rates resulting from this fluctuation will be made without prior notice to you {as contrasted with changes in the credit terms and conditions, notice of which will be provided as described above), The Truth-in-Lending disclosure previously provided to you shall continue to apply except as specifically noted above, ****** End of Statement****** 027 07/01/06;:10:56 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO June 1, 2006 THROUGH June 30, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 31, 2006 EFTA00201041

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York, New York 10179 a STEARNS — JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZICHERMAN,|IRA STATEMENT PERIOO April 29,2006 TevePHone = THROUGH May 31, 2006 VISIT OUR WEBSITE www.bearstearns.com account wunccr What’s In This Statement Was DecsdectsDesssedsdocsldsaDLsabesdbasleselaleallslsleal TAXPAYER NUMBER On File LAST STATEMENT April 28, 2006 Financial SUMMALY awe So JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity ,,.. 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio $671,919 TOTAL VALUE OF SECURITIES THIS PERIOD «4,221,032 88h & Equwalent ee $665'510 $4,151,442 NET EQUITY THIS PERIOD "$4,892,951 HE Current market value NET EQUITY LAST STATEMENT 4,816,952 HEB] Last statements market value CHANGE SINCE LAST STATEMENT 75,999 There are no "Stop Loss” orders or other pending buy or sell open orders on file for your account. Please report any difference or nomreceipt of checks of stocks, indicated as deltwered to you, ‘This summary is for informational purposes only. It Is not intended as a tax document, ‘© Client Senices at 800-634-1428; cr write to Clent Services at Bear, Steams Securities ‘This statemem should be retained for your records. See reverse side for important information. Corp, One Metrolech Center North, Brooklyn, N.Y. 11201-3859, 027 06/01/06:11:28 001 vs09 EFTA00201042

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06/01/06:11:28 001 vyao09 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201043

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 fl a JEFFREY EPSTEIN 3 of? STATEMENT PERIOO April 29, 2006 THROUGH May 31, 2006 . account xumccr = Cash Flow Analysis Income Summary caxpaveR muMeicR On File THIS PERION THIS PERIOD YEAR TO DATE HIS PERIOD LAST STATEMENT — April 28, 2006 OpeningBalance $0.00 Dividends 6,409.49 44,802.39 Money Fund 2,549.49 Dividends! Interest 3,860.00 Amount Credited Portfolio Composition Money Fund -6,409.49 671,919 Cash/Cash Equivalent Amount Debited Equities 4,221,032 Closing Balance $0.00 Your Portfolio Allocation Cash & Equivalent 14% Equities 86% Unshaded portions denote debt balance andlor short market values. The allocation percemage is derived from the absokte market value of your porttollo. o27 06/01/06:11:28 001 vao9 EFTA00201044

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4o7 STATEMENT PERIOD April 29, 2006 THROUGH May 31,2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT April 28, 2006 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 671,919.41 1.0000 671,919 30,908 4.6000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD _4,8700% TOTAL CASH & CASH EQUIVALENTS $671,919 $30,908 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 20.8100 41,620 1,200 2.8832 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.9100 39,820 2,200 5.5249 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: Ss GuIMGHER REALTY Trust henlll GRT CASH 2 000 “25. 2500 50. 500 "3, oo "2. 6158 HRT PROPERTIES. TR ‘Bl HRP CASH “10, 000 “1. +600 “ 11 ‘600 "8, 400 “7. 5260 o27 06/01/06:11:28 001 ya09 EFTA00201045

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 a7 STATEMENT PERIOD THROUGH Your Portfolio Holdings (continued) LAST STATEMENT Equities & Options (continued) ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.1700 84,340 5,840 6.9244 SBI JOHNSON & JOHNSON JNJ CASH 57,800 60.2200 3,480,716 86,700 2.4909 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.3300 78 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.9540 18 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.2700 28,894 1,116 3.8624 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 37.3000 66.916 4,090 6.1121 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 26.0000 312,000 21,480 6.8846 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.5300 4,530 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,221,032 $134,872 TOTAL EQUITIES $4,221,032 $134.872 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $165,780 YOUR PRICED PORTFOLIOHOLDINGS $4,892,951 027 06/01/06;11:28 001 yao ACCOUNT NUMBER TAXPAYER NUMBER April 29, 2006 May 31,2006 On File April 28, 2006 EFTA00201046

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARN S — i 10179 6 of? JEFFREY EPSTEIN STATEMENT PERIOO April 29,2006 THROUGH May 31, 2006 Transaction Detail account numecr TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT — April 2B, 2006 DATE MO'DAY TRANSACTION: DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT CREDIT AMOUNT 04/29/06 OPENINGBALANCE 665,509.92 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES 05/24/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 2,100 1.0000 2,100.00 INSTITUTIONAL SHARES 05/31/06 CLOSINGBALANCE 671,919.41 TOTAL $-6,409.49 $2,549.49 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT (CREDIT AMOUNT 05/01/06 FELCOR LODGING TRUST INC FCH 2,000 0.1500 300.00 REC 04/15/06 PAY 05/01/06 05/11/06 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7300 146000 SBI REC 04/12/06 PAY 6 027 06/01/06:11:28 001 vyao09 EFTA00201047

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 JEFFREY EPSTEIN 7 of? STATEMENT PERIOD April 29, 2006 THROUGH May 31, 2006 Transaction Detail (continued) accouvt xumcce TAXPAYER NUMBER On File DIVIDENDS (continued) LAST STATEMENT — April 2B, 2006 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (S$) DEBIT AMOUNT CAEDIT AMOUNT 05/24/06 HAPT PROPERTIES TR-SBI HAP 10,000 0.2100 2,100.00 REC 04/24/06 PAY 05/24/06 TOTAL $3,860.00 ~~ (stop) ****** End of Statement****** O27 06/01/06;11:28 001 va0s EFTA00201048

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial SUMMArY ssssesssesseessessaescnenensaces Your Portfolio Holdings Transaction Detail Fund Activity ws. on Ww Your Portfolio at a Glance CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD April 1, 2006 THROUGH April 28, 2006 account xumccr = Waaldasballlslsll TAXPAYER NUMBER On File LAST STATEMENT March 31,2006 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS Vi 00802 Market Value of Your Portfolio $665,510 TOTAL VALUE OF SECURITIES THIS PERIOD § «4,151,442 88h & Equivalent = $656,047 $4,248,499 NET EQUITY THIS PERIOD "$4,816,952 NET EQUITY LAST STATEMENT 4,904,546 CHANGE SINCE LAST STATEMENT -87,594 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any diterence or nomroceigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clon! Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. O27 HM Current market value flaag Last statements market value ‘This summary §s for informational purposes only. It Is not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information. O4/29/06,06;33 001 va08 EFTA00201049

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 O4/29/06,06:33 001 va08 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201050

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BEAR STEARNS 3 of 6 Cash Flow Analysis OpeningBalance OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 THIS PERIOD $1.79 Money Fund Dividends/Interest Amount Credited 2,431.98 7,031.60 Money Fund Amount Debited -9,465.37 Closing Balance Cash Balance Summary OPENING CLOSING Cash 1.79 0.00 Income Summary THIS PERIOD YEAR TO DATE Dividends 9,463.58 38,392.90 Total Portfolio Composition Cash/Cash Equivalent 665,510 Equities 4.151.442 $4,816,952 04/29/06.08:33 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOO April 1, 2006 THROUGH April 28, 2006 accowt wuccr TAXPAYER NUMBER On File LAST STATEMENT March 31, 2006 Your Portfolio Allocation Cash & Equivalent 14% Equities 86% Unshaded portions denote debt balance andlor short market values. The allocation percemage is derived from the absokte market value of your porttollo. EFTA00201051

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4 of6 STATEMENT PERIOD April 1, 2006 THROUGH April 28, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT March 31, 2006 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 665,509.92 1.0000 665,510 29,948 4.5000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD _4,7100% TOTAL CASH & CASH EQUIVALENTS $665,510 $29,948 EQUITIES 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight: MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 21.6500 43,300 1,200 2.7714 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.9500 41,900 2,200 5.2506 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GuIMGHER REALTY Trust henlll GRT CASH 2,000 “25: 8000 51,600 "3, oo "7. 4535 HRT PROPERTIES. TR ‘Bl HRP CASH 10,000 “10. 9800 109,800 "8, 400 “7. ‘6503 027 O4/29/06,06:33 001 va08 EFTA00201052

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of6 STATEMENT PERIOD THROUGH Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT Equities & Options (continued) ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.1000 86,200 5,840 6.7749 SBI JOHNSON & JOHNSON JNJ CASH 57,800 58.6100 3,387,658 86,700 2.5593 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.4400 103 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 1.0990 21 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.6400 29,055 1,116 3.8410 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.5600 72,765 4,090 5.6208 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 27.0300 324,360 21,480 6.6223 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.6800 4,680 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,151,442 $134,872 TOTAL EQUITIES $4,151,442 $134,872 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $164,820 YOUR PRICED PORTFOLIOHOLDINGS $4,816,952 027 O4/29/06,06:33 001 va08 April 1, 2006 April 28, 2006 On File March 31, 2006 EFTA00201053

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 6 of6 JEFFREY EPSTEIN STATEMENT PERIOD April 1, 2006 THROUGH April 28, 2006 Transaction Detail ACCOUNT NUMBER fs TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT = March 31, 2006 DATE MO'DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE 04/01/06 OPENINGBALANCE 656,044.55 DEBIT AMOUNT CAEDIT AMOUNT INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND 04/03/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 2,431.98 INSTITUTIONAL SHARES DIVIDEND REINVEST ‘7 SREVEUS Cagis MANAGEMENT CF A Siete 1 eal bO + b000 Teele snnanssss aaunaneusanensunaneunssssauneusunanensenensnnessssnnens INSTITUTIONAL SHARES 04/28/06 CLOSINGBALANCE 665,509.92 TOTAL 04/17, $-9,465.37 $2,431.98 DIVIDENDS DATE CESCRIPTION SYMBOLCUSIP QUANTITY RATE ($) CEBIT AMOUNT CAEDIT AMOUNT 04/03/06 | RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4475 5,370.00 TRUST-MD SBI REC 03/20/06 PAY 04/03/06 GLIMCHER REALTY TRUST-SBI GRT 3000 0.4808 rye arcmnn REC 03/31/06 PAY 04/17/06 TOTAL $7,031.60 027 O4/29/06,06:33 001 va08 EFTA00201054

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS a" 10179 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2006 THROUGH March 31, 2006 account xumecr = Wess dsssbosdl bse TAXPAYER NUMBER On File LAST STATEMENT February 28, 2006 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 ie Pursuant to your previously issued instructions, Bear Stearns Securities Corp, provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements, Third Party EPSTEIN INTERESTS 027 04/0106;10:28 001 ‘vS06 EFTA00201055

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial SUMMArY ssssesasesseessessaescnenensaees Your Portfolio Holdings Transaction Detail Fund Activity ,.,, ons Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD NET CREDIT BALANCE MONEY MARKET FUND BALANCE 2 656,045 freemen eR 7X17 sassene NET EQUITY LAST STATEMENT 4,750,352 CHANGE SINCE LAST STATEMENT 154,194 There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account. Please report any diterence or nomrocaigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clon! Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. 4,248,499 Cash & Equivalent is CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2006 March 31, 2006 accoumt nuvecr TAXPAYER NUMBER On File February 28, 2006 THROUGH LAST STATEMENT JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS Vi 00802 Market Value of Your Portfolio $656,047 $633,588 $4,248,499 HM Current market value AEB Last statements market value ‘This summary 5 for informational purposes only. It Is not intended as a tax document, ‘This statemem should be retained for your records. See reverse side for important information. 027 04/0106;10:28 001 v806 EFTA00201056

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 04/0106;10:28 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201057

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of? Cash Flow Analysis THIS PERIOD OpeningBalance $0.00 Money Fund 2,081.28 Dividends/Interest 20,377.41 Amount Credited $22,458.69 22,456.90 Money Fund Amount Debited Closing Balance $1.79 Cash Balance Summary OPENING CLOSING Cash 0.00 1.79 Income Summary YEAR TO DATE 28,929.32 THIS PERIOD 22,458.69 Dividends Total Portfolio Composition Cash/Cash Equivalent 656,047 4.248.499 Equities 027 0401M6;10:28 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2006 THROUGH March 31, 2006 accowt wuccr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2006 Your Portfolio Allocation Cash & Equivalent 14% Equities 86% Unshaded portions denote debt balance andlor short market values. The allocation percemage is derived from the absokte market value of your porttollo. EFTA00201058

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 4o7 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [‘%} CASH BALANCE 2 DREYFUS CASH MANAGEMENT-CL A DICKK 656,044.55 1.0000 656,045 26,242 4.0000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4.5500% TOTAL CASH & CASH EQUIVALENTS $656,047 $26,242 EQUITIES Equities & Options CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO March 1, 2006 THROUGH March 31, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2006 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC), The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearstears.com or can call (800) 517-2327 to request that a copy of this research be sent to them, ADCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOLCUSIP TYPE PRKE VALUE __ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 21.1000 42,200 GLENBOROUGH REALTY TRUST INC GLB A 21.7500 43,500 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: S 027 04/0106;10:28 001 EFTA00201059

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 5 of? Your Portfolio Holdings (continued) Equities & Options (continued) ACCT NAARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOLCUSIP TPE PRICE VALUE ANNUAL INCOME YELD ('%) HAPT PROPERTIES TR-SBI HRP CASH 11.7400 117,400 8,400 1550 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO March 1,2006 THROUGH March 31, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2006 HOSPITALITY PROPERTIES TRUST HPT CASH 43.6700 87,340 5,840 6.6865 SBI JOHNSON & JOHNSON JNJ CASH 57,800 59.2200 3,422,916 76,296 2.2290 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6250 147 EXP 12/10/2007 NAYARIT GOLD INC NYATF CASH 19 1.4560 28 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 70.9000 30,912 1,116 3.6102 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 44.0000 78,936 4,090 5.1814 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 30.2700 363,240 21,480 5.9134 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 5.0800 5,080 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,248,499 $124,468 TOTAL EQUITIES $4,248,499 $124,468 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $150,710 YOUR PRICED PORTFOLIOHOLDINGS $4,904,546 027 04/0106;10:28 001 EFTA00201060

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 6 of? JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2006 THROUGH March 31, 2006 Transaction Detail ACCOUNT NUMBER fs TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT —- February 28, 2006 OATE MO'DAY TRANSACTION: DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 03/01/06 OPENINGBALANCE 633,587.65 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 03/15/06 BOUGHT DREYFUS CASH MANAGEMENT.CL A DiCKK 1301.62 10000 1301.62 INSTITUTIONAL SHARES 03/31/06 CLOSINGBALANCE 656,044.55 TOTAL 03/1 $-22,456.90 $2,081.28 DIVIDENDS DATE CESCRIPTION SYMBOLCUSIP QUANTITY RATE ($) CEBIT AMOUNT CAEDIT AMOUNT 03/14/06 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 02/28/06 PAY 03/14/06 03/15/06 PAN PACIFIC AETAIL PAOPERTIES PNP 436 0.6400 279.04 INC REC 02/24/06 PAY 03/15/06 027 04/0106;10:28 001 vS06 EFTA00201061

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York, New York 10179 a JEFFREY EPSTEIN 7 of? STATEMENT PERIOD March 1, 2006 THROUGH March 31, 2006 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File DIVIDENDS (continued) LAST STATEMENT —- February 28, 2006 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 03/15/06 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5710 1,024.37 INVESTMENT TRUST-SBI REC 03/01/06 PAY 03/15/06 REG DIV.S7 / ATS REDEMPTION ,001 TOTAL $20,377.41 / \ (stop) +++" Endof Statement™***** VY 027 04/01106;10:28 001 v306 EFTA00201062

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevepHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial SUMMArY ssssesasesseessesseescnenensaces Your Portfolio Holdings Transaction Detail Fund Activity ,.,, ons Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD § «4,116,764 88h & Equivalent CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD February 1, 2006 THROUGH February 28, 2006 account xumccr = Waallaslalllsbll TAXPAYER NUMBER On File LAST STATEMENT January 31, 2006 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $633,588 $627,817 $4,099,689 NET EQUITY THIS PERIOD "$4,750,352 NET EQUITY LAST STATEMENT 4,727,506 CHANGE SINCE LAST STATEMENT 22,846 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. HM Current market value AES Last statements market value This summary &s for informational purposes only. It Is not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information. 027 02/01/06;08:04 001 vso2 EFTA00201063

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 020106;08:04 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201064

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 fl a JEFFREY EPSTEIN 3 of6 STATEMENT PERIOO February 1, 2006 THROUGH February 28, 2006 . account xumccr = Cash Flow Analysis Income Summary caxpaveR muMeicR On File THIS PERION THIS PERIOD YEAR TO DATE HIS PERIOD LAST STATEMENT January 31, 2006 OpeningBalance $0.00 Dividends 5,770.63 6,470.63 Money Fund 2,210.63 Dividends/Interest 3,560.00 Amount Credited Portfolio Composition Money Fund -5,770.63 633,588 Cash/Cash Equivalent Amount Debited Equities 4.116.764 Closing Balance $0.00 Your Portfolio Allocation Cash & Equivalent 14% Equities 86% Unshaded portions denote debt balance andlor short market values. The allocation percemage is derived from the absokte market value of your porttollo. 027 0301M6;08:04 001 vao2 EFTA00201065

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New _ New York 10179 Pe JEFFREY EPSTEIN 4o6 STATEMENT PERIOD February 1, 2006 THROUGH February 28, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 31, 2006 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 633,587.65 1.0000 633,588 26,611 4.2000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 4,3600% TOTAL CASH & CASH EQUIVALENTS $633,588 $26,611 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's 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: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 19.8500 39,700 1,200 3.0227 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.3500 38,700 2,200 5.6848 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 26.6800 53,360 1,050 1.9678 HRPT PROPERTIES TR-SBI HRP CASH 10,000 10.7200 107,200 027 020106;08:04 001 vao2 EFTA00201066

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York New York 10179 as JEFFREY EPSTEIN 5 of6 STATEMENT PERIOO February 1, 2006 THROUGH February 28, 2006 Your Portfolio Holdings (continued) ow TAXPAYER NUMBER On File Equities & Options (continued) LAST STATEMENT January 31, 2006 ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 44.5000 89,000 5,840 6.5618 SBI JOHNSON & JOHNSON JNJ CASH 57,800 57.6500 3,332,170 76,296 2.2897 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.5750 135 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.7750 15 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.2100 30,176 1,116 3.6983 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.4000 72478 4,090 5.6431 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 29.0600 348,720 11,484 3.2932 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 5.1100 5,110 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,116,764 $111,676 TOTAL EQUITIES $4,116,764 $111,676 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $138,287 YOUR PRICED PORTFOLIOHOLDINGS $4,750,352 027 0301106;08:04 901 vao2 EFTA00201067

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 6 of6 Transaction Detail MONEY FUND ACTIVITY OATE MOIDAY TRANSACTION, 02/01/06 DESCAIPTION OPENINGBALANCE CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO February 1, 2006 THROUGH February 28, 2006 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 31, 2006 SYMBOL/OUSIP QUANTITY PRICE 627,817.02 OEBIT AMOUNT (CREDIT AMOUNT INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST 02/16/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES “BOUGHT "DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DICKX 1,460 1.0000 DICKX 2,100 1.0000 1460.00 2,100.00 02/28/06 CLOSINGBALANCE 633,587.65 TOTAL $-5,770.63 $2,210.63 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 02/16/06 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7300 1,460.00 SBI REC 01/27/06 PAY 02/16/06 02/23/06 HAPT PROPERTIES TR-SBI HAP 10,000 0.2100 2,100.00 REC 01/20/06 PAY 02/23/06 TOTAL $3,560.00 o27 03101/06;08:04 001 vso2 EFTA00201068

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial SUMMArY ssssesssessenssessaescnenensaees Your Portfolio Holdings Transaction Detail Fund Activity ,.,, ano wo Your Portfolio at a Glance Cash & Equivalent TOTAL VALUE OF SECURITIES THIS PERIOD 4,099,689 MONEY MARKET FUND BALANCE 627,817 NET EQUITY LAST STATEMENT 4,818,382 CHANGE SINCE LAST STATEMENT -90,876 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any difference or nomroceigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clan! Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO December 31,2005 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER On File January 31, 2006 LAST STATEMENT December 30, 2005 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $627,817 $618,814 $4,099.689 ites a a HE Current market value flaag Last statements market value ‘This summary 5 for informational purposes only. It s not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information. 027 02/01/06;18:32 001 va00 EFTA00201069

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 02/01/06;18:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN va00 EFTA00201070

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of 6 Cash Flow Analysis THIS PERIOD OpeningBalance $0.00 Money Fund 2,091.88 Dividends/Interest 6,911.60 Amount Credited -9,003.48 Money Fund Amount Debited Closing Balance Your Portfolio Holdings CASH & CASH EQUIVALENTS QUANTITY 627,817.02 ABOLIC DESCRIPTION DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4,1800% TOTAL CASH & CASH EQUIVALENTS DICKX CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD December 31, 2005 January 31, 2006 On File THROUGH ACCOUNT NUMBER Income Summary TAXPAYER NUMBER THS PERIOD YEAR TO DATE LAST STATEMENT December 30, 2005 Dividends 700.00 700.00 $700.00 $700.00 Portfolio Composition Cash/Cash Equivalent 627,817 Equities 4,099,689 Your Portfolio Allocation NMAARIKET ESTIMATED (CURRENT PRICE VALUE ANNUAL INCOME YELD (% 1.0000 627,817 25.740 4.0999 Cash & Equivalent $627,817 $25,740 14% Equities 86% Unshaded portions denote debt balance andor short market values. The allocation percemage is derived from the absokte market value of your portiollo. o27 02/01/06;18:22 001 vs00 EFTA00201071

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Cop Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 4 of6 , STATEMENT PERIOO December 31,2005 THROUGH January 31, 2006 Your Portfolio Holdings (continued) wen EQUITIES TAXPAYER NUMBER On File 7 7 LAST STATEMENT December 30, 2005 Equities & Options Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www,bearstearms,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRIE VALUE ANNUAL INCOME YELD [%) FELCOR LODGING TRUST INC FCH CASH 2,000 19.8600 39,720 1,200 3.0211 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.6800 39,360 2,800 7.1138 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 27.3400 54.680 1,050 1.9203 HRPT PROPERTIES TR-SBI HRP CASH 10,000 10.7300 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.8700 85,740 5,840 6.8113 SBI JOHNSON & JOHNSON JNJ CASH 57,800 57.5400 3,325,812 76,296 2.2941 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.5150 121 EXP 12/10/2007 NAYARIT GOLD INC NYATF CASH 19 0.5780 11 4106 N 36 69.2000 30,171 1,029 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.6600 72,944 3,773 5.1725 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 28.1800 338,160 11,484 3.3960 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 5.6700 5,670 Total Equities& Options $4,099,689 $111,872 TOTAL EQUITIES $4,099,689 $111,872 027 02/01/06;18:32 001 va00 EFTA00201072

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York. New York 10179 fl Pe JEFFREY EPSTEIN 5 of 6 STATEMENT PERIOG December 31,2005 THROUGH January 31, 2006 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings (continued) LAST STATEMENT December 30, 2005 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $137,612 YOUR PRICED PORTFOLIOHOLDINGS $4,727,506 Transaction Detail MONEY FUND ACTIVITY DATE MavDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE CEBIT AMOUNT CAEDIT AMOUNT 12/31/05 OPENINGBALANCE 618,813.54 01/03/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKK 5250 1.0000 5,250.00 INSTITUTIONAL SHARES 01/03/06 REINVEST DREYFUS GASH MANAGEMENT-CL A DICK 2,091.88 2.091.838 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES AMT INCLUDED IN 2005 - 1099 INSTITUTIONAL SHARES 01/31/06 CLOSINGBALANCE 627,817.02 TOTAL $-9,003.48 $2,091.88 o27 02/01/06;18:22 001 va00 EFTA00201073

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York. New York 10179 fl a JEFFREY EPSTEIN 6 of6 STATEMENT PERIOG December 31,2005 THROUGH January 31, 2006 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT © December 30, 2005 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 01/03/06 = RAMCO GERSHENSON PROPEATIES APT 5,250.00 TRUST-MD SBI CASH DIV ON 12000 SHS REC 12/20/05 PAY 01/03/06 AMOUNT INCLUDED ON 2005-1099. 01/13/06 | GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 01/01/06 PAY 01/13/06 CASH DIV ON 2000 SHS REC 12/30/05 PAY 01/17/06 AMOUNT INCLUDED ON 2005-1099 TOTAL $6,911.60 f-™ (stop) ****** End of Statement****** LS 027 02/01/06;18:32 001 va00 EFTA00201074