Statements EFTA00201075

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS _——" 10179 INVESTMENT PROFESSIONAL ZICHERIMAN,IRA Teverrone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary .. Your Portfolio Holdings Transaction Detail ..........ssesssessesseese sees Fur ACtivity ,sssssssssssnsesnssssestesnssseesesnsseaes YOUr M@SSAQCS 0.1... sesseessseenseeseesseesnseeeees Your Portfolio at a Glance NODS Ww 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 $516,440 TOTAL VALUE OF SECURINES THIS PERIOD 4,223,821 “ash & Equivalent fe $507,176 MONEY MARKET FUND BALANCE 516,440 ay. NET EQUITY LAST STATEMENT 4,883,437 CHANGE SINCE LAST STATEMENT 143,176 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 Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. O27 HM Curent market value flaag Last statements market value CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD June 30,2007 THROUGH July 31, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT June 29, 2007 Sirc This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for your records. See reverse side for important information. 08/01/0707:19 001 EFTA00201076

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 08/01/07,07:19 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201077

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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 Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 3 of? STATEMENT PERIOD June 30, 2007 THROUGH duly 31, 2007 Cash Flow Analysis Income Summary scone uc THIS PERIOD THS PERIOD YEAR TO DATE LAST STATEMENT June 29, 2007 9,264.16 93,029.39 OpeningBalance Money Fund 2117.28 Dividends/Interest 7146.88 Amount Credited $9,264.16 Money Fund 9,264.16 Amount Debited $-9,264.16 Equities 4,223,821 vere Portfolio Composition Cash/Cash Equivalent 516,440 $4,740,261 Closing Balance $0.00 Your Portfolio Allocation Cash & Equivalent 10% 4 \Equities 90% Unshaded portions denote debt balance andicr short market values. The allocation percamage is derved from the absokte market value of your porttolio. 027 08/01/0707:19 001 wos EFTA00201078

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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 Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4oar STATEMENT PERIOD June 30, 2007 THROUGH duly 31, 2007 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT June 29, 2007 CASH & CASH EQUIVALENTS NAARKET DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE DREYFUS CASH MANAGEMENT-CL A DICKK 516,440.44 1.0000 516,440 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,2100% TOTAL CASH & CASH EQUIVALENTS $516,440 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 = ESTIMATED DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE ANNUAL INCOME YELD (%} FELCOR LODGING TRUST INC FCH CASH 2,000 21.9600 43,920 2,400 5.4645 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 21.2600 42,520 3,846 9.0452 HRPT PROPERTIES TR-SBI HRP CASH 10,000 9.3500 93,500 8,400 8.9840 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 38.3600 76,720 6,080 7.9249 SBI 027 08/01/07,07:19 001 wos EFTA00201079

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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 ESTIMATED DESCRIPTION SYMBOLICUSIP TPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%} JOHNSON & JOHNSON JNJ CASH 57,800 60.5000 3,496,900 95,948 2.7438 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B KIMCO REALTY CORP KIM CASH 98 37.3300 3,658 157 4.2920 BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.0700 16 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.7990 15 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 38.9400 69,858 4,090 5.8547 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 32.2000 386,400 22,200 5.7453 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.0100 3,010 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B TRAVELCENTERS OF AMERICA LLC TA CASH 200 36.5200 7,304 Total Equities& Options $4,223,821 $143,121 TOTAL EQUITIES $4,223,821 $143,121 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $143,121 YOUR PRICED PORTFOLIOHOLDINGS $4,740,261 027 06/01/07,07:19 001 vo1s ACCOUNT NUMBER TAXPAYER NUMBER June 30, 2007 July 31, 2007 On File June 29, 2007 EFTA00201080

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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 a" 10179 6 of? JEFFREY EPSTEIN STATEMENT PERIOD June 30, 2007 THROUGH duly 31, 2007 Tran ion Detail ransaction Deta accout numcce | TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT June 29, 2007 DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 06/30/07 OPENINGBALANCE 507,176.28 INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND 0 2/07 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 2,117.28 2,117.28 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 07/31/07 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 600 1.0000 600.00 INSTITUTIONAL =SHARES 07/31/07 CLOSINGBALANCE 516,440.44 TOTAL $-9,264.16 $2,117.28 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 07/02/07 RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4625 5,550.00 TRUST-MD SBI REC 06/20/07 PAY 07/02/07 0 16/07 GLIMCHER REALTY TRUST-SBI GRT REC 06/29/07 PAY 07/16/07 914808 07/16/07 KIMCO REALTY CORP KIM 98 0.3600 35.28 REC 07/05/07 PAY 07/16/07 o27 08/01/07,07:19 001 wos EFTA00201081

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Transaction Detail (continued) DIVIDENDS (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD June 30, 2007 THROUGH duly 31, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT June 29, 2007 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) DEBIT AMOUNT CREDIT AMOUNT 07/31/07 FELCOR LODGING TRUST INC FCH 2,000 0.3000 600.00 REC 07/13/07 PAY 07/31/07 TOTAL $7,146.88 Your messages ie You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp. (‘BSSC") at the telephone numbers listed on the front of this statement. In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this statement, STOP ****** End of Statement****** 027 08/01/07,07:19 001 wos EFTA00201082

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BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT June 1, 2007 June 29, 2007 0038-28825 On File May 31,2007 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 Investment Professional, This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS AIC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 0630070743 001 wot EFTA00201083

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 INVESTMENT PROFESSIONAL ZICHERIMAN,IRA TeverHone VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial Summary . Your Portfolio Holdings Transaction Detail ..........ssesssesssseseseeees Fur ACtivity ,.sssssssessnsesnssssestesnssseestsnsseaes YOUr M@SSAQCS 0... .ssessesessees cesses seesnsessees aonnr Ww Your Portfolio at a Glance TOTAL VALUE OF SECURINES THIS PERIOD «4,976,261 “88h & Equivalent CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1, 2007 THROUGH June 29, 2007 MlosDbssoaaUlssalleallllosollefoslstollelsba soar seen LAST STATEMENT May 31,2007 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 $507,176 $480,071 $4,513,028 NET EQUITY THIS PERIOD $4,883,437 NET EQUITY LAST STATEMENT 4,993,099 CHANGE SINCE LAST STATEMENT -109,662 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 of stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or wrt to Clan! Services at Bear, Steams Securities Corp., One Metotech Center North, Brooklyn, N.Y. 11201-3859. O27 HM current market value ee] Last statements market value Sirc This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for our records. See reverse side for important information. 06/300707:43 001 wort EFTA00201084

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06/3007,07:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201085

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BEAR STEARNS 3 of8 Cash Flow Analysis OpeningBalance Money Fund Dividends/Interest Miscellaneous OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 THIS PERIOD 2,095.80 25,009.58 7,400,000.00 Amount Credited Money Fund -27,105.38 Funds Withdrawn -7,400.000.00 Closing Balance 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, 2007 THROUGH June 29, 2007 accouvt nuvecr TAXPAYER NUMBER On File Income Summary THS PERIOD 27,105.38 YEAR TO DATE LAST STATEMENT May 31,2007 83,765.23 Portfolio Composition Cash/Cash Equivalent 507,176 Equities 4,376,261 $4,883,437 Your Portfolio Allocation Cash & Equivalent 10% : \Equities 90% Unshaded portions denote debt balance andicr short market values. The allocation percamage is derved from the absokte market value of your porttolio. 06/3007,07:43 001 wit EFTA00201086

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS 4 oe Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION SYMBOUCUSIP DREYFUS CASH MANAGEMENT-CL A DICKK INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,2200% TOTAL CASH & CASH EQUIVALENTS EQUITIES Equities & Options New = New York 10179 QUANTITY. 507,176.28 PRICE 1.0000 NAARKET VALUE 507,176 $507,176 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, 2007 THROUGH June 29, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 31,2007 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, DESCRIPTION SYMBOUCUSIP FELCOR LODGING TRUST INC FCH GLIMCHER REALTY TRUST-SBI GRT HRPT PROPERTIES TR-SBI HRP HOSPITALITY PROPERTIES TRUST HPT CASH CASH QUANTITY 2,000 2,000 10,000 2,000 PRIEE 26.0300 25.0000 41.4900 MARKET VALUE ANNUAL INCOME 52,060 50,000 10.4000 104,000 82.980 ESTIMATED YELD (%} 4.6101 7.6920 8,400 8.0769 6,080 7.3271 SBI O27 06/3007,07:43 001 EFTA00201087

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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 sae . LAST STATEMENT Equities & Options (continued) ACCT WAARKET ESTIMATED ESTIMATED DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD (%) JOHNSON & JOHNSON JNJ CASH 57,800 61.6200 3.561.636 95,948 2.6939 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B KIMCO REALTY CORP KIM CASH 98 38.0700 3,731 141 3.7791 BSC RATING: STOCK O/SECTOR MU GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1700 40 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.8200 16 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 44.3300 79,528 4,090 5.1428 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 35.9300 431,160 22,200 5.1489 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.0200 3,020 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B TRAVELCENTERS OF AMERICA LLC TA CASH 200 40.4500 8,090 Total Equities& Options $4,376,261 $143,105 TOTAL EQUITIES $4,376,261 $143,105 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $143,105 YOUR PRICED PORTFOLIOHOLDINGS $4,883,437 o27 06/3007,07:43 001 wit dune 1, 2007 June 29, 2007 On File May 31,2007 EFTA00201088

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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 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS a" 10179 6 of8 JEFFREY EPSTEIN STATEMENT PERIOD June 1, 2007 THROUGH June 29, 2007 accout nuvecr TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT = May 31, 2007 Transaction Detail DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT 06/15/07 END WIRED MD: FNDS WIRED TO 7,400,000.00 TOTAL $-7,400,000.00 MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION: DESCRIPTION SYMBOUCUSIF QUANTITY PRICE OEBIT AMOUNT CAEDIT AMOUNT 06/01/07 OPENINGBALANCE 480,070.90 7 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKK 2,095.80 INSTITUTIONAL SHARES MONTHLY DIVIDEND 7 REINVEST OREYFUS CASH MANAGEMENT-CL A DICKK 2,095.80 2,095.80 INSTITUTIONAL SHARES DIVIDEND REINVEST 06/12/07 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKK 23,987 1.0000 23,987.00 INSTITUTIONAL SHARES 06/15/07 BOUGHT DREYFUS CASH MANAGEMENT.CL A DICKK 1,022.58 t_0000 1,022.58 INSTITUTIONAL SHARES 06/29/07 CLOSINGBALANCE 507,176.28 TOTAL $-27,105.38 $2,095.80 o27 06/3007,07:43 001 vor EFTA00201089

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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 7 of 8 STATEMENT PERIOO June 1, 2007 THROUGH June 29, 2007 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT = May 31, 2007 DATE DESCRIPTION SYMBOUUSIF QUANTITY RATE (3) DEBIT AMOUNT CREDIT AMOUNT 06/12/07 JOHNSON& JOHNSON JNJ 57,800 0.4150 23,987.00 REC 05/29/07 PAY 06/12/07 Sart BENBISUOUANE REAL CSUR gpa nammnnnamnnnneanmnnnnensnn seenneneeneene INVESTMENT TRUST-SBI REC 06/01/07 PAY 06/15/07 TOTAL $25,009.58 MISCELLANEOUS DATE MOVDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 06/15/07 JOURNAL FROM 7,400,000.00 TOTAL $7.400.000.00 027 06/30/07,07:43 001 voit EFTA00201090

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 8 of8 Your messages EZ Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us, EZ You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp, (‘BSSC") at the telephone numbers listed on the front of this statement, In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this statement, ****** 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 PERIOO June 1, 2007 THROUGH June 29, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 31,2007 TS SPECIAL NOTICE FOR MARGIN CUSTOMERS If you are a customer with a margin account, you consent to Bear Steams's night to use, lend or pledge any securities held by Bear Stearns in your margin account, In certain circumstances, such loans or other use may limit, in whole or in part, your ability to receive dividends directly from the issuing company and/or your right to exercise voting and other attendant nights of ownership with respect to the loaned, sold or pledged securities. Such circumstances include, but are not limited to, loans of securities that you own in your margin account that continue over record dates for voting purposes and ex-dividend dates for dividend distributions, If you do not receive dividends directly from the issuing company, you may receive payments-in-lieu of dividends which could cause you to lose the benefit of the preferential tax treatment accorded to dividends, In an effort to maximize execution quality, Bear Stearns may route your equity orders to its Smart Order Router (SOR), The SOR accepts limit and market orders and automates their routing across several sources of liquidity in an attempt to maximize price and minimize market impact with respect to your order, The SOR routes orders using proprietary algorithms that scan exchanges, ECN’s and other liquidity venues before it decides a strategy designed to achieve an optimal execution for clients, The SOR may in the course of executing an instruction change the entered order type from market to limit or may change the entered limit price in an attempt to obtain the best price, Although the Firm believes that the regular use of this technology benefits clients by achieving overall better execution quality, we cannot guarantee an optimal execution on any individual order, 06/3007,07:43 001 wit EFTA00201091

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 INVESTMENT PROFESSIONAL ZICHERIMAN,IRA Teverrone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary .. Your Portfolio Holdings Transaction Detail ..........:ssesssesssseeseseeees Fur ACtivity ssssesesssensesvssssestesessseesesesasaes YOUr M@SSAQ@S 0.0... sessesesseenseeseeeseesneeenees NODS Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD «4,513,028 S#sh § Equvalent CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 1, 2007 THROUGH May 31,2007 MlosDbssoaallssalteallllosolletoslslollelsba soar anes LAST STATEMENT April 30, 2007 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 $480,071 $474.448 $4,574,378 NET EQUITY THIS PERIOD $4,993,099 NET EQUITY LAST STATEMENT 5,048,826 CHANGE SINCE LAST STATEMENT -55,727 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or wre to Clon! Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. O27 HE current market value Ae Last statements market value Sirc This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for our records. See reverse side for important information. 06'01/07,05:44 001 woo EFTA00201092

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06/01/07,05:44 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201093

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 3 of? Cash Flow Analysis THIS PERIOD OpeningBalance Money Fund Funds Deposited Dividends/Interest Amount Credited $2,505,623.30 Money Fund -5,623.30 Funds Withdrawn -2,500.000.00 ‘Amount Debited on §-2,505,623.30 Closing Balance 027 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 1, 2007 THROUGH May 31,2007 accout nuvecr Income Summary TAXPAYER NUMBER On Fille THS PERIOD YEAR TO DATE LAST STATEMENT April 30, 2007 5,623.30 56,659.85 Portfolio Composition Cash/Cash Equivalent 480,071 4,513,028 $4,993,099 Your Portfolio Allocation Cash & Equivalent * \ Equities 91% Unshaded portions denote debt balance andicr short market values. The allocation percamage is dorved from the absokte market value of your porttoli. 06/01/07,05:44 001 yoo EFTA00201094

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS 4o7 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION SYMBOUCUSIP DREYFUS CASH MANAGEMENT-CL A DICKK INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,1900% TOTAL CASH & CASH EQUIVALENTS EQUITIES Equities & Options New = New York 10179 QUANTITY. 480,070.90 PRICE 1.0000 NAARKET VALUE 480,071 $480,071 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 1, 2007 THROUGH May 31,2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT April 30, 2007 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, DESCRIPTION SYMBOUCUSIP FELCOR LODGING TRUST INC FCH GUMCHER REALTY’ usr, alll GRT HRT PROPERTIES TR sal HRP HOSPITALITY PROPERTIES “TRUST HPT CASH CASH QUANTITY 2,000 2000 10,000 “2.000 PRIEE 26.1900 2. 2500 “M. 4800 “44. 4400 MARKET VALUE ANNUAL INCOME 52.380 5, 00 4 14, 800 "88. "880 ESTIMATED YELD (%} 3.8183 a 0500 ‘7. a7 "6. 8407 SBI O27 06/01/07,05:44 001 woo EFTA00201095

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Secuttties Co: : r Bear, Stearns & Co. Inc. One Metatech Center Nort BEAR nf oreinp one ee ala STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 a7 STATEMENT PERIOD May 1, 2007 THROUGH May 31,2007 Your Portfolio Holdings (continued) account numcch | TAXPAYER NUMBER On File _ . LAST STATEMENT April 30, 2007 Equities & Options (continued) ACCT NAARKET ESTIMATED ESTIMATED DESCRIPTION SYMBOLCUSIP TYPE QUANTITY PRKE VALUE __ ANNUAL INCOME YELD (%) JOHNSON & JOHNSON JNJ CASH 57,800 63.2700 3,657,006 95,948 2.6237 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B KIMCO REALTY CORP KIM CASH 98 46.2900 4,536 141 3.1085 BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTWE CASH 235 0.1800 42 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.7850 15 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 47.5300 85,269 4,090 4.7966 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 36.9900 443,880 22,200 5.0014 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 2.9300 2,930 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B TRAVELCENTERS OF AMERICA LLC TA CASH 200 43.9500 8,790 Total Equities& Options $4,513,028 $142,705 TOTAL EQUITIES $4,513,028 $142,705 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $142,705 YOUR PRICED PORTFOLIOHOLDINGS $4,993,099 027 06/01/07,05:44 001 yoo EFTA00201096

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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 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS a" 10179 6 of? JEFFREY EPSTEIN STATEMENT PERIOD May 1, 2007 THROUGH May 31, 2007 accout nuvecr TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT — April 30, 2007 Transaction Detail DATE TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 05/09/07 FND WIRED MDA; FNDS WIRED TO 2,500,000.00 a 05/09/07 FUNDS REC FNDS WIRED TO CITIBANK FROM 2,500,000.00 a TOTAL $-2,500,000.00 $2,500,000.00 MONEY FUND ACTIVITY DATE MO’DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE CEBIT AMOUNT CAEDIT AMOUNT 05/01/07 OPENINGBALANCE 474,447.60 05/01/07 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 2,003.30 INSTITUTIONAL SHARES MONTHLY DIVIDEND 05/01/07 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKK 2,003.30 2,003.30 INSTITUTIONAL SHARES DIVIDEND REINVEST 05/18/07 BOUGHT “DREYFUS CASH MANAGEMENT-CL A “DICK {520° Y'b000 ‘{'520.00 INSTITUTIONAL SHARES INSTITUTIONAL SHARES 05/31/07 CLOSINGBALANCE 480,070.90 TOTAL $-5,623.30 $2,003.30 027 06/01/07,05:44 001 yoo EFTA00201097

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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 7 ot? STATEMENT PERIOD May 1, 2007 THROUGH May 31, 2007 accout nuvecr TAXPAYER NUMBER On File Transaction Detail (continued) DIVIDENDS LAST STATEMENT — April 30, 2007 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 05/17/07 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7600 1,520.00 SBI REC 04/16/07 PAY 05/17/07 05/24/07 HAPT PROPERTIES TR-SBI HAP 10,000 0.2100 2,100.00 REC 04/23/07 PAY 05/24/07 TOTAL $3,620.00 Your messages ie You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp, ("BSSC") at the telephone numbers listed on the front of this statement. In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this statement. STOP ****** End of Statement****** \/ O27 06/01/0705:44 001 woo EFTA00201098

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New _— New York 10179 BEAR STEARNS INVESTMENT PROFESSIONAL ZICHERIMAN,IRA TeerHone VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial Summary .. 3 Your Portfolio Holdings 4 Transaction Detail ......sseeeseeeeeene 6 Fund ACV Jitu 6 Your M@SSages ........scsesssscsecesseesseecetees 7 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,574,378 MONEY MARKET FUND BALANCE 474,448 aiuam wa cuss SS eae NET EQUITY LAST STATEMENT 4,794,752 CHANGE SINCE LAST STATEMENT 254,074 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report any diterence or non-receipt of checks or stocks, indicated as delivered to you, Cash & Equivalent ities LL % Client Senices at 800-624-1428; or write to Clont Services at Bear, Steams Securities Comp., One Metotech 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 $474,448 $465,403 | | Current market value ee] Last statements market value CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOG March 31,2007 THROUGH April 30, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT March 30, 2007 Sirc This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for our records. See reverse side for important information. 05/01/0707:14 001 EFTA00201099

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05°01/07,07:14 001 woos CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201100

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BEAR STEARNS 3 of? Cash Flow Analysis OpeningBalance Money Fund Dividends/Interest Amount Credited Money Fund Amount Debited Closing Balance OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 THIS PERIOD 1,997.68 7,046.88 $9,044.56 9,044.56 $-9,044.56 $0.00 Income Summary THS PERIOD 9,044.56 YEAR TO DATE 51,036.55 51,036.55 Portfolio Composition Cash/Cash Equivalent 474,448 Equities 4,574,378 $5,048,826 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steans Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO March 31,2007 April 30, 2007 account nuvecr TAXPAYER NUMBER On File LAST STATEMENT March 30, 2007 THROUGH Your Portfolio Allocation Cash & Equivalent % \ Equities 91% Unshaded portions denote debt balance andlor short market values. The allocation percamage is dorved from the absokte market value of your porto. 027 05°01/07,07:14 001 yoos EFTA00201101

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BEAR STEARNS 4o7 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,1600% TOTAL CASH & CASH EQUIVALENTS EQUITIES Equities & Options SYMBOUCUSIP DREYFUS CASH MANAGEMENT-CL A DICKK OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 QUANTITY 474,447.60 PRICE 1.0000 NAARKET VALUE 474,448 $474,448 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 31,2007 April 30, 2007 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT March 30, 2007 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, DESCRIPTION FELCOR LODGING TRUST INC FCH GUMCHER REALTY’ usr, alll GRT HRT PROPERTIES TR sal HRP HOSPITALITY PROPERTIES “TRUST HPT ACCT SYMBOUCUSIP TYPE CASH CASH CASH CASH QUANTITY 2,000 2000 10,000 “2.000 PRIEE 25.5300 2. Oi 1 00 “2. 2400 "45.5300. MARKET VALUE ANNUAL INCOME 51,060 54, 7020 122. 400 “ot. "060 ESTIMATED YELD (%} 3.9170 a 1196 ‘6. 8627 "6 6769 SBI O27 05°01/07,07:14 001 EFTA00201102

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Secuttties Co: : r Bear, Stearns & Co. Inc. One Metatech Center Nort BEAR nf oreinp one ee ala STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 a7 STATEMENT PERIOG March 31,2007 THROUGH April 30, 2007 Your Portfolio Holdings (continued) account numcch | TAXPAYER NUMBER On File _ . LAST STATEMENT March 30,2007 Equities & Options (continued) ACCT NAARKET ESTIMATED ESTIMATED DESCRIPTION SYMBOLCUSIP TYPE QUANTITY PRKE VALUE __ ANNUAL INCOME YELD (%) JOHNSON & JOHNSON JNJ CASH 57,800 64.2200 3,711,916 95,948 2.5849 BSC RATING: STOCK P/SECTOR NED DAVIS RESEARCH RATING: B KIMCO REALTY CORP KIM CASH 98 48.0700 4.711 141 2.9930 BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1400 33 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.8930 17 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 46.4600 83,349 4,090 4.9071 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 37.0000 444,000 22,200 5.0000 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 2.9600 2,960 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B TRAVELCENTERS OF AMERICA LLC TA CASH 200 44.2600 8.852 Total Equities& Options $4,574,378 $142,705 TOTAL EQUITIES $4,574,378 $142,705 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $142,705 YOUR PRICED PORTFOLIOHOLDINGS $5,048,826 o27 05°01/07,07:14 001 woos EFTA00201103

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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 a" 10179 6 of? JEFFREY EPSTEIN STATEMENT PERIOG March 31,2007 THROUGH April 30, 2007 accout nuvecr TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT March 30,2007 Transaction Detail DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 03/31/07 OPENINGBALANCE 465,403.04 INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND ‘04 2/07 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 1,997.68 1,997.68 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 04/30/07 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 500 1.0000 500.00 INSTITUTIONAL =SHARES 04/30/07 CLOSINGBALANCE 474,447.60 TOTAL $-9,044.56 $1,997.68 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 04/02/07 RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4625 5,550.00 TRUST-MD SBI REC 03/20/07 PAY 04/02/07 04, 16/07 GLIMCHER REALTY TRUST-SBI GRT REC 03/30/07 PAY 04/16/07 914808 04/16/07 KIMCO REALTY CORP KIM 98 0.3600 35.28 REC 04/04/07 PAY 04/16/07 o27 05°01/07,07:14 001 woos EFTA00201104

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Transaction Detail (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 31,2007 April 30, 2007 accout nuvecr TAXPAYER NUMBER On File THROUGH DIVIDENDS (continued) LAST STATEMENT March 30,2007 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) DEBIT AMOUNT CREDIT AMOUNT 04/30/07 FELCOR LODGING TRUST INC FCH 2,000 0.2500 500.00 REC 04/13/07 PAY 04/30/07 TOTAL $7,046.88 Your messages ie You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp. (‘BSSC") at the telephone numbers listed on the front of this statement. In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this statement, STOP ****** End of Statement****** 027 05/01/07,07:14 001 yoos EFTA00201105

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BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802-1348 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT March 1, 2007 March 30, 2007 0038-28825 On File February 28,2007 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 Investment Professional, This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS AIC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 ON31/0706:43 001 EFTA00201106

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BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 INVESTMENT PROFESSIONAL ZICHERIMAN,IRA 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, 2007 TecerHone =| THROUGH March 30,2007 VISIT OUR WEBSITE www.bearstearns.com accout unccr What’s In This Statement Use DessDectsDessssdedosslLsaDdsabeslbsteselaleallslileal TAXPAYER NUMBER On File LAST STATEMENT February 28, 2007 Financial Summary . 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail weiss 6 ATTN JEANNE BRENAN Fund ACtiVity Jiesssssssssenmmassssimnns — 6 6100 RED HOOK QUATER B-3 Your Messages 7 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio 65,403 TOTAL VALUE OF SECURINES THIS PERIOD «4,929,349 Sash & Equivalent os Pree ee ee $4,490,126 rer cep reme 472 HE current market value NET EQUITY LAST STATEMENT 4,929,262 BEB] Last statements market value CHANGE SINCE LAST STATEMENT -134,510 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any difference or nom-roceigt of checks or stocks, indicated as delivered to you, Siec This summary is for informational purposes only. It is not intended as a tax document. % Client Senices at 800-624-1428; of write to Clent Services at Bear, Stearns Socurities This statement should be retained for our records. See reverse side for important information. Corp. One Metrotech Center North, Brooklyn. N.Y. 11201-3859 027 09/31/07:06:43 001 woos EFTA00201107

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2 of 0 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 039/31/0706:43 001 woos CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201108

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BEAR STEARNS 3 of 10 Cash Flow Analysis OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 Income Summary 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, 2007 March 30, 2007 TAXPAYER NUMBER On File THROUGH ACCOUNT NUMBER THIS PERIOD THS PERIOD YEAR TO DATE LAST STATEMENT February 28, 2007 OpeningBalance 26,267.47 41,991.99 Money Fund 3,569.89 1,991.99 Dividends/Interest 22,697.58 Miscellaneous 10,000,000.00 Amount Credited $10,026,267.47 Portfolio Composition Cash/Cash Equivalent 465,403 Money Fund -26,267.47 Equities 4,329,349 Miscellaneous -10,000,000.00 $4,794,752 Amount Debited $-10,026,267.47 isueeeeacensensens seesseossensensensenacuaesssesssscunsunsensensensesesseees et aeeeee cesses Closing Balance $0.00 Your Portfolio Allocation Cash & Equivalent, % \ Equities 91% Unshaded portions denote debt balance andicr short market values. The allocation percamage is derved from the absokte market value of your porttolto. 027 039/31/0706:43 001 woos EFTA00201109

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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 Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4 of STATEMENT PERKOO March 1,2007 THROUGH March 30, 2007 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT February 28, 2007 CASH & CASH EQUIVALENTS NAARKET DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE DREYFUS CASH MANAGEMENT-CL A DICKK 465,403.04 1.0000 465,403 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5,1700% TOTAL CASH & CASH EQUIVALENTS $465,403 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 = ESTIMATED DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE ANNUAL INCOME YELD (%} FELCOR LODGING TRUST INC FCH CASH 2,000 25.9700 51,940 2,000 3.8506 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 27.0200 54,040 3,846 7.1170 HRPT PROPERTIES TR-SBI HRP CASH 10,000 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 46.8000 93,600 5,920 6.3248 SBI 12.3000 123,000 8,400 6.8293 O27 039/31/0706:43 001 woos EFTA00201110

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 Pe 5 of 0 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRIPTION ‘SYMBOU'CUSIP TYPE JOHNSON & JOHNSON JNJ CASH BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B NAARKET ESTIMATED ESTIMATED VALUE ANNUAL INCOME YELD [%) 3,483,028 86,700 2.4892 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOG March 1,2007 THROUGH March 30, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2007 KIMCO REALTY CORP KIM CASH BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTHW CASH EXP 12/10/2007 4.777 22 141 2.9516 NAYARIT GOLD INC NYRTF CASH 10 PENNSYLVANIA REAL ESTATE PEI CASH INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH TRUST-MD SBI 79,528 428,520 4,090 5.1428 22,200 5.1806 SIRIUS SATELLITE RADIO INC SIRI CASH BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B 3,200 TRAVELCENTERS OF AMERICA LLC TA CASH 200 38.4200 7.684 Total Equities& Options $4,329,349 $133,297 TOTAL EQUITIES $4,329,349 $133,297 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $133,297 YOUR PRICED PORTFOLIOHOLDINGS $4,794,752 027 039/31/0706:43 001 woos EFTA00201111

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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 a" 10179 6 of 0 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2007 THROUGH March 30, 2007 Transaction Detail ACCOUNT NUMBER fs TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT —- February 28, 2007 OATE MONDAY TRANSACTION DESCAIPTION SYMBOUDUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 03/01/07 OPENINGBALANCE 439,135.57 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES 03/30/07 CLOSINGBALANCE 465,403.04 TOTAL $-26,267.47 $3,569.89 DIVIDENDS DATE CESCRIPTION SYMBOLUCUSIP QUANTITY RATE ($) DEBIT AMOUNT CAEDIT AMOUNT 03/13/07 JOHNSON& JOHNSON JNJ 57,800 0.3750 21,675.00 REC 02/27/07 PAY 03/13/07 03/15/07 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRUST-SBI REC 03/01/07 PAY 03/15/07 TOTAL $22,697.58 027 03/31/07,06:43 001 woos EFTA00201112

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BEAR STEARNS 7 of 0 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Transaction Detail (continued) MISCELLANEOUS DATE MOVDAY TRANSACTION DESCRIPTION 03/30/07 JOURNAL TO 049-47138 10,000,000.00 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, 2007 March 30, 2007 accout nuvecr TAXPAYER NUMBER On File February 28,2007 THROUGH LAST STATEMENT CREDIT AMOUNT TOTAL $-10,000,000.00 Your messages Zs Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At November 30, 2006 and January 31, 2007, the Company's net capital of approximately $4.0 billion and $4,0 billion was approximately 6,8% and 6,7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.2 billion and $1.2 billion by approximately $2,8 billion and $2,8 billion, all respectively, A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www,bearstearns,com, Alternatively, to request a free printed copy please call - toll free 1-866-299-9331, 027 $10,000.000.00 Zs SPECIAL NOTICE FOR MARGIN CUSTOMERS If you are a customer with a margin account, you consent to Bear Steams's right to use, lend or pledge any securities held by Bear Stearns in your margin account, In certain circumstances, such loans or other use may limit, in whole or in part, your ability to receive dividends directly from the issuing company and/or your right to exercise voting and other attendant nghts of ownership with respect to the loaned, sold or pledged securities. Such circumstances include, but are not limited to, loans of securities that you own in your margin account that continue over record dates for voting purposes and ex-dividend dates for dividend distributions, If you do not receive dividends directly from the issuing company, you may receive payments-in-lieu of dividends which could cause you to lose the benefit of the preferential tax treatment accorded to dividends, 039/31/0706:43 001 woos EFTA00201113

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BEAR STEARNS 8 of 10 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 i You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp. (‘BSSC") at the telephone numbers listed on the front of this statement. In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this 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 March 1, 2007 THROUGH March 30, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2007 TZ NOTICE OF CHANGE PURSUANT TO TRUTH-IN-LENDING SEC RULE 10b-16 The purpose of this notice is to advise you of certain changes in the manner in which interest will be charged on any U.S, dollar-denominated credit extended to you by Bear, Stearns Securities Corp. ("BSSC") for the purpose of purchasing, carrying or trading in any security, Interest will continue to be based on either the BSSC Margin Basis Rate, or a London Interbank Offered Rate ("LIBOR’) as specified in the chart below. 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, 039/31/0706:43 001 woos EFTA00201114

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BEAR STEARNS 9 of 10 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 ie Effective no earlier than thirty (30) days from your receipt of this statement: 1, The annual rate of interest charged to you on U.S, dollar-denominated credit will not exceed the specified percentage over the applicable rate, as indicated in the following chart: Debit Size Range Index. Spread_to Index Up to $499,999 Margin Basis + 3,000% $500,000 - $999,999 Margin Basis + 2,000% $1,000,000 - $2,499,999 Margin Basis + 1,500% $2,500,000 - $4,999,999 LIBOR + 3,000% $5,000,000 - $9,999,999 LIBOR + 2,250% $10,000,000 and above LIBOR + 1.750% Debits in currencies other than U,S, dollars will not be taken into account in computing the debit size for purposes of determining the applicable interest rate, The rate corresponding to the debit size range in which your U.S, dollar denominated debit falls will apply to the entire amount of your U.S, dollar denominated debit. The actual rate charged to you at any given time will be notified to you on request, and the amount charged to you will appear on your monthly statements. O27 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, 2007 THROUGH March 30, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2007 | 2. Interest may be charged to your account at varying rates during the month to reflect any changes in such interest rates that have occurred during the month as well as any changes in the applicable rate caused by a change in the size of your debit balance. 3. The rate of interest charged to you on any credit extended to you in a currency other than U.S, dollars shall continue to be based on either (i) a 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 Bear Stearns Secunties' local bank, In either case, the annual rate of interest on such non-U,S, dollar denominated debit will continue to not exceed 5% above either a LIBOR, any rate quoted by Reuters or the rate provided by Bear Stearns Securities’ local bank, and will appear on your monthly statements, The actual rate charged to you at any given time will be notified to you on request and the amount charged to you will appear on your monthly statements, 4, Unless otherwise agreed, the BSSC Fed Funds Rate will no longer be an available option for computing interest, 039/31/0706:43 001 woos EFTA00201115

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 Pe 10 of 10 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, a 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 03/31/07,06:43 001 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, 2007 THROUGH March 30, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2007 EFTA00201116

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BEAR STEARNS INVESTMENT PROFESSIONAL ZICHERMAN,IRA VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial SUMMArY ssssesssesseessesseescnenensaees Your Portfolio HoldingS ........ssssessseseseeee Transaction Detail ... OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 oan fr WwW Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT "$4,929,262" yew eee 6,147,679 1,218,417 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report any difference 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. 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 39.136 4,490,126 Cash & Equvalent Meee $1,423,446 HM Current market value ee] 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 February 1,2007 THROUGH February 28, 2007 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 31,2007 ‘This statemem should be retained for your records. See reverse side for important information, 03/01/07,05:17 001 EFTA00201117

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0S/01/07,05:17 001 woos CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201118

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BEAR STEARNS 3 of? Cash Flow Analysis OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 THIS PERIOD OpeningBalance $0.00 Money Fund 1,014,209.24 Dividends/Interest 1,480.00 Amount Credited Money Fund Funds Withdrawn 15,689.24 -1,000,000.00 Income Summary THIS PERIOD Dividends 15,689.24 Portfolio Composition Cash/Cash Equivalent Equities CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp ne Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD February 1,2007 THROUGH February 28, 2007 account numccr [IG TAXPAYER NUMBER On File YEAR TO DATE Closing Balance $0.00 03/01/07,05:17 001 LAST STATEMENT January 31,2007 15,724.52 439,136 4.490.126 Your Portfolio Allocation Cash & Equivalent 8% - Equities 92% Unshaded portions denote debt balance andicr short market values. The allocation percemage is derived from the absokte market value of your porttollo. yoo6 EFTA00201119

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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 February 1,2007 THROUGH February 28, 2007 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings LAT STATEMENT January 31,2007 CASH & CASH EQUIVALENTS NAARKET ESTIMATED ESTIMATED DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%:} DREYFUS CASH MANAGEMENT-CL A DICKK 439,135.57 1.0000 439,136 23,274 5.3000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD _5.1700% TOTAL CASH & CASH EQUIVALENTS $439,136 $23,274 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 = ESTIMATED DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD (%} FELCOR LODGING TRUST INC FCH CASH 2,000 23.5800 47,160 2,000 4.2409 GUMCHER REALTY usr, Sel GRT CASH 2, 000 ale £100 55; 7620 2 BAG ine 148 HRT PROPERTIES TR ‘Bl HRP CASH “10, 000 “12. 9200 “129. 200° “8 400 “6. ‘501 5 HOSPITALITY PROPERTIES. “TRUST HPT CASH "2, 000 "46.0700 92. 140 "5.920. "6. 4250 SBI 027 03/01/07,05:17 001 woos EFTA00201120

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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 of? STATEMENT PERIOD February 1,2007 THROUGH February 28, 2007 Your Portfolio Holdings (continued) account xumccr = TAXPAYER NUMBER On File LAST STATEMENT January 31, 2007 Equities & Options (continued) AcCT NANRKET ESTIMATED ESTIMATED DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%} JOHNSON & JOHNSON JNJ CASH 57,800 63.0500 3,644,290 86,700 2.3791 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 KIMCO REALTY CORP KIM CASH 98 50.2600 4,925 141 2.8629 BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1750 41 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.5730 11 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 43.1600 77,429 4,090 5.2823 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 35.7000 428.400 21,480 5.0140 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.6500 3,650 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B TRAVELCENTERS OF AMERICA LLC TA CASH 36.3000 7,260 Total Equities& Options $4,490,126 $132,577 TOTAL EQUITIES $4,490,126 $132,577 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $155,851 YOUR PRICED PORTFOLIOHOLDINGS $4,929,262 027 03°01/07,05:17 001 voos EFTA00201121

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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 of? STATEMENT PERIOO February 1, 2007 THROUGH February 28, 2007 Transaction Detail account xumccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT January 31,2007 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/06/07 02/01/07 BOUGHT TRAVELCENTEAS OF AMERICA LLC TA 200 SPINOFF ON 2000 SHS HOSPITALITY PROPERTIES TRUST SPINOFF FROM SEC# H408026 REC 01/26/07 PAY 01/31/07 TOTAL DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 02/14/07 FND WIRED MDA; FNDS WIRED TO 1,000,000.00 TOTAL $-1,000,000.00 MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION DESCAIFTION SYMBOUIUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/01/07 OPENINGBALANCE 1,423,446.33 02/01/07 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 14,209.24 INSTITUTIONAL SHARES MONTHLY DIVIDEND 0201/07 REINVEST DREYFUS GASH MANAGEMENT-CL A DICK 44,209.34 44209'34 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 027 03/01/07,05:17 001 woos EFTA00201122

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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 Brooklyn, New York 11201-3859 STEARNS _—€€ 10179 7 ot? JEFFREY EPSTEIN STATEMENT PERIOO February 1, 2007 February 28,2007 THROUGH Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT DATE MO'DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OESIT AMOUNT 02/15/07 BOUGHT OREYFUS CASH MANAGEMENT-CL A DICK 1,480 1.0000 1,480.00 INSTITUTIONAL SHARES January 31, 2007 (CREDIT AMOUNT 02/28/07 CLOSINGBALANCE 439,135.57 TOTAL $-15,689.24 $1,014,209.24 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 02/15/07 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7400 1,480.00 SBI REC 01/16/07 PAY 02/15/07 TOTAL $1,480.00 /—™, (stop) “***** End of Statement****** \ / ——/ O27 09/01/07,05:17 001 ‘woos EFTA00201123

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS — INVESTMENT PROFESSIONAL ZICHERMAN,IRA VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Financial SUMMArY ssssesssesseessessaescnesensaees Your Portfolio HoldingS ........cssssessseesseee Transaction Detail ... oan fr 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 PERIOG December 30, 2006 THROUGH January 31,2007 accout nuvecr Was DecsdectsVDessssdedocsldsaDLsabeslbcleselaleallelsleal TAXPAYER NUMBER On File LAST STATEMENT December 29, 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 1.423 446 TOTAL VAWUE OF SECURES THs Pengo 4,724,099 Sune Ena — UMMM 2 eee 55.051 200 Anneeeneeeenneens: seeeneeee $4,667,973 NET EQUITY THIS PERIOD "$6,147,679 NET EQUITY LAST STATEMENT 9,719,773 CHANGE SINCE LAST STATEMENT -3,572,094 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any diference or nomrecaipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-634-1428; of write to Clem Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. 027 HM Current market value Ae 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. 02/01/0706:16 001 woot EFTA00201124

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02/01/07,06:16 001 woos CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00201125

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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 4,523,910.27 Funds Deposited 838,768.97 Dividends/Interest 8,966.88 Miscellaneous 10,000,000.00 $15,371,646.12 Amount Credited Money Fund -871 646.12 Funds Withdrawn -4,500,000.00 Miscellaneous -10,000,000.00 Amount Debited $-15.371,646.12 Closing Balance o27 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD December 30, 2006 THROUGH January 31,2007 On File ACCOUNT NUMBER TAXPAYER NUMBER Income Summary THIS PERIOD YEAR TO DATE LAST STATEMENT December 29, 2006 35.28 35.28 Dividends Portfolio Composition Cash/Cash Equivalent 1,423,446 4,724,233 Equities Your Portfolio Allocation Cash & Equivalent 24% Equities 76% Unshaded portions denote debt balance andicr short market values. The alocation percemage is derved from the absokte market value of your porttoib. 02/01/0706:16 001 yoo4 EFTA00201126

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BEAR STEARNS 4 oe Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD _5.1600% TOTAL CASH & CASH EQUIVALENTS EQUITIES Equities & Options SYMBOUCUSIP DREYFUS CASH MANAGEMENT-CL A DICKK OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 QUANTITY 1,423,446.33 PRICE 1.0000 NAARKET VALUE 1,423,446 $1,423,446 ESTIMATED ANNUAL INCOME 75,443 $75,443 ESTIMATED YELD [%} 5.3000 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERKOO December 30, 2006 January 31,2007 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT December 29, 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.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, 2000 DESCRIPTION FELCOR LODGING TRUST INC FCH GUMCHER REALTY usr, Sel GRT HRT PROPERTIES TR ‘Bl HRP HOSPITALITY PROPERTIES: “TRUST HPT ADC’ SYMBOUCUSIP TYPE T CASH CASH CASH CASH QUANTITY 2,000 "2,000 PRIEE 22.0700 28.2600 48.8000 “10, 000 13.0200 MARKET ESTIMATED VALUE ANNUAL INCOME 44.140 2,000 56, 7520 “180. 200° 97, "600 ee “8 400 "5.920. SBI 027 02/01/07,06:16 001 EFTA00201127

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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 PERKOO December 30, 2006 THROUGH January 31,2007 Your Portfolio Holdings (continued) account xumccr = TAXPAYER NUMBER On File eas . LAST STATEMENT December 29, 2006 Equities & Options (continued) AcCT NANRKET ESTIMATED ESTIMATED DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%} JOHNSON & JOHNSON JNJ CASH 57,800 66.8000 3,861,040 86,700 2.2455 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 KIMCO REALTY CORP KIM CASH 98 49.6000 4,861 141 2.9006 BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.1900 45 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.6640 13 PENNSYLVANIA REAL ESTATE PEI CASH 1,794 42.7000 76,604 4,090 5.3391 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 37.4600 449,520 21,480 4.7784 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.6900 3,690 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,724,233 $132,577 TOTAL EQUITIES $4,724,233 $132,577 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $208,020 YOUR PRICED PORTFOLIOHOLDINGS $6,147,679 027 02/01/07,06:16 001 vos EFTA00201128

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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 December 30, 2006 THROUGH January 31,2007 Tran ion Detail ransaction Deta ree TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT © December 29, 2006 DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT 01/05/07 END WIRED MDA; FNDS WIRED TO 1,500,000.00 01/10/07 FUNDS REC FNDS WIRED TO CITIBANK FROM 838,768.97 FND WIRED 1,000,000.00 MDA; TOTAL $-4,500,000.00 $838,768.97 MONEY FUND ACTIVITY DATE MOvDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE CEBIT AMOUNT CAEDIT AMOUNT 12/30/06 OPENINGBALANCE 5,051,800.21 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES AMT INCLUDED IN 2006 - 1099 “CL INSTITUTIONAL SHARES 027 02/01/0706:16 001 yoo4 EFTA00201129

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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 | a JEFFREY EPSTEIN 7 of8 , STATEMENT PERKOO December 30, 2006 THROUGH January 31,2007 Transaction Detail (continued) i TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT © December 29, 2006 DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRIGE DeSIT AMOUNT CAEDIT AMOUNT 01/05/07 SOLD OREYFUS CASH MANAGEMENT-CL A DICK -1,500,000 1.0000 1,500,000.00 INSTITUTIONAL SHARES 01/11/07 BOUGHT OREYFUS CASH MANAGEMENT-CL A DICKX 838,768.97 1.0000 838,768.97 INSTITUTIONAL SHARES INSTITUTIONAL SHARES 01/16107 BOUGHT DREYFUS CASH MANAGEMENT.CL A DICK 996.88 1.0000 996.88 INSTITUTIONAL SHARES: 01/22/07 SOLD DREYFUS CASH MANAGEMENT-CL A DICKX -1,000,000 7.0000 1,000,000.00 INSTITUTIONAL SHARES 01/29/07 SOLD DREYFUS CASH MANAGEMENT-CL A DICKK -1,000,000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 01/31/07 BOUGHT DREYFUS GASH MANAGEMENT.CL A DICK 2600 7.0000 2,600.00 INSTITUTIONAL SHARES 01/31/07 CLOSINGBALANCE 1,423.446.33 TOTAL $-871.646.12 $4,523,910.27 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CERIT AMOUNT CAEDIT AMOUNT 01/02/07 | RAMCO GERSHENSON PROPERTIES RPT 5,370.00 TRUST-MD SBI CASH DIV ON 12000 SHS REC 12/20/06 PAY 01/02/07 AMOUNT INCLUDED ON 2006-1099. 01/16/07 KIMCO REALTY CORP KIM 98 0.3600 35.28 REC 01/02/07 PAY 01/16/07 027 02/01/0706:16 001 oot EFTA00201130

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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 8 of6 STATEMENT PERIOG December 30, 2006 THROUGH January 31,2007 Transaction Detail (continued) account numccr TAXPAYER NUMBER On File DIVIDENDS (continued) LAST STATEMENT December 29, 2006 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 01/16/07 GLIMCHER REALTY TRUST-SBI GRT 961.60 CASH DIV ON 2000 SHS REC 12/29/06 PAY 01/16/07 AMOUNT INCLUDED ON 2006-1099 01/31/07 FELCOR LODGING TRUST INC FCH ‘ “500.00 CASH DIV ON 2000 SHS REC 12/29/06 PAY 01/31/07 AMOUNT INCLUDED ON 2006-1099 01/31/07 HAPT PROPERTIES TR-SBI HAP 2100.00 CASH DIV ON 10000 SHS REC 12/29/06 PAY 01/31/07 AMOUNT INCLUDED ON 2006-1099 TOTAL $8,966.88 MISCELLANEOUS TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 01/30/07 JOURNAL 1 10,000,000.00 01/30/07 JOURNAL ao Olté‘iS TOTAL -10.000,000.00 $10,000.000.00 f-™ (stor ****** End of Statement****** \ / —/ 027 02/01/0706:16 001 yoo EFTA00201131