Your Portfolio at a Glance

Fund Activity …………………………………………………………………………………………………………………………………………….

7

There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account.

Market Value of Your Portfolio

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Stearns Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

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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.

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CLEARED THROUGH ITS

JPM-SDNY-00055745 EFTA00011149

CLEARED THROUGH IT’S WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.

GHISLAINE MAXWELL

PLEASE PROMPTLY NOTIFY YOUR ACCOUNT EXECUTIVE IN WRITING OF ANY MATERIAL CHANGES IN YOUR FINANCIAL CIRCUMSTANCES OR INVESTMENT OBJECTIVES

Statement Frequency: Statements will be mailed to customers whose account has activity during the statement period affecting money balances and/or security positions. Delivery Versus Payment customers whose account has activity will receive statements on a quarterly basis that will reflect all activity during the quarter. All other customers will be sent statements at least four times a calendar year provided their account contains a money balance or security position

Information Available Upon Requests The date and time of the transaction and the name of the person from whom the security was purchased, or to whom it was sold will befurnished upon request.

Please promptly notify the office servicing your account in writing of any change of address. The office servicing your account can be found on page 1.

Securities Investor Protection Corporation (“SIPC”). provides account protection for the net equity of a customer’s funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash (“SIPC Coverage”). Visit www.sipc.org for more information about SIPC Coverage. BSSC provides the additional protection (“Excess SIPC”) through Customer Asset Protection Company (“CAPCO”), Accent protection acclies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as futures, options on futures, foreign exchange transactions, or any investment contracts that are not registered as securities.

institutions obtain certain identification documents or other information in order to comply with their customer identification procedures. Until you provide the required information or documents, we may not be able to open or maintain an account or effect any transactions for you.

Kindly include your account number(s) on all correspondence.

Bear, Stearns Securities Corp. (“BSSC”), a member of the a New York licensed insurance company.

The USA PATRIOT Act requires that all financial

02/28/06

V914

GUIDE TO YOUR STATEMENT

Your statement may contain the following sections:

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Your Portfolio at a Glance: Reflects the net equity of your account at the close of the statement period, the net equity of your last statement and any change since the last statement.

Market Value of Your Portfolio: A graph reflecting the change in the market value of your account portfolio from the market value reflected on your last statement (Cash)Cash Equivalent, Equities, Mutual Funds, Fired Income, Other).

Cash Flow Analysis and Cash Balance

Surminary: Both show your opening and closing balances. Cash Flow Analysis reflects the categories of cash activity. Cash Balance Summary reflects the cash balances by account type. Opening Balance is the credit or debit carried over from the previous period’s closing balance. Closing balance is the combination of the total debits and credits for the statement period together with the opening cash balance. A debit balance (money you owe us) is indicated by a minus sign in these sections.

Income Summary: Reflects the total dividend, interest and other income amounts for the statement period and year to clate. Any tax withheld, margin interest and miscellaneous charges are included here if applicable.

Distribution Summary: Reflects returns on capital, liquidations, and other income for the statement period and current vear

Retirement Plan: Reflects the contributions received and distributions paid during this statement period as well as for the previous year

Your Portfolio Allocation: A pie chart defining your asset allocations (Cash/Cash Equivalent, Equities, Mutual Funds, Fixed Income, Other).

Portfolio Composition: Relects a summary of cash/cash equivalent, equities, mutual funcis, and fixed income for the statement period.

Bonds with 60 - Day Horizon: Reflects bonds that will mature or are subject to reclemption within the next 60 days

Your Portfolio Holdings: Reflects cash and al securities in your account. Estimated annual income is based on the dividend or income expected to be received annually. Accrued interest represents interest earned but not yet paid or collected on fived income securities since the last councy date. There is no quarantee that this interest will be paid by the issuer. Current yield is calculated by dividing the estimated annual income by the market value of the securities and represents an estimated current yield only.

Market Prices/ Bond Ratings.

The market value of your holdings are as of the last business day of the statement period. Prices for determining market values represent estimates. These estimates are obtained from multiple sources, including Bear Steams, its afficates and outside services. Pricing estimates may be based on bids, prices within the bidlioffer spread, closing prices or matrix methodology that uses data relating to other securities whose prices are more ascertainable to produce a huncithetical price based on the estimated vield spread relationship between the securities. Pricing estimates do not constitute bids for any securities. Actual prices realized at sale may be more or less than those shown on your statement. Bond ratings are received from outside sources. While we believe our sources for market values and bond ratings to be reliable, we cannot guarantee their accuracy

The total cost basis for each security position and the unrealized cainfoss are crowided solely as a negeral indication of performance and should not be used for tax purposes or otherwise relied upon without the assistance of your tax advisor. With respect to security positions received into your account, cost basis information. If any, has been provided by you. Cost basis information relating to securities positions consisting of more than twenty tax lots (purchases and re-investments) is displayed in the aggregate as one short term and one long term

tax lot. Further information is available from your broker. Cost basis information has been provided by you or by a third party on your behaff, and not by Bear Stearns. Cost basis information relating to your mutual funds holdings,

regardless of the number of tax lots. Is clisplayed in the agoregate as one short. term tax lot and one long term tax lot. Further information is available from your broker

S The original cost basis of this position has been adjusted to reflect amortization or accretion.

Transaction Detail: Reflects all transactions setting or processed for your account this statement period.

Trades Executed But Not Yet Settled: This section will reflect any trades not yet settled by the statement closing date. The settlement clate is indicated in the first column.

IMPORTANT NOTES

Dividend Income: Dividends credited to your account may include capital gains, non-taxable dividencis and/or dividends on foreign stock. You may wish to consuit your tax advisor with regard to your tax liability on these dividend credits

Methods of Computing Interest on Debit Balances:

Interest is charged on a clay by day basis for any day that there is a net debit balance in your overall account. The calculation is made on a 360-day basis at the rate or rates shown on the statement. Interest rates may be changed from time to time with fluctuating money market rates or for other reasons.

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Customer free credit balances may be used in this firm’s

business subject to the limitation of 17CFR Section 240.15c3-3

under the Securities Exchange Act of 1934. You have the nort

to receive from us in the course of normal business operation,

If this is a margin account and we maintain a special

memorandum account for you, this is a combined statement of

your general account and special memorandum account

maintained for you under Section 220.6 of Regulation T issued by the Board of Governors of the Federal Reserve System. The

permanent record of this separate account, as required by

For Option Accounts: Further information with respect

to commissions and other charges related to the execution of

listed options transactions has been included on confirmations

of such transactions previously furnished to you and such

information will be made available to you promptly upon written

Bearer Bonds: if any securities held by us for your

account are bearer obligations which have been issued since

December 31. 1982 with original maturities of more than one

year, we agree that we will satisfy the conditions set forth in

subdivisions (i), (ii) and (ii) of Treasury Regulation Section

1.165-12 (c) (3) and covenant that we will comply with the

requirements of Treasury Requlation Section 1.165-12(c) (1) (1)

Financial Statement: A financial statement of our fim

is available for your personal inspection at our office, or a copy

Custody! Whether we are your broker or act as a clearing

agent for your broker, we carry your account and act as your

custodian for funds and securities, once received by us, which

have been deposited directly with us through your broker or

otherwise or as a result of transactions we process for your

account. Inquiries conceming the positions and balances in

Department at 347-643-2578. If your account is introduced by

another broker, all other inquiries regarcling your account and

Reportable to the Internal Revenue Service: As

required by law, at year end, we will report to you and to

the Internal Revenue Service and to certain states, certain

information on sales (including short sales), dividends, and

various types of interest that have been credited to your

the activity therein should be directed to such broker

account may be directed to our Client Services

concerning the delivery of such bearer obligations.

will be mailed to you upon written request.

any free credit balances to which you are entitled

any fully-paid securities to which you are entitled any securities purchased on margin upon full payment of

upon demand, the delivery of:

any indebtedness to us.

Regulation T, is available for your inspection.

a)

b)

0

request

vour

account

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.

GHISLAINE MAXWELL

STATEMENT PERIOD August 1, 2006 THROUGH August 31, 2006

Cash Flow Analysis

Portfolio Composition

Your Portfolio Allocation

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

V914

4 at 8

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.

WHOLLY OWNED SUBSIDIARY

GHISLAINE MAXWELL

CLEARED THROUGH IT’S

STATEMENT PERIOD August 1, 2006 THROUGH August 31, 2006

ACCOUNT NUMBER TAXPAYER NUMBER On File

LAST STATEMENT July 31, 2006

Your Portfolio Holdings

CASH & CASH EQUIVALENTS

EQUITIES

Equities & Options

The research ratings for Bear Steans (BSC) are shown for che BSC Equity Research Department. The first rating represents the stocks total eturn relative to the other stocks covered by the Analys. The stock rating values is as follows: 0 = Outperform; U = Underform. The second rating epresents the rating of the coverage universe elative to the regional realing is as follows: MO = Market Overveight, MV = Market Weight, MJ = Market underweight. In cases where 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 and have normalized them as follows: B = Buy; H = Hold; S = Sell (this nay not always correspond directly to the underlying rating of BSC). The ratings information contained herein is for informational puposes only and is not intended to provide tax, Jeal, or investment advisiting any action based on such information, nor endorsing any recommendation or opinion expressed by any indeeentent, third-party research provider. The continuing coverage of the subject company is temporarily not available due to legal easons. Independent, third-party research on certain company of the Firm’s research is available to customers on access this eseach at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them.

BEAR STEARNS

5 A’ A

CLEARED THROUGH ITS W.4OLLY OWNED SJESIDIARY

Sear. Steams Securities Cap.

GhISLAINE MAXWELL

STATEMENT PERIOD August 1, 2006

THROUGH August 31. 2008

ACCOUNT MAISER

TAXPAYER NUMBER On File

LAST STATEMENT July 31, 2006

Your Portfolio Holdings (continued)

Equities & Options (COnbilund)

FMED INCOME

Municipal Bonds

CLEARED THROUGH ITS SAJESID /

Sear. Steams SCCUMJCS CO M.

GHISLAINE MAXWELL

STATEMENT PERIOD August 1, 2006

THROUGH August 31, 2006

ACCOUNT NumeER TAxPAYER KINSER On Me

LAST STATEMENT July 31, 2006

Municipal Bonds conbnucd)

Your Portfolio Holdings (continued)

STDIRNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc.

BEAR

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.

GHISLAINE MAXWELL

THROUGH

STATEMENT PERIOD August 1, 2006

August 31, 2006

ACCOUNT NUMBER TAXPAYER NUMBER On File

LAST STATEMENT July 31, 2006

Transaction Detail

MONEY FUND ACTIVITY

DATE TRANSACTION DESCRIPTION SYMBOL/CUSIP QUANTITY PRIČE DEBIT AMOUNT MO/DAY CREDIT AMOUNT OPENING BALANCE 54,664.49 08/01/06 ——————————————————————————————————————————————————————————………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………… 08/01/06 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1,444.28 1.0000 1,444.28 INSTITUTIONAL SHARES 08/01/06 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXXX 250.36 INSTITUTIONAL SHARES MONTHLY DIVIDEND —————————————————————————————————————————————————————————–annumanumanumannanananananananananananananananananananananananaanaanaanaanaan ………………………………………………………………………………………………………………………………………………………… 250.36 08/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 250.36 INSTITUTIONAL SHARES DIVIDEND REINVEST ——————————————————————————————————————————————————————————08/31/06 CLOSING BALANCE 56,359.13 $250.36 TOTAL $-1,694.64

INTEREST

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OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.

***** End of Statement *****

3.580

REV RFDG-SER D-2 DUE 11/01/2032

REGINT ON 100000 BND