Bear Stearns brokerage statement for Jeffrey Epstein, October 2006

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

ACCOUNT EXECUTIVE ZICHERMAN,IRA¶

VISIT OUR WEBSITE www.bearstearns.com¶

What’s In This Statement¶

Financial Summary 3¶

Your Portfolio Holdings … 4¶

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

Transaction Detail

6

Fund Activity 6¶

JEFFREY EPSTEIN¶

C/O FINANCIAL TRUST COMPANY¶

ATTN JEANNE BRENAN¶

6100 RED HOOK QUATER B-3¶

ST THOMAS VI 00802-1348¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

| LAST STATEMENT | September 29, 2006 |¶

| :--- | :--- |¶

JEFFREY EPSTEIN¶

TAXPAYER NUMBER On File¶

Your Portfolio at a Glance¶

STATEMENT PERIOD September 30, 2006¶

THROUGH October 31, 2006¶

ACCOUNT NUMBER¶

TOTAL VALUE OF SECURITIES THIS PERIOD	4,762,060
MONEY MARKET FUND BALANCE	7,569,565
NET EQUITY THIS PERIOD	$12,331,625
NET EQUITY LAST STATEMENT	15,116,000
CHANGE SINCE LAST STATEMENT	-2,784,375

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

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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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

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Bear, Steams Securities Corp. One Metratech Center North Brooklyn, New York 11201-3859¶

JEFFREY EPSTEIN¶

STATEMENT BACKER IS PRINTED ON THIS PAGE¶

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$0.00
Money Fund	3,048,560.41
Dividends/Interest	7,560.64
Amount Credited	$3,056,121.05
Money Fund	-56,121.05
Funds Withdrawn	-3,000,000.00
Amount Debited	$-3,056,121.05
Closing Balance	$0.00

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	56,121.05	229,590.53
Total	$56,121.05	$229,590.53

Portfolio Composition¶

Cash/Cash Equivalent	7,569,565
Equities	4,762,060
Total	$12,331,625

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CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metratech Center North Brooklyn, New York 11201-3859¶

JEFFREY EPSTEIN¶

STATEMENT PERIOD September 30, 2006¶

THROUGH October 31, 2006¶

Your Portfolio Allocation¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | September 29, 2006 |¶

| :--- | :--- |¶

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

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Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5.1900%	DICXX	7,569,564.72	1.0000	7,569,565	386,048	5.1000
TOTAL CASH & CASH EQUIVALENTS				$7,569,565	$386,048

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

Equities & Options¶

EQUITIES¶

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.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them.¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

STATEMENT PERIOD September 30, 2006¶

ACCOUNT NUMBER¶

JEFFREY EPSTEIN¶

| LAST STATEMENT | September 29, 2006 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

THROUGH October 31, 2006¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD(%)
FELCOR LODGING TRUST INC	FCH	CASH	2,000	20.7600	41,520	1,600	3.8536
GLENBOROUGH REALTY TRUST INC BSC RATING:STOCK P/SECTOR MW NED DAVIS RESEARCH RATING:H	GLB	CASH	2,000	25.9800	51,960	2,200	4.2340
GLIMCHER REALTY TRUST-SBI	GRT	CASH	2,000	25.7600	51,520	3,846	7.4651
HRPT PROPERTIES TR-SBI	HRP	CASH	10,000	11.9000	119,000	8,400	7.0588

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859¶

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Equities & Options (continued)¶

Your Portfolio Holdings (continued)¶

JEFFREY EPSTEIN¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
HOSPITALITY PROPERTIES TRUST SBI	HPT	CASH	2,000	48.4600	96,920	5,920	6.1081
JOHNSON & JOHNSON BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: B	JNJ	CASH	57,800	67.4000	3,895,720	86,700	2.2255
WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007	LUTHW	CASH	235	0.1750	41
NAYARIT GOLD INC	NYRTF	CASH	19	0.5350	10
PAN PACIFIC RETAIL PROPERTIES INC	PNP	CASH	436	69.9500	30,498	412	1.3509
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI	PEI	CASH	1,794	43.1000	77,321	4,090	5.2896
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	CASH	12,000	32.8100	393,720	21,480	5.4557
SIRIUS SATELLITE RADIO INC BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B	SIRI	CASH	1,000	3.8300	3,830
Total Equities& Options					$4,762,060	$134,648
TOTAL EQUITIES					$4,762,060	$134,648

STATEMENT PERIOD September 30, 2006¶

ACCOUNT NUMBER¶

THROUGH October 31, 2006¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | September 29, 2006 |¶

| :--- | :--- |¶

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$520,696
YOUR PRICED PORTFOLIOHOLDINGS	$12,331,625

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

6 of 7¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

Transaction Detail¶

DEPOSITS AND WITHDRAWALS¶

JEFFREY EPSTEIN¶

STATEMENT PERIOD September 30, 2006¶

THROUGH October 31, 2006¶

ACCOUNT NUMBER¶

| LAST STATEMENT | September 29, 2006 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

MONEY FUND ACTIVITY¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/30/06		OPENINGBALANCE		10,513,443.67

10/02/06	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	5,649.04	1.0000	5,649.04
10/02/06	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				48,560.41
10/02/06	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST	DICXX	48,560.41		48,560.41
10/04/06	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-1,000,000	1.0000		1,000,000.00
10/12/06	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-1,000,000	1.0000		1,000,000.00

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EFTA00201005¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

7 of 7¶

JEFFREY EPSTEIN¶

STATEMENT PERIOD September 30, 2006¶

Transaction Detail (continued)¶

THROUGH October 31, 2006¶

MONEY FUND ACTIVITY (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | September 29, 2006 |¶

| :--- | :--- |¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
10/16/06	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	1,511.60	1.0000	1,511.60
10/27/06	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-1,000,000	1.0000		1,000,000.00
10/31/06	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	400	1.0000	400.00

10/31/06	CLOSINGBALANCE	7,569,564.72
TOTAL		-56,121.05	$3,048,560.41

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
10/02/06	PAN PACIFIC RETAIL PROPERTIES INC REC 09/19/06 PAY 09/29/06	PNP	436	0.6400		279.04
10/02/06	RAMCO GERSHENSON PROPERTIES TRUST-MD SBI REC 09/20/06 PAY 10/02/06	RPT	12,000	0.4475		5,370.00
10/16/06	GLENBOROUGH REALTY TRUST INC REC 10/01/06 PAY 10/16/06	GLB	2,000	0.2750		550.00
10/16/06	GLIMCHER REALTY TRUST-SBI REC 09/29/06 PAY 10/16/06	GRT	2,000	0.4808		961.60
10/31/06	FELCOR LODGING TRUST INC REC 10/16/06 PAY 10/31/06	FCH	2,000	0.2000		400.00
TOTAL						$7,560.64

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