EFTA00201017

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



ACCOUNT EXECUTIVE ZICHERMAN,IRA



TELEPHONE

VISIT OUR WEBSITE www.bearstearns.com



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

<table><tr><td>Transaction Detail</td><td>6</td></tr></table>

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



TAXPAYER NUMBER On File

JEFFREY EPSTEIN

| LAST STATEMENT | July 31, 2006 |

| :--- | :--- |

STATEMENT PERIOD August 1, 2006

ACCOUNT NUMBER

## Your Portfolio at a Glance

THROUGH August 31, 2006

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>4,583,830</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>12,451,687</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$17,035,517</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>9,084,654</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>7,950,863</td></tr></table>

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, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

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
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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$63,052.55</td></tr><tr><td>Money Fund</td><td>5,025,467.24</td></tr><tr><td>Funds Deposited</td><td>12,749,804.62</td></tr><tr><td>Dividends/Interest</td><td>3,580.00</td></tr><tr><td>Amount Credited</td><td>$17,778,851.86</td></tr><tr><td>Money Fund</td><td>-12,841,904.41</td></tr><tr><td>Funds Withdrawn</td><td>-5,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-17,841,904.41</td></tr><tr><td>Net Cash Activity</td><td>-63,052.55</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>63,052.55</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$63,052.55</td><td>$0.00</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>31,147.24</td><td>111,712.85</td></tr><tr><td>Total</td><td>$31,147.24</td><td>$111,712.85</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>12,451,687</td></tr><tr><td>Equities</td><td>4,583,830</td></tr><tr><td>Total</td><td>$17,035,517</td></tr></table>

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Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD August 1, 2006

JEFFREY EPSTEIN

THROUGH August 31, 2006



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | July 31, 2006 |

| :--- | :--- |

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



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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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



## CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5.2300%</td><td>DICXX</td><td>12,451,687.04</td><td>1.0000</td><td>12,451,687</td><td>659,939</td><td>5.3000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$12,451,687</td><td>$659,939</td><td></td></tr></tbody></table>

## 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 August 1, 2006

AGCOUNT NUMBER

JEFFREY EPSTEIN

| LAST STATEMENT | July 31, 2006 |

| :--- | :--- |

TAXPAYER NUMBER On File

| THROUGH | August 31, 2006 |

| :--- | :--- |

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>21.4500</td><td>42,900</td><td>1,600</td><td>3.7296</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC BSC RATING:STOCK P/SECTOR MW NED DAVIS RESEARCH RATING:H</td><td>GLB</td><td>CASH</td><td>2,000</td><td>25.8100</td><td>51,620</td><td>2,200</td><td>4.2619</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>24.4000</td><td>48,800</td><td>3,846</td><td>7.8811</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.6000</td><td>116,000</td><td>8,400</td><td>7.2414</td></tr></table>

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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


5 of 7

## Your Portfolio Holdings (continued)

JEFFREY EPSTEIN

Equities & Options (continued)

STATEMENT PERIOD August 1, 2006

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>46.3200</td><td>92,640</td><td>5,920</td><td>6.3903</td></tr><tr><td>JOHNSON &amp; JOHNSON BSC RATING: STOCK P/SECTOR MO NED DAVIS RESEARCH RATING: B</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>64.6600</td><td>3,737,348</td><td>86,700</td><td>2.3198</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.2350</td><td>55</td><td></td><td></td></tr><tr><td>NAYARIT GOLD INC</td><td>NYRTF</td><td>CASH</td><td>19</td><td>0.6870</td><td>13</td><td></td><td></td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>69.8200</td><td>30,442</td><td>1,116</td><td>3.6660</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>42.3200</td><td>75,922</td><td>4,090</td><td>5.3871</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>32.0000</td><td>384,000</td><td>21,480</td><td>5.5938</td></tr><tr><td>SIRIUS SATELLITE RADIO INC BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>4.0900</td><td>4,090</td><td></td><td></td></tr><tr><td colspan="4">Total Equities&amp; Options</td><td></td><td>$4,583.830</td><td>$135.352</td><td></td></tr><tr><td colspan="4">TOTAL EQUITIES</td><td></td><td>$4,583.830</td><td>$135.352</td><td></td></tr></tbody></table>

THROUGH August 31, 2006

AGCOUNT NUMBER

| LAST STATEMENT | July 31, 2006 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$795,291</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$17,035,517</td></tr></table>

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EFTA00201022



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 August 1, 2006

THROUGH August 31, 2006



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 31, 2006 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>08/01/06</td><td></td><td>OPENINGBALANCE</td><td></td><td>4,607,682.63</td><td></td><td></td><td></td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table border="1"><tr><td>08/01/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>63,052.55</td><td>1.0000</td><td>63,052.55</td><td></td></tr><tr><td>08/01/06</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>27,567.24</td></tr><tr><td>08/01/06</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>27,567.24</td><td></td><td>27,567.24</td><td></td></tr></table>



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V914

EFTA00201023



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

## Transaction Detail (continued)

STATEMENT PERIOD August 1, 2006

THROUGH August 31, 2006

## MONEY FUND ACTIVITY (continued)

| LAST STATEMENT | July 31, 2006 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>08/07/06</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr><tr><td>08/11/06</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-2,000,000</td><td>1.0000</td><td></td><td>2,000,000.00</td></tr><tr><td>08/15/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>12,749,804.62</td><td>1.0000</td><td>12,749,804.62</td><td></td></tr><tr><td>08/17/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,480</td><td>1.0000</td><td>1,480.00</td><td></td></tr><tr><td>08/17/06</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr><tr><td>08/25/06</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-997,900</td><td>1.0000</td><td></td><td>997,900.00</td></tr></tbody></table>

<table border="1"><tr><td>08/31/06</td><td>CLOSINGBALANCE</td><td colspan="2">12,451,687.04</td></tr><tr><td>TOTAL</td><td></td><td>-12,841,904.41</td><td>$5,025,467.24</td></tr></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>08/17/06</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 07/14/06 PAY 08/17/06</td><td>HPT</td><td>2,000</td><td>0.7400</td><td></td><td>1,480.00</td></tr><tr><td>08/25/06</td><td>HRPT PROPERTIES TR-SBI<br>SBI<br>REC 07/25/06 PAY 08/25/06</td><td>HRP</td><td>10,000</td><td>0.2100</td><td></td><td>2,100.00</td></tr><tr><td colspan="6">TOTAL</td><td>$3,580.00</td></tr></tbody></table>

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