EFTA00201055

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 |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>4,248,499</td></tr><tr><td>NET CREDIT BALANCE</td><td>2</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>656,045</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,904,546</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,750,352</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>154,194</td></tr></table>

| LAST STATEMENT | February 28, 2006 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

STATEMENT PERIOD March 1, 2006

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

JEFFREY EPSTEIN

THROUGH March 31, 2006

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.



SIPC
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




2 of 7


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

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00201057



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>$0.00</td></tr><tr><td>Money Fund</td><td>2,081.28</td></tr><tr><td>Dividends/Interest</td><td>20,377.41</td></tr><tr><td>Amount Credited</td><td>$22,458.69</td></tr><tr><td>Money Fund</td><td>-22,456.90</td></tr><tr><td>Amount Debited</td><td>$-22,456.90</td></tr><tr><td>Net Cash Activity</td><td>1.79</td></tr><tr><td>Closing Balance</td><td>$1.79</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>0.00</td><td>1.79</td></tr><tr><td>Net Cash Balance</td><td>$0.00</td><td>$1.79</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>22,458.69</td><td>28,929.32</td></tr><tr><td>Total</td><td>$22,458.69</td><td>$28,929.32</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>656,047</td></tr><tr><td>Equities</td><td>4,248,499</td></tr><tr><td>Total</td><td>$4,904,546</td></tr></table>

Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| STATEMENT PERIOD | March 1, 2006 |
| :--- | :--- |
| THROUGH | March 31, 2006 |

JEFFREY EPSTEIN



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | February 28, 2006 |

| :--- | :--- |

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

EFTA00201058



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



4 of 7

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## 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 colspan="4">CASH BALANCE</td><td>2</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 4,5500%</td><td>DICXX</td><td>656,044.55</td><td>1.0000</td><td>656,045</td><td>26,242</td><td>4.0000</td></tr><tr><td colspan="4">TOTAL CASH &amp; CASH EQUIVALENTS</td><td>$656,047</td><td>$26,242</td><td></td></tr></tbody></table>

## Your Portfolio Holdings

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

JEFFREY EPSTEIN

## EQUITIES



ACCOUNT NUMBER



STATEMENT PERIOD March 1, 2006

TAXPAYER NUMBER On File

THROUGH March 31, 2006

| LAST STATEMENT | February 28, 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>21.1000</td><td>42,200</td><td>1,200</td><td>2.8436</td></tr><tr><td>GLENBOROUGH REALTY TRUST INC BSC RATING:STOCK P/SECTOR MW NED DAVIS RESEARCH RATING:S</td><td>GLB</td><td>CASH</td><td>2,000</td><td>21.7500</td><td>43,500</td><td>2,200</td><td>5.0575</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>28.4000</td><td>56,800</td><td>3,846</td><td>6.7711</td></tr></table>

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EFTA00201059



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

JEFFREY EPSTEIN

## Your Portfolio Holdings (continued)

Equities & Options (continued)

STATEMENT PERIOD March 1, 2006

ACCOUNT NUMBER

THROUGH March 31, 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>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.7400</td><td>117,400</td><td>8,400</td><td>7.1550</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>43.6700</td><td>87,340</td><td>5,840</td><td>6.6865</td></tr><tr><td>JOHNSON &amp; JOHNSON BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>59.2200</td><td>3,422,916</td><td>76,296</td><td>2.2290</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.6250</td><td>147</td><td></td><td></td></tr><tr><td>NAYARIT GOLD INC</td><td>NYRTF</td><td>CASH</td><td>19</td><td>1.4560</td><td>28</td><td></td><td></td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>70.9000</td><td>30,912</td><td>1,116</td><td>3.6102</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>44.0000</td><td>78,936</td><td>4,090</td><td>5.1814</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>30.2700</td><td>363,240</td><td>21,480</td><td>5.9134</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>5.0800</td><td>5,080</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,248,499</td><td>$124,468</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,248,499</td><td>$124,468</td><td></td></tr></tbody></table>

| LAST STATEMENT | February 28, 2006 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$150,710</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,904,546</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


6 of 7

JEFFREY EPSTEIN



Transaction Detail


## MONEY FUND ACTIVITY

<table border="1"><tr><td>DATE
MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>03/01/06</td><td></td><td>OPENINGBALANCE</td><td></td><td>633,587.65</td><td></td><td></td><td></td></tr></table>

<table border="1"><tr><td>03/01/06</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>2,081.28</td></tr><tr><td>03/01/06</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>2,081.28</td><td></td><td>2,081.28</td><td></td></tr><tr><td>03/14/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>19,074</td><td>1.0000</td><td>19,074.00</td><td></td></tr><tr><td>03/15/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,301.62</td><td>1.0000</td><td>1,301.62</td><td></td></tr><tr><td>03/31/06</td><td></td><td>CLOSINGBALANCE</td><td></td><td>656,044.55</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-22,456.90</td><td>$2,081.28</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>03/14/06</td><td>JOHNSON &amp; JOHNSON<br>REC 02/28/06 PAY 03/14/06</td><td>JNJ</td><td>57,800</td><td>0.3300</td><td></td><td>19,074.00</td></tr><tr><td>03/15/06</td><td>PAN PACIFIC RETAIL PROPERTIES<br>INC<br>REC 02/24/06 PAY 03/15/06</td><td>PNP</td><td>436</td><td>0.6400</td><td></td><td>279.04</td></tr></tbody></table>

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EFTA00201061



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 March 1, 2006

DIVIDENDS (continued)

THROUGH March 31, 2006

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2006 |

| :--- | :--- |

<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>03/15/06</td><td>PENNSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI<br>REC 03/01/06 PAY 03/15/06<br>REG DIV,57 / RTS REDEMPTION ,001</td><td>PEI</td><td>1,794</td><td>0.5710</td><td></td><td>1,024.37</td></tr><tr><td colspan="6">TOTAL</td><td>$20,377.41</td></tr></tbody></table>





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



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