Bear Stearns brokerage statement for Jeffrey Epstein, March 2006

EFTA00201055¶

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

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| 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¶

TOTAL VALUE OF SECURITIES THIS PERIOD	4,248,499
NET CREDIT BALANCE	2
MONEY MARKET FUND BALANCE	656,045
NET EQUITY THIS PERIOD	$4,904,546
NET EQUITY LAST STATEMENT	4,750,352
CHANGE SINCE LAST STATEMENT	154,194

| LAST STATEMENT | February 28, 2006 |¶

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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¶

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

Cash Balance Summary¶

	OPENING	CLOSING
Cash	0.00	1.79
Net Cash Balance	$0.00	$1.79

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	22,458.69	28,929.32
Total	$22,458.69	$28,929.32

Portfolio Composition¶

Cash/Cash Equivalent	656,047
Equities	4,248,499
Total	$4,904,546

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¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				2
DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 4,5500%	DICXX	656,044.55	1.0000	656,045	26,242	4.0000
TOTAL CASH & CASH EQUIVALENTS				$656,047	$26,242

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 |¶

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DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD(%)
FELCOR LODGING TRUST INC	FCH	CASH	2,000	21.1000	42,200	1,200	2.8436
GLENBOROUGH REALTY TRUST INC BSC RATING:STOCK P/SECTOR MW NED DAVIS RESEARCH RATING:S	GLB	CASH	2,000	21.7500	43,500	2,200	5.0575
GLIMCHER REALTY TRUST-SBI	GRT	CASH	2,000	28.4000	56,800	3,846	6.7711

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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¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
HRPT PROPERTIES TR-SBI	HRP	CASH	10,000	11.7400	117,400	8,400	7.1550
HOSPITALITY PROPERTIES TRUST SBI	HPT	CASH	2,000	43.6700	87,340	5,840	6.6865
JOHNSON & JOHNSON BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B	JNJ	CASH	57,800	59.2200	3,422,916	76,296	2.2290
WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007	LUTHW	CASH	235	0.6250	147
NAYARIT GOLD INC	NYRTF	CASH	19	1.4560	28
PAN PACIFIC RETAIL PROPERTIES INC	PNP	CASH	436	70.9000	30,912	1,116	3.6102
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI	PEI	CASH	1,794	44.0000	78,936	4,090	5.1814
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	CASH	12,000	30.2700	363,240	21,480	5.9134
SIRIUS SATELLITE RADIO INC BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B	SIRI	CASH	1,000	5.0800	5,080
Total Equities& Options					$4,248,499	$124,468
TOTAL EQUITIES					$4,248,499	$124,468

| LAST STATEMENT | February 28, 2006 |¶

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TAXPAYER NUMBER On File¶

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$150,710
YOUR PRICED PORTFOLIOHOLDINGS	$4,904,546

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EFTA00201060¶

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¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
03/01/06		OPENINGBALANCE		633,587.65

03/01/06	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				2,081.28
03/01/06	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST	DICXX	2,081.28		2,081.28
03/14/06	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	19,074	1.0000	19,074.00
03/15/06	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	1,301.62	1.0000	1,301.62
03/31/06		CLOSINGBALANCE		656,044.55
TOTAL						-22,456.90	$2,081.28

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
03/14/06	JOHNSON & JOHNSON REC 02/28/06 PAY 03/14/06	JNJ	57,800	0.3300		19,074.00
03/15/06	PAN PACIFIC RETAIL PROPERTIES INC REC 02/24/06 PAY 03/15/06	PNP	436	0.6400		279.04

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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 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
03/15/06	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI REC 03/01/06 PAY 03/15/06 REG DIV,57 / RTS REDEMPTION ,001	PEI	1,794	0.5710		1,024.37
TOTAL						$20,377.41

******* End of Statement*******¶

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