## Statements

EFTA00201075

OFFICE SERVICING YOUR ACCOUNT

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

| INVESTMENT PROFESSIONAL | ZICHERMAN, IRA |

| :--- | :--- |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## 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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Your Messages ... 7





# 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

Your Portfolio at a Glance

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2007 |

| :--- | :--- |

JEFFREY EPSTEIN

ACCOUNT NUMBER

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>4,223,821</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>516,440</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,740,261</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,883,437</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-143,176</td></tr></table>

STATEMENT PERIOD June 30, 2007

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

THROUGH July 31, 2007

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





2 of 7


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>Opening Balance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>2,117.28</td></tr><tr><td>Dividends/Interest</td><td>7,146.88</td></tr><tr><td>Amount Credited</td><td>$9,264.16</td></tr><tr><td>Money Fund</td><td>-9,264.16</td></tr><tr><td>Amount Debited</td><td>$-9,264.16</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>9,264.16</td><td>93,029.39</td></tr><tr><td>Total</td><td>$9,264.16</td><td>$93,029.39</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>516,440</td></tr><tr><td>Equities</td><td>4,223,821</td></tr><tr><td>Total</td><td>$4,740,261</td></tr></table>

027

Bear, Steams Securities Corp.

One Metrotech Center North

Brocklyn, New York 11201-3859

JEFFREY EPSTEIN

| STATEMENT PERIOD | June 30, 2007 |
| :--- | :--- |
| THROUGH | July 31, 2007 |



ACCOUNT NUMBER



Your Portfolio Allocation

| LAST STATEMENT | June 29, 2007 |

| :--- | :--- |

TAXPAYER NUMBER On File

Unehaded 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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EFTA00201078



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

4 of 7

JEFFREY EPSTEIN

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

STATEMENT PERIOD June 30, 2007

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th></tr></thead><tbody><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST., 30 DAY AVG YIELD 5,2100%</td><td>DICXX</td><td>516,440.44</td><td>1.0000</td><td>516,440</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$516,440</td></tr></tbody></table>

THROUGH July 31, 2007

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2007 |

| :--- | :--- |

## 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.

<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>ESTIMATED YIELD(%)</td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>21.9600</td><td>43,920</td><td>2,400</td><td>5.4645</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>21.2600</td><td>42,520</td><td>3,846</td><td>9.0452</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.3500</td><td>93,500</td><td>8,400</td><td>8.9840</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>38.3600</td><td>76,720</td><td>6,080</td><td>7.9249</td></tr></table>

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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)

Equities & Options (continued)

JEFFREY EPSTEIN

<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>ESTIMATED YIELD (%)</th></tr></thead><tbody><tr><td>JOHNSON &amp; JOHNSON<br>BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>60.5000</td><td>3,496,900</td><td>95,948</td><td>2.7438</td></tr><tr><td>KIMCO REALTY CORP<br>BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC.<br>RATING: H</td><td>KIM</td><td>CASH</td><td>98</td><td>37.3300</td><td>3,658</td><td>157</td><td>4.2920</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.0700</td><td>16</td><td></td><td></td></tr><tr><td>NAYARIT GOLD INC</td><td>NYRTF</td><td>CASH</td><td>19</td><td>0.7990</td><td>15</td><td></td><td></td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>38.9400</td><td>69,858</td><td>4,090</td><td>5.8547</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>32.2000</td><td>386,400</td><td>22,200</td><td>5.7453</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>3.0100</td><td>3,010</td><td></td><td></td></tr><tr><td>TRAVELCENTERS OF AMERICA LLC Total Equities&amp; Options</td><td>TA</td><td>CASH</td><td>200</td><td>36.5200</td><td>7,304</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>$4,223,821</td><td>$143,121</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,223,821</td><td>$143,121</td><td></td></tr></tbody></table>

STATEMENT PERIOD June 30, 2007

THROUGH July 31, 2007

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2007 |

| :--- | :--- |

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$143,121</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,740,261</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


STATEMENT PERIOD June 30, 2007

## MONEY FUND ACTIVITY

<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>06/30/07</td><td></td><td>OPENINGBALANCE</td><td></td><td>507,176.28</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>07/02/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>5,550</td><td>1.0000</td><td>5,550.00</td><td></td></tr><tr><td>07/02/07</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>2,117.28</td></tr><tr><td>07/02/07</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>2,117.28</td><td></td><td>2,117.28</td><td></td></tr><tr><td>07/18/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>996.88</td><td>1.0000</td><td>996.88</td><td></td></tr><tr><td>07/31/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>600</td><td>1.0000</td><td>600.00</td><td></td></tr></table>

<table border="1"><tr><td>07/31/07</td><td>CLOSINGBALANCE</td><td colspan="2">516,440.44</td></tr><tr><td>TOTAL</td><td></td><td>-9,264.16</td><td>$2,117.28</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>07/02/07</td><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI<br>REC 06/20/07 PAY 07/02/07</td><td>RPT</td><td>12,000</td><td>0.4625</td><td></td><td>5,550.00</td></tr><tr><td>07/16/07</td><td>GLIMCHER REALTY TRUST-SBI<br>REC 06/29/07 PAY 07/16/07</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>07/16/07</td><td>KIMCO REALTY CORP<br>REC 07/05/07 PAY 07/16/07</td><td>KIM</td><td>98</td><td>0.3600</td><td></td><td>35.28</td></tr></tbody></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



7 of 7

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD June 30, 2007



DIVIDENDS (continued)



THROUGH July 31, 2007

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<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>07/31/07</td><td>FELCOR LODGING TRUST INC<br>REC 07/13/07 PAY 07/31/07</td><td>FCH</td><td>2,000</td><td>0.3000</td><td></td><td>600.00</td></tr><tr><td colspan="6">TOTAL</td><td>$7,146.88</td></tr></tbody></table>

| LAST STATEMENT | June 29, 2007 |

| :--- | :--- |

## Your messages



You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp. ("BSSC") at the telephone numbers listed on the front of this statement. In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this statement.





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



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