EFTA00201105



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



JEFFREY EPSTEIN

STATEMENT PERIOD March 1, 2007





THROUGH March 30, 2007

JEFFREY EPSTEIN



ACCOUNT NUMBER 038-28825



C/O FINANCIAL TRUST COMPANY

TAXPAYER NUMBER On File

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |



ST THOMAS VI 00802-1348





Pursuant to your previously issued instructions, Bear Stearns Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Investment Professional. This reminder notice will continue to be provided to you on your quarterly statements.

Third Party

EPSTEIN INTERESTS

A/C JEFFREY EPSTEIN

ATTN HARRY BELLER

457 MADISON AVE 4TH FLR

NEW YORK NY 10022

027



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EFTA00201106

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





Your Messages ... 7

# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802-1348



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio at a Glance

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>4,329,349</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>465,403</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,794,752</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,929,262</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-134,510</td></tr></table>

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

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

TAXPAYER NUMBER On File

ACCOUNT NUMBER

JEFFREY EPSTEIN

STATEMENT PERIOD March 1, 2007

Market Value of Your Portfolio

THROUGH March 30, 2007

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.





03/31/07;06:43 001


V008

EFTA00201107



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 10

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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V008

EFTA00201108



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

3 of 10

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>3,569.89</td></tr><tr><td>Dividends/Interest</td><td>22,697.58</td></tr><tr><td>Miscellaneous</td><td>10,000,000.00</td></tr><tr><td>Amount Credited</td><td>$10,026,267.47</td></tr><tr><td>Money Fund</td><td>-26,267.47</td></tr><tr><td>Miscellaneous</td><td>-10,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-10,026,267.47</td></tr><tr><td>Closing Balance</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>26,267.47</td><td>41,991.99</td></tr><tr><td>Total</td><td>$26,267.47</td><td>$41,991.99</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>465,403</td></tr><tr><td>Equities</td><td>4,329,349</td></tr><tr><td>Total</td><td>$4,794,752</td></tr></table>

027

Bear, Steams Securities Corp.

One Metrobite Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD March 1, 2007

JEFFREY EPSTEIN

THROUGH March 30, 2007



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

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



03/31/07;06:43 001


EFTA00201109



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 10

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<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 5,1700%</td><td>DICXX</td><td>465,403.04</td><td>1.0000</td><td>465,403</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$465,403</td></tr></tbody></table>

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

JEFFREY EPSTEIN

STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

## 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.

## EQUITIES

<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>25.9700</td><td>51,940</td><td>2,000</td><td>3.8506</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>27.0200</td><td>54,040</td><td>3,846</td><td>7.1170</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>12.3000</td><td>123,000</td><td>8,400</td><td>6.8293</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>46.8000</td><td>93,600</td><td>5,920</td><td>6.3248</td></tr></table>

027



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EFTA00201110

OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



**5 of 10**



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


Equities & Options (continued)

## Your Portfolio Holdings (continued)

<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>60.2600</td><td>3,483,028</td><td>86,700</td><td>2.4892</td></tr><tr><td>KIMCO REALTY CORP<br>BSC RATING: STOCK O/SECTOR MW GREEN STREET ADVISORS, INC.<br>RATING: S</td><td>KIM</td><td>CASH</td><td>98</td><td>48.7400</td><td>4,777</td><td>141</td><td>2.9516</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.0950</td><td>22</td><td></td><td></td></tr><tr><td>NAYARIT GOLD INC</td><td>NYRTF</td><td>CASH</td><td>19</td><td>0.5110</td><td>10</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>44.3300</td><td>79,528</td><td>4,090</td><td>5.1428</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>35.7100</td><td>428,520</td><td>22,200</td><td>5.1806</td></tr><tr><td>SIRIUS SATELLITE RADIO INC BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.2000</td><td>3,200</td><td></td><td></td></tr><tr><td rowspan="2">TRAVELCENTERS OF AMERICA LLC Total Equities&amp; Options</td><td rowspan="2">TA</td><td rowspan="2">CASH</td><td rowspan="2">200</td><td rowspan="2">38.4200</td><td>7,684</td><td></td><td></td></tr><tr><td>$4,329,349</td><td>$133,297</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,329,349</td><td>$133,297</td><td></td></tr></tbody></table>

JEFFREY EPSTEIN



ACCOUNT NUMBER



STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$133,297</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,794,752</td></tr></table>

027



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EFTA00201111



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 10

JEFFREY EPSTEIN



Transaction Detail


## 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>03/01/07</td><td></td><td>OPENINGBALANCE</td><td></td><td>439,135.57</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>03/01/07</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>3,569.89</td></tr><tr><td>03/01/07</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>3,569.89</td><td></td><td>3,569.89</td><td></td></tr><tr><td>03/13/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>21,675</td><td>1.0000</td><td>21,675.00</td><td></td></tr><tr><td>03/15/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,022.58</td><td>1.0000</td><td>1,022.58</td><td></td></tr></table>

<table border="1"><tr><td>03/30/07</td><td>CLOSINGBALANCE</td><td colspan="2">465,403.04</td></tr><tr><td>TOTAL</td><td></td><td>-26,267.47</td><td>$3,569.89</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>03/13/07</td><td>JOHNSON &amp; JOHNSON<br>REC 02/27/07 PAY 03/13/07</td><td>JNJ</td><td>57,800</td><td>0.3750</td><td></td><td>21,675.00</td></tr><tr><td>03/15/07</td><td>PENNSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI<br>REC 03/01/07 PAY 03/15/07</td><td>PEI</td><td>1,794</td><td>0.5700</td><td></td><td>1,022.58</td></tr><tr><td colspan="6">TOTAL</td><td>$22,697.58</td></tr></tbody></table>

027



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EFTA00201112



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

7 of 10



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>03/30/07</td><td>JOURNAL</td><td>TO 049-47138</td><td>10,000,000.00</td><td></td></tr><tr><td>03/30/07</td><td>JOURNAL</td><td>FROM</td><td></td><td>10,000,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-10,000,000.00</td><td>$10,000,000.00</td></tr></tbody></table>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## **Transaction Detail** (continued)

## MISCELLANEOUS

## Your messages



Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At November 30, 2006 and January 31, 2007, the Company's net capital of approximately $4.0 billion and $4.0 billion was approximately 6.8% and 6.7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.2 billion and $1.2 billion by approximately $2.8 billion and $2.8 billion, all respectively.

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call - toll free 1-866-299-9331.

JEFFREY EPSTEIN

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

TAXPAYER NUMBER On File

AGCOUNT NUMBER

STATEMENT PERIOD March 1, 2007



THROUGH March 30, 2007

## SPECIAL NOTICE FOR MARGIN CUSTOMERS

If you are a customer with a margin account, you consent to Bear Stearns's right to use, lend or pledge any securities held by Bear Stearns in your margin account. In certain circumstances, such loans or other use may limit, in whole or in part, your ability to receive dividends directly from the issuing company and/or your right to exercise voting and other attendant rights of ownership with respect to the loaned, sold or pledged securities. Such circumstances include, but are not limited to, loans of securities that you own in your margin account that continue over record dates for voting purposes and ex-dividend dates for dividend distributions. If you do not receive dividends directly from the issuing company, you may receive payments-in-lieu of dividends which could cause you to lose the benefit of the preferential tax treatment accorded to dividends.

027



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EFTA00201113



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



8 of 10

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN



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.



## NOTICE OF CHANGE PURSUANT TO TRUTH-IN-LENDING SEC RULE 10b-16

The purpose of this notice is to advise you of certain changes in the manner in which interest will be charged on any U.S. dollar-denominated credit extended to you by Bear, Stearns Securities Corp. ("BSSC") for the purpose of purchasing, carrying or trading in any security. Interest will continue to be based on either the BSSC Margin Basis Rate, or a London Interbank Offered Rate ("LIBOR") as specified in the chart below. The BSSC Margin Basis Rate will be quoted each business day by BSSC at our main office in New York. Factors affecting the determination of the BSSC Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that BSSC is charged for borrowing money.

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03/31/07;06:43 001


EFTA00201114



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



9 of 10


CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN

<table border="1"><tr><td>Debit_Size_Range</td><td>Index</td><td>Spread_to_Index</td></tr><tr><td>Up to $499,999</td><td>Margin Basis</td><td>+3,000%</td></tr><tr><td>$500,000-$999,999</td><td>Margin Basis</td><td>+2,000%</td></tr><tr><td>$1,000,000-$2,499,999</td><td>Margin Basis</td><td>+1,500%</td></tr><tr><td>$2,500,000-$4,999,999</td><td>LIBOR</td><td>+3,000%</td></tr><tr><td>$5,000,000-$9,999,999</td><td>LIBOR</td><td>+2,250%</td></tr><tr><td>$10,000,000and above</td><td>LIBOR</td><td>+1,750%</td></tr></table>

Effective no earlier than thirty (30) days from your receipt of this statement:

1. The annual rate of interest charged to you on U.S. dollar-denominated credit will not exceed the specified percentage over the applicable rate, as indicated in the following chart:



Debits in currencies other than U,S. dollars will not be taken into account in computing the debit size for purposes of determining the applicable interest rate. The rate corresponding to the debit size range in which your U.S. dollar denominated debit falls will apply to the entire amount of your U.S. dollar denominated debit. The actual rate charged to you at any given time will be notified to you on request, and the amount charged to you will appear on your monthly statements.



2. Interest may be charged to your account at varying rates during the month to reflect any changes in such interest rates that have occurred during the month as well as any changes in the applicable rate caused by a change in the size of your debit balance.

3. The rate of interest charged to you on any credit extended to you in a currency other than U.S. dollars shall continue to be based on either (i) a LIBOR, as such rate is compiled by the British Bankers Association and published on Bloomberg or Reuters, or (ii) any other rate quoted by Reuters that is applicable to the currency in which the obligation is denominated or, if a rate for such currency is not quoted by Reuters, the rate provided by Bear Stearns Securities' local bank. In either case, the annual rate of interest on such non-U.S. dollar denominated debit will continue to not exceed 5% above either a LIBOR, any rate quoted by Reuters or the rate provided by Bear Stearns Securities' local bank, and will appear on your monthly statements. The actual rate charged to you at any given time will be notified to you on request and the amount charged to you will appear on your monthly statements.

4. Unless otherwise agreed, the BSSC Fed Funds Rate will no longer be an available option for computing interest.

027



03/31/07;06:43 001


EFTA00201115



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



10 of 10





If BSSC makes changes in any of the credit terms and conditions described herein or if a change is required by law, we will notify you of such change within a reasonable period of time, unless such change results in the same or a higher rate to you, in which case we will provide you at least 30 days' prior written notice. The annual rate of interest you are charged may fluctuate with changes in the BSSC Margin Basis Rate, a LIBOR, any of the rates quoted by Reuters or the rate provided by BSSC's local bank. The changes in rates resulting from this fluctuation will be made without prior notice to you (as contrasted with changes in the credit terms and conditions, notice of which will be provided as described above).



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



The Truth-in-Lending disclosure previously provided to you shall continue to apply except as specifically noted above.

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





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



JEFFREY EPSTEIN



ACCOUNT NUMBER



STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

027



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