EFTA00201116

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

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





# 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



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>4,490,126</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>439,136</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,929,262</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>6,147,679</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,218,417</td></tr></table>

| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

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

JEFFREY EPSTEIN

TAXPAYER NUMBER On File

STATEMENT PERIOD February 1, 2007

Market Value of Your Portfolio

ACCOUNT NUMBER

THROUGH February 28, 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.

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.

03/01/07;05:17 001 V006

EFTA00201117



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

027



03/01/07:05:17 001


V006

EFTA00201118



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>1,014,209.24</td></tr><tr><td>Dividends/Interest</td><td>1,480.00</td></tr><tr><td>Amount Credited</td><td>$1,015,689.24</td></tr><tr><td>Money Fund</td><td>-15,689.24</td></tr><tr><td>Funds Withdrawn</td><td>-1,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,015,689.24</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>15,689.24</td><td>15,724.52</td></tr><tr><td>Total</td><td>$15,689.24</td><td>$15,724.52</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>439,136</td></tr><tr><td>Equities</td><td>4,490,126</td></tr><tr><td>Total</td><td>$4,929,262</td></tr></table>

027

Bear, Steams Securities Corp.

One Metrobate Center North Brooklyn, New York 11201-3859

STATEMENT PERIOD February 1, 2007

JEFFREY EPSTEIN

THROUGH February 28, 2007



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

*Note: The table is not present in the provided image.*



03/01/07;05:17 001


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

EFTA00201119



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 7

## Your Portfolio Holdings

## 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>ESTIMATED YIELD (%)</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>439,135.57</td><td>1.0000</td><td>439,136</td><td>23,274</td><td>5.3000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$439,136</td><td>$23,274</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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 February 1, 2007

JEFFREY EPSTEIN



ACCOUNT NUMBER



| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

*Note: The table is not present in the provided image.*

TAXPAYER NUMBER On File

THROUGH February 28, 2007

<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>23.5800</td><td>47,160</td><td>2,000</td><td>4.2409</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>27.8100</td><td>55,620</td><td>3,846</td><td>6.9148</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>12.9200</td><td>129,200</td><td>8,400</td><td>6.5015</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>46.0700</td><td>92,140</td><td>5,920</td><td>6.4250</td></tr></table>

027



03/01/07;05:17 001


V006

EFTA00201120

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>63.0500</td><td>3,644,290</td><td>86,700</td><td>2.3791</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>50.2600</td><td>4,925</td><td>141</td><td>2.8629</td></tr><tr><td>WTS LUCENT TECHNOLOGIES INC EXP 12/10/2007</td><td>LUTHW</td><td>CASH</td><td>235</td><td>0.1750</td><td>41</td><td></td><td></td></tr><tr><td>NAYARIT GOLD INC</td><td>NYRTF</td><td>CASH</td><td>19</td><td>0.5730</td><td>11</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>43.1600</td><td>77,429</td><td>4,090</td><td>5.2823</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>35.7000</td><td>428,400</td><td>21,480</td><td>5.0140</td></tr><tr><td>SIRIUS SATELLITE RADIO INC<br>BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.6500</td><td>3,650</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">36.3000</td><td>7,260</td><td></td><td></td></tr><tr><td>$4,490,126</td><td>$132,577</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,490,126</td><td>$132,577</td><td></td></tr></tbody></table>

STATEMENT PERIOD February 1, 2007



ACCOUNT NUMBER



THROUGH February 28, 2007

| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

*Note: The table is not present in the provided image.*

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$155,851</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,929,262</td></tr></table>

027



03/01/07;05:17 001




EFTA00201121




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


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUN</th></tr></thead><tbody><tr><td>02/06/07</td><td>02/01/07</td><td>BOUGHT</td><td>TRAVELCENTERS OF AMERICA LLC<br>SPINOFF ON 2000 SHS<br>HOSPITALITY PROPERTIES TRUST<br>SPINOFF FROM SEC# H408026<br>REC 01/26/07 PAY 01/31/07</td><td>TA</td><td>200</td><td></td><td></td><td></td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>02/14/07</td><td>FND WIRED</td><td>MDA# FNDS WIRED TO IPMORGAN CHASE BANK_NA</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-$1,000,000.00</td><td></td></tr></tbody></table>

## 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>02/01/07</td><td></td><td>OPENINGBALANCE</td><td></td><td>1,423,446.33</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>02/01/07</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td>14,209.24</td></tr><tr><td>02/01/07</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>14,209.24</td><td></td><td>14,209.24</td></tr><tr><td>02/14/07</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>1,000,000.00</td></tr></table>

027



03/01/07;05:17 001


EFTA00201122



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 Metratech Center North

Brooklyn, New York 11201-3859

7 of 7

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD February 1, 2007

## MONEY FUND ACTIVITY (continued)

THROUGH February 28, 2007

| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

*Note: The table is not present in the provided image.*

<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>02/15/07</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></tbody></table>

<table border="1"><tr><td>02/28/07</td><td>CLOSINGBALANCE</td><td>439,135.57</td><td></td></tr><tr><td>TOTAL</td><td></td><td>-15,689.24</td><td>$1,014,209.24</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>02/15/07</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 01/16/07 PAY 02/15/07</td><td>HPT</td><td>2,000</td><td>0.7400</td><td></td><td>1,480.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,480.00</td></tr></tbody></table>





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


027



03/01/07;05:17 001