EFTA00602408

Valuations 
7/31/12 
lg. hit 1, 
EFTA00602408

JEE and Related Entities 
investment Summary 
7/31/12 
Cash & Equinlants 
Financial That Company- fsee note below) 
8.230.974 
J Epstein 
1,651.750 
HAZE Trust 
1.827603 
FT Real Estate 
54.895 
Epstein Interests 
111680 
J Epstein V1 Foundation 
5,725,322 
COLIC) 
3,045 
Total Cash & Equivalents 
15.442,649 
Less 
Cash in Operating Accounts 
(927.444) 
Cash m FOundatiOns 
(5.840,0271 
(8,787,471) 
Total Available Cash & Equivalents 
8.875.078 
JP Morgan Trading Account (cash, securities. Dermtives)- FTC- 
See Note A 
JP Morgan Trading Account (cash, securities. Denvilives)• HAZE 
75254.886 
21298.581 
Marketable Secunbes -new) 
8.952.433 
Investment island Yacht Harbor (per JEE) 
Settlements -082 
Partnership investments 
(see attached schedule) 
Total' 
1.000,000 
78.000,000 
98.831.535 
288 010.513 
Vat* Above 
286.010.513 
Anustments 
Operating Cash 
927.444 
Loans Receivable 
2.084.679 
Total per attached valuation schedule 
289,022638 
• Investment partnerships are subject to various restnctons on withdrawals. and therefore. 
Me Inning of availability of funds will be so limited. 
NOTE A The JPM trading account was funded with 675 Millon. Owing Jute, 2011 we withdrew $ S2.478 520 
On 5/22/12 the account was reduced by 51.330,000 for the purchase of 35,000 shares of Facebook 
289.022 838 
EFTA00602409

J. EPSTEIN 8 RELATED ENTITIES 
VALUATIONS 
CASH,LIABILITIES,INVESTMENTS 
7/31/12 
ACCOUNTS 
FINANCIALSWASSOMPAIly 
06/30/12 
07/31/12 
01/01112 
VALUATION 
YTO 
July 
PERFORMANCE 
J P MORGAN 
1791128 
6139.337 
JP Morgan Tradhg Account 
72 939.344 
75.254.886 
Facebook (35,033 shares at JPM) 
1.088.500 
759150 
Other Bent Account 
278.845 
167.527 
JPM (Bear Steins) 
5687626 
5.686 745 
INVESTMENTS 
AP TECHNOLOGY(LEON BLACK) 
250.000 
250,000 
A P SHL INVESTOR 
1.000,000 
1,000.000 
TUDOR FUTURES 
16.506.735 
16.489.326 
11917,403 
3.47% 
-0 24% 
HIGHBRIDGE CAPITAL 
17.819.206 
16.022.345 
17,097.994 
5.41% 
1.14% 
ML HERTZ 
3275.400 
2161548 
RENAISSANCE INST EQUITY FUND 
1.326.355 
1.326.355 
1.231.682 
769% 
0.00% 
May 
May 
SEAR STEARNS Asset Backed Seculties (MVOS yak 
331.882 
331 882 
Ern/elemental Sokslions (stock cerldcate) 
659.962 
527.948 
Sell rents 
DB ZW1FIN SPECIAl. OPPORTUNITIES FUND 
71000100 
76.000.000 
see footnote 
Jenny Epstein 
INVESTMENT Islam) Yacht Harbor 
1,000003 
1,000,00 
FT Real Estate Rash balance) 
84178 
54095 
FT Real E Mate • wrest/nem In pIshp at cost 
920,500 
920.500 
0.00% 
FT Real Estate- Esaow -Columba Holdings 
500030 
500,000 
CHECKINGSAVINGS ACCOUNTS 
1.431,032 
927,444 
LOANS DUE FROM INDMDUAL$ 
2.101145 
1164.679 
CORE CLUB NOTE 
100100 
100,000 
BROKERAGE ACCOUNTS 
JPM (Bear Stearns) 
666.392 
866.472 
J P MORGAN 
51789 
56,790 
Sullenly Twat 
6.044 
6.044 
Trull 
HAZE n 
7 .-Art 
HIGHBRIDGE CAPITAL 
32102,793 
33176,744 
11.71.105 
513% 
114% 
KING STREET 
21,967,836 
21.967136 
21.123.753 
4.00% 
0.00% 
JP Morgan • Cash 
1.627,689 
1.627,903 
JP Magenenenseml account 
21.033.651 
21.21)6101 
TOTAL 
285259.227 
289.022.638 
THESE AMOUNTS DO NOT INCLUDE HOUSES. A1RPLANE.FU(TuRES 8 OTHER ASSETS 
There is epproxinetley 6300000 in Free)an AS not included above 
co 8/1/12. Freedom Air funded JEE 32 milicc 
EFTA00602410

Reconciliation of large items 
Value 6/30/12 
Partnerships 
JPM Trading account- FTC 
JPM Trading account- HAZE 
288,259.227 
128.828 
see below 
2,315,542 
262.930 
Securities 
(235.724) 
Dividends/interest 
7.740 
Change in loan account 
(117.166) 
cash spent : 
JEE 
FTC 
(1,503,588) 
(111,318) 
cash received BSABS 
16.165 
miscellaneous 
total 
289,022.636 
Value 7/31/12 
289,022,636 
Partnerships 
FTC 
TUDOR FUTURES 
(39,410) 
FTC 
HIGHBRIDGE CAPITAL 
203.139 
FTC 
ML HERTZ 
(408.852) 
FTC 
RENAISSANCE INST EQUITY FUND 
Haze 
HIGHBRIDGE CAPITAL 
373,951 
Haze 
KING STREET 
128,828 
DBZ-
This is based on the following assumptions: 
1) 
the fund will recognize a withdrawal amount payable to Jeepers totaling $70 million 
70.000,000 
2) 
Jeepers will receive an interest of G Dubins ptshp interest valued et approx $3.8 million with a 
5,000,000 
backstop payment from G. Dubin equal to the excess of $5 million over the aggregate value of all 
distributions made with respect to this investment 
3) 
JEE will pay $1 million for Zwirns interest in Cotten. JEE will rercieve all distributions upto $2 million 
1,000,000 
and the remaining distributions will be divided 50/50 between JEE and Zwim 
76 000 000 
The June 30,2011 valualions(prior to the settlement) valued DBZ at 18,688.906 (May valuation) +44.850,660 
receivable Total was 63.539,566. Thus the value as a result of the $76 million settlement increased by 12,460.434 
from the valuation reported on June 30,2011 
EFTA00602411

JEE and Related Entities 
Cash Summar),
7/31/12 
FTC 
JPM 
JPM (Bear Steams) 
Bank accounts 
2.528,823 
3.534.624 
167.527 
6.230 974 
JEE 
Bank accounts 
927.444 
PM (Bear Steams) 
666.472 
JPM 
56 790 
Butterfly Trust (Bear Steams) 
8.044 
1658.750 
HAZE Trust 
JPM 
1.827.903 
1.627903 
FT Real Estate 
84.89$ 
84.895 
Epstein Interests 
111,660 
J Epstein VI FountWks" 
5.581,324 
J Epstein VI F0unclatiChlaCCrued in0 
143.998 
COIJO 
3.045 
5.840 027 
Total Cash 
15.442.549 
15,442,549 
tin does not tnclude cast, in JP Morgan Irading account 
027.444 
EFTA00602412

JEE and Related Entities 
Availabia Equity for Inveatmeata 
7/31/12 
SniffIdes Long erg Fair Market Value 
13.198.711 Envmomental Solubcns 
stock cerbfirate 
35.250 Mane Retail 
al JPM (formerly Bear Seams) 
151.494 Ermmomental Solutions 
at JPM (formerty Bear Stearns) 
20.000 Bombardier 
at JPM (formerly Bear Stearns) 
21,763 JP Morgan 
at JPM (formerty Bear Stearns) 
263157 Aga Global Management 
at JPM 
35.000 FluMbOak (purchased 5/22112) 
at JPM 
JPM Trading (see attached') 
unrealized 
realized-2010 
realized-2011 
7/31/12 
8/30/12 
527.948 
859.962 
1.292.970 
1.312.710 
8.060 
7.575 
71.983 
79.028 
783.108 
777.235 
3510.514 
3.283.147 
759.850 
1088300 
6952.433 
7,188,157 
5350488 
Net 
2010 
(6.959.209) 
Net 
2011 
1.541549 
Net 
2012 
realized-2012 
3 924.578 
gaingoss) 
032.0141 
(19.740) 
(1315) 
(7.045) 
5.873 
247.387 
(328,650) 
(235,7241 
(1.519.390) 
(741.062) 
8323.858 
4 083,408 
4,0133,4438 
invommants a/o 7/31/11 at Fair Marital Value 
FTC 
TUDOR FUTURES 
16.469.325 
FTC 
HIGHBRIDGE CAPITAL 
18.022.345 
FTC 
ML HERTZ 
2.868.548 
FTC 
RENAISSANCE INST EOUrTY FUNDRelayl 
1,326.355 
FTC 
ABS Trust pest valuation 7131/09 FTC receives monthly disbilmlions) 
331,882 
HAZE 
HIGHBRIDGE CAPITAL 
33178144 
HAZE 
KING STREET 
21.967.836 
FT Realty 
Advance Star LLC (cost basis) 
700,030 
FT Really 
Loll 21 LLC (cost basis) 
220.500 
FT Realty 
Escrow Columbia Holdings 
500.000 
96581 535 
FTC 
AP TECHNOLOGY(wrile down) 
250.000 
FTC 
AP $HL INVESTORS (write down) 
1.000.000 
1.260.000 
Total Partnership lnvestmems 
98.831.536 
EFTA00602413

ENHANCED EDUCATION 
7131/12 
PARTNERSHIPS $. 
RECEIVABLES 
TOTAL 
CASH 
SECURMES 
BEAR STEARNS 
BANK 
DOLDWW SACHS 
TOTAL 
SEAR STEARNS 
BANK 
GOLDIAAN SACHS 
TOTAL 
BEAR STEARNS 
BANK 
5.652279 
5.509281 
143.996 
73.043 
73.013 
find inereelpereeN 
5.725.322 
5.581.324 
143.99$
3A65,650 Finovla Group 1111609 7.5% 
(lice reduced by paydowns) 
PPM shows Berm Fact Dune slelemenis deal 
Woes lace Of payday/mu 
default 
COUO FOUNDATION 
731112 
TOTAL 
PARTNERSHIPS a 
RECENABLES 
CASH 
SFGUR!TIF$ 
3.045 
3.045 
TOTAL 
3045 
3 045 
EPSTEIN INTERESTS 
7t 31112 
PARTNERSHIPS£ 
RECEIVABLES 
CASH 
SECURITIES 
111.660 
111.660 
MOO 
111160 
EFTA00602414