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ER Cfl File LAST STATEMENT June 29.2007 Equities & Options The research ratings for Bear Steams (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 a

ting 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 an

LAST STATENENT July 31, 2006 EQUITIES 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 a

ating represent 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 an

AMMER On File LAST MAMIE& June 29.2007 Equities & Options The research ratings for Bear Steams (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 a

ting 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 an

R On File LAST STATEMENT NO/0SW 30.2006 Equities & Options The research ratings for Bear Steams (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 a

ting 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 an

SER On File LAST STATEMENT June 29.2007 Equities & Options The research ratings for Bear Steams (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 a

ting 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 an

Fit LAST STATEMENT kne 29. 2007 EOUMES Equities & Options The research ratings for Bear Steams (BSC) are sham 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 a

ting 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 Laiderweight. In cases where the BSC rating is present the name of an independent, third-party research provider and

AJSM On File LAST SIMIANS Aine 29.2007 Equities & Options The research ratings for Boar 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 a

ting 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 iv Market Weight MU iv Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider a