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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

the preferential tax treatment accorded to dividends. In an effort to maximize execution quality, Bear Stearns may route your equity orders to its Smart Order Router (SOR), The SOR accepts limit and market orders and automates their routing across several sources of liquidity in an attempt to maximize price and

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

TAXPAYER IDJUSER On File LAST STATEMENT May 31.2007 In an effort to maximize execution quality, Bear Stearns may route your equity orders to its Smart Order Router (SOR). The SOR accepts limit and market orders and automates their routing across several sources of liquidity in an attempt to maximize price and

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

the preferential tax treatment accorded to dividends. In an effort to maximize execution quality, Bear Stearns may route your equity orders to its Smart Order Router (SOR), The SOR accepts limit and market orders and automates their routing across several sources of liquidity in an attempt to maximize price and

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

41R TOJCPAYIST KUM On Fie LAST STATD/Cla May 31.1007 In an effort to maximize execution quality, Bear Steams may route your equity orders to its Smart Order Router (SOP). The SOR accepts limit and market orders and automates their routing across several sources of liquidity in an attempt to maximee price and m