Epstein Secrets

l for Claimants Freshfields Bruckhaus Deringer US LLP By: Marshall H. Fishman Gabrielle L. Gould Co-Counsel for The Bear Steams Companies Inc., Bear, Stearns & Co. Inc. and Bear Stearns Asset Management Inc. - 2- KL3 , . 1. 1C7-2211112.1 EFTA00316036 Wachtell, Lipton, Rosen & Katz By: David B. Anders Counsel

ankel LLP By: By: Stephen D. Susman Stephen M. Sinaiko Counsel for Claimants Freshfields Bruckhaus Deringer US LLP By: Marshall H. Fishman Gabrielle L. Gould Co-Counsel for The Bear Steams Companies Inc., Bear, Stearns & Co. Inc. and Bear Stearns Asset Management Inc. - 2- KL3 , . 1. 1C7-2211112.1 EFT

nt. IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the Effective Date. The Bear Stearns Companies Inc. (n/k/a The Bear, Stearns & Co. Inc. (n/k/a J.P. Morgan Bear Steams Companies LLC) Securities LLC) By: By: Name: Name: Title: Title: Bear Stearns Asset Management Inc. Financ

n M. Sinaiko 1177 Avenue of the Americas New York, New York 10036 (212) 715-9100 Freshfields Bruckhaus Deringer US LLP By: Marshall H. Fishman Gabrielle L. Gould 520 Madison Avenue, 34th Floor New York, New York 10022 (212) 277-4000 Co-Counsel for The Bear Steams Companies Inc., Bear, Steams & Co. Inc. an

4t4 Marshall . Fishman Gabrielle L. Gould 520 Madison Avenue, 34th Floor New York New York 10022 Co-Counsel for The Bear Stearns Companies Inc., Bear, Stearns & Co. Inc. and Bear Steams Asset Management Inc. - 2 - EFTA00284610 Wachtel!, Lipton, Rosen & Katz By: David B. Anders 51 West 52nd Street New York, Nc

n M. Sinaiko 1177 Avenue of the Americas New York, New York 10036 Freshfields Bruckhaus Deringer US LLP By: ikar If-Ast4.,4t4 Marshall . Fishman Gabrielle L. Gould 520 Madison Avenue, 34th Floor New York New York 10022 Co-Counsel for The Bear Stearns Companies Inc., Bear, Stearns & Co. Inc. and Bear Steams

ANSWER Pursuant to Rule 12303 of the NASD Code of Arbitration Procedure for Customer Disputes, Respondents The Bear Stearns Companies, Inc. ("BSC), Bear, Stearns & Co. Inc. (Bq&Co.), and Bear Stearns Asset Management Inc. ("BSAM") (collectively, the "Bear Stearns Respondents"), by their attorneys, Kramer Levin Naftalis

(c) Dated: December 4, 2009 Respectfully submitted, KRAMER LEVIN NAFTALIS & FRANKEL LLP B ki tatE Marshall H. Fialun f an Stephen M. Sinaiko Gabrielle L. Gould 1177 Avenue of the Americas New York, New York 10036 Attorneys for Respondents The Bear Steams Companies, Inc., Bear, Stearns & Co. Inc., and Bea

ishman Gabrielle L. Gould 520 Madison Avenue, 34th Floor New York, New York 10022 (212) 277-4000 Co-Counsel for The Bear Steams Companies Inc., Bear, Stearns & Co. Inc. and Bear Stearns Asset Management Inc. KU 23311357i - 2 - EFTA00586194 Wachtell, Lipton, Rosen & Katz By: David B. Anders 51 West 52nd Stree

n M. Sinaiko 1177 Avenue of the Americas New York, New York 10036 (212) 715-9100 Freshfields Bruckhaus Deringer US LLP By: Marshall H. Fishman Gabrielle L. Gould 520 Madison Avenue, 34th Floor New York, New York 10022 (212) 277-4000 Co-Counsel for The Bear Steams Companies Inc., Bear, Stearns & Co. Inc. a