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00 $434,785 97.391 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. fi e 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
tection changed to Customer Asset Protection Company MAPCO", a New York licensed insurance company, CAPCO has an Ai- financial strength rating from Standard & Pool's, End of Statement Beer. Neon Seceemr Dap. CcoMetsolech Contm North Beccidon. New Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD January 31.20
ST STATEMENT November 30.2004 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's 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
ion changed to Customer Asset Protection Company ("CAPCO'), a New York licensed insurance company, CAPCO has an A-I- financial strength rating from Standard & Pool's. End of Statement 027 0221404:i1:57 001 1929 EFTA00196815 CLEARED THROUGH its niCkLY OMER SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR AC
ur customers, independent third-party research ('Independent Research'), at no cost, on the common stock of certain companies covered by the Firm's Equity Research Department ('Covered Company). Customers will be able to access this research at wwgv,bearsteams,com or can call (800) 517-2327 to request that a copy of this
ection changed to Customer Asset Protection Company MAPCO", a New York licensed insurance company, CAPCO has an A-1- financial strength rating from Standard & Pool's, End of Statement 027 Ct2r28.04:11:57 001 2428 EFTA00199014 CLEARED 11119:0011 11S WHOU.Y OWNED SUEIDDIMW BEAR STEARNS OFFICE SERVICING YO
Entities connected to both Equity Research Department and Standard & Pool's

New York City
LOCATION
Bear Stearns
ORGANIZATIONSZeirns
PERSON
North
LOCATIONMASSER
PERSON
Jeffrey Epstein
PERSONCAPCO
ORGANIZATIONTHRCOGH
ORGANIZATIONBear, Stearns & Co. Inc.'s
ORGANIZATIONNet Capital and Net Capital Requirements
ORGANIZATIONIHROUGH
ORGANIZATIONEOUITY
ORGANIZATIONthe National Association of Securities Dealer's
ORGANIZATION
Financial Trust Company
ORGANIZATIONMONET
PERSONPeer Perform
PERSONEquities & Options
ORGANIZATIONPERKO
ORGANIZATIONMarket Overweight
PERSONStearns Securities Corp
ORGANIZATION