Equity Research Department
ORGANIZATIONStearns Securities Corp. Net Capital and Net Capital Requirements
ORGANIZATION3
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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
INTERESTS STATEMENT PERI00 February 28.2004 THROUGH March 31,2004 ACCOUNT NUMBER TAXPAYER WESER CO File LAST STATEMENT February 27.2004 Bear. Stearns Securities Corp. Net Capital and Net Capital Requirements: At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3,2 billion was approximately 7% and 7% of
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
ANY INC STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUUSER On File LAST STATEMENT February 27.2004 Bear. Stearns Securities Corp. Net Capital and Net Capital Requirements: At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3,2 billion was approximately 7% and 7% of
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
ARITABLE STATEMENT PERIOD FebiuIvy 28.2004 THROUGH Much 31.2004 ACCOUNT NUMBER TAXPAYER NUUSER On File LAST STATEMENT Februety 27.2004 Bear. Stearns Securities Corp. Net Capital and Net Capital Requirements: At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3,2 billion was approximately 7% and 7% of
Entities connected to both Equity Research Department and Stearns Securities Corp. Net Capital and Net Capital Requirements

Bear Stearns
ORGANIZATION
New York City
LOCATION
North
LOCATIONSZeirns
PERSONTHRCOGH
ORGANIZATIONEOUITY
ORGANIZATIONStearns Securities Corp
ORGANIZATIONNet Capital and Net Capital Requirements
ORGANIZATIONPERKO
ORGANIZATIONMASSER
PERSON
Jeffrey Epstein
PERSONBear, Stearns & Co. Inc.'s
ORGANIZATIONMONET
PERSONCAPCO
ORGANIZATIONMoney Fund
ORGANIZATIONthe National Association of Securities Dealer's
ORGANIZATIONIHROUGH
ORGANIZATIONNew York Nen York
ORGANIZATION
Financial Trust Company
ORGANIZATIONChM Santos
PERSON