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TEACIT Norte 30.2005 EQUMES 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

tal return relative to the other stocks coveted by that Analyst. The key for the stock rating values is as follows: 0 Outperform: P — Peer Perform: U - Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as

0 5434.785 57.391 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are Shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total tarn relative to the other stocks covered by that Analyst. The key for the stock rating values is as

al return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 — Outperform: P — Peer Perform: U - Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as

LAST STAmen 06-10000 31.2005 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

al return relative to the other stocks covered by that Analyst. The key for the stock rating values is es follows: 0 - Outperform; P = Peer Perform; U - Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key (or the sector rating is as