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ERSHENSON PROPERTIES RPT CASH 12,000 32.2500 387.000 20,160 5.2093 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIM CASH 1,000 7.6500 7.650 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.559.197 $114.279 TOTAL EQUITIES $4.559.197 $114.279 02/ 0101 0!,:9:18 Beer. SZeir

6,607 1.5999 $416.505 $6.607 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms 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

LTD KA CASH 10,000 60.3300 603.300 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B TCO INC TOO CASH 50.000 27.1600 1.358.000 BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VCR CASH 276.990 16.2400 4.498.318 443,184 9.8522 WYNN RESORTS LTD WYNN CASH 10.000 65.5600

4 aocop $25.574,586 $509.954 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms 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

VESTORS ENVIRONMENTAL SOLUTIONS ESWW CASH 100.000 0.6200 62,000 WORLDWIDE INC KERZNER INTERNATIONAL LTD KZL CASH 10.000 80.0000 800,000 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 VECTOR GROUP LTD VGR CASH 159,589 16.1900 2.583.746 255,342 9.8826 WYNN RESORTS LTD WYNN CASH 10.000 64

R On He LAST STATEMENT January 31.2006 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms 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