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0 to avoid increased penalties. For Tax Returns and information, call the Department of Revenue at 1.800352.3671. End of Statement fige As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (8
uest that a copy of this research be sent to them, DESCRPSON CANHORN CHEMICAL CORP ACCT MARKET ESTEEM CM:ENT SYMSOLCUSIP TYPE OUANSTY NICE VALIK MOJA& SCONE VELD NT CNCPF CASH 19 Unprioed FELCOR LODGING TRUST INC FCH CASH 2,000 11.3100 22.620 BSC RATING: STOCK U/SECTOR MW GREEN S
0.2005 ACCCUNT NUMBER X72 TAXPAYER KAMER On File LAST STATEMENT November 30.2005 CREDIT AMOUNT 1,022.58 $20,653.82 Your messages As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (
t that a copy of this research be sent to them, DESORPTION CANHORN CHEMICAL CORP AOCT MARKET ESTEEMED CURFEW SYMECVWSIP TYPE OLIANSTY PRCE VALIK ROOM INCOME YEW DH CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.4300 24.860 027 0•01.05:09:49 001 '.876 EFTA0020
BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 8 vi Your messages As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (8
ams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. DESCRFTION SYMBOUCUSIP ACCT TYPE OVAMITY PRCE WW1 VALIK ESTRUM/ ANNUM INCOME CURRID1R YEW I%4 FELCOR LODGING TRUST INC FCH CASH 2.000 22.0000 44.000 1.600 3.6364 GLENBOROUGH REALTY TRUST INC
K TO MARKET 1,197,699.00 12/31/01 JOURNAL MARK TO MARKET SHORT POS 1,197,699.00 TOTAL $-1,331.250.00 $1,331,250.00 Your messages As pail of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (
ASH & CASH EQUIVALENTS $5.598,222 $164.873 EQUITIES Equities & Options ACCT MARKET ESTINMED CURFEW DESSRPION STIRECIAUSIP TIN (wen NICE VALIK ANMJAL INCOME YEW 1%/ PNC FINANCIAL SVCSGROUP INC PNC CASH 10,000 66.5900 665.900 19,200 2.8833 PNC FINANCIAL SVCSGROUP INC PNC SHRT -1
Entities connected to both the National Association of Securities Dealer's and VALIK

Bear Stearns
ORGANIZATIONMASSER
PERSON
New York City
LOCATION
North
LOCATIONEOUITY
ORGANIZATIONSZeirns
PERSONTHRCOGH
ORGANIZATIONMoney Fund
ORGANIZATIONPERKO
ORGANIZATION
Jeffrey Epstein
PERSON
Financial Trust Company
ORGANIZATIONBear, Stearns & Co. Inc.'s
ORGANIZATIONMONET
PERSONEquities & Options
ORGANIZATIONthe Firms Equity Research Department
ORGANIZATIONthe Bear, Stearns Securities Corp
ORGANIZATIONMarket Overweight
PERSONPeer Perform
PERSONOUANMY
ORGANIZATIONOESCRPTION
ORGANIZATION