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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
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
On File LAST STATEMENT ROMERO( 30.2005 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
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
On File 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
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
Entities connected to both the Firms Equity Research Department and VALIK

Bear Stearns
ORGANIZATIONthe National Association of Securities Dealer's
ORGANIZATIONMASSER
PERSONEOUITY
ORGANIZATIONMarket Overweight
PERSONPeer Perform
PERSON
North
LOCATION
Financial Trust Company
ORGANIZATION
New York City
LOCATIONEquities & Options
ORGANIZATION
Jeffrey Epstein
PERSONSZeirns
PERSONBear, Stearns & Co. Inc.'s
ORGANIZATIONMoney Fund
ORGANIZATIONTHRCOGH
ORGANIZATIONPAN PACIFIC RETAIL
ORGANIZATIONNov York 11201.3859
LOCATIONOESCRPTION
ORGANIZATIONOUANMY
ORGANIZATIONthe Bear, Stearns Securities Corp
ORGANIZATION