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UBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York. New York 10179 7 r, Your messages Ear Bear. Stearns Securities Corp. Net Capital and Net Capital Requirements: At May 31, 2003 and July 31. 2003, the Company's net capital of approximately $2

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STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 245 Park Avenue New York. New York 10167 (212) 272-2000 2 c/ ) Your messages Ear Bear. Stearns Securities Corp, Net Capital and Net Capital Requirements: At November 30. 2000 and January 26. 2001. the Companys net capital of $2.620.9

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UBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York. Nee York 10179 6 el Your messages Ear Bear. Stearns Securities Corp. Net Capital and Net Capital Requirements: At May 31, 2003 and July 31. 2003, the Company's net capital of approximately $2