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gher multiples compared to a subprime lenders with jewelry or trinkets as collateral. In jewelry, Tiffany and Blue Nile are struggling, but Kay. Jared. and Zales are somehow succeeding? I think that's due to their financing arm and aggressive extension of credit. I think there are some big time
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mber 31. 2001 we've/7 Nu m= 040-51256 X72 runne Nuwace On Fee LAST STATEkteNT November 30. 2001 027 0100.02.04-34 001 V51* EFTA01322629 °JARED THROUGH IM %NOUS ORIVE0 SUINMARY m C rn r TPLESEOCIN9- ANGS BEAR STEARNS COME SERVICWG YOUR ACCOUNT Bear. Steams & Co. Inc. 3B3 Madison Ave
101 INTEREST ONCREDIT BALANCE AT 8.0309 12121 THRu 12/28 SRMICOCUSIP QUANTITY RAN (%1 6.0000 Can MOW Cane !MOWN OS were °MAO SaJOSCARY 14w. Simms 5404114o Corp Ow itoosch Center Mom WOCAtIo. Vot¶1201-3411 IC121272.1003 INTERNATIONAL OIARITABLE STATBABR PERM Dorta 30.2000 114‘000.4 Unary
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