Bear Stearns

1. Bear Stearns Wendy Hsieh Tony Chang Wenqian Wu Vasanth Subramaniam

3. Company Profile Strengths Media Acquisition finance Transportation Gaming Real Estate Expansion phase

4. Company Culture and Internship Experience Culture Company culture of frugality Older, more conservative bank (not flashy) Encourages individualism

5. League Table Rankings #1 US Residential Mortgage-Backed Securities #2 US Mortgage-Backed Securities #3 Global Mortgage-Backed Securities #5 US Completed M&A Adviser #5 Global Collateralized Debt Obligations #6 US Commercial Mortgage-Backed Securities #8 US Asset-Backed Securities #10 Global High-Yield Debt #11 Global Completed M&A Adviser

6. Financial Snapshot FY2005

7. BSC Stock Price BSC Stock Price 1-Year ($151.35 as of 10/31/2006) BSC Stock Price 5-Year

8. Recent News November 1, 2006 Bear Stearns Co.'s unit Arroyo Energy LP agreed to acquire privately held Delta Power Co. LLC for undisclosed financial terms. The New York-based investment banking and securities trading and brokerage firm said interests in 19 power projects are included in the sale of the Morristown, N.J., owner and manager of power generation projects. Bear Stearns' revenue last year was $7.4 billion. October 27, 2006 Standard & Poor's on October 27, 2006 raised its ratings on Bear Stearns Cos., citing the company's stable profits and conservative management. Bear Stearns in September said strong mortgage-backed bond activity helped boost third-quarter net income nearly 16 percent, topping Wall Street expectations, amid some worries a cooling U.S. housing market will hurt the investment bank's bread-and-butter business. October 10, 2006 Bear Stearns beefs up Europe real estate lending. Bear Stearns International has expanded its commercial real estate lending business in Europe with the appointments of Stephen Haskin and Steve Williams as co-heads, the bank said on October 10, 2006. Haskin and Williams, both managing directors, will develop both securitized and non-securitized lending as well as other principal activities related to commercial real estate in Europe. They plan to make additional hires as the business expands. October 10, 2006 Bear Stearns agrees to buy subprime origination unit. Bear Stearns Companies Inc.said on Tuesday it had agreed to acquire ECC Capital Corp.'s mortgage origination unit. Under the agreement, Bear Stearns' mortgage bank subsidiary, Bear Stearns Residential Mortgage Corp., will purchase the subprime mortgage origination platform of ECC Capital's subsidiary, Encore Credit Corp. Encore Credit specializes in originating mortgages for borrowers with less than stellar credit ratings.

9. Recent News October 4, 2006 Bear Sterns continues expansion in Asia with three hires in structured equity products. Bear, Stearns Asia Limited has broadened its structured equity product offering in Asia with three new hires in Hong Kong. New services include synthetic equity finance, such as equity swaps and other derivative-based instruments, and a synthetic prime brokerage service to handle financing and execution. Bear Stearns now offers these services to clients worldwide. September 14, 2006 Bear Sterns reports third quarter earnings per share of $3.02 net income rises 16% to $438 million Highest Ever Net Revenues, Net Income And Earnings Per Share For The First Nine Months Of 2006 Fixed Income Net Revenues Up 19%Institutional Equities Net Revenues Up 31%Wealth Management Net Revenues Up 36% August 17, 2006 Bear Stearns announced today that the Japanese-based rating agency Rating & Investment Information Inc. ("R&I"), has upgraded the issuer rating of The Bear Stearns Companies Inc.to "AA-" from "A+" with "Stable Outlook". R&I cited the firm’s continued dominant market position in the prime brokerage area of its global clearing services segment in the face of increasing global competition and the successful diversification of Bear Stearns revenue sources.