1. Recovery and Financial Markets John Ryding, Chief Market Economist February 20, 2002

2. Recovery Scorecard Table Source: Bear, Stearns & Co. Inc.

3. Bear Stearns Industrial Metals Index 01/01/96 = 100 Source: Bear, Stearns & Co. Inc.

4. Real Personal Income 12-month change, % Source: Commerce Department Shading = recession

5. Real Corporate Profits 4-quarter change, % Source: Commerce Department Shading = recession

6. Profit Fundamentals Source: Bear, Stearns & Co. Inc.

7. GDP and S&P 500 Growth Following Recession Source: Bear, Stearns & Co. Inc.

8. GDP Growth and S&P 500 Following Recession Source: Bear, Stearns & Co. Inc.

9. Price of Gold Source: Haver Analytics $ per troy ounce

10. Trade-Weighted U.S. Dollar Source: Haver Analytics 3/73 = 100

11. Nominal Fed Funds Rate percent Source: Haver Analytics

12. Real Yield on 10-Year Treasury Note percent Source: Haver Analytics

13. 10-Year to 2-Year Treasury Spread Source: Federal Reserve basis points

14. 2-Year Treasury to Fed Funds Spread basis points Source: Federal Reserve

15. Baa Corporate Bond Spread Baa minus 10-yr Treasury, basis points Source: Moody’s; Federal Reserve