Vaccines of the future

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NOTE TO ACCOUNT EXECUTIVES: For securities that are not listed on the NYSE, AMEX, or Nasdaq National Market System, check the Compliance page of the Bear Stearns Intranet site for State Blue Sky data prior to soliciting or accepting orders from clients. Outperform (O) - Stock is projected to outperform analyst's industry coverage universe over the next 12 months. Peer Perform (P) - Stock is projected to perform approximately in line with analyst's industry coverage universe over the next 12 months. Underperform (U) - Stock is projected to underperform analyst's industry coverage universe over the next 12 months. Market Overweight (MO) - Expect the industry to perform better than the primary market index for the region over the next 12 months. Market Weight (MW) - Expect the industry to perform approximately in line with the primary market index for the region over the next 12 months. Market Underweight (MU) - Expect the industry to underperform the primary market index for the region over the next 12 months. (%Rated companies / %Banking client in the last 12 months). Outperform (Buy): 34.3 / 19.3. Peer Perform (Neutral): 47.4 / 12.8. Underperform (Sell): 18.2 / 8.2. The costs and expenses of Equity Research, including the compensation of the analyst(s) that prepared this report, are paid out of the Firm's total revenues, a portion of which is generated through investment banking activities. Wyeth WYE Peer Perform $42.85. Merck MRK Underperform $50.32. MedImmune MEDI Outperform $34.70. Aventis (AVE) Peer Perform $49.00. GlaxoSmithkline GSK Peer perform $38.83. GenVec (GNVC) NR $2.35. Avant Immunotherapeutics (AVAN) NR $2.35. VaxGen (VXGN) NR $4.10. Chiron (CHIR) NR $50.81. Acambis (ACAM) NR $56.72. Crucell NV (CRXL) NR $3.70. ID BioMedical (IDBE) NR $13.45. Dor BioPharma (DOR) NR $0.71. Vical (VICL) NR - $5.30. Targeted Genetics (TGEN) NR $1.93. Bavarian Nordic A/S (BAVA.CP) NR. Therion Biologics NR - Private. DynPort Vaccine Company LLC NR - private. AlphaVax NR - private. BioPort Corporation NR - private. Avecia NR - private. Regulation A/C The Research Analyst(s) who prepared the document / email hereby certify that the views expressed in this document / email accurately reflect the analyst(s) personal views about the subject companies and their securities. The Research Analyst(s) also certify that the Analyst(s) have not been, are not, and will not be receiving direct or indirect compensation for expressing the specific recommendation(s) or view(s) in this report.