FREQUENTLY ASKED QUESTIONS

1. What do I have to do to obtain a payment ordered by the Court in June and July of 2009?

No application was required to receive a payment. Checks were being mailed to eligible claimants on a rolling basis during the first two weeks of October 2009. If you were eligible for a payment you should receive your check by the end of October.

The deadline for requesting the reissue of a Global Research Analyst Settlement Distribution Fund check has passed. No additional checks will be reissued. In addition, the check cashing deadline for all outstanding checks was January 29, 2010. Checks will not be paid after this date.

2. How do I know if I am eligible for a payment under the Court Orders issued in June and July 2009?

The following excerpts from the July 8, 2009, Order contain the provisions concerning distribution:

1. The Distribution Fund Administrator shall pay eligible valid, late-filed claims received as of December 31, 2008.

2. The Distribution Fund Administrator shall pay from the remaining Distribution Funds of Bear, Steams & Co., Inc., Citigroup Global Markets, J.P. Morgan Securities Inc., Lehman Brothers Inc., Merrill Lynch (Blodget), and US Bancorp Piper Jaffray eligible claimants whose calculated losses fell below the minimum payment of $100 by rounding up their calculated losses to $100 and by paying that amount to each claimant.

3. The Distribution Fund Administrator shall make a pro rata distribution to eligible claimants with calculated losses from the remaining Distribution Funds of Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley & Co., Thomas Weisel Partners, and UBS Warburg. The minimum payment will be $100.

4. The Distribution Fund Administrator shall make interest payments to eligible claimants from the remaining Distribution Funds of Bear, Steams & Co., Inc., Citigroup Global Markets, J.P. Morgan Securities Inc., Lehman Brothers Inc., Merrill Lynch (Blodget), and US Bancorp Piper Jaffray. Interest for each eligible claimant shall be calculated from the relevant loss dates to the payment dates for their calculated losses using the statutory interest rate for each year netted and compounded annually. See 28 U.S.C. § 1961. The minimum interest payments shall be $10, and the calculation of interest payments falling below the minimum threshold shall be rounded up to the minimum payment. For any Distribution Fund requiring pro-rated interest payments, any interest payment falling below the threshold of $10 shall not be rounded up.

3. What payments will be made under the Orders issued by the Court in June and July 2009?

Please see response to Question 2 above.

4. If I am eligible, when should I expect to receive a check?

Checks were mailed on a rolling basis during the first two weeks of October 2009. If you were eligible for a payment you should have received your check by the end of October.

The deadline for requesting the reissue of a Global Research Analyst Settlement Distribution Fund check has passed. No additional checks will be reissued. In addition, the check cashing deadline for all outstanding checks was January 29, 2010. Checks will not be paid after this date.

5. I haven't received a payment in the past. Will I be paid now?

In accordance with the Court's Order of July 8, 2009:

1) the Distribution Fund Administrator shall pay eligible valid, late-filed claims received as of December 31, 2008" that were not previously paid; and

2) the Distribution Fund Administrator shall pay from the remaining Distribution Funds of Bear, Stearns & Co., Inc., Citigroup Global Markets, J.P. Morgan Securities Inc., Lehman Brothers Inc., Merrill Lynch (Blodget), and US Bancorp Piper Jaffray eligible claimants whose calculated losses fell below the minimum payment of $100" in the previous distributions.

Click here for a copy of the Court Order.

6. What documentation is required to receive a payment under the Orders issued by the Court in June and July 2009?

No documentation is required to receive a payment. Checks were mailed to eligible claimants on a rolling basis during the first two weeks of October 2009. If you were eligible for a payment you should have received your check by the end of October.

7. Do I have to pay taxes on the amount I receive from the Global Research Analyst Distribution Funds?

Individual circumstances vary; you should consult a tax adviser regarding the tax implications of any payments you receive from the Global Research Analyst Settlement.

8. Will I receive an IRS Form 1099?

The accounting and tax consulting firm retained by the Distribution Fund Administrator has determined that an IRS Form 1099 will be issued to eligible claimants whoare receiving interest payments in accordance with the Court's Order of July 8, 2009.

9. How do I correct the name on my check?

The deadline for requesting the reissue of a Global Research Analyst Settlement Distribution Fund check has passed. No additional checks will be reissued. In addition, the check cashing deadline for all outstanding checks was January 29, 2010. Checks will not be paid after this date.

10. What if I think I am owed more money according to the Court's Orders of June and July 2009 than I receive?

You may request a copy of your payment calculation by calling 1-877-637-5998. Call Center hours are 9:00 a.m. until 5:30 p.m. Eastern time, Monday through Friday. A Call Center representative will be happy to assist you.

Please note that the time for appeals on claim eligibility and payment calculation questions has passed.

11. How is the interest payment being calculated?

In accordance with the Court's Order of July 8, 2009:

Interest for each eligible claimant shall be calculated from the relevant loss dates to the payment dates for their calculated losses using the statutory interest rate for each year netted and compounded annually." See 28 U.S.C. § 1961 for annual statutory interest rates.

The minimum interest payments shall be $10, and the calculation of interest payments falling below the minimum threshold shall be rounded up to the minimum payment. For any Distribution Fund requiring pro-rated interest payments, any interest payment falling below the threshold of $10 shall not be rounded up.

12. Can I still submit a claim for a payment from the Global Research Analyst Settlement?

All valid claims have been processed and all claim filing deadlines have passed.

13. Can I submit additional documentation to support a claim I filed previously?

All valid claims have been processed and all documentation filing deadlines have passed.

14. If I want to ask a question about the Court's Orders or the distribution plan, what should I do?

If you have a question about the Court's Orders or the distribution plan, please call toll-free, 1-877-637-5998 (Call Center hours are 9:00 a.m. until 5:30 p.m. Eastern time, Monday through Friday); or email mail@globalresearchanalystsettlement.com; fax 1-800-549-1837; or write to Global Research Analyst Settlement, 201 Lyndale Avenue South, Suite S-3, P.O. Box 1779, Faribault, MN 55021.

Our toll-free number is 1-877-637-5998. Call Center hours are
9:00 a.m. until 5:30 p.m. Eastern time, Monday through Friday.