|
Free
Writing Prospectus
Filed
Pursuant to Rule 433
Registration
No. 333−136666
July
20, 2007
|
BearLinxSM
Alerian MLP Select Index ETN (Ticker: BSR)
The
BearLinxSM
Alerian
MLP Select Index ETN is linked to the Alerian MLP Select Index (ticker: AMZS)
(the "Index"), which is published by the Standard & Poor's, a division of
the McGraw-Hill Companies, Inc. (the "Sponsor"), in consultation with Alerian
Capital Management LLC ("Alerian"). The BearLinxSM
MLP
Select Index ETN will track the change in the level of the Index and will pay
a
monthly coupon equal to the amount of dividends that would be paid from
companies underlying the Index each month less a tracking fee.
The
Index
measures the composite performance of midstream energy oriented Master Limited
Partnerships ("MLPs"), and is calculated by the Sponsor using a float-adjusted,
market capitalization weighted methodology. The objective of the Index is to
provide investors with a comprehensive benchmark for the performance of the
energy MLP universe. The MLPs underlying the Index are generally limited
partnerships engaged in the exploration, marketing, mining, processing,
production, storage or transportation of any mineral or natural
resource.
Overview
BearLinx
Note Summary
Ticker
Symbol
|
BSR
|
Exchange
|
NYSE
|
Index
|
Alerian
MLP Select Index
|
Annual
Fee
|
0.85%*
|
Bloomberg
Index Symbol
|
AMZS
Index
|
Issue
Date
|
7/20/2007
|
Reuters
Index Symbol
|
.AMZS
|
Maturity
Date
|
7/20/2027**
|
CUSIP
Number
|
73902835
|
|
|
*0.85%
annualized based upon a monthly fee of 0.070834%. The monthly fee is deducted
from each monthly payment amount payable under the Notes, as further described
in the Pricing
Supplement.
If
the coupon amount payable under the Notes for any month is less than the fee,
the amount of the difference will be added to the fee to be applied to the
coupon payable in the following month until such time as the entire fee has
been
deducted for all prior months.
**
The Notes are listed for trading on the NYSE but may be redeemed prior to
maturity at the option of the Noteholder on a weekly basis throughout the term
of the Note for a minimum of 75,000 Notes.
Index
Correlation and Volatility
|
Correlation
|
Annualized
Historical
Volatility
|
1-year
Total
Return
|
3-year
Annualized
Total
Return
|
Alerian
MLP Select Index (AMZS)
|
1.00
|
|
9.79%
|
|
26.03%
|
17.93%
|
|
S&P
500
|
0.24
|
|
14.93%
|
|
18.65%
|
11.74%
|
|
Russell
2000
|
0.27
|
|
19.51%
|
|
14.24%
|
14.05%
|
|
NASDAQ
|
0.18
|
|
27.86%
|
|
15.89%
|
8.32%
|
|
Dow
Jones
|
0.26
|
|
15.14%
|
|
19.33%
|
11.04%
|
|
SOURCE:
Bloomberg Correlation and Volatility Date 12/29/95 - 4/30/07. Return Data as
of
7/16/07
Correlation
is the tendency of two variables to move in the same direction by proportional
amounts, and is (usually) measured by a number ranging between -1 and +1. A
higher positive number means that the two variables tend to move in the same
direction more often and larger / smaller moves in one variable are more likely
to correspond to respectively larger / smaller moves in the other. Similarly,
a
number closer to -1 means that the two variables tend to move in opposite
directions more often, but larger / smaller moves in one variable still
correspond to relatively larger / smaller magnitude moves in the other.
Alternately, a number near zero means that the two variables tend not to have
much of a significant relationship with one another as far as the direction
or
magnitude.
The
performance quoted represents past performance and does not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investment, when sold or redeemed may be worth more or less than
the
original cost. Current performance may be lower or higher than the performance
quoted.
An
investment in the BearLinx Notes involves risks, including possible loss of
principal. For a description of the primary risks related to the BearLinx Notes
see the "Risk Factors" section in the Pricing Supplement.
The
issuer has filed a registration statement (including a prospectus) with the
SEC
for the offering to which this communication relates. Before you invest, you
should read the prospectus and other documents the issuer has filed with the
SEC
for more complete information about the issuer and this offering. You may get
these documents for free by visiting EDGAR on the SEC website at www.sec.gov
or
by following the hyperlinks provided below. Alternatively, the issuer, any
underwriter or any dealer participating in the offering will arrange to send
you
the prospectus if you request it by calling toll-free 1-866-803-9204, or you
may
request a copy from any other dealer participation in the offering. You may
also
access the prospectus, prospectus supplement and pricing supplement on the
SEC
website as follows:
Pricing
Supplement:
Prospectus
Supplement:
Prospectus:
Bear
Stearns, a subsidiary of the Issuer, assists in the promotion of the BearLinx
Notes.
The
BearLinx Notes are unsecured obligations of the Issuer and are not secured
debt.
The BearLinx Notes are riskier than ordinary unsecured debt securities and
have
no principal protection. You should carefully consider, among other things,
the
matters set forth in "Risk Factors" in the prospectus supplement and the
pricing
supplement, as the BearLinx Notes involve risks not associated with conventional
debt securities. Risks of investing in the BearLinx Notes include limited
portfolio diversification, uncertain principal repayment, and illiquidity.
The
tracking fee will reduce the amount of the monthly coupon payments you will
receive during the term of the BearLinx Notes, and you may receive less than
the
principal amount of your investment at maturity even if the value of the
Index
has increased. An investment in the BearLinx Notes may not be suitable for
all
investors.
The
BearLinx Notes may be on the New York Stock Exchange through any brokerage
account. There are restrictions on the minimum number of BearLinx Notes you
may
redeem directly with the Issuer, and the dates on which you may redeem them,
as
specified in the Pricing Supplement. Sales in the secondary market may result
in
significant losses.
An
investment in the BearLinx Notes may carry risks similar to a concentrated
securities investment in the energy oriented Master Limited Partnership sector.
Subject
to requirements described in the Pricing Supplement, the BearLinx Notes may
be
redeemed weekly with the Issuer in large, institutional blocks (75,000 BearLinx
Notes). A redemption charge will apply.
The
sale, redemption or maturity of the BearLinx Notes will generate tax
consequences. For more complete description, please see the description of
the
US federal income tax treatment in the Pricing Supplement.
None
of the Issuer or its affiliates provide tax advice and nothing contained
herein
should be construed to be tax advice. Please be advised that any discussion
of
U.S. tax matters contained herein (including any attachments) (i) is not
intended or written to be used, and cannot be used, by you for the purpose
of
avoiding U.S. tax-related penalties; and (ii) was written to support the
promotion or marketing of the transactions or other matters addressed herein.
We
urge you to consult your investment, legal, tax, accounting and other advisers
before you invest in the BearLinx Notes..
Alerian
MLP Select Index, Alerian MLP Select Total Return Index, Alerian MLP Index
and
Alerian MLP Total Return Index are trademarks of Alerian Capital Management
LLC
and their use is granted under a license from Alerian Capital Management
LLC
Access
Agreement | Privacy Policy | USA PATRIOT Act | Business Continuity Plan
Disclosure | Security
Bear,
Stearns Securities Corp.: Financial Statement | Safety of Customer Assets
|
Member SIPC
©
2007
Bear, Stearns & Co. Inc. Published in the U.S.A. All rights reserved.
Deal
Details
Issuer:
|
The
Bear Stearns Companies Inc.
|
Issuer's
Rating:
|
A1
/ A+ (Moody's / S&P).
|
Securities
Offered:
|
BearLinxSM
Alerian MLP Select Index ETN
|
Listing:
|
The
Notes are listed on the New York Stock Exchange "NYSE") under the
symbol
BSR.
|
CUSIP
Number:
|
73902835
|
Adp
Number:
|
B014753
|
Lead
Manager/ Calculation Agent:
|
Bear,
Stearns & Co. Inc.
|
Issue
Price:
|
100.00%
of principal $38.8915 Per Note
|
Principal
Amount:
|
$75,039,438
|
Agent's
Discount:
|
0.00%
|
Proceeds
to Issuer:
|
100%
of par, being $75,039,438
|
Selling
Period Ends:
|
July
11, 2007.
|
Initial
Measurement Period:
|
July
12, 2007 to July 19, 2007.
|
Settlement
Date:
|
July
20, 2007.
|
Calculation
Date:
|
July
9, 2027.
|
Final
Measurement Period:
|
July
9, 2027 to July 15, 2027.
|
Maturity
Date:
|
July
20, 2027 (for a term of 20 years).
|
Tracking
Fee:
|
As
of any date of determination, an amount per Note equal to the product
of
0.070834% (representing 0.85% per annum) multiplied by the Current
NAV
|
Current
NAV:
|
As
of any date of determination, an amount per Note equal to the product
of
(i) the Principal Amount multiplied by (ii) a fraction, the numerator
of
which is equal to the VWAP Level as of such date and the denominator
of
which is equal to the Initial VWAP Level, as determined by the Calculation
Agent.
|
Index
Ratio:
|
As
of any date of determination, an amount equal to the quotient of
the Final
VWAP Level divided by the Initial VWAP Level.
|
VWAP
Level:
|
As
of any date of determination and with respect to the Index, the quotient
of (1) the arithmetic mean of the sum of the products of (i) the
volume
weighted-average price of the each Index Component as of such date
multiplied by (ii) the published share weighting of such Index Component
as of such date divided by (2) the Index divisor as determined by
the
Calculation Agent.
|
Cash
Settlement Amount:
|
An
amount per Note payable in U.S. dollars on the Maturity Date equal
to (i)
the Principal Amount multiplied by the Index Ratio minus (ii) the
accrued
Tracking Fee, if any.
|
Coupon:
|
Variable
amount paid monthly on the fifth business day following each Coupon
Valuation Date.
|
Coupon
Valuation Date:
|
First
business day of each month.
|
Early
Redemption:
|
Weekly
Redemption at the option of the holder as described in the prospectus.
|
Early
Redemption fee:
|
0.125%
|
Early
Redemption Fee Amount:
|
As
of any date of determination, an amount per Note in U.S. dollars
equal to
the product of the Redemption Fee multiplied by the applicable Cash
Settlement Amount.
|
Initial
VWAP Level:
|
388.915,
representing the arithmetic mean of the VWAP Levels measured daily
during
the Initial Measurement Period.
|
Final
VWAP Level:
|
To
be determined by the Calculation Agent; equals the arithmetic mean
of the
VWAP Levels measured daily during the Final Measurement Period.
|
Clearing:
|
DTC
|
Access
Agreement | Privacy Policy | USA PATRIOT Act | Business Continuity Plan
Disclosure | Security
Bear,
Stearns Securities Corp.: Financial Statement | Safety of Customer Assets |
Member SIPC
©
2007
Bear, Stearns & Co. Inc. Published in the U.S.A. All rights reserved.
Index
Components
As
of
June 15, 2007
Company
Name
|
Ticker
|
Price
|
Market
Cap
|
Float
Adjust
|
Weight
|
Alliance
Holdings GP LP
|
AHGP
|
$30.47
|
$1,824.03
|
$365.64
|
0.55%
|
Alliance
Resource Partners LP
|
ARLP
|
$43.83
|
$1,602.02
|
$905.83
|
1.36%
|
AmeriGas
Partners LP
|
APU
|
$37.31
|
$2,120.05
|
$1,192.03
|
1.79%
|
Atlas
Pipeline Partners LP
|
APL
|
$54.00
|
$706.34
|
$603.72
|
0.91%
|
Boardwalk
Pipeline Partners LP
|
BWP
|
$34.56
|
$4,017.60
|
$1,012.68
|
1.52%
|
Buckeye
GP Holdings LP
|
BGH
|
$28.05
|
$793.82
|
$294.53
|
0.44%
|
Buckeye
Partners LP
|
BPL
|
$50.64
|
$2,085.85
|
$1,954.59
|
2.94%
|
Copano
Energy LLC
|
CPNO
|
$42.09
|
$1,845.79
|
$1,584.44
|
2.38%
|
Crosstex
Energy Inc
|
XTXI
|
$29.85
|
$1,372.40
|
$849.37
|
1.28%
|
Crosstex
Energy LP
|
XTEX
|
$33.96
|
$1,473.59
|
$483.19
|
0.73%
|
Dorchester
Minerals LP
|
DMLP
|
$22.50
|
$635.41
|
$558.63
|
0.84%
|
Eagle
Rock Energy Partners LP
|
EROC
|
$23.91
|
$1,341.68
|
$321.69
|
0.48%
|
Enbridge
Energy Partners LP
|
EEP
|
$54.28
|
$4,158.45
|
$2,938.40
|
4.42%
|
Energy
Transfer Equity LP
|
ETE
|
$40.73
|
$9,075.88
|
$851.05
|
1.28%
|
Energy
Transfer Partners LP
|
ETP
|
$60.50
|
$8,287.14
|
$4,298.81
|
6.46%
|
Enterprise
Products Partners LP
|
EPD
|
$31.03
|
$13,435.93
|
$8,680.51
|
13.05%
|
Ferrellgas
Partners LP
|
FGP
|
$24.07
|
$1,515.39
|
$901.18
|
1.36%
|
Hiland
Holdings GP LP
|
HPGP
|
$31.76
|
$686.02
|
$222.70
|
0.33%
|
Inergy
LP
|
NRGY
|
$35.80
|
$1,778.56
|
$1,115.29
|
1.68%
|
Kinder
Morgan Energy Partners LP
|
KMP
|
$54.30
|
$9,129.84
|
$7,895.34
|
11.87%
|
Kinder
Morgan Management LLC
|
KMR
|
$51.83
|
$3,579.16
|
$3,037.43
|
4.57%
|
Linn
Energy LLC
|
LINE
|
$34.70
|
$2,274.94
|
$918.53
|
1.38%
|
Magellan
Midstream Holdings LP
|
MGG
|
$29.28
|
$1,834.29
|
$644.10
|
0.97%
|
Magellan
Midstream Partners LP
|
MMP
|
$45.42
|
$3,022.53
|
$2,953.82
|
4.44%
|
MarkWest
Energy Partners LP
|
MWE
|
$35.49
|
$1,295.38
|
$913.31
|
1.37%
|
Natural
Resource Partners LP
|
NRP
|
$38.01
|
$2,034.96
|
$925.95
|
1.39%
|
NuStar
Energy LP
|
NS
|
$66.15
|
$3,096.46
|
$2,371.95
|
3.57%
|
NuStar
GP Holdings LLC
|
NSH
|
$36.22
|
$1,539.35
|
$1,352.64
|
2.03%
|
ONEOK
Partners LP
|
OKS
|
$68.19
|
$5,652.36
|
$3,067.14
|
4.61%
|
Penn
Virginia Resource Partners LP
|
PVR
|
$30.96
|
$1,427.45
|
$795.32
|
1.20%
|
Plains
All American Pipeline LP
|
PAA
|
$61.35
|
$6,712.01
|
$5,040.35
|
7.58%
|
Regency
Energy Partners LP
|
RGNC
|
$25.25
|
$1,203.94
|
$538.95
|
0.81%
|
Star
Gas Partners LP
|
SGU
|
$4.64
|
$351.59
|
$290.64
|
0.44%
|
Suburban
Propane Partners LP
|
SPH
|
$48.33
|
$1,579.15
|
$1,467.99
|
2.21%
|
TC
Pipelines LP
|
TCLP
|
$39.82
|
$1,387.97
|
$600.60
|
0.90%
|
TEPPCO
Partners LP
|
TPP
|
$43.30
|
$3,888.55
|
$3,106.74
|
4.67%
|
Williams
Partners LP
|
WPZ
|
$47.63
|
$1,874.66
|
$1,452.08
|
2.18%
|
SOURCE:
Bloomberg
Access
Agreement | Privacy Policy | USA PATRIOT Act | Business Continuity Plan
Disclosure | Security
Bear,
Stearns Securities Corp.: Financial Statement | Safety of Customer Assets
|
Member SIPC
©
2007
Bear, Stearns & Co. Inc. Published in the U.S.A. All rights reserved.
Sector
Weightings
As
of
June 15, 2007
Access
Agreement | Privacy Policy | USA PATRIOT Act | Business Continuity Plan
Disclosure | Security
Bear,
Stearns Securities Corp.: Financial Statement | Safety of Customer Assets |
Member SIPC
©
2007
Bear, Stearns & Co. Inc. Published in the U.S.A. All rights reserved.
Contacts
Bruce
Jaeger
212-272-1786
Bill
Bamber
212-272-1786
Joshua
Dunivant
212-272-1786
BearLinxsm
Alerian
MLP Select Index ETN
The
Bear Stearns Companies Inc. has issued via its senior, unsecured US Note program
a 20-year Exchange Traded Note linked to the Alerian MLP Select Index (the
“Index”). The Index measures the performance of midstream energy oriented Master
Limited Partnerships (MLPs) and is calculated and published by Standard and
Poor’s, a division of the McGraw-Hill Companies, Inc. The BearLinx Alerian MLP
Select Index Notes (the “BearLinx Notes”) are designed to track the performance
of the Index in a cost-effective and operationally efficient manner for
investors. The BearLinx Notes are listed for trading on the NYSE under the
symbol “BSR”.
BEARLINX
NOTE SUMMARY
|
Ticker
Symbol
|
BSR
|
Index
|
Alerian
MLP Select Index
|
Bloomberg
Index Symbol
|
AMZS
Index
|
Reuters
Index Symbol
|
.AMZS
|
CUSIP
Number
|
073902835
|
Exchange
|
NYSE
|
Annual
Fee
|
0.85%*
|
Issue
Date
|
7/20/2007
|
Maturity
Date
|
7/20/2027**
|
*0.85%
annualized based upon a monthly fee of 0.070834%. The monthly fee is deducted
from each monthly coupon payment amount payable under the Notes, as further
described in the Pricing Supplement . If the coupon amount payable under the
Notes for any month is less than the fee, the amount of the difference will
be
added to the fee to be applied to the coupon payable in the following month
until such time as the entire fee has been deducted for all prior
months.
**
The Notes are listed for trading on the NYSE but may be redeemed prior to
maturity at the option of the Noteholder on a weekly basis throughout the term
of the Note for a minimum of 75,000 Notes.
ISSUER
DETAILS
|
|
Issuer
|
The
Bear Stearns Companies Inc.
|
Issuer’s
Ticker Symbol
|
BSC
|
Issuer’s
Rating1
|
A1
by Moody’s
|
|
A+
by S&P
|
1
The
BearLinx Notes are not rated but rather rely upon the ratings of the Issuer,
The
Bear Stearns Companies Inc. Ratings are subject to change or withdrawal at
any
time by the assigning rating organization, which may have an adverse effect
on
the value and liquidity of the Notes.
THE
INDEX
The
Alerian MLP Select Index measures the composite performance of energy oriented
Master Limited Partnerships (“MLPs”), and is calculated by the Sponsor using a
float-adjusted, market capitalization weighted methodology. The objective of
the
Index is to provide investors with a comprehensive benchmark for the performance
of the energy MLP universe.
The
MLPs underlying the Index are generally limited partnerships engaged in the
exploration, marketing, mining, processing, production, storage or
transportation of any mineral or natural resource. The Index itself will be
disseminated real-time basis and is listed on the Chicago Mercantile Exchange.
As of June 15, 2007, the Index comprised of 37 Index
components.
INDEX
CORRELATION AND VOLATILITY
The
following table illustrates a comparison of certain performance criteria of
the
Index relative to other various benchmarks over the time period measured from
December 29, 1995 through April 30, 2007.
|
Correlation
|
Annualized
Historical
Volatility
|
1-year
Total
Return*
|
3-year
Annualized
Total
Return*
|
Alerian
MLP Select Index (AMZS)
|
1.00
|
9.79%
|
26.03%
|
17.93%
|
S&P
500
|
0.24
|
14.93%
|
18.65%
|
11.74%
|
Russell
2000
|
0.27
|
19.51%
|
14.24%
|
14.05%
|
NASDAQ
|
0.18
|
27.86%
|
15.89%
|
8.32%
|
Dow
Jones
|
0.26
|
15.14%
|
19.33%
|
11.04%
|
*
as of 7/16/07
Sources:
Bloomberg, Past performance of the Index and is not indicative and will have
no
bearing on future performance of the Index.
THE
MLP SECTORS
TOP
TEN CONSTITUENTS OF THE INDEX
|
|
|
|
Ticker
|
Name
|
%
Weight
in
the Index
|
EPD
|
Enterprise
Products Partners LP
|
13.05%
|
KMP
|
Kinder
Morgan Energy Partners LP
|
11.87%
|
PAA
|
Plains
All American Pipeline LP
|
7.58%
|
ETP
|
Energy
Transfer Partners LP
|
6.46%
|
TPP
|
TEPPCO
Partners LP
|
4.67%
|
OKS
|
ONEOK
Partners LP
|
4.61%
|
KMR
|
Kinder
Morgan Management LLC
|
4.57%
|
MMP
|
Magellan
Midstream Partners LP
|
4.44%
|
EEP
|
Enbridge
Energy Partners LP
|
4.42%
|
NS
|
NuStar
Energy LP
|
3.57%
|
Source:
S&P, as of 6/15/07. Subject to change.
|
|
An
investment in the BearLinx Notes involves risks, including possible loss of
principal. For a description of the primary risks related to the BearLinx Notes
see the “Risk Factors” section in the Pricing Supplement:
http://www.sec.gov/Archives/edgar/data/777001/000114420407037421/v081375_424b5.htm.
The
Bear Stearns Companies Inc. (the “Issuer”) has filed a Prospectus:
http://sec.gov/Archives/edgar/data/777001/000104746906011007/a2172711zs-3asr.htm,
Prospectus Supplement:
http://www.sec.gov/Archives/edgar/data/777001/000104746906011015/a2172743z424b5.htm,
and a Pricing Supplement:
http://www.sec.gov/Archives/edgar/data/777001/000114420407037421/v081375_424b5.htm
with the SEC for the offering to which this communication relates (collectively,
the “Offering Documents”). Before you invest, you should read the Offering
Documents and other documents that the Issuer has filed with the SEC for more
complete information about the Issuer and this offering. You may get these
documents for free by clicking on the links above, visiting
www.http://www.bearstearns.com/bearlinx.com or EDGAR on the SEC website at
www.sec.gov. Alternatively, the Issuer will arrange for [Bear, Stearns & Co.
Inc. (“Bear Stearns”)] to send you the Offering Documents if you request it by
calling toll-free 1-866-803-9204, or you may request a copy from any other
dealer participation in the offering.
Bear
Stearns, a subsidiary of the Issuer, assists in the promotion of the BearLinx
Notes.
The
BearLinx Notes are unsecured obligations of the Issuer and are not secured
debt.
The BearLinx Notes are riskier than ordinary unsecured debt securities and
have
no principal protection. You should carefully consider, among other things,
the
matters set forth in “Risk Factors” in the prospectus supplement and the pricing
supplement, as the BearLinx Notes involve risks not associated with conventional
debt securities. Risks of investing in the BearLinx Notes include limited
portfolio diversification, uncertain principal repayment, and illiquidity.
The
tracking fee will reduce the amount of the monthly coupon payments you will
receive during the term of the BearLinx Notes, and you may receive less than
the
principal amount of your investment at maturity even if the value of the Index
has increased. An investment in the BearLinx Notes may not be suitable for
all
investors.
The
BearLinx Notes may be traded on the New York Stock Exchange through any
brokerage account. There are restrictions on the minimum number of BearLinx
Notes you may redeem directly with the Issuer, and the dates on which you may
redeem them, as specified in the Pricing Supplement. Sales in the secondary
market may result in significant losses.
An
investment in the BearLinx Notes may carry risks similar to a concentrated
securities investment in the energy oriented Master Limited Partnership
sector.
Subject
to requirements described in the Pricing Supplement, the BearLinx Notes may
be
redeemed weekly with the Issuer in large, institutional blocks (75,000 BearLinx
Notes). A redemption charge will apply. The sale, redemption or maturity of
the
BearLinx Notes will generate tax consequences. For more complete description,
please see the description of the US federal income tax treatment in the Pricing
Supplement. None of the Issuer or its affiliates provide tax advice and nothing
contained herein should be construed to be tax advice. Please be advised that
any discussion of U.S. tax matters contained herein (including any attachments)
(i) is not intended or written to be used, and cannot be used, by you for the
purpose of avoiding U.S. tax-related penalties; and (ii) was written to support
the promotion or marketing of the transactions or other matters addressed
herein. We urge you to consult your investment, legal, tax, accounting and
other
advisers before you invest in the BearLinx Notes..
Alerian
MLP Select Index, Alerian MLP Select Total Return Index, Alerian MLP Index
and
Alerian MLP Total Return Index are trademarks of Alerian Capital Management
LLC
and their use is granted under a license from Alerian Capital Management
LLC
©
2007 Bear, Stearns International Limited. All rights reserved.