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Rating Action:

Moody's Downgrades Certain Bear Stearns Subprime RMBS

10 Apr 2008
Moody's Downgrades Certain Bear Stearns Subprime RMBS

New York, April 10, 2008 -- Moody's Investors Service has downgraded the ratings of 268 tranches from 27 subprime RMBS transactions issued by Bear Stearns Subprime. Additionally, 92 downgraded tranches remain on review for possible further downgrade. The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, subprime residential mortgage loans.

The ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. The actions described below are a result of Moody's on-going surveillance process.

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AQ2

Cl. M-2, Downgraded to A2 from Aa2

Cl. M-3, Downgraded to Baa2 from Aa3

Cl. M-4, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Baa1

Cl. M-7, Downgraded to Caa2 from Baa2

Cl. M-8, Downgraded to Caa3 from Baa3

Cl. M-9, Downgraded to Ca from Ba1

Cl. M-10, Downgraded to Ca from Ba2

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-EC1

Cl. M-7, Downgraded to Ba1 from Baa2

Cl. M-8, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-FR1

Cl. M-5, Downgraded to Ba2 from Baa2

Cl. M-6, Downgraded to Caa1 from Baa3

Cl. M-7, Downgraded to Caa2 from Ba1

Cl. M-8, Downgraded to Caa3 from B2

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE11

Cl. M-6, Downgraded to Baa2 from Baa1

Cl. M-7, Downgraded to Ba3 from Baa2

Cl. M-8, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Caa1 from Ba1

Cl. M-10, Downgraded to Caa2 from Ba2

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE12

Cl. M-5, Downgraded to Baa1 from A3

Cl. M-6, Downgraded to Ba2 from Baa1

Cl. M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AQ1

Cl. I-1A-1, Downgraded to Aa2 from Aaa

Cl. I-1A-2, Downgraded to A1 from Aaa

Cl. I-1A-3, Downgraded to A2 from Aaa

Cl. I-2A, Downgraded to Aa3 from Aaa

Cl. I-M-1, Downgraded to Ba3 from Aa1

Cl. I-M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. I-M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. I-M-4, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. I-M-5, Downgraded to Caa1 from B1

Cl. I-M-6, Downgraded to Caa2 from B3

Cl. I-M-7, Downgraded to Caa3 from Caa2

Cl. II-A-1, Downgraded to Aa1 from Aaa

Cl. II-A-2, Downgraded to A3 from Aaa

Cl. II-A-3, Downgraded to Baa2 from Aaa

Cl. II-M-1, Downgraded to B1 from Aa1; Placed Under Review for further Possible Downgrade

Cl. II-M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. II-M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. II-M-4, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. II-M-5, Downgraded to Caa1 from B3

Cl. II-M-6, Downgraded to Caa2 from B3

Cl. II-M-7, Downgraded to Caa3 from Caa1

Cl. II-M-8, Downgraded to Ca from Caa2

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-EC1

Cl. M-6, Downgraded to Ba3 from Baa2

Cl. M-7, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Ba3

Cl. M-9, Downgraded to Caa2 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-EC2

Cl. M-7, Downgraded to B1 from Baa3

Cl. M-8, Downgraded to B3 from Ba2; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Caa1 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE1

Cl. I-M-6, Downgraded to Baa3 from Baa1

Cl. I-M-7, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. I-M-8, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. II-M-7, Downgraded to Ba3 from Baa2

Cl. II-M-8, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE10

Cl. I-M-2, Downgraded to Baa2 from Aa1

Cl. I-M-3, Downgraded to Ba2 from Aa2

Cl. I-M-4, Downgraded to B1 from Aa3

Cl. I-M-5, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. I-M-6, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. I-M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. I-M-8, Downgraded to Caa1 from Baa3

Cl. I-M-9, Downgraded to Caa2 from Ba3

Cl. II-1A-1, Downgraded to Aa3 from Aaa

Cl. II-1A-2, Downgraded to A2 from Aaa

Cl. II-1A-3, Downgraded to A3 from Aaa

Cl. II-2A, Downgraded to Aa3 from Aaa

Cl. II-3A, Downgraded to Aa1 from Aaa

Cl. II-M-1, Downgraded to Ba3 from Aa1

Cl. II-M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. II-M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. II-M-4, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. II-M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. II-M-6, Downgraded to Caa1 from Ba2

Cl. II-M-7, Downgraded to Caa2 from B2

Cl. II-M-8, Downgraded to Caa3 from B3

Cl. II-M-9, Downgraded to Ca from Caa1

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE2

Cl. M-7, Downgraded to Baa3 from Baa2

Cl. M-8, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to B3 from Ba3; Placed Under Review for further Possible Downgrade

Cl. M-10, Downgraded to Caa2 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE3

Cl. M-5, Downgraded to Baa1 from A2

Cl. M-6, Downgraded to B1 from A3

Cl. M-7, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Ba3

Cl. M-9, Downgraded to Caa2 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE4

Cl. M-2, Downgraded to Baa2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3

Cl. M-4, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Ba1

Cl. M-7, Downgraded to Caa3 from B1

Cl. M-8, Downgraded to Caa3 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE5

Cl. M-4, Downgraded to Baa1 from A1

Cl. M-5, Downgraded to Ba3 from A3

Cl. M-6, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from B1

Cl. M-9, Downgraded to Caa2 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE6

Cl. I-M-3, Downgraded to A2 from Aa3

Cl. I-M-4, Downgraded to Ba1 from A1

Cl. I-M-5, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. I-M-6, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. I-M-7, Downgraded to Caa1 from Ba2

Cl. I-M-8, Downgraded to Caa2 from B1

Cl. I-M-9, Downgraded to Caa3 from B3

Cl. II-M-2, Downgraded to A3 from Aa2

Cl. II-M-3, Downgraded to Ba1 from Aa3

Cl. II-M-4, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. II-M-6, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. II-M-5, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. II-M-7, Downgraded to Caa1 from B3

Cl. II-M-8, Downgraded to Caa2 from B3

Cl. II-M-9, Downgraded to Caa3 from Caa2

Cl. II-M-10, Downgraded to C from Ca

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE7

Cl. I-M-1, Downgraded to A2 from Aa1

Cl. I-M-2, Downgraded to B1 from Aa2

Cl. I-M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. I-M-4, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. I-M-5, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. I-M-6, Downgraded to Caa1 from Ba3

Cl. I-M-7, Downgraded to Caa2 from B3

Cl. I-M-8, Downgraded to Ca from Caa3

Cl. II-M-1, Downgraded to A3 from Aa1

Cl. II-M-2, Downgraded to Ba3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. II-M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. II-M-4, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. II-M-5, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. II-M-6, Downgraded to B3 from B1; Placed Under Review for further Possible Downgrade

Cl. II-M-7, Downgraded to Caa1 from B3

Cl. II-M-8, Downgraded to Caa2 from B3

Cl. II-M-9, Downgraded to Ca from Caa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE8

Cl. I-M-2, Downgraded to Baa2 from Aa2

Cl. I-M-3, Downgraded to Ba3 from Aa3

Cl. I-M-4, Downgraded to B1 from A3; Placed Under Review for further Possible Downgrade

Cl. I-M-5, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. I-M-6, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. I-M-7, Downgraded to B3 from Ba2; Placed Under Review for further Possible Downgrade

Cl. I-M-8, Downgraded to Caa1 from B2

Cl. I-M-9, Downgraded to Caa2 from B3

Cl. I-M-10, Downgraded to Ca from Caa3

Cl. II-M-2, Downgraded to Baa2 from Aa2

Cl. II-M-3, Downgraded to Ba2 from Aa3

Cl. II-M-4, Downgraded to Ba3 from A2; Placed Under Review for further Possible Downgrade

Cl. II-M-5, Downgraded to B1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. II-M-6, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. II-M-7, Downgraded to B3 from Ba2; Placed Under Review for further Possible Downgrade

Cl. II-M-8, Downgraded to Caa1 from B1

Cl. II-M-9, Downgraded to Caa2 from B3

Cl. II-M-10, Downgraded to Caa3 from Caa1

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE9

Cl. M-1, Downgraded to Aa2 from Aa1

Cl. M-2, Downgraded to Ba2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Ba2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from B1

Cl. M-9, Downgraded to Caa3 from B3

Cl. M-10, Downgraded to Ca from Caa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-PC1

Cl. M-6, Downgraded to Ba1 from Baa1

Cl. M-7, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Caa2 from Ba1

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AQ1

Cl. A-1, Downgraded to A1 from Aaa

Cl. A-2, Downgraded to A3 from Aaa

Cl. A-3, Downgraded to Baa1 from Aaa

Cl. M-1, Downgraded to B1 from Aa1

Cl. M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from Baa2

Cl. M-5, Downgraded to Caa2 from Ba2

Cl. M-6, Downgraded to Caa3 from B1

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AQ2

Cl. A-1, Downgraded to A1 from Aaa

Cl. A-2, Downgraded to Baa1 from Aaa

Cl. A-3, Downgraded to Baa3 from Aaa

Cl. A-4, Downgraded to Ba1 from Aaa

Cl. M-1, Downgraded to B1 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from Baa1

Cl. M-5, Downgraded to Caa2 from Ba1

Cl. M-6, Downgraded to Caa3 from B1

Cl. M-7, Downgraded to Ca from Caa2

Cl. M-8, Downgraded to C from Ca

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-FS1

Cl. I-A-1, Downgraded to Aa2 from Aaa

Cl. I-A-2, Downgraded to Aa3 from Aaa

Cl. I-A-3, Downgraded to A1 from Aaa

Cl. I-A-4, Downgraded to A2 from Aaa

Cl. II-A, Downgraded to Aa3 from Aaa

Cl. M-1, Downgraded to Ba1 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Ba3

Cl. M-7, Downgraded to Caa2 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE1

Cl. I-A-1, Downgraded to Baa1 from Aaa

Cl. I-A-2, Downgraded to Ba1 from Aaa

Cl. I-A-3, Downgraded to Ba3 from Aaa

Cl. I-M-1, Downgraded to B1 from Aa1; Placed Under Review for further Possible Downgrade

Cl. I-M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. I-M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. I-M-4, Downgraded to Caa1 from Baa1

Cl. I-M-5, Downgraded to Caa2 from Baa3

Cl. I-M-6, Downgraded to Caa3 from Ba3

Cl. I-M-7, Downgraded to Ca from B3

Cl. I-M-8, Downgraded to C from Caa2

Cl. II-M-1, Downgraded to A1 from Aa1

Cl. II-M-2, Downgraded to Ba2 from Aa2

Cl. II-M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. II-M-4, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. II-M-5, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. II-M-6, Downgraded to Caa1 from Ba1

Cl. II-M-7, Downgraded to Caa2 from Ba3

Cl. II-M-8, Downgraded to Caa3 from B2

Cl. II-M-9, Downgraded to Ca from Caa1

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE2

Cl. I-A-2, Downgraded to Aa2 from Aaa

Cl. I-A-3, Downgraded to Aa3 from Aaa

Cl. I-A-4, Downgraded to A1 from Aaa

Cl. I-M-1, Downgraded to Baa3 from Aa1

Cl. I-M-2, Downgraded to Ba3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. I-M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. I-M-4, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. I-M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. I-M-6, Downgraded to Caa1 from Ba2

Cl. I-M-7, Downgraded to Caa2 from B1

Cl. I-M-8, Downgraded to Caa3 from B3

Cl. II-M-2, Downgraded to Baa1 from Aa2

Cl. II-M-3, Downgraded to Ba1 from Aa3

Cl. II-M-4, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. II-M-5, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. II-M-6, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. II-M-7, Downgraded to Caa1 from B1

Cl. II-M-8, Downgraded to Caa2 from B2

Cl. II-M-9, Downgraded to Caa3 from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE3

Cl. I-A-4, Downgraded to Aa1 from Aaa

Cl. II-A, Downgraded to Aa1 from Aaa

Cl. III-A, Downgraded to Aa1 from Aaa

Cl. M-1, Downgraded to A3 from Aa1

Cl. M-2, Downgraded to Ba3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from Baa3

Cl. M-8, Downgraded to Caa2 from Ba2

Cl. M-9, Downgraded to Caa3 from Ba3

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE4

Cl. M-1, Downgraded to Aa2 from Aa1

Cl. M-2, Downgraded to Baa3 from Aa2

Cl. M-3, Downgraded to Ba3 from Aa3

Cl. M-4, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from Baa1

Cl. M-8, Downgraded to Caa2 from Ba1

Cl. M-9, Downgraded to Caa3 from Ba2

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE5

Cl. M-2, Downgraded to A2 from Aa2

Cl. M-3, Downgraded to Baa1 from Aa3

Cl. M-4, Downgraded to Baa2 from Aa3

Cl. M-5, Downgraded to Ba1 from A1

Cl. M-6, Downgraded to Ba2 from A2

Cl. M-7, Downgraded to B1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

PDF: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF128856

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF128857

For more information please see www.moodys.com.

New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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