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Bristol-Myers Squibb Company Reports Financial Results for the Fourth Quarter and Twelve Months of 2007
Date:1/31/2008

ebt obligations supported by pools of residential and commercial mortgages or credit cards, insurance securitizations and other structured credits, including corporate bonds. Some of the underlying collateral for the ARS held by the company consists of sub-prime mortgages.

Consistent with the company's investment policy guidelines, the ARS investments held by the company all had AAA/Aaa credit ratings at the time of purchase. With the liquidity issues experienced in global credit and capital markets, the ARS held by the company at December 31, 2007 have experienced multiple failed auctions as the amount of securities submitted for sale has exceeded the amount of purchase orders. In addition, in the fourth quarter of 2007, $79 million of principal invested in ARS held by the company were downgraded and others were placed on credit watch. All of these securities retain at least one AAA rating.

The estimated market value of the company's ARS holdings at December 31, 2007 was $419 million, which reflects a $392 million adjustment to the principal value of $811 million. Although the ARS continue to pay interest according to their stated terms, based on third-party valuation models and an analysis of other-than-temporary impairment factors, the company has recorded an impairment charge of $275 million in the fourth quarter, reflecting the portion of ARS holdings that the company has concluded have an other-than- temporary decline in value. In addition, the company recorded an unrealized pre-tax loss of $142 million in other comprehensive income as a reduction in shareholders' equity, reflecting $117 million of adjustments to ARS holdings and $25 million of other marketable securities that the company has concluded have a temporary decline in value. The $275 million impairment charge does not have a material impact on the company's liquidity or financial flexibility.

Historically, given the liquidity created by the auctions, ARS were presented as curre
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SOURCE Bristol-Myers Squibb Company
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