Bear Stearns Expands Commercial Real Estate Lending Business in Europe

Bear Stearns International Limited today announced the
appointments of Stephen Haskin and Steve Williams to co-head the
firm's expanding European commercial real estate lending business.

Mr. Haskin and Mr. Williams, both senior managing directors, are
responsible for expanding both securitized and non-securitized lending
as well as other principal activities related to commercial real
estate in Europe. They intend to make additional hires as the business
continues to grow. Based in London, they have dual reporting lines to
Randy Reiff and Christopher Hoeffel, co-heads of the global Commercial
Mortgage Backed Securities department, and Yves Leysen and John Moore,
co-heads of Fixed Income in Europe.

Mr. Haskin has been with Bear Stearns for 11 years based in New
York, where he was a senior member of the firm's real estate
investment banking team. Mr. Williams joins Bear Stearns from Capmark
Financial Group Inc., where he was executive vice president and
president of the company's European operations based in London.

"These appointments provide a powerful combination by bringing
together an experienced senior real estate investment banker in Steve
Haskin and a seasoned real estate finance executive with in-depth
knowledge of the European real estate capital markets in Steve
Williams," said Mr. Reiff.

Mr. Leysen added, "These appointments demonstrate Bear Stearns'
commitment to grow its real estate lending business in Europe and are
an important step towards our goal of becoming a leading provider of
capital to the European commercial property market."

While at Bear Stearns, Mr. Haskin executed public debt and equity
offerings, commercial mortgage financings, and mergers and
acquisitions on behalf of U.S. public real estate investment trusts
(REITs), private real estate companies and real estate private equity
funds. Prior to joining Bear Stearns in 1995, Mr. Haskin was involved
in the acquisition, disposition and financing of commercial real
estate at Arthur Andersen and Jones, Lang, Wootton.

At Capmark, formerly GMAC Commercial Mortgage Corp., Mr. Williams
led and directed its lending and investment activities in Europe. Mr.
Williams has over 20 years of experience in commercial real estate
finance in the US, Europe and Asia. He was previously with First City
Financial Corporation and Resolution Trust Corporation.

Bear Stearns' Real Estate Principal Investments (REPI), which has
underwritten $300 million in commercial real estate transactions
across Europe in its first year of operation, will continue to be run
as a separate group by co-heads Ralf Nocker and Philippe Vienot.

Bear, Stearns International Limited (BSIL) is a wholly owned
subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). BSIL
currently employs more than 1,100 staff in London who serve
corporations, institutions, partnerships and governmental entities in
the United Kingdom, Europe and the Middle East. BSIL's capabilities
include investment banking, institutional equities and fixed income
sales, trading and research, derivatives, financial futures, foreign
exchange and global clearing. Bear, Stearns International Limited is
authorised and regulated by the Financial Services Authority.

Founded in 1923, The Bear Stearns Companies Inc. is the parent
company of Bear, Stearns & Co. Inc., a leading investment banking,
securities trading and brokerage firm. With approximately $61.9
billion in total capital, Bear Stearns serves governments,
corporations, institutions and individuals worldwide. The company's
business includes corporate finance and mergers and acquisitions,
institutional equities and fixed income sales and trading, securities
research, private client services, derivatives, foreign exchange and
futures sales and trading, asset management and custody services.
Through Bear, Stearns Securities Corp., it offers financing,
securities lending, clearing and technology solutions to hedge funds,
broker-dealers and investment advisors. Headquartered in New York
City, the company has approximately 13,000 employees worldwide. For
additional information about Bear Stearns, please visit the firm's web
site at http://www.bearstearns.com/.