Bear Stearns Hires Five in Expansion of European Asset Backed Group

    Business Editors

    LONDON, England--(BUSINESS WIRE)--Feb. 7, 2005--Bear, Stearns International Limited today announced five strategic new hires in the expansion of its European asset-backed business. Among those joining the firm is Adam Toft, a managing director who will play a significant role in the development of the commercial mortgage department.
    Mr. Toft will be responsible for originating, structuring and distributing real estate loans through capital markets using commercial mortgage backed securities and through the banking market via loan syndications. For the past seven years, he has headed the European, Middle East and Asia CMBS group at Moody's Investors Service. He will report to Andrew Clapham, a senior managing director and head of European Principal & Asset Backed Finance.
    Also joining Mr. Clapham's team are Peter McAnally and Marie Fernandez, formerly of Halifax Bank of Scotland, who will be in charge of the origination of euro-denominated real estate loans; Michael Dirnegger, who joins from RZB bank, will be in charge of originating real estate loans, CDO and residential mortgages in Germany; and Jesus Rio Cortes, formerly of Calyon, will be part of Richard Downer's Residential Mortgages team focusing on Spain and Portugal.
    "The hiring of these senior and experienced individuals will enable Bear Stearns to maximize its operations throughout Europe," said Mr. Clapham. "We are committed to expanding the avenues for mortgages and asset-backed origination into the rest of the continent."
    Bear, Stearns International Limited (BSIL) is a wholly owned subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). BSIL currently employs 900 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, private client services and global clearing.
    Bear, Stearns International Limited is authorised and regulated by the Financial Services Authority.

--30--MT/ny*

CONTACT: Guy Cross 0207-516-6537 guyc@bear.com or John Knight 0207-516-6270 jknight@bear.com

KEYWORD: NEW YORK UNITED KINGDOM INTERNATIONAL EUROPE INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: The Bear Stearns Companies Inc.

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