BEAR STEARNS NAMES CRAIG OVERLANDER HEAD OF FIXED INCOME SALES; KEVIN FINNERTY HEAD OF MORTGAGE DEPARTMENT; PETER CHERASIA HEAD OF FINANCIAL ANALYTICS.

NEW YORK--(BUSINESS WIRE)--September 11, 1995--Bear, Stearns & Co. Inc. announced today that it has named Craig Overlander head of Fixed Income Sales and Kevin Finnerty head of the Mortgage Department. The firm also named Peter Cherasia head of the Financial Analytics and Structured Transactions Group (F.A.S.T.). Mr. Overlander, Mr. Finnerty and Mr. Cherasia all serve on the Board of Directors of The Bear Stearns Companies Inc.

James E. Cayne, president and chief executive officer, stated, "The Fixed Income Division has and continues to be one of Bear Stearns' strongest franchises. Its success -- both current and future -- stems from the customer-driven focus this team has established and managed together."

Warren Spector, executive vice president and head of the Fixed Income Division, said,"Our commitment to meeting our customers' needs remains a priority and is stronger than ever. Craig, Kevin, Peter and I have worked together for almost ten years, and their new positions solidify a team whose priority has always been to enhance the level of service we offer our institutional clientele. They have been a vital force in building Bear Stearns' fixed income effort and creating the industry-wide reputation the firm enjoys. I look forward to sharing in their continued success as they take this area to the next level of development."

Mr. Overlander will be joined by Roland Livney, senior managing director based in Chicago, and Ralph Cioffi, senior managing director based in New York, who will share in the responsibility for the marketing and distribution of fixed income securities for the firm. The team, which has worked together in sales management for over five years, will oversee over 200 fixed income salespeople worldwide.

Mr. Overlander has spent his career at Bear Stearns having joined the firm in 1982 as a sales associate in the Fixed Income Division. In 1985 he was appointed co-head of the Mortgage Specialist Group and in 1988 head of the Financial Services Group.

Mr. Finnerty joined Bear Stearns in 1986 in the Mortgage Department. He has been co-manager of the mortgage trading area for the past six years with direct responsibility for non-derivatives trading, including adjustable rate and fixed rate securities, asset backed trading and finance, mortgage-backed origination and regional dealer sales. He is a member of the Executive Committee of the Mortgage Division of the Public Securities Association.

Mr. Cherasia joined Bear Stearns in 1985 and has been co-head of the F.A.S.T. Department since 1990. He is responsible for the engineering of new products and all facets of quantitative research and analysis related to mortgage-backed securities, treasuries, corporates, sovereign debt, options and other fixed income instruments. Mr. Cherasia serves as president/director of Bear Stearns Investment Advisors, Bear Stearns Spain and Bear Stearns Philippines.

Bear Stearns is a major factor in every sector of the primary and secondary fixed income markets. The firm has one of the largest and most experienced institutional fixed income sales, trading and research organizations in the securities industry, providing liquidity for investors and distribution power for issuers. Currently ranked Number 1 in the issuance of mortgage-backed securities, according to Securities Data Company Inc., Bear Stearns facilitates client transactions in all aspects of securitization, including generic trading of mortgage-backed securities and derivative product issuance and trading. Bear Stearns' fixed income research effort, a valuable resource for clients, is one of the most highly regarded on Wall Street and is ranked Number 1 by Institutional Investor. Specifically, Institutional Investor has ranked F.A.S.T.'s mortgage prepayment research Number 1 since 1993. F.A.S.T. provides financial engineering and securitization capabilities, investment research, fixed income portfolio management and analytic systems, trading technology and general financial expertise.

Bear Stearns & Co, Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $6.6 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, private client services, asset management, correspondent clearing, securities lending and custody services. Headquartered in New York City, the company has over 7,400 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and Washington, D.C.; and an international presence in Beijing, Buenos Aires, Geneva, Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.

CONTACT: Bear, Stearns & Co. Inc.

Hannah Burns, 212/272-2395

or

Maura Gaenzle, 212/272-4445