Bear Stearns Expands Private Fund Group with Acquisition of Crane Capital Associates.

NEW YORK -- Bear Stearns announced today that it has expanded its global private equity and real estate fund placement effort with the acquisition of Crane Capital Associates Inc.'s fund placement business. Crane Capital's capabilities will enhance Bear Stearns' ability to provide value-added advisory and fundraising services to the financial sponsor community and offer world-class investment managers to its institutional clients. Terms of the deal were not disclosed.

With more than 20 professionals in New York, San Francisco, Toronto, London, Oslo, Munich, Melbourne, and Tokyo, Crane Capital has developed longstanding relationships with a broad array of institutional investors, while also building a global platform that serves best-in-class managers across the alternative investment spectrum, including buyout, venture capital, real estate, and secondary teams.

The new Bear Stearns Private Fund Group will be lead by Leo van den Thillart, formerly senior managing partner of Crane Capital, and Paul Sanabria, a senior managing director of Bear Stearns Asset Management (BSAM). Leo van den Thillart will be located in London and Paul Sanabria will be located in New York.

Richard A. Marin, Chairman and Chief Executive Officer of BSAM, commented, "We are very excited about the growth of Bear Stearns' Private Fund Group. These talented professionals have a proven track record of success and a reputation for excellence in working with world-class managers, providing comprehensive advice, and executing global fundraising strategies. In particular, Crane Capital's significant presence outside the United States will greatly enhance Bear Stearns' global platform and build on its capabilities in the private placement space."

Leo van den Thillart added, "Bear Stearns is a great fit for us. Over the years, we have established a successful business that will complement Bear Stearns' world-class platform and create a leader in the private fund field. We look forward to working alongside Paul and his team to further build the Bear Stearns Private Fund Group."

About Bear Stearns:

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the company has approximately 13,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's web site at www.bearstearns.com.

About Crane Capital Associates

Crane Capital Associates is an international placement specialist for alternative asset managers. With established offices in key private equity markets, Crane Capital Associates provides value-added fundraising services on a global basis while providing local knowledge and insight. Within the company, ten nationalities are represented and twelve languages are spoken. A rigorous research and due diligence process is aimed at identifying leading managers in each market segment while paying close attention to the needs and objectives of investors. A group of seasoned professionals with long standing investor relationships maintains a high level of credibility with their investor community. Crane offers a relationship-based placement service that is tailored to meet the needs of fund managers, whether it is to work on a carve-out basis in selective markets or to execute a global mandate.