Bear Stearns Launches CMBS Monthly Quality Report: Creating Transparency in CMBS Market Information.

Business Editors

NEW YORK--(BUSINESS WIRE)--January 14, 2000

In an effort to further improve the information and liquidity of its Commercial Mortgage Backed Securities deals, Bear Stearns officially launched The Bear Stearns CMBS Monthly Quality Report at its annual Mortgage and Asset-Backed Securities Conference. The report, written in a concise user-friendly format, outlines the most relevant statistics on each transaction and provides information on issues such as original DSCRs, LTVs, property and geographic diversification and delinquencies. There is also a quick guide to the statistical context of CMBS underwriting. The report features a comment section, which succinctly explains the most salient features in each deal and offers feedback on changes in the status of the collateral. Brian Lancaster, managing director and CMBS Strategist at Bear Stearns, noted, "We believe an important ingredient to the future growth and liquidity of the CMBS market is to provide high-quality information at a greater rate of accessibility. The report is our first step toward improving the CMBS environment." Lancaster further noted that he hopes other dealers will join Bear Stearns in this effort.

The Bear Stearns CMBS Monthly Quality Report is currently available on the Bear Stearns Web site at www.bearstearns.com and will be available on Bloomberg by January 20.

Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $21.4 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, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has over 10,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, Puerto Rico and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com.

Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Bear Stearns may make markets and effect transactions, including transactions contrary to any recommendations herein, or have positions in the securities mentioned herein (or options with respect thereto) and may also have performed investment banking services for the issuers of such securities. In addition, employees of Bear Stearns may have positions and effect transactions in the securities or options of the issuers mentioned herein and may serve as directors of such issuers. Copyright (c) 1999. All rights reserved by Bear, Stearns & Co. Inc.