Commonwealth Bank to arrange the Bear Stearns Companies Inc AUD Kangaroo Medium - Term Note Program

20 August 2001

The Bear Stearns Companies Inc. today announced they had hired the Commonwealth Bank Group to arrange an Australian dollar 2 Billion Kangaroo Medium - Term Note Program.

To launch the program an investor roadshow will be held in Sydney, Melbourne and Brisbane on August 27-30. Issuance from the program will be subject to market conditions and investor feedback.

A dealer panel for the program will be finalised in the near term.

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide.

With approximately $27.6 billion in total capital, the company’s business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services.

Through Bear Stearns Securities Corp, it offers prime broker and broker dealer clearing services, including securities lending

Headquartered in New York City, the company has approximately 11,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles, San Francisco and San Juan; and an international presence in Beijing, Buenos Aires, Dublin, Herzliya, Hong Kong, London, Lugano, Sao Paulo, Seoul, Shanghai, Singapore and Tokyo.

For additional information about Bear Stearns, visit their Website at