"Coupled with our recent investment in Essex + Capital, a
United Kingdom residential 'packager,' Bear Stearns has continued to
develop dedicated sources of mortgage loan production. and has an East
Coast operations center in Philadelphia. Typical investments will be
structured as long-term, Canadian dollar denominated debt financings in excess
of Cdn $150 million each with an investment-grade credit profile.

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Established mortgage bankers may elect to broker certain new products
through Bear Stearns Residential to help them mitigate the risks of
their new product offerings
"Account executives still pull over to the side of the road to
calculate the pricing of loans for brokers," said Jeff Walton, CEO of
Bear Stearns Residential. (NYSE: CIT), today announced the formation of the Cdn $2 .5
billion CIT Canadian Infrastructure Fund with Deutsche Bank AG New York
Branch, The Manufacturers Life Insurance Company and Sun Life Financial as
leading participants. "Project sponsors will benefit
from streamlined access to our combined resources, increasing funding
certainty and reducing execution risk. Capital Finance's core groups
include: Aerospace, Rail Resources, Power, Energy and Infrastructure ,
Structured Debt and Leasing and Real Estate Financing.

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"The addition of a wholesale unit complements our presence as the
largest underwriter of mortgage-backed securities," said Warren
Spector, President and Co-Chief Operating Officer of Bear Stearns. CIT, a Fortune 500 company and a component of the S +P 500 Index,
holds leading positions in vendor financing, factoring, equipment and
transportation financing, Small Business Administration loans, and asset-based
lending.

About The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company is a leading Canadian-based
financial services group serving customers in 19 countries and territories
worldwide.

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, a leading investment banking and
securities trading and brokerage firm serving governments,
corporations, institutions and individuals worldwide.

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CIT, with its principal offices in Livingston, New Jersey and New
York City, has approximately 6,000 employees in locations throughout North
America, Europe, Latin and South America, and the Pacific Rim.

About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of wealth accumulation and protection
products and services to individuals and corporate customers.

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Business Editors

NEW YORK----The Bear Stearns
Companies Inc. By employing
the latest technology , we are enabling brokers to come directly to
Wall Street for financing. For additional information about Bear
Stearns, please visit our website at http://www.com

"
"CIT is very pleased to have the strong support of such an established and
preeminent group of institutions," adds Peter Hepburn, Senior Director of
North American Infrastructure Finance for CIT Power, Energy and
Infrastructure . (NYSE: CIT), a leading commercial and consumer finance
company, provides clients with financing and leasing products and advisory
services.

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The CIT Canadian Infrastructure Fund will be managed by CIT, who will also
participate in Fund investments, and will provide construction and term debt
for large-scale Canadian infrastructure projects.

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today announced the launch of Bear Stearns Residential
Mortgage Corporation, which will provide mortgage brokers with an
easy, streamlined solution for financing home mortgage loans. Deutsche Bank ranks among
the global leaders in corporate banking and securities, transaction banking,
asset management, and private wealth management, and is a leading provider of
financial services to agencies, corporations, governments, private
individuals, and institutions in the Americas.

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The company is based in Scottsdale, Ariz. Through
Bear, Stearns Securities Corp."
"We are pleased to work with such a strong group of Canadian-based and
international institutional investors," said Tom Robinson, Vice President,
Structured Finance for Sun Life Financial .cit.

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5 billion in total capital, the company's business
includes corporate finance and mergers and acquisitions, institutional
equities and fixed income sales and trading, securities research,
private client services, derivatives, foreign exchange and futures
sales and trading, asset management and custody services.
"The Canadian Infrastructure Fund is a major step forward for CIT's
Canadian infrastructure business," said David McKerroll, Group CEO of CIT
Capital Finance. "This funding initiative is intended to offer infrastructure
sector clients a high level of funding certainty for their projects. The Fund
has the ability to both satisfy the early-stage financing element of
infrastructure RFP bids and to provide preferred proponents of infrastructure
projects with fully underwritten debt financings. Deutsche Bank competes to be the leading
global provider of financial solutions for demanding clients creating
exceptional value for its shareholders and people.

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Tracing its
roots back to 1865, Sun Life Financial and its partners today have operations
in key markets worldwide, including Canada, the United States, the United
Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India , China and
Bermuda.

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"The business allows us to round out our mortgage franchise and
provides us with an additional way to serve our clients. Brokers can then electronically submit loan applications
for approval by an automated underwriting engine and lock in loans
online. Bear Stearns Residential will focus on
non-conforming loans which are included in the private label MBS
market. For more
information, visit http://www.

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net, the company's web interface, enables brokers to
receive immediate feedback on mortgage loan product and pricing
scenarios. In 1999, Deutsche Bank acquired Bankers Trust and
all of its subsidiaries, including BT Alex Brown.

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Investments
in junior capital may also be provided.

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This tool will enable brokers to better support homeowners and
will minimize the time between funding and closing of loans. "What we have created is a fully automated
system that allows brokers to run what-if scenarios, check on the
status of loans, get immediate online approval , lock in loans and
minimize paperwork.

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"
For over 20 years, Bear Stearns has been one of the largest
purchasers of residential mortgages for the purpose of securitizing
them into investment pools . "It complements CIT's proven structuring and arrangement
capabilities in the Canadian project and infrastructure finance sector with a
Cdn $2. "We are excited about
this opportunity and see the Fund as an excellent way to participate in this
developing finance sector.

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Founded in 1923, The Bear Stearns Companies Inc., it offers prime broker and
broker-dealer clearing services, including clearing and securities
lending. Leading Participants Include Deutsche Bank AG New York Branch ,
The Manufacturers Life Insurance Company and Sun Life Financial

NEW YORK, CIT Capital Finance, a unit
of CIT Group Inc. provides operating and long-
term leasing, acquisition financing, senior and subordinate term debt,
underwriting and syndication, financial modeling and advisory services to
customers and clients in a variety of industries including aerospace, rail,
real estate, power, energy and infrastructure. is the investment banking and securities arm of Deutsche Bank AG in the
United States.

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Inc."
"The recent emergence of public-private partnership finance in Canada
represents a substantially new asset class for investors," said Colin Fan, Co-
Head of Structured Credit Trading for Deutsche Bank.

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com.

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It is expected that the Fund will be
fully invested by March 31, 2008.5 billion dollar underwriting platform. Founded in 1908, CIT has nearly $60 billion in assets under
management and possesses the financial resources, industry expertise and
product knowledge to serve the needs of clients across approximately 30
industries.

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Bear Stearns Launches Residential Mortgage Company

The
initiative is an extension of Bear Stearns' strategy to continue to
enhance and diversify its industry-leading mortgage platform. Headquartered in New York City, the company has approximately
11,000 employees worldwide.bearstearns."

About CIT
CIT Group Inc.

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With
approximately $48.

CIT Announces Cdn $2.5 Billion CIT Canadian Infrastructure Fund

The CIT Canadian Infrastructure Fund
follows CIT's successful US $500 million Project Finance Fund.

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Funds under management by Manulife Financial and its subsidiaries were Cdn
$348 billion as at December 31, 2004.

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"
BearDirect. As mortgage brokers obtain warehouse lines and
become mortgage bankers, Bear Stearns Residential provides
underwriting capability prior to funding which permits newer mortgage
bankers to mitigate the risks of closing loans in their own name.

About Deutsche Bank AG New York Branch
With roughly Euro 840 billion in assets and approximately 65 ,400
employees, Deutsche Bank (NYSE: DB) offers unparalleled financial services in
74 countries throughout the world. Deutsche Bank Securities
Inc.

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"The launch of Bear Stearns Residential allows Bear Stearns to
further vertically integrate our mortgage platform," said Tom Marano,
global head of mortgage-backed and asset-backed securities at Bear
Stearns."
The new company enables Bear Stearns to better serve the needs of
mortgage originators. is the parent
company of Bear, Stearns + Co.

About CIT Capital Finance
CIT Capital Finance, a unit of CIT Group Inc. Having first established a
presence in the Americas in the nineteenth century, the Bank began independent
operations in the United States in 1978, opening its first North American
branch in New York City . Operating as Manulife Financial in Canada and Asia, and primarily
through John Hancock in the United States, the Company offers clients a
diverse range of financial protection products and wealth management services
through its extensive network of employees, agents and distribution partners. As of December 31, 2004, the Sun Life Financial group of companies
had total assets under management of Cdn $360 billion.

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