The issue of two capital guaranteed Notes by Bear Stearns Bank PLC in November last year raised a total of EUR 30 million.

The Notes, linked to Benchmark Alternative Investment Fund, Alternative Portfolio III, were for selected institutional investors.

The underlying fund of hedge funds is managed by Benchmark Group exclusively for Uniqa, the largest insurance company in Austria, and was one of the country's top performing funds in 2004.

A partial opening of the fund, again for selected institutional investors, is planned for 2005.