Bear Stearns Announces Heads of Equities and Fixed Income for Europe

Bear, Stearns International Limited announced significant
promotions today with the appointments of Nicolo Brandolini d'Adda and
Vincent Van Pelt as co-heads of equities in Europe, encompassing cash
equities, structured equities and prime brokerage and Yves Leysen and
John Moore as co-heads of fixed income for Europe.

Reporting to Michel Peretie, chief executive officer of Bear
Stearns in Europe, the co-heads will be charged with both advancing
the franchise and integrating these key business areas in order to
better serve customer demand for a broader array of products and
services across the firm.

Michel Peretie commented, "Following the success and considerable
contributions these managers have made to the existing profitability
and expansion of our European franchise, I feel these appointments
will greatly enhance our future plans for continued growth across
Europe."

Nicolo Brandolini d'Adda was formerly the head of equities and
prime brokerage for Europe and Vincent Van Pelt was head of Equity
Derivatives. Both have been at Bear Stearns for over 10 years.

Prior to their new roles, Yves Leysen was head of debt corporate
finance and John Moore was head of fixed income sales and trading in
Europe. Both joined Bear Stearns in 2001.

Bear, Stearns International Limited (BSIL) is a wholly owned
subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). BSIL
currently employs more than 1,100 staff in London who serve
corporations, institutions, partnerships and governmental entities in
the United Kingdom, Europe and the Middle East. BSIL's capabilities
include investment banking, institutional equities and fixed income
sales, trading and research, derivatives, financial futures, foreign
exchange and global clearing.

Bear, Stearns International Limited is authorised and regulated by
the Financial Services Authority.

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is
the parent company of Bear, Stearns & Co. Inc., a leading investment
banking, securities trading and brokerage firm. With approximately USD
61.9 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, securities
research, private client services, derivatives, foreign exchange and
futures sales and trading, asset management and custody services.
Through Bear, Stearns Securities Corp., it offers financing,
securities lending, clearing and technology solutions to hedge funds,
broker-dealers and investment advisors. Headquartered in New York
City, the company has approximately 13,000 employees worldwide. For
additional information about Bear Stearns, please visit the firm's web
site at http://www.bearstearns.com/.