Bear Stearns' Research Department Hires John Boris to Cover Pharmaceutical Sector; Veteran Bear Stearns Analysts Joseph Riccardo & Scott Shevick Join Bear Stearns Asset Management.

NEW YORK -- Bear, Stearns & Co. Inc. today announced that it has hired John Boris as an equity research analyst to cover the pharmaceutical sector. Mr. Boris, a managing director, replaces long-time Bear Stearns analysts Joseph Riccardo and Scott Shevick who are joining Bear Stearns Asset Management, Inc. ("BSAM(R)"). Mr. Boris will report to Kay Booth, director of global equity research. Mr. Riccardo and Mr. Shevick will be portfolio managers at BSAM.

Mr. Boris has 20 years experience in the pharmaceutical industry, including the past eight as a pharmaceutical research analyst on Wall Street. Mr. Boris joins Bear Stearns from the equity division of Harris Nesbitt which is owned by the Bank of Montreal. While there, he oversaw research coverage of the major and specialty pharmaceutical sectors. He was also a member of the teams that covered the pharmaceutical industry at Merrill Lynch and medical technology at Morgan Stanley --both of which had been top-ranked by Institutional Investor. Before becoming a research analyst, Mr. Boris, a registered pharmacist, worked in the drug industry, first as a specialty sales manager for Eli Lilly & Co. and then as a senior manager at Warner-Lambert in global product planning. Mr. Boris holds an MBA in Finance and Marketing from Columbia University.

"John brings with him a combination of real industry experience and the ability to conduct in-depth analysis which our clients will find extremely valuable," said Ms. Booth. "Joe and Scott have long established Bear Stearns as a leader in healthcare research and John is well-positioned to build on that franchise."

Mr. Riccardo joined Bear Stearns in 1979 and has covered the pharmaceutical industry for more than 20 years, most recently as senior healthcare analyst. Mr. Shevick has been with Bear Stearns since 1992 and has covered the major, specialty and generic drug industries for 18 years.

"We're thrilled to be adding Joe and Scott to our roster of top flight industry-leading portfolio managers," said Richard Marin, Chairman and CEO of BSAM. "We are confident that their expertise will result in additional compelling investment products for our clients."

Founded in 1923, Bear, Stearns & Co. Inc. is a leading investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $49.4 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, 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 11,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at http://www.bearstearns.com.

Bear Stearns Asset Management Inc. ("BSAM(R) ") was founded in 1984 as a division of Bear, Stearns & Co. Inc. and is now a wholly-owned subsidiary of The Bear Stearns Companies Inc. The firm currently manages approximately $32 billion (as of 5/31/05) in assets, with extensive experience spanning equity, fixed income, and alternative investment strategies. Corporations, municipal governments, multi-employer plans, endowments, foundations and family groups rely on BSAM's disciplined investment processes, investment performance, and superior client service.