Bear Stearns Asset Management Continues to Enhance Its Institutional Consultant Relations Group.

NEW YORK -- Bear Stearns Asset Management Inc. (BSAM) today announced developments to its institutional Consultant Relations Group. The Consultant Relations Group, which is headed by Christopher Miller, is focused on enhancing BSAM's distribution of traditional, alternative and risk management products. Jonathan Freedman has joined BSAM as a managing director and will work closely with Mr. Miller to help drive this effort. Both gentlemen will report to Maureen Mitchell, Head of Institutional Distribution, and will be structured by consultant specialty and geography. BSAM intends to continue to strategically build its team in the coming months with additional hires, a further sign of its commitment to deepening its product offerings for public funds, corporations, Taft-Hartley, and foundations and endowments.

Commenting on the expansion, Rich Marin, chairman and chief executive officer of BSAM, said, "Chris is a 25-year veteran to the industry and has vast knowledge of this marketplace. I have had the pleasure of working with Chris in the past and believe his risk background and experience with large global consultants makes him a perfect fit to lead our expansion effort."

"Under Rich's leadership, BSAM has made great strides over the past few years to build a large product suite and risk infrastructure. My goal is to provide exceptional client service to individual consultants and assist sales in raising awareness of our many strategies throughout the institutional community," Mr. Miller said. "I am pleased to have Jon join me in this effort. Jon's knowledge of alternative investment strategies attained while serving consultants at John A. Levin, combined with his strong consultant relationships, makes him an asset to our group."

Mr. Miller has over 25 years of investment management industry experience. Prior to joining BSAM, he was with Morgan Stanley Capital International (MSCI) Barra, Credit Suisse First Boston and Fleming Asset Management. He began his focus on consultants in 1996 as a partner with Roanoke Asset Management. For the prior 16 years, Mr. Miller was a trustee of employee benefit funds at Bankers Trust Company and Citibank, N.A. Mr. Miller holds a B.A. in Mathematics and Economics from Hobart College where he graduated with highest honors in Economics.

Prior to joining BSAM, Mr. Freedman was a Senior Vice President and Director of Consultant Relations at US Trust Asset Management. Prior to that, Mr. Freedman was with John A. Levin & Co., Zurich Scudder Investments and Chancellor LGT Asset Management. Mr. Freedman holds a B.S. in Finance from Syracuse University and is a Chartered Financial Analyst.

About Bear Stearns Asset Management Inc.

Bear Stearns Asset Management Inc. was founded in 1985 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 more than $34 billion in assets, with expertise spanning equity, fixed income and alternative investment strategies, while providing comprehensive asset management services to institutional and high-net-worth investors. Corporations, municipal governments, multi-employer plans, endowments, foundations and family groups rely on BSAM's disciplined investment processes, investment performance and superior client service.

About Bear Stearns

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 $54.3 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 12,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.