Bear Stearns Global Prime Brokerage - Nicholas Burnham Joins Global Securities Lending Group; Bear Stearns Continues to Enhance Service Capabilities for Hedge Funds.

LONDON -- The Global Clearing Services division of Bear, Stearns Securities Corp. announced today that Nicholas Burnham has joined the London office of its Global Securities Lending and Prime Brokerage group as a senior managing director. Mr. Burnham will be responsible for further developing relationships with global hedge fund clients. Mr. Burnham's hire is the latest of many moves by Bear Stearns to enhance its coverage of the European hedge fund community and further demonstrates the firm's commitment to servicing this rapidly expanding market.

Commenting on the hire, Pat Cestaro III, senior managing director and head of Global Securities Lending, said, "Nick adds a new dimension to our client service offering, which will enable us to continue the growth of our equity financing capabilities. His experience and knowledge will complement the efforts of our global securities lending team led by managing directors Marie Connors and John Jones. This is yet another signal to the market that we are dedicated to offering a world-class international product."

Lou Lebedin, Bear Stearns senior managing director and chief operating officer of Global Clearing Services, adds, "We have made it known throughout the industry that Europe is a focus for Bear Stearns and we are working toward capturing a larger share of the international market. In order to do this, we realize the importance of working with the most talented and experienced professionals who understand the global landscape and can provide strong securities lending and equity financing for our clients. We are pleased to have Nick join our effort."

Mr. Burnham previously worked at Citadel Investment Group, one of the world's largest hedge funds, where he managed the portfolio finance team for Europe for over four years. Prior to that, he was an integral part of the Equity Finance groups at both Natwest and Bankers Trust, working there through its merger with Deutsche Bank. In his 18 year career, Nick has developed a broad knowledge of the trading and operational aspects of the business.

Bear Stearns Global Prime Brokerage is one of the leading hedge fund service providers worldwide. With more than 30 years of experience in the clearing, finance and custody industries, and over $250 billion in client accounts, Bear Stearns remains the top margin lender and a leading provider of securities lending. As the prime broker of choice for many hedge funds in both the United States and Europe, Bear Stearns uniquely supports a wide variety of investment strategies, products and styles.

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 $52.1 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 11,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.