Bear Stearns Hires Top-Ranked ABS and MBS Research Analyst.

Peter DiMartino Joins Fixed Income Research

NEW YORK -- Bear, Stearns & Co. Inc. announced today it has hired renowned research analyst Peter DiMartino as senior managing director and asset-backed and mortgage credit strategist.

Mr. DiMartino will be responsible for providing investors with advice and analysis of mortgage and consumer credit fundamentals in addition to relative value in the ABS/MBS markets. He will report to Gyan Sinha, a senior managing director and the head of asset-backed research.

"We are very pleased to have someone of Peter's caliber joining our firm," said Mr. Sinha. "His 20 years of experience and in-depth knowledge of the ABS/MBS market will be an invaluable addition to our team and an excellent resource for our clients."

Throughout his career, Mr. DiMartino has received acclaim for his examination of residential mortgage and consumer credit fundamentals. He has authored several chapters in books including "Reserve Management Trends" (2007), and "A Guide to MBS & ABS" (2001). Other honors include numerous rankings on Institutional Investor's All-America Fixed-Income Research Team for ABS-Real Estate, Nonagency MBS and ABS Prepayments among other categories.

"I am very pleased to join a research team that is so highly regarded by the investment community," Mr. DiMartino said. "I look forward to helping further strengthen the Bear Stearns mortgage research franchise and continuing to be a resource for fixed-income clients globally."

Prior to joining Bear Stearns, Mr. DiMartino was the chief ABS/Mortgage Credit Strategist at RBS Greenwich Capital for over four years. Previously, he worked for 14 years at Citigroup (formerly Salomon Brothers) and was a Director and head of ABS and Mortgage Credit Research group. Mr. DiMartino also spent three years at Donaldson, Lufkin, & Jenrette and was an adjunct professor of finance at The City University of New York. Mr. DiMartino earned an MBA in Finance from Wagner College in 1988.

About Bear Stearns

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the company has approximately 15,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's web site at www.bearstearns.com.