Bear Stearns Introduces New Beacon On Manhattan's Skyline.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 4, 2002

Bear Stearns (NYSE: BSC)

Governor George Pataki, Senator Charles Schumer and Chairman

Jimmy Cayne Light Seven-Story Crown Atop Bear Stearns' New World

Headquarters

A new beacon of light was added to the Manhattan skyline just after dusk today as the seven-story crown surrounding Bear Stearns' new World Headquarters was lit. Bear Stearns Chairman Jimmy Cayne was joined by Governor George E. Pataki and US Senator Charles E. Schumer at the ceremony, which was attended by 800 Bear Stearns employees, clients, public officials and honored guests.

The seven-story Bear Stearns crown - the first of its kind in New York City - sits atop the 773-foot, 45-story octagonal building, located at 383 Madison. The crown is comprised of a series of glass panels varying from 30 to 70 feet high. While illuminated at night by light bulbs that run more than half a mile in total length, the crown also was designed to shine during daylight hours with the sun's rays.

"I am pleased to join Jimmy Cayne as we introduce a stunning new addition to the New York City skyline," said Governor George E. Pataki. "Bear Stearns and its impressive new headquarters are fitting symbols of the strength, permanence and grandeur of New York. It is successful companies like Bear Stearns that have helped to make New York the financial capital it is today."

"New York City has been and forever will be identifiable by its historic skyline, and we at Bear Stearns are proud of our addition to it. We are confident that the Bear Stearns crown will serve as a reminder that our firm was established here and will always be committed to this great city," said Mr. Cayne. "We are particularly pleased to be joined by Governor Pataki who has done so much for the State and City of New York during his tenure. We are all particularly grateful for his support during the City's recent adversity."

Bear Stearns, which was founded in 1923, recently completed its move into its new headquarters. At present, 4,200 employees are located at the 1.2 million square-foot, 383 Madison Avenue site.

Because the Bear Stearns headquarters resides on one of Manhattan's few square full blocks, the building starts square at the base, and rises eight floors (seven of which can be used as trading floors), before three setbacks on the 9th, 12th and 18th floors. From there, it becomes octagonal in shape and culminates with the seven-story lit crown nearly 800 feet above the ground. While the building is just 45 stories, its ceilings are so high that the top of the tower is just a few feet below Donald Trump's 90-story building near the United Nations.

Four floors of Bear Stearns' new headquarters currently are devoted to its trading operations. About 1,400 traders work at 383 Madison, although the building has built-in capacity to add 1,000 more traders on three more floors. Each trading floor has approximately 350 positions equipped with multiple flat-screened terminals (that function as one) and an un-interruptible power source connection.

As one of the nation's most technically state-of-the-art buildings, the technological assets do not stop at the trading floor. For instance, the building is equipped with the latest in wireless technology. Infrared sensors enable employees to take their laptops anywhere in the building and go on-line without plugging in.

Other facts about the building include:

-- The Bear Stearns building contains the largest installation of cable in
North America.

-- With 18,000 tons of steel, it is one of the heaviest buildings in the city.

-- New York could experience simultaneous water, phone and power outages, yet
Bear Stearns would be impervious thanks to four emergency generators (providing
up to 7,500 KW of power), a water tank big enough for a Sea World show and an
independent phone service.

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $31.1 billion in total capital, the company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer clearing services, including securities lending. Headquartered in New York City, the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com.