Bear Stearns Names Michel Peretie Chief Executive Officer in Europe.

NEW YORK & LONDON -- The Bear Stearns Companies Inc. announced today that Michel Peretie has been named Chief Executive Officer of Bear Stearns in Europe. He adds CEO leadership responsibilities to his title of Chairman of Bear, Stearns International Limited.

"As our European franchise continues to grow in strength and importance to the firm, we believe there is a need for a Chief Executive Officer to lead the dynamic expansion of our business in this key marketplace," said Bear Stearns Chairman and Chief Executive Officer, James E. Cayne. "Michel is an experienced executive who has proven his leadership ability through the success of our fixed income and derivatives efforts in Europe and Asia. We have every confidence that he will have continued success on a broader scale for all of Bear Stearns' European operations."

Mr. Peretie was named Chairman of Bear, Stearns International Limited in January of 2004, four years after joining Bear Stearns as head of fixed income and derivatives for Europe and Asia. Previously, Mr. Peretie was the global head of fixed income at BNP Paribas. He is a graduate of the Institute of Business Administration of the Sorbonne.

Bear, Stearns International Limited (BSIL) is a wholly owned subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). BSIL currently employs more than 1,100 staff in London who serve corporations, institutions, partnerships and governmental entities in the United Kingdom, Europe and the Middle East. BSIL's capabilities include investment banking, institutional equities and fixed income sales, trading and research, derivatives, financial futures, foreign exchange and global clearing. Bear, Stearns International Limited is authorised and regulated by the Financial Services Authority.