Bear Stearns announces new hires in public finance.

NEW YORK--(BUSINESS WIRE)--March 4, 1996--Bear, Stearns & Co. Inc. announced today that Jodie L. Jiles has joined the firm as a managing director in public finance in Bear Stearns' office located in Houston, Texas.

Mr. Jiles will assist the firm in expanding its public finance efforts among major issuers, particularly state and local issuers in Texas. The firm also announced that Philip B. Rooney, Jr. has joined Bear Stearns' Chicago office as an associate director, enhancing the firm's well-established public finance presence in the mid-west.

Mr. Jiles joins Bear Stearns from Masterson Moreland Sauer Whisman, Inc., where he was a senior vice president. Prior to this, he built a franchise in Texas as a vice president in CS First Boston's Public Finance Group during his 5-year tenure. He was the founding president of Apex Securities, Inc., a locally owned minority firm in Houston and served as the senior vice president of United Daniels Securities, Inc., the first African-American owned and operated Wall Street broker/dealership branch office to open in the State of Texas. Mr. Jiles holds a BBA degree in accounting from Texas Southern University and a Master of Proficiency Accountancy Degree from the University of Texas at Austin.

Mr. Rooney joins Bear Stearns from Lehman Brothers, where he was a vice president in public finance. Mr. Rooney began his public finance career at Donaldson, Lufkin & Jenrette. Mr. Rooney holds a Bachelor of Science degree in economics from Loyola University.

James E. Cayne, president and chief executive officer of the firm, said, "With the addition of Jodie Jiles and Philip Rooney we are strengthening our public finance franchise across the nation. These high-caliber professionals evidence the geographic strength of Bear Stearns' public finance effort and our continuing commitment to the municipal sector."

"The financing needs of state and local governments are growing across every region. Bear Stearns is there to service them. Jodie Jiles bolsters our coverage in Texas, and Philip Rooney complements our full-service operations in the mid-west. Both hires reflect our continued commitment to municipal issuers," added Daniel L. Keating, senior managing director and head of Bear Stearns' municipal business.

Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). With over $7.1 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance, public finance, mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear, Stearns Securities Corp., it provides professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has over 7,500 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, San Francisco and Washington, DC.; and an international presence in Beijing, Buenos Aires, Geneva, Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.

CONTACT: Bear Stearns

Hannah Burns, 212/272-2395

Mary Flounders, 212/272-4356