Dan Rubenstein Joins Bear Stearns Strategic Finance Group to Focus on the Energy and Power Sectors.

NEW YORK -- As part of its ongoing initiative to expand it's presence across the energy and power sectors, Bear, Stearns & Co. Inc. announced today that Dan Rubenstein has joined the firm as a senior managing director in the Strategic Finance group. Mr. Rubenstein will focus on developing and implementing corporate finance solutions for a wide-range of energy and power clients. He will report to David Glaser and Lesley Goldwasser, co-heads of Strategic Finance.

This hire follows the addition of a number of other energy bankers including Tom Widener who joined Bear Stearns from Merrill Lynch to lead the firm's investment banking effort in the power and utilities sector and Tom Hassen who joined from Credit Suisse First Boston as vice chairman of the Global Industries Group to focus on the global oil and gas sector.

Commenting on the addition of Mr. Rubenstein, Ms. Goldwasser said, "Our strategic finance effort is designed to provide clients with a comprehensive approach to corporate finance solutions. Dan is a valuable addition to our team; his knowledge of the energy and power industries coupled with vast experience in the capital markets will provide our clients with a unique advantage as they seek to build, grow and finance their companies."

Mr. Rubenstein comes from Merrill Lynch where he was most recently a managing director of Investment Banking focusing on corporate finance opportunities in the power and energy sectors. With nearly 20 years of experience in the firm's investment banking group, Mr. Rubenstein worked in Corporate Finance, Real Estate and High Yield Finance and Restructuring. Mr. Rubenstein earned an MBA from The Wharton School, University of Pennsylvania and a BA from Swarthmore College.

In addition to these hires, Bear Stearns has expanded its energy presence in other areas of the firm with the launch of its wholly-owned subsidiary Bear Energy LP which provides energy marketing and trading of physical and financial natural gas and power, as well as related structured transactions. Bear Stearns also continues to remain active through its wholly-owned subsidiary Arroyo Energy Investors LP which holds various principal energy investments.

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 $57.6 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 12,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.