Richard A. Marin Joins Bear Stearns as Chairman and CEO of Bear Stearns Asset Management

Business Wire, June 24, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--June 24, 2003

Bear, Stearns & Co. Inc. announced today that Richard A. Marin has joined the firm as the chairman and chief executive officer of Bear Stearns Asset Management (BSAM). Working with Doni Fordyce as president of BSAM, the firm seeks to further expand its asset management franchise and enhance its range of product offerings.

Commenting on the hire, James E. Cayne, Bear Stearns Chairman and CEO, said, "As the next step in our strategy to round out our wealth management business, we are pleased to welcome Rich to Bear Stearns. He is a talented executive with the right set of experience to realize the tremendous potential that has been built within our asset management franchise."

"I'm looking forward to what will be a dynamic partnership," said Ms. Fordyce, "Rich and I have very complementary backgrounds and skill sets. He has a distinguished career in taking good businesses and making them even better."

"I could not pass up the opportunity to work with such a talented group of people and a business with a solid history and a promising future," commented Mr. Marin. "Wealth management as a business is growing and Bear Stearns Asset Management is uniquely positioned to capitalize on the shifting market environment. I am thrilled to be able join this management team."

Mr. Marin has a strong background in banking and financial services having spent 23 years with Bankers Trust, subsequently acquired by Deutsche Bank. After the merger of Bankers Trust and Deutsche, Mr. Marin ran the $325 billion Deutsche Asset Management Inc. as its chairman. Most recently, Mr. Marin left Deutsche Bank to co-found and run an early stage venture capital fund, Beehive Ventures, LLC, a New York-based fund specializing in financial services.

BSAM was founded in 1984 as a subsidiary of The Bear Stearns Companies Inc., one of the world's leading investment banking and securities trading and brokerage firms. As of May 31, 2003, BSAM managed more than $21 billion in assets across a wide spectrum of investment disciplines including U.S. equity and fixed income separate accounts and mutual funds, hedge funds, private equity funds and venture capital funds. Corporations, municipal governments, multi-employer plans, endowments, foundations, family groups and high-net-worth individuals have all come to rely on the firm's proven investment expertise and dedication to client service.

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc. With approximately $33.5 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, 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 financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com.