Bear Stearns and Its Employees Support Hurricane Katrina Relief Efforts; Concentrating Aid to State Sponsored Funds to Meet Immediate Needs

Business Wire, Sept 2, 2005

NEW YORK -- The Bear Stearns Companies Inc. (NYSE:BSC) announced that the corporation and its employees are joining together to contribute to the Hurricane Katrina relief efforts. USA Freedom Corps, a US government-sponsored volunteer network, has suggested that the most effective way people can assist relief efforts is by making cash contributions to funds that have been established by the respective state governments in the disaster area. The corporation will donate $250,000 to the relief efforts. In addition, a $500,000 employee matching gift program was launched earlier in the week. Employees are giving to a number of qualified charities and their gifts will be matched up to $2,500 per employee.

"Hurricane Katrina was one of the most devastating disasters in US history and there are many wonderful charities working to render support to those suffering in the storm's aftermath. We have chosen to direct a large part of our giving efforts directly to the state funds, so that they may quickly deploy resources to areas with the most urgent needs," said James E. Cayne, chairman and chief executive officer of The Bear Stearns Companies Inc. "Our hearts go out to all of the hundreds of thousands of people effected by this tragedy. There has been a tremendous outpouring of generosity on behalf of our employees - we are all grateful to be able to help in this way."

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. With approximately $49.3 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. 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 11,000 employees worldwide. Further information about Bear Stearns is available on their website; http://www.bearstearns.com.