Robert Upton Named Treasurer of Bear, Stearns & Co. Inc.; John Stacconi Named Treasurer of Bear Stearns Securities Corp.; Sal DiMaggio Named Global Head of Bank Relations and Business Development

Business Wire, April 10, 2006

NEW YORK -- The Bear Stearns Companies Inc. (NYSE: BSC) announced today that Robert Upton will assume the title of treasurer of Bear, Stearns & Co. Inc. (Bear Stearns & Co.), John Stacconi the title of treasurer of Bear Stearns Securities Corp. (BSSC) and Sal DiMaggio the role of firmwide head of bank relations and business development.

In their new roles, Mr. Upton and Mr. Stacconi will effectively serve as co-heads of the firm's corporate treasury functions globally and will be in charge of global funding, rating agency relations, funding and liquidity risk management, transfer pricing/interest allocation within the firm, capital raising and capital allocation, fixed income investor relations, asset/liability and balance sheet management.

Mr. DiMaggio will continue to manage the firm's banking relationships globally and work with various business units to enhance and expand the opportunities that exist between Bear Stearns and its bank group. In addition, Mr. DiMaggio will continue to be involved in capital raising, short-term funding and secondary liquidity management.

Samuel L. Molinaro Jr., chief financial officer of The Bear Stearns Companies Inc. said, "Effectively managing and increasing the efficiency of many of the firm's corporate treasury functions has been of great value to Bear Stearns as we have experienced dramatic growth over the past few years."

"These organizational moves reflect the tremendous individual contributions that Bob, John and Sal have made to the treasury operations of Bear Stearns," said Michael Minikes, Treasuer of The Bear Stearns Companies Inc., the parent company of BSSC and Bear, Stearns & Co. "I could not be more pleased with this team of professionals and look forward to their continued success within the firm."

Messrs. Upton, Stacconi and DiMaggio will continue to work closely together in support of Mr. Minikes and Mr. Molinaro, the firm's senior financial managers. All three gentlemen will remain assistant treasurers of The Bear Stearns Companies Inc., titles assumed in early 2004.

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.