Bear Stearns Merchant Banking Appoints Experienced Retail Operating Partner

Business Wire, Dec 13, 2006

NEW YORK -- Bear Stearns Merchant Banking ("BSMB"), a leading private equity firm, today announced that it has added a new operating partner, Richard L. Markee, an experienced executive in the retail industry. With over 30 years of experience, Mr. Markee most recently served as Vice Chairman of Toys "R" Us, Inc., where he was responsible for the growth and expansion of Babies "R" Us. He was also Chairman of Toys "R" Us, Japan. During his tenure at Toys "R" Us, Mr. Markee was responsible for international operations, U.S. toy store distribution, information technology and international franchising. Prior to joining Toys "R" Us, Mr. Markee was Vice President of Merchandising at Target.

"I am delighted to join the BSMB team," said Mr. Markee. "This is a terrific opportunity to leverage my skills and experience in the sector. I look forward to working with the retail group at BSMB."

"We are excited to add someone with such depth and experience in the retail sector to our team," said Richard Perkal, Senior Managing Director of Bear Stearns Merchant Banking. "This appointment demonstrates BSMB's continuing commitment to pursue investment opportunities in retail. We look forward to building upon Richard's considerable expertise and relationships to create value for our investors."

About BSMB:

BSMB, the private equity affiliate of The Bear Stearns Companies Inc. (NYSE: BSC), invests private equity capital in compelling leveraged buyouts, recapitalizations and growth capital opportunities alongside superior management teams. BSMB focuses on making control or entrepreneur-driven investments, principally in middle-market retail, financial services and consumer products companies. Since its formation in 1997, BSMB has been an investor in over 50 portfolio companies. BSMB manages nearly $5 billion of private equity capital, including its new $2.7 billion institutional fund and capital dedicated to its affiliate, Bear Growth Capital Partners. Recent investments by BSMB include: ACA Capital Holdings, Balducci's, CamelBak Products, Cavalry Investments, Churchill Financial Holdings, Dairyland, Everything But Water, Harlem Furniture, Multi Packaging Solutions, New York & Company (NYSE: NWY), Reddy Ice (NYSE: FRZ), Seven For All Mankind, Stuart Weitzman, Transamerican Auto Parts Company and Vitamin Shoppe. More information about BSMB can be found at www.bsmb.com.