Bear Stearns Asset Management Hires Quantitative Equity Team and Fundamental Small Cap Value Team from BKF Capital Group

Business Wire, June 28, 2006

NEW YORK -- Bear Stearns Asset Management Inc. (BSAM) announced the hire of two portfolio management teams from BKF Capital Group. The quantitative equity team consists of Michael Rosen, a managing director, and analyst Lindsey Houghton, while Jordan Alexander and Stephen Friscia, managing directors, comprise the fundamental small cap value team. The gentlemen will report to Mike Guarasci, senior managing director and head of Institutional Business for BSAM.

Commenting on the hires, Richard A. Marin, chairman and chief operating officer of BSAM, remarked, "As we continue to cultivate our equity management capabilities, we believe these additions will directly support our overall growth objectives. Both teams will have the backing of the Bear Stearns platform and its distribution resources, allowing these professionals to focus on their client support and product offering."

Mr. Guarasci added, "All four portfolio managers have demonstrated excellent performance and are known throughout the asset management community for their well-reasoned, well-communicated investment philosophy and process. Their client focused approach is consistent with the top-tier institutional offerings the industry has come to expect from BSAM. We are excited to have them join our team."

Prior to working with BKF Capital Group, Mr. Rosen was a quantitative portfolio manager at ING Investment Management. He earned a BS from the University of Hartford.

Mr. Houghton also was a quantitative analyst at ING Investment Management before joining BKF Capital Group. He earned a BS from the University of Delaware.

Prior to working with BKF Capital Group, Mr. Alexander was with Palisade Capital Management. He was previously with Evergreen Investment Management. Mr. Alexander earned a BA from the University of Binghamton and an MBA from New York University. He is a CFA and CPA.

Mr. Friscia worked for Palisade Capital Management prior to joining BKF Capital Group. He previously was with Evergreen Investment Management and is a CFA. Mr. Frisca earned a BS from SUNY College, New Paltz and an MBA from Pace University.

About Bear Stearns Asset Management Inc.

Bear Stearns Asset Management Inc. was founded in 1984 as a division of Bear, Stearns & Co. Inc. and is now a wholly-owned subsidiary of The Bear Stearns Companies Inc. The firm currently manages more than $34 billion in assets, with expertise spanning equity, fixed income and alternative investment strategies, while providing comprehensive asset management services to institutional and high-net-worth investors. Corporations, municipal governments, multi-employer plans, endowments, foundations and family groups rely on BSAM's disciplined investment processes, investment performance and superior client service.