Bear Energy Signs Energy Management Agreements With BG Dighton Power and Project Orange Associates

Business Wire, Oct 19, 2006

HOUSTON -- Bear Energy LP, the energy trading subsidiary of the The Bear Stearns Companies Inc., announced today energy management agreements with BG Dighton Power LLC, a 170 megawatt combined-cycle power plant in southeast Massachusetts and Project Orange Associates, LLC, an 80 megawatt co-generation plant in Syracuse, NY. Bear Energy commenced power marketing and clearing services for the two facilities on October 1, 2006.

"These transactions highlight our commitment to providing non-standard products and services to our clients and bring our total assets under management to over 6500 megawatts nationally," said Andrew Slocum, a managing director at Bear Energy.

Bear Energy focuses on providing commercial and operational services, customer hedging, and structured products in natural gas, electricity, and coal and emissions to clients throughout North America.

About Bear Energy:

Bear Energy provides flexible, comprehensive energy solutions in the physical and financial energy markets. Headquartered in downtown Houston, Bear Energy currently employs an experienced team of energy professionals with extensive physical market knowledge and financial risk management expertise. As a wholly owned subsidiary of The Bear Stearns Companies Inc., all transactions are guaranteed by the A1/A/A rated parent, offering customers the credit quality now required in the volatile energy markets. To learn more about Bear Energy, please visit www.bearenergy.com

About Bear Stearns:

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking, securities trading, clearing and brokerage firm. With approximately $61.9 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. Headquartered in New York City, the company has approximately 13,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's web site at http://www.bearstearns.com.