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Bear Stearns Broker - Dealer Services Makes our Key Hires To Expand Business

New York, NY — July 25, 2007 — Further strengthening the firm's clearing and custody business, Bear Stearns Broker-Dealer Services (BDS) today announced that it has hired four veteran professionals to expand the sales and account officer teams. Robert Mumby and John Wellington have joined BDS as account officers and Michael Calvelli and Mark Van Ostenbridge have joined the BDS sales team which includes industry veteran, Jeff Kiley. Broker-Dealer Services' sales people and account officers report to Gil Addeo, managing director and head of sales for BDS. These appointments are part of an ongoing growth strategy for Bear Stearns Broker-Dealer & Investment Advisor Services co-headed by Joe Triarsi and John Tyers.

Commenting on the hires, Mr. Addeo said, "We are committed to growing our business and investing in great talent. These individuals bring a wealth of experience and proven records of success in selling and providing thoughtful solutions to the broker-dealer community. They join us at a significant time as we enhance the service and support we offer our clients."

Michael Calvelli and Mark Van Ostenbridge join BDS sales as a managing director and associate director, respectively. Mr. Calvelli has been in the financial services business for over 24 years. He was with Pershing for 18 years where he managed its west coast operations and oversaw more than 50 broker-dealer relationships. For the past six years he was a consultant and the President of Sorrento Pacific, a broker-dealer servicing community banks and RIAs.

Mr. Van Ostenbridge has 13 years of financial services experience. Before joining Bear Stearns, he was a Vice President in Pershing's Sales and Relationship Management Group.

Account officers Robert Mumby and John Wellington both join BDS as managing directors. Mr. Mumby and Mr. Wellington will maintain relationships with client firms and deliver information and solutions to contribute to their goals and objectives. Over his 25-year career, Mr. Mumby has held executive positions at Newbridge Securities, Cowen & Company, Societe General Securities and Alex Brown. Over the last ten years, he has advised some of the leading introducing broker-dealers in the industry through his own consulting firm.

Mr. Wellington has 22 years of financial services experience. Before joining Bear Stearns, he was COO at Advest, Inc., a leading independent broker dealer, and held various senior roles at Smith Barney and Merrill Lynch.

"Our goal is to provide a high level of service and solutions to our clients that extends beyond the scope of clearing," said Joe Triarsi, co-head of the BDS. "We are a resource that provides insight, products and services to fuel growth and drive revenue for our clearing partners."

Mr. Mumby added, "I admire Bear Stearns' ability to provide innovative solutions. I'm excited and proud to be a part of the team and I look forward to building relationships and creating new opportunities for BDS and for our clients."
Broker-Dealer Services is a business unit of the Global Equities division of Bear, Stearns & Co. Inc. (together with Bear, Stearns Securities Corp., "Bear Stearns"). For over 30 years, BDS has been an industry leader in providing clearing solutions. Bear Stearns provides trade execution, custody, clearing services, technology, wealth management solutions, and investment products to over 350 Broker-Dealer and Registered Investment Advisor clients.


About Bear Stearns
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the company has approximately 15,000 employees worldwide.

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