J. David Rush to Join Bear Stearns as ManagingDirector in Public Finance.

NEW YORK, NEW YORK--(BUSINESS WIRE)--July 7, 1997--Bear, Stearns & Co. Inc. announced today that J. David Rush will join the firm as a managing director in the Public Finance Department. With established relationships in the municipal sector and a strong quantitative background, Mr. Rush will

Mr. Rush brings to Bear Stearns over 19 years of industry experience. He joins the firm from Public Resources Advisory Group, Inc. (PRAG) which he co-founded and where he served as president. In the 12 years since its inception, PRAG has grown to be the leading municipal financial advisory firm in the US. Mr. Rush holds a Ph.D. in Applied Mathematics from Boston University and a B.S. in Economics with highest honors and Mathematics with honors from the University of Kansas.

Daniel L. Keating, senior managing director and head of the department, said, "We are honored to have a professional of David's caliber join our team. He is an important addition to our public finance effort, bringing a tremendous amount of talent and experience to our franchise. His hiring reemphasizes Bear Stearns' ongoing commitment to hiring seasoned bankers with strong client relationships to better serve major issuers across the US."

In 1996, Bear Stearns ranked fifth overall in lead managed, long-term, negotiated, tax-exempt financings with a market share in excess of 6.1% and an average transaction size of $75.5 million, the highest average issue size in the industry. For the first six months of 1997, the firm continues to rank fifth and has increased its market share to 6.6%.

Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). With approximately $10.6 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, public finance, private client services, derivatives, asset management, correspondent clearing, securities lending, and custody services.

Headquartered in New York City, the company has over 8,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Geneva, Hong Kong, London, Lugano, Paris, Sao Paulo, Shanghai, Singapore, and Tokyo.

CONTACT: Mary Flounders Green (212) 272-4356

Christine Illes (212) 272-4395