Arthur Spector to join Bear Stearns as managingdirector in public finance.

NEW YORK, NEW YORK--(BUSINESS WIRE)--January 31, 1997--Bear, Stearns & Co. Inc. announced today that Arthur Spector has joined the firm as a managing director in public finance. Mr. Spector will assist the firm in expanding its public finance efforts among major issuers, particularly in Florida.

Mr. Spector will join Bear Stearns from Prudential Securities, where he was a managing director and manager of the Public Finance Department. His 22-year career servicing significant public finance clients began at Goldman Sachs where he spent 18 years until his most recent tenure at Prudential. Mr. Spector holds a bachelor's degree from Columbia College and a master's degree from Harvard Business School. In addition, Mr. Spector has served as an adjunct professor at Columbia's Graduate School of Business.

Daniel L. Keating, senior managing director of municipals, said, "The addition of such a talented senior banker evidences Bear Stearns' continuing commitment to the municipal sector. We are very pleased to have the opportunity to add a professional of Arthur's caliber to our public finance effort."

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 $9.5 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, private client services, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear Stearns Securities Corp., it provides professional and correspondent clearing, including securities lending. Headquartered in New York City, the Company has over 7,800 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, and San Francisco; and an international presence in Beijing, Buenos Aires, Geneva, Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.

CONTACT: Bear, Stearns & Co. Inc.

Mary Flounders Green, 212/272-4356