Bear Energy's Purchase of Power Assets Awarded Energy Risk's Deal of the Year

NEW YORK--(Business Wire)--Bear Energy LP, a subsidiary of The Bear Stearns Companies Inc.
(NYSE: BSC), was awarded Energy Risk's Deal of the Year for purchasing
substantially all of Williams' (NYSE: WMB) power assets. In
determining the award, Energy Risk considered innovation, scale and
the complexity of the transaction. It also weighed the deal's ability
to likely shape how energy markets operate in the future.

As part of the transaction completed in November of 2007, Bear
Energy significantly increased its energy portfolio by acquiring 7,500
megawatts of gas-fired tolling capacity, 1,800 megawatts of full
requirements power supply contracts with cooperatives in Georgia and
Pennsylvania, and an associated hedge book. Bear Energy also hired
more than 30 Williams employees.

"Through this deal, Bear Energy now has one of the largest natural
gas power portfolios in the United States," said Paul Posoli,
president of Bear Energy. "It has broadened our customer relationships
and enhanced our ability to provide unique products to our energy
clients."

According to Energy Risk, what made the purchase all the more
remarkable was that Bear Energy, which was founded in June of 2006,
was already growing very rapidly when it took on the Williams power
assets. Energy Risk also recognized the transaction's "substantial
benefits" to both parties and called its scale and speed of execution
"impressive".

About Bear Energy

Bear Energy, a wholly owned subsidiary of The Bear Stearns
Companies Inc., was founded in 2006 to provide flexible, comprehensive
energy solutions in the physical and financial energy markets for
clients across the energy value chain. Headquartered in Houston,
Texas, Bear Energy currently employs an experienced team of 220 energy
professionals with expertise in natural gas, electricity, coal,
emissions and weather. 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 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 14,000 employees worldwide. For additional information
about Bear Stearns, please visit the firm's website at
www.bearstearns.com.

Bear, Stearns & Co. Inc.
Paige Kimos, 212-272-6659
Global Equities
pkimos@bear.com

Copyright Business Wire 2008