Bear Stearns Announces the Start of Trading of the First Actively Managed Exchange Traded Fund

The Bear Stearns Current Yield Fund (YYY) begins trading on the American Stock Exchange on March 25, 2008

NEW YORK, New York.—Bear Stearns Asset Management ("BSAM’) announced that the Bear Stearns Current Yield Fund (AMEX: YYY), the first actively managed exchange traded fund (ETF), will begin trading on the American Stock Exchange today.

YYY, or Triple-Y, is composed of a variety of short-term fixed income instruments. The Fund aims to generate higher returns than a money market fund by investing in diversified, high-quality securities, including government securities, municipal securities, bank obligations, corporate and securitized debt. Triple-Y Shares can be purchased and sold intraday, with pricing every 15 seconds on the exchange and portfolio holdings fully disclosed each day via BSAM’s website www.yyyfund.com.

“We are excited to introduce the first actively managed ETF to the market,’ said Jeff Lane, Chairman and CEO of Bear Stearns Asset Management. ”The Bear Stearns Current Yield Fund is an innovative product that provides investors with unprecedented price discovery and transparency.’

Triple-Y is managed by a team of fixed income professionals at BSAM, led by senior portfolio manager Scott Pavlak. Mr. Pavlak has more than 20 years of investment experience and has been managing portfolios with a similar investment process to Triple-Y for over 15 years.

Mr. Pavlak added, "Our approach is to maximize income for our investors, while preserving capital. The Fund employs a disciplined investment strategy, adding value through sector allocation, security selection, yield curve positioning, and duration management.’

The Current Yield Fund is the first product launched by the Bear Stearns Active ETF Trust. Subject to Bear Stearns shareholder and regulator approval and following the completion of the proposed acquisition between Bear Stearns, the parent company of Bear Stearns Asset Management, and JPMorgan Chase, the Current Yield Fund would be expected to be re-branded under JPMorgan.