Adams, Harkness & Hill Announces Promotions Within Investment Banking Group; Greg Brown and Russ Landon to Co-head Department.

Business Editors

BOSTON--(BUSINESS WIRE)--May 2, 2001

Adams, Harkness & Hill, the Boston-based investment bank specializing in emerging growth companies, has announced that Gregory B. Brown, M.D., and Russell W. Landon have been named co-heads of the firm's investment banking department.

Brown and Landon assume the role of co-heads of the division from Timothy J. McMahon and T.L. Stebbins, who led the department together for seven years. Earlier this month Stebbins was named chairman of the investment banking department and McMahon was appointed as the firm's new president and chief executive officer.

"As a former co-head of the department, I know well what it's going to take to lead the department," McMahon said. "Greg and Russ are both well suited for this partnership. Each has demonstrated great skill, teamwork and loyalty. They are dynamic and innovative. This is a good match for both the department and for Adams, Harkness & Hill."

Brown, 47, joined the firm in 1997 to establish its healthcare banking group and to address the growing investor interest in the biotechnology, medical devices and healthcare information technology sectors. Since then, the group has been responsible for raising more than $2 billion for clients in public and private offerings and for advising clients in numerous advisory engagements across all three sectors of the healthcare practice. Prior to joining AH&H, Brown spent five years at Vector Securities International, initially as a biotechnology research analyst, and subsequently in the corporate finance department. While an analyst, he was recognized as a Wall Street Journal "All-Star" analyst. Formerly a practicing thoracic and vascular surgeon and chairman of the surgery department at St. Elizabeth Hospital in Utica, NY, Brown brings a unique understanding of the healthcare industry to his investment banking approach. While practicing surgery, Brown founded and was the first president of the Central New York IPA, an IPA-model HMO. He received an A.B. from Yale University, an M.D. from SUNY Upstate Medical Center, and an M.B.A. from Harvard Business School.

Landon, 44, joined Adams, Harkness & Hill in 1993 and has been a managing director and head of its Consumer Group. Under his leadership, the consumer franchise developed an industry-leading position in Healthy Living(TM) and expanded into Specialty Food & Beverages and Lifestyle/Leisure. In 1998, Landon played an integral role in the firm's first venture capital effort, establishing its affiliation as a special limited partner with North Castle Partners, a $425 million leading private equity fund that invests in the Healthy Living(TM) sector. Landon is also head of AH&H's Energy Technology Group, a new area of specialization for the firm and a rapidly growing and changing industry. Prior to his tenure at AH&H, Landon was with PaineWebber Inc., where he focused on consumer and environmental service companies. Landon, who began his investment banking career at Kidder, Peabody & Co, brings a total of 15 years of experience in the investment banking business to his role as co-head, and has successfully completed over 100 transactions for emerging growth companies in this time. He received a B.A. from Yale University and an M.B.A. from Columbia Business School.

About Adams, Harkness, & Hill

Adams, Harkness, & Hill is an independent, full-service investment bank focused exclusively on emerging growth companies in the technology, health care and consumer sectors. Backed by its world-class industry research, AH&H offers each client a complete array of investment banking, sales and trading, asset management and corporate services. Uniting its commitment to developing long-term client relationships with its long-standing access to the nation's top portfolio managers, AH&H offers the expertise of a large national investment bank with the personalized attention of a specialized institution. Headquartered in Boston, MA, Adams, Harkness & Hill has West Coast offices in San Francisco, CA and European offices through Adams, Harkness & Hill Ltd. in London and Paris. More information is available at www.ahh.com.