Bear Stearns Appoints Michel Peretie as Head of Fixed Income for Europe and Asia; Global Fixed Income Chief Joins Bear, Stearns International Limited.

Business Editors

LONDON--(BUSINESS WIRE)--June 26, 2000

The Bear Stearns Companies Inc. announced today that Michel Peretie, global head of fixed income at BNP Paribas, is joining Bear, Stearns International Limited (BSIL) in London as a senior managing director and head of fixed income for Europe and Asia, including Japan. Mr. Peretie will also be named a director of BSIL and serve on the Global Fixed Income Management Committee and the Credit Policy Committee. Mr. Peretie will be responsible for coordinating the firm's fixed income business, including derivatives, in these regions, as well as focusing on recruitment and the strategic positioning of its European and Asian fixed income franchise.

Warren Spector, executive vice president and head of Bear Stearns' Global Fixed Income Division, said of the appointment, "Michel has long been established as one of the most respected professionals in the European fixed income markets, and he brings the dynamism and depth of experience necessary to enhance the level of service we provide our clients worldwide. His leadership will further enable us to build out our fixed income franchise in Europe and Asia and will help continue our top-priority commitment to growing our full range of capital markets capabilities worldwide."

Mr. Peretie will join Bear Stearns from BNP Paribas where he was global head of fixed income and foreign exchange. He has spent his entire 20-year career, including three years in Tokyo, at Paribas, where he was a member of the firm's Management Committee. He is a graduate of the Institute of Business Administration of the Sorbonne.

The appointment represents the latest move by Bear Stearns to expand its capital markets business, particularly in Europe. The firm has hired a number of key senior professionals in London to enhance its European capital markets presence, most notably, Jeremy Sillem, a leading international banker, who will direct this expansion and be chairman of Bear, Stearns International Limited. Other additions to the investment banking effort include Michael Phair and Hugo Ruys and nine other telecommunications bankers; and Simon Clarkson Webb, head of European leveraged finance, and nine others in that department. The firm is similarly expanding its European research capabilities in London. Roger Hirst has joined the firm as head of European equity research, and two groups covering the financial services and telecommunications sectors, as well as five senior equity salesmen, have joined the firm. Fixed income credit research will be led by Philip Crate, who is joining the firm with three other analysts, also based in London. In addition, Bear Stearns has made senior appointments in European derivatives, including Guido Rauch, head of European derivatives sales and marketing.

Bear, Stearns International Limited (BSIL) is a wholly owned subsidiary of The Bear Stearns Companies Inc. BSIL currently employs more than 600 employees in London who serve corporations, institutions and private investors in Continental Europe, the United Kingdom and the Middle East. BSIL's capabilities include investment banking, institutional equities and fixed income sales, trading and research, derivatives, financial futures, foreign exchange and global clearing.

Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $24.6 billion in total capital, the company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers global clearing services to broker dealers, prime broker clients and other professional traders, including securities lending. Headquartered in New York City, the company has more than 10,300 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and San Juan; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com.