Bear Stearns Hires Timothy C. Wilson to Head European Health Care Research and Global Biotechnology Research.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 29, 2000

The Bear Stearns Companies Inc. announced today that Timothy C. Wilson has agreed to join Bear, Stearns International Limited (BSIL) in London as head of European health care and global biotechnology equity research.

Commenting on the appointment, Kay Booth, director of global research said, "We are thrilled that Tim is joining our research effort and we are confident that his knowledge and experience in the health care sector will prove invaluable to our clients. This latest hire underscores our commitment to build upon our top-flight U.S. health care franchise with a new fundamental emphasis on Europe."

Mr. Wilson was formerly head of global biotechnology research at SG Cowen and has 12 years of experience analyzing the sector. Previously he was the global head of biotechnology research at UBS and, before that, he was a senior research analyst at Hambrecht & Quist. Mr. Wilson holds a B.Sc. (Hons.) in Biochemistry from Imperial College in London and a Ph.D. in Molecular Biology from Cambridge University.

The appointment represents the latest move by Bear Stearns to expand its European business. In May, the firm hired Jeremy Sillem, former managing director and co-head of worldwide capital markets at Lazard, to oversee and direct the expansion of its European business. Additionally, the firm has recently recruited Michel Peretie, former head of global fixed income and foreign exchange at BNP Paribas, as head of European fixed income; Roger Hirst, from DrKB where he was the head of international equity research, as head of European equity research; a group of leveraged finance professionals, led by senior managing director Simon Clarkson Webb, from Westdeutsche Landesbank; a group of 11 telecommunications investment bankers, led by senior managing director Michael Phair, from DrKB; a group of four fixed income analysts, led by senior managing director Philip Crate, from BNP Paribas; and two new research teams - a group of five telecommunications analysts from Morgan Stanley Dean Witter and two financial services analysts from Schroders.

Bear, Stearns International Limited (BSIL) is a wholly owned subsidiary of The Bear Stearns Companies Inc. BSIL currently employs more than 600 staff in London who serve corporations, institutions, partnerships and governmental entities in the United Kingdom, Europe 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 10,600 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.