Bear Stearns Initiates Coverage of the Gaming Industry's High Yield Debt; Bear Stearns Gaming Analyst Jason Ader to Begin Covering High Yield Bonds.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 12, 2000

Bear Stearns Senior Managing Director and Gaming Analyst Jason Ader has initiated coverage of his sector's high yield bond market. Ader, Institutional Investor's top-ranked equity gaming analyst, will now cover the gaming industry from both sides of the capital structure. The move is designed to provide clients with a comprehensive analysis of the companies that make up the gaming sector by taking into account both equity and debt.

Commenting on Ader's additional coverage, Paul Greenberg, head of Bear Stearns high yield research said, "Jason has established himself as one of the best equity analysts on the street and we are excited that he is bringing his high level of industry knowledge and expertise to the high yield sector."

Ader, who predicts stable returns in 2001, advises investors to seek solid and reliable corporate credits in the coming year. The Bear Stearns analyst initiated high yield coverage on 11 gaming companies and released a 150-page report covering the industry. "We are looking forward to the challenge of covering an additional element of the capital structure," commented Ader. "In the time that we have been researching the high yield market, we have confirmed our belief that we will be able to provide investors with a comprehensive perspective on the gaming industry that is unique on Wall Street."

To learn more about Bear Stearns' gaming industry high yield coverage or to speak with Jason Ader, please contact Laura Conover at 212/272-8768 or Russell Sherman at 212/272-5219.

Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $24.8 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. 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 prime broker and broker dealer clearing services, including securities lending. Headquartered in New York City, the company has more than 11,000 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, Seoul, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com.