Bear Stearns International Limited Announces the Appointment of Lance Burbidge to Its European Research Department.

Business Editors

LONDON--(BUSINESS WIRE)--March 20, 2003

Mr. Burbidge Will Cover European Life Insurance

Bear, Stearns International Limited announces the appointment of Lance Burbidge as a managing director in its European Equity Research Department covering the European life insurance sector. Mr. Burbidge will work closely with Paul Goodhind, who covers the European multi-line insurance industry for the firm.

Speaking on the hire, Roger Hirst, Director of European Research at Bear Stearns, said, "We are very excited about Lance joining Bear Stearns. Not only is Lance an outstanding analyst, but his years of direct industry experience are sure to give his research the kind of edge that our clients have come to expect from us."

Mr. Burbidge joins BSIL from Cazenove & Co. where he also covered European life insurance companies. Prior to Cazenove, Mr. Burbidge worked at Dresdner Kleinwort Wasserstein as an analyst in the pan-European insurance research team. Mr. Burbidge spent eight years as an actuary with Bacon & Woodrow before becoming a research analyst. Whilst there, he worked on valuations for life insurance companies and developed computer models of the UK and European life insurance markets. He is a Fellow of the Institute of Actuaries 

Bear Stearns International Limited (BSIL) is a wholly owned subsidiary of The Bear Stearns Companies Inc. BSIL currently employs 800 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, private clients services and global clearing.