Bear Stearns Names Richard Madden Senior Media Banker in London.

Business Editors

LONDON--(BUSINESS WIRE)--September 6, 2000

Bear, Stearns International Limited (BSIL) announced today that Richard Madden has agreed to join the firm in London as a managing director and senior banker for European media. Mr. Madden, who will report to head of European media and telecommunications banking Michael Phair, joins the firm from ING Barings, where he was a managing director and head of European media. Mr. Madden has focused particularly on interactive entertainment across Europe; he has recently worked on equity transactions for Freedomland in Italy and NetGem in France.

Commenting on the appointment, BSIL chairman Jeremy Sillem said, "As we continue the aggressive expansion of our European business, and especially of our investment banking capabilities in the region, we are pleased to add a banker with Richard's knowledge of the European media landscape."

Prior to joining ING Barings, Mr. Madden spent nine years at Arthur Andersen, where he was most recently director of media services. He is an honors graduate, in Classics, of Jesus College at Cambridge University.

The appointment represents the latest move by Bear Stearns to expand its European business. In May, the firm hired Mr. 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; Olivier Favre-Gilly, formerly of Dresdner Kleinwort Benson, as head of European Equity Capital Markets; Roger Hirst, former head of international equity research at DrKB, 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.