Bear Stearns Selects PSINet as the e-volve Stock Pick of the Week.

Business Editors

NEW YORK--(BUSINESS WIRE)--February 28, 2000

Pick Kicks-Off the 5th Week of the 10-week Internet Research 

Campaign

PSINet Inc. (NASDAQ:PSIX) has been selected by Bear Stearns as its e-volve stock pick of the week. The selection begins the fifth week of a comprehensive marketing plan designed to utilize the findings in e-volve, a 340-page report compiled by the Bear Stearns equity research department. Featuring contributions from 77 analysts, e-volve is designed to provide investors with insight into how the Internet will affect every industry and every aspect of business.

Dubbed a "premier Internet play" by Bear Stearns senior managing director and Telecom Services analyst James Henry, PSINet is a leading provider of Internet protocol (IP) based services. "PSINet has emerged from the pack thanks to its ability to quickly combine national and global facilities with access, transport, and hosting capabilities across a number of the Internet service categories," Henry commented. PSINet has assembled a product portfolio and network infrastructure that enable it to address all facets of its customers' Internet needs in 27 countries on five continents.

Shares of PSINet have slipped 17% below their 52-week-high, providing what Henry believes is an ideal opportunity for investors to capitalize on the company's growth. "This is a company that is comprised of a number of compelling and formidable parts. The combination of those parts form a powerful single Internet play," said Henry. PSINet, which has a world-wide salesforce, assets and a top brand name, more than doubled its annual revenue from 1998.

In addition to the stock selection of the week, Bear Stearns will hold two virtual conference calls this week based on the e-volve report. The first call is scheduled for Tuesday, February 29 at 11:00 a.m. and will be hosted by six Bear Stearns media analysts. The second, scheduled for Wednesday, March 1 at 11:00 a.m., will examine the growing value the Internet is placing on company databases. Health care information technology analyst Raymond Falci will host the call, entitled, "Turbocharged Database". Both calls will be supplemented by a slide presentation on the Bear Stearns Web site (www.bearstearns.com).

To learn more about the e-volve stock pick of the week, or to participate in the conference calls, members of the press may contact 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 $22.2 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 professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has over 10,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, Puerto Rico and San Francisco; 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 www.bearstearns.com

Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Bear Stearns may make markets and effect transactions, including transactions contrary to any recommendations herein, or have positions in the securities mentioned herein (or options with respect thereto) and may also have performed investment banking services for the issuers of such securities. In addition, employees of Bear Stearns may have positions and effect transactions in the securities or options of the issuers mentioned herein and may serve as directors of such issuers. Copyright (c) 2000. All rights reserved by Bear, Stearns & Co. Inc.