Bernard Fromson Joins Bear Stearns F.A.S.T. Group.

Business Editors

LONDON--(BUSINESS WIRE)--September 29, 2000

Bear, Stearns International Limited (BSIL) announced today that Bernard Fromson has joined the firm in London as a managing director in the Financial Analytics and Structured Transactions Group (F.A.S.T.). Mr. Fromson, who joined from ABN AMRO, will be responsible for developing F.A.S.T.'s portfolio engineering capabilities. He will report to Anant Patel, managing director and head of F.A.S.T. for Europe.

Commenting on the appointment, Michel Peretie, head of fixed income for Europe and Asia, said, "We are committed to building the industry's most creative and responsive fixed income group. To accomplish that goal, we must stand at the forefront of credit research, and Bernard brings us the level of expertise necessary to help us produce the leading-edge analysis our clients need."

Mr. Patel added, "Bringing aboard the most talented professionals in the industry is crucial to the development of our European credit franchises. We are confident that Bernard, who possesses a significant depth of experience in portfolio optimization and modeling, will help us provide clients with the most innovative credit analysis available."

Prior to joining ABN AMRO, where he set up a portfolio strategy group in London, Mr. Fromson helped establish the fixed income research group at Nomura International. He began his career in the asset management group at Lehman Brothers. Mr. Fromson holds an MA in medicine and computer science from Cambridge University and an MBBS from Charing Cross Hospital.

The appointment represents the latest move by Bear Stearns to expand its European business. In May, the firm hired BSIL chairman 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; 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 and media 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.