Commerzbank Securities Hires Chief Fixed Income Strategist for the Americas.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 12, 2001

Commerzbank Securities today announced the appointment of Robert S. Gay, head of Debt and Credit Strategy for the Americas. He will report to Mark Tinker, global head of Debt & Equity Strategy for Commerzbank Securities.

Mr. Gay, who will be based in New York, will focus on developing strategies to serve the debt and structured finance needs of U.S. corporations as well as the investment needs of institutional investors.

According to Ricardo Pascoe, managing director and executive general manager of the Americas for Commerzbank Securities: "As we grow our fixed income team in the Americas, Bob's extensive experience and expertise enhances our ability to deliver the highest level of research and advice to our institutional clients."

During the past 8 years, Mr. Gay has been an international markets strategist, first with BTAlexBrown, Inc as managing director and most recently with Fenwick Capital Management LLC as a managing partner. Prior to that, he served as a senior economist both for the Federal Reserve Board and for Morgan Stanley & Co.

He holds a Ph.D. in economics from the University of Wisconsin.

Commerzbank Securities is the fully integrated investment banking division of Commerzbank AG, one of Europe's leading banks with a strong position at the heart of the new Euro-zone. It utilizes access to Commerzbank's $384bn balance sheet (12/31/99) and, AA-/Aa3/A+ credit ratings from S&P, Moody's and Fitch IBCA. In the United States, Commerzbank Securities transacts business through Commerzbank Capital Markets Corporation, a wholly owned registered broker-dealer of Commerzbank AG. Commerzbank Capital Markets Corporation is a member of NYSE, AMEX, NASD and SIPC.