The Cypress Group Names Joseph E. Parzick Managing Director.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 24, 2003

The Cypress Group, a private equity firm, announced today that it has named Joseph E. Parzick a managing director of the firm and a member of the investment committee.

Mr. Parzick, 48, will be working with Cypress' business development teams on capital markets transactions for new investments and for portfolio companies.

For more than 20 years Joe Parzick has been a senior investment banker and capital markets expert. Prior to joining Cypress he was a managing director in the financial sponsors group of the investment banking division at Morgan Stanley. He was previously a managing director of EXOR America, Inc. and managing director and co-head of the financial sponsors group at Lehman Brothers Inc.

Jim Stern, Chairman of Cypress, said: "We are delighted that Joe Parzick has joined the Cypress team. Several of us have known Joe since his first days on Wall Street and have always had a high regard for his investment banking and capital markets skills."

The Cypress Group manages two private equity funds with more than $3.5 billion in commitments. Portfolio companies include: Amtrol, Inc., Catlin Group Limited, Cinemark USA, Inc., ClubCorp, Inc., Danka Business Systems PLC, MedPointe Inc., Montpelier Re Holdings Ltd., Republic National Cabinet Corporation, Wesco International, and Williams Scotsman, Inc.