Commenting on the appointment, Jeremy Sillem, Chairman of Bear, Stearns International, said, "I am delighted that Philip has chosen to join us. The sector on which he will be focussing is one of great importance to this firm and one in which we have had considerable success both in the US and Europe. We have been looking for sometime for the right person to provide full time senior European leadership to this effort and Philip's talents and experience make him the perfect candidate."

Mr. Ward joins Bear Stearns from Rothschild & Cie in Paris where he served as managing director and global head of their Hotels, Tourism and Leisure Group. Mr. Ward has spent his entire twenty-year career with Rothschild.

Bear, Stearns International Limited (BSIL) is a wholly owned subsidiary of The Bear Stearns Companies Inc. BSIL currently employs more than 800 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.