Robertson Stephens Names Bob Emery President and CEO, -CEO Mike McCaffery Becomes Chairman and Senior Strategic Advisor-.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Jan. 19, 2000

Robertson Stephens, the San Francisco-based investment bank, announced that, effective today, its current CEO Mike McCaffery will become Chairman of the firm and that its current President, Bob Emery, will become President and CEO.

"Over the past 11 years we've created a world-class investment banking and brokerage organization with incredibly talented and dedicated people," said McCaffery. "Bob and I have been leading the firm for the past several years. Together we've built a powerful management team by bringing in new leadership and developing internal leadership. I am proud of what we've accomplished and am confident Bob and Robertson Stephens will continue to achieve great things."

"Robertson Stephens has grown remarkably under Mike's leadership," said Emery. "He has been a significant force in helping shape the firm and its culture. Mike also successfully shepherded our organization through three complex mergers. We have emerged from this experience stronger and better positioned competitively than ever. As we enter the new century we are perfectly positioned to provide our world-class investment banking capabilities to growth companies and investors on a global basis."

As Chairman, McCaffery will act as senior strategic advisor, help to market the firm and continue to develop new and existing client relationships. McCaffery joined Robertson Stephens in 1988 and became CEO in 1993. Since 1988, the firm has grown from 125 employees with $38 million in revenues to over 1,100 employees worldwide and $1 billion in revenues.

Emery joined Robertson Stephens in 1985 to establish the firm's technology and healthcare merger and acquisition practice. He was promoted to co-head of the firm's investment banking group, and again promoted to Chief Operating Officer, prior to being named president. Emery is well known in the Internet and technology industries for his investment banking expertise. In 1999, he advised eight of the 13 largest, industry-defining M&A transactions, including @Home's acquisition of Excite, E*Trade's acquisition of Telebank, and CMGI/AltaVista. "Bob is a great banker and leader; he will be an outstanding CEO," said McCaffery.

"Under the leadership of Mike and Bob the firm has set the industry standard for execution and growth," said Paul Hogan, Vice Chairman, FleetBoston Financial. "Robertson Stephens has grown 2 1/2 times this year alone. We couldn't be happier with the new leadership and are confident that Bob and the strong management team he established will continue to exceed expectations."

Robertson Stephens (www.rsco.com) is the leading full-service investment bank, focused exclusively on growth companies. In 1999, the firm completed over 230 public offerings and over 40 private offerings, raising more than $40 billion in capital for clients. In addition, the firm advised on over 80 M&A transactions in 1999 with an aggregate value in excess of $50 billion. The firm's 47 equity research analysts cover nearly 700 companies. Founded in 1978, Robertson Stephens (Legal name: FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary of FleetBoston Financial Corporation (NYSE: FBF) and a member of the NASD and all major exchanges. Together, Robertson Stephens, FleetBoston Robertson Stephens International Ltd., and Robertson Stephens Evergreen Securities Ltd. has over 1,000 employees worldwide with offices in Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel Aviv.