John Howard Senior Managing Director Bear Stearns & Co. www.bsmb.com

John Howard joined Bear Stearns in March of 1997 to create the Bear Stearns Merchant Banking Group. He is Chief Executive Officer of The Bear Stearns Merchant Banking Group and a Senior Managing Director of Bear Stearns and Company, and currently manages the $1.5 billion Bear Stearns Merchant Banking Fund II. The Merchant Banking Group has since grown to twenty-five professionals. Mr. Howard has been a principal in the private equity business for more than 20 years.

Mr. Howard has an exceptional record as a principal investor. From 1990 to 1997, Mr. Howard was the co-Chief Executive Officer of Vestar Capital Partners, Inc., a private equity investment firm specializing in management buyouts. From 1985 to 1990, Mr. Howard was a Senior Vice President and Partner of Wesray Capital Corporation, one of the foremost private equity sponsors and a pioneer in the leveraged buyout business.

Throughout Mr. Howard’s 20 years as a principal investor, he has been instrumental in the performance of four investment portfolios:

1. Bear Stearns Merchant Banking I has invested approximately $200.0 million in 14 portfolio companies generating an IRR of more than 74% (and more than 5.0 times invested capital).

2. Vestar Equity Partners, L.P. (Vestar II) invested in eight portfolio companies. As of March 31, 1999, Vestar II’s valuation implied an IRR of 86.0%, or a multiple of 3.9 times invested capital.

3. Vestar Capital Partners, Inc. (Vestar I) invested in 11 portfolio companies. As of March 31, 1999, Vestar I’s valuation implied an IRR of 55.0%, or a multiple of 9.4 times invested capital.

4. Wesray Capital Corporation, where Mr. Howard led the firm’s investments in ten portfolio companies to produce value in excess of 26 times invested capital generating more than $1.5 billion in profits.

Mr. Howard is a director of Aearo Corporation, Aeropostale Inc., Balducci’s, Integrated Circuit Systems, Inc., New York & Company and The Vitamin Shoppe. Throughout his career, he has served on the Board of Directors and Executive Committees of more than twenty companies, including Avis, Inc., Celestial Seasonings Inc., Clark-Schwebel, Consolidated Cigar Corporation, Dyersburg Fabrics, Electrolux Corporation, Gemini Industries, New River Industries, Nice-Pak Holdings, Perfect Fit Industries, Pyramid Broadcasting Company, RMA Home Services, Safety 1st, Inc., Simmons Bedding Company, Simplicity Pattern Company, The Regina Company, Uniscribe Professional Services, The William Carter Company and Wilson Sporting Goods.

Mr. Howard holds an MBA from the Yale School of Management and a BA from Trinity College.

Yale School of Management Private Equity Club
Yale School of Management
135 Prospect Street, New Haven, CT 06520