Press Release
Source: Robertson Stephens Website, April 21, 1998.

BankAmerica to Explore Strategic Options
For Robertson Stephens Subsidiary

SAN FRANCISCO, April 21, 1998 -- BankAmerica Corporation (NYSE: BAC) announced today that, in light of its recently announced merger agreement with NationsBank Corporation (NYSE: NB), it will undertake a process to consider strategic options for the Robertson Stephens division of its investment banking subsidiary, BancAmerica Robertson Stephens. BankAmerica acquired Robertson Stephens & Company in October 1997.

"Our relationship with Robertson Stephens has been superb," said David A. Coulter, Chairman and Chief Executive Officer of BankAmerica. "It is an outstanding organization with outstanding people; and the benefits of our merger with Robertson Stephens have been accelerating in recent months," he added.

"When we announced the proposed merger of BankAmerica and NationsBank, our original intent was to merge our two investment banking firms -- BancAmerica Robertson Stephens and NationsBanc Montgomery. But after a careful analysis -- and especially in light of the broad overlap between the two companies -- we decided that it is best for shareholders, employees and for the customers we serve in this division, to consider alternatives including the divestiture of Robertson Stephens."

BankAmerica announced that it has retained Goldman Sachs and Lazard Freres to assist it in exploring strategic alternatives for Robertson Stephens. BankAmerica stated that the process of developing and evaluating alternatives will be managed by the Robertson Stephens division, and that Michael G. McCaffery, President and Chief Executive Officer of the division, will oversee the process. Coulter and McCaffery noted that both BankAmerica and Robertson Stephens have received numerous inquiries from parties expressing an interest in the investment banking firm.

"This decision is very much driven by our determination to serve our clients in the best way possible," said McCaffery. McCaffery noted that many of the firm's institutional brokerage clients, corporate finance and venture capital clients had expressed the view that Robertson Stephens should continue its specialized investment banking, research, and brokerage services. "Our core constituencies have spoken -- and they have said that the Robertson Stephens brand has tremendous value," McCaffery said.

McCaffery also noted that the decision to pursue an independent path was best for the majority of Robertson Stephens employees. "We want to preserve a strong platform for growth and opportunity for our people," said McCaffery. "Clearly there would have been significant overlap in the services provided and the areas covered by Montgomery and Robertson Stephens. This move provides the best service for our clients, the best opportunity for our employees, and the best value for BankAmerica shareholders," he added.

McCaffery said that Robertson Stephens will continue its specialized, research-driven investment banking and brokerage approach -- providing strategic advice and underwriting services (private placements, public offerings and convertibles) to growth companies worldwide and specialized research, sales, and trading to growth stock investors worldwide. McCaffery said the firm would continue to focus on its traditional areas of business -- technology, health care, retailing and consumer products, business services, and real estate -- while expanding its efforts to pursue new growth areas such as telecom services, media and publishing, specialty financial services, and gaming and lodging.

Robertson Stephens was founded in 1978, and has grown to become a leading, international major-bracket investment banking firm. The firm has raised $40 billion for growth companies in over 700 public equity and convertible transactions, and advised companies on over 270 merger and acquisition transactions worth over $29 billion. The firm's 50 equity research analysts provide coverage of 592 public companies. Robertson Stephens is headquartered in San Francisco, and maintains offices in New York, Boston, Chicago, Menlo Park, Tokyo, London and, through an affiliate, Tel Aviv. The firm has approximately 900 employees.