Richard Beatty has been an investment banker involved with developing and financing communications and technology companies for 16 years. Mr. Beatty was Senior Managing Director for communications at Bear Stearns and a founder and senior member of the Communications and Technology Group at Salomon Brothers for seven years. Areas of specialization include strategic transactions and financings for competitive telecom companies and satellite, fiberoptic and wireless communications projects. Mr. Beatty has been involved with several bellwether transactions which shaped the underlying investment markets for these sectors and established these businesses as leaders:

• PanAmSat - the first $500 million in public-market financings for this competitive satellite company

• MFS Communications - over $1 billion in the first public financings for this pioneer competitive access harnessing fiber-optics facilities, subsequently acquired by WorldCom

• LCI International - a leading long distance company; and

• Texas Utilities acquisition of local exchange telephone company, Lufkin-Conroe Communications Corporation - a $339 million transaction which is an early, bellwether investment in telecom operations and capabilities by a leading electric and gas utility.