Frank Walsh Comments on Settlements With New York DA and Securities and Exchange Commission.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 17, 2002

The following is a statement made on behalf of Frank E. Walsh, Jr. earlier today:

-- Frank Walsh today took full responsibility for a decision he made as a board member of Tyco International to solicit and accept




				

				
				 
				


 a payment in exchange for brokering a corporate acquisition for Tyco International without making immediate disclosure of the payment.

-- He took these actions today after lengthy discussions with his family and with the goal of bringing to a close a painful and intense chapter in a long and otherwise fruitful business career.

-- With this behind him, Frank Walsh intends to focus on his philanthropic interests and activities, including running the Sandy Hill Foundation, which he formed as his family's foundation 17 years ago. Frank Walsh and the Sandy Hill Foundation have donated tens of millions of dollars to a wide range of charities.

-- The Community Foundation of New Jersey (www.CFNJ.org), which received $10 million as a donation from Tyco related to Frank Walsh's brokering of the corporate acquisition, will continue to have full use of those funds, and Frank Walsh will provide restitution to Tyco in that amount from his own resources. The CFNJ donation has already been used, in part, to support the Special Olympics organization in New Jersey.

FRANK E. WALSH, JR.

Personal

-- Born in Orange, N.J. (3/13/41) - father worked for State of

N.J. in Trenton as Director of the Budget and later for

Prudential Insurance. Mother was a housewife.

-- Attended public grammar school in Orange, N.J. and Seton Hall

Prep, a Catholic high school in South Orange, N.J.

-- Earned B.S. in Accounting from Lehigh University in 1963 -

worked way through college with a scholarship and summer jobs

- honorary degree from University of Vermont in 1997.

-- Served 6 months active duty and 6 years reserve duty in New

Jersey National Guard.

-- Married in 1964 - 2 children and 4 grandchildren.

Business

-- Involved as a principal in Wesray Capital Corp. from the time

of its formation in 1981 until 1996. Served as Vice President,

Vice Chairman and ultimately Chairman. Served on the boards of

most of Wesray's portfolio companies, including Avis, Inc.,

Wilson Sporting Goods, Gibson Greeting Cards, Atlas Van Lines,

Six Flags Corp., and WearEver Proctor Silex.

Charitable

-- Serves on the boards of a number of educational and charitable

organizations.

-- Has personally or through a family foundation known as Sandy

Hill Foundation (formed in 1985) contributed tens of millions

of dollars to charities.

-- Support has been given to some 200 causes, including Seton

Hall University, Lehigh University, Seton Hall Preparatory

School, University of Vermont, Overlook Hospital (Summit,

N.J.), Special Olympics of New Jersey, Covenant House, Eva's

Village (Paterson, N.J.), St. Vincent Academy (Newark, N.J.),

Boys and Girls Clubs of Newark, N.J. and Catholic Charities

(Paterson, N.J.)

-- Has arranged his affairs so that half of his assets will go to

charity during his lifetime or through his estate.