Bear Stearns' Research Department Hires Robert Summers to Cover Supermarkets and Drugstores

Business Wire, June 2, 2005

NEW YORK -- Bear, Stearns & Co. Inc. today announced that it has hired Robert Summers as an equity research analyst to cover supermarkets and drugstores. Mr. Summers, a managing director, will report to Kay Booth, director of global research.

"Bob is committed to producing the kind of in depth research of supermarkets and drugstores that our clients will find highly valuable and unique," said Ms. Booth. "He is not afraid to hold a different point of view and his research has been recognized as being among the best." In a recent Greenwich Associates survey, Mr. Summers was the top ranked analyst in the category of Retailing - Food & Staples (supermarkets & drugstores).

Before joining Bear Stearns, Mr. Summers was an equity research analyst covering the food and drug retail sector at Banc of America Securities. While there, he was voted to Institutional Investor's Hedge Fund 2004 All-America Research Team in the Retailing: Food & Drug Chains category. Mr. Summers also covered small cap restaurants for a year at Banc of America and was part of the team that covered furnishings and restaurants at Salomon Smith Barney.

Founded in 1923, Bear, Stearns & Co. Inc. is a leading investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $48.5 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, securities research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 11,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at http://www.bearstearns.com.