Bill Dreher

BILL DREHER covers the Broadline Retailing sector for the North American
Equity Research Group of Deutsche Bank Securities. He helped Deutsche
Bank earn the top ‘First Team’ position for the retailing sector in
Institutional Investor’s 2003 Global Research Team ranking. Previously,
Mr. Dreher was Managing Director and a Senior Retail Analyst at WR
Hambrecht + Co., specializing in the broadline retailing sector. Prior
to that, he was a Senior Research Analyst at Robertson Stephens for two
years, also focusing on discount stores, department stores and warehouse
clubs. Previously, Mr. Dreher worked for five years in equity research
at Donaldson, Lufkin & Jenrette Securities Corporation, covering the
retail sector with DLJ’s number one-ranked Institutional Investor All-
America Research team. He holds a BA in Political Science from George
Washington Univer-sity and an MBA in Finance from New York University,
Stern School of Business.

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April 05, 2004