Ross-Simons Announces Investment by Freeman Spogli & Co.

PROVIDENCE, R.I., July 25, 2000 - Ross-Simons announced today that it has completed a recapitalization in which Freeman Spogli & Co. obtained a majority interest in Ross-Simons. Darrell Ross will remain as the single largest individual shareholder and will continue as Chairman and Chief Executive Officer of Ross-Simons.

Ross-Simons is one of the largest independent retailers of fine jewelry, tabletop, gifts and collectibles through its catalog, retail stores and internet distribution channels. In addition, the Ross-Simons group of companies includes Gearys of Beverly Hills, which sells luxury jewelry and giftware items through its flagship Beverly Hills store, its expanding, trend-setting catalog and through its internet site.

Darrell Ross stated, “We are indeed fortunate to be affiliated with Freeman Spogli, a firm with an outstanding reputation and extensive experience in direct marketing and retailing. With Freeman Spogli as our partner, Ross-Simons and Gearys will be well positioned for continued long term expansion, including more aggressive retail store growth as well as increased investment in our exciting internet and catalog channels.”

“We are very enthusiastic about partnering with Darrell Ross and the management team at Ross-Simons and Gearys. The company is at the forefront of the growing trend toward multi-channel retailing and is well positioned to continue to gain market share in jewelry and other product categories,” said John Roth, a partner at Freeman Spogli & Co.

About Ross-Simons

Ross-Simons, founded in 1952 by Sidney Ross, is a leading independent direct marketer and specialty retailer of fine jewelry, tabletop, gifts, collectibles and other home decorative merchandise. The company offers its products through three channels of distribution: worldwide catalog mailings in excess of 65 million annually, e-commerce at www.ross-simons.com, and through eleven retail stores located in eight states. Some of Ross-Simons’ retail locations include Phipps Plaza, Atlanta, The Mall at Short Hills, Short Hills, N.J., and the Atrium Mall, Chestnut Hill, Mass. The Company provides its customers a broad selection of high-quality merchandise at attractive values backed by a high level of customer service.

About Gearys

A Beverly Hills landmark since 1930, Gearys sells very high-end tabletop, giftware and jewelry and watches to Los Angeles’ rich and famous. Gearys’ products are sold nationally via its catalog and its website www.gearys.com.

About Freeman Spogli & Co.

Freeman Spogli & Co. is a private investment firm that invests together with management in companies positioned for growth. The firm, founded in 1983, invests primarily in consumer-related companies, specifically retailing, direct marketing and service businesses. Since its inception, the firm has invested over $1.7 billion in 34 companies with aggregate enterprise values of more than $11 billion. For more information visit www.freemanspogli.com.

Financo, Inc. advised Ross-Simons in this transaction.

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