Bernstein Liebhard & Lifshitz, LLP Appointed Lead Counsel and the Pennsylvania State Employees’ Retirement System and the Pennsylvania Public School Employees' Retirement System Appointed Lead Plaintiff in Royal Dutch/Shell Transport Securities Fraud Litigation

[New York, N.Y., July 1, 2004] On June 30, 2004, Chief Judge John W. Bissell of the United States District Court for the District of New Jersey appointed Bernstein Liebhard & Lifshitz, LLP clients, the Pennsylvania State Employees’ Retirement System and the Pennsylvania Public School Employees’ Retirement System (collectively, the “PA Funds”), as lead plaintiffs in the Royal Dutch/Shell Transport securities fraud class action litigation. Judge Bissell based his 45-page ruling on a combination of factors, including the amount of losses that the PA Funds sustained as a result of their Royal Dutch and Shell Transport Investments, the characterization of their claims as “typical” of those of other class members, and their ability to “vigorously” litigate the case on behalf of the class.

The Court also granted the PA Funds’ motion to appoint Bernstein Liebhard & Lifshitz, LLP as sole Lead Counsel for the class of Royal Dutch/Shell Transport securities holders. In his ruling, Judge Bissell found the firm to be “a reputable firm adept in federal securities and class action litigation.”

The Pennsylvania State Employees’ Retirement System, which is a public pension fund system organized for the benefit of the current and retired public employees of the Commonwealth of Pennsylvania, has total assets of approximately $25 billion. The Pennsylvania Public School Employees’ Retirement System, which is a public pension fund system organized for the benefit of the current and retired public school employees of the Commonwealth of Pennsylvania, has an investment portfolio of approximately $52 billion, and a membership of more than 248,000 active school employees and 150,000 retirees.

Bernstein Liebhard & Lifshitz, LLP was established in 1993 as a boutique law firm to represent investors and consumers in complex class action and corporate governance litigation throughout the United States. The firm has grown to approximately 30 lawyers, with offices in New York, New Jersey and Pennsylvania, and is nationally recognized for its securities and corporate governance, antitrust, and consumer practices. Bernstein Liebhard & Lifshitz, LLP was selected by the National Law Journal for the second straight year as one of the top 20 litigation law firms for plaintiffs in the country.