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FOR FURTHER INFORMATION (media only)

Michael CaveDirector of Corporate Communications

(03) 9600 4922 or (0408) 997 485

fax +61 3 9642 5887

michael.cave@fh.com.au

Level 29 600 Bourke Street

Melbourne VIC 3000 Australia

PO Box 290 Collins Street West

Melbourne VIC 3007

ADELAIDE BRISBANE MELBOURNE

PERTH SYDNEY KUALA LUMPUR

JAKARTA SINGAPORE TOKYO

Affiliated through

ZOLFO COOPER and

KLC KENNIC LUI & CO

Liability limited by a scheme approved under the P rofessional Standards Legislation. Ferrier Hodgson is an affiliation of independent partnerships.

BOOKSTORE CLOSURES

3 March 2011

A total of 321 REDgroup Retail staff have been made redundant today following the announcement

of the closure of 38 bookstores (37 Angus & Robertson stores and one Borders store). A list of the

closing stores is attached.

The closures will be effected over the next three weeks.

These closures will not affect the Angus & Robertson franchise stores, which are not in

administration and are continuing to operate financially independent of REDgroup.

102 of these staff are permanent full time or part time employees. The remaining 219 are casual

employees.

The closures are in:

VIC: 15 NSW: 11 QLD: 7 ACT: 2 WA: 2 SA: 1New Zealand operations, Borders Online and Angus & Robertson Online are not affected by this

restructure.

This restructure is necessary for the future of the business, said Administrator Mr Steve Sherman.

These stores were the least viable of the 260 REDgroup retail outlets and needed to be closed in

order to protect as best as possible the future of the business. As Administrators, we need to take

these difficult decisions in order to give people at the remaining stores their best chance at a long-

term future.

Mr Sherman said there would be assistance provided for employees who may need help with the

process of seeking new employment.

ENDS

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REDgroup store closures

Brand Store State Staff

1. A&R Canberra Centre ACT 42. A&R Tuggeranong ACT 83.

A&RBlacktown NSW 9

4. A&R Erina NSW 75. A&R Hurstville NSW 76. A&R Liverpool NSW 67. A&R Mt Druitt NSW 68. A&R Newcastle Mall NSW 149. A&R Town Hall Square NSW 810. A&R Warrawong NSW 811. A&R Wetherill Park NSW 712. A&R Winston Hills NSW 813. A&R Australia Fair QLD 914. A&R Browns Plains QLD 715. A&R Chermside QLD 916. A&R Garden City QLD 817. A&R North Lakes QLD 718. A&R Redbank QLD 819. A&R Sunnybank QLD 720. A&R Adelaide City (RMA) SA 721. A&R Broadmeadows VIC 722. A&R Camberwell VIC 1023. A&R Corio VIC 724. A&R Cranbourne VIC 1025. A&R Epping VIC 1026. A&R Geelong (BAY) VIC 1227. A&R Glen Waverley VIC 428. A&R Heidelberg VIC 629. A&R Highpoint VIC 530. A&R Karingal VIC 631. A&R Melton VIC 532. A&R Parkmore VIC 933. A&R Southland (2) VIC 834. A&R Watergardens VIC 835. A&R Waverley Gardens VIC 836. A&R Perth WA 2237. A&R Perth Railway WA 638.

Borders Rouse HillNSW 24

TOTAL 321