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PRG Extends Offer for Bendon Group

Auckland, 25 February 2002 – Pacific Retail Group (NZSE: PRG) today announced that it was extending its offer for Bendon Group Limited (NZSE: BEN) for a further 15 days. It will not be increasing the offer price, which remains at $1.90 per share. The offer, for 100% of the shares in Bendon Group, was due to close on 11 March, but will now remain open until 26 March.

Under the Takeovers Code, any extension to the original offer must be notified to the NZSE today.

Announcing the extension PRG CEO, Peter Halkett, said, “Bendon shareholders have not yet received all the information that they need to make an informed decision in that the Bendon Board has not yet issued its target company statement nor its recommendation. We believe these are to be available tomorrow and therefore think that it’s reasonable to give shareholders 30 days to consider our offer, take advice and make up their own minds.”

ENDS

About Pacific Retail Group
Pacific Retail Group is an NZSE-listed retail company. The appliance, electronics, computer and homeware retailer has 99 stores and annual sales of over $400 million, trading through its Noel Leeming, Bond & Bond, Computer City, Living & Giving, Big Byte and finance activities through Pacific Retail Finance brands.

About Cullen Investments
Cullen Investments Limited is a private investment company with strategic investments in a network of well-established businesses, principally in Australia and New Zealand. Cullen holds a substantial interest in a core group of companies operating in the retailing, financial services, infrastructure, property, healthcare, technology, entertainment and bloodstock sectors.

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