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THE SPIEGEL GROUP STOCK MOVES TO OVER-THE-COUNTER

From: ASAP

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The Spiegel Group (Spiegel, Inc.) announced today that its Class A common stock is trading on the over-the-counter market under the ticker symbol SPGLA. Stock quote information for SPGLA is being provided by Pink Sheets LLC and can be found on their Web site at http://www.pinksheets.com. The Company expects that there will continue to be a sufficient number of market makers in the stock, ensuring continued trading.

The Spiegel Group is a leading international specialty retailer marketing fashionable apparel and home furnishings to customers through catalogs, nearly 580 specialty retail and outlet stores and e-commerce sites, including eddiebauer.com, newport-news.com and spiegel.com. The Spiegel Group's businesses include Eddie Bauer, Newport News, Spiegel Catalog and First Consumers National Bank. Spiegel stock trades on the over-the-counter market ("Pink Sheets") under ticker symbol: SPGLA. Investor relations information is available on The Spiegel Group Web site http://www.thespiegelgroup.com.

This release contains statements that are forward-looking within the meaning of applicable federal securities laws and are based upon the company's current expectations and assumptions. You should not place undue reliance on those statements because they speak only as of the date of this release. Forward-looking statements include information concerning the company's possible or assumed future results of operations. These statements often include words such as "expect," "plan," "believe," "anticipate", "intend," "estimate," or similar expressions. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions. Although the company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and results of operations and could cause actual results to differ materially from the forward-looking statements. These factors include, but are not limited to, the uncertainty relating to the timing of the disposal of the company's FCNB business and the marketability and value thereof; the uncertainty concerning the outcome of discussions with the company's lenders; increased oversight or restrictions by the OCC on the FCNB business which could reduce the market value of FCNB; the availability of future liquidity support from our majority stockholder; reduction in cash available from the company's securitization transactions; maintaining a sufficient number of market makers in the company's stock, ensuring continued trading; the financial strength and performance of the retail and direct marketing industry; changes in consumer spending patterns; dependence on the securitization of credit card receivables to fund operations; state and federal laws and regulations related to offering and extending credit; risks associated with collections on the company's credit card portfolio; interest rate fluctua tions; postal rate increases; paper or printing costs; the success of planned merchandising, advertising, marketing and promotional campaigns; and various other factors beyond the company's control.

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