The Talbots, Inc. (NYSE:TLB) announced today that its Board of Directors voted to extend its common stock repurchase program to acquire up to an additional $20 million of its outstanding common stock. This represents the fifth extension of Talbots stock repurchase program adopted in 1995. The program will be financed using the Company's available cash.

The authorization provides for repurchases on the open market from time to time over a two-year period. Consistent with its previous repurchase programs, the Company will purchase a pro rata number of shares from JUSCO (U.S.A.), Inc. so as to maintain substantially the same percentage ownership balance in the Company between JUSCO (U.S.A.) and the public shareholders. As of April 29, 2000, 60.9% of Talbots outstanding shares were owned by JUSCO (U.S.A.), a wholly owned subsidiary of JUSCO Co., Ltd./AEON Group, a Tokyo-based international retail conglomerate. The other 39.1% of the outstanding shares are publicly owned.

Arnold B. Zetcher, Chairman, President and Chief Executive Officer commented, "This program underscores our commitment to enhance shareholder value and we believe that current market conditions present an attractive investment opportunity for the Company. The Board's action reflects their confidence in our strong cash flow which we believe will be sufficient to support our ongoing store expansion plans, the payment of regular quarterly dividends and this stock repurchase program."*

As under the previous repurchase authorizations, shares repurchased from JUSCO (U.S.A.) under the extended program will be settled monthly based on the level of any open market purchases which the Company may make under the program for such month. The price of the shares purchased from JUSCO (U.S.A.) will be the weighted average price paid to the public shareholders for the month.

Repurchased shares will be held as treasury shares, a portion of which may be used to satisfy the Company's current and near term requirements under its equity incentive and other benefit plans. At April 29, 2000, the Company had 30,886,564 shares of common stock outstanding.

Talbots is a leading national specialty retailer and cataloger of women's classic apparel, shoes and accessories. The Company operates 682 stores - 406 Talbots Misses stores, including 19 Talbots Misses stores in Canada and six Talbots Misses stores in the United Kingdom; 160 Talbots Petites stores, including one Talbots Petites store in Canada; 35 Talbots Accessories & Shoes stores; 54 Talbots Kids stores; seven Talbots Woman stores; and 20 Talbots Outlet stores. Its catalog operation circulated approximately 57 million catalogs worldwide in fiscal 1999. Talbots on-line shopping site is located at www.talbots.com.