BankBoston Retail Finance Provides $12 Million Credit Facility to Laura Ashley, Inc.

BOSTON--(BUSINESS WIRE)--July 28, 1999--

BankBoston Retail Finance Inc. today announced that it has provided a three-year, $12 million revolving line of credit to Laura Ashley, Inc.

Headquartered in Boston, Laura Ashley is an internationally recognized specialty retailer of home furnishings, and women's and children's clothing and accessories. The funds will be used for working capital purposes.

"Laura Ashley has built a strong brand-name reputation with its classic English country style," said Edward J. Siskin, chief operating officer of BankBoston Retail Finance Inc. "This financing package will enable the company to pursue its long-term growth strategy and continue to produce quality merchandise."

"BankBoston's credit facility allows us to focus our marketing efforts on our primary customer segment and maintain the qualities that have made Laura Ashley a lifestyle favorite," said Paul Ng Tuan Tee, president of Laura Ashley, Inc.

Laura Ashley's retail stores offer a distinctive collection of bed linens, fabrics, wall coverings, furniture, lighting and other home furnishings, as well as ready-to-wear dresses, separates, knitwear, and accessories for women and children. The company has operated in the U.S. and Canada since 1973 and currently has 94 retail stores in 37 states and five provinces.

BankBoston Retail Finance Inc. is one of the leading asset-based lenders in the country exclusively devoted to the retail industry. The company's staff, many of whom are former retailers, bring a wide range of expertise to each relationship.

BankBoston Retail Finance provides inventory-based working capital loans, long-term capital for expansion, turnaround financing, capital markets advisory services, global trade finance and cash management services. The company has agented more than $3 billion in financing to retailers across the U.S., Canada and the U.K.

BankBoston (NYSE:BKB), with assets of $75.7 billion and some 25,000 employees, is the nation's oldest commercial bank. BankBoston is engaged in consumer and business banking in New England; delivering sophisticated financial solutions to corporations and governments nationally and internationally; and full-service banking in leading Latin American markets.

The Corporation's common stock is listed on the New York and Boston stock exchanges.