TRUWORTHS - TRUWORTHS LODGING SPORTSGIRL CLAIM OF A$73 MILLION

TRUWORTHS INTERNATIONAL LIMITED
TRUWORTHS LODGING SPORTSGIRL CLAIM OF A$73 MILLION

TRUWORTHS INTERNATIONAL LIMITED (TRUWORTHS) SAID TODAY THAT THROUGH

INTERMEDIATE GROUP COMPANIES IT WOULD BE LODGING A CLAIM APPROXIMATING A$73
MILLION WITH THE VOLUNTARY ADMINISTRATORS OF ITS AUSTRALIAN SUBSIDIARY,
SPORTSGIRL SPORTSCRAFT GROUP PTY LTD (SPORTSGIRL).

THIS CLAIM CONSTITUTED TRUWORTHS' ORIGINAL INVESTMENT IN SPORTSGIRL AND
SUBSEQUENT WORKING CAPITAL LOANS MADE OVER THE PAST FIVE YEARS. TRUWORTHS NOTED
THAT IT HAD ON THE BASIS OF PRUDENCE WRITTEN OFF APPROXIMATELY A$31M OF THIS
CLAIM, BEING ITS ORIGINAL INVESTMENT, IN ITS ANNUAL FINANCIAL STATEMENTS FOR
THE YEAR ENDING JUNE 30, 1999.

TRUWORTHS SAID CREDITORS WOULD BE GIVEN AN UPDATE ON SPORTSGIRL'S FINANCIAL
POSITION AT A MEETING IN MELBOURNE TOMORROW (1 DECEMBER), AND WOULD BE GIVEN AN
INDICATION OF THE INTEREST SHOWN BY PROSPECTIVE BUYERS.

THE UPDATE WOULD BE GIVEN BY THE VOLUNTARY ADMINISTRATORS,  FERRIER HODGSON,
THE AUSTRALIAN SPECIALIST CORPORATE RECOVERY AND RECONSTRUCTION FIRM APPOINTED
LAST WEEK BY THE SPORTSGIRL BOARD.

AT THE END OF OCTOBER, SPORTSGIRL HAD NET TANGIBLE ASSETS (EXCLUDING TRUWORTHS'
CLAIM) OF APPROXIMATELY A$26M, IN ADDITION TO ITS RETAIL SITES AND BRANDS.
A TRUWORTHS SPOKESPERSON SAID TODAY THAT THE DISPOSAL PROCESS WAS GAINING
MOMENTUM AND IT WAS ANTICIPATED THAT A SALE WOULD BE CONCLUDED IN THE
SHORT-TERM.
- ENDS -
ISSUED FOR TRUWORTHS INTERNATIONAL LTD
BY DE KOCK & KERKHOFF COMMUNICATION CONSULTANTS

INQUIRIES        CHRIS DURHAM 021-460-7502/082-8240280

                 MICHAEL MARK 021 -460-7910/082-8814800

                 MIKE KERKHOFF 021-424-5280/082-882-8559