Jones Apparel Finalizes Barneys Acquisition

Jones Apparel Group Inc. and Barneys New York Inc., both based in New York City, have finalized a
merger agreement worth nearly $400 million, including cash consideration of $19 per share to
Barneys’ stockholders totaling $291.3 million. Barneys Chairman, President and CEO Howard Socol
will continue to lead the company, and also will lead an expansion effort currently underway.

January 2005