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Borders Group Confirms Pershing Stock Purchase

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October 2 – 9, 2008 Edition

Borders Group
Confirms Pershing
Stock Purchase

ANN ARBOR, Mich., Oct. 1, 2008–Consistent with a previously announced agreement, Borders Group, Inc.(NYSE: BGP) has issued warrants to Pershing Square Capital Management, L.P. to purchase an additional 5.15 million shares of the company’s common stock exercisable at $7.00 per share, subject to anti-dilution adjustments. The warrants are exercisable until October 9, 2014. The agreement, dated April 9, 2008, is detailed in Borders Group’s 8-K filing dated April 11, 2008.

About Borders Group, Inc.

Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading retailer of books, music and movies with more than 28,000 employees. Through its subsidiaries, the company operates more than 1,100 stores worldwide primarily under the Borders(R) and Waldenbooks(R) brand names and recently launched Borders.com for online shopping. For more information, visit www.borders.com/aboutus