Tranche Update on Regis Corporation's Equity Buyback Plan announced on May 8, 2000.

Regis Corporation is a hair salon company, which franchises, owns and operates beauty salons. The Company’s segments include Franchise salons and Company-owned salons. The Franchise salons segment is comprised of 4,795 franchise salons located mainly in strip center locations and Walmart. Franchise salons offer hair care and beauty services and retail products. This segment operates primarily in the United States, Puerto Rico and Canada and primarily includes the Supercuts, SmartStyle, Cost Cutters, First Choice Haircutters, Roosters and Magicuts concepts. The Company-owned salons segment is comprised of 68 Company-owned salons located mainly in strip center locations and Walmart. Company-owned salons offer hair care and beauty services and retail products. SmartStyle, Supercuts, Cost Cutters and other regional trade names operating in the United States and Canada are generally within the Company-owned salons segment.