Labor Ready Completes Novation of Insurance Agreement; Fourth Quarter

    Business Editors

    TACOMA, Wash.--(BUSINESS WIRE)--Jan. 5, 2005--Labor Ready, Inc. (NYSE:LRW) completed an Assumption and Novation Agreement with Lumbermens Mutual Casualty Company ("Kemper") and National Union Fire Insurance Company of Pittsburgh, PA ("AIG"), as disclosed in a Form 8-K filed by the company Jan. 5, 2005.
    Under the terms of the novation, Kemper is relieved of all further obligation in connection with workers' compensation claims incurred by the company during the Kemper policy period of Jan. 1, 2001 through July 30, 2003. AIG is substituted as Labor Ready's workers' compensation insurer for purposes of providing required assurances to various states of workers' compensation insurance coverage for the Kemper policy period.
    Labor Ready also announced that management plans to release fourth quarter 2004 earnings results after the market closes on Wednesday, Feb. 2, 2005. Management will discuss the results on a live conference call at 8 a.m. (PT) on Thursday, Feb. 3.

    About Labor Ready

    Labor Ready is the nation's leading provider of temporary manual labor, serving approximately 275,000 customers by providing a flexible, dependable workforce to such industries as freight handling, warehousing, landscaping, construction and light manufacturing. Annually, the Company puts nearly 600,000 people to work. Labor Ready operates more than 800 locations in the United States, Canada, and the United Kingdom. For additional information, visit Labor Ready's website at www.laborready.com

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CONTACT: Labor Ready, Inc. Stacey Burke, 253-680-8291

KEYWORD: WASHINGTON INDUSTRY KEYWORD: INSURANCE HUMAN RESOURCES GOVERNMENT MANUFACTURING MARKETING AGREEMENTS SOURCE: Labor Ready, Inc.

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