EBSCO Industries, Inc., the global leader for the delivery of integrated information systems and services, is on schedule to acquire the worldwide operations of RoweCom/divine Information Services (RoweCom).

On January 24, 2003, EBSCO announced the signing of a non-binding letter of intent to purchase the RoweCom worldwide subscription agent business. As the January 24 announcement indicated, the acquisition is essentially being handled as two separate transactions: (1) the European operations of RoweCom, and (2) the non-European operations of RoweCom (which primarily includes the U.S., Canada and Australia). We have made very good progress on both transactions.

Regarding RoweCom Europe, EBSCO reported February 4, 2003 that definitive agreements to acquire the European operations of RoweCom were duly executed. This was done on schedule as contemplated under EBSCO's letter of intent. The agreements are subject to final approval by French antitrust authorities, which is expected very soon. A press release outlining details of the European acquisition was issued February 4, 2003 (www.ebsco.com/home/whatsnew/eurorowe.asp).

Regarding the non-European portion of RoweCom, EBSCO reports significant progress has been made. Due diligence is essentially complete and drafting of final purchase documents has commenced. While some changes will be required, EBSCO's immediate goal is to stabilize and support operations in Westwood. Through this arrangement, most RoweCom clients can expect to be supported by existing RoweCom customer service staff. Agreement on definitive documentation is expected within the next two weeks.

EBSCO is also pleased to announce that its efforts toward the acquisition of RoweCom's operations are supported by the ad-hoc committee of publishers and library customers of RoweCom. On behalf of the ad-hoc committee, Kent Mulliner of Ohio University said, "We appreciate the efforts of EBSCO and believe that, if the proposed sales are consummated on the terms currently contemplated, they will form the foundation for maximizing recoveries to creditors of RoweCom - recoveries which would include not only the purchase price to be paid, but the value of EBSCO's commitment to maintain and service the accounts of RoweCom customers." Further information regarding the ad-hoc committee, its efforts to date and its recommendations to publishers and libraries may be obtained by registering at the ad-hoc committee's Web site at http://groups.yahoo.com/group/rowecomcreditors.

About EBSCO Industries, Inc.
EBSCO Industries, Inc. is a global corporation with sales, service and manufacturing subsidiaries at work in 19 countries around the world. EBSCO's business interests include information management services, online and print journal subscription services, online research databases, real estate development, commercial printing and more. EBSCO, an acronym for Elton B. Stephens Company, is based in Birmingham, Alabama and employs 4,000 people around the world. Additional information on EBSCO Industries is available from www.ebscoind.com.

About RoweCom/divine Information Services
RoweCom, acquired by divine in November 2001, offers a wide range of content sources and innovative technologies and provides information specialists, particularly in the library, with complete solutions serving all their information needs, in print or electronic format.

Release Date: February 6, 2003