August 17, 2000

The family of the late Dr. Frank C. Long, Jr., has sold all of the stock
of the Long College Book Company to Campus Partners. The Long's
corporation is the owner of the landmark Long's Bookstore business, which
has been operated by the Long family at the corner of East 15th Avenue
and North High Street for almost 100 years.

In addition to the bookstore, the corporation owns a residential
property at 31 E. 15th Ave. and has a long-term lease on property at
1658-1660 Neil Ave., the site of a McDonald's restaurant.

Due to the fluctuation of the bookstore's inventory and assets, the
final purchase price won't be established until there is a complete
assessment of the value of the assets and liabilities of the corporation
as of the day of the sale.

"Long's Bookstore is a major institution within the University District
both because of its tremendous legacy of service and quality and its
location at the historic, main entrance to The Ohio State University's
Columbus Campus," said Terry D. Foegler, president of Campus Partners.

"Ohio State's students and faculty members have been dependent on the
store's vital services which supply the textbooks, educational materials
and art supplies necessary for learning," he said. "Long's customers can
be assured that this legacy of service and quality will continue into a
second century and, we hope, will be expanded in scope."

Foegler said the decision by the Long family to sell the book company
also created a significant opportunity to help achieve the civic and
commercial goals for High Street as identified through two community
planning processes. "The property at 15th Avenue and High Street is
extremely important because of its location at the university's front
door and its relationship to the continued revitalization of High
Street," he said.

Jacquelyn Vaughan, the daughter of Dr. Long and one of the former
directors of the corporation, expressed the Long family's appreciation to
the university community for its support and patronage for nearly a
century and to the bookstore employees for their years of service. "My
grandfather and father operated the bookstore for nearly 100 years and
earned the respect and devotion of employees, colleagues and customers,"
Mrs. Vaughan said. "They would be pleased that their store's legacy of
service and quality will continue and that the Long name will remain on
High Street into a second century."

To complete the purchase of the Long College Book Company, Campus
Partners will use a portion of its university endowment fund set-aside,
as well as short-term endowment fund financing, as authorized by the
university's Board of Trustees on July 7. The Campus Partners Board of
Trustees in June had authorized Foegler to negotiate the purchase of the
book company with the Long family.

The land at 1658-1660 Neil Ave. currently is owned by Ohio State. The
Long College Book Company in 1925 had entered into a 99-year lease for
the site with a previous owner. The land later was donated to the
university. The property is adjacent to other university-owned land and
is within the university's acquisition zone. Through the purchase,
Campus Partners will acquire Long's leasehold interest in the property.

Barnes & Noble College Bookstores to lease bookstore sites

In a related action, Ohio State and Campus Partners each announced that
they have entered into licensing agreements with Barnes & Noble College
Bookstores, Inc., to use the names of The Ohio State University Bookstore
and Long's Bookstore. They also will lease the existing spaces to Barnes
& Noble College Bookstores for the operation of the two bookstores.

"This is a significant opportunity to enhance the bookstore services
available to our students and faculty," said William E. Kirwan, president
of Ohio State. "The Long's purchase and the agreements with Barnes &
Noble College Bookstores will take these bookstore operations to new
levels - a vital complement to our university's own commitment to reach
the highest level of academic excellence."

Last fall, Ohio State initiated a process to identify a company to
operate a bookstore on the Columbus Campus. The new Barnes & Noble
College Bookstores facility will be operated under the name of The Ohio
State University Bookstore and will be located at 2009 Millikin Road.
When Campus Partners entered into the purchase contract with the Long
family, Foegler worked with the university to re-open the discussion with
Barnes & Noble College Bookstores to include the Long's Bookstore.

Virginia M. Trethewey, executive assistant to the president and general
counsel at Ohio State, noted that a strong national trend in higher
education is the move toward the operation of college and university
bookstores by for-profit, college bookstore companies. "Hundreds of
colleges and universities have found that using such professional
operators has significantly improved operations, services and financial
performance, particularly at a time when electronic publishing,
e-commerce, and other innovations are quickly changing the nature of this
dynamic retail business," she explained.

"Barnes & Noble College Bookstores emerged as the best candidate for the
operation of The Ohio State University Bookstore, and we have executed a
licensing and lease agreement," Trethewey said. "We were impressed by
Barnes & Noble College Bookstores' experience in operating 350 college
bookstores and its excellent track record of customer service, faculty
relationships, and knowledge of the trade book market. We also are
pleased by the company's willingness to work with other stakeholders in
the university community."

Trethewey and Foegler both noted that a key element of the licensing and
lease agreements with Barnes & Noble College Bookstores is the
implementation of a fair and reasonable retention plan for the existing
employees of both bookstores.

"We're delighted to have this opportunity to serve The Ohio State
University community," said Paul Maloney, director of stores for Barnes &
Noble College Bookstores, Inc. "Students, faculty, and staff will now be
able to explore a larger selection of books, software titles, and dorm
supplies in a relaxed and welcoming environment. They can take advantage
of our new e-mail system and especially created Web site, and attend
author readings and signings."

Barnes & Noble College Bookstores, Inc., a privately held company,
operates college bookstores at more than 350 institutions of higher
education, including Columbia University, California State University at
Los Angeles, Yale University, University of Pennsylvania, Nassau
Community College, Johns Hopkins University, C. W. Post, University of
Chicago, and the Coops at Harvard University and the Massachusetts
Institute of Technology.

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MORE:  Fact Sheet on the Purchase of the Long College Book Company