Corporate Headquarters Borders Group, Inc.
100 Phoenix Drive
Ann Arbor, Michigan 48108
734-477-1100

Independent Auditors Ernst & Young LLP
500 Woodward Avenue
Detroit, Michigan 48226

Registrar and Stock Transfer Agent EquiServe Trust Company, NA
P.O. Box 43069
Providence, RI 02940-3069
800-446-2617

Common Stock The Company's Common Stock trades on the New York Stock Exchange under the symbol BGP.

Annual Meeting Borders Group, Inc.'s annual meeting of stockholders will be held on May 20, 2004 at 11:30 a.m. Eastern time at:
The Ritz-Carlton
Fairlane Plaza
300 Town Center Drive
Dearborn, Michigan 48126

Stockholders' Inquiries For information about Borders Group, Inc. and its subsidiaries, including Annual Reports, Form 10-K and 10-Q documents and other available financial information, please send your request to:
Borders Group, Inc.
Investor Relations
100 Phoenix Drive
Ann Arbor, Michigan 48108
Phone 734-477-1794
Fax 734-477-1517
Information can also be obtained via the Internet by visiting www.bordersgroupinc.com.

Market Price for Common Stock The following table sets forth for the period indicated the high and low market prices for the Common Stock on the New York Stock Exchange.

2003 High Low
Q1 $15.84 $13.60
Q2 $18.60 $15.50
Q3 $21.76 $17.64
Q4 $22.98 $21.20

2002 High Low
Q1 $24.40 $21.38
Q2 $24.20 $14.90
Q3 $19.44 $15.48
Q4 $19.79 $15.36

As of March 23, 2004, there were 3,126 holders of record of the Company's Common Stock. This number excludes individual stockholders holding stock under nominee security position listings.



Additional Information The company's Form 10–K Annual Report for the fiscal year ended January 25, 2004 is being delivered to shareholders with this Annual Report, and should be read in conjunction with it. Information in the Form 10–K Annual Report, including the company's Financial Statements and other financial information, Management's Discussion and Analysis of Financial Condition and Results of Operations, and disclosure regarding market risk, is important to an understanding of the company and is incorporated herein by reference.

Safe Harbor Statement This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expects," "anticipates," "plans," "agenda," "will," "intend," "estimates," "believes," "may," "indicates," "forecasts," "focusing," "guidance," "outlook," "projects," "initiatives," "strives," "seeks," "goals," "target," "anticipate," "continue," "looks forward," "should," and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address the company's growth strategy, future financial performance (including sales and earnings projections) and the company's intention with respect to dividend payments and the repurchase of shares, shareholder value, marketing and expansion plans, and the impact of growth initiatives. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the company's forward-looking statements. Please refer to the company's annual, quarterly and periodic reports on file with the Securities and Exchange Commission for a detailed discussion of such risks and uncertainties. The company does not undertake any obligation to update forward-looking statements.