Borders' international business is strong, growing, and focused on turning
profitable by the end of 2003. Several of our International locations rank
among our top sales-generating stores across the company, illustrating how
customers have embraced the Borders' superstore concept worldwide. In 2003,
we plan to open six to eight new locations, focusing primarily on existing
markets in the United Kingdom and Australia. In addition, we'll continue to
explore new ways to distinguish our brand and customer experience, such as the
successful alliances we've built with industry leading cafe operators and
stationery retailers in the U.K.