reprinted below is the spring 2010, release from Follett Virtual Bookstores detailing the Rent-A-Text Program

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In Fall 2009, Follett launched a new pilot rental program at select schools based on their campus profile, offering tremendous up-front savings to our student customers - over 50% savings over the cost of purchasing a new book. This pilot program generated very positive feedback from our customers and most recently, triggered the announcement of our large-scale expansion beginning in Fall 2010.

The Fall 2009 Pilot: Results

In just one term, across 7 pilot bookstore locations, Follett's Textbook Rental Program saved students nearly $2 million on their course materials. With somewhat minimal promotion, our pilot program yielded these astounding results - results we feel are just the tip of the iceberg. Some early research with our rental customers have proven not only that their chief purchase criteria is price... but also that textbook rental has changed existing perceptions of the campus bookstore.

...from 1000 survey responses of our pilot rental customers...

• 51% spent some of the money they saved from renting at the bookstore, mainly on school supplies, more textbooks, and other course materials.

• 78% were "Very Satisfied" with the Rent-A-Text program, and 19% were "Somewhat Satisfied" which account for 97% of the respondents indicating they were satisfied with the program.

• 98% indicated they would rent their textbooks from the campus bookstore again.

• 62% of respondents indicated they have a better opinion of the campus bookstore than they used to after being able to rent their textbooks.

Textbook Rental: Advantages to Students

In addition to the attractive up-front cost-savings, Follett has applied over 135 years of industry knowledge to add value to our rental pilot and our student customers. Unlike other rental programs, students will have the option of returning to the store and converting their rental into a standard sale until the end of the refund period. The student will receive a refund of their rental fee and be charged regular retail price based upon the original condition of the book rented (new or used). Also, Rent-A-Text allows highlighting, taking notes, and the normal "wear and tear" associated with coursework - and also presents a sustainable choice, extending the textbook life cycle.

Textbook Rental: Advantages to Your Institution

Follett's Textbook Rental Program answers the growing demand for cost-saving programs. As we've seen, pressures from both the global economy and pieces of legislation like the Higher Education Opportunity Act (HEOA) have created a growing demand for both transparency and affordable course materials. In addition, we have seen a downward trend in sell-through (the amount of copies sold based on total enrollment of a class.) We're confident this new purchase option will drive sell-through of course materials, and thus could positively impact the number of students per class equipped with course materials to maximize their education. By adding another low-cost option for students, the bookstore can become a more competitive resource and will also reinforce the bookstore's position as provider of choice for students' course material needs. While competition has increased, only a student's college store guarantees them the correct textbook and accompanying supplemental material that a faculty member may require. Follett's Textbook Rental Program provides the lowest up-front cost to students - directly on your campus - with potential to recapture student customers who have left the bookstore channel to acquire their materials.