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Reynolds and Reynolds Sells Its Information Solutions Group to The Carlyle Group for $360 Million

20 June 2000

Reynolds and Reynolds Sells Its Information Solutions Group to The Carlyle Group for $360 Million

 Reynolds Board Increases Share Repurchase Authorization by 5 Million Shares

    DAYTON, Ohio, June 20 The Reynolds and Reynolds Company
announced today that it has reached a definitive agreement to sell
its Information Solutions Group (ISG), the company's document outsourcing and
customer relationship management business, to The Carlyle Group for
$360 million cash.  ISG's current 12-month revenue run rate is about
$800 million.  The company intends to close the transaction, subject to
regulatory approval, during its fourth fiscal quarter which ends September 30.
    Rodney Hedeen, president of ISG, will become chief executive officer of
the new company.  The name of the business will be revealed when the
transaction closes.
    "ISG has built a very strong business which we expect to continue to grow
aggressively in the years ahead.  We see no significant changes in the
workforce and intend to keep the company headquarters in the Dayton region,"
Hedeen said.  "Our management team is very excited to enter this partnership
with Carlyle.  We will continue to drive our business strategy of innovative
products and services, superior customer satisfaction, and operational
excellence. We are clearly on a mission to grow the business and extend our
market leadership."
    David R. Holmes, Reynolds chairman and CEO, said, "We're very proud of the
ISG team.  They've created a business with solid revenue growth and
profitability, and the industry's highest customer satisfaction level and
return on net assets.  Now, with a clear focus on value-added document
management and marketing solutions, we believe the future looks even brighter
for ISG.  We're very happy that Carlyle plans to retain the management team,
the ISG associates and headquarters in the Dayton area.  This is a great day
for our ISG associates, the community and the 'new Reynolds' which is now
focused exclusively on leading the transformation of automotive retailing."
    Reynolds will use the proceeds from the sale to fund its growth
initiatives and share repurchase programs, as well as for general corporate
purposes.  At a meeting yesterday, Reynolds' board of directors approved
increasing the company's share repurchase authorization by 5 million shares,
from 1.7 million to 6.7 million shares.
    The Carlyle Group, founded in 1987, is a Washington D.C.-based global,
private equity firm that organizes, structures and acts as lead equity
investor in management-led buyouts, private placements and
venture capital transactions.  Carlyle has more than $10 billion of capital
under management.  For more information, visit Carlyle's Web site at
http://www.thecarlylegroup.com.

    Reynolds and Reynolds, headquartered in Dayton, Ohio, provides advanced
solutions for the worldwide automotive retailing marketplace.  The company
reported revenues of $1.56 billion in fiscal year ended Sept. 30, 1999. For
more information on Reynolds and Reynolds, visit http://www.reyrey.com, or
call The Reynolds and Reynolds Information Hotline at 1-888-4REYREY.

    Certain statements in this news release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements are based on current expectations,
estimates, forecasts and projections of future company or industry performance
based on management's judgment, beliefs, current trends and market conditions.
Forward-looking statements made or to be made by or on behalf of the company
may be identified by the use of words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar expressions.
Forward-looking statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are difficult to
predict. Actual outcomes and results may differ materially from what is
expressed, forecasted or implied in the forward-looking statements. See also
the discussion of factors that may affect future results contained in the
company's Current Report on Form 8-K filed with the SEC on February 9, 2000,
which the company incorporate herein by reference. The company undertakes no
obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise.