Alumnus Bennett S. LeBow Makes $10 Million Gift to Drexel University; Trustees Name College of Business and Administration in Recognition.

PHILADELPHIA--(BUSINESS WIRE)--Sept. 2, 1999--

Bennett S. LeBow, chairman, chief executive officer and president of Brooke Group Ltd., has made a $10 million gift to his alma mater, Drexel University.

The gift is the largest by an individual donor in the University's 108-year history.

LeBow is a 1960 Drexel alumnus, who holds a bachelor's degree in electrical engineering.

Bennett LeBow stated, "I am delighted to have the opportunity to give something back to my alma mater, Drexel University, which played such a crucial role in my professional development and holds a special place in my heart. I'm especially pleased to be able to contribute to the expansion and continued success of Drexel's Business College."

Since 1986, LeBow has been chairman, chief executive officer and president of Brooke Group Ltd., a publicly held diversified holding company that includes among its subsidiaries Liggett Group Inc. and Liggett-Ducat Ltd., a major Russian tobacco operation.

Brooke Group's other subsidiaries include a company involved in significant real estate development projects in Moscow and Ladenburg Thalmann & Co. Inc, a United States investment banking firm which has been a member of the New York Stock Exchange since 1876.

LeBow made history in 1996, when, under his guidance, Brooke's Liggett tobacco subsidiary broke ranks with the rest of the industry and became the first tobacco company to settle smoking-related litigation.

In 1997, LeBow led Liggett into its landmark announcement that smoking is addictive and causes cancer and other health ailments. In addition, LeBow has been a strong proponent of the national fight against underage smoking and has been influential in the movement to obtain full disclosure from the tobacco industry.

A former member of Drexel's board of trustees, LeBow, a native Philadelphian, has been active in University affairs over the years. He is a member of the Drexel 100, which recognizes the achievements of University's top alumni, and in 1998, was the keynote speaker and received an Honorary Doctor of Science Degree at Drexel's commencement.

"This gift demonstrates Bennett LeBow's pride and commitment to his alma mater," said Drexel President Constantine Papadakis. "It will ensure that future generations of Drexel students receive that same quality education that helped Bennett LeBow achieve his success in the business world."

In recognition of LeBow's gift, Drexel's board of trustees has voted to name the University's College of Business and Administration the Bennett S. LeBow College of Business. The College will be rededicated during ceremonies this coming fall.

"Mr. LeBow's generous support of the College will enable us to move forward on a number of critical strategic areas such as technology, e-commerce and globalization," said Dr. Pamela S. Lewis, Dean of the College.

The LeBow College of Business is the second largest of Drexel's six colleges and three schools, with an enrollment of nearly 3,000 undergraduate and graduate students. The College is accredited by the American Assembly of Collegiate Schools of Business (AACSB), a distinction held by fewer than 25 percent of all business schools in the country.

At the undergraduate level, the College offers bachelor's degree programs in business administration and commerce and engineering, and at the graduate level, programs lead to a Master of Business Administration, specialized Master of Science degree, or a Doctor of Philosophy.

Under Lewis's leadership, the LeBow College has focused on issues such as technology, global commerce, and professional ethics, and has become a leader in two emerging fields: distance learning and e-commerce.

Drexel recently became the first school to offer AASCB-accredited MBA courses online. Through MBA Online, Drexel students have the option of taking any or all of the foundation courses for the MBA degree through the World Wide Web.

Earlier this spring, the College again moved to the forefront with the establishment of the Safeguard Scientific Center for Electronic Commerce Management, the first academic center of its kind in the U.S. to focus on research, knowledge generation, and education in e-commerce.

The LeBow gift is the latest financial victory for Drexel. When Drexel agreed to operate MCP Hahnemann University last fall during the bankruptcy sale of the former Allegheny University of the Health Sciences (AUHS), it received a $50 million gift from AUHS's creditors.