Comdisco To File Reorganization Plan by April 15, 2002.

Business Editors

ROSEMONT, Ill.--(BUSINESS WIRE)--Feb. 20, 2002

Refined Reorganization Plan Will Run Off Ventures Business

Over Next Three Years

President & Chief Operating Officer Michael Fazio Leaves Company

Comdisco, Inc. (NYSE: CDO) announced today that it has determined to run off its Comdisco Ventures portfolio over the next 36 months and therefore will refine its proposed plan of reorganization accordingly. As previously announced, the Company is focused on filing its plan of reorganization by April 15, 2002. The plan will address its core IT, Healthcare and Telecom leasing assets in Europe and North America.

Comdisco also announced today that Michael A. Fazio, president and chief operating officer, has left the company. Mr. Fazio joined Comdisco as executive vice president and chief financial officer in July 2001, shortly before the Company's Chapter 11 filing. He was named president and COO in September 2001.

"We have made tremendous progress over the past several months, as the Comdisco board has explored a wide range of alternatives and implemented asset sales and taken other appropriate actions to provide value for our stakeholders," said Norm Blake, Comdisco chairman and chief executive officer. "Michael Fazio played an instrumental role in this process and we greatly appreciate his many contributions. At the same time, we understand his desire to move on to new challenges at this time and wish him well."

Since its voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code in July 2001, Comdisco sold its Availability Solutions business to SunGard in November, 2001, received Court approval to sell its Electronics and Laboratory & Scientific equipment leasing businesses to GE Capital's Commercial Equipment Financing unit in January, 2002, and received Court approval for the sale of substantially all of its North American IT CAP services contracts to T-Systems Inc. in February, 2002. The GE and T-Systems Inc. transactions are expected to be completed by the end of the first quarter of 2002. Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois on July 16, 2001. The filing allows the company to provide for an orderly sale of some of its businesses, while resolving short-term liquidity issues and enabling the company to reorganize on a sound financial basis to support its continuing businesses.

Comdisco's operations located outside of the United States were not included in the Chapter 11 reorganization cases. All of Comdisco's businesses, including those that filed for Chapter 11, are conducting normal operations.

On February 14, 2002, the U.S. Bankruptcy Court for the Northern District of Illinois approved the company's request for an extension of the exclusive periods during which only Comdisco may file a plan of reorganization and solicit acceptances for that plan. These periods, which had been scheduled to expire on March 15, 2002, and May 15, 2002, have now been extended to April 15, 2002 and June 15, 2002, respectively. The company has targeted emergence from Chapter 11 during the first half of 2002.

About Comdisco

Comdisco (www.comdisco.com) provides technology services worldwide to help its customers maximize technology functionality, while freeing them from the complexity of managing their technology. The Rosemont (IL) company offers leasing to key vertical industries, including semiconductor manufacturing and electronic assembly, healthcare, telecommunications, pharmaceutical, and biotechnology. Through its Ventures division, Comdisco provides equipment leasing and other financing and services to venture capital backed companies.

Safe Harbor 

The foregoing contains forward-looking statements regarding Comdisco. They reflect the company's current views with respect to current events and financial performance, are subject to many risks, uncertainties and factors relating to the company's operations and business environment which may cause the actual results of the company to be materially different from any future results, express or implied by such forward-looking statements. The company intends that such forward-looking statements be subject to the Safe Harbor created by Section 27(a) of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The words and phrases "expect," "estimate," and "anticipate" and similar expressions identify forward-looking statements. Certain factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: Adjustments arising in the course of completing the analysis of information with respect to the review of the company's businesses and evaluation of impairment charges; continuing volatility in the equity markets, which can affect the availability of credit and other funding sources to the high technology sector companies in the Ventures portfolio, resulting in the inability of those companies to satisfy their obligations in a timely manner and an increase in bad debt experience beyond current reserves; continued consolidation in the telecommunications industry and curtailment of the growth plans of the remaining companies in that sector, which could result in fewer buyers and reduced prices for available Prism assets, and a further reduction in the proceeds actually received from the sale of those assets compared to prior estimates and an increase in the losses associated with the discontinued operation. Other risk factors are listed from time to time in the company's SEC reports, including, but not limited to, the report on Form 10-Q for the quarter ended December 31, 2001. Comdisco disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.