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COMMERCE CLEARING HOUSE AGREES TO ACQUIRE MATTHEW BENDER TAX SERVICES

 RIVERWOODS, Ill., Feb. 22 /PRNewswire/ -- Two major tax and legal publishers -- Commerce Clearing House, Inc. (CCH) and Matthew Bender & Company, Inc. -- announced today that CCH has agreed to purchase the federal and state tax services published by Bender for an undisclosed purchase price. CCH said it will maintain Bender's products and their unique quality and analytical focus. The products to be acquired are Bender's Federal Tax Service (available in print and on compact disc), eight state tax services and related publications produced for tax professionals. CCH said it plans to retain Bender's tax editorial staff and the relationships with the services' outside authors.
 "This important acquisition not only strengthens CCH'S leadership position in tax publishing but also demonstrates CCH'S commitment to be the best in both analytical and topical reporting," said Edward L. Massie, president of CCH. "This acquisition is significant because it signals a new CCH. The new CCH is committed to developing new products, establishing strategic partnerships and exploring other market opportunities to respond to customers' changing needs.
 "Bender's Federal Tax Service will complement our extensive line of tax products," continued Massie. "We're particularly excited that we can combine CCH's reputation for maintaining the most current and accurate tax information with Bender's expertise in providing practical advice for tax professionals. This combination is especially important in a year when substantial tax law changes are expected. The Bender print and electronic products will continue as usual. That's why we're planning to retain Bender's editors and their relationships with the more than 200 practicing tax experts who write the Bender Tax Services."
 Alexander Sann, chief operating officer for Bender, said, "We're delighted that CCH, a quality company that specializes in marketing tax information
products, recognizes the quality and unique nature of our services. While Bender has built a strong reputation in the tax market, we have decided that there are other areas that we want to emphasize. This purchase allows us to concentrate more resources on our traditional markets."
 Sann and Massie noted that the two companies have carefully planned the transaction so that the transition to CCH will be transparent to Bender tax customers. "Bender tax service customers will get every word of tax advice and customer service they're expecting, and in the form they're accustomed to," Massie promised.
 Matthew Bender introduced Bender's Federal Tax Service in May of 1989 in print and on compact disc (CD-ROM). At the time, the company heralded the product introduction as the first new federal tax service to be brought to market in 25 years, and the first to be offered on compact disc. The product quickly met with commercial success, and helped Bender win a publishing industry award for excellence in 1989. The state tax services cover California, Florida, Illinois, New Jersey, New York, Ohio, Pennsylvania and Texas.
 Matthew Bender, a 105-year-old legal publisher, is a subsidiary of the Los Angeles-based Times Mirror Inc. (NYSE: TMC), a media and information company that publishes The Los Angeles Times, Newsday and other newspapers, and has interests in broadcast and cable television, and book, magazine and other publishing.
 CCH, located in Riverwoods, currently publishes more than 200 topical law reports in the United States, while its worldwide subsidiaries provide coverage of tax and business law to subscribers in Canada, Mexico, Australia, New Zealand, Asia and Europe. CCH publishes a broad range of tax research information, including the Premier Standard Federal Tax Reporter, regarded by tax professionals as the standard reference work in tax. The standard provides authoritative explanations of federal income taxes, including laws, regulations, decisions, rulings and comments. CCH also publishes a comprehensive line of state tax law reporters for all 50 states plus the District of Columbia. CCH stock is publicly traded on the NASDAQ exchange (stock symbol CCLRA and CCLRB).
 -0- 2/22/93
 /CONTACT: Diane Massie of CCH, 312-463-0074, ext. 2194; or Don Blohowiak of Matthew Bender, 212-216-8024/
 (CCLR TMC)


CO: Commerce Clearing House, Inc.; Matthew Bender & Company ST: Illinois IN: SU: TNM

CK -- NY053 -- 8962 02/22/93 12:24 EST
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Date:Feb 22, 1993
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