Preview Systems to Support New Digital Rights Management Specification from XEROX Spin-Off, ContentGuard, Inc.

Specification Provides a Common Framework for Managing Rights to Digital Goods

SUNNYVALE, CA., April 27, 2000 - Preview Systems (NASDAQ: PRVW) today announced that it will support XrML, eXtensible rights Markup Language, a specification for Digital Rights Management (DRM). XrML provides a solution for assigning usage rights to digital goods, such as software, music, video, text and images.

The XrML specification, originally developed at Xerox's Palo Alto Research Center (PARC), has been licensed to the industry, royalty-free, by ContentGuard, Inc., a new company launched today by Xerox Corporation. A broad range of other companies involved in DRM - including Adobe, Barnes and Noble, Hewlett Packard, Microsoft, Reciprocal and Time Warner - are also supporting the XrML initiative, which is designed to ensure interoperability across all DRM platforms.

Preview Systems' technology provides an Internet-based infrastructure for digital goods commerce. Content publishers, record labels and their distribution channel partners can use Preview Systems' solution to sell and fulfill digital content and manage end-user-licensing rights. Preview Systems' technology platform - which is also compatible with technologies from Microsoft, Sony, Samsung and Intel - is designed to integrate into legacy e-commerce systems and to securely manage licensing and distribution rights across multiple formats. Ultimately, this gives consumers the ability to conveniently purchase secure digital products from multiple publishers and record labels.

"We have always been committed to supporting multiple digital rights management technologies to help our customers maximize their ability to sell digital goods," noted Dr. Vincent Pluvinage, president and CEO of Preview Systems. "Our open-standards approach helps our customers eliminate confusion and simplify the transaction experience for consumers. We believe that ContentGuard's specification puts everyone in a better position to accelerate the sale and distribution of digital goods." "We are excited to see Preview Systems' commitment to support XrML," said Ranjit Singh, president and COO of ContentGuard, Inc. "The broad support for XrML across the industry makes it poised to become the unifying specification for eContent delivery and Digital Rights Management. By ensuring the interoperability of rights and permissions across multiple DRM environments, we aim to encourage content owners to distribute their digital products over the Internet."

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About Preview Systems
Founded in 1996, Preview Systems provides a technology solution for the secure electronic transaction and online fulfillment of digital goods. Its systems provide an Internet-based infrastructure to connect publishers of software, music and other digital products to any of their distribution channels and provide fulfillment and usage rights management to end users. Headquartered in Sunnyvale, California, Preview Systems has established a growing network of publishers, distributors and retailers in the software and music markets. Preview Systems is publicly traded on NASDAQ under the symbol PRVW.

About ContentGuard, Inc
ContentGuard, Inc., launched in April 2000, provides digital rights management technology, products and services for eContent. These solutions enable content owners to realize the potential of the Internet as a distribution medium by preventing misuse and unauthorized access and distribution. With investors including Xerox Corporation and Microsoft Corporation, the company is led by co-chairman and CEO, Michael Miron, and President and COO, Ranjit Singh, and has operations in McLean, Virginia, Palo Alto, California and El Segundo, California. ContentGuard's key partners currently include Microsoft Corporation, Xerox Corporation, Adobe Systems Inc., Reciprocal and Thomson Learning. Complete information about XrML and a list of supporters can be found at the XrML website - www.xrml.org.

All trademarks are the property of their respective owners.

The statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. These include statements regarding Preview's expectations, beliefs, hopes, intentions or strategies regarding the future and, in particular, deployment of our solution by our announced customer and consumer downloads of content through our solution. These forward-looking statements are subject to a number of risks and uncertainties, including: the growth and acceptance of electronic distribution of music, software and other digital goods; the growth of Preview's network of software publishers, record labels, distributors, service providers, retailers and hardware device manufacturers; the amount of premium content available for digital download; the remaining time and effort required to complete the customer's deployment, which could be greater than expected; technical challenges that may arise as we integrate third-party technologies into our platform; technical challenges our customers may experience during the implementation of our solution, which could impact whether they are able to achieve expected benefits with our solution; and the ability of our solution to achieve desired security, scalability and other expected business benefits. Actual results may differ materially due to these and other factors. The matters discussed in this press release also involve risks and uncertainties described from time to time in Preview's filings with the Securities and Exchange Commission. In particular, see the Risk Factors described in Preview's final Prospectus dated December 7, 1999 for its initial public offering as well our annual report on form 10-K for the year ended December 31, 1999 and our press releases. Preview assumes no obligation to update the forward-looking information contained in this press release.

NOTE TO EDITORS:
For more information about ContentGuard, Inc, please visit our website at www.contentguard.com.

ContentGuard is a registered trademark and RightsEdge, XrML, e-contentseller and eXtensible Rights Markup Language are trademarks of ContentGuard Holdings, Inc. All other company and product trademarks are the property of their respective owners.