SUNNYVALE, Calif., -August 27, 2003- Interwoven, Inc. (Nasdaq: IWOV), a world-leading provider of content management for the enterprise, today announced that its board of directors has authorized a one-for-four reverse stock split of Interwoven common stock, subject to shareholder approval. Shareholders of Interwoven will be asked to approve the stock split at Interwoven's special meeting of stockholders to be held in connection with the approval of the merger with iManage, Inc.

Interwoven believes that the reverse stock split would increase the effective marketability of its common stock and make it more attractive to institutional investors. The reverse stock split would reduce the number of Interwoven's outstanding shares from approximately 106 million to approximately 26.5 million shares.

"We believe that the reverse stock split will position our stock in a price range more attractive to a broader range of institutional investors," said Martin Brauns, chairman and chief executive officer of Interwoven. "We are proud of the momentum and increasing market impact that Interwoven has had. The company has made significant operational and financial progress in 2003, including the acquisition of digital asset management leader, MediaBin, and the recently announced plans to merge with iManage. Realigning our share base is one more step in our process of delivering long-term shareholder value."

This press release contains "forward-looking" statements, such as our expectation that a reverse stock split will be effected and that it will have certain effects on the trading in Interwoven common stock. These statements are based on information available to us at the time of this release. Actual results could differ materially from our current expectations as a result of many factors, including: the outcome of a special meeting of Interwoven stockholders; and unpredictable trading activities of institutional and other stockholders. These and other risks and uncertainties associated with our business are described in our most recent annual report on Form 10-K and subsequent Forms 10-Q and 8-K, which are on file with the SEC and available through www.sec.gov.