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Oce Consolidates Leasing Activities into New Operating Entity

Monday, December 22, 2003

Press release from the issuing company

CHICAGO, Dec. 19 -- Oce, a leading supplier of digital document management solutions, announced today that the company has consolidated all of its U.S. based leasing activities into Oce Credit Corporation and changed the name to Oce Financial Services, Inc. Stewart Schulein has been named President of OFSI, reporting directly to the Chairman and CEO of Oce North America, Ronald E. Daly. Headquartered in Boca Raton, FL, OFSI will function as a "captive leasing company" to help customers acquire the benefits of Oce solutions quickly and conveniently. Leasing activities will be handled through regular Oce customer sales representatives who will be backed up by OFSI financing specialists, maintaining Oce's unique one-point-of-contact for sales, financing, and after- sales support. All current Oce leases will be transferred to OFSI, which will handle the administration of leasing activities through its own staff of leasing professionals. OFSI will have direct responsibility for all leasing matters relating to lease origination, servicing and termination. In this capacity, OFSI will be responsible for credit approval, lease agreement negotiations, lease collections and all other leasing activities, which will enable OFSI to operate as a true financial services company. "The formation of OFSI is a very important step in enhancing our service level to our customers," said Mr. Daly. "Our clients will benefit from highly competitive interest rates for future leasing activities. We'll also be able to include products from different Oce business units on a single master lease contract, as well as add certain non-Oce products that complement our technology and solutions. This makes it a lot easier for our clients to do business with a single, unified organization." OFSI will use InfoLease software to gain greater flexibility and accuracy in lease billing. Oce customers and account representatives also will be able to view their lease account information via the Oce website, and clients can even pay bills online -- giving Oce customers the convenience of a 24x7, single source service for their leasing needs. Photographs of Mr. Daly and Mr. Schulein are available at www.oceusa.com/daly and www.oceusa.com/schulein , respectively.




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