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Bowne: Duncan Varty to Retire as President of Financial Print Division

Friday, May 31, 2002

Press release from the issuing company

Played Key Role in Bowne's Diversification and Industry Leadership; Bowne President Carl Crosetto to Assume Duties Until Successor is Named NEW YORK, May 30 -- Bowne & Co., Inc., a global leader in delivering high-value document management solutions, today announced the retirement of Duncan P. Varty, a corporate Senior Vice President and President of the Bowne Financial Print division, on June 30, 2002. To ensure a smooth transition, Bowne & Co. President Carl J. Crosetto will temporarily assume Varty's responsibilities for the near term. Crosetto is a 29-year veteran of Bowne and the financial printing industry. Varty, a corporate officer, has had a distinguished career in the financial printing industry, including 12 years with Bowne. He has played a key role in the company's recent diversification and streamlining, including the transformation of Bowne Financial Print from a network of local printers into a fully integrated organization, combining Bowne's excellence in localized customer service with the company's most efficient global resources for the creation, manufacturing and distribution of documents. Varty has also been instrumental in strengthening Bowne's traditional leadership in securities regulation and compliance through his work in educating the industry and its customers about EDGAR (and later, EDGAR II), the electronic systems currently used by nearly all public companies to file registration statements, periodic reports and other forms with the U.S. Securities and Exchange Commission. "Duncan Varty has made distinguished and lasting contributions to both Bowne and to the document management industry," said Bowne & Co. Chairman and Chief Executive Officer Robert M. Johnson. "He has played an important role in extending Bowne's position, not only as the world's largest financial printer, but also as a source of knowledge, solutions and technological expertise on all facets of document management. While we will miss him, we wish Duncan and his family much health, happiness and satisfaction, and we can certainly understand his desire to spend more time with his family in Cleveland after commuting to our New York headquarters for the past three-and-a-half years." Following today's Annual Meeting of Stockholders, the Bowne Board of Directors passed and signed a resolution expressing their "deep appreciation" for Varty's "many years of leadership and service to our company, our employees, our customers and the financial printing industry." Varty came to Bowne in 1985 with the acquisition of his printing firm, The Judson-Brooks Company, where he was Co-owner and President. As President of Bowne of Cleveland until 1990, he established the company as a leader in that market. Following a six-year sabbatical to spend time with his family, Varty rejoined Bowne in his Cleveland position. In 1999, he accepted the newly created role of Senior Vice President, Operations, for Bowne & Co., as well as the added responsibility of President, Financial Print Operations, the following year. He has held his current position since April 2000. A former President of the Financial Printing Industry Association, Varty joined Judson-Brooks in 1975. He received a bachelor of arts degree from Texas Christian University in 1966 and was a First Lieutenant in the United States Army for three years.




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