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Moore Launches - Project PROFITS - To Reduce Expenses of IT Efforts

Press release from the issuing company

Bannockburn, Illinois / Toronto, Ontario, (February 19, 2001) - Robert G. Burton, President and Chief Executive Officer of Moore Corporation Limited (TSE, NYSE: MCL), announced today the launch of an initiative, called Project "PROFITS", to streamline and reduce the cost of the company's Information Technology activities. To lead this effort the company also announced it has appointed Robert L. Sell to the position of Vice President and Chief Information Officer, reporting to Robert B. Lewis, Executive Vice President and Chief Financial Officer. Mr. Burton stated: "We have a tremendous opportunity at Moore to significantly reduce our costs across all levels of the organization, including the area of information technology where we have historically made investments without a clear understanding of how the technology was intended to support our core business. We have completed a review of our IT infrastructure in the past 45 days and have committed a cross-functional team to document our critical business processes, including our internal infrastructure and our external interfaces with our customers. The goal of Project "PROFITS" is to identify and implement processes that fit our best practices while driving profitability for Moore through cost reduction and improved efficiencies. The savings associated with this project are expected to be approximately $15,000,000 in the next 12 to 18 months and supports the commitment I made earlier this year to reduce Moore's overall cost structure by $100,000,000." Mr. Burton continued: "The CIO role is critical to the success of PROFITS, and as a result, I have appointed Mr. Sell to fill this position. I have great confidence, given Bob's experience and proven track record, that he will lead this team to identify best practices across all business units and develop and implement processes to improve efficiencies and internal controls. Bob is a quality, proven, cost-conscious leader who will be responsible for formulating a clear strategy to seamlessly integrate information technology activities across all of our businesses. His initial priorities will be to realign our IT organization to gain a competitive advantage, improve our operations and increase our profitability." Mr. Sell stated: "In the last 45 days, Moore has initiated a number of significant actions designed to significantly reduce costs and intensify its focus on its customers. I look forward to joining the management team and doing my part to accelerate the activities that are currently underway and help the company deliver on its commitment for improved financial results. Specifically, I look forward to refocusing the company's IT activities in line with its business objectives and maximizing the return on our investment."