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Two New Directors Elected To The Xerox Board: Harrington And William Curt Hunter

Press release from the issuing company

STAMFORD, Conn.--Dec. 19, 2003-- Xerox Corporation's board of directors today elected Richard J. Harrington and William Curt Hunter to the board. Harrington is the president and chief executive officer of The Thomson Corporation, a global provider of integrated information solutions to business and professional customers. Hunter is the dean of the University of Connecticut School of Business and former senior vice president of the Federal Reserve Bank of Chicago. "Dick brings to the board a wealth of knowledge in technology, publishing and business-to-business marketing. Curt brings impressive experience as an economic advisor and financial manager," said Anne M. Mulcahy, Xerox chairman and chief executive officer. "Both will serve Xerox well as we continue to build shareholder value through profitable revenue growth in key markets." Harrington, 56, joined Thomson in 1982. Prior to being named president and CEO in 1997, he led major business divisions including Thomson Newspapers and Thomson Professional Publishing. A certified public accountant, Harrington earned a bachelor's degree from the University of Rhode Island. He is a director of The Thomson Corporation and the Norwalk Community College Foundation and serves on the International Advisory Council of Citigroup. Hunter, 55, was named dean of the University of Connecticut School of Business in June 2003. Prior to this appointment, he was senior vice president and director of research for the Federal Reserve Bank of Chicago, where he served as the bank's chief economic advisor. He was also an associate economist on the Federal Open Market Committee, the Federal Reserve System's primary monetary policy group. Prior to joining the Chicago Reserve Bank in 1995, Hunter was a vice president at the Federal Reserve Bank of Atlanta where he was responsible for research and managing the financial markets group. Hunter holds a bachelor's degree from Hampton University as well as a master's degree in business administration and Ph.D. from Northwestern University. Earlier this month Xerox announced the election of Stephen Robert, chancellor of Brown University, to the board. With the elections of Robert, Harrington and Hunter, all of which are effective Jan. 1, 2004, Xerox's 12-member board is 83 percent independent. The board includes ten independent directors in addition to only one employee director, Anne Mulcahy, and one Xerox-affiliated director, Yotaro Kobayashi, chairman, Fuji Xerox Co., Ltd.