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Chairman of Time Warner Cable Elected to Xerox Board

Press release from the issuing company

STAMFORD, Conn.--Feb. 27, 2004-- Xerox Corporation's board of directors elected Glenn A. Britt to the board. Britt is the chairman and chief executive officer of Time Warner Cable, where he is leading the company's deployment of its broadband network and advanced video services, such as video-on-demand, high-definition TV and personal video recording features. "As a respected leader with a solid track record in business development, finance and technology, Glenn brings to Xerox a unique set of skills and experience that will serve shareholders well and complement the strong talent of our board," said Anne M. Mulcahy, Xerox chairman and chief executive officer. Britt, 55, was named chairman and CEO of Time Warner Cable in August 2001 after serving as president of the company for more than two years. Previously, Britt served as president and CEO of Time Warner Cable Ventures. There he oversaw the launch of Road Runner, the country's first high-speed Internet service, as well as the creation of Time Warner Telecom, a provider of local telecommunications services. He had been executive vice president, Time Warner Cable, since 1990 and was previously senior vice president and treasurer of Time Warner Inc. Prior to the merger between Time Inc. and Warner Communications, Britt was vice president and chief financial officer of Time Inc., a position he held since July 1988. Britt joined Time Inc. in 1972 in the office of the controller. A graduate of Dartmouth College where he earned a bachelor's degree and master's degree in business administration, Britt serves as chairman of the National Cable & Telecommunications Association, is a member of the board and executive committee of C-SPAN and a board director of Time Warner Telecom. The Xerox board has elected four new directors in the past three months. With the election of Glenn Britt, which is effective March 1, Xerox's 13-member board is 85 percent independent. The board includes 11 independent directors in addition to only one employee director, Anne Mulcahy, and one Xerox-affiliated director, Yotaro Kobayashi, chairman, Fuji Xerox Co., Ltd.