Stephen Robert Elected to Xerox Board; Board Declares Dividends on Preferred Stock

STAMFORD, Conn.–(BUSINESS WIRE)–Dec. 10, 2003–Xerox Corporation’s (NYSE:XRX) board of directors today elected Stephen Robert to the board. The board also declared quarterly dividends for the company’s Series B and Series C preferred stock.

Robert, 63, is the chancellor of Brown University, chairman of Robert Capital Management, LLC, and former chairman and chief executive officer of Oppenheimer Group, Inc. His election to the board is effective January 1, 2004.

“Stephen Robert is a respected and successful leader who brings to Xerox vast knowledge of global financial operations,” said Anne M. Mulcahy, Xerox chairman and chief executive officer. “His financial acumen will serve Xerox and its shareholders well as we continue to strengthen our position as a leading technology company.”

Robert joined Oppenheimer in 1968 as a portfolio manager of the Oppenheimer Fund. He became a partner in 1970 and a member of the executive committee and director of research in 1977. In 1979, Robert became president and, in 1983, assumed the role of chairman and CEO. He retired from Oppenheimer in 1998 and became chancellor of Brown University that year.

A graduate of Brown University where he earned a bachelor of arts degree, Robert is a member of the Council on Foreign Relations, director of the New York Philharmonic, former director of the Twin Towers Fund, director of the Educational Broadcasting Corporation, and a member of the Blackstone Alternative Asset Management advisory board.
With Robert’s election, Xerox’s ten-member board is now 80 percent independent, comprised of eight independent directors in addition to only one employee director, Anne Mulcahy, and one Xerox-affiliated director, Yotaro Kobayashi, chairman, Fuji Xerox Co., Ltd.

In other board actions today, a dividend of $1.5625 was declared on the Series B convertible preferred stock issued in connection with the Xerox employee stock ownership program, and will be payable Jan. 1, 2004, to shareholders of record on Dec. 12, 2003. The board also declared a dividend of $1.5625 per share on the 6.25% Series C mandatory convertible preferred stock issued last June. This dividend will be payable Jan. 1, 2004, to shareholders of record Dec. 16, 2003.

Note to Editors: For more information on Xerox, visit www.xerox.com/news. XEROX(R), The Document Company(R) and the digital X(R) are trademarks of XEROX CORPORATION.

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