Licensing To Be Handled by IPVALUE Management, Specialists in Intellectual Property

ROCHESTER, N.Y., Oct. 8, 2003 - To further boost the value generated from its extensive portfolio of technology, Xerox Corporation (NYSE: XRX) today appointed IPVALUE Management as its worldwide agent for the commercialization of intellectual property. Under a five-year agreement, IPVALUE will work on a range of initiatives, including patent licensing, technology licensing and technology transfer.

"Xerox has one of the industry's richest patent portfolios, which is growing every day as our prolific inventors develop breakthrough technologies in areas like digital imaging and document management. Much of this technology becomes the foundation of Xerox's advanced products and solutions," said Hervé Gallaire, president, Xerox Innovation Group, and the company's chief technology officer. "At the same time, Xerox benefits from significant licensing and commercialization arrangements with companies who also recognize the value of Xerox innovation. By adding the resources of IPVALUE Management to Xerox's aggressive licensing activities, we will capitalize even further on the commercialization of Xerox's intellectual property."

"IPVALUE's core focus is delivering a 'return on invention,'" said Vincent Pluvinage, IPVALUE's president and chief executive officer. "Our licensing professionals have collectively generated more than $2.5 billion in licensing revenue for major technology companies. By combining our proven competencies with Xerox innovation, we can help drive additional revenue-generating opportunities for Xerox."

Last year Xerox earned more than 700 new patents, strengthening the company's patent portfolio and placing Xerox once again among the nation's top 10 technology innovators. Xerox already licenses technology from a portfolio of approximately 15,000 worldwide patents that span digital imaging, marking systems, materials and other technology domains.

About IPVALUE Management
IPVALUE Management is the leading business process outsourcing firm focused on commercializing intellectual assets. Serving the Global 500, IPVALUE's mission is to deliver a return on innovation. IPVALUE is currently engaged in an exclusive multi-year relationship to commercialize IP assets with BTExact, the research and development arm of BT Group, one of Europe's leading providers of telecommunications services. For more information, visit www.ipvalue.com.

About Xerox
Xerox Corporation, one of the world's top technology innovators, operates research and technology centers in the United States, Canada and Europe that conduct work in color science, computing, digital imaging, work practices, electromechanical systems, novel materials and other disciplines connected to Xerox's expertise in printing and document management. Xerox consistently builds its inventions into business by embedding them in superior Xerox products and solutions, using them as the foundation of new businesses, or licensing or selling them to other entities. For more information, visit www.xerox.com/innovation.

Customer Contacts:
For more information on Xerox technologies available for licensing:
Michael Butler, Xerox Corporation, 585-427-5128, michael.butler@usa.xerox.com
Douglas Naab, IPVALUE, 585-427-6166, douglas.naab@ipvalue.com

Media Contacts: Bill McKee, Xerox Corporation, 585-423-4476, bill.mckee@usa.xerox.com
Kara Choquette, Xerox Corporation, 203-968-3593, kara.choquette@usa.xerox.com

NOTE TO EDITORS: For more information about Xerox, visit www.xerox.com/news. XEROX®, The Document Company® and the digital X® are trademarks of XEROX CORPORATION.

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