"Xerox has launched 102 products in the last three years, including 39 launches in 2007, creating the broadest portfolio of digital document systems in the industry and in Xerox's history," said Ursula M. Burns, president of Xerox. "More than two-thirds of Xerox's equipment revenue is from products launched in the last two years alone, reflecting our ability to accelerate 'time to revenue' and generate a strong return on our investments in R&D. We're confident our steady pace of award-winning product innovation will continue in 2008 and beyond."

Buyers Laboratory Inc. (BLI) recognized six Xerox color printers and multifunction systems with its Fall "Pick of the Year" awards, including the Xerox Phaser™ 8860 color printer and Xerox Phaser 8860 color multifunction printer, the Xerox WorkCentre™ 7328 advanced multifunction system and DocuColor™ 242/252/260 color printer/copiers. BLI conducts intensive competitive testing on document products, comparing overall performance, productivity, reliability and ease of use, among many other critical performance factors.

Xerox production systems also garnered multiple awards at the 2007 Graph Expo tradeshow and exhibition. The Xerox DocuColor™ 8000AP Digital Press received a "Must See 'ems" award, the Xerox Nuvera™ 100/120/144 EA Digital Production System was awarded a "Worth-a-Look" title and the Xerox Nuvera 288 Digital Perfecting System earned "Encore Must See 'ems" honor.

Better Buys for Business, an industry-recognized authority on office imaging equipment, honored 29 Xerox products, 11 of which were color devices, with "Editor's Choice" honors in 2007.

Additional worldwide accolades include:

• The DocuMate™ 152 was designated "Editor's Choice" in document scanning by PC Magazine in Russia.
• BERTL Inc. awarded the Xerox WorkCentre 7345 advanced multifunction system a five star, "Excellent" rating.
• The Xerox Phaser 6180 color laser printer was given a "Product of the Year 2007" award by Polish publication PC World Komputer.
• PC Magazine named the Phaser 8860 color printer an "Editor's Choice," along with a 4½ out of 5 star rating.

Xerox Corporation received the National Medal of Technology, the highest honor awarded by the President of the United States to America's leading innovators. The company has also been recognized for its excellence in knowledge management, innovation, diversity, ethics, family-friendly policies, environmental programs and leadership.

Next year Xerox will exhibit award-winning offerings at various industry events including Macworld Conference and Expo in San Francisco, Graphics of The America in Miami, Graph Expo in Chicago, N.Y., drupa 2008 in Germany, and AIIM/OnDemand in Boston.

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Note: This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "estimate," "expect," "intend," "will," "should" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management's current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. These factors include but are not limited to the risk that the future business operations of Global Imaging Systems (GIS) will not be successful; the risk that customer retention and revenue expansion goals for the GIS transaction will not be met and that disruptions from the GIS transaction will harm relationships with customers, employees, agents, distributors and suppliers; the risk that unexpected costs will be incurred; the outcome of litigation and regulatory proceedings to which we may be a party; actions of competitors; changes and developments affecting our industry; quarterly or cyclical variations in financial results; development of new products and services; interest rates and cost of borrowing; our ability to maintain and improve cost efficiency of operations; changes in foreign currency exchange rates; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters in the foreign countries in which we do business; reliance on third parties for manufacturing of products and provision of services; and other factors that are set forth in the "Risk Factors" section, the "Legal Proceedings" section, the "Management's Discussion and Analysis of Results of Operations and Financial Condition" section and other sections of our Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2007, as well as in our 2006 Form 10-K filed with the Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.