Moore Corporation Limited Announces Closing of Merger With Wallace Computer Services, Inc.

MISSISSAUGA, Ontario & STAMFORD, Conn.--()--May 15, 2003--Moore Corporation Limited ("Moore") (NYSE:MCL) (TSX:MCL) today announced the completion of its acquisition of Wallace Computer Services, Inc. (NYSE:WCS) ("Wallace") following today's approval of the transaction by Wallace stockholders. Moore and Wallace each received an opinion from its counsel that the transaction qualifies as a "reorganization" for United States federal income tax purposes, with the consequence that Wallace stockholders who receive only shares of Moore in the transaction generally should not recognize gain or loss for such purposes as a result of the transaction. Wallace stockholders should consult their tax advisors as to the tax consequences to them of the transaction.

The preliminary results of the Wallace stockholder elections as to the form of consideration they wish to receive in the merger, and the related preliminary proration results, were announced on May 13, 2003. Final election and proration results are expected to be announced on or about May 19, 2003.

As previously announced on May 14, 2003, Moore's trading symbol for shares listed on the New York Stock Exchange and the Toronto Stock Exchange will be changed, effective May 27, 2003, from "MCL" to "MWI". The introduction of the new ticker symbol coincides with the change in Moore's name from Moore Corporation Limited to Moore Wallace Incorporated ("Moore Wallace"), previously approved by Moore shareholders. Moore Wallace shares will begin trading under the new symbol as of market opening on May 27th. Trading will continue under the symbol "MCL" through May 23rd.

Morgan Stanley provided mergers and acquisitions advice to Moore, and Sullivan & Cromwell LLP acted as legal advisor. Dresdner Kleinwort Wasserstein provided mergers and acquisitions advice to Wallace, and Sidley Austin Brown & Wood acted as legal advisor.

Moore Corporation Limited is recognized internationally as a leading single source provider of integrated print management and outsourced communications. Founded in 1882, Moore Corporation Limited has its registered office in Ontario, Canada, with principal offices in Toronto, ON, Bannockburn, IL, Stamford, CT and New York City and manufacturing, distribution and sales facilities located throughout North America and internationally. For more information, please visit www.moore.com.

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. The most significant of these uncertainties are described in Moore's and Wallace's respective Form 10-K, Form 8-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to) the costs, difficulties, and uncertainties related to the integration of acquired businesses, the pending acquisition of Wallace by Moore. Moore and Wallace undertake no obligation to update or revise any forward-looking statements.

Contacts

Moore Corporation Limited
Analysts, investors and media
Robert G. Burton Jr., 203/406-3712

Contacts

Moore Corporation Limited
Analysts, investors and media
Robert G. Burton Jr., 203/406-3712