Vancouver, BC, Canada (June 15, 2005) – Creo Inc. (NASDAQ: CREO; TSX: CRE) announced the completion of the acquisition of Creo by Eastman Kodak Company (NYSE: EK) , a transaction valued at approximately US$988 million. Shareholders of Creo will receive US$16.50 per common share of Creo. Creo common stock will be delisted from the Toronto Stock Exchange and from the NASDAQ Stock Market after the close of market today. All assets and operations of Creo are now part of Kodak’s Graphic Communications Group (GCG).

Amos Michelson, chief executive officer of Creo stated, “Over the last decade, Creo has helped transform the graphic arts industry by driving the widespread adoption of digital workflow and computer to plate imaging. Creo customers, employees, and suppliers should be assured that business will continue as usual under the new organization. The Kodak GCG organization is well positioned to build on the tremendous Creo legacy of great people, great products, and great customers.”

Information for Registered Creo Shareholders

In May 2005, Creo mailed a Letter of Transmittal to all registered shareholders, and on May 24, 2005, Creo filed that Letter of Transmittal with U.S. and Canadian securities regulators. Each registered shareholder is required to send their Creo common share certificate(s), together with a properly completed and duly executed Letter of Transmittal to Computershare Trust Company of Canada at 100 University Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1, attention: Corporate Actions. 

Any registered shareholders who have lost their Creo common share certificate(s) or whose certificate(s) have been destroyed or stolen, should complete an applicable Letter of Transmittal as fully as possible and forward it to Computershare to inquire about receiving replacement common share certificate(s).

Information for Beneficial Creo Shareholders

Those beneficial shareholders with Creo common shares held through an intermediary such as a broker, investment dealer, bank, trust company or other nominee, do not need to physically deliver any share certificate(s) and should contact their intermediary for assistance in surrendering their Creo common shares.

Other Information and Where to Find Help

The Letter of Transmittal as filed by Creo may be downloaded at www.sedar.com or www.sec.gov. It may also be obtained by contacting Computershare Trust Company of Canada at 100 University Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1, by phone at 1-800-564-6253 or email at caregistryinfo@computershare.com. Any questions and requests for assistance may be directed by holders of Creo common shares to Computershare at the telephone number, email address and location set out above.

The method used to deliver the Letter of Transmittal and the share certificate(s), if required, in respect of the Creo common shares is at the option and risk of the Creo shareholder and delivery will be deemed effective only when such documents are actually received by Computershare. Creo recommends that the necessary documentation be hand delivered to Computershare, and a receipt obtained; otherwise the use of registered mail with return receipt requested, properly insured, is recommended.

This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

These risks and uncertainties include the following: (1)  the announcement of the transaction to enter into an arrangement agreement with Eastman Kodak Company on January 31, 2005 may disrupt some of our customer or supplier relationships which may adversely affect  future results; (2) new markets and product introductions do not proceed as planned and may adversely affect future revenues; (3) technological changes or changes in the competitive environment may adversely affect the products, market share, revenues or margins of the business; and (4) changes in general economic, financial or business conditions may adversely affect the business or the markets in which it operates. These risks and uncertainties as well as other important risks and uncertainties are described under the caption "Certain Factors That May Affect Future Results" and elsewhere in our Annual Report for the fiscal year ended September 30, 2004, as filed with the U.S. Securities and Exchange Commission and other documents filed with the U.S. Securities and Exchange Commission, and which are incorporated herein by reference. We do not assume any obligation to update the forward-looking information contained in this news release.

© 2005 Creo Inc. The Creo product names mentioned in this document are trademarks or service marks of Creo Inc. and may be registered in certain jurisdictions. Other company and brand, product and service names are for identification purposes only and may be trademarks or registered trademarks of their respective holders. Data subject to change without notice.

About Creo

Creo Inc. is a global company with key strengths in imaging, software, and digital printing plate technology. A leading provider of prepress systems, Creo helps over 25,000 customers worldwide adopt digital production methods which reduce costs, increase print quality and allow them to serve their customers more efficiently. Based on a solid foundation of intellectual property, Creo has an unmatched range of technology solutions that address the needs of commercial, publication, on demand, packaging, and newspaper printers, and creative professionals. Creo product lines include software and hardware for computer-to-plate imaging, systems for digital photography, scanning, and proofing, as well as printing plates and proofing media. Creo also supplies on-press imaging technology, components for digital presses, color servers and high-speed digital printers.
Based in Vancouver, Canada, Creo reported fiscal 2004 revenue of US$636 million. Creo trades on NASDAQ (CREO) and the TSX (CRE). www.creo.com