Concord EFS Expands Board of Directors with Two Appointments; New Memphis-Based Directors Will Add Diversity Of Experience.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Jan. 2, 2003

Concord EFS, Inc. (NYSE:CE), a leading electronic commerce provider, announced today the election of Dr. Shirley C. Raines and Arthur N. Seessel III to its Board of Directors. Raines is president of the University of Memphis and Seessel is a management consultant to the supermarket industry. It was also announced that Ronald V. Congemi, Concord SVP and president of Network Services, has resigned from the board. A director since February 2001, Congemi will continue to provide counsel to the board as a Senior Management Advisor to the Board of Directors. Collectively, these changes bring the total number of directors to ten, including seven outside directors.

"We are pleased to enhance Concord's board with outside directors of such high caliber," said Dan M. Palmer, Concord chairman and chief executive officer. "Dr. Raines brings a long record of innovative leadership in education and a unique viewpoint as president of a major university that's a multi-million dollar business. Art provides a wealth of business management expertise in a highly successful entrepreneurial enterprise. Their insight and guidance will be invaluable as we carry out our strategic plans to fuel Concord's continued growth in the Network, Payment, and Risk Management Services business segments. Our goal is for outside directors to provide strong leadership to the board, and we will continue to actively seek qualified outside directors to increase the diversity of experience and expertise on our board."

Raines is the 11th president of The University of Memphis and is the first woman to hold that office. Previously, she was vice chancellor of academic services and dean of the College of Education at the University of Kentucky. Raines is widely regarded as an expert in early childhood and teacher education and has received many honors for her leadership in teacher education. Major themes of her higher education leadership have been interdisciplinary research; improving teaching, retention, and graduation rates; and building partnerships on and off the campus. Raines earned her doctorate in education from the University of Tennessee, Knoxville. She has served on the faculty or administration of universities in Florida, Virginia, Oklahoma, North Carolina, and Alabama.

Raines commented on her appointment to the board by stating, "Concord has been highly successful in the past 15 years through early entry into emerging products and by focusing on under-penetrated growth markets, and this proven vision was what attracted me to the board. I look forward to helping to guide the company as it continues to build its business in new industry segments like government and risk management services."

Seessel began his consultancy in 1996. Previously, he was president and CEO of Seessel's Supermarkets, a leading grocery chain in the Southeast and a retail icon in the Memphis area. Seessel entered the family business in 1962 and was named president and CEO of the fast-growing chain in 1978. Under his leadership the Seessel's chain expanded regionally and applied many innovations, including installation of the first electronic scan system. Seessel holds a B.A. in economics from Dartmouth College and an M.B.A. in marketing from Northwestern University. Seessel currently serves on the boards and audit committees of First Trust Bank and Varsity Brands, and is a member of the advisory board for Wunderlich Securities. He is also a founding member and vice chairman of the Memphis/Shelby Crime Commission, a member of the St. Mary's Episcopal School Advisory Committee, and a member and past chairman of the Memphis Society of Entrepreneurs.

Seessel expressed enthusiasm for his appointment to the Concord board, saying "As a long-time Memphis resident I have followed Concord's remarkable performance for many years. I've been impressed with the company's innovation, energy, and commitment to building shareholder value. I look forward to the opportunity to contribute to the company's continued success."

Concord is a leading vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, restaurants, and other independent retailers. Concord's primary activities include Network Services, providing ATM driving, PIN-secured and signature debit card processing, deposit risk management, and STAR(SM) network access to the financial services industry; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer processing services to selected retail segments. Concord news releases, links to SEC filings, and other information are available at www.concordefs.com.

This release may contain or incorporate by reference forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are not guarantees of future performance and involve risks, uncertainties, and other factors which may cause our actual performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by those statements. Concord undertakes no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, or changes to future results over time. See the cautionary statements included as Exhibit 99.4 to our Quarterly Report on Form 10-Q filed on November 13, 2002 for a more detailed discussion of certain of the factors that could cause our actual results to differ materially from those included in the forward-looking statements.