Re Joint Venture

RNS Number:6535O
Xerox Corp
13 December 2001

For additional Information contact:
 
Leslie F. Varon              James A. Ramsey                Cynthia B. Johnston 
Vice President & Secretary   Director, Investor Relations   Manager, Investor   
                                                            Relations 
203-968-3110                 203-968-3807                   203-968-3489 
[e-mail]  [e-mail]      Cindy.Johnston
                                                            @usa.xerox.com
 
                      XEROX FORMING JOINT VENTURE FOR
                     VENDOR FINANCING IN THE NETHERLANDS
 
          De Lage Landen To Fund New Leases for Xerox's Dutch Customers 

STAMFORD, Conn., Dec. 13, 2001 -- Xerox Corporation (NYSE: XRX) today announced 
that it is forming a joint venture with De Lage Landen International BV (DLL) to
manage equipment financing for Xerox customers in the Netherlands, DLL, a 
subsidiary of the Dutch Rabobank Group, will own 51 percent of the new venture 
with Xerox owning 49 percent. As part of the companies' agreement, DLL is 
providing the funding to support new equipment leases.
 
Effective Dec. 14, the joint venture, named Xerox Financial Services BV, will
manage the financing, billing and collections for all new Xerox financed 
equipment orders in the Netherlands.
 
In October of last year, Xerox announced its plan to transition to third-party 
equipment financing as part of its turnaround strategy. Over time, this is 
expected to remove as much as $10 billion in equipment financing-related debt 
from the Xerox balance sheet and reduce the company's future cash requirements. 
Xerox has recently announced framework agreements with GE Capital to be the 
primary equipment financing provider for Xerox customers in the United States 
and Canada. Earlier this year, Xerox signed an agreement with Resonia Leasing AB
to provide exclusive equipment financing for Xerox customers in Denmark, Sweden,
Finland and Norway.
 
About Xerox
 
Xerox Corporation is a global enterprise with 83,300 employees serving customers
in 130 countries. Xerox makes the digital world work better with an array of 
innovative, document-related solutions, services and systems, including color 
and black-and-white digital printers, multifunction devices and copiers designed
for offices and production-printing environments. For more information, visit 
www.xerox.com.
 
About De Lage Landen
 
De Lage Landen International BV is an international provider of high-quality
asset-based financing products. The company, headquartered in Eindhoven (The
Netherlands), is part of the Dutch Rabobank Group and has offices and joint
ventures in 17 countries throughout Europe and the Americas. Specializing in
asset financing and vendor finance programs internationally and concentrating
domestically on a broad range of leasing and trade finance products, De Lage
Landen in 2000 grew its net profit to Euro54 million and its balance sheet to
Euro9.1 billion in assets. More information: www.delagelanden.com. 
 
For additional information about The Document Company Xerox, please visit our
Worldwide Web site at www.xerox.com/investor.
 
This release contains forward-looking statements and information relating to
Xerox that are based on our beliefs as wall as assumptions made by and
information currently available to us. The words "anticipate," "believe,"
"estimate," "expect," "intend," "will" and similar expressions, as they
relate to us, are intended to identify forward-looking statements. Actual
results could differ materially from those projected in such forward-looking
statements. Information concerning certain factors that could cause actual
results to differ materially is included in the company's Form "10-Q for the
quarter ended September 30, 2001.
 
XEROX(R), The Document Company(R) and the digital X(R) are trademarks of
XEROX CORPORATION.