Xerox Canada Approves Inter-Company Loan



    TORONTO, Oct. 3 /CNW/ - Xerox Canada Inc. announced today that its
subsidiary, Xerox Canada Ltd., intends to lend Xerox Corporation up to
CAD$300,000,000 (the "Loan"). The Loan, which will be on commercially
reasonable arm's length terms with a maturity date of on or before December
15, 2009, will be funded from excess cash available to Xerox Canada Ltd. The
amount available to be borrowed by way of the Loan will be reduced by any then
outstanding loans to Xerox Corporation or its affiliates. Currently, there is
a CAD$180,000,000 loan outstanding from Xerox Canada Ltd. to an affiliate of
Xerox Corporation. Although the Loan would be a "related party transaction"
within the meaning of applicable Canadian securities legislation, no formal
valuation is required and it is exempt from the related party minority
approval requirements.

    This release contains forward-looking statements and information relating
to Xerox Canada that are based on its beliefs as well as assumptions made by
and information currently available to it. The words "anticipate", "believe",
"estimate", "expect", "intend", "will" and similar expressions, as they relate
to Xerox Canada, are intended to identify forward-looking statements. Actual
results could differ materially from those projected in such forward-looking
statements.

    This release contains forward-looking information that is subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those set forth in, or implied by, such forward-looking
information.
    Xerox(R), the Xerox wordmark and the spherical connection symbol are
trademarks of Xerox Corporation in the United States and/or other countries.
For more information on Xerox Canada, visit http://www.xerox.com




For further information:

For further information: Media Contacts: Laura Mergelas, Xerox Canada,
(416) 733-6216, laura.mergelas@xerox.com; Mike Moeller, Xerox Corporation,
(203) 849-2469, Michael.moeller@xerox.com

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Xerox Canada

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