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Xerox Restates: Reports Adjustment in Non-Cash Interest Expense

Sunday, December 29, 2002

Press release from the issuing company

STAMFORD, Conn.--Dec. 20, 2002--Xerox Corporation reported today that it has discovered an error in the calculation of its non-cash interest expense related to a debt instrument and associated interest rate swap agreements. The error, which was identified by the company and occurred with the adoption of Financial Accounting Standard No. 133 in January 2001, resulted in an after-tax understatement of interest expense of approximately $5 million to $6 million or less than 1 cent per share in each of the four quarters of 2001 and for the first three quarters of 2002. To adjust for these items, Xerox will restate its 2001 financial statements and revise 2002 quarterly financial information. The restated financial statements are expected to be filed next month.

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