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Xerox Canada Inc. to Restate its Year 2000 Results

Thursday, May 16, 2002

Press release from the issuing company

Restatement Related to Xerox Corporation's Settlement Agreement with the SEC TORONTO, May 15 - Xerox Canada Inc. announced today that it has completed a preliminary evaluation of its financials and has determined that it is necessary to restate its financial statements for the year 2000. This requirement follows a previously announced settlement reached by Xerox Canada's controlling shareholder, Xerox Corporation, with the U.S. Securities and Exchange Commission. Xerox Canada Inc. said that consistent with Xerox Corporation's announcement on April 11 regarding its settlement with the SEC, the restatement will primarily reflect adjustments in the timing and allocation of lease revenue recognition which will be reallocated among equipment, service and finance revenue streams. The resulting allocation adjustments cannot be estimated until the restatement process has been completed. In any event, there will be no impact on the cash that has been received or is contractually due to be received from these leases. Furthermore, the monetary value of the leases does not change.




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