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IKON Prices $635 Million Securitization

Press release from the issuing company

VALLEY FORGE, Pa. -May 21, 2002--IKON Office Solutions, Inc. today announced that IKON Receivables Funding LLC, an indirectly owned, special purpose subsidiary, will issue, on or about May 30, 2002, $635 million of equipment lease-backed notes. IOS Capital, LLC, a subsidiary of IKON Office Solutions, will act as Servicer. The four classes of lease-backed notes are anticipated to be rated A-1+/P-1 or Aaa/AAA by Moody's Investors Service and Standard & Poor's. The notes are backed by lease contracts on copiers and other office equipment. The notes are insured by AMBAC Assurance Corporation. Bank of America Securities LLC managed the sale, with Lehman Brothers and Wachovia Securities acting as co-managers. The overall interest rate to IKON Receivables Funding LLC on this transaction is 4.12%. A registration statement related to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. "We are extremely pleased with our sixth transaction in the asset-backed market since 1999," stated James J. Forese, Chairman and CEO. "The asset-backed market serves as our primary source of funding for our leasing business. These funds are utilized to support new growth in our lease portfolio, as existing lease receivables and the related asset-backed debt on our balance sheet are retired. IKON's ability to access the asset-backed market at favorable terms and cost of funding contributes to the consistent and very profitable returns we experience in our leasing business - a business which also serves as a key competitive advantage as customers look to do business with one vendor for their document management and related financing needs."