Xerox Expects to Raise $750 Million Through Senior Note Offering

STAMFORD, Conn.- Xerox Corporation (NYSE: XRX) expects to raise $750 million through a senior unsecured note offering announced today.

Proceeds from the offering will be used to repay the company’s recent borrowings under its interim bridge credit facility. The notes, which are due in 2012 and will be issued in U.S. dollars by Xerox, will be sold under the company’s S-3 registration statement filed today with the Securities and Exchange Commission. The offering is subject to market and other conditions.

This press release is neither an offer to sell nor the solicitation of an offer to buy the notes. It does not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale is unlawful.

Citi Markets & Banking, JPMorgan and Merrill Lynch and Co. are acting as joint book-running managers for the offering. Offers for the notes are to be made only through the prospectus. A copy of the prospectus and prospectus supplement may be obtained by contacting Citigroup Global Markets Inc. at 1-877-858-5407, or by sending a request to: Citigroup Global Markets Inc., Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220.