17PT Barclays 24

RNS Number:7852A
Xerox Corp
20 March 2001


For additional Information contact:

Leslie F. Varon                        800 Long Ridge Road
Director, Investor Relations           Stamford, Connecticut 06904
203-968-3110                           Fax(203)968-3944
Leslie.Varon@usa.xerox.com             www.xerox.com/investor


            XEROX PRESIDENT ANNE MULCAHY UNVEILS STRATEGY, TECHNOLOGY

                     TO LEAD LARGE-SCALE MIGRATION TO COLOR

   Color Is Key to Xerox's Vision of Helping Customers Create 'Smart Documents'
      Xerox Announces Breakthrough Color Technology for Offices, Production
                                  Environments

NEW  YORK, March 20, 2001 - Xerox President and COO Anne Mulcahy today outlined
a broad color strategy -- supported by breakthrough technology -- that will fuel
a  transformation in Xerox Corporation's (NYSE: XRX) core business and drive a
largescale migration from black-and-white to color documents in every market the
company serves.

Speaking at a multinational press briefing, Mulcahy showcased "the world's
largest color platform," including a bevy of new color products, solutions, and
services that form the foundation of "The New Xerox."

"With this incredible array of technology we will continue to shatter the
barriers to color everywhere," Mulcahy said. "Our customers are demanding it  -
as they look for faster, more cost-effective color solutions. Our business model
requires it - as we pursue new and more profitable sources of revenue."

As part of its color leadership strategy, Xerox spotlighted several new color
offerings, ranging from the breakthrough 21 page-per-minute (ppm) Phaser 2135, a
$5,999 office color printer that is three times faster than the competition,  to
a  roll-fed, continuous-feed color web press that runs 2000 ppm with  customized
content on every page.  Also highlighted were new digital front ends and
enhancements to the DocuColor series, enabling transactional printing that makes
possible cost-effective production of bills, statements and invoices in full
color.

In a related announcement, Xerox said it closed a nearly $20 million
multinational deal for 5000 Phaser(R) color printers with the St. Louis-based
financial services firm Edward Jones.

Xerox also provided a progress report, virtual demo and manufacturing tour of
its next-generation color technology,  code-named "FutureColor", which is
designed  to attack the traditional offset printing market. It is on track for
early customer testing later this year and launch in 2002.

Based on positive market response to new color products -- and related
solutions,  services,  and supplies -- Mulcahy said she expects Xerox's  color
revenue  to continue to grow at strong double-digit rates, Xeroxs color revenues
doubled  from  $1.5 billion in 1997 to more than $3 billion in 2000,  reflecting
the  success of the DocuColor line of digital color presses for print shops, the
recently  acquired  Tektronix Phaser color printers and  the  new  multifunction
devices for the networked office.

The  company has earned a No. 1 marketshare position in digital  production
color with 70 percent share and is a strong No. 2 with about 25 percent share in
office color printing.

Xerox and Fuji Xerox together will invest more than $715 million in  color
research and development this year, accounting for about 40 percent of  a  total
$1.7  billion  R&D budget. "Though we are reducing costs in many areas,  we  are
actually  ramping  up the color investments that are critical  to  our  future,"
Mulcahy  pointed out. "Our goal is to make the vast majority of  Xerox  products
color enabled over the next three to five years."

Even as it intensifies its color focus, Xerox will continue to leverage  the
strength of its black-and-white line, extending the reach of its market-leading
DocuTech  and DocuPrint production printing family with new solutions  targeting
high-growth  markets  such  as short-run customized book  publishing,  on-demand
newspaper applications, web-based printing services, and others.

Xerox's  increased  focus on color and customization,  is  central  to  the
company's mission to help customers create and profit from higher value  "smart"
documents while reducing the cost of -- or eliminating -- lower value documents.


For  additional information about The Document Company Xerox, please  visit  our
Worldwide Web site at www.xerox.com/investor.

This  release  contains forward-looking statements and information  relating  to
Xerox  that  are  based  on  our beliefs as well  as  assumptions  made  by  and
information  currently  available  to  us. The  words  "anticipate,"  "believe,"
"estimate,"  "expect," "intend," "will" and similar expressions, as they  relate
to us, are intended to identify forward-looking statements. Actual results could
differ  materially  from  those  projected in such  forward-looking  statements.
Information concerning certain factors that could cause actual results to differ
materially is included in the company's Form 8-K filed with the SEC.

XEROX(R), The Document Company(R) and the digital X(R) are trademarks of XEROX
CORPORATION.

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