GE Commercial Finance Completes Acquisition of IKON's Canadian Leasing Business

Business Wire, June 30, 2004

STAMFORD, Conn. -- GE Commercial Finance ("GE") today announced the completion of its acquisition of IKON Office Solutions, Inc.'s (NYSE:IKN) Canadian leasing business. The acquisition was announced on March 31, 2004. As part of the acquisition, and subject to certain post-closing adjustments, IKON will sell certain assets, and GE will assume certain obligations, relating to IKON's leasing operations in Canada for approximately CDN$215 million in gross proceeds. IKON has also entered into a Program Agreement with GE Commercial Finance for the funding and servicing of IKON's lease originations in Canada.

Earlier this year, GE Commercial Finance completed its acquisition of certain assets and liabilities from IKON Office Solutions, including a $1.9 billion U.S. leasing portfolio. It will operate IKON's lease financing programs in the U.S. and Canada under the name IKON Financial Services(SM).

About GE Commercial Finance

GE Commercial Finance offers businesses of all sizes an array of financial services and products worldwide. With approximately $217 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA. GE (NYSE:GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's web site at http://www.ge.com

About IKON

IKON Office Solutions (www.ikon.com) integrates imaging systems and services that help businesses manage document workflow and increase efficiency. As the world's largest independent distribution channel for copier and printer technologies, IKON offers best-in-class systems from leading manufacturers such as Canon, Ricoh and HP and service support through its team of 7,000 service professionals worldwide. IKON also represents the industry's broadest portfolio of document management services: outsourcing and professional services, on-site copy and mailroom management, fleet management, off-site digital printing solutions, and customized workflow and imaging application development, as well as equipment lease financing. With Fiscal 2003 revenues of $4.7 billion, IKON has approximately 600 locations throughout North America and Europe.

Caution Concerning Forward-Looking Statements

This release includes certain forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission. GE does not assume any duty to update forward-looking statements. Such statements are based on information available as of the date hereof, and are made only as of the date hereof.