Xerox Holdings Investor Presentation — January 2017

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2016 Earnings Presentation

1 This presentation contains “forward- looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,”

“believe,” “estimate,” “expect,” “intend,” “will,” “should” and similar expressions, as they relate to us, are intended to ident ify forward- looking

statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may

cause actual results to differ materially. Such factors include but are not limited to: changes in economic conditions, polit ical conditions, trade

protection measures, licensing requirements and tax matters in the United States and in the foreign countries in which we do bus iness; changes in

foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual

property rights; the risk that multi -year contracts with governmental entities could be terminated prior to the end of the contr act term and that civil or

criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law;

actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain

adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings f rom restructuring actions;

the risk that individually identifiable information of customers, clients and employees could be inadvertently disclosed or disc losed as a result of a

breach of our security systems; reliance on third parties, including subcontractors, for manufacturing of products and provis ion of services; our ability

to expand equipment placements; interest rates, cost of borrowing and access to credit markets; the risk that our products may n ot comply with

applicable worldwide regulatory requirements, particularly environmental regulations and directives; the outcome of litigation and regulatory proceedings to which we may be a party; the potential that Xerox will not realize all of the expected benefits of the separat ion of its former business

process outsourcing business; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” sec tion, the “Management’s

Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our Quarterly Reports on Form 10- Q for the

quarters ended March 31, 2016, June 30, 2016 and September 30, 2016 and our 2015 Annual Report on Form 10- K filed with the Secur ities and