Xerox Holdings Investor Presentation — January 2020

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EARNINGS PRESENTATION

Q4 Results I January 28, 2020

Forward- Looking Statements

2This presentation, andother written ororalstatements made from time totime bymanagement contain “forward -looking statements” asdefined inthePrivate Securities Litigation Reform

Actof1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, "targeting", "projecting", "driving" and similar expressions, asthey relate tous,our

performance and/or ourtechnology, areintended toidentify forward -looking statements .These statements reflect management’s current beliefs, assumptions andexpectations andare

subject toanumber offactors thatmay cause actual results todiffer materially .Such factors include butarenotlimited to:ourability toaddress ourbusiness challenges inorder to

reverse revenue declines, reduce costs andincrease productivity sothatwecaninvest inandgrow ourbusiness ;ourability toattract andretain keypersonnel ;changes ineconomic and

political conditions, trade protection measures, licensing requirements andtaxlaws intheUnited States andintheforeign countries inwhich wedobusiness ;theimposition ofnew or

incremental trade protection measures such astariffs andimport orexport restrictions ;changes inforeign currency exchange rates ;ourability tosuccessfully develop new products,

technologies andservice offerings andtoprotect ourintellectual property rights ;theriskthatmulti -year contracts with governmental entities could beterminated prior totheendofthe

contract term andthatcivilorcriminal penalties andadministrative sanctions could beimposed onusifwefailtocomply withtheterms ofsuch contracts andapplicable law;theriskthat

partners, subcontractors andsoftware vendors willnotperform inatimely, quality manner ;actions ofcompetitors andourability topromptly andeffectively react tochanging technologies

and customer expectations ;ourability toobtain adequate pricing forourproducts and services and tomaintain and improve cost efficiency ofoperations, including savings from

restructuring actions ;theriskthatconfidential and/or individually identifiable information ofours, ourcustomers, clients andemployees could beinadvertently disclosed ordisclosed asa

result ofabreach ofoursecurity systems duetocyber attacks orother intentional acts;reliance onthird parties, including subcontractors, formanufacturing ofproducts andprovision of

services ;theexitoftheUnited Kingdom from theEuropean Union ;ourability tomanage changes intheprinting environment andexpand equipment placements ;interest rates, cost of

borrowing andaccess tocredit markets ;funding requirements associated with ouremployee pension andretiree health benefit plans ;theriskthatouroperations andproducts may not