Xerox Holdings Investor Presentation — July 2019

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EARNINGS PRESENTATION

Q2 Results I July 30, 2019

Forward -Looking Statements

2This presentation, and other written ororal statements made from time totime bymanagement contain “forward -looking statements” asdefined inthePrivate

Securities Litigation Reform Actof1995 .Thewords “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, “targeting”, “projecting”, “driving” andsimilar

expressions, asthey relate tous,ourperformance and/or ourtechnology, areintended toidentify forward -looking statements .These statements reflect

management’s current beliefs, assumptions andexpectations andaresubject toanumber offactors thatmay cause actual results todiffer materially .Such factors

include butarenotlimited to:ourability toaddress ourbusiness challenges inorder toreverse revenue declines, reduce costs andincrease productivity sothatwe

caninvest inandgrow ourbusiness ;ourability toattract andretain keypersonnel ;changes ineconomic andpolitical conditions, trade protection measures, licensing

requirements andtaxlaws intheUnited States andintheforeign countries inwhich wedobusiness ;theimposition ofnew orincremental trade protection measures

such astariffs andimport orexport restrictions ;changes inforeign currency exchange rates ;ourability tosuccessfully develop new products, technologies and

service offerings andtoprotect ourintellectual property rights ;theriskthatmulti -year contracts withgovernmental entities could beterminated prior totheendofthe

contract term and thatcivil orcriminal penalties and administrative sanctions could beimposed onusifwefailtocomply with theterms ofsuch contracts and

applicable law;theriskthat partners, subcontractors andsoftware vendors willnotperform inatimely, quality manner ;actions ofcompetitors andourability to

promptly and effectively react tochanging technologies and customer expectations ;ourability toobtain adequate pricing forourproducts and services and to

maintain andimprove cost efficiency ofoperations, including savings from restructuring actions ;theriskthatconfidential and/or individually identifiable information of

ours, ourcustomers, clients andemployees could beinadvertently disclosed ordisclosed asaresult ofabreach ofoursecurity systems duetocyber attacks orother

intentional acts;reliance onthird parties, including subcontractors, formanufacturing ofproducts andprovision ofservices ;theexitoftheUnited Kingdom from the

European Union ;ourability tomanage changes intheprinting environment andexpand equipment placements ;interest rates, cost ofborrowing andaccess tocredit

markets ;funding requirements associated withouremployee pension andretiree health benefit plans ;theriskthatouroperations andproducts may notcomply with