Letter to Our Shareholders

I am pleased to report that 2010 was a year of both steady progress and historic transformation for Xerox. Our results speak to the strength of our business model, the expanding value we bring to our customers, our growing distribution capability and the determination of our people to do what it takes to give you a good return on the trust you place in us. read letter >

Mediaware Digital

Take a look at how Mediaware Digital is using our Automated Packaging Solution, powered by Stora Enso Gallop, to produce Windows 7 packaging for Microsoft. watch video >

Ready for Real Business

We give our clients more freedom to focus on what counts: their core business, their real business. visit “Ready for Real Business” site >

Welcome to the Cloud

We can help you to add IT capabilities or capacity when you need it – without investing in new infrastructure. visit site >

Management’s Discussion
and Analysis

Financial Overview (in millions, except EPS)

* Click here for the reconciliation of the difference between this financial measure that is not in compliance with Generally Accepted Accounting Principles (GAAP) and the most directly comparable financial measure calculated in accordance with GAAP.

• > Executive Overview
• > Financial Overview
• > Currency Impacts
• > Summary Results
• >  Application of Critical
  Accounting Policies
• > Operations Overview

• > Costs, Expenses and Other Income
• > Capital Resources and Liquidity
• > Off-Balance Sheet Arrangements
• > Financial Risk Management
• > Non-GAAP Financial Measures
• > Forward-Looking Statements

Financial Performance

• > Audited Consolidated Financial Statements
• > Notes to Consolidated Financial Statements
• > Reports of Management
• >  Report of Independent Registered Public
  Accounting Firm
• > Quarterly Results of Operations
• > Five Years in Review
• > Performance Graph
• > Corporate Information

Our Business

With ACS, we now serve a $500 Billion market.

• > Overview
• > Acquisitions
• > Business Model Fundamentals
• > Segment Information
• > Geographic Information
• > Research and Development
• >  Patents, Trademarks
  and Licenses

• > Marketing and Distribution
• > Competition
• > Global Employment
• > Customer Financing
• > Manufacturing and Supply
• > Fuji Xerox
• > Endnotes

Meet ACS, A Xerox Company

ACS is part of Xerox’s global enterprise and a leader in BPO and IT Outsourcing. Thousands of companies rely on them to help improve their processes and manage client operations so that they have the freedom to focus on their core business. watch video >