Fellow Shareholders:

In my letters to you over the last several years, I have updated you on the steps we have taken to position Xerox for the future. Since the acquisition of Affiliated Computer Services five years ago, we have taken Xerox from a company focused primarily on document and information management to one that supports critical business processes for enterprises of all sizes, including over 90 percent of the Fortune 100. While the composition of our portfolio has changed significantly, our core mission has not. Xerox has always been focused on helping companies and governments innovate and engineer the way they work for greater productivity, efficiency, work capacity and personalization.

Ursula M. Burns Chairman and Chief Executive Officer Read the Shareholder Letter