2015 Annual Report

Fellow Shareholders:

“… 2015 was a year of transition for Xerox. Our financial results were mixed in an increasingly challenging market environment, but we remained committed to delivering value through our focus on targeted growth segments, our solid financial position and team of great people.”

Ursula M. Burns, Chairman and Chief Executive Officer

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A New Path Forward

On January 29, 2016, we announced our plans to separate into two independent companies. This decision followed a comprehensive review of our structural options and provides us with increased strategic focus, financial flexibility and agility. We have created a new path forward.

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At Xerox, we engineer the flow of work. We apply our expertise in business process, imaging, analytics, automation and user-centric insights to help clients become more productive, efficient, secure and precise across a wide range of domains and industries.