The Board of Directors of Xerox have issued the following letter to Xerox shareholders, reinforcing its belief in the benefits of the Company’s proposed combination with Fuji Xerox:

Dear Xerox Shareholders,

On January 31, 2018, Xerox announced its plans to combine with Fuji Xerox – the joint venture Xerox and Fujifilm established in Asia 56 years ago – to create a global leader in innovative print technologies and intelligent work solutions.

As a result of a comprehensive review of the Company’s strategic and financial alternatives, Xerox’s Board and management strongly believe that the combination with Fuji Xerox is the best path forward to create value for Xerox and its shareholders:

·        The combination creates significant immediate and long-term value for Xerox shareholders;

·        Xerox shareholders will be owners of a larger, stronger and more valuable company with enhanced prospects for growth and value creation;

·        Xerox and Fujifilm are already closely aligned, and both have demonstrated track records of success in transformation;

·        The agreement establishes strong governance and ownership safeguards for current Xerox shareholders; and

·        The existing Fuji Xerox joint venture has been integral to Xerox’s competitiveness for many years, and the combination will optimise the benefits of this partnership for our Company.

Other key facts stated, include:

• The transaction creates significant immediate and long-term value for Xerox shareholders
• Shareholders will be owners of a larger, stronger and more valuable company
• Xerox and Fujifilm are already closely aligned, and both have demonstrated track records of success in transformation
• The transaction agreement establishes strong governance and ownership safeguards for current Xerox shareholders
• Existing Fuji Xerox joint venture has been integral to Xerox’s competitiveness, and the combination will optimise the benefits to Xerox
• The combination is the best path forward for Xerox