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UNDERPERFORMANCE, MISMANAGEMENT AND POOR GOVERNANCE AT XEROX; Poor shareholder returns: 1, 3 and 5 year total shareholder returns significantly lag peers and broader benchmarks; Phantom “cost cuts”: Xerox touts ~$1.2B in “cost cuts” over the past two years, but only ~$30M of those “cuts” flowed to the bottom line; Disgraceful governance: Failure to disclose “crown jewel” lock-up agreement with Fuji for at least 17 years; SECTION II. THE PROPOSED TRANSACTION WITH FUJI – GIVING AWAY CONTROL WITHOUT A PREMIUM; SECTION III. OUR PLAN FOR XEROX – A BETTER, BRIGHTER FUTURE AS A STANDALONE COMPANY; SECTION IV. 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