Shareholder Value. Larry Zimmerman Senior Vice President & CFO

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1 Shareholder Value Larry Zimmerman Senior Vice President & CFO 1

2 Today s Discussion Shareholder Value Investment Thesis Financial Strategy Year-to-date Results Revenue Dynamics Balance Sheet and Cash Flow Business Model 2

3 Investment Thesis $112B market opportunity Xerox strategies capture growth opportunities Compete in B&W Drive Color Create the New Business of Printing Lead in Services Xerox differentiators Technology and innovation Color everywhere Document knowledge and expertise Channels of distribution Customer centric Xerox brand Excellent business model Annuity based consistent and predictable Earnings expansion grow profits faster than revenue Significant cash flow will be delivered to shareholders 3

4 Financial Strategy Grow revenue R&D investments drive equipment installations and pages, which grow annuity and total revenue Services-led offerings drive consulting and managed services and installs Color adoption drives price per page, annuity growth and total revenue growth Manage gross profit and expenses to deliver bottom-line performance Strategic cost competitiveness and productivity will drive results Individual lines of our P&L will vary but we will deliver earnings Expand earnings at all levels of revenue growth Profit will grow faster than revenue small investment required for growth Optimize balance sheet and cash flow to deliver returns to shareholders Achieve investment grade rating Leverage associated with financing / leasing business Optimize cost of capital Reduce secured debt Maintain $1B cash & short-term investments Optimize cash flow 4

5 Q Year-To-Date Performance Revenue Growth Cost and Expense Management Equipment sales 2% 23% growth in color Post sale and financing Flat Trend improving grew 1% in Q3 Total revenue Flat Digital growth of 4% Gross margin 41.2% Within adjusted model of 41-42% R,D&E % of revenue 6.2% Consistent investment in our future SAG % of revenue 26.8% G&A improvements Earnings Diluted EPS $0.66 Expanding earnings Strong Financial Position Cash flow from operations $789M Tracking to $1.2B - $1.5B Debt $7.5B Down $3.3B year-over-year ROE (LTM) 13% Return on investment Share repurchase $500M Announced program in Q4 5

6 Large Recurring Revenue Stream Q YTD Revenue: $11.5 billion Post sale & financing Bundled lease contracts 3-5 years Maintenance Supplies Services Financing Operating leases & rental Maintenance, supplies and paper $8.4B 73% $3.1B 27% Equipment sales Sales-type leases Outright sales Example Customer view $2,000 monthly payment Xerox view Sales-type lease $34K equipment sales / $1,440 per month in post sale and financing Operating lease $2,000 post sale per month Post sale & financing is more profitable than equipment sales 6

7 Post Sale and Financing Turned Positive Revenue 2005 Growth 2005 Q3 Contribution ($ millions) Q3 Q1 Q2 Q3 $ Pts. Growth Areas $ 1,980 3% 5% 5% $ 94 3 pts. Developing Markets $ 312 (2%) 4% 7% $ 21 1 pt. Light Lens / SOHO $ 126 (42%) (41%) (41%) $ (87) (3 pts.) Other $ 323 2% 8% (1%) $ (4) -- pts. Total Revenue $ 2,741 (2%) 1% 1% $ 24 1 pt. Currency Impact +2 pts. +2 pts. -- pts. Memo: Color Revenue $ % 15% 18% Color as a % of Total $ 27% 7

8 Annuity Variables Drive Growth and Profitability Product installs Pages maintenance and supplies Price per page Color leverage Services annuity Finance revenue Light lens to digital transition Post sale & financing Q YTD $8.4B 73% 8

9 Significant Growth in Product Installs Office Q YTD Q YTD Production 420,000 19% 175% 6,400 4% 350,000 5, , , ,000 70,000 50% 4,800 4,000 3,200 2,400 1, % 0 B&W Copier / MFD Color MFD Color Printers 0 B&W Color Large YOY increase in installation of equipment Strong activity will translate into pages and annuity revenue 9

10 Annual per Unit Page Volumes Thousands Segment 3 Office Segment 5 Office Color MFD Black & White Color 6.0 Will continue to generate significant volume of pages to grow annuity revenue Millions Digital Light Prod. Production High-end Prod. Entry Prod. Color igen3 10

11 Page Trends Office Q YTD Q YTD Production Billions (51%) B&W Light Lens 4% B&W Digital 24% Color MFD Billions (45%) B&W Light Lens (1%) B&W Digital 37% Color Strong production and office color growth huge opportunity Office digital B&W growing 4%, production digital B&W decline moderating Light lens decline accelerating 11

12 Color Leverage 93.6% Pages 6.4% Post Sale & Financing $2.1B $6.2B 26% 74% Color B&W Color Trends Q3 YTD Color revenue: % of post sale & financing 15% 18% 22% 26% Color pages: Growth 23% 26% 29% 30% % of total pages 2.5% 3.5% 4.8% 6.4% Color leverage on revenue per page: Percent 14% 19% 26% 32% 2005 Q3 YTD color has leveraged price per page 32% 6.4% of the pages drive 26% or $2.1B of annuity revenue Color pages generate 5X more revenue and gross profit than B&W pages 12

13 Services Annuity Value Added Services / Managed Services Q3 YTD $2,133M $121 $2,160M 1% $123 2% Services revenue = managed services + value-added services $1,793 $1,904 6% 6% Digital managed services + value-added services annuity is growing 6% Through Q3, operating leases had about 1.5 point impact on equipment sales growth $219 $133 (39%) Value-Added Services Digital Managed Services LL Managed Services 13

14 Finance Revenue Finance Receivables Q3 Ending Balance $8.2B $702M $668 $7.8B Finance Revenue Q3 YTD $664M $649 Excluding Light Lens Light Lens Leasing is integral to our go-to-market strategy Bundle equipment, service, supplies and services over 3 to 5 years Xerox owns asset for migration Maintain customer relationship Profitable returns Finance revenue down 5% Declining finance receivable portfolio Light lens decline 2 point impact Increase in operating lease Finance revenue improves in 2006 and grows in 2007 $ $

15 Post Sale and Financing Revenue Drivers Install growth in Production and Office Digital pages continue to grow Color increases leverage on price, revenue, and gross profit Digital services annuity continues to grow mid-single digits Finance revenue improves in 2006 and grows in 2007 Light lens / SOHO becomes insignificant as we become a total digital portfolio lead to growth of 2% in 2006 and 4-5% steady state 15

16 2006 Cash Flow Drivers Cash from Operations Cash from core operations* On-lease equipment Change in finance receivables Cash from Investing Cash from Financing Grow net income Continue A/R and inventory focus Investment in on-lease equipment increases Portfolio dynamics $200 million in capital spending $50 million in software spending Debt supports finance receivables and onlease equipment Re-balance secured and unsecured debt Share repurchase *See slide 22 for explanation of non-gaap measure 16

17 Cash Flow Dynamics ($ millions) YTD 2005 FY 2005E Net income Depreciation & amortization $ Increase in inventories (358) Increase in A/R and billed portion of F/R (87) Contribution to pension benefit plans (363) All other 196 Cash from core operations* 564 $ 1,100-1,300 Increase in on-lease equipment (176) Decrease in finance receivables 401 Cash from Operations 789 Cash from Investing (214) Change in secured financing, net (1,191) Cash payments on term debt & other (1,203) Cash from Financing (2,394) Change in cash (1,873) Ending cash 1,345 Short-term investments 235 Cash and short-term investments $ 1,580 $ 1,200-1,500 $ ~1,400 *See slide 22 for explanation of non-gaap measure 17

18 Optimizing Balance Sheet $ Billions $12 $9 $6 $3 $0 Finance Receivables & On-Lease Equipment Compared to Debt On-Lease Equipment Debt $8.9 $10.1 YE 2004 $3.2 $8.3 $7.2 YE 2005 Estimate Finance Receivables Cash and Short-term Investment ~$1.4 $8.3 $ YE 2006 Estimate ~$2.0 $1B minimum YE Debt to Capital* E 2006E Financing 88% 88% 88% Core 26% 0% 0% Leveraging finance receivables and on-lease equipment 7:1 Core leverage 0% by yearend 2005 Expected cash balance provides flexibility for additional share repurchases and acquisitions *Capital includes debt, liabilities for trust preferred, common equity, & preferred stock year-end total capital was $18 billion. 18

19 Business Model Balance Sheet 2006 Steady State Cash from core operations* Financing / on-lease leverage Core leverage balanced with investment grade goal Secured debt % total debt Minimum cash balance Return on equity 10-15% Growth 7:1 ~0% ~35% $1B 14% 10-15% Growth 7:1 Modest < 20% $1B 16-18% 2006 cash from core operations* of $1.2B $1.5B *See slide 22 for explanation of non-gaap measure 19

20 Business Model Earnings Expansion Equipment sale revenue 2006 Steady State 2-6% 2-6% Post sale & financing Revenue Growth Gross margin SAG as % of revenue R,D&E as % of revenue ROS* EPS Growth 2% 3% 41-42% 24-25% 6% 10% 10-15% 4-5% 5% 41-42% 24-25% 5-6% 12% 15-20% 2006 EPS guidance of $1.00 $1.07 *ROS = (profit before tax + equity income) / total revenue 20

21 Delivering Shareholder Value Growth strategy Effective execution Strong, flexible business model that yields: Revenue growth annuity-based, consistent and predictable Earnings expansion ability to grow profit faster than revenue Significant cash flow will be delivered to shareholders 21

22 Non-GAAP Measure Cash from core operations : This measure of cash flows excludes the effect of investments made in finance receivables and on-lease equipment, which are the basis for growth in our leasing operation. These investments are viewed as income-producing assets and are important to the growth of our business. Management believes this measure gives investors an additional perspective of cash flow from operating activities. See reconciliation of cash from core operations to cash flow from operations on slide

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