Xerox 8-K Xerox Outlines Strategy at Investor Conference

Exhibit 99.3

The information provided in these supporting schedules are preliminary estimates of Xerox’s financial results from continuing operations excluding income taxes and equity income subsequent to the classification of Conduent Incorporated as a discontinued operation upon its separation expected to occur as of December 31, 2016. This preliminary information is not a complete or comprehensive statement of Xerox’s continuing operations financial results on a revised basis and the final financial presentation of results may differ from those provided herein due to the completion of our financial closing procedures, application of final adjustments and review by our independent auditor PricewaterhouseCoopers LLP. In addition, this information may also be impacted by other developments that may arise between now and the time the financial results are required to be finalized in connection with the filing of our Form 10-K for 2016, and those differences may be material. PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto. We do not expect to update, publicly or otherwise, the following preliminary results, other than through the release of actual results when finalized.

	Nine Months Ended September 30, 2016 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)		Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes		Xerox Corporation - Continuing Operations
Total Revenues	$	12,878	$	(4,894	)	$	53			(A)	$	8,037
Costs and Expenses
Cost of sales		1,988		—			(31	)		(A)		1,957
Cost of outsourcing, maintenance and rentals		6,839		(4,079	)		56			(A)		2,816
Related party cost of services		—		(28	)		28			(A)		—
Cost of financing		97		—			—					97
Research, development and engineering expenses		388		(25	)		—					363
Selling, administrative and general expenses		2,571		(517	)		2			(B)		2,056
Restructuring and related costs		229		(57	)		—					172
Amortization of intangible assets		244		(200	)		—					44
Separation costs		75		(34	)		—					41
Related Party Interest		—		(30	)		30			(C)		—
Other expenses, net		168		(10	)		(15	)		(D)		143
Total Costs and Expenses		12,599		(4,980	)		70					7,689
Income (Loss) before Income Taxes & Equity Income	$	279	$	86		$	(17	)			$	348

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amount primarily reflects adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

(D) Amount reflects adjustment for interest on $1.0 billion Senior Unsecured Term Facility that is required to be repaid upon separation.

1

	Three Months Ended March 31, 2016 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)			Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes		Xerox Corporation - Continuing Operations
Total Revenues	$	4,281		$	(1,685	)	$	19			(A)	$	2,615
Costs and Expenses
Cost of sales		624			—			(10	)		(A)		614
Cost of outsourcing, maintenance and rentals		2,344			(1,412	)		18			(A)		950
Related party cost of services		—			(9	)		9			(A)		—
Cost of financing		33			—			—					33
Research, development and engineering expenses		134			(10	)		2			(B)		126
Selling, administrative and general expenses		882			(183	)		2			(B)		701
Restructuring and related costs		126			(26	)		—					100
Amortization of intangible assets		89			(75	)		—					14
Separation costs		8			(3	)		—					5
Related Party Interest		—			(10	)		10			(C)		—
Other expenses, net		57			(11	)		(2	)		(D)		44
Total Costs and Expenses		4,297			(1,739	)		29					2,587
(Loss) Income before Income Taxes & Equity Income	$	(16	)	$	54		$	(10	)			$	28

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amounts primarily reflect adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

(D) Amount reflects adjustment for interest on $1.0 billion Senior Unsecured Term Facility that is required to be repaid upon separation.

	Three Months Ended June 30, 2016 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)		Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes	Xerox Corporation - Continuing Operations
Total Revenues	$	4,385	$	(1,613	)	$	21		(A)	$	2,793
Costs and Expenses
Cost of sales		707		—			(11	)	(A)		696
Cost of outsourcing, maintenance and rentals		2,279		(1,348	)		22		(A)		953
Related party cost of services		—		(10	)		10		(A)		—
Cost of financing		32		—			—				32
Research, development and engineering expenses		128		(8	)		(1	)	(B)		119
Selling, administrative and general expenses		862		(170	)		(1	)	(B)		691
Restructuring and related costs		71		(23	)		(1	)	(B)		47
Amortization of intangible assets		78		(62	)		—				16
Separation costs		28		(16	)		1		(B)		13
Related Party Interest		—		(10	)		10		(C)		—
Other expenses, net		55		—			(8	)	(D)		47
Total Costs and Expenses		4,240		(1,647	)		21				2,614
Income before Income Taxes & Equity Income	$	145	$	34		$	—			$	179

⁽¹⁾  Reflects financial information derived from Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amounts primarily reflect adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

(D) Amount reflects adjustment for interest on $1.0 billion Senior Unsecured Term Facility that is required to be repaid upon separation.

2

	Three Months Ended September 30, 2016 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)		Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes	Xerox Corporation - Continuing Operations
Total Revenues	$	4,212	$	(1,596	)	$	13		(A)	$	2,629
Costs and Expenses
Cost of sales		657		—			(10	)	(A)		647
Cost of outsourcing, maintenance and rentals		2,216		(1,319	)		16		(A)		913
Related party cost of services		—		(9	)		9		(A)		—
Cost of financing		32		—			—				32
Research, development and engineering expenses		126		(7	)		(1	)	(B)		118
Selling, administrative and general expenses		827		(164	)		1		(B)		664
Restructuring and related costs		32		(8	)		1		(B)		25
Amortization of intangible assets		77		(63	)		—				14
Separation costs		39		(15	)		(1	)	(B)		23
Related Party Interest		—		(10	)		10		(C)		—
Other expenses, net		56		1			(5	)	(D)		52
Total Costs and Expenses		4,062		(1,594	)		20				2,488
Income (Loss) before Income Taxes & Equity Income	$	150	$	(2	)	$	(7	)		$	141

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amounts primarily reflect adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

(D) Amount reflects adjustment for interest on $1.0 billion Senior Unsecured Term Facility that is required to be repaid upon separation.

	Year Ended December 31, 2015 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)		Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes		Xerox Corporation - Continuing Operations
Total Revenues	$	18,045	$	(6,662	)	$	82			(A)	$	11,465
Costs and Expenses
Cost of sales		2,961		—			(39	)		(A)		2,922
Cost of outsourcing, maintenance and rentals		9,691		(5,937	)		77			(A)		3,831
Related party cost of services		—		(40	)		40			(A)		—
Cost of financing		130		—			—					130
Research, development and engineering expenses		563		(52	)		—					511
Selling, administrative and general expenses		3,559		(699	)		5			(B)		2,865
Restructuring and related costs		186		(159	)		—					27
Amortization of intangible assets		310		(250	)		—					60
Related Party Interest		—		(61	)		61			(C)		—
Other expenses, net		233		(38	)		—					195
Total Costs and Expenses		17,633		(7,236	)		144					10,541
Income (Loss) before Income Taxes & Equity Income	$	412	$	574		$	(62	)			$	924

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amount primarily reflects adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

3

	Three Months Ended March 31, 2015 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)		Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes	Xerox Corporation - Continuing Operations
Total Revenues	$	4,469	$	(1,678	)	$	16		(A)	$	2,807
Costs and Expenses
Cost of sales		674		—			(10	)	(A)		664
Cost of outsourcing, maintenance and rentals		2,368		(1,411	)		19		(A)		976
Related party cost of services		—		(9	)		9		(A)		—
Cost of financing		33		—			—				33
Research, development and engineering expenses		141		(12	)		1		(B)		130
Selling, administrative and general expenses		915		(179	)		2		(B)		738
Restructuring and related costs		14		(3	)		—				11
Amortization of intangible assets		77		(61	)		—				16
Related Party Interest		—		(21	)		21		(C)		—
Other expenses, net		46		(2	)		—				44
Total Costs and Expenses		4,268		(1,698	)		42				2,612
Income (Loss) before Income Taxes & Equity Income	$	201	$	20		$	(26	)		$	195

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amounts primarily reflect adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

	Three Months Ended June 30, 2015 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)		Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes		Xerox Corporation - Continuing Operations
Total Revenues	$	4,590	$	(1,683	)	$	19			(A)	$	2,926
Costs and Expenses
Cost of sales		776		—			(10	)		(A)		766
Cost of outsourcing, maintenance and rentals		2,356		(1,422	)		20			(A)		954
Related party cost of services		—		(10	)		10			(A)		—
Cost of financing		32		—			—					32
Research, development and engineering expenses		142		(15	)		—					127
Selling, administrative and general expenses		906		(173	)		1			(B)		734
Restructuring and related costs		157		(148	)		—					9
Amortization of intangible assets		79		(64	)		—					15
Related Party Interest		—		(15	)		15			(C)		—
Other expenses, net		68		(8	)		—					60
Total Costs and Expenses		4,516		(1,855	)		36					2,697
Income (Loss) before Income Taxes & Equity Income	$	74	$	172		$	(17	)			$	229

⁽¹⁾  Reflects financial information derived from Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amount primarily reflects adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

4

	Three Months Ended September 30, 2015 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)			Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes		Xerox Corporation - Continuing Operations
Total Revenues	$	4,333		$	(1,571	)	$	24			(A)	$	2,786
Costs and Expenses
Cost of sales		721			—			(9	)		(A)		712
Cost of outsourcing, maintenance and rentals		2,592			(1,672	)		17			(A)		937
Related party cost of services		—			(10	)		10			(A)		—
Cost of financing		33			—			—					33
Research, development and engineering expenses		135			(12	)		3			(B)		126
Selling, administrative and general expenses		855			(170	)		(7	)		(B)		678
Restructuring and related costs		20			(9	)		—					11
Amortization of intangible assets		77			(62	)		—					15
Related Party Interest		—			(14	)		14			(C)		—
Other expenses, net		73			(12	)		—					61
Total Costs and Expenses		4,506			(1,961	)		28					2,573
(Loss) Income before Income Taxes & Equity Income	$	(173	)	$	390		$	(4	)			$	213

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amounts primarily reflect adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

	Three Months Ended December 31, 2015 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)			Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes		Xerox Corporation - Continuing Operations
Total Revenues	$	4,653		$	(1,730	)	$	23			(A)	$	2,946
Costs and Expenses
Cost of sales		790			—			(10	)		(A)		780
Cost of outsourcing, maintenance and rentals		2,375			(1,432	)		21			(A)		964
Related party cost of services		—			(11	)		11			(A)		—
Cost of financing		32			—			—					32
Research, development and engineering expenses		145			(13	)		(4	)		(B)		128
Selling, administrative and general expenses		883			(177	)		9			(B)		715
Restructuring and related costs		(5	)		1			—					(4	)
Amortization of intangible assets		77			(63	)		—					14
Related Party Interest		—			(11	)		11			(C)		—
Other expenses, net		46			(16	)		—					30
Total Costs and Expenses		4,343			(1,722	)		38					2,659
Income (Loss) before Income Taxes & Equity Income	$	310		$	(8	)	$	(15	)			$	287

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amounts primarily reflect adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

5

	Year Ended December 31, 2014 (Unaudited)
(in millions)	Historical Xerox Corporation (As Reported)		Discontinued Operation - Conduent, Incorporated(1)			Adjustments			Notes		Xerox Corporation - Continuing Operations
Total Revenues	$	19,540	$	(6,938	)	$	77			(A)	$	12,679
Costs and Expenses
Cost of sales		3,269		—			(42	)		(A)		3,227
Cost of outsourcing, maintenance and rentals		9,885		(5,758	)		75			(A)		4,202
Related party cost of services		—		(42	)		42			(A)		—
Cost of financing		140		—			—					140
Research, development and engineering expenses		577		(46	)		—					531
Selling, administrative and general expenses		3,788		(659	)		4			(B)		3,133
Restructuring and related costs		128		(21	)		(1	)		(B)		106
Amortization of intangible assets		315		(250	)		—					65
Related Party Interest		—		(107	)		107			(C)		—
Other expenses, net		232		(45	)		(2	)		(B)		185
Total Costs and Expenses		18,334		(6,928	)		183					11,589
Income (Loss) before Income Taxes & Equity Income	$	1,206	$	(10	)	$	(106	)			$	1,090

⁽¹⁾  Reflects financial information included in Conduent Form 10 financial statements, as amended, and Conduent Form 10-Q for third quarter 2016.

(A) Amounts reflect adjustments related to intercompany revenues and purchases.

(B) Amount primarily reflects adjustments related to corporate costs as well as rounding adjustments.

(C) Amount reflects adjustment for related-party interest.

6

	Nine Months Ended September 30,			Year Ended December 31,
(Unaudited, in millions)	2016			2015			2014
Cash Flows from Operating Activities:
Net income	$	378		$	492		$	1,036
Adjustments required to reconcile net income to cash flows from operating activities:
Loss (gain) from discontinued operations, net of tax		14			351			(26	)
Depreciation and amortization		426			590			639
Provision for receivables		39			54			50
Provision for inventory		21			30			26
Net gain on sales of businesses and assets		(19	)		(43	)		(49	)
Undistributed equity in net income of unconsolidated affiliates		(64	)		(79	)		(91	)
Stock-based compensation		31			27			63
Restructuring and asset impairment charges		154			27			107
Payments for restructurings		(83	)		(79	)		(110	)
Defined benefit pension cost		108			141			74
Contributions to defined benefit pension plans		(102	)		(301	)		(269	)
Increase in accounts receivable and billed portion of finance receivables		(173	)		(128	)		(392	)
Collections of deferred proceeds from sales of receivables		191			259			434
Increase in inventories		(104	)		(101	)		(22	)
Increase in equipment on operating leases		(204	)		(291	)		(283	)
Decrease (increase) in finance receivables		138			(8	)		(10	)
Collections on beneficial interest from sales of finance receivables		20			46			79
Decrease in other current and long-term assets		29			15			9
(Decrease) increase in accounts payable and accrued compensation		(236	)		(125	)		54
Decrease in other current and long-term liabilities		(56	)		(45	)		(121	)
Net change in income tax assets and liabilities		(173	)		271			183
Net change in derivative assets and liabilities		—			(37	)		(14	)
Other operating, net		210			(11	)		(76	)
Net cash provided by operating activities of continuing operations		545			1,055			1,291
CAPEX (including internal use software)		(99	)		(148	)		(176	)
Free Cash Flow	$	446		$	907		$	1,115

7