NCR Voyix (VYX) 8-K NCR announces strong fourth-quarter results

Pension Update

February 6, 2012

Exhibit 99.2

Note to Investors

These Supplementary Materials may include forward-looking

statements under the Private Securities Litigation Reform Act

of 1995. These forward-looking statements are based on

current expectations and assumptions, and are subject to a

number of risks and uncertainties that could cause actual

results to vary materially. These risks and uncertainties are

detailed from time to time in NCR’s SEC reports, including, but

not limited to, Forms 10-Q, 10-K, 8-K and NCR’s annual report

to shareholders. These Supplementary Materials are dated

February 6, 2012, and NCR does not undertake any obligation

to publicly update or revise these materials, whether as a

result of new information, future events or otherwise.

NCR Confidential

2

NCR Pension Update –

Year-End 2011

Cash Funding for Pension Plans

2010

2011

2012E

2013E

US Qualified Plan**

0

0

85

110

US Non-qualified Plan

9

9

10

10

International Plans***

96

116

120

125

Total

105

125

215

245

Pension Metrics & Funded Status

Asset Return           

Discount rate                                   Funded Status  

12/31/11 YTD

12/31/10

12/31/11

12/31/10

12/31/11

US Plans    

10%

5.25%

4.0%

(903)

(1,294)

International Plans

10%

4.6%

4.1%

(94)

(53)*

Global

10%

5.0%

4.0%

(997)

(1,347)

( $ Millions)

( $ Millions)

The deterioration in the global funded status was approximately $350m in 2011

*The ($53m) net funded status of international plans is comprised underfunded plans of ($385m), and overfunded plans of $332m

** The funding requirements for the U.S. Qualified Plan incorporate 15 year funding relief for the 2010 and 2011 plan years

***

The

funding

of

international

plans

is

expected

to

decline

to

an

annual

amount

of

$10-$20

million

(excluding

the

funding

of

future

service

cost) by 2017 as some of the underfunded plans reach fully funded status

Due to pension plan closures, service cost is expected to decline to a level of about $10m per year

All future funding estimates are approximations based on expected asset returns, discount rates, and current local requirements

NCR Confidential

3

The overfunded plans are a result of local funding methodologies that use more conservative actuarial assumptions than GAAP