Press release

HP and Xerox Expand Business Relationship

Sponsored by Businesswire

HP Inc. (NYSE: HPQ) and Xerox Corporation (NYSE: XRX) today announced an
expansion of the companies’ business relationship.

This press release features multimedia. View the full release here:

Xerox will source from HP certain A4 and entry-level A3 products with
the majority running on Xerox’s award-winning ConnectKey®controller
software, and Xerox will supply toner to HP for these and other
products. The printers will be based primarily on the laser printing
technology HP acquired from Samsung in 2017.

In addition, the companies have agreed to partner in the Device as a
Service (DaaS) market. Xerox will become a DaaS specialist in HP’s
Partner First program in the U.S. Xerox’s services capabilities and
customer reach in the small to midsize business market, combined with
HP’s award-winning DaaS PC offerings, will allow both companies to meet
a wider range of customer needs. Xerox will be authorized to sell HP
PCs, displays and accessories to its commercial customers through DaaS.
HP will also make Xerox’s cloud-based content management platform
DocuShare® Flex available on its commercial PCs distributed
in the U.S.

“This announcement broadens our portfolio of products, software and
services, expands the reach of DocuShare Flex, increases productivity in
our toner facilities, strengthens ConnectKey’s position in our printer
family, and makes us a formidable player in the IT Solutions business
especially with the small to midsize business we know so well,” said
Steve Bandrowczak, President and Chief Operations Officer, Xerox.

“This arrangement is an extension of our existing relationship and
creates incremental opportunities for HP in several important areas,”
said Enrique Lores, President, Imaging and Printing, HP Inc. “It further
demonstrates the strength of HP’s differentiated IP and portfolio and
positions the business for growth over time in both office printing and

The companies will announce release dates for the relevant A4 and
entry-level A3 printers closer to product launches. Xerox expects to
begin offering HP DaaS to U.S. customers in the second half of 2019.

About HP Inc.

HP Inc. creates technology that makes life better for everyone,
everywhere. Through our product and service portfolio of personal
systems, printers and 3D printing solutions, we engineer experiences
that amaze. More information about HP Inc. is available at

About Xerox

In the era of intelligent work, we’re not just thinking about the
future, we’re making it. Xerox
is a technology leader focused on the intersection of
digital and physical. We use automation and next-generation
personalization to redefine productivity, drive growth and make the
world more secure. Every day, our innovative technologies and
intelligent work solutions—Powered by Xerox®—help people
communicate and work better. Discover more at
and follow us on Twitter at @Xerox.

HP Forward-looking statements

This news release contains forward-looking statements that involve
risks, uncertainties and assumptions. If the risks or uncertainties ever
materialize or the assumptions prove incorrect, the results of HP Inc.
and its consolidated subsidiaries (“HP”) may differ materially from
those expressed or implied by such forward-looking statements and

All statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including but not
limited to any projections of net revenue, margins, expenses, effective
tax rates, net earnings, net earnings per share, cash flows, benefit
plan funding, deferred taxes, share repurchases, foreign currency
exchange rates or other financial items; any projections of the amount,
timing or impact of cost savings or restructuring and other charges; any
statements of the plans, strategies and objectives of management for
future operations, including, but not limited to, our sustainability
goals, the execution of restructuring plans and any resulting cost
savings, net revenue or profitability improvements; any statements
concerning the expected development, performance, market share or
competitive performance relating to products or services; any statements
regarding current or future macroeconomic trends or events and the
impact of those trends and events on HP and its financial performance;
any statements regarding pending investigations, claims or disputes; any
statements of expectation or belief, including with respect to the
timing and expected benefits of acquisitions and other business
combination and investment transactions; and any statements of
assumptions underlying any of the foregoing.

Risks, uncertainties and assumptions include the need to address the
many challenges facing HP’s businesses; the competitive pressures faced
by HP’s businesses; risks associated with executing HP’s strategy; the
impact of macroeconomic and geopolitical trends and events; the need to
manage third-party suppliers and the distribution of HP’s products and
the delivery of HP’s services effectively; the protection of HP’s
intellectual property assets, including intellectual property licensed
from third parties; risks associated with HP’s international operations;
the development and transition of new products and services and the
enhancement of existing products and services to meet customer needs and
respond to emerging technological trends; the execution and performance
of contracts by HP and its suppliers, customers, clients and partners;
the hiring and retention of key employees; integration and other risks
associated with business combination and investment transactions; the
results of the restructuring plans, including estimates and assumptions
related to the cost (including any possible disruption of HP’s business)
and the anticipated benefits of the restructuring plans; the impact of
changes in tax laws, including uncertainties related to the
interpretation and application of the Tax Cuts and Jobs Act of 2017 on
HP’s tax obligations and effective tax rate; the resolution of pending
investigations, claims and disputes; and other risks that are described
or updated from time to time in HP’s filings with the Securities and
Exchange Commission. HP assumes no obligation and does not intend to
update these forward-looking statements.

HP’s Investor Relations website at
contains a significant amount of information about HP, including
financial and other information for investors. HP encourages investors
to visit our website from time to time, as information is updated, and
new information is posted.

Xerox Forward-Looking Statements

This release contains “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. The words
“anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”,
“should”, “targeting”, “projecting”, “driving” and similar expressions,
as they relate to us, our performance and/or our technology, are
intended to identify forward-looking statements. These statements
reflect management’s current beliefs, assumptions and expectations and
are subject to a number of factors that may cause actual results to
differ materially. Such factors include but are not limited to: our
ability to address our business challenges in order to reverse revenue
declines, reduce costs and increase productivity so that we can invest
in and grow our business; our ability to attract and retain key
personnel; changes in economic and political conditions, trade
protection measures, licensing requirements and tax laws in the United
States and in the foreign countries in which we do business; the
imposition of new or incremental trade protection measures such as
tariffs and import or export restrictions; changes in foreign currency
exchange rates; our ability to successfully develop new products,
technologies and service offerings and to protect our intellectual
property rights; the risk that multi-year contracts with governmental
entities could be terminated prior to the end of the contract term and
that civil or criminal penalties and administrative sanctions could be
imposed on us if we fail to comply with the terms of such contracts and
applicable law; the risk that partners, subcontractors and software
vendors will not perform in a timely, quality manner; actions of
competitors and our ability to promptly and effectively react to
changing technologies and customer expectations; our ability to obtain
adequate pricing for our products and services and to maintain and
improve cost efficiency of operations, including savings from
restructuring actions; the risk that confidential and/or individually
identifiable information of ours, our customers, clients and employees
could be inadvertently disclosed or disclosed as a result of a breach of
our security systems due to cyber-attacks or other intentional acts;
reliance on third parties, including subcontractors, for manufacturing
of products and provision of services; the exit of the United Kingdom
from the European Union; our ability to manage changes in the printing
environment and expand equipment placements; interest rates, cost of
borrowing and access to credit markets; funding requirements associated
with our employee pension and retiree health benefit plans; the risk
that our operations and products may not comply with applicable
worldwide regulatory requirements, particularly environmental
regulations and directives and anti-corruption laws; the outcome of
litigation and regulatory proceedings to which we may be a party; any
potential termination or restructuring of our relationship with Fujifilm
Holdings Corporation; the proposed holding company reorganization; the
occurrence and timing of any closing of the proposed holding company
reorganization; the shared services arrangements entered into by the
Company as part of Project Own It; any potential strategic transaction
involving our customer financing business and/or related assets; and
other factors that are set forth in the “Risk Factors” section, the
“Legal Proceedings” section, the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” section and other
sections of our Quarterly Reports on Form 10-Q and our 2018 Annual
Report on Form 10-K, as well as our Current Reports on Form 8-K filed
with the Securities and Exchange Commission (SEC). Our forward-looking
statements are also subject to the risks that we may not obtain the
expected benefits of the holding company reorganization, the holding
company reorganization may result in substantial direct and indirect
costs whether completed or not, the holding company will be dependent on
the operations and funds of its subsidiaries, and our business
relationships may be subject to disruption due to uncertainty resulting
from the holding company reorganization and subsequent investments or
strategic transactions undertaken by the holding company outside of the
legacy Xerox business. These forward-looking statements speak only as of
the date of this report or as of the date to which they refer, and Xerox
assumes no obligation to update any forward-looking statements as a
result of new information or future events or developments, except as
required by law.

Xerox®, ConnectKey®, DocuShare® and
Powered by Xerox® are trademarks of Xerox in the United
States and/or other countries.