\nSTARTEEPO SICAV a.s. (\u201cSTARTEEPO\u201d), which beneficially owns 7.34% of Xerox Holdings Corporation (\u201cXerox\u201d or the \u201cCompany\u201d) (NASDAQ: XRX) in stocks and options, today issued the following letter to the Xerox Board of Directors (the \u201cBoard\u201d):<\/p>\n
\nOctober 19, 2026<\/p>\n
\nThe Board of Directors
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Xerox Holdings Corp.
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401 Merritt 7
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Norwalk, CT 06851<\/p>\n
\nDear Members of the Board:<\/p>\n
\nOur open letter<\/a> to the Board in early September helped spark a lively conversation about the future of this iconic company among investors and throughout the print industry. Despite these efforts, Xerox\u2019s share price still does not reflect the significant value we see in the Company, a gap recently confirmed by Citi\u2019s downgrade of Xerox stock to reflect the challenge of executing in \u201ca structurally challenged print market.\u201d<\/p>\n \nSince our September letter, we\u2019ve continued to actively engage with Xerox, including at the recent PRINTING United Expo in Las Vegas, and our conversations have been encouraging. We greatly appreciate the willingness members of the Board and management team have demonstrated to consider our ideas to create meaningful value for shareholders. As a committed, long-term investor in Xerox, we continue to hold a deep conviction in the compelling opportunity to create shareholder value through bold action beyond simply executing the Company\u2019s existing strategy.<\/p>\n \nAs we have made clear in our discussions with management and in our public communications, we expect Xerox to use its upcoming third-quarter results announcement on October 29, 2026, to update shareholders regarding certain crucial initiatives. To reiterate what we called for in our previous communications, we believe that the Company can create significant value for shareholders by increasing transparency about the performance of Xerox Financial Services (XFS), evaluating strategic alternatives for that business unit, and continuing to deleverage the Company\u2019s balance sheet, all without relaxing capital discipline.<\/p>\n \nIn particular, we renew our call for the Board to unlock the considerable value we see in the hidden gem of XFS.We estimate that, based on precedent transactions, the XFS business could be worth roughly $7.69 per share \u2013 more than double the current share price for the entire Company.1<\/sup> We believe that, in its earnings disclosures, Xerox needs to help investors better understand and properly value this important business unit by providing greater detail, including its receivables, funding, spread, credit performance, and return on equity. We believe that the third-quarter earnings call would be an ideal opportunity for management to communicate its strategy for the XFS book, including perspective on the current strategy, the expected trajectory of finance receivables, and the role of the business within Xerox. Greater clarity on these matters should help reduce the uncertainty discount the market applies to these assets.<\/p>\n \nWe have also called upon the Board to hire financial advisors to undertake a formal strategic review of the XFS business, evaluating all available paths to unlock value. As we have previously noted, this structured process should be Board-led, with independent advice, defined criteria, and a clear timetable. We encourage the Company to provide an update on this matter during the third-quarter call, as well as on its continued progress in deleveraging the Xerox balance sheet in advance of the Company\u2019s debt maturities approaching in 2028.<\/p>\n \nThe successful deleveraging of Xerox\u2019s balance sheet would likely lead to a re-rating of the stock. In such a scenario, we believe that Xerox could eventually be worth up to $3.3 billion in equity value to potential suitors, representing more than $18 per share, should the Board choose to pursue additional strategic alternatives in the future.1<\/sup><\/p>\n \nWe will listen to the call with great interest and believe now is the time for the Board to take bold action to unlock the value of Xerox.<\/p>\n \nSincerely,<\/p>\n \nFranti\u0161ek Bostl \nIn addition, STARTEEPO announced that its Founder and Chairman, Franti\u0161ek Bostl, will be interviewed at the Skytop Conference on Shareholder Engagement & Communication<\/a> in London on October 29, 2026. The session, entitled \u201cRebuilding American Icons: European Activists Accelerating Change at U.S. Companies,\u201d will explore how European governance expectations for transparency, accountability, long\u2011term value creation, and disciplined communication can accelerate change at iconic U.S. companies such as Xerox.<\/p>\n \nSTARTEEPO\u2019s estimate is based on Xerox\u2019s publicly disclosed expectations for finance receivables at year-end 2026 and applies a valuation methodology consistent with Xerox\u2019s own historical approach to valuing its financing business, including the methodology presented in Xerox\u2019s December 2022 Investor Day materials for FITTLE, the predecessor branding of XFS. STARTEEPO then benchmarked this methodology against precedent equipment-finance transactions, as described in the presentation accompanying the letter and posted to STARTEEPO\u2019s website. The resulting valuation represents STARTEEPO\u2019s estimate and is not Company guidance.<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261019669249\/en\/<\/a><\/span><\/p>\n Investor Contact
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Chairman of the Board
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STARTEEPO SICAV a.s.<\/p>\n\n
\n __________________<\/td>\n<\/tr>\n \n 1<\/td>\n \n <\/p>\n
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<\/b>Franti\u0161ek Bostl
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<\/b>bostl@starteepo.com
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420 604 215 002
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www.starteepo.com\/en<\/a><\/p>\n