Dear Shareholders,

During 2010, Atos Origin achieved for the second year running, the objectives that it set out as part of its three year plan (2009 – 2011), despite the continuing difficult economic environment from which the IT sector was not exempt.

Group profitability is 6.7%, representing an increase of 107 base points in 2010, following an increase of more than 80 base points in 2009. This is perfectly in line with the objectives of our three year plan to increase profitability by 250 to 300 base points from 4.8% in 2008. The Group objective for total net debt excluding acquisitions was achieved in 2010, thanks to an increase in free cash flow (EUR 143 million, up 22%). Group net debt was EUR 139 million at the end of 2010, including EUR 143 million for acquisitions. Decline in revenue was limited to -3.5%, in line with our expectations and despite difficult conditions in some countries, specifically Germany, where the bankruptcy of one of our major clients, Arcandor, – the German distribution company – has continued to impact our financial results.

I remain convinced that reaching our objectives year after year is the best guarantee we can provide our customers, employees and shareholders to establish a long term relationships of trust, creating value for all. This year, given the improvement in net income of the Group (EUR 116 million, up 265%), the Board of Directors will propose a dividend of EUR 0.50 per share at our next Ordinary Shareholders Meeting.

On 15 December 2010, Atos Origin and Siemens announced their intention to create a global strategic alliance of a magnitude unprecedented in the IT services industry. Siemens will transfer its subsidiary Siemens IT Solutions and Services to Atos Origin. Following approval from the antitrust authorities and consultation with the work councils, your vote at the Extraordinary Shareholders Meeting will create a European IT champion, with a turnover of almost EUR 9 billion and a global workforce of nearly 80,000 employees.

Welcomed by the markets, this partnership is fully in line the strategy of the Group which has been developed with the knowledge that post crisis the IT sector will be focused on two areas – more and more industrialised traditional IT and specific and creative IT solutions that deliver added value. In the area of traditional IT, the new company will benefit from a wider European outsourcing platform, ideally positioning it to provide cloud computing services. It will also benefit from joint investment of EUR 100 million from Atos Origin and Siemens for Research & Development to create new critical IT solutions, an area in which Atos Origin is already a leader.

In 2010, your Company continued to strengthen its activities Hi-Tech Transactional Services (HTTS), including the acquisition of Shere - a provider of integrated self-service, web and desktop systems for the UK rail and hospitality markets – and Venture Infotek - a leading Indian payments processor. This second acquisition enables Atos Origin to enter one of the fastest growing payments markets in the world.

In 2011, your Group will continue its strategy of growth and performance, while continuing to place the development of its employees at the heart of its operations.

To further improve its operational performance, the company will implement the third component of its three year TOP Program (Total Operating Performance) which aims to not only reduce costs and generate cash but also to stimulate the commercial activity and to ensure that Atos Origin is a great place to work in order to attract the best engineers worldwide. Among the initiatives underway, we continue our Lean Management Program which aims to increase the efficiency of our operations; the quality of our services to our customers and the investment in our employees. This program will of course be extended to include the acquisition of Siemens IT Solutions and Services.

To stimulate growth and in anticipation of the return of market growth, your Group will continue to invest significantly in innovation and to be supported by the Scientific Community, which I created in 2009 to bring together the top 60 scientists from across the Group. In 2010 we launched several new technology offerings for cloud computing (Atos Sphere); green IT (zero carbon ambition); smart utilities (Intelligent Smart Grid and Smart Utilities); Enterprise Content Management (ECM) and social media (Social Business Solutions). We also set ourselves the ambition to be the first company worldwide to eradicate email as a tool for internal communication and to replace it by more innovative and effective solutions. We also decided to reduce and offset all the carbon emissions produced by our data centers, making Atos Origin in 2011 the first IT services provider to offer carbon neutral IT hosting services. Behind all these initiatives is our simple goal to help and support our customers to reinvent their models of future growth at a time of massive change that can affect them financially, economically, technologically and socially.

In early 2010 I launched my ambition for “Well Being @ Work” as I want to ensure that our people are at the heart of the reinvention of your company. This program has two aims. First, that Atos Origin is recognized as one of the best companies in terms of work environment in order to attract the most talented engineers around the world. Secondly, to anticipate and support new ways of working through the development and use of new technologies. Our new Campus Atos Bezons near Paris, which was developed in close association with the “Well Being @ Work” Council which includes thirty young talents from across the Group, already provides a showcase for the workspace of the future. It offers our employees a full range of services being equipped with the latest technology solutions and design features, as well as being certified as one of the greenest buildings in Europe.

In summary, I remain convinced that while respecting our commitments semester after semester, demonstrating our ability to execute our transformation plan perfectly and anticipating the new technology trends post-crisis, at Atos Origin we have all the ingredients for success. The partnership with Siemens - with your approval - will transform your company into on of the world leaders in information technology. This is for you, respected shareholders, the Board of Directors and myself the best way to thank all those who contribute to our development and the realisation of our objectives by participating in a lasting way to create shared value.

Thierry BRETON,
Chairman and Chief Executive Officer