2011 RESULTS

Analysts Presentation

20 March 2012

ERIC COHEN

Chairman and CEO

DIDIER TAUPIN

Executive Vice-President

PASCAL LEVY

Chief Financial Officer

AGENDA

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Summary

Consolidated Financial Results as at Dec 31, 2011

Assessment and Prospects of the Group’s activities

2011 RESULTS

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Large Accounts Activities

Another year of very strong growth and improved market positioning

Mid-Market Activities

Return to a strategy of growth, both organic and external, as forecast

Keyrus Group

Continued strengthening of our brand image as specialists in Enterprise Information

Management and Enterprise Efficiency, a dynamic market segment.

SUMMARY

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SUMMARY

Accelerated organic growth (up 13.7% in 2011, after an 11.2% increase in 2010), driven by Large

Accounts activities, which are outperforming the market (+18.3%)

Earnings before interest and taxes showing a slight increase in our two market segments

An increased net financial debt under the effects of the increase of Working Capital Requirements but

liquid assets remain stable at €15m

The actual starting up of Keyrus Management, which has really influenced our capacity to sell complex

projects and to position ourselves far upstream on the strategic subjects of information management and

enterprise efficiency

More generally, our company’s access to a growing number of major market projects in our expertise

fields

A true capacity to deliver against our mission

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Annual revenue trends

Organic growth (2011 vs. 2010)

SUMMARY

Large Accounts

Mid Market

+ 17,5%

+ 5,0% + 8%

+ 18,3%

Organic growth

2010 2011

138,0 M€

119,7 M€

+ 15,3%

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Large Accounts 71,8% (70%)

Mid Market 28,2% (30%)

France 68,4% (70%)

Europe 18,5% (18%)

Other 13,1% (12%)

Industry 30,5% (28,8 %)

Telco 8,7% (11,3%)

Bank – Insurance 20,2% (19,9% )

Services - Retails 12,5% (14,0%)

Utilities 12,1% (10,3 %)

Public Sector 14,6% (14,5%)

Transport 1,4% (1,2 %)

By geographical area By market segment By industry

Breakdown of 2011 revenue

SUMMARY

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Operating profit growth

Net Result growth

SUMMARY

1,0 M€

2,2 M€

0,7 M€

2,0 M€ * *

2010 2011

4,5 M€

4,1 M€

2010 2011

3,0 M€

2,7 M€

+ 8,5% + 11,9%

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> Large accounts*

+ 221 employees

(incl. 44 from Vision.bi)

> Mid-Market*

+28 employees

Headcount as at December 31st

SUMMARY

Large Accounts

Mid Market

957

1032 1032

318

1253

346

2010 2011

+ 8,8%

+ 21,4%

1599

1350

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SUMMARY

Change in net debt Operating cash flow trend Year end Cash position

2010 2011

0,8 M€

2010 2011 2010 2011

7,2 M€

9,5 M€

-1,2 M€

14,9 M€ 15,0 M€

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Summary

Consolidated Financial Results as at Dec 31, 2011

Assessment and Prospects of the Group’s activities

2011 RESULTS

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Current operating profit

Dec.2010

Revenue

Non recurring items

Dec.2011

Operating profit

Financial result

Taxes

(M€)

Income statement

2011 CONSOLIDATED FINANCIAL RESULTS

138,0

4,3

0,2

4,5

(1,0)

(0,6)

3,0

119,7

4,6

(0,4)

4,2

(0,9)

(0,6)

2,7 Net income (Group share)

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Current operating profit

Large

Corporates

Revenue

Group

Operating Profit by segment

(M€)

Non recurring items

Mid

Market

Operating profit

138,0

4,3

0,2

4,5

38,9

2,4

0,0

2,4

2011 CONSOLIDATED FINANCIAL RESULTS

99,1

1,9

0,2

2,1

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Current operating profit

LC

2011

Revenue

MM

2010

Operating Profit by segment

(M€)

Non recurring items

LC

2010

Operating profit

38,9

2,4

0,0

2,4

35,9

2,4

(0,2)

2,2

2011 CONSOLIDATED FINANCIAL RESULTS

83,8

2,2

(0,2)

2,0

MM

2011

99,1

1,9

0,2

2,1

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Non current Assets

Current assets

A solid balance sheet

ASSETS (M€)

Cash

59,4

57,0

15,0

131,4 Total

Dec.

2010

L.T. liabilities

Equity

LIABILITIES (M€)

Current liabilities

32,6

24,9

73,9

131,4 Total

Dec.

2010

Dec.

2011 Dec.

2011

2011 CONSOLIDATED FINANCIAL RESULTS

43,9

51,9

14,9

110,7

29,3

18,6

62,8

110,7

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Cash generated by the activity

2010

Cash (opening)

Investment operations

Financing operations

Cash at year end

( M€)

Cash flow statement

2011

14,9

-1,2

(2,6)

(3,9)

15,0

2011 CONSOLIDATED FINANCIAL RESULTS

11,1

9,5

(3,5)

(2,2)

14,9

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Cash Flow before interest and income tax

paiments

At 31/12/10

Net profit

Income tax paiments

Working capital requirements

Cash generated by the activities

(M€)

Zoom on cash generated by the activities

At 31/12/11

2,7

6,4

(0,6)

3,7

9,5

2011 CONSOLIDATED FINANCIAL RESULTS

3,0

5,7

(1,3)

(5,6)

(1,2)

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Summary

Consolidated Financial Results as at Dec 31, 2011

Assessment and Prospects of the Group’s activities

2011 RESULTS

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Assessment and Prospects of the Group’s activities

Continued strong growth over the fiscal year

The strongest growth was in Belgium and France, the regions where our transformation is the most advanced, proof

of the relevance of our target service offering and business model

Access to some of the biggest and most complex projects in our field of activity previously restricted to

very big consulting and technology firms

Recognition of the Keyrus brand for large BI delivery projects

Keyrus also called on for BI total overhaul projects, with large, international scopes

Strong growth in our contributions to BI master plans and roadmaps

Acquisition of Vision BI in Israel

Access to very rare expertise and references in “Big Data” projects

Acquisition through Vision BI of two products, to be promoted through all our practices: “Quality Gates” (BI data

quality) and “Leganto” (acceleration of Microsoft BI developments)

Perfectly fulfils the “terms of reference” for our acquisitions: intrinsic quality and immediate potential synergies

Progress of Keyrus Management and Spikly

Broader functional and business coverage of Keyrus Management,

Stronger integration of Keyrus Management and Spikly with technology activities

Good progress in the economic performance of these two BU although they still affect short-term profitability

CORPORATE ACTIVITIES ASSESSMENT

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Assessment and prospects of the Group’s activities

CORPORATE ACTIVITIES PROSPECTS -1/2: BI AND EIM, A STRONGLY DEVELOPING MARKET

According to Gartner, in 2012, BI will again become CIOs’ top priority

A market worth 32 billion euros in services in 2011

Projected growth of 9% in 2012, likely to continue at the same level in 2013 and 2014

Much less standardization around a single supplier. Adoption of several different technologies

In 2013, 15% of BI deployments will combine collaborative and social networks in the decision-making

environment

The reasons for these movements

Big increases in volumes of data and information, their “velocity” and their variety new usable data

typologies (non-structured, voice, video, etc.)

Technologies that already offer efficient responses to these developments now exist

Increasing demand from businesses, to be processed much more quickly than before

What consequences for BI service providers ?

Must be able to master EIM, BI, EPM, analytics

Must be able to help enterprises through the entire data cycle

Be able to work on the technological and organizational levels

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Assessment and prospects of the Group’s activities

CORPORATE ACTIVITIES PROSPECTS - 2/2: KEYRUS’ RELEVANCE IN THE FACE OF THESE DEVELOPMENTS

Keyrus Management

Functional expertise: what metrics for Purchases, Human Resources, Sales, etc.

“Industry” expertise: what key indicators in Pharma R&D, market risks management, retail, etc.

“Operating systems and back office” expertise: business front systems, ERP, CRM, etc.

Organization and processes expertise

International projects management and CXOs relationships expertise

Spikly

Expertise in the digital world, e-commerce, e-reputation, social networks, etc.

Keyrus Technology

BI Platform: consulting and implementation expertise on all the major technologies on the market

New technologies, appliances, mobility, cloud, etc.

Keyrus Innovation

Proven expertise in identifying new players and successfully incubating new offerings

International

Covering North and South America, Europe, Middle East-Africa, China.

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Summary and prospects of the Group’s activities

MID-MARKET ACTIVITIES ASSESSMENT

Return to a growth strategy, both organic and external, after several years of stabilization and optimization after

the Absys and Cyborg merger

Organic growth of 5%

Acquisition of SSIN in March, 2011 to strengthen our expertise around SAGE ERP X3

Acquisition of SBI in January, 2012 to strengthen our presence in Western France

Two acquisitions that perfectly respect the group’s “terms of reference”: intrinsic value and immediate synergies

Continued progress in managing the contracts base (+11%)

Metric in constant progress, attesting the quality of service and the value of this customer relationship

Irregular progress in the sales of Licenses (+7%)

Very strong increase in sales of SAGE ERP X3

Paradoxically, the swing towards Sage was a little too strong…

Slower progress in production on new projects (+7%)

Acceleration needed in specializing sales forces and in strengthening pre-sales

Irregularity in order placement: good in autumn, weak at the end of the year, currently excellent,…

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Summary and prospects of the Group’s activities

MID-MARKET ACTIVITIES PROSPECTS

A strategy of continued growth

Organic growth by capitalizing on our important advances in positioning on the ERP SAGE X3 and on our strong position with

Microsoft as regards vertical approach

Possible targeted acquisitions of client bases and expertise in synergy with our current positions. One acquisition made, of SBI

in Brittany

Put some priority back on our “best of breed” activities: Sage Pme, 1000, etc., on which our positioning is very strong

Better balance in our level of regional performance

Positive impact of the purchase of SBI in this area

Evolution towards greater specialization of our marketing teams and reinforcement of our pre-sales capabilities

Focus points for our managers

Control the evolution of salaries

Retain the level of the Average Daily Rate

Improve the occupation rate