Unisys Investor Presentation...ClearPath is a Mission-Critical Operating Platform “No other server maker mixing various server architectures has done anything even close to as elegant

Ed Coleman, Chairman & CEO

Janet Haugen, SVP & CFO

Unisys Investor Presentation

www.unisys.com/investor March 2014

© 2014 Unisys Corporation. All rights reserved. 2

Disclaimer

• Statements made by Unisys during today's presentation that are not historical facts, including those regarding future performance, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ from expectations. These risks and uncertainties are discussed in the company's reports filed with the SEC and in today's earnings release.

• This presentation also includes non-GAAP financial measures, including: non-GAAP Operating Profit, Net Cash (Debt), non-GAAP Diluted Earnings per Share, Free Cash Flow, EBITDA, and Adjusted EBITDA. Definitions of these non-GAAP financial measures and reconciliations to GAAP measures are included in this presentation.

• The financial information in this presentation is as of January 30, 2014 and Unisys undertakes no duty to update this information.


Unisys Corporation

Delivering a safer and more secure connected world

A company defined by:

• Mission-critical IT Solutions and Technology

• Extraordinary engineering capability

and mindset

– A continuing history of industry

“firsts” for over 125 years

• A deep reservoir of intellectual capital

• A passion for service excellence

• Global reach

• A strong partner ecosystem

• Tremendous client loyalty


Unisys Corporation

A company who has over the last 5 years:

• Significantly improved the competitiveness of the

company’s portfolio and cost structure

• Finished 2013 as its 5th consecutive year of profitability

and free cash flow

• Reduced its debt by $1 billion

• At December 31, 2013, cash balance of $640M exceeds

its $210M of debt

• From a low point in early March 2009, the closing share

price on February 28, 2014 represents a 10X

improvement

• Despite an increase of over $150M in its underfunded

pension position (from $1.3B to $1.5B)

• Invested in developing and bringing innovative software

products and solutions to market which solve the

challenge of …

Delivering a safer and more

secure connected world


Who We Are Growth Through

Disruptive Trends Our Areas of Strength

• $3.5B provider of

mission-critical IT

solutions

• Serving Fortune

500 corporations,

national and local

governments

around the globe

• Clients in 80+

countries across

the globe

• 23,000 employees

Security (including our Stealth

cybersecurity offerings)

Data Center

Transformation and

Outsourcing (including our ClearPath and

Forward! products)

Application

Modernization

and Outsourcing

End User

Outsourcing

and Support

Unisys Corporation


Mission Critical in 2014 – What’s Changed?

Breadth of mission-critical applications and services

• Proliferation of apps — from back office to front office

• From data centers to web to smartphones to “internet of things”

• Critical processes being automated at an accelerating rate

• Increasing interactions between applications and services

• Tailored for “me” as a customer or as an employee

• Volume of mission-critical work creates desire to use commodity technology

Expectations

• Then: Reliability, predictability, seasonal capacity, transactions equal revenue

• Now: “Always on, always up;” cross- platform and cross-network security; immediate (flash!) capacity; transactions equal price checks

• Immediate: “customer satisfaction surveys” via Twitter

Complexity

• Single vendor protocols versus multi-vendor interoperability

• Size, scope, speed of change and security threats are too complex to manage defensively or reactively


Requirements for Mission-Critical IT Services

System integration and IT outsourcing services must support this more demanding IT environment

• Seamless and uninterrupted customer and employee experience

• Certified delivery processes

• Persona-based end user support across multiple channels and devices

• Service improvement through increased use of application and end user analytics

• Seamless provisioning and integration of applications across multiple platforms – cloud integrator, hybrid enterprise

• Capability delivered via an “as a service model”


IT Outsourcing: Data Center and End User

“Strong Performer”

Forrester Research, Inc.

March 2013 report The Forrester WaveTM:

Global Workplace Services

“Visionaries” Quadrant

Gartner, Inc.

2013 Magic Quadrant report for Managed Mobility Services

"Leaders" Quadrant

Gartner, Inc.

2013 Magic Quadrant report on End-User Outsourcing Services

in North America.

“Challengers” Quadrant

Gartner, Inc.

2013 Magic Quadrant report for Data Center Outsourcing and

Infrastructure Utility Services in North America

http://www.google.com/imgres?imgurl=http://www.tran-solution.net/resources/HENKEL_logo02.jpg&imgrefurl=http://www.tran-solution.net/our-clients.php&h=561&w=950&sz=122&tbnid=PJn9mQb2bROr5M:&tbnh=87&tbnw=148&prev=/search?q=Henkel+logo&tbm=isch&tbo=u&zoom=1&q=Henkel+logo&hl=en&usg=__N7Oadk3Z4PA0ebx3u00UtOxmm4g=&sa=X&ei=9YtbTrPsGLHE0AH6we2TCQ&ved=0CBoQ9QEwAw

http://www.defence.gov.au/


Brazil Ports –

Intelligent Carrier

International

Thermonuclear

Experimental

Reactor (ITER):

End-to-End

Security Project

Targeting and

Analysis

Systems Program

Office (TASPO)

U.S. National

Archives

and Records

Administration

New Zealand

Transport Agency

Registry Systems

Modernization

Systems Integration

Application Modernization Security

Michigan

SACWIS


Requirements for Mission-Critical Systems

Today’s mission-critical infrastructures must provide

• a mission-critical fabric across end points, applications and infrastructure

• using cost-effective technology and open industry standards

• Zero-trust security across users, applications and data centers


Our Technology

ClearPath

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ClearPath is a Mission-Critical Operating Platform

“No other server maker mixing various server

architectures has done anything even close

to as elegant a job at converging platforms as

Unisys has done.”

- The Register, September 2013

ClearPath Attributes

Reliability and

Resiliency Security

Mobile

Computing Agility

Automation

Scalability


Unmatched Security Record of Unisys ClearPath

Operating System Number of Vulnerabilities Date of Last Vulnerability Compromised User Data

Unisys ClearPath OS2200 0 - No

Unisys ClearPath MCP 1 12/31/2002 No

IBM iSeries 21 06/11/2009 Yes

IBM zSeries 23 01/02/2014 Yes

OpenVMS 35 12/13/2012 Yes

HP-UX 325 07/29/2013 Yes

AIX 351 10/04/2013 Yes

Unix 666 12/28/2013 Yes

Solaris 894 01/15/2014 Yes

Windows 3,365 02/06/2014 Yes

Linux 4,190 02/10/2014 Yes

Data collected 2/10/14 This chart was developed by Unisys and represents Unisys’ interpretation of publically available NIST Data.

“Unisys has made a significant breakthrough with its advanced ClearPath architecture, achieving one

of the highest levels of security that any systems provider had delivered on the Intel Xeon Processor

platform.”

- Intel Corporation, March 2013


The Forward! Program extends the Unisys mission critical brand to the Linux

and Windows environments, providing a compelling alternative to Unix systems.

SPC Cloud

Management

High Speed

Interconnect

Technology

Fabric

Management

Environment

Linux &

Windows

Stealth Data

Security

“Big Data”

Hadoop

Platform

Forward!

Unisys Intel Platform

Hardened

Linux

Any Application Workload

Secure

Windows

s-Par™

Forward! OS Services



Unix (HP-UX, Solaris, AIX) Workload Migration to Linux on Forward!

• Unix like partitioning, reliability, availability and security capabilities with Enterprise class support

• Better price/performance ratio and time to deployment

• Improved agility of platform

Consolidation of non-virtualized workloads from Linux/Windows to Forward!

• Enterprise class partitioning on Industry standard Intel Xeon platform for 6:1 consolidation

• Improved predictive performance, security in a scale out fabric architecture for mission-critical workloads with better price/performance

SAP ERP Workload Migration from Unix to Linux or Windows to Windows on Forward!

• SAP performance improvement via high speed interconnect across multi-nodes

• Predictability of application performance for Unix like RAS with better Price/Performance

• Ideal architecture for HANA based applications modules.

One platform. No second thoughts.



• Cybersecurity software, running on Windows and Linux computers

• Provides compartmentalized security by implementing virtual communities of interest (COI) for predetermined endpoint users

• Authenticates and authorizes users based on identity, not network topology

• Because it executes between the network and link protocol layers, it has no effect on applications or existing networks

• Makes systems undiscoverable by attackers

Stealth Shim

7. Application

6. Presentation

5. Session

4. Transport

3. Network

1. Physical

2. Link

NIC


Stealth for Cloud

• Stealth for Amazon Web Services

• Secure Private Cloud

Stealth for Mobile

Network Security

• Data Center Segmentation

• Stealth for XP

• Regional Isolation

• Secure Remote Access

• Secure Virtual Terminal

You Can’t Hack What You Can’t See.


Growth Drivers 2014-2016

• Technology

– Forward! fabric based servers

– Unisys Stealth cybersecurity software

– Continued innovations in ClearPath

• Services

– End User Outsourcing

– Cloud-based and SaaS delivery models

– Unisys software & solutions content

– Application Managed Services

• Reseller Channel


2014 Financial Goals

• Return the Company to revenue growth

– Services flat to slight growth – consistent with the market

– Technology growth driven by new innovative products

• Stealth and Forward!

• Invest in the new products with 2014 incremental operating expenses of 1-2% of total revenue ($35 million - $70 million)

• Targeting pretax profit growth versus 2013, net of the incremental operating expenses

• Free cash flow in 2014 impacted by:

– Increased operating expenses to support growth

– Potential incremental capital expenditures of $50 million

– Increase of $85 million in annual pension contributions


Summary

• 2013 was our 5th consecutive year of profitability and positive free cash flow

• Focused on driving profitable top-line growth

• Continued progress in developing new, innovated products and solutions

• Investing in growth programs to position Unisys for 2014 and beyond

© 2014 Unisys Corporation. All rights reserved.

Thank You


U.S.

Federal

15%

Revenue by

Industry

Revenue By Business

$1,176

$957

$428

$253 $182

$461

$0

$250

$500

$750

$1,000

$1,250

$1,500

InformationTechnologyOutsourcing

Systems Integration InfrastructureServices

Business ProcessOutsourcing

Core Maintenance Technology

$M

U.S.

Federal

15%

2013 Revenue Overview

Services = 87% Tech. = 13%

Unisys 2013

Customer

Revenue

$3,457M

Revenue by

Geography

Europe 33%

North America

41%

Latin America

12% Asia

Pacific 14%

Public Sector

41%

Commercial 36%

Financial 23%


$M (excluding EPS) 4Q13 4Q12 Y/Y Ch FY13 FY12 Y/Y Ch

Revenue

• Gross Profit

• Gross Profit Margin

$996

$315

31.7%

$979

$286

29.2%

2%

10%

2.5 pts

$3,457

$848

24.5%

$3,706

$974

26.3%

(7%)

(13%)

(1.8 pts)

Operating Expenses (SG&A plus R&D)

• Operating Profit

• Operating Profit Margin

$160

$156

15.7%

$171

$115

11.7%

(7%)

36%

4.0 pts

$629

$220

6.4%

$654

$319

8.6%

(4%)

(31%)

(2.2 pts)

Interest Expense $2 $3 $10 $28

Other Income (Expense) ($1) ($3) $10 ($38)

Pretax Income $152 $109 39% $219 $254 (14%)

Tax Provision $28 $21 $99 $97

Net Income $117 $82 44% $92 $129 (29%)

Diluted Earnings per Share $2.37 $1.67 42% $2.08 $2.84 (27%)

Non-GAAP Diluted Earnings per Share* $2.82 $2.27 24% $3.87 $5.50 (30%)

Financial Results

*See Schedules A and B: GAAP to non-GAAP Reconciliation


Cash Flow Comparison

$M 4Q13 4Q12 FY13 FY12

Cash Flow From Operations $141 $154 $187 $261

Capital Expenditures $48 $36 $151 $132

Free Cash Flow* $93 $118 $36 $129

Pension Funding $45 $26 $147 $201

Free Cash Flow Before Pension Funding* $138 $144 $183 $330

Depreciation & Amortization $39 $46 $160 $175

EBITDA** $191 $155 $377 $445

Adjusted EBITDA** $215 $187 $471 $584

Cash Balance at December 31 $640 $656

Debt Balance at December 31 $210 $210

Net Cash at December 31 $430 $445

See Schedules *C and **D: GAAP to non-GAAP Reconciliation


Capital Structure

FY13 FY12

Debt Balance ($M)* $210 $210

Common Shares Outstanding (millions) 44.0 44.0

Preferred Shares Outstanding (millions)** 2.6 2.6

*The $210 million debt balance at December 31, 2013 is comprised of 6.25% senior notes due in 2017 which were

issued in the third quarter of 2012.

**All of the 2.6 million shares of the Unisys 6.25% mandatory convertible preferred stock converted into common stock

effective March 1, 2014. The conversion rate per share of mandatory convertible preferred stock was 2.6717 shares of

common stock for a total of approximately 6.9 million common shares.


Defined Benefit Pension Plans

$6.2 $6.7

$8.6 $8.2

-$2.4

-$1.5

-$4

-$2

$0

$2

$4

$6

$8

$10

Assets

Liabilities

Deficit

$B December 31, 2012 December 31, 2013

In accordance with U.S. GAAP, discount rates are set annually at December 31.


Additional Pension Information

Worldwide P&L Impact ($M) 2013 2014E

Total Pension Expense $93.5 $78.2

U.S. Qualified Defined Benefit Pension Plan

Expected Return on Assets 8.00% 7.72%

Actual Return 16.42% --

U.S. GAAP Discount Rate at 12/31/12

4.01%

at 12/31/13

5.02%

International Qualified Defined Benefit Pension Plans

Expected Return on Assets 6.40% 6.45%

Weighted Average U.S. GAAP Discount Rate at 12/31/12

3.92%

at 12/31/13

4.15%

All estimates are based on expected asset returns and discount rate assumptions as calculated at December 31, 2013.


Estimated Future Pension Cash Contributions as of December 31, 2013

The funding estimates for our U.S. qualified defined benefit pension plan are based on current estimated asset returns and the funding discount

rates used for the U.S. qualified defined benefit plan which have been updated to reflect the 2014 discount rates. The future funding

requirements are likely to change based on, among other items, market conditions and changes in discount rates.

Current estimates for future contributions to international plans are based on local funding regulations and agreements and are likely to change

in 2015 and beyond based on a number of factors including market conditions, changes in discount rates and changes in currency rates.


Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding the company's results as determined by generally

accepted accounting principles (GAAP), the company also discusses, in its earnings press release and/or earnings

presentation materials, the following non-GAAP information which management believes provides useful information to

investors.

Non-GAAP Operating Profit – In order to provide investors a better understanding of the company's operational results, this measure

attempts to show operating profit excluding the effect of pension income and expense.

Net Cash (Debt) – In an effort to help investors better understand the debt held by the company, this measure takes into account not

only the total debt obligations of the company, but the significance of debt compared to its cash balances. Net Cash is calculated by

subtracting Long-Term Debt from the company's cash balance.

Free Cash Flow – To better understand the trends in our business, we believe that it is helpful to present free cash flow, which we

define as cash flow from operations less capital expenditures. Management believes this measure gives investors an additional

perspective on cash flow from operating activities in excess of amounts required for reinvestment. Because of the significance of the

company's pension funding obligations in 2013 and 2012, free cash flow before pension funding is also provided.

EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an approximate measure of a company's

operating cash flow based on data from the company's income statement. EBITDA is calculated as earnings before the deduction of

interest expenses, taxes, depreciation, and amortization. Management believes this measure may be relevant to investors due to the

level of fixed assets and related depreciation charges. This measure is also of interest to the company's creditors, since it provides a

perspective on earnings available for interest payments.

Adjusted EBITDA – Unisys completed debt reductions in 2012. As a result of these reductions, Unisys recorded pretax debt reduction

charges of $30.6. There were no debt reductions during 2013. The company also recorded pretax pension expense of $24.1 million

and $31.5 million, respectively, during the fourth quarter of 2013 and 2012. Unisys recorded pretax pension expense of $93.5 million

and $108.2 million, respectively, during 2013 and 2012. In order to provide investors with additional understanding of the company's

operating results, these charges are excluded from the Adjusted EBITDA calculation.


Schedule A: GAAP to Non-GAAP Reconciliation

Trailing Twelve Months Operating Profit Excluding Pension

$M 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Reported

Revenue 1,269.3 1,242.3 1,213.0 1,043.8 1,076.9 1,106.4 1,158.6 977.4 1,037.0 960.6 1,044.6 911.2 937.2 1,020.1 985.3 928.4 921.3 877.4 979.3 809.9 858.6 792.1 995.9

Operating

Profit 14.8 23.2 (55.7) 15.2 69.1 111.6 134.1 58.5 106.5 76.1 134.6 41.9 48.1 113.0 121.6 64.4 79.0 61.2 114.6 1.6 38.0 24.0 155.9

Pension

(Inc)/Exp (8.8) (15.0) (16.0) (2.9) (8.9) (5.2) (6.6) (0.3) (1.2) (0.8) (0.6) 9.0 8.7 8.5 8.1 25.7 21.1 29.9 31.5 23.2 22.8 23.4 24.1

TTM

Revenue 4,768.4 4,576.0 4,440.1 4,385.7 4,319.3 4,279.4 4,133.6 4,019.6 3,953.4 3,853.6 3,913.1 3,853.8 3,871.0 3,855.1 3,712.4 3,706.4 3,587.9 3,525.2 3,439.9 3,456.5

TTM

Operating

Profit

(2.5) 51.8 140.2 330.0 373.3 410.7 375.2 375.7 359.1 300.7 337.6 324.6 347.1 378.0 326.2 319.2 256.4 215.4 178.2 219.5

OPM % (0.1%) 1.1% 3.2% 7.5% 8.6% 9.6% 9.1% 9.3% 9.1% 7.8% 8.6% 8.4% 9.0% 9.8% 8.8% 8.6% 7.1% 6.1% 5.2% 6.4%

Excluding

Pension

Op Profit

Excluding

Pension

6.0 8.2 (71.7) 12.3 60.2 106.4 127.5 58.2 105.3 75.3 134.0 50.9 56.8 121.5 129.7 90.1 100.1 91.1 146.1 24.8 60.8 47.4 180.0

TTM Op

Profit

Excluding

Pension

(45.2) 9.0 107.2 306.4 352.3 397.4 366.3 372.8 365.5 317.0 363.2 358.9 398.1 441.4 411.0 427.4 362.1 322.8 279.1 313.0

OPM % (0.9%) 0.2% 2.4% 7.0% 8.2% 9.3% 8.9% 9.3% 9.2% 8.2% 9.3% 9.3% 10.3% 11.4% 11.1% 11.5% 10.1% 9.2% 8.1% 9.1%


Schedule B: GAAP to Non-GAAP Reconciliation

Net Cash (Debt)

$M 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Long-Term Debt

(Including

Current

Maturities)

1,060.6 1,060.3 1,061.2 911.0 911.7 847.4 836.4 837.5 824.0 619.3 447.4 445.3 359.7 295.5 292.4 210.8 210.3 210.7 210.4 210.1 210.0

AR

Securitization /

Revolver Usage

141.0 120.0 130.0 118.0 100.0 - - - - - - - - - - - - - - - -

Subtotal 1,201.6 1,180.3 1,191.2 1,029.0 1,011.7 847.4 836.4 837.5 824.0 619.3 447.4 445.3 359.7 295.5 292.4 210.8 210.3 210.7 210.4 210.1 210.0

Cash 544.0 468.7 475.0 473.6 647.6 468.5 496.5 688.7 828.3 833.1 625.0 667.3 714.9 654.7 659.7 541.6 655.6 628.6 575.6 555.9 639.8

Net Cash (Debt) (657.6) (711.6) (716.2) (555.4) (364.1) (378.9) (339.9) (148.8) 4.3 213.8 177.6 222.0 355.2 359.2 367.3 330.8 445.3 417.9 365.2 345.8 429.8


Schedule C: GAAP to Non-GAAP Reconciliation

Free Cash Flow

$M 4Q13 4Q12 FY13 FY12

Cash Provided by Operations $141.2 $153.9 $187.4 $261.3

Capital Expenditures (48.4) (35.9) (151.4) (132.6)

Free Cash Flow $92.8 $118.0 $36.0 $128.7

Pension Funding 45.6 26.4 147.2 201.5

Free Cash Flow Before Pension Funding $138.4 $144.4 $183.2 $330.2


Schedule D: GAAP to Non-GAAP Reconciliation

EBITDA and Adjusted EBITDA

$M 4Q13 4Q12 FY13 FY12

Net Income Attributable to Unisys $121.5 $85.9 $108.5 $145.6

Interest Expense 2.2 2.5 9.9 27.5

Income Tax Provision 28.2 20.5 99.3 97.3

Depreciation & Amortization 38.7 46.2 159.6 174.6

EBITDA $190.6 $155.1 $377.3 $445.0

Debt Reduction Charges -- -- -- 30.6

Pension Expense 24.1 31.5 93.5 108.2

Adjusted EBITDA $214.7 $186.6 $470.8 $583.8

Earnings before Interest, Taxes, Depreciation and Amortization

© 2014 Unisys Corporation. All rights reserved.

www.unisys.com