#1Bond investor presentation June 2015 Strictly private and highly confidential Your business technologists. Powering progress Atos#2Disclaimers Bond investors presentation June 2015 This document does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction. This document has been prepared for the sole purpose of the use at meetings with prospective investors to be held in connection with the private placement of bonds by Atos. Participants to the meeting should read publicly available information regarding Atos and the Group, including the 2014 Reference Document filed with the Autorité des marchés financiers (AMF) on April 1, 2015 under the registration number: D15-0277 and the Prospectus that is expected to receive the AMF's visa prior to the issuance of the bonds. Investors' attention is drawn to the risk factors set out in the Reference Document and to be described in the section "Risk factors" of the Prospectus which has been submitted to the AMF. Investment decisions should be made solely on the basis of the full prospectus that will be the subject of a visa by the AMF. This document contains forward-looking statements that involve risks and uncertainties concerning the Group's expected growth and profitability in the future. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described. No one should therefore unduly rely on these forward-looking statements as they reflect only the judgment of Atos' management at the date of this presentation and are not intended to give any assurances or comfort as to future results. Other than as required by applicable law, Atos does not undertake any obligation to update or revise any forward-looking information or statements. Business Units include Germany, France, United-Kingdom & Ireland, Benelux & The Nordics (BTN: The Netherlands, Belgium, Luxembourg, Denmark, Finland, Sweden, and Estonia), Worldline, North America (USA and Canada), and Other Business Units including Central & Eastern Europe (CEE: Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Greece, Hungary, Italy, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Switzerland and Turkey), Iberia (Spain, Portugal, and Andorra), Asia-Pacific (Australia, China, Hong Kong, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand), Latin America (Brazil, Argentina, Mexico, Colombia, Chile and Uruguay), India, Middle East & Africa (IMEA: Algeria, Benin, Burkina Faso, Egypt, Gabon, India, Ivory Coast, Lebanon, Madagascar, Mali, Mauritius, Morocco, Qatar, Saudi Arabia, Senegal, South Africa and UAE), Major Events, and Cloud & Enterprise Software. Your business technologists. Powering progress 2 Atos#3Atos key strengths 1 Leading market position in Europe in digital services 2 Ability to serve clients worldwide 3 Strong visibility on future revenue 4 Enhanced offerings, further scaled with Bull and Xerox ITO 5 Track record of M&A value creation and integration Bond investors presentation June 2015 6 Conservative financial policy, backed by a sustained net cash position Your business technologists. Powering progress 3 Atos#4Agenda 1. Atos ID card 2. Business strategy 3. Financial performance 4. Key Credit highlights 5. Q&A session Bond investors presentation June 2015 Your business technologists. Powering progress 4 Atos#51 ATOS ID CARD Bond investors presentation June 2015 Your business technologists. Powering progress 5 Atos#6A strong and experienced Management team Thierry Breton Chairman and CEO Charles Dehelly SEVP GMC Member Gilles Grapinet SEVP Worldline CEO GMC Member Bond investors presentation June 2015 A former French Minister of Economy, Finance and Industry, Thierry Breton was Chairman and CEO of France Telecom, the second largest European telecom operator and Chairman and CEO of Thomson. He also served as Executive Managing Director and Vice Chairman of the IT group Bull. Thierry Breton was a Professor at Harvard Business School, teaching leadership and corporate governance. He is a holder of the prestigious award of Officier de la Légion d'Honneur and Commandeur de l'Ordre National du Mérite. Charles Dehelly began his career at the Thomson Group where in 1981 he was CEO of Home Appliance divisions and later CEO of the Television division. Joining the Bull Group in 1992 as Group Chief Operating Officer, he returned to Thomson in 1998 as Chief Operating Officer then as Chief Executive Officer. In 2004 he became CEO of the Equant Group, then CEO of the Arjowiggins Group. Michel-Alain Proch SEVP GMC Member Michel-Alain Proch started his career at Deloitte Paris in 1991 and then in London. Moving to Hermès in 1998 as Director of Internal Audit, he was appointed in 2002 Chief Financial Officer for the Americas, based in NY. He joined Atos as Senior Vice President Internal Audit & Risk Management before being appointed Executive Vice President and Group CFO in 2007 and supervising IT & Processes, Real Risk Estate, Pensions, Operational Management, Bidding Control and Security. In 2015 he was promoted Senior Executive Vice President. * GMC: General Management Committee, led by Atos Chairman & CEO Your business technologists. Powering progress 6 Gilles Grapinet's previous roles include in 1992 financial auditor, Head of Strategy & Information Systems of the French tax directorate, Director of the nationwide Copernicus program for IT transformation of the tax administrations and in 2007 Executive Committee member at Credit Agricole SA, in charge of Payment systems & Services. From 2003 to 2007, he served as advisor for Economic & Financial Affairs to the French Prime Minister and as Chief of Staff for two French Ministers of Economy and Finance. Elie Girard EVP Group CFO Elie Girard began his career in 2001 at Andersen, then joined in 2002 the Ministry of the Economy, Finance & Industry in the Treasury Department. Between 2004 and 2007, he worked for the Office of Thierry Breton, the Minister for the Economy, Finance & Industry in France. He joined Orange in 2007 and was appointed Chief of Staff to the Chairman and Chief Executive Officer. Since was September 2010, he EVP in charge of Strategy & Development of the Orange Group. He joined Atos in 2014 as Deputy CFO of Atos Group and was appointed Group CFO in 2015. Atos#7Atos' journey over the last 6 years Revenue Atos Origin in 2008* €5.6bn Atos in 2014* €9.1bn Bond investors presentation June 2015 Δ +65% Operating margin 4.7% 7.8% +310bps Headcount 51,000 86,000 +68% Net cash/ (debt) (c304m) €989m +€1,294m Free cash flow (€52m) €367m +€419m Market cap €1.2bn €6.7bn x5.6 * statutory figures Atos Your business technologists. Powering progress 7#8Atos addresses clients' needs and market trends within 2 sub-groups Bond investors presentation June 2015 IT Services c. €8.8bn 88% Managed Services & BPO Workplace Services Application Operations Project Services Managed Infrastructure Solutions Network and Communications Business Process Outsourcing Consulting & Systems Integration Consulting & Technology Services ERP Implementation & Integration Solutions design, development, testing & deployment Application Management Big Data & Cyber-security Data analytics High Performance Computing Cyber-security Securization of the command systems canopy the atos cloud Cloud & Enterprise software worldline an atos company Merchant Services and Terminals Commercial Acquiring Online Services c. €1.1bn 12% Private Label Cards & Loyalty services Terminals Financial Processing and Software Licensing Issuing Processing Acquiring Processing Online Banking Software Licensing Mobility and e-Transactional Services e-Consumer & Mobility e-Ticketing e-Government Collection Based on FY 2014 statutory revenue (4 months of Bull contribution) Your business technologists. Powering progress 8 Atos#9An integrated global leader in Digital Services ... worldline e-payment services € 1.1 billion One of Europe's leading providers of electronic payment and transactional service € 9.7 billion 2014 pro forma revenue* Managed Services € 4.6 billion #1 European in Europe 39% 58% Bond investors presentation June 2015 Consulting & Systems Integration € 3.1 billion Leading service provider 12% 88% 3% Big Data & security € 0.2 billion (4 months only) Trusted operator for enterprise data * pro forma revenue including 12 months of Bull contribution. Pie charts based on FY 2014 statutory revenue (4 months of Bull contribution) Your business technologists. Powering progress 9 Atos#10...with a diversified income base... 2014 revenue by geography Bond investors presentation June 2015 2014 revenue by vertical Germany & Central Europe € 1.6 billion Benelux & The Nordics € 1.4 billion Department for DWP Work and Pensions Bundesagentur für Arbeit Public & Home Office UK Border Agency TELECOM ITALIA SNCF Mc Graw Hill France € 1.7 billion 19% 15% 18% UK & Ireland € 1.8 billion 10% Central & Eastern Europe € 0.9 billion Health € 2.4 billion NHS 26% SCOTLAND 22% NDL Nuclear Decommissioning Authority 7% North America 18% € 0.6 billion ZEISS W 34% 12% Rest of the World 20% € 1.1 billion SIEMENS Manufacturing, Retail & Transportation € 3.0 billion ThyssenKrupp NOSA DAIMLER Vehicle & Operator Services Agency Based on FY 2014 statutory revenue (4 months of Bull contribution) Your business technologists. Powering progress 10 Microsoft eDF orange Telcos, Media & Utilities € 2.0 billion GDF svez kpn national savings & investments CA ns&i Financial Services € 1.6 billion achmea BNP PARIBAS Morgan Stanley LA POSTE ING Atos#11...and a strong visibility on future revenue Bond investors presentation June 2015 Large part of recurring revenue deriving from multi-year contracts ▸ Managed Services, Worldline, Application Management, and Atos Worldgrid multi-year contracts Cyclical businesses Backlog: Strong visibility Full backlog at € 16.2 billion at the end of 2014, representing 1.7 years of revenue* 28% 72% Multi-year contracts Managed Services 22% Consulting & Systems Integration 64% 3% Big Data & Cyber-Security 10% Worldline Healthy qualified pipeline at € 5.5 billion representing 6.8 months of revenue* * 2014 pro forma revenue including 12 months of Bull contribution. Pie charts based on FY 2014 statutory revenue (4 months of Bull contribution) Your business technologists. Powering progress 11 Atos#12Atos presence worldwide Complementary workforce with Xerox ITO expanding Atos footprint in the US Xerox ITO's workforce distribution enhances Atos' offshore strategy Circa 50% of Xerox ITO'S employees based in low cost countries Highly complementary footprint to Atos' North UK & Ireland Bond investors presentation June 2015 + Xerox ITO Europe: 1,080 Benelux & the Nordics 7,600 Central & Eastern Europe 10,500 11,300 France America 17,200 Germany 3,300 9,500 + Xerox ITO: Iberia 6,200 4,500 Atos: 86,000 Business technologists in 66 countries + Xerox ITO: 9,800 FTE out of which 5,600 from Americas and 4,200 from low cost countries Latin America 3,400 + Xerox ITO: 1,070 India, Middle East & Africa 12,500 + Xerox ITO: 1,810 Asia Pacific 4,300 Xerox ITO: 1,340 Headcounts as of end of December. Xerox ITO headcounts estimated during due diligence procedures as of end of June 2014 Your business technologists. Powering progress 12 Atos#13A world of global partnerships Solid and long-term strategic partnerships with technology leaders Bond investors presentation June 2015 Atos partnerships ecosystem EMC² RSA VCE vmware Pivotal Enhanced EMC² Alliance VELOCITY2 1500+ certified PARTNER PROGRAM vmware PARTNER GLOBAL PREMIER CONSULTING AND INTEGRATION SAP SAP experts Microsoft Microsoft® GOLD CERTIFIED 5,700+ certified Partner experts Your business technologists. Powering progress Global 5,000+ implementations 1 million end-users Partner Supported 10,000 experts ORACLE 1000+ certified experts Platinum Partner ORACLE ORACLE EMEA STRATEGIC SI PARTNER SAMSUNG SIEMENS Create business Improve win-rate Improve innovation SAMSUNG GOLD PARTNER Global partnership Improve profitability 13 Atos#14Atos and the International Olympic Committee Trusted IT provider for Olympic Games Bond investors presentation June 2015 TMO SALT LAKE 2002 ATHENS 2004 torino 2006 Beijing 2008 vancouver 2010 sochi.ru 2014 Your business technologists. Powering progress Rio 2016 PyeongChang 2018™ TOKYO 2020 already extended to 2024 Atos 14 Worldwide IT Partner london#152 BUSINESS STRATEGY Bond investors presentation June 2015 Your business technologists. Powering progress 15 Atos#16Atos roadmap from 2014 to 2016 Goals & levers Global leadership in Managed Services Acquisitions with financial discipline in specific geographies and segments Growth through customer focus, new offerings & partnerships Your business technologists. Powering progress Bond investors presentation June 2015 Reinforce growth and profitability in System Integration Atos 2016 Ambition 16 Accelerate Cloud services development worldline e-payment services Atos#174 optimized Service Lines... 1 Managed Services Enhance higher value services: e.g. Service Integrator, Vertical Offerings, Project Services 1 Leverage on Canopy unique level of 2 standardization and Enterprise grade 2 Cloud security vs 3 competitors Addressing price pressure though industrialization, Lean, automation, and customer satisfaction 3 Bond investors presentation June 2015 Consulting & Systems Integration Big Data & Cyber-Security Worldline Your business technologists. Powering progress Offshore trajectory from 33% to >50% of staff and continued industrialization of processes (end-to- end) Verticalization and further globalization of Practices powered by new account management structure Differentiating offerings to capture customer demand in high growth and higher value segments 1 Vertical integration on Big Data: combination of Atos large customer base and Bull expertise 1 Roll-out opportunity 2 outside of Europe of new offering 2 provided by Bull Increase in scale and broadening of 3 the Cyber-security offer to better position the business unit 17 3 Take advantage of the massive change in the European payment industry Maintain position as one of the leaders in Europe to further extend globally Fully capture the digital payment market growth potential Atos#18...to address highly attractive market segments Significant market opportunity Strong growth prospects Bond investors presentation June 2015 Workplace / BYOD €25bn Big Data / Advanced Cloud services €50bn Analytics €36bn MES/PLM Application Management €41bn Merchant Services €30bn IT Consolidation €47bn ECM & Collaboration €15bn Digital Security €21bn 5% 2013 market size* 7.5% 10% * Source: Gartner, PAC, Forrester, CIMdata, IDC, OVUM,... Your business technologists. Powering progress €9bn 18 Smart Utilities €3bn 25% 50% Mobility Services €7bn Market CAGR over the 2014-2016 period* Atos#19Recent strategic achievements... May 2014 Bull acquisition ► Successful cash public offer for a total consideration of € 694 million (of which €-91 million of Bull net debt consolidated) ► Increased leadership in Managed Services, France, and Big Data & Cyber-security ➤ € 80 million of annual cost synergies expected after 24 months: ■ Accelerate "1Bull plan" Synergies on SG&A Synergies on procurement and real estate June 2014 Worldline IPO ► IPO of Atos' payments and merchants transactional activities € ► Introduction price of 16.40 per share representing a market capitalization of € 2.2 billion ►Final size of the offering € 639 million Worldline raised € 255 million € 384 million of shares sold by Atos SE Bond investors presentation June 2015 December 2014 Xerox ITO acquisition $ 950 million plus an additional consideration of $ 50 million Almost triple revenue in the US, which will represent the largest geography of Atos ► Atos and Xerox to jointly collaborate worldwide Accretive on Atos EPS by c. 10% as early as first year ► Significant revenue and cost synergies Your business technologists. Powering progress 19 Atos#20...matching all the objectives of Ambition 2016 three-year plan Bond investors presentation June 2015 ▸ Expand Atos foothold in the US ► Anchor Atos global leadership in Managed Services ► Increasing Cloud position ► Reinforce growth and profitability in Systems Integration Grow through customer focus, new offerings & partnerships ► Provide strategic flexibility to Worldline to anchor its leadership in Payments Your business technologists. Powering progress Bull Worldline 20 Xerox ITO ✓ ✓ ✓ Atos#212014 highlights and 2015 priorities Bond investors presentation June 2015 2014: a year of accelerated transformation Bul Sales reorganization xerox ITO top tier 1 Top priorities for 2015: worldline e-payment services Solid financial structure 1 2 Boost revenue with our clients through innovation, partnerships and state-of-the-art technologies Consolidate and develop Atos platform in the US 3 Strategic development of Worldline → 3-year plan 2016 Ambition well on track Your business technologists. Powering progress 21 Atos#223 FINANCIAL PERFORMANCE Bond investors presentation June 2015 Atos 22 Your business technologists. Powering progress#23Strong and growing FCF generation in € million Bond investors presentation June 2015 ► OMDA improvement: €+442 million ► WC optimization: €-484 million ► CAPEX at 3.9% of revenue 259 194 143 117 -52 2008 2009 2010 2011 Your business technologists. Powering progress 23 365 367 2012 2013 2014 Atos#24From net debt to net cash in € million SIS acquisition for € 850 million in cash, shares, and convertible bond ► Early redemption of 2009 and 2011 convertible bonds (2 x € 250 m) resulting in € 470 million debt converted in equity ▸ Bull acquisition for € 603 million and consolidation of € 91 million of Bull net debt ► Worldline IPO proceeds for € 619 million ▸ Share buy-back program of € 345 million in 2013 2014 232 Bond investors presentation June 2015 989 905 -139 -139 -142 -304 2008 2009 2010 2011 2012 2013 2014 Net debt OMDA 0.6x 0.3x 0.3x 0.2x -0.3x -1.0x -1.1x Your business technologists. Powering progress 24 Atos#252014 key figures 1/2 Bond investors presentation June 2015 2014 2013 Revenue (€m) 9,051 8,615 Operating margin 7.8% 7.5% (in % and Єm) € 702 m Free cash flow 367 (€m) Net cash (€m) 989 Statutory figures Your business technologists. Powering progress 25 € 645 m 365 905 Atos#262014 key figures 2/2 Bond investors presentation June 2015 2014 2013 Net income (Єm) 283 260 Net income 265 262 Group share (Єm) Order entry (Єm) 9,113 8,790 Book-to-bill Backlog (€bn) Total number of employees 85,865 101% 102% 16.2 Statutory figures Your business technologists. Powering progress 15.2 76,320 Atos 26#27Q1: reaching important milestones Well on track to achieve 2016 Ambition Q1 2015 revenue Q1 2015 order entry €2,427m Bond investors presentation June 2015 +17.6% year-on-year (+12.2% at constant exchange rates) +0.2% organic growth €2,198m +26% at constant exchange rates (91% book to bill) Cloud, Big Data and Cyber-security Reaching 10% of total revenue in Q1 Double digit organic growth Offshore delivery Your business technologists. Powering progress Reaching 40% in Q1 in Systems Integration 27 Atos#28Revenue evolution trend by quarter Organic evolution % Bond investors presentation June 2015 +0.1% 0.2% -0.9% 2,666 -1.8% 2,427 -2.0% 2,209 2,064 2,113 Q1 Q2 Q3 Q4 Q1 2014 2015 Progressive improvement quarter after quarter Your business technologists. Powering progress 28 Atos#292015 objectives Bond investors presentation June 2015 The Group confirms all its objectives for 2015 as stated in the February 18, 2015 release, i.e.: ► Revenue The Group targets a positive organic revenue growth ► Operating margin The Group has the objective to improve its operating margin rate targeting 8.0% to 8.5% of revenue ►Free cash flow Taking into account the cash-out to deliver Bull cost synergies, the Group expects to generate a free cash flow above 2014 level The figures above exclude Xerox ITO contribution Your business technologists. Powering progress 29 Atos#30Atos 2016 Ambition As presented at Atos 2015 Analyst Day - June 18, 2015 Bond investors presentation June 2015 Revenue 2013 €8,615m 2016 above €11bn Operating margin €645m 7.5% c. €1.0bn Free cash flow €365m Net cash 2016 revenue ambition at April 2015 exchange rates Your business technologists. Powering progress €905m 30 €500m €550m c. €1,000m Atos#31Free cash flow evolution (in € million) 367 +90 +130 Bond investors presentation June 2015 +10 +40 +60 -85 -15 -50 -22 500 to 550 FCF 2014 Bull synergies Operating margin improvement Xerox ITO FCF Provisions on project Change in working capital Restruct, Ratio, & Integration Tax paid Stock options exercise Others FCF 2016 Your business technologists. Powering progress 31 Atos#32Ambition to double net income Group share over 2 years Bond investors presentation June 2015 2014 €265 million x2 2016 Ambition c. €530 million # of shares*: c. 104m # of shares*: c. 107m * Fully diluted number of shares at year end Your business technologists. Powering progress 32 Atos#33Bond investors presentation June 2015 Main drivers to double net income Group share from 2014 to 2016e Profitability improvement ►Industrialization programs and cost synergies ► Improved business mix. Additional operating margin ► Contribution from acquired companies Restructuring cost decline 35% 45% 25% 35% ►Bull program completion by end of 2015 ► Slowdown of restructuring in onshore countries 10% 20% Change in Group Tax profile further to acquisitions 10% ▸ Effective Tax Rate decrease by +500 basis points 20% Net income Group share from €265m to c. €530m with expected increase in net cash position Your business technologists. Powering progress 33 Atos#344 KEY CREDIT HIGHLIGHTS Bond investors presentation June 2015 Your business technologists. Powering progress 34 Atos#35Simplified balance sheet evolution in € million +26% 31 December 2014 € 9.0 billion Bond investors presentation June 2015 31 December 2013 € 7.2 billion Goodwill: 1.92 Non-current assets: 1.78 Current assets: 2.20 Shareholder equity: 2.94 Other non-current liabilities: 1.00 Gross debt: 0.40 Other current liabilities: 2.87 Goodwill: 2.63 Non-current assets: 1.99 Current assets: 2.80 Cash: 1.62 Shareholder equity: 3.40 Other non-current liabilities: 1.45 Gross debt: 0.63 Other current liabilities: 3.56 Shareholder equity +16% ► Goodwill +37% ►Net pension provision: €1.1bn → Solid financial structure → Capacity for further development Cash: 1.31 Assets Liabilities Your business technologists. Powering progress Assets 35 Liabilities Atos#36Solid liquidity profile in € million 1,306 1,160 767 535 422 286 941 940 920 920 920 920 1,620 circa 695 1,320 1,320 Bond investors presentation June 2015 New Revolving Credit Facility (RCF) November 2014 ► Atos substituted its €1,200m RCF by a syndicated RCF of €1,800m maturing in November 2019 (extension option until November 2021) Ample liquidity given RCF and cash position ► Atos' liquidity going forward would remain comfortable based on sound cash flow generation Dividend policy ► 25% pay-out ratio with the option for the payment in shares 2008 2009 2010 2011 2012 2013 2014 pro forma* Undrawn RCF Cash & Cash Equivalents * estimated pro forma after Xerox ITO acquisition Your business technologists. Powering progress 36 Atos#37Financing discipline Financial agility to support 2016 Ambition while keeping outstanding credit ratios Leverage ratio Bond investors presentation June 2015 M&A financial criteria Before Xerox ITO acquisition Net cash position € 1.0 bn Banking covenant < 2.5 x OMDA Headroom: c. € 3.3 bn After Xerox ITO acquisition Estimated pro forma net cash position* c. € 0.1 bn Banking covenant < 2.5 x OMDA* Headroom: c. € 3.0 bn Stringent assessment of asset value ► Existence of potential synergies with the Group, first and foremost in cost savings ► Alignment with the Group's financial capacities * after Xerox ITO acquisition ** 2014 pro forma OMDA taking into account 12 months of Xerox ITO estimated 2014 OMDA Your business technologists. Powering progress 37 Atos#38Atos key credit strengths 1 Leading market position in Europe in digital services Bond investors presentation June 2015 2 Strong visibility on future revenue and high degree of topline recurrence 3 Solid and growing cash flow generation, underpinned by a track-record of value creation through M&A 4 Strong Balance Sheet metrics 5 Conservative financial policy Your business technologists. Powering progress Atos 38#39Rationale for a bond issue A bond issue would perfectly meet all of Atos' financial policy guidelines Bond investors presentation June 2015 Diversify Atos' sources of funding, accessing a new large pool of liquidity Increase duration of financing resources Further enhance the group's strong liquidity profile Maintain the group's agility to support its development Crystallize attractive market conditions Your business technologists. Powering progress 39 Atos#405 From Questions to Answers Your business technologists. Powering progress 40 Atos#41Thank you Atos, the Atos logo, Atos Consulting, Atos Worldgrid, Worldline, BlueKiwi, Bull, Canopy the Open Cloud Company, Yunano, Zero Email, Zero Email Certified and The Zero Email Company are registered trademarks of the Atos group. February 2015. © 2015 Atos. Confidential information owned by Atos, to be used by the recipient only. This document, or any part of it, may not be reproduced, copied, circulated and/or distributed nor quoted without prior written approval from Atos. Your business technologists. Powering progress Atos