Acquisition of SchlumbergerSema
September 23, 2003

Disclaimer

The statements contained in this presentation, particularly those regarding synergies,
performance, costs, divestments, and growth are or may be forward looking statements andreflect each management's current analysis and expectations, based on reasonableassumptions and on unaudited accounts of SchlumbergerSema as of 30 June 2003. Actual
results may differ materially from the statements made depending on a variety of factors,
including business climate, economic and competitive uncertainties, higher manufacturingcosts, reduced level of customer orders, risks in developing new products and technologies,
environmental and safety regulations and clean-up costs, obtaining final regulatory approvals
in a timely manner and in expected form and whether the companies are successfully
integrated. Additional information concerning factors that could cause actual results to differ
materially from those in the forward looking statements are contained in the relevant securities
regulatory filings and financial statements of each of the respective companies. This presspresentation does not constitute an offering of securities, which may be made by prospectus
only.
The transaction described in this presentation is subject to regulatory approvals from market
authorities and will also require approval from the shareholders of Atos Origin.

2

Turning Client Vision into Results

Agenda3•

DEAL HIGHLIGHTS•SCHLUMBERGER-SEMA PROFILE•KEY MERGER BENEFITS•MERGER EXECUTION•

TRANSACTION STRUCTURE•

STRATEGY AND CONCLUSION•APPENDIX

Turning Client Vision into Results

Atos Origin

SchlumbergerSema• 2002 revenue: €3.0 B• 2002 revenue: €2.6 B• Current staff: 28,000• Current staff: 22,000

Creating a Worldwide IT Services Leader
New Co• 2002 revenue: €5.6 B• Current staff: 50,000• More than 50 countries

4

Turning Client Vision into Results

Deal highlights•

Creating the European leader and a global player•

Stronger base in Asia Pacific and North America•

European leader in outsourcing•

Reinforced outsourcing presence in the UK•

Highly complementary markets, clients and solutions•

Top line growth opportunities•

Preferred supplier agreement with Schlumberger•

Significant cost synergies•

Proven Atos merger integration capabilities, similar to the Origin merger•

Accretive to earnings from 2004 onwards

5

Turning Client Vision into ResultsCreate the n°1 Listed European
IT Services Company(in B€)
9.6

6.7
5.3
4.6
4.1

4.0
3.5

3.4
2.7

IBM

EDS

T-Systems

New CoAccenture

CGEY

SBS

HP

CSC

2.6

2.4

Atos Origin LogicaCMG

2002 European IT Services revenue
Newco revenue was €4.6 B in Europe and €5.6 B worldwide
Source: PAC, July 2003 and Atos Origin

6

Turning Client Vision into Results

Agenda7•

DEAL HIGHLIGHTS•SCHLUMBERGER-SEMA PROFILE•KEY MERGER BENEFITS•MERGER EXECUTION•

TRANSACTION STRUCTURE•

STRATEGY AND CONCLUSION•APPENDIX

Turning Client Vision into Results

SchlumbergerSema at a glance•

Established in 1958•

Consulting, Systems Integration and Managed Operations with global capability•

Global presence with European focus: strong positions in the UK, France, Italy, Spain
and Asia Pacific•

Effective management of complex systems integration projects•

Solutions to the telecom, finance, transport and utilities: e.g.
– High level security system skills– Serving 120 customers in telecom– Payment system integration•

Strong presence in the public sector in the UK and France with dedicated solutions•

More than 50% recurring business•Long standing relationships with clients•

High visibility contract with the Olympic Games

8

Turning Client Vision into Results

SchlumbergerSema carve out• SchlumbergerSema’s revenue full scope was €3.0 B in 2002
• The following operations are not part of the transaction:– Oil & Gas related activities– Telecom software (ex LHS)
• In-scope revenue 2002 was €2.6 B

9Turning Client Vision into Results

SchlumbergerSema overview
Service Line

Consulting
5%

Systems
Integration
52%

ManagedOperations
43%> 50% recurringbusiness

Geography

AP
6%Americas
14%

UK
30%

Other EMEA
11%
Germany + CE
4%
Spain Italy
10%
7%France18%

Strong European baseIndustry

High-Tech/CPG
retail/other Telecom
15%
22%
Oil &
Gas/Utilities
Finance
14%
15%Transport
Public7%
Sector27%

Key strength in public
sector

NB: based on 2002 revenues

10

Turning Client Vision into Results

Some reference activities
Clients

RegionProjects

Metropolitan Police
Dept. of Work & Pensions
Telecom
British Rail
Scottish NHS
Government Gateway
EDF
France Telecom
Banks
African Games
Energy providers
Texas Health

UK
UK
Worldwide
UK
UK
UK
FranceFrance, UK
Asia
NigeriaUS
US

Managed Services
Business Process Outsourcing of claimant exams
Billing systems for 60M mobile customers
National ticketing reconciliation system
Infrastructure management
Common Web interface for 600 government bodies
National grid management system
N°1 IT service provider
Payment system integration
Implementation and outsourcing
Real time energy management
IT management

11

Turning Client Vision into Results

SchlumbergerSema
Stand Alone P&L
In € Millions

H1 FY03

FY02

Revenue

1,167

2,561

2% growth in H1 FY03 excluding exchange rate impact

EBITDA

85.1

157.7

7.3% of H1 FY03 revenue

Income From Operations

26.2

59.6

2.2% of H1 FY03 revenue

Restructuring expenses(33.4)(103.6)

Restructuring provisions

23.6(71.6)

DisposalsComments

Provision in 2002 for 2003 restructuring

18.8

Non recurring items(9.8)(156.4)

Corporate income Tax

(8.5)

29.7

Minority Interests

(0.5)

(1.7)

Net Income (Group share)

7.4(68.8)

NB: in-scope – Unaudited figures.

12

Turning Client Vision into Results

SchlumbergerSema
Stand Alone Balance Sheet

In € Millions

H1 FY03

FY02

Fixed Assets

493

528

Working Capital

264

271

Capital employed

758

800

Equity321

310

Provisions

436

490

Capital alloted

757

800

NB: in-scope – Unaudited figures

13

Turning Client Vision into Results

Agenda14•

DEAL HIGHLIGHTS•SCHLUMBERGER-SEMA PROFILE•KEY MERGER BENEFITS•MERGER EXECUTION•

TRANSACTION STRUCTURE•

STRATEGY AND CONCLUSION•APPENDIX

Turning Client Vision into Results

A transformational move

Leading
Country
Presence

ComplementaryMarketStrengths• Reaching critical size in the UK (n°4 player) with strong brand recognition• Strengthened presence in France (n°1 player)• Leader in the Netherlands• Critical mass in Spain (n°3) and Italy (n°4)• Improved position in Asia Pacific and North America• Quantum leap in the Public Sector, with access to the UK and the NL largest contracts• Top European positions in Financial Services and Telecom• Core skills in the healthcare sector

Excellent Fit ofCombined
Service Linesand Solutions• In depth technical skills based on portfolio of repeatable solutions• Managed operations strengthened in UK, France, NL, Italy, Spain and Asia Pacific• Strengthened Atos Origin consulting capabilities beyond the UK and the NL

Outstanding
Client Base• No overlap within the top client lists• Longstanding relationships with key clients• Schlumberger as a top customer• Olympic Games as a key reference client

15

Turning Client Vision into Results

Aligned with Atos Origin’s strategy• Ideally positioned in the UK, France and NL Public Sector markets• Access to the top European deals
Attractive
Revenue
Synergies• Great strength in the healthcare sector• Develop further business with Liffe and Clearnet/London Clearing House• Consulting and outsourcing interaction in the UK• Enhanced market share at large multinational clients with no significant overlap

Significant
Cost Savings

No Major Risk
in Execution

16• Cost savings of more than €200 M per annum within 2 years–

Current S-Sema restructuring to be executed and financed by Schlumberger before closing–

Merger synergies to be achieved within the new Group• S-Sema action plan on track• Complementary activities with no overlap• Solid track record of Atos management in fast integration of new businesses• Requires same execution as that applied for the successful Origin merger• Clear strategy

Turning Client Vision into Results

Geographic profile
Atos Origin
Spain
2%
Italy
5%

SchlumbergerSema

Americas
4%
AP
Other2%

EMEA
Germany + 3%
CE
7%
UK
8%
Benelux
33%

France36%

Americas
14%

AP
6%

France18%

New CoAmericas AP
9%
4%

Other
Spain
EMEA
Benelux 4%
5%2%
Other EMEA
Italy
9%
7%
UK
Germany + CE
Spain
30%
6%
7%
UK
Italy
18%
10% Germany +CE
4%France28%

Benelux
19%

2002 Pro Forma Revenue: €5,6 B

17Turning Client Vision into Results

FrancePF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue

1,541

723

–Breakthrough in the telecom market

IFO

162

56

% Margin

10.5%

7.7%

–Strong relationships and expertise in the public
sector13,293–Outstanding credentials in utilities (EDF)

Staff• Become market leader–Leading capital markets offering (n°1)

2002 Profile
Service Lines

Industries

100%

C&SI

47

100%
Telecom

10

Finance42

Public Sector: 8
Transport: 2
ManagedOperations

Total 2002:

18

53€1,541 M–Double the size of Atos Origin’s consulting business• Significant profit improvement plan to be implemented :0% IFO (S-Sema in H1 03) vs 10.5% (Atos Origin)–Combined staffing policy–Improved staff productivity

Oil & Gas/Utilities

10

HighTech/CPG &Retail/Others

28€1,541M–Rationalise the regional operations–Consolidate S-Sema’s subcritical Managed
Operations business with Atos Origin’s activities–Savings on IT and premises

Turning Client Vision into ResultsBenelux
PF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue

1,058

550

• N°1 in the Netherlands

IFO

130

61

• Doubled size in Belgium with ~ €150 M revenue% Margin

12.3%

11.1%

Staff

• Well balanced business structure

9,670• Strong telecom and high-tech presence

2002 Profile
Service Lines
100%

100%
Telecom

C&SI

19• Good connection to the Public Sector through AKC

Industries

31• Leverage International Competence Centre
resources for large ERP rollout

FinancePublic Sector
Transport
Oil & Gas/Utilities

7
7
2
8

• Strong profitability

HighTech/CPG &Retail/Others

45

45ManagedOperations

55

Total 2002:€1,058 M• International client base

€1,058M

Turning Client Vision into Results

United Kingdom
Key Merger Benefits

PF Combined Performance(in €M)2002

H1 2003

Revenue

1,011

567

IFO

131

40

% Margin

13.0%

7.1%

Staff

• Strong critical mass with well established brand(n°4 player)• Accelerates towards goal of more than 50%
recurring revenue

7,163• Access to large outsourcing and transformationdeals

2002 Profile
Service Lines
100%

C&SI

• Increase strength in the public sector

Industries
100%
Telecom
Finance85Public Sector

48

47

Transport: 15
ManagedOperations

53

Oil & Gas/
Utilities: 5
HighTech/CPG &Retail/Others

Total 2002:€1,011 M• Leverage further the Atos KPMG Consulting
acquisition (health, shared services, finance…)• Bring large experience of Design, Build & Run
contracts especially in health services• Develop further revenue with Liffe, UK Healthcare
and Dept for Work & Pensions• Substantial datacentre resources in Andover19€1,011 M• Strong contribution to profitability: 8.9% H1 03 IFO
margin (S-Sema) vs 2.7% (Atos Origin)• Strengthen management capabilities

20

Turning Client Vision into Results

ItalyPF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue389

148• Gain critical mass and become n°4 player

IFO

23

6

% Margin

5.9%

3.8%

• Leading position in the telecom market with strong
presence at all telcos

3,483• New opportunities in Public Sector and utilities

Staff• Opportunities in healthcare

2002 Profile
Service Lines
100%

C&SI

21

69

ManagedOperations

31

Total 2002:€389 M• Add 250 SAP consultants

Industries
100%

Telecom
Finance47• Tier 1 datacentre in Pont Saint Martin• Management of Mediterranean and African countries• Strengthen management capabilities

Public Sector: 2
Transport: 2

11

Oil & Gas/Utilities

6

HighTech/CPG &Retail/Others

32€389 M

Turning Client Vision into Results

Germany & Central Europe
PF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue

318

141

IFO

12

3

% Margin

3.7%

2.5%

Staff

• Well balanced business structure• Major relationships with Vodafone and large banks• New opportunities for developing the Worldline
business (card management)

2,782• S-Sema business being restructured

2002 Profile
Service Lines

Industries

100%

C&SI

22

100%
Telecom

18

Finance

24

Public Sector
Transport
Oil & Gas/Utilities

6
3
7

HighTech/CPG &Retail/Others

42

53

ManagedOperations

47

Total 2002:€318 M€318 M

Turning Client Vision into Results

Spain
Key Merger Benefits

PF Combined Performance(in €M)2002

H1 2003

Revenue250

126• Become n°3 player with access to large contracts

IFO

29

11

11.8%

9.1%

• Solid track record of profitability and strong
management% Margin
Staff• Key thrust in financial services and telecom

4,950• Well positioned in consulting (300 staff) and fixedprice SI projects

2002 Profile
Service Lines

Industries

100%

100%
Telecom19• Add card management expertise in Spain to Atos
Origin’s Worldline offering

37• Exploit near-shore opportunities (software factory);
competence centre for the Olympic Games contract(in Barcelona)

Finance
C&SI

23

87

ManagedOperations

13

Total 2002:€250 M• Brings SAP expertise to Atos Origin in Spain

Public Sector
Transport: 0

10

Oil & Gas/Utilities

3

HighTech/CPG &Retail/Others

31• Strengthen management capabilities€250 M

Turning Client Vision into Results

Nordic
PF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue

194

89• Strong client base including Ericsson

IFO

10

-3

• Long term partnership with Volvo% Margin

5.3%- 3.3%• Good presence in Telecom and the Public Sector

1,533• Card management opportunities

Staff
2002 Profile
Service Lines• Restructuring in progress
Industries

100%

100%
Telecom

C&SI

54
Finance

ManagedOperations

Total 2002:

24

46€194 M

28
12

Public Sector

19

Transport
Oil & Gas/Utilities

93

HighTech/CPG &Retail/Others

30€194 M

Turning Client Vision into Results

The Americas
PF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue

485

211

IFO

-55

7

-11.2%

3.3%% Margin
Staff• Better business structure with stronger focus on
managed operations• Significant restructuring at S-Sema in 2002delivering results. Turnaround expected in 2003
-17.7% IFO (2002) vs 3.4% (H1 2003)

3,458

2002 Profile
Service Lines

100%

C&SI

ManagedOperations

Total 2002:

25

50

50

€485 M

Industries

100%

Telecom
FinancePublic Sector
Transport: 1

19
4
5

Oil & Gas/Utilities

48

HighTech/CPG &Retail/Others

24• Focused utility business with significant fixed
assets (Real Time Energy Management) in the US• Strong client relationships in utilities, healthcare,and with Schlumberger• Leading presence in telecom in South America:
Brazil, Argentina, Peru

€485 M

Turning Client Vision into ResultsAsia Pacific
PF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue

218

96

•

Strong S-Sema commitment to the region

IFO

19

17

•

% Margin

8.7%

17.8%

Increased offshore capability: India (Atos Origin)and Malaysia (S-Sema)•

Key thrust in Managed Operations with extensive
IT infrastructure, including a large outsourcing
contract at Standard Chartered Bank•

Increased services capability to Philips,
particularly in China•

S-Sema’s restructured business expected todeliver good profitability in 2003•

2008 Olympics Games in China:

Staff

2,326

2002 Profile
Service Lines

Industries

100%

C&SI

ManagedOperations

Total 2002:

26

100%
Telecom

13

Finance

60

31

69

€218 M

Public Sector

2

HighTech/CPG &Retail/Others

25–

IT services prime contractor–

High visibility for S-Sema in China
combined with strong business potential€218 M

Turning Client Vision into Results

Middle East & Africa
PF Combined Performance

Key Merger Benefits(in €M)2002

H1 2003

Revenue

111

51• Bring new skills to Atos Origin’s strengths in ERP

IFO

25

7

• Important supplier to Saudi Aramco and Sabic

22.4%

13.8%

% Margin
Staff• Focus on serving mobile operators

580• Important contracts in Morocco (Maroc Telecom)and Nigeria (one off project for the African Games)

2003E Profile
Service Lines

Industries

100%

100%

• Further develop business with existing clients• Strong profitability operations

C&SI

86

Telecom

21

FinancePublic Sector

63

Oil & Gas/Utilities

55

HighTech/CPG &Retail/Others

15

ManagedOperations

14

Total 2002:

27€111 M€111 M

Turning Client Vision into Results

Worldwide presence

UK
7,200
France13,300
North America
2,000

Spain
5,000

Nordic
1,500
Benelux
9,700
Central Europe
2,800
Italy
3,500
Asia/Pacific
2,300South America
1,400

Middle East &Africa600

Total Employees 50,000

28

Turning Client Vision into Results

Business mix

Atos Origin

Consulting
10%

Consulting
6%

Consulting
13%

Systems
Integration
36%

New CoSchlumbergerSema

ManagedOperations
51%

Systems
Integration
47%

ManagedOperations
47%

Systems
Integration
40%

ManagedOperations
50%

More than 55% recurring business at Newco
NB: based on H1 2003 revenues

29

Turning Client Vision into Results

Industry profile
Atos Origin

High
Tech/CPG &Retail/Others
39%

Telecom
15%

Finance26%

Oil &PublicGas/Utilities Sector
10%8%Transport
2%

New CoSchlumbergerSema
High
Tech/CPG &Retail/Others Telecom
19%
12%
Oil &
Gas/Utilities
Finance
15%
13%Transport
8%
PublicSector34%

High
Tech/CPG &Retail/Others
27%
Oil &
Gas/Utilities
12%

Transport
4%

Telecom
17%

Finance
21%
PublicSector19%

NB: based on H1 2003 revenues

30

Turning Client Vision into Results

Agenda31•

DEAL HIGHLIGHTS•SCHLUMBERGER-SEMA PROFILE•KEY MERGER BENEFITS•MERGER EXECUTION•

TRANSACTION STRUCTURE•

STRATEGY AND CONCLUSION•APPENDIX

Turning Client Vision into Results

Action plan
Strong track record in mergers• Strong complementarity / fit– Top line synergies– Margin improvement• Clear strategic intent / clear disposal strategy– Industry sectors – Clients – Skills & offerings– Disposals• Management structure must be clear– New structure to be announced• Communication– Internal – Markets – Clients• Speed of implementation

32

Turning Client Vision into Results

Management Board

Subject to shareholders and regulatory approvals
MemberResponsibility

Bernard Bourigeaud

CEO

Xavier Flinois

UK, Americas, Asia Pacific

Eric Guilhou

CFO

Dominique Illien

France, Central Europe

Managed Operations, Atos Euronext, Worldline

Wilbert Kieboom

Benelux, ICA, Scandinavia

Consulting & Systems Integration

Giovanni Linari

Italy, Spain, Middle East, Africa

Jans Tielman

Human Resources & Communications

33

Coordination

Global Markets, Key Accounts/Olympics

Turning Client Vision into Results

Execution plan
Subject to shareholders and regulatory approvals

34• Deal announcement

September 22, 2003

• Top management structure

Day 1• 1st line of management

End of October• Internal roadshows

October• Key client visits

October - November• Full commercial review

October• Full budget process

November• Completion of operational systems review

December• Expected closing

January 2004

Turning Client Vision into Results

Revenue synergies• Access to the largest deals in Europe• Ideally positioned to capture large contracts in Public Sector in the UK, NL, France, Italy• Specific opportunities in healthcare• Provide outsourcing capability in the UK and in Asia Pacific• Exploit Atos KPMG Consulting profile in the UK• Leverage leadership in financial services and telecom• Improved market share at large clients• Bring wider range of offerings to existing clients• Enhanced capability to complement our global sourcing strategy

NB : Subject to shareholders and regulatory approvals

35

Turning Client Vision into Results

Healthcare• UK National Health Service current bid process• Atos KPMG Consulting dedicated expertise• Business Process Outsourcing in the UK• IT outsourcing for healthcare institutions in the US• Potential synergies with Philips Medical Systems

NB : Subject to shareholders and regulatory approvals

36

Turning Client Vision into ResultsComplementary client baseTop 15 clients
Atos Origin

SchlumbergerSema

Euronext
BNP Paribas
Crédit Lyonnais
Société Générale

Standard Chartered BankUK MoD

Department for Work and Pensions
Metropolitan Police
French Ministries: Agriculture, Finance, Police
NHS in Scotland
Dept. for Environment, Food & Rural Affairs
French Social & Health

Telecom

KPN
France Telecom
LucentFrance Telecom
Telecom Italia
Vodafone
EricssonOil & Gas
Utilities

Eneco
Shell
Saudi Aramco

EDF
JEA
Schlumberger

High Tech
CPG/Retail
Other

Philips
Akzo Nobel
PPR
Wolters Kluwer

Railways companies

Financial
Services

Public Sector

NB : Subject to shareholders and regulatory approvals

37

Turning Client Vision into ResultsService line profitability
Consulting & Systems Integration
2002
Atos Origin

S-SemaNew CoRevenueManaged Operations
2002

H1 2003

(€M)

1,417

751

IFO margin (%)

5.8%

5.4%

Revenue

(€M)

1,454

621

IFO margin (%)

6.7%

3.6%

Revenue

(€M)

2,871

1,372

IFO margin (%)

6.3%

4.6%

• At S-Sema the performance of consulting and
Systems Integration are not reported separately• S-Sema level of profitability in SI is similar to
Atos Origin performance• Primary focus on 4 major underperforming
countries : France, Belgium, Germany & North
America (39% of the C&SI revenue in 2002)

Atos Origin

S-SemaNew CoRevenue

H1 2003

(€M)

1,625

793

IFO margin (%)

13.1%

12.2%

Revenue

(€M)

1,107

545

IFO margin (%)

8.1%

7.8%

Revenue

(€M)

2,733

1,338

IFO margin (%)

11.1%

10.4%

• S-Sema Managed Operations are made up of– Managed services with satisfactory margin– €400 M BPO revenue in the UK & US withlow profitability• Optimisation and improvement plan required
mainly in France, Nordic, Italy & South America(22% of the MO revenue in 2002)

NB : Subject to shareholders and regulatory approvals

38

Turning Client Vision into Results

Margin improvement• Cost synergies rising to more than €200 M per annum within 2 years– Acceleration of S-Sema’s staff restructuring (€80 M per annum savings)– Introduce best practices across the combined group– Higher gross margin through improvements in operational performance– Improve productivity through better staff utilisation– Consolidation of datacentre resources and premises– Rationalisation of other indirect costs– Reduction of corporate costs• Divestment of underperforming and non-core activities (revenue <€500 M)

39

Turning Client Vision into Results

Margin improvement (Cont’d)• Total merger costs estimated at €170 M over 2 years– Subject to detailed financial review– Basic cost of restructuring estimated at €140 M(will be accounted for under purchase accounting rules)– Other integration costs of around €30 M (IT, rebranding, etc)

40

Turning Client Vision into ResultsImproved cash generation• Significant operational cash flow improvement– Better profitability– Achieve better contractual conditions• Management of tangible balance sheet assets– Tight control of capital spending– Exploit opportunities from combined purchasing power– Disposal of surplus joint assets• Actions on Working Capital : 11% of revenue (S-Sema) vs. 6% (Atos Origin)• Disposal of non core assets with revenue of up to €500 M

41

Turning Client Vision into Results

Agenda42•

DEAL HIGHLIGHTS•SCHLUMBERGER-SEMA PROFILE•KEY MERGER BENEFITS•MERGER EXECUTION•

TRANSACTION STRUCTURE•

STRATEGY AND CONCLUSION•APPENDIX

Turning Client Vision into Results

Transaction Summary
Consideration• Total consideration of €1,287 M based on 20-Day volume weighted average price ofAtos Origin up to Friday September 19 (€45.95) comprised of :– 19.3 million Atos Origin shares (19.0 million newly issued and 0.3 million Atos
Origin Treasury shares)– €400 M cash

Price Adjustment• Adjustments if net equity and net working capital targets not attained at closing on aeuro for euro basis• Based on audited financials (that will be prepared within 45 days of closing)

Closing• Expected early January 2004 (subject to shareholders and regulatory approvals)

On-going S-Sema
Restructuring
Plan• To be completed and funded by Schlumberger

Placement of
Schlumberger
Shares•Schlumberger intends to decrease its shareholding to 19% (from 28.9%, i.e. selling 6.6
million shares) shortly after closing of the transaction, depending on market conditions

Supervisory
Board
Representation• Schlumberger will have 2 representatives

43•It will improve Atos Origin free float and stock liquidity

Turning Client Vision into ResultsOwnership

PhilipsCurrent
M shares% totalPost closing
M shares% total21.32121.321

32.0%

21.32132.0%

19.30028.9%

12.675

19.0%

44.7%

Schlumberger

After sale by Schlumberger
M shares% totalTreasury Stock

0.301

0.6%

0.001

0.0%

0.001

0.0%

BNP Paribas

2.176

4.6%

2.176

3.3%

2.176

3.3%

Morgan Stanley

1.745

3.7%

1.745

2.6%

1.745

2.6%

KPMG Audit partners

1.871

3.9%

1.871

2.8%

1.871

2.8%

Employees

2.198

4.6%

2.198

3.3%

2.198

3.3%

Public18.10037.9%

18.10027.1%

24.725

37.1%

Total free float

26.09054.7%

26.091

39.1%

32.715

49.0%

Total

47.713100.0%

66.713100.0%

66.713100.0%

44

Turning Client Vision into Results

Strategic partnership•

IT services agreement with Schlumberger– Systems Integration projects and infrastructure support services worldwide– $700 M in revenue over the next 7 years– Fixed pricing for 2004 and 2005
– Benchmarked to industry standards thereafter•

Preferred supplier agreement•

Cooperation on real time systems (Grenoble)

45

Turning Client Vision into Results

Transaction financing•

New €900 M facility fully committed by Lehman Brothers, BNP Paribas and ABN Amro•

18-month grace period on existing facility•

3 tranches, repaid over 5 years•

Covenants:– Net Debt / EBITDA < 1.75x until end of 2004, 1.50x in 2005 afterwards– EBITA / Net Interests > 5.0x•

Expected to be well within covenants at closing

Current Repayment Schedule - Atos Stand-Alone(in M€)New Repayment Schedule – Combined Entity
350(in M€)

334

225
154

135

225

173

164

135
100
75
0

2003E

46

2004E

2005E

2006E

2007E

2008E

2003E

2004E

2005E

2006E

2007E

2008E

Turning Client Vision into Results

Financial Structure June 2003
Atos Origin

47

Unaudited Combined
Pro Forma•

Gearing

50%

52%

•

EBITDA / Revenue

11.5%

9.7%

•

Net Debt / EBITDA

1.1

1.5

•

Working Capital / Revenue

6.1%

8.3%

•

Capex / Revenue

2.4%

3.6%

Turning Client Vision into Results

Guidance• The industrial transformation programme at S-Sema will be accelerated, leading to amore rapid reduction of the cost base in 2003.
• The profitability run rate at S-Sema will be above 5% by the end of 2003.
• Atos Origin’s guidance to the market for the year ending December 31st, 2003 remains
unchanged from the statement made on September 10th, 2003. The Group expects
modest revenue growth, with an operating margin in excess of 8%.
• Combined full backlog at 1.4 year
• Neither Atos Origin nor S-Sema has issued guidance in respect of 2004. We do not
expect to be in a position to do so until after having completed our budget processlater in the year.
• Further guidance will be given to the market at closing

48

Turning Client Vision into Results

Values• Customer dedication• Commitment to execute• Conviviality• Entrepreneurship and team spirit• Profitability

49

Turning Client Vision into Results

Agenda50•

DEAL HIGHLIGHTS•SCHLUMBERGER-SEMA PROFILE•KEY MERGER BENEFITS•MERGER EXECUTION•

TRANSACTION STRUCTURE•

STRATEGY AND CONCLUSION•APPENDIX

Turning Client Vision into Results

Strategy• End to end service offerings• Balanced mix of consulting, build and run• Capitalize on industry sector knowledge• Develop a focused consulting practice• Focus on clients• Leverage strong HR management
Build on global presence
51

Turning Client Vision into Results

Strategy: Business mix

60% revenue

Manage long-term relationships with clients
IT outsourcing & processing

20% revenue
20% revenue

52

Understand our clients’ business
Consulting
Implement business solutions
Integration

Turning Client Vision into ResultsWrap up on the merger• Creating a European IT leader and a global player• Very complementary operations• Well balanced business mix, industry presence, and large client base
• Great reputation for technology and innovation in the IT industry• S-Sema’s recognised excellence in complex Systems Integration projects• Atos Origin’s excellent track record in merging businesses• Earnings accretive deal in 2004
• Likely market capitalisation of more than €3 B
• Larger free float and better stock liquidity

53

Turning Client Vision into Results

Agenda54•

DEAL HIGHLIGHTS•SCHLUMBERGER-SEMA PROFILE•KEY MERGER BENEFITS•MERGER EXECUTION•

TRANSACTION STRUCTURE•

STRATEGY AND CONCLUSION•APPENDIX

Turning Client Vision into Results

SchlumbergerSema Stand Alone
Revenue

Staff

H1 FY03FY02

H1 FY03

FY02

June
2003

France

191

455

0.0%

10.0%

4,615

UK

397

772

8.9%

15.3%

5,148

Benelux

18

49

4.2%

0.5%

304

Italy

80

245

3.2%

9.2%

1,824

Spain

90

178

10.7%

14.8%

3,545

Central Europe

29

92

-6.1%

6.9%

714

Nordic

89

194

-5.3%

5.3%

1,533

MEA

27

39

17.7%

27.3%

215

Americas

169

353

3.4%

-17.7%

2,413

Asia Pacific

69

155

21.6%

8.5%

1,212

Others830-33.4%

-9.9%

-3.3%

-5.0%

2.2%

2.3%

In € Millions

Corporate*
Total Group

1,167(*) Corporate staff affected to the countries

56

Operating margin

2,561

21,523

NB: unaudited figures

Turning Client Vision into Results

Combined 2002
Revenue 2002

Operating margin 2002

In € Millions

Atos
OriginS-SemaNew coAtos
OriginS-SemaNew coJune 2003

France

1,086

455

1,541

10.7%

10.0%

10.5%

13,293

UK

238

772

1,011

5.4%

15.3%

13.0%

7,163

Benelux

1,009

49

1,058

12.9%

0.5%

12.3%

9,670

Italy

144

245

389

0.3%

9.2%

5.9%

3,483

Spain

71

178

250

4.3%

14.8%

11.8%

4,950

Central Europe

226

92

318

2.4%

6.9%

3.7%

2,782

194

194

5.3%

5.3%

1,533

Nordic
MEA

72

39

111

19.8%

27.3%

22.4%

580

Americas

132

353

485

5.9%

-17.7%-11.2%

3,458

Asia Pacific

63

155

218

9.1%

8.5%

8.7%

2,326

30

30

-9.9%

-9.9%

-1.0%

-5.0%

-2.8%

93

8.7%

2.3%

5.8%

49,331OthersCorporate*
Total Group

3,043(*) Corporate staff affected to the countries for Sara

57

Staff

2,561

5,604

NB: unaudited figures

Turning Client Vision into Results

Combined Revenue & Operating Margin
RevenueIn € Millions

Operating margin

H1 FY03FY02

H1 FY03

FY02

June 2003

France

723

1,541

7.7%

10.5%

13,293

UK

567

1,011

7.1%

13.0%

7,163

Benelux

550

1,058

11.1%

12.3%

9,670

Italy

148

389

3.8%

5.9%

3,483

Spain

126

250

9.1%

11.8%

4,950

Central Europe

141

318

2.5%

3.7%

2,782

Nordic

89

194

-5.3%

5.3%

1,533

MEA

51

111

13.8%

22.4%

580

Americas

211

485

3.3%

-11.2%

3,458

Asia Pacific

96

218

17.8%

8.7%

2,326

Others830-33.4%

-9.9%

-1.9%

-2.8%

93

5.5%

5.8%

49,331

Corporate*
Total Group

2,710

5,604

(*) Corporate staff affected to the countries for SchlumberbergerSema

58

Staff

NB: unaudited figures

Turning Client Vision into Results

Combined Pro Forma P&L
H1 FY03In € Millions

Atos
OriginS-SemaRevenue

1,543

EBITDA

FY02
Total

Atos
OriginS-Sema

1,167

2,710

3,043

2,561

5,604

178.1

85.1

263.2

388.6

157.7

546.3

Income From Operations

122.6

26.2

148.8

265.6

59.6

325.2

Net financial expenses(12.3)(23.0)(27.3)

Non recurring items(25.1)(9.8)(34.9)(70.8)(156.4)

Corporate income Tax(25.4)(8.5)(30.1)(46.9)

29.7

Minority Interests

(6.5)

(0.5)

(7.0)

(11.3)(1.7)

Net Income before Goodwill

53.3

7.4

(6.9)

53.8

109.3

(68.8)

Goodwill Amortization(29.0)(24.6)(53.6)(38.4)Net Income (Group share)

24.3(31.5)

0.2

70.8(10.7)

7.4

Ac q uis itio n imp a c ts
P ro fo rma fina ncia l inte re s t o n a cq uis itio n d e b t
P ro fo rma fina ncia l inte re s t o n a cq uis itio n co s t ne t o f ta x

3.8

H1 FY0 3(10.7)

FY0 2(20.0)(0.6)

P ro fo rma ta x imp a ct o n inte re s t co s t

3.8

7.3

P ro fo rma g o o d will a mo rtiza tio n o ve r 20 ye a rs

(24.6)(49.1)

Note : Pro Forma taking into account an acquisition in January 2002

59

Acquisition
impacts

Acquisition
impacts(20.6)(68.8)

Total(47.9)(227.2)7.3(9.9)(13.0)(13.3)

27.2(49.1)(87.5)(62.4)(60.4)

NB: unaudited figures

Turning Client Vision into Results

Combined Pro Forma Balance Sheet
H1 FY03In € Millions

Atos
OriginGoodwill

976

Other fixed Assets

236

Working Capital

FY02

Acquisition
impacts

Total

Atos
Origin

909

1,885

1,029

493

729

271

528

799

187

264

451

191

271

462

Capital employed

1,398

758

909

3,065

1,491

800

934

3,224

Equity

775

321

476

1,572

784

310

508

1,602

Provisions

238

436

675

267

490

Net Debt

386

433

819

440

Capital alloted

1,398

909

3,065

1,491

Ac q uis itio n imp a c ts - g o o d will
Go o d will g ro s s va lue
Go o will a mo rtis a tio n o ve r 20 ye a rs
Go o d will ne t v a lue

S-Sema758

H1 FY0 3
982.9(73.7)
9 0 9 .2

FY0 2
982.9
(49.1)
9 3 3 .7800

Ac q uis itio n imp a c ts - ne t d e b t
Acq uis itio n d e b t
Acq uis itio n co s t ne t o f ta x
Fina ncia l inte re s t ne t o f ta x
N e t d e b t e nd o f 2 0 0 2
Fina ncia l inte re s t ne t o f ta x
N e t d e b t e nd o f J une 2 0 0 3

Note 1 : Acquisition impact before purchase accounting (to be finalised at the closing of the transaction)
Note 2 : Pro Forma taking into account an acquisition in January 2002

60

S-SemaAcquisition
impacts

Total

934

1,963

756
426

866

934

3,224

H1 FY0 3

FY0 2
400.0
12.7
13.3
4 2 6 .1

7.0
4 3 3 .1

NB: unaudited figures

Turning Client Vision into Results

Combined Pro Forma Cash Flow
H1 FY03

FY02

In € Millions

Atos
OriginS. Sem a

Aquisition
im pacts

Total

Atos
OriginS. Sem a

Aquisition
im pacts

Total

Net Cash from operating activites

146.9

32.4

(6.9)

172.4

331.1

177.2

(13.3)

495.0

Change in Working Capital

29.1

(2.3)

26.8

51.2

(242.1)

Net cash from operating activities after WK

176.0

30.1

199.2

382.3

(64.9)

Capital expenditure(36.9)(61.2)(98.1)(102.3)(116.7)

Net Cash From current operations

139.1(31.1)

101.1

280.0

(181.6)

Reorganization and restructuring(60.4)(33.4)(93.8)(73.1)(103.7)

Origin Fair Value Adjustments

(4.5)

(4.5)

(15.5)

Disposal of tangible,intan. and financ. assets

4.8

14.3

107.7

Other changes(14.6)(14.6)(11.6)Net cash before financials investments

64.3

2.4

287.5

Financials investments

(9.6)

(9.6)

(492.6)Net Cash Flow

54.7

(7.2)

(205.1)

Agreement - Debt Free

(6.9)
(6.9)

9.5
(55.0)(55.0)

(6.9)
(6.9)

55.0
(440.3)(426.3)(866.4)(235.2)

Closing Net Debt

(385.6)(433.1)(818.7)(440.3)304.1(219.0)(13.3)

85.1(176.8)(15.5)

25.8

133.5(11.6)(259.5)(259.5)(13.3)

14.7(412.9)(905.5)(426.3)(890.8)259.5(235.2)(426.3)(866.4)

Acquisition impact––

pro forma financial interest net of tax : -13.3 M€ (FY02) and -6.9 M€ (H1 FY03)
financial investment (cash consideration) including acquisition cost net of tax : 412.9 M€ (FY02)

Note : Pro Forma taking into account an acquisition in January 2002

61

(13.3)

259.5

55.0

Opening net debt•

(190.9)

NB: unaudited figures

Turning Client Vision into Results