##### Table of Contents

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 40-F

(Check one)

 ̈ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

þ Annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended September 30, 2011

Commission file number 1-14858

GROUPE CGI INC./CGI GROUP INC.

(Exact name of Registrant as Specified in
Its Charter)

CGI Group Inc.

(Translation of Registrants Name Into English)

Québec, Canada

(Province or Other Jurisdiction of Incorporation or Organization)

7374

(Primary
Standard Industrial Classification Code Number)

[Not Applicable]

(I.R.S. Employer Identification Number)

1130 Sherbrooke Street West

7thFloor

Montréal, Québec

Canada H3A 2M8

(514) 841-3200

(Address and Telephone Number of Registrants Principal Executive Offices)

CGI Technologies and Solutions Inc.

11325 Random Hills

Fairfax, VA22030

(703) 267-8679

(Name, Address and Telephone Number of Agent For Service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:



|                                  |  |                                          
|--------------------------------- |  | -----------------------------------------
|Title Of Each Class               |  | Name Of Each Exchange On Which Registered
|                                  | 
|Class A Subordinate Voting Shares |  | New York Stock Exchange                  

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of
Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

For annual reports,
indicate by check mark the information filed with this form:

þ Annual Information
Form            þ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual report: 227,055,040 Class A Subordinate
Shares, 33,608,159 Class B Shares

Indicate by check mark whether the registrant by filing the information contained in this
form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the Exchange Act). If Yes is marked, indicate the file number assigned to the registrant
in connection with such rule. Yes    82-    NoX

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90
days.            YesX No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or such shorter period that the Registrant was required to submit and post such files).
Yes    No



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Undertaking

Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission
staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

Controls and Procedures

The Registrant has established a system of controls and other procedures designed to ensure that information required to be disclosed in its periodic reports filed under the Securities Exchange Act of
1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms. These disclosure controls and procedures have been evaluated under the direction of
the Registrants Chief Executive Officer and Chief Financial Officer as of the end of the Registrants most recently completed fiscal year on September 30, 2011. Based on such evaluations, the Chief Executive Officer and Chief
Financial Officer have concluded that the disclosure controls and procedures are effective. No change was made in the Registrants internal controls over financial reporting during the fiscal year ended September 30, 2011 that has
materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting. No significant changes were made in the Registrants internal controls or in other factors that could
significantly affect these controls subsequent to the date of their evaluation.

Audit Committee

The Audit and Risk Management Committee of the Board of Directors is composed entirely of unrelated directors who meet
the independence and experience requirements of the New York Stock Exchange, the Toronto Stock Exchange, the U.S. Securities and Exchange Commission rules and National Instrument 52-110, as amended.

The Audit and Risk Management Committee is composed of Mrs. Eileen A. Mercier, Chair of the committee, and
Messrs. Claude Boivin, Richard B. Evans and Gilles Labbé.

The Registrants Board of Directors has
determined that the following members of the Audit and Risk Management Committee of the Board of Directors are audit committee financial experts within the meaning of paragraph (8) of General Instruction B to Form 40-F:



| |  | Gilles Labbé, and
| | - | -----------------

| |  | Eileen A. Mercier
| | - | -----------------

Principal Accountant Fees and Services

In order to satisfy itself as to the independence of the external auditors, the Audit and Risk Management Committee has adopted an auditor independence policy which covers (a) the services that may
and may not be performed by the external auditors, (b) the governance procedures to be followed prior to retaining services from the external auditors, and (c) the responsibilities of the key participants. The following is a summary of the
material provisions of the policy.

Performance of Services

Services are either acceptable services or prohibited services.

The acceptable services are (a) audit and review of financial statements, (b) prospectus work, (c) audit
of pension plans, (d) special audits on control procedures, (e) tax planning services on mergers and acquisitions activities, (f) due diligence relating to mergers and acquisitions, (g) tax services related to transfer pricing,
(h) sales tax planning, (i) research and interpretation related to taxation, (j) research relating to accounting issues, (k) proposals and related services for financial structures and large tax planning projects,
(l) preparation of tax returns and (m) all other services that are not prohibited services.



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The prohibited services are (a) bookkeeping services, (b) design
and implementation of financial information systems, (c) appraisal or valuation services or fairness opinions, (d) actuarial services, (e) internal audit services, (f) management functions, (g) human resources functions,
(h) broker-dealer services, (i) legal services, (j) services based on contingency fees and (k) expert services.

Governance Procedures

The following control procedures are applicable when considering whether to retain the external auditors services:

For all services falling within the permitted services category, whether they are audit or non-audit services, a request
for approval must be submitted to the Audit and Risk Management Committee through the Executive Vice-President and Chief Financial Officer prior to engaging the auditors to perform the services.

In the interests of efficiency, certain permitted services are pre-approved quarterly by the Audit and Risk Management
Committee and thereafter only require approval by the Executive Vice-President and Chief Financial Officer as follows:



| |  |  | The Audit and Risk Management Committee can pre-approve envelopes for certain services to pre-determined dollar limits on a quarterly basis;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Once pre-approved by the Audit and Risk Management Committee, the Executive Vice-President and Chief Financial Officer may approve the services
prior to the engagement;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | For services not captured within the pre-approved envelopes and for costs in excess of the pre-approved amounts, separate requests for approval must
be submitted to the Audit and Risk Management Committee;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | At each meeting of the Audit and Risk Management Committee a consolidated summary of all fees by service type is presented including a break down of
fees incurred within each of the pre-approved envelopes.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Fees Billed by the External Auditors

During the years ended September 30, 2011 and September 30, 2010, CGIs external auditors billed the following
fees for their services:



|                      |      | 00000000000000000000000000 |      | 00000000000000000000000000
|--------------------- | ---- | -------------------------- | ---- | --------------------------
|Service retained      |      | Fees billed               
|                      | 2011 |                            | 2010
|Audit fees            |      | $3,269,836                 |      | $2,594,000                
|Audit related fees(a) |      | $1,471,952                 |      | $482,061                  
|Tax fees(b)           |      | $245,006                   |      | $108,380                  
|All other fees(c)     |      | $6,736                     |      | $4,989                    
|Total fees billed     |      | $4,993,530                 |      | $3,189,430                



| | (a) | The audit related fees billed by the external auditors for the year ended September 30, 2011 were in relation to service organization control
procedures audits and assistance, International Financial Reporting Standards transition assistance, assistance in mergers and acquisitions matters, information technology assistance and advisory services, and 401(k) and special audits. Those billed
for the year ended September 30, 2010 were in relation to service organization control procedures audits and assistance and International Financial Reporting Standards transition assistance.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | The tax fees billed by the external auditors for the year ended September 30, 2011 were in relation to tax compliance and advisory services,
and those billed for the year ended September 30, 2010 were in relation to tax research and advisory services.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | The other fees billed by the external auditors for the years ended September 30, 2011 and 2010 were in relation to government contract
compliance services.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



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Code of Ethics

In addition to its Code of Ethics and Business Conductthat applies to all the Registrants employees,
officers and directors, the Registrant has adopted an Executive Code of Conductthat applies specifically to the Registrants principal executive officer, principal financial officer, principal accounting officer or controller, or other
persons performing similar functions (collectively, the Officers). The Executive Code of Conduct is designed to deter wrongdoing and to promote:



| |  | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Registrant files with, or submits to, the Securities
and Exchange Commission and in other public communications made by the Registrant;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Compliance with applicable governmental laws, rules and regulations;
| | - | --------------------------------------------------------------------

| |  | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
| | - | -----------------------------------------------------------------------------------------------------------------------

| |  | Accountability for adherence to the code.
| | - | -----------------------------------------

The Registrants Executive Code of Conductand of its Code of Ethics and Business Conducthave been posted on the Registrants website at http://www.cgi.com.

The Board of Directors monitors compliance with the Code of Ethics and Business Conduct and under the Board of Directors charter is
responsible for any waivers of the codes provisions granted to directors or officers. No such waivers have been granted to date.

Corporate Governance Practices

CGIs corporate governance practices conform to those followed by U.S. domestic companies under the New York Stock Exchange listing standards.

Off-balance sheet arrangements

The Registrant does not enter into off-balance sheet financing as a matter of practice except for the use of operating leases for office space, computer equipment and vehicles, none of which are
off-balance sheet arrangements within the meaning of paragraph (11) of General Instruction B to Form 40-F. In accordance with Canadian GAAP, neither the lease liability nor the underlying asset is carried on the balance sheet as the terms of
the leases do not meet the threshold for capitalization.

As disclosed in Note 26 to the Registrants Consolidated
Financial Statements, in the normal course of business, the Registrant enters into agreements that may provide for indemnification and guarantees to counterparties in transactions such as consulting and outsourcing services, business divestitures,
lease agreements and financial obligations. These indemnification undertakings and guarantees may require the Company to compensate counterparties for costs and losses incurred as a result of various events, including breaches of representations and
warranties, intellectual property right infringement, claims that may arise while providing services or as a result of litigation that may be suffered by counterparties. The nature of most indemnification undertakings prevent the Registrant from
making a reasonable estimate of the maximum potential amount the Registrant could be required to pay counterparties, as the agreements do not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the
nature and likelihood of which cannot be determined at this time. The Registrant does not expect that any sum it may have to pay in connection with these guarantees will have a materially adverse effect on its Consolidated Financial Statements.



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Tabular Presentation of Contractual Obligations

As of September 30, 2011, the Registrants known contractual obligations were as follows:



|                                                      |       |                       |           |                  |  |  |                   |  |  |                   |         |  |               |  |         |  |  |        
|----------------------------------------------------- | ----- | --------------------- | --------- | ---------------- |  |  | ----------------- |  |  | ----------------- | ------- |  | ------------- |  | ------- |  |  | -------
|Contractual Obligations (in 000 of Canadian
dollars) |       | Payment due by period
|                                                      | Total |                       |           | Less than
1 year |  |  | 2nd and 3rd years |  |  | 4th and 5th years |         |  | After
5 years
|Long-Term Debt Obligations                            |       |                       | 938,499   |                  |  |  | 379,595           |  |  |                   | 48,096  |  |               |  | 16,040  |  |  | 494,768
|Capital (Finance) Lease Obligations                   |       |                       | 67,182    |                  |  |  | 22,939            |  |  |                   | 31,696  |  |               |  | 12,013  |  |  | 534    
|Operating Lease
Obligations(1)                        |       |                       | 815,771   |                  |  |  | 129,387           |  |  |                   | 211,880 |  |               |  | 167,040 |  |  | 307,464
|Purchase Obligations                                  |       |                       | 98,391    |                  |  |  | 48,547            |  |  |                   | 44,644  |  |               |  | 5,200   |  |  | -      
|Total                                                 |       |                       | 1,919,843 |                  |  |  | 580,468           |  |  |                   | 336,316 |  |               |  | 200,293 |  |  | 802,766

(1) Included in these obligations are $25.3 million of office space leases from past acquisitions.

Information to be Filed on This Form

The following materials are filed as a part of this Annual Report:

1.          Annual Information Form for the fiscal year ended September 30, 2011

2.          Audited Annual Financial Statements for the fiscal year ended
September 30, 2011

3.          Managements Discussion and
Analysis of Financial Position and Results of Operations

The following documents are filed as exhibits to
this Annual Report:

23.1      Consent of Ernst & Young LLP

23.2      Consent of Deloitte & Touche LLP

99.1      Certification of the Registrants Chief Executive Officer required pursuant to Rule
13a-14(a).

99.2      Certification of the Registrants Chief Financial Officer required
pursuant to Rule 13a-14(a).

99.3      Certification of the Registrants Chief Executive
Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.4      Certification of the Registrants Chief Financial Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



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LOGO











ANNUAL INFORMATION FORM

For
the fiscal year ended

September 30, 2011











December 13, 2011



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i



TABLE OF CONTENTS



|                                                               |  |  |    | 
|-------------------------------------------------------------- |  |  | -- | 
|INCORPORATION AND DESCRIPTION OF CAPITAL STOCK                 |  |  | 1  | 
|Corporate Structure                                            |  |  | 1  | 
|Capital Structure                                              |  |  | 2  | 
|Stock Splits                                                   |  |  | 2  | 
|Market for Securities, Trading Price and Volume                |  |  | 2  | 
|Normal Course Issuer Bid and Share Repurchases                 |  |  | 3  | 
|CORPORATE GOVERNANCE                                           |  |  | 3  | 
|Board and Standing Committee Charters and Codes of Ethics      |  |  | 3  | 
|Audit Committee Information                                    |  |  | 3  | 
|Directors and Officers                                         |  |  | 3  | 
|Directors                                                      |  |  | 3  | 
|Officers                                                       |  |  | 4  | 
|Ownership of Securities on the Part of Directors and Officers  |  |  | 5  | 
|DESCRIPTION OF CGIS BUSINESS                                  |  |  | 5  | 
|Mission and Vision                                             |  |  | 5  | 
|Business Structure                                             |  |  | 5  | 
|Services Offered by CGI                                        |  |  | 6  | 
|Management of IT and business functions (outsourcing)          |  |  | 6  | 
|Consulting and Systems Integration                             |  |  | 6  | 
|Markets for CGIs services                                     |  |  | 6  | 
|Client Base                                                    |  |  | 7  | 
|Human Resources                                                |  |  | 7  | 
|CGI Offices and Global Delivery Model                          |  |  | 7  | 
|Commercial Alliances                                           |  |  | 8  | 
|Quality Processes                                              |  |  | 8  | 
|The Information Technology Services Industry                   |  |  | 8  | 
|Size, Structure and Recent Developments                        |  |  | 8  | 
|Industry Trends and Outlook                                    |  |  | 9  | 
|CGIs Growth and Positioning Strategy                          |  |  | 9  | 
|Significant developments of the most recent three fiscal years |  |  | 10 | 
|Key Performance Measures                                       |  |  | 10 | 
|Fiscal Year ended September 30, 2011                           |  |  | 11 | 
|Fiscal Year ended September 30, 2010                           |  |  | 16 | 
|Fiscal Year ended September 30, 2009                           |  |  | 20 | 
|FORWARD LOOKING INFORMATION AND RISK FACTORS                   |  |  | 23 | 
|Forward-Looking Information                                    |  |  | 23 | 
|Risk Factors                                                   |  |  | 24 | 
|Risks Related to the Market                                    |  |  | 24 | 
|Economic risk                                                  |  |  | 24 | 
|Risks Related to our Industry                                  |  |  | 24 | 
|The competition for contracts                                  |  |  | 24 | 
|The availability and retention of qualified IT professionals   |  |  | 25 | 
|The ability to develop and expand service offerings            |  |  | 25 | 
|Infringing on the intellectual property rights of others       |  |  | 25 | 
|Benchmarking provisions within certain contracts               |  |  | 25 | 
|Protecting our intellectual property rights                    |  |  | 25 | 
|Risks Related to our Business                                  |  |  | 26 | 
|Risks associated with our growth strategy                      |  |  | 26 | 
|The variability of financial results                           |  |  | 26 | 
|Business mix variations                                        |  |  | 26 | 
|Risks inherent in worldwide operations                         |  |  | 26 | 
|Taxes                                                          |  |  | 27 | 
|Credit risk with respect to accounts receivable                |  |  | 27 | 
|Material developments regarding major commercial clients       |  |  | 27 | 
|Early termination risk                                         |  |  | 27 | 
|Cost estimation risks                                          |  |  | 28 | 
|Risks related to teaming agreements and subcontracts           |  |  | 28 | 
|Our partners ability to deliver on their commitments          |  |  | 28 | 
|Guarantees risk                                                |  |  | 28 | 
|Risk related to human resources utilization rates              |  |  | 28 | 
|Client concentration risk                                      |  |  | 29 | 
|Government business risk                                       |  |  | 29 | 



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ii



|                                                           |  |  |    | 
|---------------------------------------------------------- |  |  | -- | 
|Regulatory risk                                            |  |  | 29 | 
|Legal claims made against our work                         |  |  | 29 | 
|Information and infrastructure risks                       |  |  | 29 | 
|Risk of harm to our reputation                             |  |  | 30 | 
|Risks associated with the integration of new operations    |  |  | 30 | 
|Liquidity and funding risks                                |  |  | 30 | 
|LEGAL PROCEEDINGS                                          |  |  | 30 | 
|INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS |  |  | 31 | 
|TRANSFER AGENT AND REGISTRAR                               |  |  | 31 | 
|AUDITORS                                                   |  |  | 31 | 
|ADDITIONAL INFORMATION                                     |  |  | 31 | 
|APPENDIX A                                                 |  |  | 32 | 
|Fundamental Texts                                          |  |  | 32 | 



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This Annual Information Formis dated December 13, 2011 and, unless specifically stated
otherwise, all information disclosed in this form is provided as at September 30, 2011, the end of CGIs most recently completed fiscal year. All dollar amounts are in Canadian dollars, unless otherwise stated.

INCORPORATION AND DESCRIPTION OF CAPITAL STOCK

Corporate Structure

CGI Group Inc.(the
Company, CGI, we, us or our) was incorporated on September 29, 1981 under Part IA of the Companies Act (Quebec), predecessor to the Business Corporations Act
(Quebec), which came into force on February 14, 2011 and which now governs the Company.The Company continued the activities of Conseillers en gestion et informatique CGI inc., which was originally founded in 1976. The
executive and registered office of the Company is situated at 1130 Sherbrooke Street West, 7th floor, Montreal, Quebec, Canada, H3A 2M8. CGI became a public company on December 17, 1986, upon completing an initial public offering of its
Class A subordinate voting shares (Class A subordinate voting shares).

The following is a list of the direct and
indirect subsidiaries of CGI (i) whose total assets represent more than 10% of CGIs consolidated assets as at September 30, 2011, or (ii) whose sales and operating revenues represent more than 10% of CGIs consolidated
sales and operating revenues for the year ended September 30, 2011. Each subsidiary is 100% owned by its immediate parent company.

LOGO

In addition to its principal operating subsidiaries, CGI has a number of other subsidiaries that serve specific
markets, serve as holding companies, or serve other corporate purposes.



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2



Capital Structure

The Companys authorized share capital consists of an unlimited number of Class A subordinate voting shares carrying one vote per share
and an unlimited number of Class B shares (multiple voting) (Class B shares) carrying 10 votes per share, all without par value, of which, as of December 13, 2011, 226,517,285 Class A subordinate voting shares and 33,608,159
Class B shares, were issued and outstanding. These shares represent respectively 40.26% and 59.74% of the aggregate voting rights attached to the outstanding Class A subordinate voting shares and Class B shares. Two classes of preferred shares
also form part of CGIs authorized capital: an unlimited number of First Preferred Shares (First Preferred Shares), issuable in series, and an unlimited number of Second Preferred Shares (Second Preferred Shares), also
issuable in series. As of December 13, 2011 there were no preferred shares outstanding.

The Company incorporates by reference the
disclosure contained under the headings Class A Subordinate Voting Shares and Class B Shares on page 3, and First Preferred Shares and Second Preferred Shares on page 5 of CGIs
Management Proxy Circular dated December 13, 2011 which was filed with Canadian securities regulatory authorities and which is available at www.sedar.com and on CGIs web site at www.cgi.com. A copy of the Management Proxy
Circularwill be provided promptly to shareholders upon request.

Stock Splits

As of December 13, 2011, the Company had proceeded with four subdivisions of its issued and outstanding Class A subordinate voting shares
as follows:



| |  |  | August 12, 1997 on a two for one basis;
| | - |  | ---------------------------------------

| |  |  | December 15, 1997 on a two for one basis;
| | - |  | -----------------------------------------

| |  |  | May 21, 1998 on a two for one basis; and
| | - |  | ----------------------------------------

| |  |  | January 7, 2000 on a two for one basis.
| | - |  | ---------------------------------------

Market for Securities, Trading Price and Volume

CGIs Class A subordinate voting shares are listed for trading on the Toronto Stock Exchangeunder the symbol GIB.A and on the New York Stock Exchange, under the symbol GIB. A total of
198,900,779 Class A subordinate voting shares were traded on the Toronto Stock Exchangeduring the year ended September 30, 2011 as follows:



|                                                                                                                                                  |  |             |  |            |  |           
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------- |  | ---------- |  | ----------
|Month                                                                                                                                             |  | High(a) ($) |  | Low(a) ($) |  | Volume    
|October 2010                                                                                                                                      |  | 16.48       |  | 15.27      |  | 17,525,403
|November 2010                                                                                                                                     |  | 17.20       |  | 15.35      |  | 22,472,221
|December 2010                                                                                                                                     |  | 17.57       |  | 15.98      |  | 16,600,347
|January 2011                                                                                                                                      |  | 19.95       |  | 16.77      |  | 16,473,931
|February 2011                                                                                                                                     |  | 20.34       |  | 19.15      |  | 18,060,850
|March 2011                                                                                                                                        |  | 20.60       |  | 18.54      |  | 15,329,293
|April 2011                                                                                                                                        |  | 21.25       |  | 19.92      |  | 14,247,462
|May 2011                                                                                                                                          |  | 22.34       |  | 19.75      |  | 14,352,353
|June 2011                                                                                                                                         |  | 23.86       |  | 21.32      |  | 15,513,322
|July 2011                                                                                                                                         |  | 24.30       |  | 20.26      |  | 15,172,935
|August 2011                                                                                                                                       |  | 20.59       |  | 18.32      |  | 18,982,708
|September 2011                                                                                                                                    |  | 20.22       |  | 17.02      |  | 14,169,954
|(a)  The
high and low prices reflect the highest and lowest prices at which a board lot trade was executed in a trading session during the month.



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3



Normal Course Issuer Bid and Share Repurchases

On January 26, 2011, CGI announced that it was renewing its normal course issuer bid to repurchase up to 10% of the public float of its issued
and outstanding Class A subordinate voting shares during the next year. See Significant developments of the most recent three fiscal years  Fiscal Year ended September 30, 2011  Significant Developments later in this
document.

CORPORATE GOVERNANCE

Board and Standing Committee Charters and Codes of Ethics

CGIs Code of Ethics and Business Conduct, its Executive Code of Conduct, the charter of the Board of Directors and the charters of the
standing committees of the Board of Directors, including the charter of the Audit and Risk Management Committee, are set out in CGIs Fundamental Texts which are annexed as Appendix A to this Annual Information Form.

Audit Committee Information

The Company incorporates by reference the disclosure contained under the heading Expertise and financial and operational literacyon page 41 and the disclosure under the heading Report of the Audit
and Risk Management Committeeon page 49 and following of CGIs Management Proxy Circulardated December 13, 2011 which was filed with Canadian securities regulatory authorities and which is available at www.sedar.com and
on CGIs web site at www.cgi.com. A copy of the Management Proxy Circularwill be provided promptly to shareholders upon request.

Directors and Officers

Directors

The Company incorporates by reference the disclosure under the heading Nominees for Election as Directorsrelating to the Companys directors contained on pages 8 to 15, and the table on Board of
Directors committee membership on page 39 of CGIs Management Proxy Circular dated December 13, 2011 which was filed with Canadian securities regulatory authorities and which is available at www.sedar.com and on CGIs web site
at www.cgi.com. A copy of the Management Proxy Circular will be provided promptly to shareholders upon request.



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4





Officers

The following table states the names of CGIs senior officers, their place of residence and their principal occupation:



|                                                   |  |                                                                                            
|-------------------------------------------------- |  | -------------------------------------------------------------------------------------------
|Name and place of residence                        |  | Principal occupation                                                                       
|R. David Anderson
Montreal, Quebec Canada          |  | Executive Vice-President and Chief Financial Officer                                       
|François Boulanger Brossard, Quebec Canada         |  | Senior Vice-President and Corporate Controller                                             
|Benoit
Dubé St-Lambert, Quebec Canada              |  | Executive Vice-President and Chief Legal Officer                                           
|Julie Godin
Verdun (Ile des soeurs), Quebec Canada |  | Senior Vice-President, Human Resources and Strategic Planning                              
|Serge Godin
Westmount, Quebec Canada               |  | Founder and Executive Chairman of the Board                                                
|André
Imbeau Beloeil, Quebec Canada                |  | Founder, Executive Vice-Chairman of the Board and Corporate Secretary                      
|Eva Maglis
Montreal, Quebec Canada                 |  | President, Global Infrastructure Services                                                  
|Claude Marcoux
Sainte-Foy, Quebec Canada           |  | Senior Vice-President and General Manager                                                  
|Doug McCuaig
Toronto, Ontario Canada               |  | President, Canada                                                                          
|Donna S. Morea
Royal Oak, Maryland USA             |  | Executive Vice-President                                                                   
|Luc Pinard
St-Lambert, Quebec Canada               |  | Executive    Vice-President,    Corporate   
 Performance    and    Knowledge    Management
|Michael E. Roach
Outremont, Quebec Canada          |  | President and Chief Executive Officer                                                      
|Daniel Rocheleau
Longueuil, Quebec Canada          |  | Executive Vice-President and Chief Business Engineering Officer                            
|Jacques Roy
Boucherville, Quebec Canada            |  | Senior Vice-President, Finance and Treasury                                                
|Donna Ryan
Watroo, South Carolina USA              |  | President, CGI Federal                                                                     
|Claude
Séguin Montreal, Quebec Canada              |  | Senior Vice-President, Corporate Development and Strategic Investments                     
|George Schindler
Fairfax, Virginia USA             |  | President, U.S. Operations                                                                 
|Nazzic Turner Oakton, Virginia USA                 |  | Senior Vice-President and General Manager                                                  

Benoit Dubé was appointed Executive Vice-President and Chief Legal Officer on June 4, 2010 and prior to
his appointment was a Vice-President in the Companys legal department. Prior to joining the Company in August of 2009, Julie Godin was President of Oxygène Santé Corporative Inc., which was acquired by the Company on
August 13, 2009. Ms. Godin joined CGI with the title Administrative Vice-President. She was appointed an officer of the Company on July 26, 2010, and is now Senior Vice-President, Human Resources and Strategic Planning. Eva Maglis was
appointed as an officer of the



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Company on July 26, 2010 and became responsible, in her capacity as Senior Vice-President and General Manager, for CGIs global infrastructure services, solutions and consulting on
October 1, 2010. She was appointed President, Global Infrastructure Services on May 27, 2011. Prior to his appointment as President, Canada on June 4, 2010, Doug McCuaig was a Senior Vice-President of the Company. He was appointed as
an officer of the Company on July 26, 2010. Donna Morea was President, U.S., Europe and Asia prior to being appointed Executive Vice-President on September 28, 2011. Luc Pinard was Executive Vice-President, Chief Technology and Quality
Officer prior to being appointed Executive Vice-President, Corporate Performance and Knowledge Management on August 3, 2011. Donna Ryan held the position of Senior Vice-President prior to being appointed President, CGI Federal effective
September 28, 2011. George Schindler was appointed President, U.S. Operations on September 28, 2011. Claude Marcoux, George Schindler and Nazzic Turner were previously appointed by the Board of Directors as officers of the Company on
July 26, 2010. Except as noted above, all of the officers named in the table have either held the position set out opposite their names, or other executive or equivalent management functions in the Company or its subsidiaries during the last
five years.

Ownership of Securities on the Part of Directors and Officers

The Company incorporates by reference the disclosure under the heading Principal Holders of Class A Subordinate Voting Shares and Class B
Shares on page 5 of CGIs Management Proxy Circulardated December 13, 2011 which was filed with Canadian securities regulatory authorities and which is available at www.sedar.com and on CGIs web site at www.cgi.com.
A copy of the Management Proxy Circular will be provided promptly to shareholders upon request.

DESCRIPTION OF
CGIS BUSINESS

Mission and Vision

The mission of CGI is to help its clients with professional services of outstanding quality, competence and objectivity, delivering the best solutions to fully satisfy client objectives in information technology
(IT), business processes and management. In all we do, we foster a culture of partnership, intrapreneurship and integrity, building a global IT and business process services (BPS) company. CGIs vision is to be a world
class IT and BPS leader helping our clients win and succeed.

CGIs Mission, Vision, Dream and Values are explained in the
Companys Fundamental Texts,which are annexed as Appendix 
A, and are posted on the Companys web site at www.cgi.com.

Business Structure

The Companys activities are divided into the following segments: (i) Canada, (ii) U.S. and India (collectively U.S.),
(iii) Europe and Asia Pacific (collectively Europe), and (iv) Global Infrastructure Services (GIS).

The following table shows the revenues for each of the segments in 2011:



|                    |  |           |  |          
|------------------- |  | --------- |  | ---------
|In 000s of dollars |  |           |  |          
|Segment             |  | 2011      |  | 2010     
|Canada revenue      |  | 1,336,380 |  | 1,345,445
|U.S. revenue        |  | 1,954,011 |  | 1,335,795
|Europe revenue      |  | 220,762   |  | 192,922  
|GIS revenue         |  | 812,084   |  | 857,955  
|Total               |  | 4,323,237 |  | 3,732,117



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Services Offered by CGI

CGI provides high end IT consulting, systems integration, IT outsourcing and business solutions. The Companys delivery model provides for
work to be carried out onsite at client premises, or through one of its centers of excellence located in North America, Europe and India.

In addition, CGI has an extensive solutions portfolio of more than 100 solutions that contribute value to our application services offering,
including the following:



| |  |  | Momentum is an integrated enterprise resource planning suite with over 100 installations across the three branches of the U.S. federal
government, including 16 agencies subject to the Chief Financial Officer and Federal Financial Reform Act of 1990.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | CGIs AMS Advantage is an enterprise resource planning suite that 25 U.S. state governments rely on to support financial management.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------



| |  |  | MVest®, PrimeSuite are robust wealth management solutions widely adopted in the financial industry.
| | - |  | ----------------------------------------------------------------------------------------------------

Management of IT and Business Functions (Outsourcing)

Clients contract entire or partial responsibility for their IT or business functions to CGI to achieve significant savings and access the best
technology, while retaining control over strategic IT and business functions. As part of such agreements, we implement our quality processes and proven practices to improve the efficiency of the clients operations. We also integrate
clients operations into our technology network. Finally, our clients may transfer their specialized professionals to us, enabling our clients to focus on mission critical operations. Services provided as part of an outsourcing contract may
include development and integration of new projects and applications; applications maintenance and support; technology management (enterprise and end-user computing and network services); transaction and business processing, as well as other
services such as payroll and document management services. Outsourcing contracts typically have terms of up to ten years and are renewable.

Consulting and Systems Integration

CGI provides a full range of IT
and management consulting services, including business transformation, IT strategic planning, business process engineering and systems architecture.

CGI integrates and customizes leading technologies and software applications to create IT systems that respond to clients strategic needs.

Markets for CGIs Services

CGI offers its end-to-end services
to a focused set of industry vertical markets (verticals) where we have developed extensive and deep subject matter expertise. This allows us to fully understand our clients business realities and to provide them with solutions
that help them achieve their business goals. Our targeted verticals include: a) government  helping organizations improve the performance of mission-critical functions through the innovative use of IT; b) financial services  helping
clients grow and increase profitability by adopting solutions that support integrated customer-focused operations; c) telecommunications and utilities  helping providers deliver new revenue streams while improving productivity and client
service; d) manufacturing retail and distribution  establishing flexible and customer-centered operating models that help clients lower costs and increase profitability and helping clients leverage IT to better manage the entire product
lifecycle; and e) health  helping organizations improve the performance of mission-critical functions through the innovative use of IT.

On October 31, 2011, CGI announced that it will now report a separate Health vertical. The new vertical is the result of CGIs strong historical performance and the sectors overall
importance to CGIs growth strategy. Previously, this sector was embedded within both the government and financial services verticals. In addition, the Company consolidated the manufacturing and retail & distribution vertical markets
into one  manufacturing, retail & distribution.



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Client Base

CGI works with large and medium sized businesses in the private and public sectors worldwide. The Companys clientele is well balanced in
terms of quality, quantity, stability and diversity.

Human Resources

As of December 13, 2011, CGI had approximately 31,000 professionals. In order to encourage the high degree of commitment necessary to ensure
the quality and continuity of client service, CGI has had a member share purchase plan in place for several years. From the beginning, the Company has had a Profit Participation Plan which, from 1990 onwards, has been based on the performance
of its business units and overall corporate results.

CGI Offices and Global Delivery Model

CGI and its affiliated companies operate from more than 125 offices. Some 5,500 members representing approximately 20% of CGIs global
workforce serve the Companys clients from global delivery centers located on three continents. These delivery centers enable CGI to provide its clients with the right mix of onshore, nearshore and offshore IT services that best suits their
business needs.

CGIs delivery centers and its main offices are listed below:



|                                                               |  |                         |  |                        |  |                     
|-------------------------------------------------------------- |  | ----------------------- |  | ---------------------- |  | --------------------
|Canada                                                        
|                                                               |  |                         | 
|Burnaby, BC                                                    |  | Halifax, NS            |  | Montréal, QC          |  | Sherbrooke, QC     
|Calgary, AB                                                    |  | Laval, QC               |  | Ottawa, ON             |  | Toronto, ON         
|Charlottetown, PEI                                             |  | Markham, ON             |  | Québec City, QC       |  | Victoria, BC        
|Edmonton, AB                                                   |  | Mississauga, ON         |  | Regina, SK             |  |                     
|Fredericton, NB                                               |  | Moncton, NB            |  | Saguenay, QC          |  |                     
|                                                              
|United States                                                 
|                                                               |  |                         | 
|Albany, NY                                                     |  | Cleveland, OH           |  | Lebanon, VA            |  | Richmond, VA        
|Annapolis Junction, MD                                         |  | Columbia, SC            |  | Lexington, KY          |  | Sacramento, CA      
|Arlington, VA                                                  |  | Columbus, OH            |  | Los Angeles, CA        |  | San Antonio, TX     
|Atlanta, GA                                                    |  | Dallas / Fort Worth, TX |  | Manassas, VA           |  | San Diego, CA       
|Austin, TX                                                     |  | Denver, CO              |  | Miami, FL              |  | Sarasota, FL        
|Baltimore, MD                                                  |  | Fairfax, VA             |  | New Orleans, LA        |  | Sierra Vista, AZ    
|Bellevue, WA                                                   |  | Fairview Heights, IL    |  | New York, NY           |  | St.Louis, MO        
|Belton, TX                                                     |  | Honolulu, HI            |  | Norfolk, VA            |  | Tampa, FL           
|Birmingham, AL                                                 |  | Hotsprings, AR          |  | Norman, OK             |  | Troy, AL           
|Boston, MA                                                     |  | Houston, TX             |  | Oakland, CA            |  | Tucson, AZ          
|Buffalo, NY                                                    |  | Huntsville, AL          |  | Oklahoma City, OK      |  | Washington, DC      
|Charleston, SC                                                 |  | Jacksonville,FL         |  | Phoenix, AZ            |  |                     
|Chicago, IL                                                    |  | Juneau, AK              |  | Pittsburgh, PA         |  |                     
|Clarksville, TN                                                |  | Lawton, OK              |  | Raleigh, NC            |  |                     
|                                                              
|Europe and Asia Pacific                                       
|                                                               |  |                         | 
|Bangalore, India                                              |  | Frankfurt, Germany      |  | Luxembourg, Luxembourg |  | Munich, Germany     
|Basingstoke, U.K                                               |  | Hannover, Germany       |  | Madrid, Spain          |  | Paris, France       
|Brentwood, U.K.                                                |  | Hyderabad, India       |  | Malaga, Spain         |  | Stevenage, U.K.     
|Brussels, Belgium                                              |  | Krakow, Poland          |  | Melbourne, Australia   |  | Sydney, Australia   
|Canberra, Australia                                            |  | Lisbon, Portugal        |  | Milton Keynes, U.K.    |  | Utrecht, Netherlands
|Düsseldorf, Germany                                            |  | London, U.K.            |  | Mumbai, India         |  | Warsaw, Poland      
| Indicates cities
where CGI operates global delivery centres.

All of CGIs offices are located in rented premises with the exception of one property that we own in Montreal
where one of our data centres is located, and an office building we own in Mumbai but that is built on land that we lease.



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Commercial Alliances

CGI currently has commercial alliance agreements with various business partners. These non-exclusive commercial agreements with hardware and
software providers allow the Company to provide its clients with high quality technology, often on advantageous commercial terms. CGIs business partners include prominent hardware and software providers.

Quality Processes

CGIs ISO 9001 certified operations that are reflected in its management frameworks ensure that its clients objectives are clearly
defined, that projects are properly scoped and that the necessary resources are applied to meet objectives. These processes ensure that clients requirements drive CGIs solutions. Clients are constantly kept informed; their degree of
satisfaction is regularly measured and part of the incentive remuneration of CGI managers is linked to the results.

In 1993, the
Company began working towards obtaining ISO 9001 certification for the portion of its operations covered by its Project Management Framework. CGIs Quebec City office was granted ISO 9001 certification in June 1994, which allowed CGI to
become North Americas first organization in the IT consulting field to receive ISO 9001 certification for the way in which it managed projects. Since 1995, CGI has expanded the ISO 9001 certification throughout its Canadian, U.S. and
international offices as well as its corporate headquarters. Over the past several years, in the context of CGIs high growth rate, its ISO certified quality system has been a key ingredient in spreading its culture, in part because it helps to
integrate new members successfully.

As clients grow and IT projects become increasingly complex, CGI strives to further refine its
quality processes while allowing them to branch out across all its activities. CGIs enhanced quality system of which the Client Partnership Management Framework(CPMF) forms part, is simpler and provides the Companys
business units with greater autonomy in a context of decentralized activities. One of CGIs key focus areas remains the successful management of client relationships, leading to long-term partnerships. CGI applications development centres in
Mumbai, Hyderabad and Bangalore in India, have achieved SEI CMMI Level 5 quality certification and ISO 27001 security management system certification.

CGI also obtained ISO 9001 certification for the application of its Member Partnership Management Frameworkin its operations and, in 2004, we similarly obtained ISO 9001 certification for the portion of our
operations covered by our Shareholder Partnership Management Framework(SPMF). The SPMF structures the processes and information flows between CGI and its shareholders as well as with the investment community.

CGI now holds ISO quality certification for the management of its partnerships with each of its three major stakeholder groups, namely customers,
members and shareholders.

The IT Services Industry

Size, Structure and Recent Developments

Although the current state
of the economy makes it difficult to predict future trends in IT spending, CGI intends to continue its Build and Buy profitable growth strategy. Most businesses and governments still require IT services in challenging market conditions and
clients are expected to be looking for increased value and lower costs, thereby presenting opportunities that the Company has successfully exploited in the past. With respect to IT and business process services outsourcing, we believe that the
potential remains enormous. CGI has from time to time commissioned a study from International Data Corp.(IDC) which provides CGI with insight as to spending on IT and business process services in Canada, the United States and
Europe.

According to IDCs research conducted in 2011, the potential business opportunity for IT outsourcing was estimated to be
US$617 billion in the U.S., US$606 billion in Europe and US$53 billion in Canada. These numbers exclude the value of services already outsourced and indicate a large untapped potential market.



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Industry Trends and Outlook

Our industry continues to evolve rapidly. In the early to mid 1990s, 75% of the industrys revenue came from per diem services, i.e. from
specialized assistance within specific projects. Such services did not require a large or complex organization nor did they allow for much differentiation between firms, which resulted in fierce competition.

Today, large IT firms revenues are generated by systems integration or outsourcing projects aimed at comprehensive business solutions. Both
public and private sector organizations are looking for new ways to provide better services at lower cost. For organizations, the emergence of internet applications and web based business models have shortened implementation time for solutions while
increasing pressure to retain scarce professional resources. Their need to concentrate on core competencies and to increase flexibility explains why companies increasingly turn to externally sourced professionals for the development and management
of some of their specialized functions, including information systems. They are demanding proven technological solutions implemented rapidly at a lower total cost of ownership and operation.

Prospective clients continue to place significant emphasis on cost reductions and are therefore inclined to consider outsourcing part or all of
their IT services. These factors help to explain the popularity of global outsourcing services.

CGIs Growth and
Positioning Strategy

CGI has major competitive advantages to address the current demand for services and the potential market for
global outsourcing services. The Company benefits from a strong financial position and offers the full range of IT services.

CGIs
independence from hardware manufacturers is also a differentiating factor, allowing us to focus on developing the best solution for our clients needs.

CGI benefits from a highly flexible global delivery model (see the heading CGI Offices and Global Delivery Model earlier in this document) providing clients with high quality services on competitive terms,
while protecting CGIs margins.

CGIs client base is principally grouped within five industry vertical markets (see the
heading Markets for CGIs services earlier in this document). In order to develop services adapted to the specific needs of each market, the Companys professionals are grouped according to targeted client segments, which provide
the Company with a deeper understanding of the trends specific to each industry, as well as a better understanding of the clients competitive and technological challenges. This market expertise is a key factor in the Companys ability to
develop comprehensive business solutions.

CGIs Build and Buy strategy is founded on four pillars of growth that combine
organic growth and acquisitions in a way that provides an ideal mix of profitable revenue delivered by a proximity-based model ensuring that the Company maintains an intimate relationship with its clients while offering them the benefits of global
sourcing options.

The first pillar of this strategy focuses on generating organic growth through contract wins, renewals and extensions
in the areas of outsourcing and systems integration and consulting.

The second pillar of the strategy involves the pursuit of new large
outsourcing contracts, leveraging our end-to-end services, global delivery model and critical mass. CGIs global delivery model offers a unique blend of onshore, nearshore and offshore delivery options that result in highly responsive and cost
effective delivery. Further, based on the Companys growth rate over the last several years, we have the critical mass required to bid on large and complex opportunities in North America and Europe.



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The third pillar of our growth strategy focuses on the acquisition of smaller firms or niche players.
We identify niche acquisitions through a strategic mapping program that systematically searches for targets that will strengthen our vertical market knowledge or increase the richness of our service offerings.

The fourth pillar involves the pursuit of transformational acquisitions focused on expanding our geographic presence and critical mass. This
approach further enables us to strengthen our qualifications to compete for large outsourcing contracts.

Significant Developments Occuring After the
End of the Most Recent Fiscal Year

Refinancing of Credit Facility

On December 7, 2011, CGI announced that it had successfully refinanced its $1.5 billion credit facility for an additional five years, through
December 2016. The facility, which can be extended annually, includes an accordion feature providing for an additional $750 million, bringing the facilitys potential capacity to $2.25 billion.

Significant Developments of the Most Recent Three Fiscal Years

Key Performance Measures

We use a combination of financial
measures, ratios, and non-GAAP measures to assess the Companys performance. The table below summarizes our most relevant key performance measures:



|              |  |                                                                                                                                                                                                                                                                                                                                                                                                  
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Profitability |  | Adjusted EBIT  is a measure of earnings from continuing operations before acquisition-related and integration costs, interest on long-term debt, interest
income, other (income) expenses, gain on sale of capital assets, and income tax expense. Management believes this measure best reflects the profitability of our operations.                                                          
|              | 
|              |  | Diluted earnings per share from continuing operations attributable to shareholders of CGI  is a measure of earnings generated for shareholders on a per
share basis, assuming all in-the-money options outstanding are exercised.                                                                                                                                                               
|              | 
|Liquidity     |  | Cash provided by continuing operating activities  is a measure of cash generated from managing our day-to-day business operations. We believe strong
operating cash flow is indicative of financial flexibility, allowing us to execute our corporate strategy.                                                                                                                                 
|              | 
|              |  | Days sales outstanding  is the average number of days to convert our trade receivables and work in progress into cash. Management tracks this metric
closely to ensure timely collection, healthy liquidity, and is committed to maintaining a DSO below its 45-day target.                                                                                                                     
|              | 
|Growth        |  | Constant currency growth  is a measure of revenue growth before foreign currency impacts. This growth is calculated by translating current period results
in local currency using the conversion rates in the equivalent period from the prior year. We believe that it is helpful to adjust revenue to exclude the impact of currency fluctuations to better understand trends in the
business.
|              | 
|              |  | Backlog  represents managements best estimate of revenue to be realized in the future based on the terms of respective client agreements active at a
point in time.                                                                                                                                                                                                                            
|              | 
|              |  | Book-to-Bill ratio  is a measure of the proportion of contract wins to our revenue in the period. This metric allows management to monitor the
companys business development efforts to ensure we grow our backlog and our business over time.                                                                                                                                                 



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|                  |  |                                                                                                                                                                                                                                                                                                                                                          
|----------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                  | 
|                  |  | Management remains committed to maintaining a target ratio greater than 100% over a 12-month period. Management believes that the longer period is a more effective
measure as the size and timing of bookings could cause this measurement to fluctuate significantly if taken for only a three-month period.                                           
|                  | 
|Capital Structure |  | Net Debt to Capitalization ratio  is a measure of our level of financial leverage net of our cash and cash equivalents and short-term investments and
marketable long-term investments. Management uses this metric to monitor the proportion of debt versus capital used to finance our operations and it provides insight into our financial strength.
|                  | 
|                  |  | Return on Equity  is a measure of the rate of return on the ownership interest of our shareholders. Management looks at ROE to measure its efficiency at
generating profits for the Companys shareholders and how well the Company uses the invested funds to generate earnings growth.                                                                
|                  | 
|                  |  | Return on Invested Capital  is a measure of the Companys efficiency at allocating the capital under its control to profitable investments. Management
examines this ratio to assess how well it is using its money to generate returns.                                                                                                                

Fiscal Year ended September 30, 2011

Significant Developments

The Company continued to grow year-over-year and our adjusted EBIT margin continues to remain strong, providing necessary cash from operations to
pay down our long-term debt and to increase the return to our shareholders. The highlights below include the impacts of the Performance Improvement Plan as explained below under Performance Improvement Plan:



| |  |  | Bookings of $4.9 billion;
| | - |  | -------------------------



| |  |  | Book-to-bill ratio of 113%;
| | - |  | ---------------------------



| |  |  | Constant currency revenue growth of 18.9% over last year;
| | - |  | ---------------------------------------------------------



| |  |  | Adjusted EBIT margin remains high at 13.0%;
| | - |  | -------------------------------------------



| |  |  | Basic and diluted EPS grew by 29.1% and 27.4% respectively compared to the prior year;
| | - |  | --------------------------------------------------------------------------------------



| |  |  | Return on equity reached 19.5%;
| | - |  | -------------------------------



| |  |  | Cash provided by continuing operating activities remained strong, representing 13.2% of revenue; and
| | - |  | ----------------------------------------------------------------------------------------------------



| |  |  | Repurchased 16.4 million Class A subordinate shares of the Company.
| | - |  | -------------------------------------------------------------------

Conseillers en informatique daffaires CIA Inc.

On April 4, 2011, CGI concluded a transaction whereby Conseillers en informatique daffaires CIA Inc. (CIA) repurchased its shares held by CGI. CGI simultaneously purchased the operations
carried out in CIAs Paris office. The sale and acquisition did not have a material impact on the Companys net earnings or financial position. The revenue reported in Canada decreased by approximately $17.3 million during the year from
fiscal 2010.

Private Debt Placement

During the fourth quarter, the Company entered into a US$475.0 million private debt placement financing with large U.S. institutional investors. The private placement is comprised of three tranches of senior U.S.
unsecured notes, with a weighted average maturity of 8.2 years and a weighted average fixed coupon of 4.57%. The Company will draw down the proceeds no later than December 15, 2011, and plans to



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execute interest rate swaps subject to favourable market conditions in order to reduce its financing costs and maximize flexibility. The Company intends to use the proceeds of the private
placement to pay down part of the Companys existing revolving term facility, see Significant Developments Occuring After the End of the Most Recent Fiscal Year earlier in this document.

Performance Improvement Plan

During the fourth quarter, the Company accelerated the on-going optimization of its cost structure in light of the current economic environment and
outlook. Technological advancements have enabled our workforce to become increasingly mobile. This increased mobility of our workforce along with the growth in our global delivery centres evolved our real estate needs. As a result, and in order to
remain competitive, a total pre-tax charge of $45.4 million was taken mainly comprised of provisions on excess real estate, related leasehold improvements and severance costs in the amount of $33.7 million. Also, through a review of the
Companys business solutions portfolio and following the deferral of investments by some of our clients, management decided to lower the outlook for certain of the Companys business solution investments and therefore, resulted in the
impairment of two business solutions. An impairment charge of $11.7 million was taken on these solutions primarily for the financial services market. Of the $45.4 million charge, $29.6 million is included in Cost of services, Selling and
Administrative, which is discussed on page 8 of Managements Discussion & Analysis, while the $11.7 million impairment charge and $4.1 million of leasehold improvements write-off is included in Amortization on
the consolidated statement of earnings in the financial booklet of the 2011 Annual Reportentitled Numbers. Please see Section 7  Fourth Quarter Results of Managements Discussion & Analysis for more
information.

Bookings and Book-to-Bill Ratio

The Company achieved a book-to-bill ratio of 113% for the year. Of the $4.9 billion in bookings signed during the year, 63% came from new business, while 37% came from extensions and renewals.

Our largest verticals for bookings were government and financial services, making up approximately 54% and 24% of total bookings, respectively.
From a geographical perspective, the U.S. accounted for 64% of total bookings, followed by Canada at 31% and Europe at 5%.

Information
regarding our bookings is a key indicator of the volume of our business over time. However, due to the timing and transition period associated with outsourcing contracts, the realization of revenue related to these bookings may fluctuate from period
to period. The values initially booked may change over time due to their variable attributes, including demand-driven usage, modifications in the scope of work to be performed caused by changes in client requirements as well as termination clauses
at the option of the client. As such, information regarding our bookings is not comparable to, nor should it be substituted for an analysis of our revenue; it is instead a key indicator of our future revenue used by the Companys management to
measure growth.

Significant Bookings in the Year



|                  |  |                                                                                                                                                                                                                                                                                                                         |  |            |  |                
|----------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------- |  | ---------------
|Announcement Date |  | Client                                                                                                                                                                                                                                                                                                                  |  | Duration   |  | Value          
|                  |  |                                                                                                                                                                                                                                                                                                                         | 
|October 21, 2010  |  | U.S. General Services Administration                                                                                                                                                                                                                                                                                    |  | Five years |  | US$76.0 million
|                  |  | CGI has been selected as one of the 11
companies awarded a five-year, government-wide Blanket Purchase Agreement for Infrastructure as a Service by the U.S. General Services Administration. During this contract CGI will offer government agencies virtual machines and Web hosting services
in a cloud environment.



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|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                                  |  |                
|----------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | ---------------
|Announcement Date |  | Client                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | Duration                         |  | Value          
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|November 5, 2010  |  | SaskEnergy                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  | Seven years                      |  | Not released   
|                  | 
|                  |  | CGIs work includes the replacement of SaskEnergys legacy customer and billing information system utilizing Oracles Customer Care and
Billing application to manage critical business functions including customer service, billing, collections and meter management.                                                                                                                                                                                                         
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|November 17, 2010 |  | U.S. Defense Information Technology Contracting Organization                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Five years                       |  | US$28.0 million
|                  | 
|                  |  | CGI will support the Kyrgyzstan Border Services efforts to better coordinate control of their border as well as provide IT support to the U.S. Army
Communications-Electronics Commands counter narcotics efforts.                                                                                                                                                                                                                                                             
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|January 11, 2011  |  | U.S. Department of Housing and Urban Development (HUD)                                                                                                                                                                                                                                                                                                                                                                                                                          |  | Until Sept 30, 2011              |  | US$40.3 million
|                  | 
|                  |  | In conjunction with state and local housing agencies, CGI administers HUDs multi-family housing programs in California, Florida, New York, Ohio, and
Washington, DC. CGIs contract is performance-based and, since its award 10 years ago, the company has demonstrated a strong track record of performance on behalf of its partner housing agencies.                                                                                                                        
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|January 12, 2011  |  | Industrial Alliance Insurance and Financial Services, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                        |  | Ten year extension
and expansion |  | $137.0 million 
|                  | 
|                  |  | CGI will continue to support the strategic growth of Industrial Alliance, the fourth largest life and health insurance firm in Canada, by becoming its
preferred IT vendor delivering a wide range of IT services.                                                                                                                                                                                                                                                               
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|January 12, 2011  |  | Centers for Medicare & Medicaid Services                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | Five years                       |  | US$55.0 million
|                  | 
|                  |  | CGI will continue software development and operational support services for the Provider Enrolment Chain Ownership System including Health Information
Technology for Economic and Clinical Health registration and attestation functionality.                                                                                                                                                                                                                                   
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|January 18, 2011  |  | Société Générale Corporate &
Investment Banking (SG CIB)                                                                                                                                                                                                                                                                                                                                                                                                                        |  | Three years                      |  | Not released   
|                  | 
|                  |  | CGI will provide application development and support services using its global delivery centres to SG CIB locations in Paris, London, New York, Singapore
and Hong Kong.                                                                                                                                                                                                                                                                                                         
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|March 2, 2010     |  | Highmark Blue Cross Blue Shield                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Five year renewal                |  | Not released   
|                  | 
|                  |  | CGI will provide comprehensive claims audit services to identify provider overpayments and coding errors on claims submitted from providers throughout the
Commonwealth of Pennsylvania. The work will be performed by consultants, claims investigators, clinicians, and coding specialists using the companys proprietary Customized Audit System softwarean enterprise-wide solution designed to
support the prediction, identification, management, and analysis of claims.



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|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                       |  |                 
|----------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------- |  | ----------------
|Announcement Date |  | Client                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | Duration              |  | Value           
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|April 26, 2011    |  | State of California Franchise Tax Board (FTB)                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | Five and a half years |  | US$399.0 million
|                  | 
|                  |  | CGIs innovative solution will support fundamental changes in FTBs tax processing that will generate an estimated $2.8 billion in additional
revenue for the State by 2016-2017, helping to narrow its substantial tax revenue gap. The Enterprise Data to Revenue project will be a performance-based, benefits-funded contract where CGI is paid from a percentage of the increased revenues
generated. The contract includes a five-year option for maintenance and operation valued at an additional $139 million.
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 17, 2011      |  | Space and Naval Warfare Systems Center                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | Not Released          |  | US$49.0 million 
|                  | 
|                  |  | CGI will continue to provide production execution, testing, and technical support for U.S. military Command, Control, Communications, Computers, Combat
Systems, Intelligence, Surveillance and Reconnaissance (C5ISR) mission modules.                                                                                                                                                                                                                                                                                
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 18, 2011      |  | Environmental Protection Agency (EPA)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | Seven years           |  | US$34.0 million 
|                  | 
|                  |  | Under the multi-vendor ITS-EPA II Program Blanket Purchase Agreement, CGI will partner with EPA to develop and implement a new cyber security approach
focused on strengthening the internal security posture, streamlining processes, re-engineering operations, and enhancing service tracking.                                                                                                                                                                                                                      
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 19, 2011      |  | Evraz                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Until 2016            |  | Not released    
|                  | 
|                  |  | CGI will provide IT services support to its North American operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 31, 2011      |  | Commonwealth of Pennsylvania, Department of Public Welfare                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | Four year renewal     |  | US$44.9 million 
|                  | 
|                  |  | CGI will help prevent, detect, deter and correct provider improper payments within Pennsylvanias Medicaid Medical Assistance program. CGI will use its
proprietary data mining software, the Customized Audit System, to conduct reviews of claims and records, identify over and underpayments for recovery, and provide support for appeals activities.                                                                                                                                                             
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|June 7, 2011      |  | University Health Network                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | Seven years           |  | $50.0 million   
|                  | 
|                  |  | CGIs solution will provide a secure, shared repository for storage, retrieval and viewing of diagnostic images such as X-rays and MRIs, and associated
documents across multiple hospital sites in greater Toronto and central Ontario.                                                                                                                                                                                                                                                                               
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|July 22, 2011     |  | State of Alaskas Department of Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | Seven years           |  | US$54.0 million 
|                  | 
|                  |  | CGI will provide services for project management, business process redesign, system configuration and development, data conversion and training. The State
will subscribe to CGIs managed services offering, Managed Advantage, for application maintenance, technical upgrades and help desk support.                                                                                                                                                                                                                



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|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                   |  |                 
|------------------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------- |  | ----------------
|Announcement Date  |  | Client                                                                                                                                                                                                                                                                                                                                                                                                                            |  | Duration          |  | Value           
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|July 22, 2011      |  | Encana Corporation                                                                                                                                                                                                                                                                                                                                                                                                                |  | Five years        |  | Not released    
|                   | 
|                   |  | CGI will manage over 370 custom applications Encana requires to run its business. CGI is leveraging its near-shore delivery capabilities and predictive cost
model to minimize risk and reduce cost.                                                                                                                                                                                                                             
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|August 10, 2011    |  | Scotiabank                                                                                                                                                                                                                                                                                                                                                                                                                        |  | Seven years       |  | Not released    
|                   | 
|                   |  | CGI will replace multiple legacy trade and supply chain applications at Scotiabank with a single, integrated platform to enhance service to clients, reduce
costs, and provide greater visibility and transparency into its North America, Latin America, Caribbean and Asia operations.                                                                                                                                         
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|September 13, 2011 |  | Environmental Protection Agency                                                                                                                                                                                                                                                                                                                                                                                                   |  | Six year renewal  |  | US$207.0 million
|                   |  | CGI will continue to support EPAs Central Data Exchange through a wide range of technology services,
including information assurance/cyber security, web application and systems development, program management, user support, and operations
and maintenance services.                                                                                                                                                        
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|September 15, 2011 |  | Wake County, North Carolina                                                                                                                                                                                                                                                                                                                                                                                                       |  | Twelve years      |  | US$30.5 million 
|                   | 
|                   |  | CGI will host the system and securely manage day-to-day operations under its Managed Advantage program, which includes application maintenance, technical
upgrades, disaster recovery services, and client support. The County will benefit from a single point of accountability for software, services, and hosting as well as a predictable cost over the contract term for product upgrades, infrastructure,
and maintenance.
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|October 3, 2011    |  | Environmental Protection Agency                                                                                                                                                                                                                                                                                                                                                                                                   |  | Five years        |  | US$64.5 million 
|                   | 
|                   |  | CGI will provide production application platform management to support EPAs primary data center, the National Computing Center, including support for
application deployment checklist process, management of numerous applications platforms, and delivery of technical consulting services. This contract was signed prior to but announced subsequent to our year-end.                                                       
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|October 5, 2011    |  | Wyoming State Auditors Office                                                                                                                                                                                                                                                                                                                                                                                                    |  | Five year renewal |  | US$28.7 million 
|                   | 
|                   |  | CGI will continue to provide secure day-to-day ERP operations management, including application maintenance, technical upgrades, disaster recovery services,
and client support. This contract was signed prior to but announced subsequent to our year-end.                                                                                                                                                                     

Significant Contract Vehicles

In addition to the significant bookings outlined above, CGI also participates in a number of contract vehicles that simplify and streamline the procurement process. Ordering against these vehicles meets U.S.
federal requirements for full and open competition, and assures that our past performance credentials have been thoroughly validated. These contract vehicles offer CGI the flexibility to respond to broad agency requirements in a quick and efficient
manner. Bookings are registered only when a specific task order is awarded from the contract vehicles. The key vehicles are outlined below along with their term and total value.



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16



|                                                                         |  |                                                               |  |                   
|------------------------------------------------------------------------ |  | ------------------------------------------------------------- |  | ------------------
|Contract Vehicles                                                        |  | Term                                                          |  | Vehicle $ Ceiling*
|                                                                         |  |                                                              
|US Army AMCOM EXPRESS                                                    |  | March 1, 2005 to January 31, 2012                             |  | Not released      
|                                                                         |  |                                                              
|GSA Alliant                                                              |  | May 1, 2009 to April 30, 2014                                 |  | $50.0 billion     
|                                                                         |  |                                                              
|Navy Seaport-e                                                           |  | April 5, 2004 to April 4, 2014 With five
option years         |  | $39.0 billion     
|                                                                         |  |                                                              
|NIH CIOSP2                                                               |  | December 20, 2000 to December 20, 2011                        |  | $19.5 billion     
|                                                                         |  |                                                              
|DISA ENCORE                                                              |  | Ending May 31, 2013 Includes five one-year
options            |  | $12.2 billion     
|                                                                         |  |                                                              
|US Army FIRST                                                            |  | January 1, 2007 to January 1, 2014                            |  | $9.0 billion      
|                                                                         |  |                                                              
|CMS-ESD                                                                  |  | September 14, 2007 to September 13, 2017                      |  | $4.0 billion      
|                                                                         |  |                                                              
|EPA-ITS                                                                  |  | July 1, 2009 to September 30, 2016                            |  | $955.0 million    
|                                                                         |  |                                                              
|US Marine Corps CEOs                                                     |  | September 5, 2006 to September 30, 2016                       |  | $500.0 million    
|                                                                         |  |                                                              
|                                                                         |  | Awarded in FY 2011:                                           |  |                   
|VA T-4                                                                   |  | Five years                                                    |  | $12.0 billion     
|                                                                         |  |                                                              
|CDC CIMS                                                                 |  | Two years With four two-year
options                          |  | $4.0 billion      
|                                                                         |  |                                                              
|Treasury TIPSS 4                                                         |  | December 28, 2010 to December 27, 2020 With
nine option years |  | $4.0 billion      
|                                                                         |  |                                                              
|US Army OPTARSS II                                                       |  | March 1, 2011 to March 1, 2016                                |  | $2.5 billion      
|                                                                         |  |                                                              
|GSA Infrastructure (IaaS)                                                |  | Years 2010 to 2015                                            |  | $76.0 million     
|* Vehicle $ Ceiling are
for all awarded vendors including CGI Group Inc.

Share Repurchase Program

On January 26, 2011, the Companys Board of Directors authorized and received the approval from the Toronto Stock Exchangefor the renewal of the NCIB to purchase up to 10% of the public float of
the Companys Class A subordinate voting shares over the next 12 months. The NCIB enables CGI to purchase, on the open market, up to 23,006,547 Class A subordinate voting shares for cancellation. The Class A subordinate voting
shares may be purchased under the NCIB commencing February 9, 2011 and ending on the earlier of February 8, 2012, or the date on which the Company has either acquired the maximum number of Class A subordinate voting shares allowable
under the NCIB, or elects to terminate the NCIB.

During fiscal 2011, the Company repurchased 16,373,400 of its Class A subordinate
voting shares for $305.0 million at an average price of $18.63, under the current and previous NCIB. As at September 30, 2011, the Company may purchase up to an additional 13.3 million shares under the current NCIB.

Foreign currency impact

The impact of foreign currency during fiscal 2011 decreased revenues by 3.1%. This compares with a decrease of 5.8% in fiscal 2010, and an increase
of 5.1% in fiscal 2009. The foreign currency impact in 2011 was mainly due to the weakening of the U.S. dollar.

Fiscal
Year ended September 30, 2010

Significant Developments

As a result of the restructuring initiatives implemented in fiscal 2009, we positioned ourselves to compete strategically and seize opportunities
as our economy emerged from the recession. Over the course of fiscal 2010, we returned to positive constant currency growth, enjoyed record high earnings margins, and continued to improve on our key indicators. Clients slowly regained confidence in
the economy and increased their willingness to reinvest in their IT initiatives. On the buy side of our strategy, we acquired Stanley, Inc. (Stanley) to expand our U.S. presence and to give CGI an entry into the U.S. federal defence
market. Highlights for fiscal 2010 were:



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| |  |  | Bookings of $4.6 billion;
| | - |  | -------------------------



| |  |  | Book-to-bill ratio of 124%;
| | - |  | ---------------------------



| |  |  | Constant currency growth of 3.4%;
| | - |  | ---------------------------------



| |  |  | Adjusted EBIT margin remained strong at 13.7%;
| | - |  | ----------------------------------------------



| |  |  | Basic and diluted EPS from continuing operations grew by 23.3% and 21.6% respectively;
| | - |  | --------------------------------------------------------------------------------------



| |  |  | Return on equity reached 16.4%;
| | - |  | -------------------------------



| |  |  | Return on invested capital remains high at 16.3%;
| | - |  | -------------------------------------------------



| |  |  | Cash provided by continuing operating activities remained strong, representing 14.8% of revenue; and
| | - |  | ----------------------------------------------------------------------------------------------------



| |  |  | Repurchased 35.6 million Class A subordinate voting shares of the Company.
| | - |  | --------------------------------------------------------------------------

Acquisition of Stanley Inc.

On May 7, 2010, CGI announced a definitive merger agreement with Stanley, a provider of IT services and solutions to U.S. defense,
intelligence and federal civilian government agencies. Under the terms of the merger agreement, CGI, through an indirect wholly-owned subsidiary, CGI Fairfax Corporation (CGI Fairfax), commenced a cash tender offer to acquire all of
Stanleys outstanding shares of common stock at US$37.50 per share. As a condition to CGI entering into the merger agreement, certain executive officers of Stanley, who held approximately 13% of the Stanley shares, entered into a stockholders
agreement with CGI pursuant to which they agreed, among other things, to tender their shares pursuant to the offer.

On August 17,
2010, CGI completed its cash tender offer and accepted for purchase approximately 95% of the Stanley shares. CGI Fairfax subsequently effected a short-form merger under Delaware law, and Stanley became an indirect wholly-owned subsidiary
of CGI. As a result of the merger, all then-outstanding Stanley shares, other than those held by CGI Fairfax, were cancelled and converted into the right to receive $37.50 per share in cash.

Total cash consideration for this transaction was $923.2 million, and was funded from CGIs cash on hand and existing credit facilities.

In line with our fourth pillar of strategic growth, Stanleys operations will increase our scale and our capabilities to serve the
U.S. federal government, expanding our offering into the defense and intelligence space.

We filed copies of the merger agreement and
the stockholders agreement as material documents on SEDAR on May 7, 2010. We also filed a Business Acquisition Report in relation to our acquisition of Stanley on SEDAR on October 29, 2010.

Our results for the year incorporated the operations of Stanley subsequent to August 17, 2010. Since the completion of the transaction, we
focused on the integration of Stanley into CGI and for fiscal 2010 and fiscal 2011, total acquisition-related and integration costs incurred were $24.6 million. Only $3.7 million of acquisition-related and integration costs were incurred in fiscal
2011 compared to the $5.4 million that was initially expected at the end of fiscal 2010.

Bookings and Book-to-Bill Ratio

The Company achieved a book-to-bill ratio of 124% for fiscal 2010. Of the $4.6 billion in bookings signed during the year, 51% came
from new business, while 49% came from extensions and renewals.



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18



Our largest verticals for bookings were government & healthcare and financial services,
making up approximately 45% and 36% of total bookings, respectively. From a geographical perspective, Canada accounted for 53% of total bookings, followed by the U.S. at 42% and Europe at 5%.

Information regarding bookings is a key indicator of the volume of our business over time. However, due to the timing and transition period
associated with outsourcing contracts, the realization of revenue related to these bookings may fluctuate from period to period. The values initially booked may change over time due to their variable attributes, including demand-driven usage,
modifications in the scope of work to be performed caused by changes in client requirements as well as termination clauses at the option of the client. As such, information regarding our bookings is not comparable to, nor should it be substituted
for an analysis of our revenue; it is instead a key indicator of our future revenue used by the Companys management to measure growth.

Significant Bookings in the Year



|                  |  |                                                                                                                                                                                                                                                                                                                                                                                              |  |                          |  |       |                 | 
|----------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------ |  | ----- | --------------- | 
|Announcement Date |  | Client                                                                                                                                                                                                                                                                                                                                                                                       |  | Duration                 |  | Value |                
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                              | 
|October 5, 2009   |  | U.S. Environmental Protection Agency (EPA)                                                                                                                                                                                                                                                                                                                                                 |  | Seven years              |  |       | Not released    | 
|                  | 
|                  |  | CGI Federal delivers IT infrastructure support services to the EPA under the ITS-EPA II program and assists the Office of Environmental Information in
achieving more innovative, agile, and scalable IT services for the ITS-EPA II program. The seven-year agreement, awarded to seven vendors includes a US$955 million ceiling value over the BPAs period of performance and
positions. | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                              | 
|November 3, 2009  |  | Yellow Pages Group                                                                                                                                                                                                                                                                                                                                                                           |  | 10-year extension        |  |       | $100 million    | 
|                  | 
|                  |  | CGI manages the applications and infrastructure of Yellow Pages Groups computer network, as well as other projects, namely business intelligence and
the optimization of the companys research tools.                                                                                                                                                                                      | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                              | 
|November 5, 2009  |  | U.S. Department of Housing and Urban Development
(HUD)                                                                                                                                                                                                                                                                                                                                     |  | One year renewal         |  |       | US$58.1 million | 
|                  |  | CGI administers HUD multi-family housing
programs in California, Florida, New York, Ohio and Washington, DC, in conjunction with its state and local housing agency partners.                                                                                                                                                                                                                | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                              | 
|December 15, 2009 |  | North American financial institutions                                                                                                                                                                                                                                                                                                                                                        |  | New contracts & renewals |  |       | $1.1 billion    | 
|                  | 
|                  |  | CGI signed new contracts and renewals with North American financial institutions totalling $1.1 billion during its fiscal 2010 first quarter
(October-December). Services provided under these new deals include systems integration, application maintenance, IP-based solutions as well as long term, multi-year managed services contracts.                                               | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                              | 
|January 19, 2010  |  | U.S. Department of State and U.S. Agency for International Development                                                                                                                                                                                                                                                                                                                       |  | 10 years                 |  |       | US$395 million  | 
|                  |  | CGI provides systems integration, consulting
services, and operational support for more than 5,000 Joint Financial Management System users in more than 300 posts and missions around the world.                                                                                                                                                                                             | 



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19



|                  |  |                                                                                                                                                                                                                                                                                                                                                                              |  |             |  |       |                 | 
|----------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------- |  | ----- | --------------- | 
|Announcement Date |  | Client                                                                                                                                                                                                                                                                                                                                                                       |  | Duration    |  | Value |                
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|April 6, 2010     |  | Telekomunikacja Polska Group                                                                                                                                                                                                                                                                                                                                                 |  | Three years |  |       | Not released    | 
|                  | 
|                  |  | CGI frameworks are deployed to help TP Group consolidate its current multi application, multi vendor environment to improve overall time to market and total
cost of ownership.                                                                                                                                                                                              | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|May 4, 2010       |  | California Department of Health Care Services                                                                                                                                                                                                                                                                                                                                |  | 10 years    |  |       | US$168 million  | 
|                  | 
|                  |  | CGI partners with ACS to deliver enhanced fiscal intermediary administrative services and an advanced Medicaid Management Information System for
Californias Department of Health Care Services.                                                                                                                                                                            | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|May 18, 2010      |  | Centers for Medicare & Medicaid Services                                                                                                                                                                                                                                                                                                                                     |  | Five years  |  |       | US$73.2 million | 
|                  | 
|                  |  | CGI continues the modernization, application management, and maintenance efforts on three external websites that provide information to 44 million
beneficiaries and millions more healthcare providers and other stakeholders.                                                                                                                                              | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|June 17, 2010     |  | State of Maine                                                                                                                                                                                                                                                                                                                                                               |  | 11 years    |  |       | Not released    | 
|                  |  | CGI delivers managed application services for
the States AMS Advantage® enterprise resource planning system which supports financial management and procurement operations. CGI hosts the States AMS Advantage ERP system and provide disaster recovery services. CGI also manages
operations of all technical aspects of the system during the term of the contract.      | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|June 29, 2010     |  | Atlantic Lottery Corporation                                                                                                                                                                                                                                                                                                                                                 |  | Seven years |  |       | $125 million    | 
|                  | 
|                  |  | CGI manages Atlantic Lotterys data center and provides related application support and development.                                                                                                                                                                                                                                                                         | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|July 7, 2010      |  | The Beer Store                                                                                                                                                                                                                                                                                                                                                               |  | Seven years |  |       | Not released    | 
|                  | 
|                  |  | This agreement establishes CGI as the infrastructure IT supplier for The Beer Store, and also encompasses infrastructure services for Brewers Distributor
Ltd. (BDL), a wholesale distributor of beer and the collector of returnable, refillable and recyclable beer containers within the four Western Canadian Provinces, as well as Northwest Territories and the Yukon. | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|July 20, 2010     |  | Rexel Group                                                                                                                                                                                                                                                                                                                                                                  |  | Six years   |  |       | $50 million     | 
|                  | 
|                  |  | This agreement, which supports productivity improvements, established CGI as not only one of the preferred IT suppliers for Rexels Canadian
operations, but also for Rexels U.S. operations.                                                                                                                                                                               | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                              | 
|July 29, 2010     |  | Manulife Financial                                                                                                                                                                                                                                                                                                                                                           |  | Until 2013  |  |       | Not released    | 
|                  | 
|                  |  | Under the contract renewal, CGI continues to leverage its Halifax delivery center to provide systems development, maintenance and integration services to
Manulife Financial.                                                                                                                                                                                                | 



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20



|                   |  |                                                                                                                                                                                                                                                                                                                                        |  |            |  |             |                | 
|------------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------- |  | ----------- | -------------- | 
|Announcement Date  |  | Client                                                                                                                                                                                                                                                                                                                                 |  | Duration   |  | Value       |               
|                   |  |                                                                                                                                                                                                                                                                                                                                        | 
|August 9, 2010     |  | eHealth Ontario                                                                                                                                                                                                                                                                                                                        |  | Six years  |  | $46 million |               
|                   | 
|                   |  | CGI designed, built, implemented and managed a province-wide chronic disease management system and portal which will be used initially to better manage
diabetes care, a top clinical priority for eHealth Ontario.                                                                                                                    | 
|                   |  |                                                                                                                                                                                                                                                                                                                                        | 
|August 11, 2010    |  | Plexxus                                                                                                                                                                                                                                                                                                                                |  | Five years |  |             | $34 million    | 
|                   | 
|                   |  | CGI supported Plexxus in the design, build, implementation and management of on-going IT services including SAP supply chain and finance systems for
Plexxus, a not-for-profit organization and its 12 member hospitals.                                                                                                               | 
|                   |  |                                                                                                                                                                                                                                                                                                                                        | 
|September 30, 2010 |  | U.S. General Services Administration                                                                                                                                                                                                                                                                                                   |  | Five years |  |             | US$46 million  | 
|                   | 
|                   |  | Under the Data.gov Dataset Hosting Services BPA, CGI provides hosting services for this important government information, as well as technology tools for
dataset analysis, and professional services.                                                                                                                                 | 
|                   |  |                                                                                                                                                                                                                                                                                                                                        | 
|October 5, 2010    |  | Bombardier Aerospace                                                                                                                                                                                                                                                                                                                   |  | Five years |  |             | US$160 million | 
|                   | 
|                   |  | CGI is responsible for delivering various types of IT infrastructure services to Bombardier Aerospace, including end-user device support, service desk,
telephony and local area network. CGI is also responsible for Canadian legacy application support. This contract was signed prior to but announced subsequent to our year-end. | 

Share Repurchase Program

On January 27, 2010, the Companys Board of Directors authorized and received the approval from the Toronto Stock Exchangefor the renewal of the NCIB to purchase up to 10% of the public float of
the Companys Class A subordinate voting shares during the next year. The NCIB enabled CGI to purchase, on the open market, up to 25,151,058 Class A subordinate voting shares for cancellation. The Class A subordinate voting
shares could have been purchased under the NCIB commencing February 9, 2010 and ending on the earlier of February 8, 2011, or the date on which the Company either acquired the maximum number of Class A subordinate voting shares
allowable under the NCIB, or elected to terminate the NCIB.

During fiscal 2010, the Company repurchased 35,602,085 of its Class A
subordinate voting shares for $516.7 million at an average price including commissions of $14.51, under the then-current and previous NCIB. As at September 30, 2010, the Company could have purchased up to an additional 7.0 million shares
under the then-current NCIB.

Foreign currency impact

The impact of foreign currency during fiscal 2010 decreased revenues by 5.8%. This compares with an increase of 5.1% in fiscal 2009, and a reduction of 3.3% in fiscal 2008. The foreign currency impact in 2010 was
mainly due to the weakening of the U.S. dollar.

Fiscal Year ended September 30, 2009

Significant Developments

Economic events in fiscal 2009 underscored the need to focus on the fundamentals  delivering projects on time and on budget, generating cash,
managing costs, diligently paying down our debt and channelling



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business development efforts to achieve our profitable growth strategy. CGIs discipline in adhering to these fundamentals allowed us to maintain industry leading margins through challenging
times. Moreover, we responded to our clients need for lower cost alternatives by continuously investing in our existing centres of excellence and opening a new centre in Troy, Alabama. We also leveraged the economic downturn by presenting a
service portfolio  Solutions for Tough Economic Times, to produce the quick return on investment clients needed to address budget reductions or deficits, increased expenses, and workforce reductions.

Highlights for the year were:



| |  |  | Bookings over $4 billion, exceeding our target of 100% book-to-bill ratio;
| | - |  | --------------------------------------------------------------------------



| |  |  | Revenue of $3.8 billion, an increase of 3.2% year-over-year;
| | - |  | ------------------------------------------------------------



| |  |  | The cost of services, selling and administrative expenses as a percentage of revenue was lowered to 82.9% from 83.9% in the prior year;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Higher adjusted EBIT margin, earnings from continuing operations margin, and net earnings margin compared to fiscal 2008 and 2007;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------



| |  |  | Both basic and diluted earnings per share from continuing operations grew more than 9.6% compared to fiscal 2008;
| | - |  | -----------------------------------------------------------------------------------------------------------------



| |  |  | DSO improved to 39 days from 50 days in fiscal 2008;
| | - |  | ----------------------------------------------------



| |  |  | Generated cash of $630 million from continuing operations, an improvement of $275 million over 2008; and
| | - |  | --------------------------------------------------------------------------------------------------------



| |  |  | Finished the year with cash of $343 million which was in excess of long-term debt by $60 million.
| | - |  | -------------------------------------------------------------------------------------------------

As part of its Build and Buy strategy, the Companys strategic expansion plans called for its profitable growth targets to be evenly
split between acquisition and organic growth. Using our investment criteria, the Company reviewed several acquisition opportunities in fiscal 2009, but ultimately chose not to proceed because of timing, alignment or price considerations.

Bookings and Book-to-Bill Ratio

The Company achieved a book-to-bill ratio of 106% for the year. Book-to-bill is stated as a proportion of total bookings to revenue for the period. Of the $4.1 billion in bookings signed during the year, 52% came
from new business, while 48% came from extensions and renewals.

Our largest verticals for bookings were government &
healthcare and financial services, making up approximately 46% and 41% of total bookings respectively. From a geographical perspective, the U.S. made up 58% of total bookings, followed by Canada at 33% and Europe at 9%.

Significant Bookings in the Year



|                  |  |                                                                                                                                                                                                                                                                  |  |          |  |       |               | 
|----------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- |  | ----- | ------------- | 
|Announcement Date |  | Client                                                                                                                                                                                                                                                           |  | Duration |  | Value |              
|                  |  |                                                                                                                                                                                                                                                                  | 
|October 14, 2008  |  | Federal Communications Commission                                                                                                                                                                                                                                |  | 10 years |  |       | US$25 million | 
|                  |  | Federal Communications Commission selected CGI
as the prime contractor to provide its Momentum® financial management software and Financial Management Line of Business
hosting solution as a part of the agencys Core Financial System Replacement initiative. | 



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|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                          |  |       |                        | 
|----------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------ |  | ----- | ---------------------- | 
|Announcement Date |  | Client                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  | Duration                 |  | Value |                       
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|October 20, 2008  |  | North Carolina Department of Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  | Three years              |  |       | US$55.3 million        | 
|                  |  | CGI helps improve state tax administration by
building a second-generation integrated tax management solution that employs commercial off-the-shelf products configured specifically for the Department of Revenues needs.                                                                                                                                                                                                                                                                                                                                                                                                | 
|March 10, 2009    |  | Cigna                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Multi-year               |  |       | US$35 million per year | 
|                  | 
|                  |  | CGI assumed responsibility for maintaining service delivery for applications supporting claims, billing, banking, sales and underwriting, enrolment and eligibility, and
reinsurance.                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|March 17, 2009    |  | Centers for Medicare & Medicaid Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Five and one- half years |  |       | US$135 million         | 
|                  |  | CGI was awarded the Medicare Advantage &
Part D Maintenance and Enhancement Services contract for updating and enhancing the systems performance and scalability.                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|March 25, 2009    |  | Foresters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | 10 years                 |  |       | $182 million           | 
|                  | 
|                  |  | CGI delivers IT application maintenance and development services from its centres of excellence in Toronto, Halifax and Bangalore while IT infrastructure
services including data centre mainframe, voice communications, IT help desk and distributed computing services are delivered from its centres in Ontario.                                                                                                                                                                                                                                                                                                       | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|April 7, 2009     |  | General Services Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | Five years               |  |       | US$43 million          | 
|                  | 
|                  |  | CGI updates the agencys legacy billing and accounts receivable modules. Full life cycle services and infrastructure hosting are included in this
contract.                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|April 8, 2009     |  | U.S Environmental Protection Agency                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  | Three years              |  |       | US$67 million          | 
|                  | 
|                  |  | CGI was selected by the U.S. Environmental Protection Agency (EPA) to provide support for the Central Data Exchange, the point of entry for the
transmission of environmental data to the EPA on the national Environmental Information Exchange Network.                                                                                                                                                                                                                                                                                                                                                                | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|April 17, 2009    |  | State of Louisiana                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | Three years              |  |       | US$40 million          | 
|                  | 
|                  |  | CGI delivers IT operations and service management to support Louisianas ongoing Road Home Program. To successfully manage the complex series of IT
interactions that support the Road Home program, the CGI team delivers application maintenance, user support, data warehouse services and reporting, as well as disaster recovery and continuity of operations planning.                                                                                                                                                                                                                                               | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|May 14, 2009      |  | General Services Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | Five years               |  |       | US$52 million          | 
|                  | 
|                  |  | CGI provides operations and maintenance support and software upgrades for the agencys Pegasys financial management application. The Pegasys financial
management system, which is hosted in CGIs Phoenix data centre, is based on CGIs market leading Momentum®
financial management software. It supports users from 11 regions across the country and the processing of nearly 20 million transactions totalling over US$24 billion annually. Under this contract, CGI provides project management, production support,
testing, development and implementation support as well as software upgrades and maintenance. | 



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|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                     |  |              
|----------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------- |  | -------------
|Announcement Date |  | Client                                                                                                                                                                                                                                                                                                                                                                                                             |  | Duration            |  | Value        
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|July 29, 2009     |  | Commonwealth of Virginia                                                                                                                                                                                                                                                                                                                                                                                           |  | Until June
2016     |  | US$70 million
|                  | 
|                  |  | Contract was extended for CGIs award-winning Electronic Procurement System (eVA). Between the implementation of the system in 2001 and the end of
fiscal 2009, the Commonwealth used eVA to purchase $20 billion of products and services, with $11.6 billion purchased from small, minority or women-owned business, while saving the state and taxpayers more than $280 million.                               
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|August 27, 2009   |  | Government of Canada                                                                                                                                                                                                                                                                                                                                                                                               |  | Four-year
extension |  | $78 million  
|                  | 
|                  |  | The Company has been working with Public Works and Government Services Canada to define, scope and implement Results Base Services through a CGI managed
services delivery model.                                                                                                                                                                                                                                 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|October 9, 2009   |  | General Services Administration                                                                                                                                                                                                                                                                                                                                                                                    |  | Five years          |  | US$32 million
|                  | 
|                  |  | CGI provides data centre hosting and application management support of the agencys Integrated Financial System, which is based on CGIs Momentum® financial management software. This contract was signed prior to and announced subsequent to our fiscal 2009 year
end.                                                                                                                                         
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|October 13, 2009  |  | Daimler Financial Services (DFS)                                                                                                                                                                                                                                                                                                                                                                                 |  | Five-year
extension |  | Not released 
|                  | 
|                  |  | CGI provides a full end-to-end applications management service for international Vehicle Asset Financing providing DFS with a cost-effective service to
streamline and standardize its business processes, while at the same time maximizing operational savings by utilizing CGIs industry leading outsourcing services. This contract was signed prior to and announced subsequent to our fiscal 2009
year end.

Share Repurchase Program

On January 27, 2009, the Companys Board of Directors authorized the renewal of a NCIB and the purchase of up to 10% of the public float of the Class A subordinate voting shares during the one year
period ended February 8, 2010. The Company received approval from the Toronto Stock Exchange for its intention to make the NCIB, which allowed CGI to purchase on the open market, through the facilities of the Toronto Stock
Exchange, up to 26,970,437 Class A subordinate voting shares for cancellation.

During fiscal 2009, the Company repurchased
9,525,892 of its Class A subordinate voting shares for $99.9 million at an average share price including commissions of $10.49, under the then-current and the previous NCIB.

Foreign currency impact

The impact of foreign currency during fiscal 2009 increased revenues by 5.1%. This compares to a reduction of 3.3% in fiscal 2008 and 0.3% in
fiscal 2007. The foreign currency impact in 2009 was mainly due to the strengthening of the U.S. dollar.

FORWARD LOOKING
INFORMATION AND RISK FACTORS

Forward-Looking Information

All statements in this Annual Information Formthat do not directly and exclusively relate to historical facts constitute
forward-looking statements within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended,
and are forward-looking information within the meaning of applicable Canadian securities legislation. These statements and this information represent CGIs intentions, plans,



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expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ
materially from such forward-looking statements or forward-looking information.

These factors include and are not restricted to the
timing and size of new contracts, acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly-evolving IT industry; general economic and business conditions, foreign exchange
and other risks identified in this Annual Information Form, in the Managements Discussion & Analysisfiled with Canadian securities authorities (filed on SEDAR at www.sedar.com), and in CGIs Annual Report on
Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov) as well as assumptions regarding the foregoing.

The words believe, estimate, expect, intend, anticipate, foresee, plan, and similar expressions and variations thereof, identify
certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking
information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable
law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.

Risk Factors

While we are confident about our long-term prospects, the following risks and uncertainties could affect our
ability to achieve our strategic vision and objectives for growth and should be considered when evaluating our potential as an investment.

Risks Related to the Market

Economic risk

The level of business activity of our clients, which is affected by economic conditions, has a bearing upon the results of our operations. We can
neither predict the impact that current economic conditions will have on our future revenue, nor predict when economic conditions will show meaningful improvement. During an economic downturn, our clients and potential clients may cancel, reduce or
defer existing contracts and delay entering into new engagements. In general, companies also decide to undertake fewer IT systems projects during difficult economic times, resulting in limited implementation of new technology and smaller
engagements. Since there are fewer engagements in a downturn, competition usually increases and pricing for services may decline as competitors, particularly companies with significant financial resources, decrease rates to maintain or increase
their market share in our industry and this may trigger pricing adjustments related to the benchmarking obligations within our contracts. Our pricing, revenue and profitability could be negatively impacted as a result of these factors.

Risks Related to our Industry

The competition for contracts

CGI operates in a global marketplace
in which competition among providers of IT services is vigorous. Some of our competitors possess greater financial, marketing, sales resources, and larger geographic scope in certain parts of the world than we do, which, in turn, provides them with
additional leverage in the competition for contracts. In certain niche, regional or metropolitan markets, we face smaller competitors with specialized capabilities who may be able to provide competing services with greater economic efficiency. Some
of our competitors have more significant operations than we do in lower cost countries that can serve as a platform from which to provide services worldwide on terms that may be more favourable. Increased competition among IT services firms often
results in corresponding pressure on prices. There can be no assurance that we will succeed in providing competitively priced services at levels of service and quality that will enable us to maintain and grow our market share.



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The availability and retention of qualified IT professionals

There is strong demand for qualified individuals in the IT industry. Therefore, it is important that we remain able to successfully
attract and retain highly qualified staff. If our comprehensive programs aimed at attracting and retaining qualified and dedicated professionals do not ensure that we have staff in sufficient numbers and with the appropriate training, expertise and
suitable government security clearances required to serve the needs of our clients, we may have to rely on subcontractors or transfers of staff to fill resulting gaps. This might result in lost revenue or increased costs, thereby putting pressure on
our earnings.

The ability to continue developing and expanding service offerings to
address emerging business demands and technology trends

The rapid pace of change in all aspects of IT and the continually declining
costs of acquiring and maintaining IT infrastructure mean that we must anticipate changes in our clients needs. To do so, we must adapt our services and our solutions so that we maintain and improve our competitive advantage and remain able to
provide cost effective services. The market for the services and solutions we offer is extremely competitive and there can be no assurance that we will succeed in developing and adapting our business in a timely manner. If we do not keep pace, our
ability to retain existing clients and gain new business may be adversely affected. This may result in pressure on our revenue, profit margin and resulting cash flows from operations.

Infringing on the intellectual property rights of others

Despite our efforts, the steps we take to ensure that our services and offerings do not infringe on the intellectual property rights of third
parties may not be adequate to prevent infringement and, as a result, claims may be asserted against us or our clients. We enter into licensing agreements for the right to use intellectual property and may otherwise offer indemnities against
liability and damages arising from third-party claims of patent, copyright, trademark or trade secret infringement in respect of our own intellectual property or software or other solutions developed for our clients. In some instances, the amount of
these indemnity claims could be greater than the revenue we receive from the client. Intellectual property claims or litigation could be time-consuming and costly, harm our reputation, require us to enter into additional royalty or licensing
arrangements, or prevent us from providing some solutions or services. Any limitation on our ability to sell or use solutions or services that incorporate software or technologies that are the subject of a claim could cause us to lose
revenue-generating opportunities or require us to incur additional expenses to modify solutions for future projects.

Benchmarking provisions within certain contracts

Some of our outsourcing contracts contain clauses allowing our clients to
externally benchmark the pricing of agreed upon services against those offered by other providers in an appropriate peer comparison group. The uniqueness of the client environment is factored in and, if results indicate a difference outside the
agreed upon tolerance, we may be required to work with clients to reset the pricing for their services.

Protecting our intellectual property rights

Our success depends, in part, on our ability to protect our proprietary methodologies, processes, know-how, tools, techniques and other
intellectual property that we use to provide our services. CGIs business solutions will generally benefit from available copyright protection and, in some cases, patent protection. Although CGI takes reasonable steps to protect and enforce its
intellectual property rights, there is no assurance that such measures will be enforceable or adequate. The cost of enforcing our rights can be substantial and, in certain cases, may prove to be uneconomic. In addition, the laws of some countries in



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which we conduct business may offer only limited intellectual property rights protection. Despite our efforts, the steps taken to protect our intellectual property may not be adequate to prevent
or deter infringement or other misappropriation of intellectual property, and we may not be able to detect unauthorized use of our intellectual property, or take appropriate steps to enforce our intellectual property rights.

Risks Related to our Business

Risks associated with our growth strategy

CGIs Build and
Buy strategy is founded on four pillars of growth: first, organic growth through contract wins, renewals and extensions in the areas of outsourcing and system integration; second, the pursuit of new large outsourcing contracts; third,
acquisitions of smaller firms or niche players; and fourth, transformational acquisitions.

Our ability to grow through organic growth
and new large outsourcing transactions is affected by a number of factors outside of our control, including a lengthening of our sales cycle for major outsourcing contracts.

Our ability to grow through niche and transformational acquisitions requires that we identify suitable acquisition targets and that we correctly evaluate their potential as transactions that will meet our financial
and operational objectives. There can be no assurance that we will be able to identify suitable acquisition candidates and consummate additional acquisitions that meet our economic thresholds, or that future acquisitions will be successfully
integrated into our operations and yield the tangible accretive value that had been expected.

If we are unable to implement our
Build and Buy strategy, we will likely be unable to maintain our historic or expected growth rates.

The variability of financial results

Our ability to maintain and increase our revenues is affected not only by our success in implementing our Build and Buy strategy, but also by a number of other factors, including: our ability to introduce
and deliver new services and products; a lengthened sales cycle; the cyclicality of purchases of technology services and products; the nature of a customers business; and the structure of agreements with customers. For example, clients are
increasingly demanding extended terms of payment, often stretching for more than a year. These, and other factors, make it difficult to predict financial results for any given period.

Business mix variations

The proportion of revenue that we generate from shorter-term systems integration and consulting (SI&C) projects, versus revenue from long-term outsourcing contracts, will fluctuate at times,
affected by acquisitions or other transactions. An increased exposure to revenue from SI&C projects may result in greater quarterly revenue variations.

The financial and operational risks inherent in worldwide operations

We manage operations in numerous countries around the world. The scope of our operations makes us subject to currency fluctuations; the burden of
complying with a wide variety of national and local laws; differences in and uncertainties arising from local business culture and practices; multiple and sometimes conflicting laws and regulations; the absence in some jurisdictions of effective
laws to protect our intellectual property rights; restrictions on the movement of cash and other assets; restrictions on the import and export of certain technologies; restrictions on the repatriation of earnings; and political, social and economic
instability including the threats of terrorism and pandemic illnesses. We have a hedging strategy in place to mitigate foreign currency exposure; but, other than the use of financial products to deliver on our hedging strategy, we do not trade
derivative financial instruments. Any or all of these risks could impact our global business operations and cause our profitability to decline.



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Taxes

In estimating our income tax payable, management uses accounting principles to determine income tax positions that are likely to be sustained by
applicable tax authorities. However, there is no assurance that our tax benefits or tax liability will not materially differ from our estimates or expectations. The tax legislation, regulation and interpretation that apply to our operations are
continually changing. In addition, future tax benefits and liabilities are dependent on factors that are inherently uncertain and subject to change, including future earnings, future tax rates, and anticipated business mix in the various
jurisdictions in which we operate. Moreover, our tax returns are continually subject to review by applicable tax authorities; it is these tax authorities that will make the final determination of the actual amounts of taxes payable or receivable, of
any future tax benefits or liabilities and of income tax expense that we may ultimately recognize. Any of the above factors could have a material adverse effect on our net income or cash flows by affecting our operations and profitability, the
availability of tax credits, the cost of the services we provide, and the availability of deductions for operating losses as we develop our international service delivery capabilities.

Credit risk with respect to accounts receivable

In order to sustain our cash flows and net earnings from operations, we must collect the amounts owed to us in an efficient and timely manner.
Although we maintain provisions to account for anticipated shortfalls in amounts collected, the provisions we take are based on management estimates and on our assessment of our clients creditworthiness which may prove to be inadequate in the
light of actual results. To the extent that we fail to perform our services in accordance with our contracts and our clients reasonable expectations, and to the extent that we fail to invoice clients for our services correctly in a timely
manner, our collections could suffer resulting in a direct and adverse impact to our revenue, net earnings and cash flows. In addition, a prolonged economic downturn may cause clients to curtail or defer projects, impair their ability to pay for
services already provided, and ultimately cause them to default on existing contracts, in each case, causing a shortfall in revenue and impairing our future prospects.

Material developments regarding major commercial clients resulting from such causes as changes in
financial condition, mergers or business acquisitions

Consolidation among our clients resulting from mergers and acquisitions may
result in loss or reduction of business when the successor business IT needs are served by another service provider or are provided by the successor companys own personnel. Growth in a clients IT needs resulting from acquisitions
or operations may mean that we no longer have a sufficient geographic scope or the critical mass to serve the clients needs efficiently, resulting in the loss of the clients business and impairing our future prospects. There can be no
assurance that we will be able to achieve the objectives of our growth strategy in order to maintain and increase our geographic scope and critical mass in our targeted markets.

Early termination risk

If we should fail to deliver our services according to contractual agreements, some of our clients could elect to terminate contracts before their agreed expiry date, which would result in a reduction of our
earnings and cash flow and may impact the value of our backlog. In addition, a number of our outsourcing contractual agreements have termination for convenience and change of control clauses according to which a change in the clients
intentions or a change in control of CGI could lead to a termination of the said agreements. Early contract termination can also result from the exercise of a legal right or when circumstances that are beyond our control or beyond the control of our
client prevent the contract from continuing. In cases of early termination, we may not be able to recover capitalized contract costs and we may not be able to eliminate ongoing costs incurred to support the contract.



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Cost estimation risks

In order to generate acceptable margins, our pricing for services is dependent on our ability to accurately estimate the costs and timing for
completing projects or long-term outsourcing contracts. In addition, a significant portion of our project-oriented contracts are performed on a fixed-price basis. Billing for fixed-price engagements is carried out in accordance with the contract
terms agreed upon with our client, and revenue is recognized based on the percentage of effort incurred to date in relation to the total estimated costs to be incurred over the duration of the respective contract. These estimates reflect our best
judgment regarding the efficiencies of our methodologies and professionals as we plan to apply them to the contracts in accordance with the CGI Client Partnership Management Framework (CPMF), a process framework which helps ensure that
all contracts are managed according to the same high standards throughout the organization. If we fail to apply the CPMF correctly or if we are unsuccessful in accurately estimating the time or resources required to fulfil our obligations under a
contract, or if unexpected factors, including those outside of our control, arise, there may be an impact on costs or the delivery schedule which could have an adverse impact on our expected profit margins.

Risks related to teaming agreements and subcontracts

We derive substantial revenues from contracts where we enter into teaming agreements with other providers. In some teaming agreements we are the
prime contractor whereas in others we act as a subcontractor. In both cases, we rely on our relationships with other providers to generate business and we expect to do so in the foreseeable future. Where we act as prime contractor, if we fail to
maintain our relationships with other providers, we may have difficulty attracting suitable participants in our teaming agreements. Similarly, where we act as subcontractor, if our relationships are impaired, other providers might reduce the work
they award to us, award that work to our competitors, or choose to offer the services directly to the client in order to compete with our business. In either case, our business, prospects, financial condition and operating results could be harmed.

Our partners ability to deliver on their commitments

Increasingly large and complex contracts may require that we rely on third party subcontractors including software and hardware vendors to help us
fulfil our commitments. Under such circumstances, our success depends on the ability of the third parties to perform their obligations within agreed upon budgets and timeframes. If our partners fail to deliver, our ability to complete the contract
may be adversely affected, which may have an unfavourable impact on our profitability.

Guarantees risk

In the normal course of business, we enter into agreements that may provide for indemnification and guarantees to counterparties in
transactions such as consulting and outsourcing services, business divestitures, lease agreements and financial obligations. These indemnification undertakings and guarantees may require us to compensate counterparties for costs and losses incurred
as a result of various events, including breaches of representations and warranties, intellectual property right infringement, claims that may arise while providing services or as a result of litigation that may be suffered by counterparties.

Risk related to human resources utilization rates

In order to maintain our profit margin, it is important that we maintain the appropriate availability of professional resources by having a high
utilization rate while still being able to assign additional resources to new work. Maintaining an efficient utilization rate requires us to forecast our need for professional resources accurately and to manage professional training programs and
attrition rates among our personnel appropriately. To the extent that we fail to do so, our utilization rates may be reduced, thereby having an impact on our revenue and profitability. Conversely, we may find that we do not have sufficient resources
to deploy against new business opportunities in which case our ability to grow our revenue would suffer.



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Client concentration risk

We derive a substantial portion of our revenue from the services we provide to the U.S. federal government and its agencies, and we expect that
this will continue for the foreseeable future. In the event that a major U.S. federal government agency were to limit, reduce, or eliminate the business it awards to us, we might be unable to recover the lost revenue with work from other agencies or
other clients, and our business, prospects, financial condition and operating results could be materially and adversely affected.

Government business risk

Changes in federal, provincial or state government spending policies or budget priorities could
directly affect our financial performance. Among the factors that could harm our government contracting business are: the curtailment of governments use of consulting and IT services firms; a significant decline in spending by governments in
general, or by specific departments or agencies in particular; the adoption of new legislation and/or actions affecting companies that provide services to governments; delays in the payment of our invoices by government payment offices; and general
economic and political conditions. These or other factors could cause government agencies and departments to reduce their purchases under contracts, to exercise their right to terminate contracts, to issue temporary stop work orders, or not to
exercise options to renew contracts, any of which would cause us to lose future revenue. Although Canadian GAAP considers a national government and its agencies as a single client, our client base in the government economic sector is in fact very
diversified with contracts from many different departments and agencies in the U.S., Canada and Europe; nevertheless, government spending reductions or budget cutbacks at these departments or agencies could materially harm our continued performance
under these contracts, or limit the awarding of additional contracts from these agencies.

Regulatory risk

Our business with the U.S. federal government and its agencies requires that we comply with complex laws and regulations relating
to government contracts. These laws relate to the integrity of the procurement process, impose disclosure requirements, and address national security concerns, among others matters. For instance, we are routinely subject to audits by U.S. government
agencies with respect to compliance with these rules. If we fail to comply with these requirements we may incur penalties and sanctions, including contract termination, suspension of payments, suspension or debarment from doing business with the
federal government, and fines.

Legal claims made against our work

We create, implement and maintain IT solutions that are often critical to the operations of our clients business. Our ability to complete
large projects as expected could be adversely affected by unanticipated delays, renegotiations, and changing client requirements or project delays. Also, our solutions may suffer from defects that adversely affect their performance; they may not
meet our clients requirements or may fail to perform in accordance with applicable service levels. Such problems could subject us to legal liability, which could adversely impact our business, operating results and financial condition, and may
negatively affect our professional reputation. We typically include provisions in our contracts which are designed to limit our exposure to legal claims relating to our services and the applications we develop. These provisions may not protect us
adequately or may not be enforceable under some circumstances or under the laws of some jurisdictions.

Information and infrastructure risks

Our business often requires that our clients applications and information, which may include their proprietary information, be processed and stored on our networks and systems, and in data centres that we
manage. Digital information and equipment is subject to loss, theft or destruction, and services that we provide may become temporarily unavailable as a result thereof or upon an equipment or system malfunction. Failures can arise from human error
in the course of normal operations, maintenance and



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upgrading activities, or from hacking, vandalism (including denial of service attacks and computer viruses), theft and unauthorized access by third parties, as well as from power outages or
surges, floods, fires, natural disasters or from any other causes. The measures that we take to protect information and software, including both physical and logical controls on access to premises and information and backup systems may prove in some
circumstances to be inadequate to prevent the loss, theft or destruction of client information or service interruptions. Such events may expose the Company to financial loss or damages.

Risk of harm to our reputation

CGIs reputation as a capable and trustworthy service provider and long term business partner is key to our ability to compete effectively in the market for IT services. The nature of our operations exposes us
to the potential loss, unauthorized access to, or destruction of our clients information, as well as temporary service interruptions. Depending on the nature of the information or services, such events may have a negative impact on how the
Company is perceived in the marketplace. Under such circumstances, our ability to obtain new clients and retain existing clients could suffer with a resulting impact on our revenue and profit.

Risks associated with the integration of new operations

The successful integration of new operations that arise from our acquisitions strategy or from large outsourcing contracts requires that a
substantial amount of management time and attention be focused on integration tasks. Management time that is devoted to integration activities may detract from managements normal operations focus with resulting pressure on the revenues and
earnings from our existing operations. In addition, we may face complex and potentially time-consuming challenges in implementing the uniform standards, controls, procedures and policies across new operations to harmonize their activities with those
of our existing business units. Integration activities can result in unanticipated operational problems, expenses and liabilities. If we are not successful in executing our integration strategies in a timely and cost-effective manner, we will have
difficulty achieving our growth and profitability objectives.

Liquidity and funding risks

The Companys future growth is contingent on the execution of its business strategy, which, in turn, is dependent on its ability to grow the
business organically as well as conclude large outsourcing contracts and business acquisitions. By its nature, our growth strategy requires us to fund the investments required to be made using a mix of cash generated from our existing operations,
money borrowed under our existing or future credit agreements, and equity funding generated by the issuance of shares of our capital stock to counterparties in transactions, or to the general public. Our ability to raise the required funding depends
on the capacity of the capital markets to meet our financing needs in a timely fashion and on the basis of interest rates and share prices that are reasonable in the context of profitability objectives. Increasing interest rates, volatility in our
share price, and the capacity of our current lenders to meet our liquidity requirements are all factors that may have an adverse impact on our access to the funding we require. If we are unable to obtain the necessary funding, we may be unable to
achieve our growth objectives.

LEGAL PROCEEDINGS

The Company is involved in legal proceedings, audits, claims and litigation arising in the ordinary course of its business. Certain of these
matters seek damages in significant amounts. Although, the outcome of such matters is not predictable with assurance, the Company has no reason to believe that the disposition of any such current matter could reasonably be expected to have a
materially adverse impact on the Companys financial position, results of operations or the ability to carry on any of its business activities.



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INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS

The charter of the Audit and Risk Management Committee requires that the committee review all related party transactions.

In the normal course of business, CGI is party to contracts with Innovapost Inc., a joint venture, pursuant to which CGI is its preferred IT
supplier. The Company exercises joint control over Innovapost Inc.s operating, financing and investing activities through its 49% ownership interest.

TRANSFER AGENT AND REGISTRAR

The Companys transfer agent for
the Companys Class A subordinate voting shares and Class B shares is Computershare Investor Services Inc.whose head office is situated in Toronto, Ontario. Share transfer service is available at Computershares Montreal,
Quebec, and Toronto, Ontario, offices as well as at the principal office of Computershare Trust Company, N.A. in Golden, Colorado.

AUDITORS

The auditors of the Company are Ernst & Young LLP. They have confirmed their independence to the
Companys Audit and Risk Management Committee.

ADDITIONAL INFORMATION

The Company will provide to any person, upon request to the Corporate Secretary of the Company, (i) a copy of the Annual Information Formof the Company, together with one copy of any document, or the pertinent pages of any document incorporated by reference in the Annual Information Form, (ii) a copy of the comparative consolidated financial statements of the Company
for the year ended September 30, 2011 together with the accompanying report of the auditor and one copy of any subsequent interim financial statements, (iii) a copy of the Management Proxy Circulardated December 13, 2011 and
(iv) a copy of the business booklet and of the financial booklet of the 2011 Annual Reportof the Company.

Additional
information including directors and officers remuneration and indebtedness, securities authorized for issuance under equity compensation plans and principal holders of the Companys shares is included in the Management Proxy
Circulardated December 13, 2011.

Additional financial information in relation to the last fiscal year ended
September 30, 2011, is presented in the audited consolidated financial statements and in the Managements Discussion & Analysiscontained in the financial booklet of the 2011 Annual Reportentitled Numbers.

The documents mentioned above are available on SEDAR at www.sedar.com and on the Companys web site at www.cgi.com as well as at
the Companys head office:

1130 Sherbrooke Street West

7th Floor

Montreal, Quebec

H3A 2M8

Telephone: (514) 841-3200

Fax: (514) 841-3299



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APPENDIX A

CGI GROUP INC.

FUNDAMENTAL TEXTS

The following documents form part of CGIs Fundamental Textsand may be found on the pages
indicated below:



|                                                                                                                    |  |  |    | 
|------------------------------------------------------------------------------------------------------------------- |  |  | -- | 
|Dream, Mission, Vision, and Values                                                                                  |  |  | 2  | 
|CGI Management Foundation                                                                                           |  |  | 12 | 
|Charter of the Board of Directors                                                                                   |  |  | 18 | 
|Charter of the Corporate Governance Committee                                                                       |  |  | 27 | 
|Charter of the Human Resources Committee                                                                            |  |  | 33 | 
|Charter of the Audit and Risk Management Committee                                                                  |  |  | 38 | 
|Code of Ethics and Business Conduct                                                                                 |  |  | 49 | 
|Executive Code of Conduct                                                                                           |  |  | 68 | 
|Guidelines on Timely Disclosure of Material Information andTransactions in Securities of CGI Group Inc. by Insiders |  |  | 71 | 



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Presentation This set of documents presents the fundamental texts that define CGI and its management approach. The fundamental texts address not only members of the board of
directors, CGIs executive team and the companys shareholders, but also all CGI members as well as anyone who wishes to consult them. Their main objective is to provide a better understanding of the most essential aspects of the company.
It is our hope that this understanding will generate a shared vision of what constitutes CGI and of the community of thought that is essential to the companys success. The document will also provide all CGI members with an understanding that
will allow them to participate fully in the life of the company and to better represent CGI. THE FUNDAMENTAL TEXTS INCLUDE:  1.

Dream, Mission, Vision and Values


22.

CGI Management Foundation


123.

Documents and Policies Pertaining to Corporate Governance


173.1 Charter of the Board of Directors


183.2 Charter of the Corporate Governance Committee


273.3 Charter of the Human Resources Committee


333.4 Charter of the Audit and Risk Management Committee


384.

Codes of Ethics


484.1 Code of Ethics and Business Conduct
for members, officers and directors of CGI


49494.2 Executive Code of Conduct


684.3 Guidelines on Timely Disclosure of Material Information and Transactions in Securities of CGI by
Insiders


71Appendix


95






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Dream, Mission, Vision and Values This document constitutes Chapter 1 of the Fundamental Texts of CGI Group Inc. It begins with the mission statement of the company and is followed by the vision, the dream and the values of CGI. By
dream, we essentially mean the intent or initial desire that led to the creation of our company and continues to drive its operation and growth. It also extends to the main principles and governing ideas that define the companys
philosophy in its important cultural and organic aspects. This presentation of CGIs dream and values is therefore intended to impart in a succinct manner the companys character, essence, dynamism, values and culture, and the creative
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A.
THE CGI DREAM A number of
governing ideas inspired the creation of CGI and continue to drive its development. These ideas constitute what we call the CGI dream. It is a dream based on a set of values to which we are profoundly attached. The dream has allowed us to assemble, all around the world, a team of extraordinary men and women who share it and are building a company that
reflects their aspirations - who are, in fact, building their own company. Over the years, our team has built a clientele we are extremely proud of and whom we are dedicated to serving with the utmost skill. This dream has its roots in the original and simple idea that first motivated CGIs founders when they created the company: To create an environment in which we enjoy working together and, as owners, contribute to building a company we can be proud of. From this very basic idea grew an entire business philosophy. It goes without saying that creating this type of environment is particularly challenging in consulting companies such as ours. Personnel generally
work at client locations, making it difficult to develop a sense of belonging through a shared workplace. There is the risk of certain people being forgotten when they spend long periods at a client site, and this risk is amplified when
these individuals have few CGI colleagues working on the same engagement.  B.
THE CGI MISSION AND VISION The mission of CGI is to help our clients with professional services of outstanding quality, competence and objectivity, delivering the best
solutions to fully satisfy client objectives in information technology, business processes and management. In all we do, we foster a
culture of partnership, intrapreneurship, teamwork and integrity, building a world class IT and business process services company. With
this mission statement, we are endeavouring to describe not only the companys purpose, but also our ambition and values. In doing so, we hope, in a few words, to advance an overall understanding of these essential aspects of CGI. Our vision is to be a world class IT and business process services leader helping our clients succeed.






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The following section will foster a more thorough comprehension of the dream associated with this
mission and the values referred to in the mission statement.  C.
THE CGI CULTURE AND VALUES To succeed in
creating a highly favourable environment within such a context, CGI has fostered a corporate culture rooted in participation in the company and focused on each of its members. Developing a corporate culture, despite members often working at a
distance, began with explicitly defining and then sharing common values. Our fundamental belief is that a company with an inspiring dream, unparalleled integrity, a caring, humane management philosophy and solid values is better able to attract and
respond to the profound aspirations of remarkably high-calibre, competent people. These people in turn will seek out a select clientele, one aware of the companys values, and will deliver high-quality services at a competitive price, while
meeting the companys profitability objectives. The growth and profitability generated as a result will allow CGI to offer its shareholders a superior and sustained return on their investment. To support our dream and to create such an environment, we have adhered to a number of principles or governing ideas:  1.
Sharing the same values  2.
Embracing the objectives of our clients  3.
Adopting a caring, humane approach towards our members  4.
Focusing on synergy and the strength of teamwork  5.
Participating in the development of our company as its owner-shareholders, and sharing in its wealth  6.
Promoting robust, healthy and sustainable growth to the benefit of all stakeholders  7.
Implementing a management model aligned with our dream and values






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1.
SHARING THE SAME VALUES Sharing the same values allows us to enjoy considerable autonomy and swiftness of action without compromising our cohesiveness. It also allows us
to mobilize teams more rapidly and bring together the most experienced individuals from across the company, who are able to quickly work as one to address a given challenge. And, of course, these values also guide our decisions and actions. PARTNERSHIP AND QUALITY For us, partnership and quality are both a philosophy and a way of life. We develop and follow the best management practices and we entrench these approaches into client relationships and service delivery
frameworks in order to foster long term and strong partnerships with our clients. We listen to our clients and we are committed to their total satisfaction in everything we do. OBJECTIVITY AND INTEGRITY We exercise the highest degree of independent thinking in selecting the products, services and solutions we recommend to clients. In doing so, we adhere to the highest values of quality, objectivity and integrity.
Consequently, strict rules of business and professional conduct are applied. We do not accept any remuneration from suppliers. INTRAPRENEURSHIP AND SHARING Our success is based on the competence, commitment and
enthusiasm of our members. Therefore, we promote a climate of innovation and initiative where we are empowered with a sense of ownership in supporting clients, thus ensuring the firms profitable growth. Through teamwork, sharing our know-how
and expertise, we bring the best of CGI to our clients. As members, we share in the value we create through equity ownership and profit participation. RESPECT As a global company, we recognize the richness that diversity brings to the
company and welcome this diversity while embracing the overall CGI culture. In all we do, we are respectful of our fellow members, clients, business partners and competitors. FINANCIAL STRENGTH We strive to deliver strong, consistent financial performance
which sustains long term growth and rewards our members and shareholders. Financial strength enables us to continuously invest and improve services and business solutions to the benefit of our clients. To this end, we manage our business to generate
industry superior returns.






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CORPORATE SOCIAL RESPONSIBILITY Our business model is designed to ensure that we are close to our clients and communities. As members, we embrace our social responsibilities and
contribute to the continuous development of the communities in which we live and work.  2.
EMBRACING THE OBJECTIVES OF OUR CLIENTS At CGI, we believe that accomplishing outstanding work provides one with a strong sense of fulfilment. Our high-quality work allows us to forge rewarding relationships with our colleagues and clients and to
experience the pleasure of our own creativity when we find an ideal solution to address our clients needs. To this end, we
strongly encourage our members to develop a listening attitude to ensure that an understanding of the clients particular situation and needs takes priority in all that we do. For this reason, we foster a culture of independence, objectivity
and integrity. We want our clients to know that we understand their objectives and are committed to finding the solution that is right for them. Our flexibility in establishing customized business relationships demonstrates our keen interest in our
clients objectives, cultural environment and values. This in-depth understanding of our clients objectives is one of the
keys to our success and is as present in our short-term engagements as it is in our outsourcing contracts extending over multiple years. However, embracing the objectives of our clients goes far beyond simply understanding them. It demands, for example, that we sincerely commit to
offering the very best of ourselves in order to demonstrate to clients that we support them as completely as if we were their own employees. It is essential that they experience our commitment.  3.
ADOPTING A CARING, HUMANE APPROACH TOWARDS OUR MEMBERS Although the demands of our industry are considerable, CGI has always believed that this in no way conflicts with the very humane and caring approach we take in all of the relationships we foster. And while our
human resources policies and Member Partnership Management Framework embody this concern and commitment, for CGI, this is also an issue of maturity and genuine leadership. It is a question of the quality of being. To foster this attitude
of caring and sensitivity towards others, CGI has led by example. Since the inception of the company, this approach has been transmitted, most notably through the example set by our founders as well as by teamwork and the CGI Leadership Institute,
and is today an integral component of CGIs spirit and culture.






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4.
FOCUSING ON SYNERGY AND THE STRENGTH OF TEAMWORK CGI favours the accomplishment of work through synergy, which refers to the pooling of our members skills, experience and creative abilities in all aspects of corporate life. Whether deciding on the direction
to take in a service proposal or determining the best solution for a client, we incorporate synergy into everything we do. Normally, a
synergy group will hold meetings at key milestones throughout the entire lifespan of a given engagement. The group not only includes subject matter experts, but also less experienced members, who gain knowledge from their colleagues and are
therefore able to more rapidly hone their own expertise. The objective is always to find appropriate and proven solutions for our clients. This practice is entrenched in our Quality System, which has earned ISO 9001 certification. The practice of synergy underscores an outstanding cultural trait: at CGI, we believe that we are stronger and that everyone benefits when we work
as a team. Our clients receive services of higher quality, and our members constantly learn from one another through concrete achievements.  5.
PARTICIPATING IN THE DEVELOPMENT OF OUR COMPANY AS ITS OWNER-SHAREHOLDERS It is important that our members consider CGI as their company and that they participate in its growth and development. Involvement in
professional groups that help maintain CGIs leadership position is just one of the many such forms of participation. However, for
this involvement in the company to be complete and rewarding, we feel it necessary that all CGI members be able to also share in the benefits generated by their activities. For this reason, since its founding, CGI has offered all of its members the
opportunity to be shareholders and owners of their company. To this end, CGI has implemented a Share Purchase Plan, through which it pays half the cost of shares up to a certain amount. Members also qualify for a portion of the companys annual
profits when objectives are met (Profit Participation Plan). This capital sharing opportunity has existed since CGI was established. It is an approach that incorporates many advantages: FOR OUR CLIENTS Because of this approach, CGI has very few freelance or contract
employees. This helps assure our clients that the experience we acquire






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through working with them is more likely to remain in the company. Moreover, the people they deal
with at CGI are also owners of the company and are therefore completely committed to producing high-quality, dependable work in order to strengthen the client relationship. FOR OUR SHAREHOLDERS Our external shareholders can rest assured that, as fellow
owners, all of CGIs members have their mutual interests at heart, i.e. a desire to see the company grow and the drive to execute each contract in a way that will yield the targeted profit margin. This also impacts business development, for, as
shareholders, our members strive to promote the companys growth, but will not sacrifice profitability by submitting counter-productive bids. And finally, shareholders are also assured that all of our members will manage the companys
costs as if they were their own. FOR OUR MEMBERS As members and shareholders, we feel above all that the growth in value, which we are contributing to, does provide us with a lucrative return over
the long term. It is indeed more stimulating to work for a company that values the sharing of wealth. This also guarantees greater transparency in the management of the company. Because we must communicate our financial results to everyone, all of
CGIs managers are more accountable to the people they lead and are more likely to involve them in the decision process. We believe that our approach to corporate ownership fosters greater overall dynamism and cohesiveness of action. This also
allows us to attract and retain individuals with a genuine desire to build and develop the company.  6.
PROMOTING ROBUST, HEALTHY AND SUSTAINED GROWTH TO THE BENEFIT OF ALL STAKEHOLDERS Robust, healthy and sustained growth is vital to the companys success. Much of our clientele consists of large companies with operations
extending over many countries. We are committed to serving these clients well, often through long-term relationships that require us to deploy professionals in sufficient numbers where clients operate. The growth of our clients business
requires that we grow with them. Also, as a result of our success, an increasing number of clients call upon us to provide them with services. Robust growth is therefore intrinsic to the nature of the business we are in. Growth is not only a vital component of our activities and essential to our clients, it also benefits our members. It provides them with an
opportunity to embark upon new and stimulating challenges and develop their own potential. And growth, when financially healthy and profitable, clearly benefits all of our shareholders (including our member shareholders) through the value it
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To maintain healthy and sustained growth, it is important that the companies or groups that join our
ranks be welcomed and well integrated into our operations. In order to succeed in its growth strategy, CGI has developed its integration capability into a core competency. This capacity to integrate is based on three main axes. The first axis is
aimed primarily at welcoming newcomers, answering their legitimate questions, confirming their new conditions of employment and, above all, allowing them to discover CGI by sharing its dream and values. The second axis is directed towards
establishing the various synergy goals linked to an acquisition or an outsourcing deal. This encourages all parties to understand that this combination of strengths offers new, stimulating opportunities. The third axis is aimed at assuring the
organizational transition and a rapid transfer to the CGI Management Foundation, especially with regards to the Quality System. It
follows that there ought to be an equilibrium of interests among all of the companys core stakeholders: clients, members and shareholders. LOGO It is of course also essential that, as it grows, our company continues to act as a responsible corporate
citizen by respecting and supporting the communities in which it operates and by respecting the environment. The following are a few
concrete examples of how this balanced approach promotes the healthy and sustained growth of CGI:  ¿

We must ensure, at every step of our growth, that we preserve the quality of the services we offer to our current and future clients.  ¿

We must also ensure that our members are adequately prepared to face the new challenges we offer them and that they have the resources needed to accomplish their
work.  ¿

Growth must not come at the expense of the communities where we do business, or of the environment in general. In fact, we are committed to participating in the
development of these communities and the protection of the environment.  ¿

We strive to ensure that our growth and development efforts provide short-term benefits without negatively impacting our long-term performance. We believe this
also to be in the best interests of our shareholders.






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When the above conditions are met, robust, healthy, balanced and sustainable growth will follow.  7.
IMPLEMENTING A MANAGEMENT MODEL ALIGNED WITH OUR DREAM AND VALUES CGIs dream is being fulfilled every day through the constant efforts of our members who share and believe in this dream. It is also achieved through a disciplined management approach that is based on the
companys objectives to produce high quality work for its clients, promote the development of its members and provide high value to its shareholders.






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CGI Management Foundation INTRODUCTION LOGO In the above diagram, we have assembled the key elements that define and guide the management of CGI. For this reason, these
elements have been called the CGI Management Foundation. They reflect our collective experience and have been developed to make our actions as efficient as possible. This efficiency must first and foremost respect a number of principles,
which are themselves integrated into the CGI Management Foundation and deserve to be emphasized:  1)
the primacy of the dream, the mission, the vision and the values of the company;  2)
the equilibrium between the legitimate interests of our clients, members and shareholders;  3)
the balance between the need to assure cohesiveness and rigour in the management of the company and the commitment to promote autonomy, initiative and entrepreneurship. The CGI Management Foundation intends to guide rather than prescribe. Thus, it offers a certain amount of freedom in order to remain focused on our essential goal: to provide high-quality services truly adapted to our clients needs.






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We will now examine the individual elements of the Foundation. DREAM, MISSION, VISION, VALUES, QUALITY POLICIES, STRATEGIC DIRECTIONS AND PLANS LOGO The first section of the diagram aims at ensuring that all decisions are well aligned on the dream, mission, vision and values
of the company. These are described in the first section of this document. The next component is our Quality Policy. It has earned ISO 9001
certification, which requires that CGI demonstrate every year to external evaluators that its Quality Policy is applied across all of its operations. The final component of this uppermost section focuses on Strategic Directions and Plans. These are established on an annual and triennial basis according to a
rigorous process that includes extensive participation from within the company as well as from our clients and our shareholders. The emphasis placed on involving all business units and corporate services in the planning process helps ensure that the
objectives established and methods selected are shared by all to the fullest extent possible and that they generate enthusiastic commitment in their implementation. GOVERNANCE POLICIES AND FRAMEWORKS, HUMAN RESOURCES POLICIES, FINANCIAL POLICIES AND ORGANIZATIONAL MODEL LOGO The first component of the second section refers to the companys governance policies and frameworks. These policies and
frameworks are comprised of the following documents:  1)
The Charters of the Board of Director and its committees;  2)
the Codes of Ethics, to which members, officers and directors of the company must adhere;  3)
the Operations Management Framework, which outlines the delegation framework with respect to decision making (e.g. who may authorize and sign a million dollar proposal; who may
authorize promotion to a vice-presidents position). The second component involves human resources policies. All new members of the
CGI team are asked to read You and CGI, which outlines all of the companys human resources policies, from compensation and training to career development.






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The third component focuses on financial policies. It covers how we determine our profitability objectives, target
ratios (e.g. profit margins, maximum percentage allotted to certain expenses), how and when our financial results are prepared, the rules governing disclosure of results, etc. These policies and rules are outlined in a document under the
responsibility of the Chief Financial Officer, and the most pertinent elements are communicated to all of our members. Finally, the organizational
model favoured by CGI is one that provides considerable autonomy to our business units. This model consists of creating business units in major cities in the regions that we serve. We also put a high priority on establishing solid business
relationships within these regions, particularly with the decision makers from the companies operating in these cities. Each of these metropolitan business units is structured according to the key economic sectors served by CGI (finance,
telecommunications, etc.). The implementation of a service offering for clients which have operations in multiple regions or countries is achieved through collaboration among business units, which, in the case of large contracts and particularly
those involving outsourcing, can result in entire business units being dedicated to our major clients or to groups of clients who share the same needs. Consulting services and centres of expertise throughout CGI ensure that knowledge, strategies and
leading-edge solutions are shared within the entire company. BUSINESS UNIT PROCESSES AND PARTNERSHIP MANAGEMENT FRAMEWORKS LOGO The Business Unit Processes explain how the Client Partnership Management Framework and the Member Partnership Management
Framework are applied locally in each business unit. They also describe how business development activities and other initiatives crucial to the smooth operation of each business unit should be managed. The activities at the core of the operational management of CGI are aligned onto three management frameworks: the Client Partnership Management Framework, the
Member Partnership Management Framework and the Shareholder Partnership Management Framework. These frameworks are the cornerstones of a continuous improvement process that is supported by the documentation and the systematic, audited application of
our best practices. The process is also constantly fuelled by client, member and shareholder evaluations of our activities and performance.






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The first is the Client Partnership Management Framework. CGIs leadership position in its industry is
contingent upon its ability to deliver services of the highest quality to its clients at competitive prices and within the established time frames. The Client Partnership Management Framework is the basis of how we manage our relationships with our
clients. For each of type of mandates (outsourcing, projects, and consulting services), this framework guides our teams in the achievement of all phases of their work, from the proposal to its completion of the mandate. It is based not only on our
best practices, but also relies on the industrys best standards and practices. A rigorous, regular program to evaluate the satisfaction of our clients allows us to measure our progress and continuously improve our practices. This evaluation is
conducted on a face-to-face basis with the client, who must sign the evaluation. Each year, CGI establishes improvement objectives based on the results obtained the previous year. The Member Partnership Management Framework guides all of our managers through the communications and dialogue activities they have with their teams. This cycle begins with welcoming activities and is followed by
informal meetings, team meetings at various levels, career planning and performance reviews. We measure the satisfaction of our members annually through a survey conducted by an outside firm. Members can also use the survey to communicate their
observations and suggestions to the head of their business unit or the CGI executive team. The results are published, and commitments are made by the leaders of both the business units and the company itself to address the comments submitted and
make needed improvements. The Shareholder Partnership Management Framework describes our information and relationship program with our investors beyond
the prescribed activities associated with corporate governance, transparency and the disclosure of results. LOGO The final section refers to the way we measure our results. First and foremost, we systematically measure the satisfaction
levels of active clients regularly. We also measure member satisfaction annually, and we are currently developing a shareholder satisfaction measurement tool.






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Documents and Policies Pertaining to Corporate Governance 3.1 Charter of the Board of Directors IMPORTANT NOTE Chapter 1, Dream, Mission, Vision and Values of the CGI Group Inc. Fundamental Texts
constitutes the fundamental principles of this Charter. This Charter should therefore be read in conjunction with Chapter 1.  1.
INTERPRETATION Financially Literate means the ability to read and understand a set of financial statements that present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Companys financial statements. Independent Director means a director who meets the independence criteria set out in section 1.4 of Multilateral Instrument 52-110
Audit Committees adopted by the Canadian Securities Administrators and as amended and in effect as of June 30, 2005, which is reproduced in Appendix A.  2.
OBJECTIVES CGIs
shareholders are the first and most important element in the Companys governance structures and processes. At each annual general meeting, the Companys shareholders elect the members of the Companys Board of Directors and give them
a mandate to manage and oversee the management of the Companys affairs for the coming year. In the normal course of operations,
certain corporate actions which may be material to CGI are initiated from time to time by the Companys senior management and, at the appropriate time, are submitted to CGIs Board of Directors for consideration and approval. When
appropriate, such matters are also submitted for consideration and approval by CGIs shareholders. All such approvals are sought in accordance with the charters of the Board of Directors and standing committees, CGIs corporate governance
practices and applicable corporate and securities legislation. The overall stewardship of the Company is the responsibility of the
Board of Directors. In accomplishing the mandate it receives from the Companys shareholders, the Board of Directors may delegate certain of






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its authority and responsibilities to committees and management and reserve certain powers to itself.
Nonetheless, it will retain full effective control over the Company.  3.
COMPOSITION  3.1
The majority of the Board of Directors shall be comprised of Independent Directors. The application of the definition of Independent Director to the circumstances of each
individual director is the responsibility of the Board of Directors which will disclose on an annual basis whether it is constituted with the appropriate number of directors which are Independent Directors and the basis for its analysis. The Board
of Directors will also disclose which directors are Independent Directors or not and provide a description of the business, family, direct and indirect shareholding or other relationship between each director and the Company.  3.2
The Company expects and requires directors to be and remain free of conflictual interests or relationships and to refrain from acting in ways which are actually or potentially
harmful, conflictual or detrimental to the Companys best interests. Each director shall comply with the Companys formal code of ethics and business conduct that governs the behaviour of members, directors and officers and shall complete
and file annually with the Company any and all documents required pursuant to such formal code of ethics and business conduct with respect to conflict of interests. This matter will also be reviewed annually by the Corporate Governance Committee.
The Board of Directors will monitor compliance with said code as well as with the Companys executive code of conduct applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or
other persons performing similar functions within the Company. The Board will also be responsible for the granting of any waivers from compliance with the codes for directors and officers. The Board of Directors will disclose in due time the
adoption of such codes as well as all waivers and specify the circumstances and rationale for granting the waiver.  3.3
The Board of Directors, following advice of its Corporate Governance Committee, is responsible for evaluating its size and composition and establishing a Board comprised of
members who facilitate effective decision-making. The Board of Directors has the ability to increase or decrease its size.  3.4
It is a general requirement under the Companys corporate governance practices that all directors possess both financial and operational literacy. In addition, the
membership of the Board of Directors will include a sufficient number of directors who are Financially Literate and at least one director who qualifies as a financial expert as defined in the applicable corporate governance rules imposed by
regulatory bodies in order to ensure that the Audit and Risk Management Committee membership complies with those rules.






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3.5
A director who makes a major change in principal occupation will forthwith disclose this fact to the Board of Directors and will offer his or her resignation to the Board of
Directors for consideration. It is not intended that directors who retire or whose professional positions change should necessarily leave the Board of Directors. However, there should be an opportunity for the Board of Directors to review the
continued appropriateness of the Board of Directors membership under such circumstances.  3.6
The Board of Directors is responsible for approving new nominees to the Board. New directors will be provided with an orientation and education program which will include written
information about the duties and obligations of directors, the business and operations of the Company, documents from recent Board of Directors meetings and opportunities for meetings and discussion with senior management and other directors. The
details of the orientation of each new director will be tailored to that directors individual needs and areas of interest. The prospective candidates should fully understand the role of the Board of Directors and its committees and the
contribution expected from individual directors and the Board of Directors will ensure that they are provided with the appropriate information to that effect. In addition, the Board of Directors will ascertain and make available to its members, when
required, continuing education as per the business and operations of the Company.  4.
RESOURCES  4.1
The Board of Directors will implement structures and procedures to ensure that it functions independently of management.  4.2
The Board of Directors appreciates the value of having certain members of senior management attend each Board of Directors meeting to provide information and opinion to assist
the directors in their deliberations. The Executive Chairman of the Board will seek the Board of Directors concurrence in the event of any proposed change to the management attendees at Board of Directors meetings. Management attendees will be
excused for any agenda items which are reserved for discussion among directors only.  5.
RESPONSIBILITIES AND DUTIES The principal responsibilities and duties of the Board of Directors include the following, it being understood that in carrying out their
responsibilities and duties, directors may consult with management and may retain external advisors at the expense of the Company in appropriate circumstances. Any engagement of external advisors shall be subject to the approval of the Chair of the
Corporate Governance Committee.






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5.1
General Responsibilities  5.1.1
The Board of Directors will oversee the management of the Company. In doing so, the Board of Directors will establish a productive working relationship with the Executive
Chairman of the Board and the Chief Executive Officer and other members of senior management.  5.1.2
The Board of Directors will oversee the formulation of long-term strategic, financial and organizational goals for the Company. It shall approve the Companys strategic plan
and review same on at least an annual basis. This plan will take into account the opportunity and risks of the Companys business.  5.1.3
As part of the responsibility of the Board of Directors to oversee management of the Company, the Board of Directors will engage in active monitoring of the Company and its
affairs in its stewardship capacity.  5.1.4
The Board of Directors will engage in a review of short and long-term performance of the Company in accordance with approved plans.  5.1.5
The officers of the Company, headed by the Executive Chairman of the Board and the Chief Executive Officer, shall be responsible for general day to day management of the Company
and for making recommendations to the Board of Directors with respect to long term strategic, financial, organizational and related objectives.  5.1.6
The Board of Directors will periodically review the significant risks and opportunities affecting the Company and its business and oversee the actions, systems and controls in
place to manage and monitor risks and opportunities. The Board of Directors may impose such limits as may be in the interests of the Company and its shareholders.  5.1.7
The Board of Directors will oversee how the Company communicates its goals and objectives to its shareholders and other relevant constituencies.  5.1.8
The Board of Directors will oversee the succession planning including appointing, training and monitoring senior management and the Executive Chairman of the Board in particular.  5.1.9
The Board of Directors is responsible for overseeing a Communication Policy for the Company. In doing so, the Board of Directors will ensure that the policy (i) addresses
how the Company interacts with analysts, investors, other key stakeholders and the public, (ii) contains measures for






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the Company to comply with its continuous and timely disclosure obligations and to avoid selective disclosure, and (iii) is reviewed at least annually.  5.1.10
The Board of Directors will oversee the integrity of the Companys internal control and management information systems.  5.1.11
The Board of Directors will make sure that the Company adopt prudent financial standards with respect to the business of the Company and prudent levels of debt in relation to the
Companys consolidated capitalization.  5.1.12
The Board of Directors will also consider and approve:  i)
transactions out of the ordinary course of business including, without limitation, proposals on mergers, acquisitions or other major investments or divestitures;  ii)
all matters that would be expected to have a major impact on shareholders;  iii)
the appointment of any person to any position that would qualify such person as an officer of the Company; and  iv)
any proposed changes in compensation to be paid to members of the Board of Directors on the recommendation of the Human Resources Committee.  5.1.13
The Board of Directors will also receive reports and consider:  i)
The quality of relationships between the Company and its key customers;  ii)
Changes in the shareholder base of the Company from time to time and relationships between the Company and its significant shareholders;  iii)
Periodic reports from Board of Directors committees with respect to matters considered by such committees;  iv)
Health, safety and environmental matters as they affect the Company and its business; and  v)
Such other matters as the Board of Directors may, from time to time, determine.  5.1.14
The Board of Directors will oversee management through an ongoing review process.






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5.1.15
The Board of Directors will, together with the Executive Chairman of the Board develop a position descriptions for the Executive Chairman of the Board and the Chief Executive
Officer. The Board of Directors will also approve the corporate objectives that the Executive Chairman of the Board is responsible for meeting and assess managements performance in relation to such objectives. The Board of Directors will raise
any concerns related to the performance of the Chief Executive Officer with the Executive Chairman of the Board as appropriate.  5.1.16
The Board of Directors will receive a report from its Human Resources Committee on succession planning as set forth in such committees mandate.  5.2
Annual Assessment of the Board of Directors  The Board of Directors will annually review the assessment of the Board of Directors performance and recommendation provided by the Corporate Governance Committee. The
objective of this review is to increase the effectiveness of the Board of Directors and contribute to a process of continuous improvement in the Board of Directors execution of its responsibilities. It is expected that the result of such
reviews will be to identify any areas where the directors and/or management believe that the Board of Directors and/or the directors individually could make a better contribution to the affairs of the Company. The Board of Directors will take
appropriate action based upon the results of the review process.  5.3
Committees  5.3.1
The Board of Directors shall appoint committees to assist it in performing its duties and processing the quantity of information it receives.  5.3.2
Each committee operates according to a Board of Directors approved written mandate outlining its duties and responsibilities. This structure may be subject to change as the Board
of Directors considers from time to time which of its responsibilities can best be fulfilled through more detailed review of matters in committee.  5.3.3
The Board of Directors will review annually the work undertaken by each committee and the responsibilities thereof.  5.3.4
The Board of Directors will annually evaluate the performance and review the work of its committees, including their respective mandates and the sufficiency of such mandates.






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5.3.5
The Board of Directors will annually appoint a Lead Director as well as a member of each of its committees to act as Chair of the committee.  5.3.6
Subject to subsection 5.3.8, committees of the Board of Directors shall be composed of a majority of Independent Directors.  5.3.7
The Board of Directors shall appoint members of committees after considering the recommendations of the Corporate Governance Committee and the Executive Chairman of the Board as
well as the skills and desires of individual Board members, all in accordance with the mandates of such committees approved by the Board.  5.3.8
The Audit Committee shall be composed only of Independent Directors. All members of the Audit Committee shall be Financially Literate and at least one member shall be a financial
expert within the meaning of applicable regulatory requirements.  5.4
Lead Director  5.4.1
The Lead Director shall be an Independent Director. He will oversee that the Board of Directors discharges its responsibilities, ensure that the Board of Directors evaluates the
performance of management objectively and that the Board of Directors understands the boundaries between the Board of Directors and management responsibilities.  5.4.2
The Lead Director will chair periodic meetings of the Independent Directors and assume other responsibilities which the Independent Directors as a whole might designate from time
to time.  5.4.3
The Lead Director should be able to stand sufficiently back from the day-to-day running of the business to ensure that the Board of Directors is in full control of the
Companys affairs and alert to its obligations to the shareholders.  5.4.4
The Lead Director shall provide input to the Executive Chairman of the Board on preparation of agendas for Board and committee meetings.  5.4.5
The Lead Director shall chair Board meetings when the Executive Chairman of the Board is not in attendance, subject to the provisions of the by-laws of the Company.  5.4.6
The Lead Director shall provide leadership for the independent directors and ensure that the effectiveness of the Board is assessed on a regular basis.






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5.4.7
The Lead Director shall set the agenda for the meetings of the Independent Directors.  5.4.8
The Lead Director shall report to the Board concerning the deliberations of the independent directors as required.  5.4.9
The Lead Director shall, in conjunction with the Executive Chairman of the Board, facilitate the effective and transparent interaction of Board members and management;  5.4.10
The Lead Director shall provide feedback to the Executive Chairman of the Board and act as a sounding board with respect to strategies, accountability, relationships and other
issues.  5.5
Review of the Board Mandate  In order to ensure that this mandate is kept current in the light of changes which may occur in corporate practice or the structure of the Company, the Board of Directors will
annually reconfirm this mandate or initiate a review to revise it.  5.6
Board of Directors Compensation  The Human Resources Committee will review the adequacy and form of compensation of the senior management and directors each year. The Committee shall make recommendations to the
Board of Directors for consideration when it believes changes in compensation are warranted. Furthermore, the Board of Directors will ensure the compensation realistically reflects the responsibility and risk involved in being a director.  6.
COMMUNICATIONS POLICY  6.1
The Board of Directors will consider and review the means by which shareholders can communicate with the Company including the opportunity to do so at the annual meeting,
communications interfaces through the Companys website and the adequacy of resources available within the Company to respond to shareholders through the office of the Corporate Secretary and otherwise. However, the Board of Directors believes
that it is the function of the management to speak for the Company in its communications with the investment community, the media, customers, suppliers, employees, governments and the general public. It is understood that individual directors may
from time to time be requested by management to assist with such communications. It is expected, if communications from stakeholders are made to individual directors, management will be informed and consulted to determine any appropriate response.






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6.2
The Board of Directors has the responsibility for monitoring compliance by the Company with the corporate governance requirements and guidelines of the Toronto Stock Exchange and
the New York Stock Exchange. The Board of Directors will approve the disclosure of the Companys system of governance and the operation of such system.






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3.2 Charter of the Corporate Governance Committee IMPORTANT NOTE Chapter 1, Dream, Mission, Vision
and Values of the CGI Group Inc. Fundamental Texts constitutes the fundamental principles of this Charter. This Charter should therefore be read in conjunction with Chapter 1.interpretation Committee means the Corporate Governance Committee of the Board of Directors of the Company. Independent Director means a director who meets the independence criteria set out in section 1.4 of Multilateral Instrument 52-110
Audit Committees adopted by the Canadian Securities Administrators and as amended and in effect as of June 30, 2005, which is reproduced in Appendix A.  1.
OBJECTIVES The Committee is
responsible for: (a) developing the Companys approach to Board governance issues and the Companys response to the corporate governance guidelines; (b) reviewing the composition and contribution of the Board and its members and
recommending Board nominees; (c) overseeing the orientation program for new directors; and (d) helping to maintain an effective working relationship between the Board of Directors of the Company and management.  2.
COMPOSITION  3.1
The Committee shall be composed of a majority of Independent Directors.  3.2
The Board of Directors shall appoint an independent director as the Chair of the Committee. If the Chair is absent from a meeting, the members shall select a Chair from those in
attendance to act as Chair of the meeting.  3.
MEETINGS  4.1
Meetings of the Committee shall be held at the call of the Chair, but not less than twice annually. Meetings of the Committee may be called by the Chair of the Committee, the
Executive Chairman of the Board or the Chief Executive Officer.  4.2
The powers of the Committee shall be exercisable by a meeting at which a quorum is present. A quorum shall be not less than two members of the Committee from
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foregoing requirement, unless otherwise determined by the Board of Directors, the Committee shall have the power to fix its quorum and to regulate its procedure. Matters decided by the Committee
shall be decided by majority vote.  4.3
Notice of each meeting shall be given to each member, to the Executive Chairman of the Board, to the Chief Executive Officer and to the Corporate Secretary of the Company.  4.4
The Committee may invite from time to time such persons as it may see fit to attend its meetings and to take part in discussion and consideration of the affairs of the Committee,
including in particular the Chief Executive Officer.  4.5
The Committee shall appoint a secretary to be the secretary of all meetings of the Committee and to maintain minutes of all meetings and deliberations of the Committee.  4.
RESPONSIBILITIES AND DUTIES  5.1
Role and responsibilities of the Committee Chair:  5.1.1
The Chair of the Committee:  5.1.1.1
Provides leadership for the committee by ensuring that:  (i)
The responsibilities of the committee are well understood by committee members and management.  (ii)
The committee works as a cohesive team.  (iii)
Adequate resources and timely and relevant information are available to the committee to support its work.  (iv)
The effectiveness of the committee is assessed on a regular basis.  (v)
The committees structure and mandate is appropriate and adequate to support the discharge of the committees responsibilities.  (vi)
The scheduling, organization and procedures of committee meetings provide adequate time for the consideration and discussion of relevant issues.  5.1.1.2
Works with the Executive Chairman of the Board and Corporate Secretary to set the calendar of the committees regular meetings.






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5.1.1.3
Has the authority to convene special meetings as required.  5.1.1.4
Sets the agenda in collaboration with the Executive Chairman of the Board and the Corporate Secretary.  5.1.1.5
Presides at meetings.  5.1.1.6
Acts as liaison with management with regard to the work of the committee.  5.1.1.7
Reports to the Board concerning the work of the committee.  5.1.1.8
Exercises the authority specifically delegated to the Chair by the Committee, if any.  5.2
General Responsibilities Board Members  5.2.1
Review criteria regarding the composition of the Board of Directors and committees of the Board of Directors, such as size, proportion of Independent Directors and as to criteria
to determine relatedness as well as profile of the Board of Directors (age, geographical representation, disciplines, etc.) and establish a Board of Directors comprised of members who facilitate effective decision-making.  5.2.2
Review criteria relating to tenure as a director, such as limitations on the number of times a director may stand for re-election, and the continuation of directors in an
honorary or similar capacity.  5.2.3
Review criteria for retention of directors unrelated to age or tenure, such as attendance at Board of Directors and committee meetings, health or the assumption of
responsibilities which are incompatible with effective Board of Directors membership; and assess the effectiveness of the Board of Directors as a whole, the committees of the Board of Directors, the contribution of individual directors on an ongoing
basis and establish in light of the opportunities and risks facing the Company, what competencies, skills and personal qualities it seeks in new Board members in order to add value to the Company.  5.2.4
Recommend to the Board of Directors the list of candidates for directors to be nominated for election by shareholders at annual meetings of shareholders.






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5.2.5
Recommend to the Board of Directors candidates to fill vacancies on the Board of Directors occurring between annual meetings of shareholders.  5.2.6
Recommend to the Board of Directors the removal of a director in exceptional circumstances, for example (a) such director is in a position of conflict of interest or
(b) the criteria underlying the appointment of such director change.  5.2.7
Ensure that the Board of Directors can function independently of management. To this end, arrange for meetings on a regular basis of the Independent Directors without management
present. In such cases, meetings will be chaired by the Lead Director. Director Orientation  5.2.8
As an integral element of the process for appointing new directors, put in place an orientation and education program for new recruits to the Board of Directors and review from
time to time the value and benefit of such program. Compliance  5.2.9
Ensure corporate compliance with applicable legislation including director and officer compliance.  5.2.10
Review proposed amendments to the Companys by-laws before making recommendations to the Board of Directors. Codes of Business Conduct  5.2.11
Periodically review and make recommendations to the Board of Directors with respect to the Companys formal code of ethics and business conduct for its members, directors
and officers and its executive code of conduct applicable to the Companys principal executive officer, principal financing officer, principal accounting officer or controller, or other persons performing similar functions within the Company;
including the disclosure of the adoption of such codes.  5.2.12
Monitor adherence to the codes and review potential situations related thereto brought to the attention of the Committee by the Corporate Secretary of the Company in order to
recommend or not in certain circumstances to the Board of Directors to grant or not waivers from compliance with the codes for directors and officers. The Committee shall also ensure that when such waivers are granted, the Board of Directors shall
disclose same in due time and specify the circumstances and rationale for granting the waiver.






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Corporate Governance Principles  5.2.13
Make recommendations to the Board of Directors as deemed appropriate in the context of adherence to corporate governance guidelines in effect from time to time.  5.2.14
In conjunction with the Executive Chairman of the Board of Directors, recommend to the Board of Directors the membership and chairs of the committees of the Board of Directors.  5.2.15
Review annually the Board/management relationship.  5.2.16
Advise the Board of Directors on the disclosure to be contained in the Companys public disclosure documents, such as the Companys annual management proxy circular or
annual report, on matters of corporate governance as required by the Toronto Stock Exchange, the New York Stock Exchange or any other applicable exchange or regulator.  5.2.17
Generally advise the Board of Directors on all other matters of corporate governance. External and Internal Resources  5.2.18
Retain such independent external advisors as it may deem necessary and advisable for its purposes.  5.2.19
Report to the Board of Directors on its proceedings, reviews undertaken, and any associated recommendations.  5.2.20
Have adequate resources to discharge its responsibilities;  5.2.21
Have the right, for the purposes of discharging the powers and responsibilities of the Committee, to inspect any relevant records of the Company and its subsidiaries.  5.2.22
The Chair of the Committee shall review the opportunity for the Board of Directors of the Company or individual directors to retain external advisors at the expense of the
Company in certain appropriate circumstances in carrying out their responsibilities.






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Shareholder Proposals  5.2.23
Review and make recommendations on shareholder proposals to the Board of Directors or refer them to the Executive Chairman of the Board as appropriate.  5.3
Other Responsibilities  The Committee shall carry out such other mandates as the Board of Directors may request from time to time.  5.4
Review of Mandate of the Committee  The Board of Directors should review and reassess the adequacy of the mandate on an annual basis.  5.5
Compensation  Members of the Committee shall be entitled to receive such remuneration for acting as members of the Committee as the Board of Directors may determine from time to time.






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3.3 Charter of the Human Resources Committee IMPORTANT NOTE Chapter 1, Dream, Mission, Vision
and Values of the CGI Group Inc. Fundamental Texts constitutes the fundamental principles of this Charter. This Charter should therefore be read in conjunction with Chapter 1.  1.
INTERPRETATION Committee means the Human Resources Committee of the Board of Directors of the Company. Independent Director means a director who meets the independence criteria set out in section 1.4 of Multilateral Instrument 52-110
Audit Committees adopted by the Canadian Securities Administrators and as amended and in effect as of June 30, 2005, which is reproduced in Appendix A.  2.
OBJECTIVES The Committee is
responsible for reviewing and making recommendations to the Board of Directors of the Company for the appointment of Senior Executives of the Company and for determining terms of employment of Senior Executives. It shall also perform functions such
as reviewing succession planning and matters of compensation as well as such other matters the Committee may consider suitable with respect to compensation or as may be specifically directed by the Board of Directors of the Company from time to
time.  3.
COMPOSITION  3.1
The Committee shall be composed of a majority of Independent Directors.  3.2
The Board of Directors shall appoint one of the Independent Directors as the Chair of the Committee. If the Chair is absent from a meeting, the members shall select a Chair from
those in attendance to act as Chair of the meeting.  4.
MEETINGS  4.1
Meetings of the Committee shall be held at the call of the Chair, but not less than three times annually. Meetings of the Committee may be called by the Chair of the Committee,
the Executive Chairman of the Board or the Chief Executive Officer. 4.2
The powers of the Committee shall be exercisable by a meeting at which a quorum is present. A quorum shall be not less than two members of the Committee from
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foregoing requirement, unless otherwise determined by the Board of Directors, the Committee shall have the power to fix its quorum and to regulate its procedure. Matters decided by the Committee
shall be decided by majority vote.  4.3
Notice of each meeting shall be given to each member, to the Executive Chairman of the Board, to the Chief Executive Officer and to the Corporate Secretary of the Company.  4.4
The Committee may invite from time to time such persons as it may see fit to attend its meetings and to take part in discussion and consideration of the affairs of the Committee,
including in particular the Executive Chairman of the Board.  4.5
The Committee shall appoint a secretary to be the secretary of all meetings of the Committee and to maintain minutes of all meetings and deliberations of the Committee.  5.
RESPONSIBILITIES AND DUTIES  5.1
Role and responsibilities of the Committee Chair:  5.1.1
The Chair of the Committee:  5.1.1.1
Provides leadership for the committee by ensuring that:  (i)
The responsibilities of the committee are well understood by committee members and management.  (ii)
The committee works as a cohesive team.  (iii)
Adequate resources and timely and relevant information are available to the committee to support its work.  (iv)
The effectiveness of the committee is assessed on a regular basis.  (v)
The committees structure and mandate is appropriate and adequate to support the discharge of the committees responsibilities.  (vi)
The scheduling, organization and procedures of committee meetings provide adequate time for the consideration and discussion of relevant issues.  5.1.1.2
Works with the Executive Chairman of the Board and Corporate Secretary to set the calendar of the committees regular meetings.






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5.1.1.3
Has the authority to convene special meetings as required.  5.1.1.4
Sets the agenda in collaboration with the Executive Chairman of the Board and the Corporate Secretary.  5.1.1.5
Presides at meetings.  5.1.1.6
Acts as liaison with management with regard to the work of the committee.  5.1.1.7
Reports to the Board concerning the work of the committee.  5.1.1.8
Exercises the authority specifically delegated to the Chair by the Committee, if any.  5.2
General Responsibilities  5.2.1
The Committee shall, among other things, have responsibility to advise the Board of Directors on human resources planning, compensation of members of the Board of Directors,
Executive Officers and other employees, short and long-term incentive plans, benefit plans, and Executive Officer appointments.  5.2.2
The Committee shall review and report to the Board of Directors on:  5.2.2.1
Managements succession plans for Executive Officers, with special emphasis on the Executive Chairman of the Board and Chief Executive Officer succession;  5.2.2.2
Compensation philosophy of the organization, including a remuneration strategy and remuneration policies for the Executive Officer level, as proposed by the Executive Chairman of
the Board and the Chief Executive Officer;  5.2.2.3
Recommendations to the Board of Directors for the appointment of the Executive Chairman of the Board, the Chief Executive Officer and other Executive Officers, corporate
objectives which the Executive Chairman of the Board and such other Executive Officers, as the case may be, are responsible for meeting, assessment of the Executive Chairman of the Board and of the Chief Executive Officer against these objectives,
monitoring of the Executive Chairman of the Boards performance and providing advice and counsel in the execution of his duties;






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5.2.2.4
Total remuneration plan including adequacy and form of compensation realistically reflecting the responsibilities and risks of the position for the Executive Chairman of the
Board and for the Chief Executive Officer of the Company and, in connection therewith, consider appropriate information, including information from the Board of Directors with respect to the overall performance of the Executive Chairman of the Board
and of the Chief Executive Officer;  5.2.2.5
Remuneration for Executive Officers, annual adjustment to executive salaries, and the design and administration of short and long-term incentive plans, stock options, benefits
and perquisites as proposed by the Executive Chairman of the Board and the Chief Executive Officer;  5.2.2.6
Employment and termination arrangements for senior management;  5.2.2.7
Adoption of new, or significant modifications to, pay and benefit plans;  5.2.2.8
Appointment of new officers as appropriate;  5.2.2.9
Significant organizational changes;  5.2.2.10
The Committees proposed executive compensation report to be contained in the Companys annual proxy circular;  5.2.2.11
Management development programs for the Company;  5.2.2.12
Any special employment contracts or arrangements with officers of the Company including any contracts relating to change of control; and  5.2.2.13
Remuneration for members of the Board of Directors and committees thereof, including adequacy and form of compensation realistically reflecting the responsibilities and risks of
the positions and recommend changes where applicable.  5.2.3
The Committee shall perform such other duties as may from time to time be assigned to it by the Board of Directors




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including those relating to compensation of officers and senior employees and the manpower resources of the Company.  5.3
Other Responsibilities  5.3.1
The Committee shall have the right to retain such independent external advisors as it may deem necessary and advisable for its purposes and to assess and review, on an annual
basis or as deemed appropriate, the independence of such external advisors.  5.3.2
The Committee shall report to the Board of Directors on its proceedings, reviews undertaken, and any associated recommendations.  5.3.3
The Committee shall have adequate resources to discharge its responsibilities.  5.3.4
The Committee shall have the right, for the purposes of discharging the powers and responsibilities of the Committee, to inspect any relevant records of the Company and its
subsidiaries.  5.4
Review of Mandate of the Committee  The Board of Directors should review and reassess the adequacy of this mandate on an annual basis.  5.5
Compensation  Members of the Committee shall be entitled to receive such remuneration for acting as members of the Committee as the Board of Directors may determine from time to time.






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3.4 Charter of the Audit and Risk Management Committee IMPORTANT NOTE Chapter 1, Dream, Mission, Vision
and Values of the CGI Group Inc. Fundamental Texts constitutes the fundamental principles of this Charter. This Charter should therefore be read in conjunction with Chapter 1.  1.
INTERPRETATION Committee means the Audit and Risk Management Committee of the Board of Directors of the Company. Financially Literate means the ability to read and understand a set of financial statements that present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Companys financial statements. Independent Director means a director who meets the independence criteria set out in section 1.4 of Multilateral Instrument 52-110
Audit Committees adopted by the Canadian Securities Administrators and as amended and in effect as of June 30, 2005, which is reproduced in Appendix A.  2.
OBJECTIVES The Committee
will assist the Board of Directors in fulfilling its oversight responsibilities. In performing its duties, the Committee will maintain effective working relationships with the Board of Directors, management, the internal auditors and the external
auditors.  3.
COMPOSITION  3.1
The Committee shall consist solely of Independent Directors, all of whom shall be Financially Literate and at least one of whom shall be a financial expert as defined in the
applicable corporate governance rules imposed by regulatory bodies.  3.2
Following each annual meeting of shareholders, the Board of Directors shall elect three or more directors, who shall meet the independence and experience requirements of the New
York Stock Exchange and the Toronto Stock Exchange as well as the other similar requirements under applicable securities regulations, to serve on the Committee until the close of the next annual meeting of shareholders of the Company or until the
member ceases to be a director, resigns or is replaced, whichever first occurs. Any member may be removed from office or replaced at any time by the Board of Directors.






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3.3
The Board of Directors shall appoint one of the members of the Committee as the Chair of the Committee. If the Chair is absent from a meeting, the members shall select a Chair
from those in attendance to act as Chair of the meeting.  4.
MEETINGS AND RESOURCES  4.1
Regular meetings of the Committee shall be held quarterly. Special meetings of the Committee may be called by the Chair of the Committee, the external auditors, the Executive
Chairman of the Board, the Chief Executive Officer or the Chief Financial Officer of the Company.  4.2
The powers of the Committee shall be exercisable by a meeting at which a quorum is present. A quorum shall be not less than two members of the Committee from time to time.
Subject to the foregoing requirement, unless otherwise determined by the Board of Directors, the Committee shall have the power to fix its quorum and to regulate its procedure. Matters decided by the Committee shall be decided by majority vote.  4.3
Notice of each meeting shall be given to each member, the external auditors, the Executive Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer of
the Company, any or all of whom shall be entitled to attend. Notice of each meeting shall also be given, as the case may be, to the internal auditor who shall also attend whenever requested to do so by the Chair of the Committee or the Corporate
Secretary.  4.4
Notice of meeting may be given orally or by letter, telephone facsimile transmission, telephone or electronic device not less than 24 hours before the time fixed for the meeting.
Members may waive notice of any meeting. The notice need not state the purpose or purposes for which the meeting is being held.  4.5
Opportunities should be afforded periodically to the external auditors and, as the case may be, to the internal auditor and the senior management to meet separately with the
Committee. In addition, the Committee may meet in camera, with only members of the Committee present, whenever the Committee determines that it is appropriate to do so.  4.6
The Committee shall have the authority to retain special legal counselling, accounting or other consultants as it may see fit to attend its meetings and to take part in
discussion and consideration of the affairs of the Committee at the Companys expense.






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4.7
The Corporate Secretary of the Company or designate of the Corporate Secretary shall be the Secretary of all meetings of the Committee and shall maintain minutes of all meetings
and deliberations of the Committee.  5.
RESPONSIBILITIES AND DUTIES  5.1
Role and responsibilities of the Committee Chair:  5.1.1
The Chair of the Committee:  5.1.1.1
Provides leadership for the committee by ensuring that:  (i)
The responsibilities of the committee are well understood by committee members and management.  (ii)
The committee works as a cohesive team.  (iii)
Adequate resources and timely and relevant information are available to the committee to support its work.  (iv)
The effectiveness of the committee is assessed on a regular basis.  (v)
The committees structure and mandate is appropriate and adequate to support the discharge of the committees responsibilities.  (vi)
The scheduling, organization and procedures of committee meetings provide adequate time for the consideration and discussion of relevant issues.  5.1.1.2
Works with the Executive Chairman of the Board, the Chief Financial Officer and the Corporate Secretary to set the calendar of the committees regular meetings.  5.1.1.3
Has the authority to convene special meetings as required.  5.1.1.4
Sets the agenda in collaboration with the Executive Chairman of the Board, the Chief Financial Officer and the Corporate Secretary.  5.1.1.5
Presides at meetings.  5.1.1.6
Acts as liaison with management with regard to the work of the committee.






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5.1.1.7
Reports to the Board concerning the work of the committee.  5.1.1.8
Exercises the authority specifically delegated to the Chair by the Committee, if any.  5.2
General Responsibilities  While the Committee has the responsibilities and powers set forth below, it is not the duty of the Committee to plan or conduct audits or to determine that the Companys
financial statements are complete and accurate. This is the responsibility of management and the external auditors. Nor is it the duty of the Committee to conduct investigations, or to assure compliance with laws and regulations. The Committee shall
review disagreements, if any, between management and the external auditors and shall make recommendations to resolve such disagreements. In the event that any such disagreement persists, the matter will be referred by the Committee to the Board of
Directors for a final determination.  5.3
Review of Mandate of the Committee  The Board of Directors and the Committee shall review and reassess the adequacy of this mandate on an annual basis.  5.4
Publicly Disclosed Financial Information  5.4.1
The Committee shall review and recommend for approval by the Board of Directors, before release to the public:  5.4.1.1
interim unaudited financial statements;  5.4.1.2
audited annual financial statements, in conjunction with the report of the external auditors;  5.4.1.3
all public disclosure documents containing audited or unaudited financial information, including any prospectus, the annual information form and managements discussion and
analysis of financial condition and results of operations, as well as related press releases, including earnings guidance; and  5.4.1.4
the compliance of management certification of financial reports with applicable legislation and attestation of the Companys disclosure controls and procedures.  5.4.2
The Committee shall review any report which accompanies published financial statements (to the extent such a report discusses financial condition or operating results) for
consistency of disclosure with the financial statements themselves.






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5.4.3
In its review of financial statements, the Committee should obtain an explanation from management of all significant variances between comparative reporting periods and an
explanation from management for items which vary from expected or budgeted amounts as well as from previous reporting periods.  5.4.4
In its review of financial statements, the Committee should review unusual or extraordinary items, transactions with related parties, and adequacy of disclosures, asset and
liability carrying values, income tax status and related reserves, qualifications, if any, contained in letters of representation and business risks, uncertainties, commitments and contingent liabilities.  5.4.5
In its review of financial statements, the Committee shall review the appropriateness of the Companys significant accounting principles and practices, including acceptable
alternatives, and the appropriateness of any significant changes in accounting principles and practices.  5.4.6
The Committee shall satisfy itself that adequate procedures are in place for the review of the Companys public disclosure of financial information extracted or derived from
the Companys financial statements, and shall periodically assess the adequacy of those procedures.  5.5
Financial Reporting and Accounting Trends  The Committee shall:  5.5.1
Review and assess the effectiveness of accounting policies and practices concerning financial reporting;  5.5.2
Review with management and with the external auditors any proposed changes in major accounting policies, the presentation and impact of significant risks and uncertainties, and
key estimates and judgments of management that may be material to financial reporting;  5.5.3
Question management and the external auditors regarding significant financial reporting issues discussed and the method of resolution; and  5.5.4
Review general accounting trends and issues of accounting policy, standards and practices which affect or may affect the Company.






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5.6
Internal Controls  5.6.1
The Committee shall review and monitor the Companys internal control procedures, programs and policies, and assess the adequacy and effectiveness of internal controls over
the accounting and financial reporting systems, with particular emphasis on controls over computerized systems.  5.6.2
The Committee shall review:  5.6.2.1
The evaluation of internal controls by the external auditors, together with managements response;  5.6.2.2
The working relationship between management and external auditors;  5.6.2.3
The appointments of the Chief Financial Officer and any key financial executives involved in the financial reporting process;  5.6.2.4
The review and approval of the Companys hiring policies regarding partners, employees and former partners and employees of the present and former external auditor of the
Company;  5.6.2.5
Any decisions related to the need for internal auditing, including whether this function should be outsourced and, in such case, approving the supplier which shall not be the
external auditors; and  5.6.2.6
Internal control procedures to ensure compliance with the law and avoidance of conflicts of interest.  5.6.3
The Committee shall undertake private discussions with staff of the internal audit function to establish internal audit independence, the level of co-operation received from
management, the degree of interaction with the external auditors, and any unresolved material differences of opinion or disputes.  5.7
Internal Auditor  The Committee shall:  5.7.1
Review the mandate and annual objectives of the internal auditor, if the appointment of an internal auditor is deemed appropriate;  5.7.2
Review the adequacy of the Companys internal audit resources; and  5.7.3
Ensure the internal auditor has ongoing access to the Chair of the Committee as well as all officers of the Company, particularly the Executive Chairman of the Board and the
Chief Executive Officer.






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5.7.4
Review the audit plans, performance and summaries of the reports of the internal audit function as well as managements response including follow-up to any identified
weakness.  5.8
External Auditors  5.8.1
The Committee shall recommend to the Board of Directors the appointment of the external auditors, which firm is ultimately accountable to the Committee and the Board of
Directors.  5.8.2
The Committee shall i) receive periodic reports from the external auditors regarding the auditors independence, the performance of the auditors, the qualifications of the key
audit partner and audit managers, a periodic review of the auditors quality control procedures, material issues arising from the periodic quality control review and the steps taken by the auditors to address such findings, ii) discuss such
reports with the auditors, and if so determined by the Committee, iii) recommend that the Board of Directors take appropriate action to satisfy itself as to the independence of the auditors and the quality of their performance.  5.8.3
The Committee shall take appropriate steps to assure itself that the external auditors are satisfied with the quality of the Companys accounting principles and that the
accounting estimates and judgments made by management reflect an appropriate application of generally accepted accounting principles.  5.8.4
The Committee shall undertake private discussions on a regular basis with the external auditors to review, among other matters, the quality of financial personnel, the level of
co-operation received from management, any unresolved material differences of opinion or disputes with management regarding financial reporting and the effectiveness of the work of the internal audit function.  5.8.5
The Committee shall review the terms of the external auditors engagement and the appropriateness and reasonableness of the proposed audit fees as well as the compensation
of any advisors retained by the Committee.  5.8.6
The Committee shall review and pre-approve any engagements for non-audit services provided by the external auditors or their affiliates to the Company or its subsidiaries,
together with the fees for such services, and consider the impact of this on the independence of the external auditors. The Committee shall determine which non-audit services the external auditors are prohibited from providing.






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5.8.7
When a change of auditors is proposed, the Committee shall review all issues related to the change, including the information required to be disclosed by regulations and the
planned steps for an orderly transition.  5.8.8
The Committee shall review all reportable events, including disagreements, unresolved issues and consultations on a routine basis whether or not there is to be a change of
auditors.  5.8.9
When discussing auditor independence, the Committee will consider both rotating the lead audit partner or audit partner responsible for reviewing the audit after a number of
years and establishing hiring policies for employees or former employees of its external auditor.  5.9
Audit Procedures  5.9.1
The Committee shall review the audit plans of the internal and external audits, including the degree of co-ordination in those plans, and shall inquire as to the extent to which
the planned audit scope can be relied upon to detect weaknesses in internal control or fraud or other illegal acts. The audit plans should be reviewed with the external auditors and with management, and the Committee should recommend to the Board of
Directors the scope of the external audit as stated in the audit plan.  5.9.2
The Committee shall review any problems experienced by the external auditors in performing the audit, including any restrictions imposed by management or significant accounting
issues on which there was a disagreement with management.  5.9.3
The Committee shall review the post-audit or management letter containing the recommendations of the external auditors, and managements response and subsequent follow-up to
any identified weakness.  5.10
Risk Management and Other Responsibilities  5.10.1
The Committee shall put in place procedures to receive and handle complaints or concerns received by the Company about accounting or audit matters including the anonymous
submission by employees of concerns respecting accounting or auditing matters.  5.10.2
The Committee shall review such litigation, claims, transactions or other contingencies as the internal auditor,




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external auditors or any officer of the Company may bring to its attention, and shall periodically
review the Companys risk management programs. In that regard the Committee shall review the Companys major risk exposures and the steps taken by management to monitor, control and report such exposures.  5.10.3
The Committee shall review the policy on use of derivatives and monitor the risk.  5.10.4
The Committee shall review the related party transactions in line with the New York Stock Exchange rules and regulations and those of any other applicable exchange or regulator.  5.10.5
The Committee shall review assurances of compliance with covenants in trust deeds or loan agreements.  5.10.6
The Committee shall review business risks that could affect the ability of the Company to achieve its business plan.  5.10.7
The Committee shall review uncertainties, commitments, and contingent liabilities material to financial reporting.  5.10.8
The Committee shall review the effectiveness of control and control systems utilized by the Company in connection with financial reporting and other identified business risks.  5.10.9
The Committee shall review incidents of fraud, illegal acts, conflicts of interest and related-party transactions.  5.10.10
The Committee shall review material valuation issues.  5.10.11
The Committee shall review the quality and accuracy of computerized accounting systems, the adequacy of the protections against damage and disruption, and security of
confidential information through information systems reporting.  5.10.12
The Committee shall review material matters relating to audits of subsidiaries.  5.10.13
The Committee shall review cases where management has sought accounting advice on a specific issue from an accounting firm other than the one appointed as auditor.  5.10.14
The Committee shall review any legal matters that could have a significant impact on the financial statements.  5.10.15
The Committee shall consider other matters of a financial nature it feels are important to its mandate or as directed by the Board of Directors.






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5.10.16
The Committee shall report regularly to the Board of Directors on its proceedings, reviews undertaken and any associated recommendations.  5.10.17
The Committee shall have the right, for the purpose of discharging the powers and responsibilities of the Committee, to inspect any relevant records of the Company and its
subsidiaries.  5.11
Compensation Members of the Committee shall be
entitled to receive such remuneration for acting as members of the Committee as the Board of Directors may determine from time to time.






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Codes of Ethics 4.1 Code of Ethics and Business Conduct for members, officers and directors of CGI To the CGI Team This Code of Ethics and Business Conduct is based on the values and philosophy that have guided CGI successfully since the Companys inception in 1976. It
constitutes a unique repository where the combination of CGI policies, guidelines, principles of conduct and best practices have been regrouped under one umbrella document, for the benefit of our members, officers and directors. CGIs operations have grown significantly and now extend worldwide, and our business environment has become increasingly competitive and complex. The scope
and pace of our business requires us to make quick and informed decisions, in a manner consistent with our values. This Code provides guidance - and a
global view - for CGI members, officers and directors to consistently achieve the professionalism that has earned our Company an enviable reputation among our clients and within our industry. It also provides guidance for CGI directors when acting
for the Company. This Code is not meant to be a complete list of ethics and business conduct covering every eventuality. It highlights situations that
CGIs members, officers and directors may face in their duties and provides the basic principles to guide their actions. CGI recognizes the importance of supporting these individuals as ethical issues arise, and has an open door policy for
resolving such issues with integrity. Upon joining CGI, all members, as part of their employment contract, undertake to observe this Code in all
aspects of their work. Furthermore, annually, all members shall renew such undertaking. We must always behave responsibly and in line with the
Companys core values when working on behalf of CGI for its clients and other stakeholders. By preserving our personal integrity and the professional reputation of CGI, I am confident that together we will succeed in achieving the
Companys mission and vision. Serge Godin Founder and Executive Chairman of the Board






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IMPORTANT NOTE Chapter 1, Dream, Mission, Vision and Values of the CGI Group Inc. Fundamental Texts constitutes the fundamental principles of this Code of Ethics and Business Conduct. This Code should therefore be read in
conjunction with Chapter 1.  1.
VALUES, PHILOSOPHY, MISSION AND VISION VALUES CGI has always believed in investing in the future to ensure continued
success. From the beginning, the Company has invested in developing a strong corporate culture, based on six core values that reflect its approach to business. These values are: quality and partnership, intrapreneurship and sharing, respect,
objectivity and integrity, financial strength and corporate social responsibility. These values are at the heart of CGIs success. They ensure that CGI takes a long-term view on business issues, and it builds long-lasting partnerships with its
clients. PHILOSOPHY The success of CGI Group Inc. and its subsidiaries is based on the knowledge, creativity and commitment of its members. CGI ensures this success by recruiting the most qualified people available. CGIs members
share in the risks and rewards of CGIs business as partners of CGI and are committed to its objectives. They take a disciplined approach to their work and constantly strive for excellence to achieve the best results for every client. In
exchange, CGI strives to recognize the value of its members by offering them a stimulating work environment that fosters their personal and professional development. MISSION The mission of CGI is to help our clients with professional services of
outstanding quality, competence and objectivity, delivering the best solutions to fully satisfy client objectives in information technology, business processes and management. In all we do, we foster a culture of partnership, intrapreneurship, teamwork and integrity, building a world class IT and business process services company. VISION Our vision
is to be a world class IT and business process services leader helping our clients succeed.






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2.
PURPOSE AND SCOPE OF THE CODE This Code of Ethics and Business Conduct (the Code) defines CGIs character and guides the actions and decisions of the salaried
employees (members), officers and directors of CGI. Compliance with the Code is essential for many reasons and notably to preserve and enhance CGIs reputation and maximize shareholder value. In keeping with CGIs values, the
Code outlines the essential rules and guidelines necessary to preserve CGIs enviable reputation among its clients and within its industry. The Code is not meant to be a complete list of ethics and business conduct covering every eventuality.
It highlights situations that CGI members, officers and directors may face in their duties. The code is meant to give them a broad and clear understanding of the conduct expected of them, wherever CGI does business. While the specific illustrations
are primarily addressed to members, they should be read as being equally applicable to the members of CGIs Board of Directors to the extent that they may be applicable in the circumstances. Should a member be confronted with a situation where further guidance is required, the matter should be discussed with the members manager.
CGI recognizes its obligation to support its members, officers and directors as ethical issues arise.  3.
MEMBERS CONDUCT AND BEHAVIOUR GENERAL CONDUCT Upon joining CGI, and annually thereafter, all members undertake, by
signing the Member Commitment to the Code of Ethics and Business Conduct, to abide by the Company Code of Ethics and Business Conduct and related policies and guidelines. If a member ceases to be employed by CGI for any reason, the Member Commitment specifies which elements continue to apply, namely those related to
the confidentiality obligations. RESPECT AND INTEGRITY All members of CGI support the Companys philosophy and contribute to CGIs development and good reputation by promoting synergy and
teamwork, by expressing their ideas and by adopting the highest standards of service quality and integrity. The members of CGI are its ambassadors. They must always behave responsibly and demonstrate courtesy, honesty, civility and respect for other
members of CGI, for its clients and for its suppliers.






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LOYALTY Members are expected to act at all times with diligence and loyalty towards CGI and in such a way as to safeguard CGIs interests. Members should not act in a way or publicly hold a position that might harm
the image or reputation of CGI. RELATIONS WITH CLIENTS CGIs services often involve visiting or working at a clients place of business. A member working at a clients site must comply
with the clients practices and procedures and treat the clients facilities with respect. The member must work as efficiently and meticulously as possible and leave the clients premises and property as he or she found them. As well,
members must use the clients information and systems infrastructures for the sole purpose of the clients contract and protect those infrastructures and information at all times. RELATIONS WITH COMPETITORS If a member is working with a competitor of CGI on a joint project for a client, the member must avoid any situations that could cause conflicts. The member must respect the roles that the client has assigned to
each party and work as a team in the clients best interests. CGIs members also have both an ethical and a legal responsibility to portray the Companys competitors fairly and accurately. CGI does not tolerate its members using
improper means for gathering information about its competitors. MAINTENANCE OF ASSETS All members of CGI have a responsibility to protect CGIs assets against loss, theft, abuse and unauthorized use or disposal. If, in the
course of his or her work, a member of CGI is supplied with any property belonging to CGI or to a third party, the member must use said property solely for work-related purposes as specified in the binding agreement he or she signed upon joining
CGI. More specifically, the members must use CGIs systems infrastructures in a manner consistent with legal requirements, professional ethics, the policies established by the administrators of CGIs network and of any external networks
that the member uses, and must respect the copyrights protecting any software that the member also uses. As well, members must never use the clients systems infrastructures, including the clients software, for any purpose that is not
work-related. CGI applies a zero-tolerance policy to any abuse of its systems infrastructures or those of its clients. At the end of
employment, members are required to return all CGI property and assets in their possession to their manager or to a designated CGI representative.






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4.
INTEGRITY OF BOOKS AND RECORDS AND COMPLIANCE WITH SOUND ACCOUNTING PRACTICES PREPARATION OF BOOKS AND RECORDS Accuracy and reliability in the preparation of all business records is of critical importance to the decision-making process and to the proper discharge of financial, legal and reporting obligations. All business
records, expense accounts, invoices, bills, payroll and member records and other reports are to be prepared with care and honesty. False or misleading entries are not permitted in CGIs books and records. FINANCIAL TRANSACTIONS All financial transactions are to be properly recorded in the books of account and accounting procedures are to be supported by the necessary internal controls. In turn, all books and records of CGI must be
available for audit. MEMBER RESPONSIBILITIES In relation to CGIs books and records, members must:  i)
not intentionally cause Company documents to be incorrect in any way;  ii)
not create or participate in the creation of any records that are intended to conceal anything that is improper;  iii)
properly and promptly record all disbursements of funds;  iv)
co-operate with internal and external auditors;  v)
report any knowledge of any untruthful or inaccurate statements or records or transactions that do not seem to serve a legitimate commercial purpose; and  vi)
not make unusual financial arrangements with a client or a supplier (such as, over-invoicing or under-invoicing) for payments on their behalf to a party not related to the
transaction. BREACHES Suspected breaches of the Code which directly or indirectly affect CGIs business must be reported to the Chief Financial Officer, the Chief Executive Officer or the Chair of the Audit and Risk Management
Committee and to CGIs Corporate Secretary. In addition, CGI has established a policy for incident reporting (often referred to as
a whistleblower policy) as well as a process under that






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policy which allows any person who has direct knowledge of specific facts to report incidents where
the Company is exposed to a serious risk in matters of accounting, auditing, internal accounting controls, finance, banking or financial corruption. The process in place protects the incident reporter and ensures the confidentiality of the report.
See the heading Compliance with the Code below.  5.
CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY DEFINITIONS Confidential Information Confidential Information means information about the Companys business dealings, development strategies and financial results;
products or processes; client lists; vendor lists or purchase prices; cost, pricing, marketing or service strategies; results of research and development work, technical know-how, manufacturing processes, computer software; reports and information
related to mergers, acquisitions and divestitures. Confidential Information also includes information that relates to intellectual property and may include, but is not limited to: business strategies, product marketing and costing
information and information provided by suppliers and competitors. In addition, the way the Company puts publicly-known information together, to achieve a particular result, is often a valuable trade secret. The following information and documents constitute confidential information or documents of CGI or its clients, as the case may be:  i)
methodologies;  ii)
all information related to: processes, formulas, research and development, products, financials, marketing; names and lists of customers, employees and suppliers as well as
related data; computer programs, all software developed or to be developed including flow charts, source and object codes;  iii)
all information related to projects undertaken by the Company whether they are merger and acquisition or divestiture projects or projects related to large client contracts,
including all information obtained in due diligence initiatives, whether such information pertains to CGI or to any third party; and  iv)
all other information or documents that, if disclosed, could be prejudicial to CGI or its clients.






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Intellectual Property Intellectual Property (IP) means patents, copyrights, trademarks, trade secrets and industrial designs of CGI. NON-DISCLOSURE UNDERTAKING CGI Confidential Information During the normal course of business, members will have access
to confidential information about CGI. In some cases, the information may affect the value of CGI shares. Each member must protect the confidentiality of all confidential CGI information and documents. Members cannot discuss them away from work, and
cannot divulge any confidential CGI information or any information that could harm CGI. Confidential CGI information could include information from other members or information acquired from outside sources, sometimes under obligations of secrecy.
Members are expected to use such information exclusively for business purposes and this information must not be disclosed externally without the approval of a members manager. Third Party Agreements In
cases where information or records are obtained under an agreement with a third party, such as software licenses or technology purchases, members must ensure that the provisions of such agreements are strictly adhered to so that CGI will not be
deemed to be in default. Unauthorized disclosure or use of information or records associated with these agreements could expose the member involved and/or CGI to serious consequences. DISCLOSURE GUIDELINES Insider Information Confidential information about CGI or other public companies may not be
used as a basis for trading in CGI securities, or the securities of any other company in respect of which CGI or its members, consultants or advisers are in possession of insider information. For this purpose, CGI has an established policy regarding
the use of insider information and trading in securities. This policy is entitled Guidelines on Timely Disclosure of Material Information and Transactions in Securities by Insiders which extends to all directors, officers and, when in
possession of Confidential Information, members, those authorized to speak on behalf of CGI and all other insiders. It is designed to protect the integrity of the Company and its directors, officers and members while ensuring compliance with all
applicable securities legislation in Canada, the United States and other countries. The law stipulates that insiders may not take advantage of inside information to trade in the securities of a company. Likewise, employees must not provide third
parties with any information that would give them an unfair advantage when trading in securities of the company, including client companies or any other company that is the subject of an acquisition, divestiture or client related project.






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Material Information CGIs guidelines on disclosure also cover the disclosure of information with a material impact, defined as any information that, if disclosed to a potential investor, could affect his or her perception of the
value of the Company as an investment. Because CGI is a publicly traded company, any information that may have a material impact on CGIs results or on the perception of the value of the stock must be communicated in accordance with CGIs
Guidelines on Timely Disclosure of Material Information and Transactions in Securities of CGI by Insiders. If a member thinks that he or she is in possession of a piece of information that is not known to management and may have a
material impact on the Company, the member must communicate it immediately to either the Executive Chairman of the Board, the Chief Executive Officer, the Corporate Secretary, or the Chief Financial Officer, without divulging it to anyone else. Client Information Just as CGIs members must protect confidential information about CGI, they must also show discretion at all times with regard to the clients business affairs. Unless a member has the clients
express authorization, he or she should never reveal any information that could harm the clients interests and should never use any information that he or she obtains in the course of a project or assignment for any purpose other than that
project or assignment. If the client restricts the distribution of certain information within its own organization, the member must comply with those restrictions as well. Member Information CGI collects and maintains personal information relating to its members,
including medical and benefits information. Access to such information is restricted to CGI personnel on a need-to-know basis. They must ensure that this information is not disclosed in violation of CGIs policies and practices. Personal
information is released to outside parties only with the members approval, except to satisfy the requirements considered by CGI to be appropriate for legal reasons. Intellectual Property In the course of their duties, members may develop or create new
designs, inventions, systems or processes, products or documents. When these achievements have been made as a direct result of a members employment with the Company and through use of CGIs resources, they belong to CGI. Moreover, CGI is
free to use this work as it so wishes and members cannot use nor divulge, publish or otherwise disseminate it without prior written consent from CGI. Upon request, members will execute documents made necessary to confirm or complete the assignment
of rights to CGI. Upon joining CGI, and in Canada only, members agree, by signing the Member Commitment to the Code of Ethics and Business Conduct, to waive their moral rights in favour of CGI.






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Suppliers and Partners Information All information on CGI suppliers and partners is also confidential and must not be disclosed without the express consent of the persons concerned.  6.
CONFLICTS OF INTEREST DEFINITION The members of CGI must avoid any actual or apparent conflicts of
interest and should never engage in any conduct which is harmful to CGI or its reputation. A conflict of interest exists when a member favours his or her personal interests over those of CGI or its clients or when an obligation or situation arising
from a members personal activities or financial affairs may adversely influence the members judgement in the performance of his or her duties at CGI. GUIDELINES The following guidelines provide guidance for members to avoid situations
which are or may appear to be in conflict with their responsibility to act in the best interest of the Company. Financial
Interests - A conflict of interest exists when a member who is able to influence business with CGI owns, directly or indirectly, a beneficial interest in an organization which is a competitor of CGI, or which has current or prospective business
as a supplier, customer or contractor with CGI. This does not include the situation where the financial interest in question consists of shares, bonds or other securities of a company listed on a securities exchange and where the amount of this
interest is less than one percent of the value of the class of security involved. Outside Work - When a member, directly or
indirectly, acts as a director, officer, employee, consultant or agent of an organization that is a competitor of CGI, or which has current or prospective business as a supplier, customer or contractor with CGI, there is a conflict of interest.
Similarly, a conflict of interest may exist when a member undertakes to engage in an independent business venture or to perform work or services for another entity should that activity prevent such member from devoting the time and effort to the
conduct of CGIs business, which his or her position requires. Gifts or Favours - A conflict of interest will arise when a
member, either directly or indirectly, solicits or accepts any gift or favour from any person or organization which is a competitor of CGI, or which has current or prospective business with CGI as a customer, supplier, partner or contractor.






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For this purpose, a gift or favour includes any gratuitous service, loan,
discount, money or article of value. It does not include articles of nominal value normally used for sales promotion purposes, ordinary business meals or reasonable entertainment consistent with local, social or business customs if received in a
sporadic manner. Commissions - CGI or its members will never accept any commissions from a third-party vendor when recommending
software, hardware or any equipment to a client as part of a service agreement. Trading with CGI - A conflict of interest may
exist when a member is directly or indirectly a party to a transaction with CGI. Misappropriation of Business Opportunities - A
conflict of interest will exist when a member, without the knowledge and consent of CGI, appropriates for his or her own use, or that of another person or organization, the benefit of any business venture, opportunity or potential opportunity about
which the member may have learned or that he or she may have developed during the course of his or her employment. Bribes -
Neither CGI nor its members will pay bribes to clients or client representatives to obtain business from them. REPORTING If a
member thinks that he or she has been placed in a conflict of interest, the member must inform his or her manager and work with him or her to determine how the situation may be corrected.  7.
LAWS, STATUTES AND REGULATIONS COMPLIANCE WITH THE LAW It is CGIs policy to comply, not merely with the
letter, but also with the spirit of the law. CGI is required to maintain compliance with various acts, statutes and regulations governing activities in the jurisdictions in which it carries on business and expects members acting on its behalf to do
likewise. Members are also expected to report any situation of concern to CGIs Corporate Secretary. GUIDELINES
FOR COMPLIANCE This Code does not seek to provide legal guidance for all laws, statutes and regulations that impact CGIs
activities. Specialized resources - legal, tax, environmental, government relations, personnel - are available within CGI for that purpose. There are, however, several items of legislation that warrant specific mention. These are listed below along
with some general guidelines for compliance.






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HEALTH AND SAFETY LAWS CGI is committed to creating and maintaining healthy and safe workplaces for its members. Members are expected to comply with all safety laws,
regulations and directives from their managers (which may not necessarily be a law or regulation). ENVIRONMENTAL LAWS CGI is committed to preserving and enhancing the environment in the communities where its various businesses operate through
responsible and environmentally-oriented operating practices. Members are encouraged to participate in undertakings geared to improving the environment in both their workplace and their community. HUMAN RIGHTS LEGISLATION Every person has the right to equal treatment with respect to employment and the right to be free of discrimination because of race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, sex, sexual
orientation, age, pregnancy, record of offences, marital status, social conditions, political beliefs, language, veteran status (U.S. only), family status, disability or means used to overcome a disability. The following are CGIs policies on
equal employment opportunity, anti-discrimination and anti-harassment as well as the procedure for reporting any breach or violation of these policies:  i)
Equal Employment Opportunity - CGI is committed to treating all people fairly and equitably, without discrimination. The company has established a program to ensure that
groups which are often subject to discrimination are equitably represented within CGI and to eliminate any employment rules and practices that could be discriminatory. CGI regards diversity among its members as a priceless resource and one which
enables the Company to work harmoniously with clients from around the world.  ii)
Anti-Harassment and Anti-Discrimination Policies - CGI recognizes that everyone has the right to work in an environment free of sexual, psychological and racial
harassment. CGI will do everything in its power to prevent its members from becoming victims of such harassment. CGI defines sexual, psychological or racial harassment as any behaviour, in the form of words, gestures, or actions, generally repeated,
that has undesired sexual, psychological or racial connotations, that has a negative impact on a persons dignity or physical or psychological integrity, or that results in that person being subjected to unfavourable working conditions or
dismissal. CGI will prevent any form of harassment or discrimination against job candidates and members on any of the
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commitment applies to such areas as training, performance assessment, promotions, transfers,
layoffs, remuneration and all other employment practices and working conditions. All CGI managers are personally accountable for
enforcing this policy and must make every effort to prevent discriminatory or harassing behaviour and to intervene immediately if they observe a problem or if a problem is reported to them. CGI requires that all members refrain from any form of harassment or discrimination against anyone else. CGI will not tolerate any violations of
this policy whatsoever.  iii)
Procedure for Reporting Discrimination or Harassment - Any member of CGI who feels discriminated against or harassed can and should, in all confidence and without fear of
reprisal, personally report the facts to the vice-president of his or her business unit and to the human resources leader either in that business unit, in the country or at the corporate head office. The facts will be examined carefully by these two
individuals. Neither the name of the person reporting the facts nor the circumstances surrounding them will be disclosed to anyone whatsoever, unless such disclosure is necessary for an investigation or disciplinary action. Any disciplinary action
will be determined by these same two people and will be proportional to the seriousness of the behaviour concerned. CGI will also provide appropriate assistance to any member who is a victim of discrimination or harassment. In addition, retaliation
against persons who make complaints of harassment, witness harassment, offer testimony or are otherwise involved in the investigation of harassment complaints will not be tolerated. COMPETITION ACT CGI is required to make its own decisions on the basis of its best interest and must do so independent of agreements or understandings with
competitors. The Competition Act (Canada) or corresponding provisions of foreign legislation in matters of competition prohibit certain arrangements or agreements with others regarding product prices, terms of sale, division of markets, allocation
of customers or other practices that restrain competition. It is the responsibility of each manager to comply with the letter and spirit of all competition laws as they apply to CGI. Should a question or doubt arise with respect to competition-sensitive issues, they must immediately be brought to the attention of CGIs
Corporate Secretary. SECURITIES LAWS AND INSIDER TRADING Members who possess material non-public information may not buy or sell CGI securities while such information remains non-public and must






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refrain from passing such information on to others, including family and friends. These trading
prohibitions apply to members at all levels - not just officers or managers. The prohibition on such trading is based on such information potentially providing an unfair advantage to the member. Material non-public information is non-public information that is significant enough that, if publicly known, is likely to affect the
market price of any of CGIs securities. CGI has adopted Guidelines on Timely Disclosure of Material Information and Transactions in Securities of CGI by Insiders. Each member, officer and director must abide by the provisions of
these guidelines, when applicable. LAWS COMBATTING BRIBERY OF PUBLIC OFFICIALS The global scope of CGIs business means that we do business in many countries around the globe. CGI complies, and it is
essential that our members, officers and directors comply at all times, both with the letter and with the spirit of the laws enacted to combat corruption and the bribery of public officials. Examples of such laws include the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions, and national laws such as the Canadian Corruption of Foreign Public Officials Act and the US Foreign Corrupt Practices Act, as well as similar laws that have been enacted by other countries in which we operate. Under
these laws it is a serious criminal offense to participate, directly or indirectly, in any activity intended to influence a foreign official to act, or not act, in a way that would be in violation of their lawful duty, or to secure any improper
advantage to allow CGI to obtain, or retain, business. EXPORT AND IMPORT LAWS CGI members may increasingly find themselves dealing with goods or services that are the subject of export or import
restrictions, such as, for example, information or technology that has military or state security applications. Members who deal with controlled goods and services must comply with the CGI policies and procedures that are designed to ensure that the
controls are respected. LAWS THAT PROTECT CLASSIFIED INFORMATION In the normal course of CGIs business with government clients, our members may be required to hold government security
clearances and they may have access to information that is classified or facilities that are restricted. Members must comply with the letter and with the spirit of the laws, rules and regulations that apply to classified information and facilities
that are restricted.






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Whether a member holds a security clearance or not, members must not seek access
to classified information or restricted facilities unless that access is required in order to allow them to carry out their assigned tasks. Members must not accept access to, retain, or otherwise deal with classified information, or enter restricted
facilities, unless they hold a current and valid security clearance that entitles them to have the appropriate degree of access. If there is any doubt about whether information is classified or whether facilities are restricted, about the
restrictions that may apply to information or facilities, or whether the members security clearance is adequate in the circumstances, the member must first consult with the CGI security officer who has the authority to advise the member.  8.
MEMBER, CLIENT, INVESTOR AND MEDIA RELATIONS COMMUNICATIONS IN GENERAL Communications Policy  i)
Within CGI - CGIs management philosophy demonstrates the value it places on its members participation in the Companys activities. Communication is a key
responsibility of all members. CGI encourages open communication and the sharing of information because it believes its members are its most valuable ambassadors.  ii)
Outside of CGI - CGI also believes in maintaining open communication with its clients, shareholders, the investment community, industry analysts, regulators, the media and
other interested parties. Clear and professional communication enables CGI to promote its services and solutions to its various audiences. Communications within CGI  i)
Member Input - CGI encourages its members to share their opinions and ideas, both at scheduled meetings and in the member surveys circulated for this purpose. Regular team
meetings are held in all of CGIs business units, providing opportunities for its members to get to know their colleagues better, to discuss topics of common interest and to receive information about developments both in their business unit and
in the company. During the annual tour of all business units, the senior managers of CGI provide a review for the members of the past years performance and discuss CGIs strategies for the coming year.  ii)
Member Satisfaction Assessment Process - Each year, all members of CGI are asked to participate in the Member Satisfaction Assessment Process (MSAP) by filling out a
survey questionnaire. The answers provided in this questionnaire and the comments made in the Message to the Senior Management section enable CGI corporate and operational management to improve policies and programs and develop action
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becoming the best employer in the industry. Members of CGI can rest assured that their answers and
comments on this questionnaire are kept entirely confidential.  iii)
Newsletter, Other Communications and the Intranet site - The purpose of internal communications is to fulfill CGIs promise to provide all members with complete,
meaningful, up-to-date information about CGIs activities on an ongoing basis. Examples of ongoing communications initiatives include the member newsletter, Perspectives; quarterly (audio) webcasts, Ontrack, and CGIs enterprise Intranet
site, all of which keep the members informed about CGIs current projects and recent successes. CGIs Intranet site is intended to implement an infrastructure that allows CGI to share information and corporate policies with all of its
members more rapidly. Corporate Communications Department The Corporate Communications department of CGI is responsible for developing and managing the policies and programs for CGIs communications
activities both within and outside of the company. The Corporate Communications teams mandate includes the establishment of a corporate identity that includes not only the visual branding, but also how to describe and talk about CGI.
CGIs Corporate Communications Program has been designed to focus on three key audiences: members, clients and investors. World
Wide Web site As a key component of the corporate communications program, the CGI Web site is designed to ensure a flow of
information to current and future members, current and prospective clients and investors. CGIs Web site is constantly changing and evolving to achieve CGIs worldwide communication strategy. CGI encourages its members and shareholders to
keep up with the latest news on CGI and its activities through CGIs Website at www.cgi.com. COMMUNICATIONS WITH CLIENTS  i)
Initiatives with Clients - CGI is successful because it works hard at communicating effectively with its clients around the world. A Corporate Identity Manual is available
in each of the business units. This manual provides guidelines which must be followed by all members for all external communications. A branding section is posted on the Intranet that supports the overall branding effort, educating
members on how best to manage the brand. It also provides rules, as well as tools, for sales collaterals and presentations, advertising, and trade show and conference participation.  ii)
Marketing Materials - A range of marketing materials has been developed in collaboration with leaders across CGI, representing its






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various business units, industry sectors and areas of expertise. Included are computer-based
presentations and brochures about CGI. These materials are available to all members who work directly with the companys clients, and can be located on the companys Intranet site. COMMUNICATIONS WITH INVESTORS AND MEDIA CGI strives to maintain strong relations with its shareholders and has developed an integrated program to manage communications with its shareholders as well as with others in the investment community and with the
media. As a publicly traded company, CGI must demonstrate discipline in dealing with external audiences. CGI has therefore adopted Guidelines on Timely Disclosure of Material Information and Transactions in Securities of CGI by Insiders.
Such guidelines include (i) Timely Disclosure and Prohibition Against Selective Disclosure and (ii) CGIs Corporate Disclosure Policy. Release of Information CGI regularly issues news releases in North America, Europe and around
the world when it concludes major agreements, signs important contracts or has any other news of general interest or material information. CGI also provides financial information to institutional investors and financial analysts and other interested
parties by issuing quarterly financial news releases, quarterly shareholders reports, annual reports, annual notices and corporate and financial profiles. These documents are distributed through newswires and/or posted on SEDAR and EDGAR, as
well as on the CGI Web site. CGI also holds meetings with the investment community and hosts special events, such as its annual Investor Day and the annual general meeting of shareholders, where CGI communicates directly with the
investment community and shareholders. Internet Broadcasts CGI strives to share information democratically by using Internet technology to broadcast its major communication events to all of its
shareholders, other investors, analysts and the media. CGI broadcasts live and also archives its annual shareholders meeting for replay via its Web site. It also broadcasts live and archives its regular and special telephone conferences with
investors and analysts to disclose its quarterly financial results and major news. Where possible, it also broadcasts presentations at brokerage-sponsored conferences. CGI strives to give current and prospective shareholders and analysts a
transparent picture of CGI. This information helps investors better understand CGIs strategy and strengths, so that its shares will trade on the market at their fair value. Authorized Spokespersons Media and investor interaction is the responsibility of authorized CGI spokespersons, who ensure the timely and informed communication of






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relevant information. All authorized spokespersons must demonstrate high standards of integrity and
transparency, while refraining from unauthorized disclosure of proprietary or non-public material information. Initiatives All initiatives related to investor and media communications must be directed through CGIs Chief Executive Officer.
Furthermore, members should make sure that CGIs authorized spokespersons know about any relevant issue of local or national interest that relates to CGIs business, of which they may not be aware.  9.
COMMUNITY ACTIVITIES AND POLITICAL AND PUBLIC CONTRIBUTIONS CGI respects and supports the right of its members as individuals to participate in both community and political activities outside of work hours. No contributions of any kind may be made by a member to any
political party, candidate or campaign on behalf of CGI without the approval of CGIs Chief Executive Officer. However, CGI may itself make contributions to political parties as permitted by law.  10.
COMPLIANCE WITH THE CODE MANAGEMENT RESPONSIBILITIES CGIs managers have a special duty to be role
models of appropriate business conduct and to see that the principles and policies of this Code and of other CGI guidelines and policies referred to in this Code are upheld. This means:  i)
Copy of the Code - Ensuring that all members have a copy of the Code, and that they understand and comply with its provisions.  ii)
Assistance - Offering assistance and explanations to any member who has questions, doubts or is in a difficult situation. Managers are also required to counsel members
promptly when their conduct or behaviour is inconsistent with the Code.  iii)
Enforcement - Taking prompt and decisive action when a violation of the Code has occurred, in consultation with CGIs Corporate Secretary . If a manager knows a
member is contemplating a prohibited action and does nothing, the manager will be held responsible along with the member. MEMBER RESPONSIBILITIES Each member is accountable for observing the rules of
conduct that are normally accepted as standard in a business enterprise. In addition they must abide by the following:  i)
Compliance - CGIs members are expected to comply with the Code and all policies and procedures of the company as well as to actively promote and support CGIs
values.






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ii)
Preventing - Members should take all necessary steps to prevent a Code violation.  iii)
Reporting - Members must immediately report to their manager (i) situations of non-compliance with respect to this Code of which they become aware and
(ii) suspected violations of the Code. All information will, to the extent possible, be received in confidence. It is corporate policy not to take action against a member who reports in good faith unless unusual circumstances warrant such
action.  In addition, CGI has established a policy for incident reporting (often referred to as a whistleblower policy) as well as a process under that policy which allows any
person who has direct knowledge of specific facts to report incidents in which the Company is exposed to a serious risk in matters of accounting, auditing, internal accounting controls, finance, banking or financial corruption. The process in place
protects the incident reporter and ensures the confidentiality of the report.  Incident reports may be submitted either by telephone by dialing 1-800-422-3076 toll free, by dialing (503) 748-0564 and reversing the long distance charges, or by
submitting an incident report online. For telephone reports, all long distances charges will be at the expense of CGI. For those who wish to submit incident reports online, a link to the incident reporting web site is provided on CGIs
Enterprise Portal or members may access the incident reporting system directly at www.ethicspoint.com.  CGIs incident reporting system is managed by EthicsPoint, Inc., a company unrelated to CGI which has undertaken to ensure the confidentiality of all incident reporters as
well as the confidentiality of the reports they submit.  CGIs policy on incident reporting is entitled the Serious Ethical Incidents Reporting Policy and is available on the CGI Enterprise Portal on the policies page.  iv)
Consequences - Unethical behaviour, violations of this Code and of CGIs other guidelines and policies, as well as withholding information during the course of an
investigation regarding a possible violation of the Code, may result in disciplinary action which will be commensurate with the seriousness of the behaviour. Such action could include termination as well as civil or criminal action.






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11.
ADMINISTRATION OF THE CODE PERIODIC REVIEW Responsibility for the periodic review and revision of the Code lies
with CGIs Corporate Governance Committee. MONITORING COMPLIANCE The Board of Directors of CGI will monitor compliance with the Code and will be responsible for the granting of any waivers from compliance with
the Code for directors and officers of CGI. These waivers will be disclosed publicly in due course by the Board of Directors of CGI who shall also specify the circumstances and rationale for granting the waivers, as the case may be. The Corporate
Secretary of CGI shall, when deemed appropriate, make reports to the Board of Directors of CGI with respect to compliance with this Code. QUESTIONS Questions concerning this Code should be referred to a members
manager who, when warranted, shall report to CGIs Corporate Secretary.






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4.2 Executive Code of Conduct IMPORTANT NOTE Chapter 1, Dream, Mission, Vision
and Values of the CGI Group Inc. Fundamental Texts constitutes the fundamental principles of this Executive Code of Conduct. This Code should therefore be read in conjunction with Chapter 1. This Executive Code of Conduct (the Code) is part of the commitment of CGI Group Inc. (CGI) to ethical business conduct and practices. This Code reflects CGIs firm commitment, not only
to adherence to the law, but also to the highest standards of ethical conduct. This Code specifically covers CGIs principal executive officer,
principal financial officer, principal accounting officer or controller, or other persons performing similar functions (collectively, the officers).  1.
HONEST AND ETHICAL CONDUCT RESPECT AND INTEGRITY The officers of CGI are its ambassadors. They must always
behave responsibly and demonstrate courtesy, honesty, civility and respect for all other employees of CGI, for its clients and for its suppliers. ETHICS Supporting CGIs objectives, officers in performing their duties will
carry out their responsibilities at all times in a way that promotes ethics in their leadership. The officers will:  (i)
Undertake their responsibilities in a vigilant manner in the interests of CGI and to avoid any real or perceived impression of personal advantage;  (ii)
Advance CGIs legitimate interests when the opportunity arises at all times ahead of their own interests;  (iii)
Proactively promote ethical behavior among subordinates and peers; and  (iv)
Use corporate assets and resources in a responsible and fair manner, having regard for the interests of CGI. AVOIDANCE OF CONFLICT OF INTEREST Officers must avoid any actual or apparent conflicts of interest and should never engage in any conduct that is harmful to CGI or its reputation. Such a conflict would exist when an officer favours his or her
personal interests






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over those of CGI or its clients or when an obligation or situation arising from an officers
personal activities or financial affairs may adversely influence the officers judgment in the performance of his or her duties to CGI. Officers will not knowingly do business with any parties related to CGI, any of CGIs clients or any firms with which CGI does business if such business would be material or would be outside of normal client
related activity. Officers shall not solicit or accept gifts or favours from related parties, clients or firms with which CGI does
business beyond customary courtesies. For this purpose, a gift or favour includes any gratuitous service, loan, discount, money or article of value. It does not include articles of nominal value normally used for sales
promotion purposes, ordinary business meals or reasonable entertainment consistent with local, social or business customs if received in a sporadic manner. Officers will not perform work or render services for, or knowingly make a material investment in, organizations that compete with CGI or with which CGI does business without appropriate approval from CGIs
Corporate Secretary. If an officer thinks that he has been placed in a conflict of interest, the Officer must inform CGIs
Corporate Secretary.  2.
FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE ANNUAL AND QUARTERLY REPORTS Each officer shall read each annual or quarterly report
filed or submitted under the applicable securities laws and satisfy himself or herself that the report does not contain any untrue statement of a material fact or omit to state a material fact that is necessary in order for the statements made not
to be misleading, in light of the circumstances in which such statements were made. FINANCIAL STATEMENTS Each officer shall satisfy himself or herself that the financial statements, and other financial information included in the report, fairly present
in all material respects the financial condition and results of operations of CGI as of, and for, the periods presented in the report. REPORTS TO SECURITIES REGULATORS Officers shall perform their responsibilities with
a view to causing periodic reports filed with securities regulators to contain information which is accurate, complete, fair and understandable and to be filed in a timely fashion.






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REPORTING CONCERNS AND COMPLAINTS An officer who believes it is necessary or appropriate to do so can refer concerns about the quality and scope of financial or related reporting
requirements to the Chair of the Audit Committee. Any officer who receives a bona fide material complaint about financial reporting from any employee shall report such complaints to the Audit Committee. Any officer who has disclosed such concerns in
good faith shall not face any form of retribution.  3.
COMPLIANCE WITH LAWS, RULES AND REGULATIONS The officers are cognizant of their leadership roles within the organization and the importance of compliance with the letter and spirit of applicable laws, rules and regulations relating to financial and related
reporting.  4.
COMPLIANCE WITH THE CODE GENERAL RESPONSIBILITIES Officers have a special duty to be role models of
appropriate business conduct and see that the principles and policies of this Code and other CGI guidelines and policies are upheld. REPORTING Any violation or suspected violation of the Code should be personally
reported by an officer to CGIs Corporate Secretary. ACCOUNTABILITY Non-compliance with this Code in every respect by an officer will be a matter for consideration and review by the Board of Directors of CGI.






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4.3  Guidelines on Timely Disclosure of Material Information and Transactions in Securities of CGI by Insiders The present document is divided into three sections. The first section is a summary of the applicable legislation and policies regarding timely disclosure and prohibitions against selective
disclosure. The second section is CGIs corporate disclosure policy which is destined to ensure compliance by CGI of the timely disclosure requirements and avoid selective disclosure of material information. Finally, the third section refers to
restrictions applicable to transactions in securities of CGI by insiders. IMPORTANT NOTE Chapter 1, Dream, Mission, Vision and Values of the CGI Group Inc. Fundamental Texts constitutes the fundamental principles of these Guidelines on timely
disclosure of material information and transactions in securities of CGI by insiders. These Guidelines should therefore be read in conjunction with Chapter 1.  I.
TIMELY DISCLOSURE AND PROHIBITIONS AGAINST SELECTIVE DISCLOSURE1 It is fundamental that all persons investing in securities have equal access to information that may influence their investment
decisions, therefore placing all participants in the market on an equal footing. The timely disclosure policies of the Toronto Stock Exchange (the TSX)2and the New York Stock Exchange (the NYSE) (collectively, the Exchanges) and of the Canadian Securities
Administrators (the CSA) (individually, a Timely Disclosure Policy and collectively, the Timely Disclosure Policies) elaborate upon the provisions of the Securities Act (Québec), and the securities
legislation of all of the provinces of Canada (collectively, the Legislation) which require that when a material change occurs which is not generally known, a press release disclosing the substance of the change must be issued. DEFINITION OF MATERIAL INFORMATION Material information is any information relating to the business and affairs of CGI that results in or would reasonably be
expected to result in a significant change in the market price or value of CGI securities (the CGI Securities). Material information consists of both material changes3and material facts4relating to the business and affairs of CGI. A material change includes a decision to implement such a change made by the board
of directors or by senior management who believe that confirmation of the decision by the board of directors is probable.   1
Definitions provided in Sections I and II apply only to those Sections. 2
Respectively, the Toronto Stock Exchange Policy Statement on Timely Disclosure, the Listed Company Manual of the New York Stock Exchange (both available on the
TSX website) and National Policy 51-201 on disclosure standards and which provide guidance on best disclosure practices. 3
A material change is a change in the business, operations or capital of the issuer that would reasonably be expected to have a significant effect on the market
price or value of any of the securities of the issuer and includes a decision to implement a change made by the board of directors of the issuer or by senior management of the issuer who believe that confirmation of the decision by the board of
directors is probable. 4
A material fact is a fact that significantly affects, or would reasonably be expected to have a significant effect on, the market price or value of a security of
the issuer. The Securities Act (Québec) refers to privileged information which is defined as any information that has not been disclosed to the public and that could affect the decision of a reasonable investor. (Refer
to Section III of this document).






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It is the responsibility of CGI to determine the materiality of information, as
it relates to CGI. When making materiality judgments, CGI should consider factors such as the nature of the information, the volatility of CGI Securities and prevailing market conditions. Ongoing monitoring and assessment of market reaction by CGI
to different disclosures will be helpful when making materiality judgments in the future. As a guiding principle, if there is any doubt about whether particular information is material5, the CSA encourage companies to err on the side of caution and release information publicly. Pursuant to the Timely Disclosure Policy of the TSX, the following examples of corporate developments are likely to constitute material information
requiring prompt disclosure:  ¿

a change in share ownership that may affect the control of the company;  ¿

a change in the corporate structure such as a merger, an amalgamation or a reorganization;  ¿

a take-over bid or issuer bid;  ¿

a major corporate acquisition, disposition or joint venture;  ¿

a stock split, consolidation, stock dividend or other change in capital structure;  ¿

the borrowing of a significant amount of funds;  ¿

the public or private sale of additional securities;  ¿

the development of a new product and/or a development affecting the companys resources, technology, products or markets;  ¿

entering into or loss of a significant contract;  ¿

firm evidence of a significant increase or decrease in near term earnings prospects;  ¿

an important change in capital investment plans or corporate objectives;  ¿

a significant change in management;  ¿

significant litigation;  ¿

a major labour dispute or a dispute with a major contractor or supplier;  ¿

an event of default under a financing or other agreement;   5
U.S. case law has interpreted information to be material if there is a substantial likelihood that a reasonable shareholder would consider it
important in making an investment decision. Also, according to the U.S. case law, information will be considered material if there is a substantial likelihood that a fact would have been viewed by the reasonable investor as having
significantly altered the total mix of information available.






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¿

a declaration or omission of dividends;  ¿

a call of securities for redemption; and  ¿

any other development relating to the business and affairs of a company that would reasonably be expected to significantly affect the market price or value of
any of the Companys securities or that would reasonably be expected to have a significant influence on an informed investors investment decisions. TIMING OF PUBLIC ANNOUNCEMENT Pursuant to Timely Disclosure Policies and Legislation, CGI is required to disclose material information concerning its business and affairs immediately upon the information becoming known to management or a
development being approved by the Board of Directors, or in the case of information previously known, immediately upon it becoming apparent that the information is material6. Immediate release of material information is necessary to ensure that it is promptly available to all investors and to reduce
the risk that persons with access to that information will act upon undisclosed information. The disclosure of material change must be made by way of a broadly disseminated news release that is followed by a material change report filed with the
appropriate CSA members. The announcement of an intention to proceed with a transaction or activity should be made when a decision has
been taken to proceed with it by CGIs board of directors or by senior management with the expectation in that case of such decision being further agreed to by CGIs board of directors. However, as discussed below, a corporate development
in CGIs affairs in respect of which no firm decision has yet been made, may require immediate disclosure if leaks or rumours of such corporate development are reflected in the market place. Disclosure of corporate developments must be managed with care and judgment by company officials as to the timing of an announcement of material
information whether late or premature may affect the credibility and reputation of the company and of the securities market. In limited
circumstances, disclosure of material information may be delayed for reasons of corporate confidentiality.   6    Where the material information constitutes a material change, such disclosure must be followed by a material change report filed within ten days of the
date on which the change occurred with the relevant securities commissions.






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DEALING WITH RUMOURS Except in certain circumstances, CGI is not required to respond to market rumours. It may choose a no comment response to market
rumours. An effective way of saying no comment is to say, We do not respond to market rumours. To maintain a consistent no comment policy, a company should not selectively comment, even if no significant corporate
developments are taking place or the company knows of no reason for unusual market activity. For example, it is an inconsistent (and likely ineffective) use of a no comment policy if a company were to say, There are no significant
corporate developments at this time, when such is the case, but respond, no comment when material developments or transactions are under consideration. Using a no comment policy in this fashion may act as a signal to
the market and defeats the purpose of the policy. If, however, the rumour is about a material change in the companys business,
operations or capital or other material information that the company has withheld from general disclosure under its confidentiality privilege, the companys obligation to make immediate disclosure of that change or information will be
triggered. In the face of a rumour regarding undisclosed material information, it is impossible for a company to continue a request for confidentiality. In addition, CSA members or stock exchanges may request that a company respond to a rumour if it
is the source of the rumour or if market activity indicates that trading is being affected by the rumour. Upon such a request, prompt
clarification or denial of the rumour through a news release will be necessary and, if the rumour is correct in whole or in part, immediate disclosure of the relevant material information should be made. Pending dissemination of a response to such a
request, the relevant stock exchanges, or less frequently, the CSA member, may decide to halt trading in securities of the company. Companies are often asked to respond to rumours or inquiries regarding possible differences in earnings from current Street estimates. When a
company has provided no guidance on analysts earnings estimates, except in certain circumstances, the company is under no obligation to respond to such rumours or inquiries. If it is a companys policy not to comment on analysts
earnings estimates, the company should state this policy in response to any such questions it receives. If earnings rumours are
affecting the companys share price, the company may wish to consider issuing a full news release if it believes earnings will be significantly different than Street expectations, or if it believes the rumours to be false and wants to counter
them. MAINTAINING CONFIDENTIALITY Pursuant to Timely Disclosure Policies, the withholding of material information may only be justified where the potential harm to CGI or to its






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investors caused by immediate disclosure may reasonably be considered to exceed
the negative consequences of delaying disclosure. Pursuant to the Legislation, CGI will not be required to prepare a press release if senior management has reasonable ground to believe that disclosure would be seriously prejudicial to the interests
of CGI and that no transaction in CGI Securities has been or will be carried out on the basis of the information not generally
known7. In any case, confidentiality may not be maintained beyond the short
term. Furthermore, in any situation where material information is being kept confidential because disclosure would be unduly detrimental to CGIs best interests, CGIs management is responsible for taking every possible precaution to
ensure that no trading whatsoever takes place by any insider or any employee of CGI in possession of such information before it is generally disclosed to the public. If the information that CGI wants to keep confidential is a material change in its business, operations or capital, CGI must file a report of that change with the appropriate CSA members on a
confidential basis, together with an explanation of the reasons for the non-disclosure. To maintain the confidentiality of the filing, CGI must renew its confidential filing every 10 days in certain jurisdictions. The Timely Disclosure Policy of the TSX enumerates as follows situations where prompt disclosure might be unduly detrimental to CGIs
interests:  ¿

release of the information would prejudice CGIs ability to pursue specific and limited objectives or complete a transaction or series of transactions that
are underway. For instance, premature disclosure of the fact that CGI intends to purchase a significant asset may increase the cost of the acquisition;  ¿

disclosure of the information would provide competitors with confidential corporate information that would significantly benefit them. Such information may be
kept confidential if CGI is of the opinion that the detriment to it resulting from disclosure would exceed the detriment to the market in not having access to the information. A decision to release a new product, or details on the features of a new
product, may be withheld for competitive reasons, but such information should not be withheld if it is available to competitors from other sources;    7
However, in such circumstances CGI is nonetheless required to file a confidential material change report indicating the reasons why disclosure is
being delayed must be provided in writing. If CGI wishes to keep the material information confidential, it must renew the confidential filing every 10 days following such filing.






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¿

disclosure of information concerning the status of ongoing negotiations would prejudice the successful completion of these negotiations. It is unnecessary to
make a series of announcements concerning the status of negotiations with another party concerning a particular transaction. If it seems that the situation is going to stabilize within a short period, public disclosure may be delayed until a
definitive announcement can be made. Disclosure should be made once concrete information is available, such as a final decision to proceed with the transaction or, at a later point in time, finalization of the terms of the transaction. Again, when the disclosure of material information is to be delayed, complete confidentiality must be maintained. In
the event that such information has leaked or appears to be impacting the market, CGI must then take immediate steps to ensure that full disclosure to the public is made and contact the Exchanges immediately and ask that trading be halted pending
the issuance of a news release. PROHIBITIONS AGAINST SELECTIVE DISCLOSURE The Legislation prohibits CGI or any person or company in a special relationship8with CGI from informing anyone, other than in the necessary course of business, of a material information before it has been
generally disclosed. This prohibition is commonly known as tipping. Tipping is prohibited in order to ensure equal access to, and opportunity to act upon, material information. The tipping prohibition is very broad. It covers disclosure made by any person in a special relationship with CGI to anyone
(other than in the necessary course of business as discussed below) and is not limited to communications made to securities market professionals, analysts and institutional investors9. The tipping
provisions however permit an issuer to make a selective disclosure in the necessary course of business. This exception exists so as not to interfere with a companys everyday business. However, whether a particular disclosure has been made in
the necessary course of business is dependent on the facts of each case. The CSA set out a list of parties that the necessary course of business exception would generally permit communication to, including:  ¿

vendors, suppliers, or strategic partners on issues such as research and development, sales and marketing and supply contracts;  ¿

employees, officers and board members;  ¿

lenders, legal counsel, auditors, financial advisors and underwriters;  8
Persons in a special relationship with CGI, include, but are not limited to: (a) insiders of CGI; (b) directors, officers and employees of CGI;
(c) persons engaging in professional or business activities for or on behalf of CGI; and (d) anyone who learns of material information from someone that is known or should be known to be in a special relationship with CGI. 9
The CSA point out that although selective disclosure most often occurs in one-on-one discussions and private meetings, it can occur in a variety of situations
including annual meetings.






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¿

parties to negotiations;  ¿

labour unions and industry associations; and  ¿

government agencies and non-governmental regulators; and  ¿

credit rating agencies (provided that the information is disclosed for the purpose of assisting the agency to formulate a credit rating and the ratings are or
will be publicly available). The CSA advise however that the necessary course of business exception would not
generally allow selective disclosure to analysts, the media or institutional investors. In relying on the necessary course of business
exception when disclosing material information, CGI must ensure that those receiving the information are aware that they cannot disclose the information to any other party, other than in the necessary course of business, or trade on the information,
until it has been generally disclosed. The selective disclosure prohibition continues until material information has
been generally disclosed10. The CSA encourage issuers to satisfy the general disclosure requirement under the tipping provisions by using one or a combination of news releases
through a widely circulated service, press conferences and conference calls where the public is given appropriate notice by news release and may attend or listen. Although issuers are encouraged to file news releases on SEDAR and post information on
their website, the CSA point out that currently neither of these methods alone will constitute general disclosure. If CGI makes an
unintentional selective disclosure, it must take immediate steps to ensure that a full public announcement is made. The CSA suggest that, pending issuance of a news release, a company which has made an unintentional selective disclosure shall
request a halt trading of its securities and advise anyone with knowledge of the information that it is material and has not been generally disclosed. Although the Legislation does not provide for a safe harbour for unintentional selective
disclosure11, the CSA will look at all of the surrounding circumstances in a
selective disclosure enforcement proceeding. Factors that will be considered include:  ¿

whether and to what extent an issuer has implemented, maintained and followed reasonable selective disclosure policies and procedures ;   10
The Legislation does not define the term generally disclosed. Insider trading jurisprudence however states that information has been generally
disclosed when it has been disseminated in a manner calculated to effectively reach the market place and public investors have been given a reasonable amount of time to analyze the information. What constitutes a reasonable amount of
time will depend on a number of factors including the circumstances in which the event arises, the particulars of the information, the nature of the market for the issuers securities and the disclosure method used. 11
Unlike Regulation FD which will be discussed below.






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¿

whether any selective disclosure was intentional; and  ¿

what steps were taken to disseminate information that had been unintentionally disclosed, including how quickly the information was disclosed. ANNOUNCEMENT AND ISSUANCE OF A PRESS RELEASE As discussed above, the Timely Disclosure Policies, as well as the Legislation, require that when a material change in CGIs affairs occurs
that is likely to have a significant influence on the value or the market price of CGI Securities, and is not generally known, CGI shall immediately prepare and distribute a press release disclosing the substance of the change. The press release
should be factual and balanced and avoid unnecessary details, exaggerated reports or promotional commentary. When a press release is to be issued during the trading hours, it is essential that CGI officials notify the Market Surveillance Division of
the TSX (which will normally coordinate with the NYSE) prior to the issuance of such press release, in order to permit the Market Surveillance Staff to determine whether trading in any of CGI Securities should be temporarily halted. Normally, a
trading halt in a security will only be justified if the announcement of the material information is imminent. The NYSE Company Manual
requires that when an announcement of news of a material event or a statement dealing with a rumour which calls for immediate release is made shortly before the opening or during the market hours, the companys NYSE representative be notified
by telephone at least ten minutes prior to the release of the announcement to the news media. To ensure adequate coverage, the news release requiring immediate publicity should be given to Dow Jones & Company, Inc., Reuters Economic
Services and Bloomberg Business News. CGI is also required to release material information to the media by the quickest possible method
and by one which provides the widest possible dissemination. Because dissemination of news is essential to ensure that all investors trade on equal information, the responsibility of ensuring appropriate dissemination of news releases belongs to
CGI. DISSEMINATION OF MATERIAL INFORMATION THROUGH WEBSITES The dissemination of information through a website12is also subject to the Legislation and Timely Disclosure Policies and the information to be issued through electronic
communications must be guided by the same rules as the information disseminated by traditional forms, such as a press release. Consequently, electronic information cannot be misleading to investors (by being incomplete, out of date or by omitting
facts) nor of a promotional nature and cannot be used to disseminate material information not yet disclosed to the general public. CGI must regularly review, update or correct, if need be, the information posted on the website. CGI should date all
material information posted on its website and should disclaim any duty to update.  12
The dissemination of information through a website is governed by the TSX Electronic Communications Disclosure Guidelines (which may be found on the TSX
website).






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In addition, CGI should either delete outdated information or move it to an archive. If CGI updates
or corrects material information on its website, it should take steps to ensure that it properly disseminates that information to the public on a timely basis. No material information is to be disseminated through electronic communications prior to
being disseminated on a news wire service. REGULATION FD The Securities and Exchange Commissions Regulation FD (Fair Disclosure)13requires that reporting companies disclose material information through broad public means and not selectively to securities
analysts and other market professionals. However, it is to be noted that Regulation FD does not impose an obligation to disclose material non-public information but rather mandates that if such information is disclosed voluntarily, it must be done
on a broad non-exclusive basis. Essentially, if an issuer, or any person acting on its behalf discloses material non-public information to specified persons, Regulation FD requires that the issuer must simultaneously (for intentional disclosures) or
promptly (for non-intentional disclosures) make public disclosure of that information. Since CGI is considered
under U.S. securities laws to be a foreign private issuer, Regulation FD will not technically apply to it. It is however important to note that Regulation FD is, to some extent, simply a codification of the U.S. Securities and Exchange
Commissions (the SEC) previous position and that selective disclosure of material non-public information about CGI could, in certain circumstances, even if not technically in violation of Regulation FD, expose the person making the
disclosure to liability under the SECs anti-fraud rules under the Exchange Act14.  II.
CGI CORPORATE DISCLOSURE POLICY CGIs management believes that the implementation and maintenance of a written corporate disclosure policy will promote consistent, appropriate, timely and broadly disseminated disclosure of its material
information and reinforce compliance with the Legislation and the Timely Disclosure Policies. This disclosure policy confirms in
writing our existing disclosure policies and practices. Its goal is to raise awareness of the Companys approach to disclosure among the board of directors, senior management and employees.    13
Which became effective on October 23, 2000. 14
The Securities Act of 1934, as amended.






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This disclosure policy extends to all employees of the Company, its board of directors, those
authorized to speak on its behalf and all other insiders. It covers disclosures in documents filed with the securities regulators, financial disclosure, including managements discussion and analysis (MD&A) and written statements made in
the Companys annual and quarterly reports, news releases, letters to shareholders, presentations by senior management and information contained on the Companys Web site and other electronic communications. It extends to oral statements
made in meetings and telephone conversations with analysts and investors, interviews with the media as well as speeches, press conferences and conference calls. DISCLOSURE POLICY COMMITTEE The board of directors has established a disclosure
policy committee (the Committee) responsible for all regulatory disclosure requirements and overseeing the Companys disclosure practices. The Committee consists of the Executive Chairman of the Board, Chief Executive Officer, the
Corporate Secretary, the Chief Financial Officer and the Executive Vice-President and Chief Legal Officer. It is essential that the
Committee be kept fully apprised of all pending material Company developments in order to evaluate and discuss those events and to determine the appropriateness and timing for public release of information. If it is deemed that material information
should remain confidential, the Committee will determine how that inside information will be controlled. The Committee will identify
appropriate industry and Company benchmarks for a preliminary assessment of materiality. Guided by these benchmarks the Committee will use experience and judgement to determine the appropriateness and timing for public release of material
information. The Committee will review all core disclosure documents prior to their release or filing, including the Companys MD&A. The Committee will meet quarterly or as conditions dictate and the Vice-President, Corporate
Communications & Investor Relations will keep records of these meetings. The Committee will review and update, if necessary,
this disclosure policy annually or as needed to ensure compliance with changing regulatory requirements. The Committee will report to the board of directors quarterly. The Committee is also responsible for ensuring that Company spokespersons receive
adequate training. NEWS RELEASES Once the Committee determines that a development is material, it will authorize the issuance of a news release unless the Committee determines that such developments must remain confidential for the time being. If
developments are to remain confidential, appropriate confidential filings must be made and control of the inside information must be instituted. Should a material statement inadvertently be made in a selective forum, the Company will immediately
issue a news release to fully disclose that information.






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If the stock exchanges upon which shares of the Company are listed are open for trading at the time
of a proposed announcement, prior notice of a news release announcing material information must be provided to the exchanges market surveillance departments to enable a trading halt, if deemed necessary by the stock exchanges. If a news
release announcing material information is issued outside of trading hours, market surveillance must be notified before the market opens. Annual and interim financial results will be publicly released immediately following audit committee or board approval of the MD&A, financial
statements and notes. The Vice-President, Corporate Communications & Investor Relations must ensure that the material
information disclosed in the press release is factual, balanced and complete and avoid including unnecessary details, exaggerated reports or promotional commentaries. The disclosure must allow a reasonable and objective valuation of the information
(i.e. nature of the agreement, length, costs and revenues involved, etc.) and comments on future events concerning the affairs of CGI should be limited to the strict minimum. News releases will be disseminated through an approved news wire service that provides simultaneous national and/or international distribution. News releases will be transmitted to all stock exchange members,
relevant regulatory bodies, major business wires, national financial media, and the local media in areas where the Company has its headquarters and operations. As a general rule, procedure for dissemination of material information shall be applied
consistently. DISSEMINATION OF THE MATERIAL INFORMATION Once the information has been qualified as material, the responsibility of its immediate disclosure by the issuance of a press release belongs to
the Vice-President, Corporate Communications & Investor Relations. A pre-notice of such press release must be sent to the TSX
and NYSE before its issuance in order to allow the Market Surveillance Staff to determine whether it is necessary to temporarily halt trading in CGI Securities pending the announcement. The press release shall be distributed through a widely circulated news or wire service. Refer to heading below Investor Conference
Calls, if an investor conference call is scheduled in connection with the information announced in the press release. News
releases will be posted on the Companys Web site immediately after release over the news wire. The news release page of the Web site will include a notice that advises the reader that the information posted was accurate at the time of posting,
but may be superseded by subsequent news releases.






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PRINCIPLES OF DISCLOSURE OF MATERIAL INFORMATION Material information is any information relating to the business and affairs of the Company that results in, or would reasonably be expected to
result in, a significant change in the market price or value of the Companys securities or that would reasonably be expected to have a significant influence on a reasonable investors investment decisions. In complying with the
requirement to immediately disclose all material information under applicable laws and stock exchange rules, the Company will adhere to the following basic disclosure principles:  ¿

Material information will be publicly disclosed immediately via news release.  ¿

In certain circumstances, the Committee may determine that such disclosure would be unduly detrimental to the Company (for example if release of the information
would prejudice negotiations in a corporate transaction), in which case the information will be kept confidential until the Committee determines it is appropriate to publicly disclose. In these circumstances, the Committee will cause a confidential
material change report to be filed with the applicable securities regulators, and will periodically (at least every 10 days) review its decision to keep the information confidential (also see Dealing with Rumours).  ¿

Disclosure must include any information the omission of which would make the rest of the disclosure misleading (half truths are misleading).  ¿

Unfavourable material information must be disclosed as promptly and completely as favourable information.  ¿

There must be no selective disclosure. Previously undisclosed material information must not be disclosed to selected individuals (for example, in an interview
with an analyst or in a telephone conversation with an investor). If previously undisclosed material information has been inadvertently disclosed to an analyst or any other person not bound by an express confidentiality obligation, this information
must be broadly disclosed immediately via news release.  ¿

Disclosure on the Companys Web site alone does not constitute adequate disclosure of material information.  ¿

Disclosure must be corrected immediately if the Company subsequently learns that earlier disclosure contained a material error at the time it was given.






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DESIGNATED SPOKESPERSONS The Company designates a limited number of spokespersons with authority for communication with the investment community, regulators or the media.
The Chief Executive Officer, Chief Financial Officer and Vice-President, Corporate Communications & Investor Relations shall be the official spokespersons for the Company. Individuals holding these offices may, from time to time, designate
others within the Company with authority to speak on behalf of the Company as back-ups or to respond to specific inquiries. Employees
who are not authorized spokespersons must not respond under any circumstances to inquiries from the investment community, the media or others, unless specifically asked to do so by an authorized spokesperson. All such inquiries are to be referred to
the Vice-President, Corporate Communications & Investor Relations. All external information requests from the investment
community regarding CGI will be initially directed to the Vice-President, Corporate Communications & Investor Relations, who is responsible for communications with the investment community and securities analysts. However, in certain
circumstances such requests shall be directed to the Executive Chairman of the Board, the Corporate Secretary, the Chief Financial Officer or the Senior Vice-President, Finance and Treasury (collectively, the Authorized Spokespersons). All employees who are not Authorized Spokespersons must refer calls to the Authorized Spokespersons or to the Vice-President, Corporate
Communications & Investor Relations or to the media relations managers, depending on the particular call. It is very important
that any comment made by the Authorized Spokespersons reflects only material information already generally disclosed. To that effect, all relevant public information regarding CGI (news releases, financial analyst reports, notes following
communication with analysts, etc.) will be kept in a specific file in order to ensure complete compilation of the public information and to assist the Vice-President, Corporate Communications & Investor Relations in his or her functions. Information relating to CGI in the market place and reactions by the market place to such information shall be closely monitored by the
Vice-President, Corporate Communications & Investor Relations to ensure a prompt reaction to non-intentional selective disclosures. All employees shall report any such disclosure to the Vice-President, Corporate Communications &
Investor Relations. CONFIDENTIALITY OF THE INFORMATION The Disclosure Policies and the Legislation allow material information to be kept confidential when immediate disclosure of such information would
be unduly detrimental to CGI (to that effect, refer to heading Maintaining Confidentiality of Section I above).






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In order to ensure the confidential nature of the information, CGI establishes the following rules:  a)
the number of CGI employees with access to confidential information must be limited, to the extent possible;  b)
appropriate measures are to be taken in order to avoid unauthorized access to the confidential documents through technology or otherwise; Moreover, any CGI employee in possession of material information will not disclose the information to anyone (including financial analysts and
institutional investors) except in the necessary course of business (as discussed above) and when disclosed in such manner, all parties involved will be reminded that such information is to be kept confidential. During the period when the material information is being kept confidential, the Vice-President, Corporate Communications & Investor
Relations will carefully monitor the market activity in CGI Securities. In some cases, he or she may request the market surveillance department of one or both stock exchanges where it is listed to place the companys securities on stock
watch to monitor trading activity. If the confidential material information, or rumours about it, has leaked or appears to be
impacting the market, the Vice-President, Corporate Communications & Investor Relations, on the direction of the Disclosure Policy Committee will have to take immediate steps to ensure that a full public announcement is made. This includes
contacting the Exchanges and asking that trading be halted pending the issuance of a news release. Furthermore, pending the public release of the material information, those who have knowledge of the information shall be told that the information is
material and that it has not been generally disclosed. DEALING WITH RUMOURS The Company does not comment, affirmatively or negatively, on rumours. This also applies to rumours on the Internet. The Companys
spokespersons will respond consistently to any rumours, saying, It is our policy not to comment on market rumours or speculation. Should the stock exchange request that the Company make a definitive statement in response to a market rumour that is causing significant volatility in the stock, the Committee will consider the matter and decide
whether to make a policy exception. If the rumour is true in whole or in part, this may be evidence of a leak, and the Company then will immediately issue a news release disclosing the relevant material information.






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TRADING RESTRICTIONS, BLACKOUT PERIODS AND PRE CLEARING OF TRADES It is illegal for anyone with knowledge of material information affecting a public company that has not been publicly disclosed to purchase or sell
securities of that company. It is also illegal for anyone to inform any other person of material non-public information, except in the necessary course of business. Therefore, insiders and employees with knowledge of confidential or material
information about the Company or information about counter-parties in negotiations of transactions that are potentially material to the Company or to such counterparty, are prohibited from trading securities of the Company or any counter-party until
the information has been fully disclosed and a reasonable period has passed for the information to be widely disseminated. Insiders are
personally responsible for filing accurate and timely insider trading reports. Insiders are required to provide a copy of all insider reports to the Corporate Secretary or other designated person concurrent with their filing to regulatory
authorities. For trading blackouts for designated employees in possession of privileged information, please refer to Section III below Restrictions Applicable to Transactions in Securities by Insiders. Quarterly trading periods, blackout periods and the requirement to pre clear trades with the Corporate Secretary apply to certain insiders and
to CGI employees who normally have access to Privileged Information regarding CGI. These restrictions are set out in the CGI Policy on Insider Trading Restrictions and Blackout Periods. Blackout periods may also be prescribed from time to time by the Disclosure Policy Committee as a result of special circumstances relating to the
Company when certain insiders and CGI employees who have access to Privileged Information regarding CGI would be precluded from trading in its securities. All parties with knowledge of such special circumstances should be covered by the blackout.
These parties may include external advisors such as legal counsel, investment bankers, investor relations consultants and other professional advisors, and counter-parties in negotiations of material potential transactions. CONTACTS WITH ANALYSTS, INVESTORS AND THE MEDIA Disclosure in individual or group meetings does not constitute adequate disclosure of information that is considered material non-public information. If the Company intends to announce material information at an
analyst or shareholder meeting or a press conference or conference call, the announcement must be preceded by a news release. The
Company recognizes that meetings with analysts and significant investors are an important element of its investor relations program. The Company will meet with analysts and investors individually or in small groups as needed and will initiate
contacts or respond to analyst and






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investor calls in a timely, consistent and accurate fashion in accordance with this disclosure policy. All analysts will receive fair treatment regardless of whether they are recommending buying
or selling the Companys securities. The Company will provide only non-material information through individual and group meetings,
in addition to publicly disclosed information, recognizing that an analyst or investor may construct this information into a mosaic that could result in material information. The Company cannot alter the materiality of information by breaking down
the information into smaller, non-material components. CGI representatives meeting privately with financial analysts and investors will
carry out research on the people they are meeting in order to prepare for their expected line of questioning. Statements and responses to anticipated questions will be discussed with the Vice-President, Corporate Communications & Investor
Relations prior to the meeting. The Vice-President, Corporate Communications & Investor Relations will be present at each private meeting to ensure consistency of corporate answers and to determine whether any unintentional selective
disclosure occurred during the meeting. The Company will provide the same sort of detailed, non-material information to individual
investors or reporters that it has provided to analysts and institutional investors and may post this information on its Web site. Spokespersons will keep notes of telephone conversations with analysts and investors and where practicable more than one Company representative
will be present at all individual and group meetings. A debriefing will be held after these meetings and if it determines that selective disclosure of previously undisclosed material information has occurred, the Company will immediately disclose
the information broadly via news release. INVESTOR CONFERENCE CALLS The following steps shall be followed when holding investor conference calls to disclose material information:  i)
a press release containing the material information shall have been previously released through a widely circulated news or wire service. Such press release shall contain the
date and time of the call, the subject matter and the means for accessing it;  ii)
CGI representatives participating in the analyst conference call will meet before the call to prepare for anticipated questions. Statements and responses to anticipated questions
will be discussed and scripted in advance and reviewed by the Companys executive management.






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iii)
the conference call shall be held in an open manner, permitting investors to listen either by telephone or through Internet Webcasting;  iv)
a dial-in replay will be provided for a period of at least one week after the investor conference call and a web replay will be provided for a period of at least 90 days after
the call.  v)
a detailed transcript of the conference call will be kept and reviewed to determine whether any unintentional selective disclosure occurred during the conference call. If so,
immediate steps to ensure full public announcement shall be made including contacting the Exchanges and asking that trading be halted pending the issuance of a news release. REVIEWING ANALYST REPORTS AND FINANCIAL MODELS Upon request, the Company may review analysts draft research reports or financial models for factual accuracy based on publicly disclosed information. The Company will not confirm, or attempt to influence, an
analysts opinions or conclusions and will not express comfort with the analysts financial model and earnings estimates. To
avoid appearing to endorse an analysts report or model, the Company will provide its comments orally or will attach a disclaimer to written comments to indicate the report was reviewed only for factual accuracy. QUIET PERIODS To
avoid the potential for selective disclosure or even the perception or appearance of selective disclosure, the Company will observe quiet periods prior to quarterly earnings announcements or when material changes are pending. Regular quiet periods
will commence two days before the end of a quarter and end on the date of a news release disclosing results for the quarter just ended. During a quiet period, the Company will not initiate any meetings or telephone contacts with analysts and investors, but will respond to
unsolicited inquiries concerning factual matters. However, the Company may accept invitations to participate in investment meetings and conferences organized by others, as long as material, non-public information is not selectively disclosed. FORWARD-LOOKING INFORMATION When CGI elects to disclose forward-looking information in continuous disclosure documents, speeches, conference calls, etc., the following guidelines will be observed.  ¿

All material forward-looking information will be broadly disseminated via news release and included in the Companys annual and quarterly MD&A. The
Committee will assess whether an update is required on a quarterly basis or as circumstances warrant.






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¿

The information will be clearly identified as forward looking.  ¿

The Company will identify all material assumptions used in the preparation of the forward-looking information.  ¿

The information will be accompanied by a statement that identifies, in specific terms, the risks and uncertainties that may cause the actual results to differ
materially from those projected in the statement.  ¿

The information may be accompanied by supplementary information such as a range of reasonably possible outcomes or a sensitivity analysis to indicate the extent
to which different business conditions may affect the actual outcome.  ¿

The information will be accompanied by a statement that the information is as of the current date and subject to change after that date and the Company disclaims
any intention to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.  ¿

Once forward looking information has been disclosed, CGI will regularly assess whether an update is required and ensure that past disclosure of forward-looking
information is accurately reflected in current MD&A.  ¿

Forward-looking statements shall be updated, if necessary, by issuing a press release and filing a material change report. DISCLOSURE RECORD The Vice-President, Corporate Communications & Investor Relations will maintain a five-year record of all public information about the
Company, including continuous disclosure documents, news releases, analysts reports, transcripts or tape recordings of conference calls, debriefing notes, notes from meetings and telephone conversations with analysts and investors, and
newspaper articles. ELECTRONIC COMMUNICATIONS Employees must not use electronic communications to leak or discuss in any way undisclosed material information regarding CGIs affairs and business.  a)
Officers responsible for monitoring CGIs electronic communications:  i)
The Vice-President, Corporate Communications & Investor Relations, under the authority of the Disclosure Policy Committee, and






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ii)
Such officers will be responsible for monitoring CGIs electronic communications and enforcing compliance with CGIs guidelines. Moreover, in order to ensure the
integrity and security of CGIs electronic communications, regular review and update of its security systems will be executed. The Vice-President, Corporate Communications & Investor Relations will maintain a log indicating the date
that material information is posted and/or removed from the IR section of the Web site. Documents filed with securities regulators will be maintained on the web site for a minimum of two years.  b)
CGIs website:  i)
The Vice-President, Corporate Communications & Investor Relations, under the authority of the Disclosure Policy Committee shall be responsible for maintaining CGIs
website up-to-date and accurate. All material information shall be dated when posted or modified and outdated information shall be archived, and  ii)
All CGI corporate timely disclosure documents as well as any other public documents filed with the Exchanges and the Canadian securities commissions or required to be
posted on the website shall be posted in their entirety on CGIs website. Such documents include:  ¿

the annual and interim financial statements and related auditors report and MD&A;  ¿

the annual report;  ¿

interim shareholder reports;  ¿

the annual information form;  ¿

press releases (whether or not favourable);  ¿

management proxy circulars;  ¿

CEO and CFO financial statements certifications;  ¿

Corporate governance Guidelines;  ¿

Board and Board Committee Charters;  ¿

Code of Business Conduct and Ethics;  ¿

Insider trading reports; and  ¿

any other communications transmitted to shareholders. No material information shall be posted on CGIs website before it has been widely disseminated. The Vice-President, Corporate Communications & Investor Relations must approve all links from the Company Web site to a third party web
site. The Web site will include a notice that advises readers they are leaving the Companys Web site and that the Company is not responsible for the contents of the other site.






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The Vice-President, Corporate Communications & Investor Relations will be responsible for
the responses to electronic inquiries. Only public information or information that could otherwise be disclosed in accordance with this disclosure policy shall be used to respond to electronic inquiries.  c)
Rumours on the Internet: Rumours about CGI on the
Internet through chat-rooms, web logs, news groups or otherwise shall be handled similarly to rumours spread in a traditional way (refer to heading Dealing with Rumours of Section I).  d)
Supplemental information: It is understood that
any non material information disseminated to third parties (including private investors, financial analysts, institutional investors) should also be available to all investors. Consequently, such information will be posted on CGIs website
unless the volume or format makes it unduly complicated. In such case, CGI will provide a contact name on its website so that investors may have access to such information, if requested. The supplemental information includes data books, fact sheets,
slides of investor presentations and other materials distributed at analyst or industry presentations.  e)
Investor Relations contact information: CGI will
maintain an e-mail link on its website allowing investors to communicate directly with CGIs Investor Relations representatives. Such representatives shall ensure that any risk of selective disclosure is avoided when responding to investor
e-mails. When possible, they will respond to investor enquiries by telephone. CGI will maintain a phone number for the media, to assist
them in receiving responses to questions in a timely manner in order to meet their print deadlines.  f)
Utilization and exclusion of certain information:  i)
Employee use of electronic information:  ¿

CGI employees are hereby reminded that all correspondence received and sent via e-mail is to be considered corporate correspondence and therefore must not
transmit confidential information externally unless protected by appropriate encryption technology;  ¿

CGI employees are prohibited from participating in, hosting or linking to any Internet chat-rooms, bulletin boards, web logs or news groups in communications
involving CGI or its securities (even if the intention of CGI employees is to correct rumours or defend CGI);






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¿

CGI employees are encouraged to report to the Vice-President, Corporate Communications & Investor Relations any discussion pertaining to CGI which they
find on the Internet.  ii)
Analyst reports and third party information:  Analyst reports are proprietary products of the analysts firm. Distributing analyst reports or providing links to them may be viewed as an endorsement by the Company of the
reports. For these reasons, the Company will not provide analyst reports through any means to persons outside of the Company or generally to employees of the Company, including posting such information on its Web site. The Company will post on its
Web site a complete list, regardless of the recommendation, of all the investment firms and analysts who provide research coverage on the Company. This list will not include links to the analysts or any other third party Web sites or
publications.  Notwithstanding the foregoing, the Company will distribute analyst reports to its directors and senior officers to assist them in understanding how the marketplace values the
company and what corporate developments analysts typically consider important. This information is useful in monitoring the communications of the company, and in developing messages to better guide investor expectations.  g)
Legal disclaimer:  A legal disclaimer regarding the accuracy, timeliness and completeness of the information posted on the website must be included on CGIs website at all times. COMMUNICATION, EDUCATION AND ENFORCEMENT This disclosure policy extends to all employees of the Company, its board of directors and authorized spokespersons. New directors, officers and
employees will be provided with a copy of this disclosure policy and educated about its importance. This disclosure policy will be posted on the Companys internal Web site and changes will be communicated to all employees. Any employee who violates this disclosure policy may face disciplinary action up to and including termination of employment with the Company
without notice. The violation of this disclosure policy may also violate certain securities laws, which could expose directors, officers or employees to personal liability. If it appears that an employee may have violated such securities laws, the
Company may refer the matter to the appropriate regulatory authorities, which could lead to fines or other penalties.






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III.
RESTRICTIONS APPLICABLE TO TRANSACTIONS IN SECURITIES BY INSIDERS The acquisition or the sale of CGI securities (the CGI Securities) by its senior executives (which means under Canadian securities legislation (the Legislation)), a person exercising the
functions of a director or of a president, vice-president, secretary, treasurer, controller or similar functions) entails under the terms of the Legislation, civil, penal and criminal liability if they carry out these operations while they have at
their disposal information which has not been disclosed to the public and which information may be susceptible of affecting the decision of a reasonable investor, as well as any information that may affect the value or market price of CGI
Securities. All insiders of CGI are subject to the Legislation. These insiders include CGI, its senior executives and the senior executives of its subsidiaries as well as any person or company who exercises control over 10% or more of outstanding
CGI Securities. The Legislation also provides for civil, penal and criminal liability for any person who trades in the securities of
any public company if they carry out these operations while they have at their disposal information which they have reason to believe has not been disclosed to the public and that may be susceptible of affecting the decision of a reasonable
investor, as well as any information that may affect the value or market price of such securities. Any such information, whether it
relates to CGI or to any other public company, is hereafter referred to as Privileged Information. The underlying principle
of the Legislation in respect to insider restrictions is that all persons investing in securities should have access to information that may affect their investment decisions. Consequently, no insider having Privileged Information relating to CGI
Securities may trade in such securities, except if such insider is justified in believing that the information is generally known or known to the other party or, as the case may be, he avails himself of an automatic subscription plan or any other
automatic plan established by CGI, according to conditions set down in writing, before he learned of the information. Furthermore, no insider may disclose such Privileged Information unless he is justified in believing that the information is
generally known or known to the other party or such insider must disclose the information in the necessary course of business, having no ground to believe it will be used or disclosed contrary to the guidelines set out herein. The Legislation extends the prohibition in engaging in transactions with CGI Securities at the time when a person possesses Privileged Information
to:  (i)
any person who possesses Privileged Information as a result of any relationship he may have with CGI in the performance of his duties, or within the scope of commercial or
professional activities






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(ii)
any person who possesses Privileged Information coming from, to his knowledge, an insider or another person targeted by this prohibition and  (iii)
any person who possesses Privileged Information which he knows to be such, with respect to CGI. TRANSACTIONS BY SENIOR EXECUTIVES OF CGI CGI believes that it is important to establish rules of conduct in order to ensure the respect of all Legislation pertaining to senior executives transactions in CGI Securities as well as in the securities of
other public companies. These rules of conduct are the following, their application being cumulative and not exclusive:  a)
Directors, senior executives, insiders and CGI employees who have access to Privileged Information regarding CGI or any other public Company may not carry out any transaction
with CGI Securities when in possession of Privileged Information.  b)
Subject to the restrictions provided for in the Legislation, these persons must pre clear their trades with the Corporate Secretary and may only trade in CGI Securities within
the periods permitted under the CGI Policy on Insider Trading and Blackout Periods.  c)
The directors may not carry out any transaction with CGI Securities from the date of receipt of any notice concerning a meeting of the Board of Directors, or of any other notice,
whether or not this notice discloses any Privileged Information.  d)
Directors and senior executives shall avoid frequent transactions in the market in order to avoid the appearance of speculation.  e)
Directors and senior executives shall not engage in short selling in respect of CGI Securities and shall not sell a call or buy a put in respect of CGI Securities. The foregoing rules exist in order to help the directors and senior executives of CGI satisfy themselves and all third
parties, that they only carry out transactions in CGI Securities at times when it is reasonable for them to believe that all Privileged Information regarding CGI has been publicly disclosed. DISCLOSURE OF PRIVILEGED INFORMATION As mentioned above, the Legislation prohibits the disclosure of Privileged Information. This prohibition extends to the same persons who are not permitted to carry out transactions when in possession of Privileged
Information.






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CGI believes it is important to establish the following additional rules of conduct concerning the
disclosure of Privileged Information:  g)
Material information regarding the activities and affairs of CGI will be disclosed in a timely manner, in accordance with the requirements of the timely disclosure policies of
the TSX and the NYSE and applicable securities legislation (as discussed in Section I).  h)
It is forbidden for management, insiders and employees of CGI to convey to any person whatsoever, any and all material information related to the activities and affairs of CGI
before CGIs shareholders and the general public have been notified (by way of media or other means), except in the necessary course of business and subject to an obligation of confidentiality. INSIDER REPORTS Any person who becomes an insider of CGI shall file an electronic profile in the System for Electronic Disclosure by Insiders (SEDI)
(www.sedi.ca). In addition, CGI insiders are required to declare any modifications or changes (whatever the percentage) to their
holdings in CGI Securities within 5 days of such a change, except in certain limited exceptions. In this regard, an insider report must be completed and filed in SEDI. The insider of CGI who registers or causes to be registered any CGI Securities in
the name of a third person shall file an insider report, except in the case of a bona fide transfer in guarantee. In such case and where the insider fails to file the report provided for by the Legislation, the third person shall file the report
himself on becoming aware of the failure. The obligation to complete insider reports shall continue for as long as the person qualifies
as an insider. An insider is required to file an amended insider profile within ten days of a change in the insiders name or
relationship to CGI. If there is a change in any other information in the insider profile, an amended insider profile is only required at the time of the insiders next SEDI filing. As a matter of law, the responsibility for filing and updating an electronic profile and for filing insider reports in SEDI lies solely with the
insider. However, CGIs secretariat staff will send three days prior to the end of each month to each insider of the Company a reminder to complete an insider report, if necessary. It is recommended that each insider inform the Companys
Corporate Secretary prior to completion of any transaction on CGI Securities.






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APPENDIX A Definition of Independence in effect as of June 30, 2005 under CSA Multilateral Instrument 52-110  1.4
Meaning of independence  (1)
An audit committee member is independent if he or she has no direct or indirect material relationship with the issuer.  (2)
For the purposes of subsection (1), a material relationship is a relationship which could, in the view of the issuers board of directors, be reasonably expected
to interfere with the exercise of a members independent judgement.  (3)
Despite subsection (2), the following individuals are considered to have a material relationship with an issuer:  (a)
an individual who is, or has been within the last three years, an employee or executive officer of the issuer;  (b)
an individual whose immediate family member is, or has been within the last three years, an executive officer of the issuer;  (c)
an individual who:  (i)
is a partner of a firm that is the issuers internal or external auditor,  (ii)
is an employee of that firm, or  (iii)
was within the last three years a partner or employee of that firm and personally worked on the issuers audit within that time;  (d)
an individual whose spouse, minor child or stepchild, or child or stepchild who shares a home with the individual:  (i)
is a partner of a firm that is the issuers internal or external auditor,  (ii)
is an employee of that firm and participates in its audit, assurance or tax compliance (but not tax planning) practice, or  (iii)
was within the last three years a partner or employee of that firm and personally worked on the issuers audit within that time;






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(e)
an individual who, or whose immediate family member, is or has been within the last three years, an executive officer of an entity if any of the issuers current executive
officers serves or served at that same time on the entitys compensation committee; and  (f)
an individual who received, or whose immediate family member who is employed as an executive officer of the issuer received, more than $75,000 in direct compensation from the
issuer during any 12 month period within the last three years.  (4)
Despite subsection (3), an individual will not be considered to have a material relationship with the issuer solely because  (a)
he or she had a relationship identified in subsection (3) if that relationship ended before March 30, 2004; or  (b)
he or she had a relationship identified in subsection (3) by virtue of subsection (8) if that relationship ended before June 30, 2005.  (5)
For the purposes of clauses (3)(c) and (3)(d), a partner does not include a fixed income partner whose interest in the firm that is the internal or external auditor is
limited to the receipt of fixed amounts of compensation (including deferred compensation) for prior service with that firm if the compensation is not contingent in any way on continued service.  (6)
For the purposes of clause (3)(f), direct compensation does not include:  (a)
remuneration for acting as a member of the board of directors or of any board committee of the issuer, and  (b)
the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the issuer if the compensation is not contingent in
any way on continued service.  (7)
Despite subsection (3), an individual will not be considered to have a material relationship with the issuer solely because the individual or his or her immediate family member  (a)
has previously acted as an interim chief executive officer of the issuer, or  (b)
acts, or has previously acted, as a chair or vice-chair of the board of directors or of any board committee of the issuer on a part-time basis.






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(8)
For the purpose of section 1.4, an issuer includes a subsidiary entity of the issuer and a parent of the issuer.  1.5
additional independence requirements  (1)
Despite any determination made under section 1.4, an individual who  (a)
accepts, directly or indirectly, any consulting, advisory or other compensatory fee from the issuer or any subsidiary entity of the issuer, other than as remuneration for acting
in his or her capacity as a member of the board of directors or any board committee, or as a part time chair or vice-chair of the board or any board committee; or  (b)
is an affiliated entity of the issuer or any of its subsidiary entities, is considered to have a material relationship with the issuer.  (2)
For the purposes of subsection (1), the indirect acceptance by an individual of any consulting, advisory or other compensatory fee includes acceptance of a fee by  (a)
an individuals spouse, minor child or stepchild, or a child or stepchild who shares the individuals home; or  (b)
an entity in which such individual is a partner, member, an officer such as a managing director occupying a comparable position or executive officer, or occupies a similar
position (except limited partners, non-managing members and those occupying similar positions who, in each case, have no active role in providing services to the entity) and which provides accounting, consulting, legal, investment banking or
financial advisory services to the issuer or any subsidiary entity of the issuer.  (3)
For the purposes of subsection (1), compensatory fees do not include the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for
prior service with the issuer if the compensation is not contingent in any way on continued service.






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MANAGEMENTS DISCUSSION AND
ANALYSIS

FISCAL YEAR 2011



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November 10, 2011

BASIS OF PRESENTATION

This Managements Discussion and Analysis of the Financial
Position and Results of Operations (MD&A) is the responsibility of management and has been reviewed and approved by the Board of Directors. This MD&A has been prepared in accordance with the requirements of the Canadian
Securities Administrators. The Board of Directors is ultimately responsible for reviewing and approving the MD&A. The Board of Directors carries out its responsibility mainly through its Audit and Risk Management Committee, which is appointed by
the Board of Directors and is comprised entirely of independent and financially literate directors.

Throughout this document, CGI Group Inc.
is referred to as CGI, we, our or Company. This MD&A provides information management believes is relevant to an assessment and understanding of the audited consolidated results of operations and
financial condition of the Company. This document should be read in conjunction with the audited consolidated financial statements and the notes thereto for the years ended September 30, 2011, 2010, and 2009. CGIs accounting policies are
in accordance with Canadian generally accepted accounting principles (GAAP) of the Canadian Institute of Chartered Accountants (CICA). These differ in some respects from generally accepted accounting principles in the United
States (U.S. GAAP). Our reconciliation of results reported in accordance with GAAP to U.S. GAAP can be found in Note 29 to the consolidated financial statements. All dollar amounts are in Canadian dollars unless otherwise indicated.

MATERIALITY OF DISCLOSURES

This MD&A includes information we believe is material to investors. We consider something to be material if it results in, or would reasonably be
expected to result in, a significant change in the market price or value of our shares, or if it is likely that a reasonable investor would consider the information to be important in making an investment decision.

FORWARD-LOOKING STATEMENTS

All
statements in this MD&A that do not directly and exclusively relate to historical facts constitute forward-looking statements within the meaning of that term in Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are forward-looking information within the meaning of Canadian securities laws. These statements and this information represent
CGIs intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such
forward-looking statements or forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified members;
market competition in the rapidly evolving information technology industry; general economic and business conditions; foreign exchange and other risks identified in the MD&A, in CGIs Annual Report on Form 40-F filed with the U.S.
Securities and Exchange Commission (filed on EDGAR at www.sec.gov), the Companys Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at www.sedar.com), as well as assumptions regarding the foregoing. The
words believe, estimate, expect, intend, anticipate, foresee, plan, and similar expressions and variations thereof, identify certain of such forward-looking
statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention
or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place
undue reliance on these forward-looking statements or on this forward-looking information. You will find more information about the risks that could cause our actual results to differ significantly from our current expectations in the Risk
Environment section.



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NON-GAAP MEASURES

The reader should note that the Company reports its financial results in accordance with GAAP. However, in this MD&A, certain non-GAAP financial measures are used:



| | 1. | Earnings from continuing operations before acquisition-related and integration costs, interest on long-term debt, interest income, other (income) expenses, gain on sale
of capital assets, and income tax expense (adjusted EBIT);
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Constant currency growth;
| | -- | -------------------------



| | 3. | Days Sales Outstanding (DSO);
| | -- | -------------------------------



| | 4. | Return on Invested Capital (ROIC);
| | -- | ------------------------------------



| | 5. | Return on Equity (ROE); and
| | -- | -----------------------------



| | 6. | Net Debt to Capitalization ratio.
| | -- | ---------------------------------

Management
believes that these non-GAAP measures provide useful information to investors regarding the Companys financial condition and results of operations as they provide additional measures of its performance. These non-GAAP measures do not have any
standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial
information prepared in accordance with GAAP.

A reconciliation of adjusted EBIT to its closest GAAP measure can be found on page 24.
Definitions of constant currency growth, DSO, ROIC, ROE, and net debt to capitalization are provided on pages 9 and 10. A discussion of DSO, ROIC, ROE and net debt to capitalization can be found on page 31.

CHANGE IN REPORTING SEGMENTS

As a
result of an organizational adjustment at the beginning of the fiscal year, CGIs operations are being managed through four operating segments as compared to three in the prior years. Furthermore, the corporate segment is no longer identified
and is completely allocated to the other four segments. Prior period results have been retrospectively revised to reflect this change. This MD&A reflects the current segmentation and therefore, restates the segmented results of the years ended
September 30, 2010 and 2009. For more details on how our operations are managed, please refer to page 6 of this MD&A and to note 23 of the consolidated financial statements.

RECLASSIFICATION OF VERTICAL MARKETS

On October 31, 2011, CGI announced that it will
now report a separate Health vertical market. The new vertical is the result of the Companys strong historical performance and the sectors overall importance to CGIs global growth strategy. Previously, this sector
was embedded within both the government and financial services verticals. In addition, the Company consolidated the manufacturing and retail & distribution vertical markets into one  manufacturing, retail & distribution
(MRD). The MD&A incorporates the above changes to our vertical markets.

TRANSFER AGENT

Computershare Investor Services Inc.

(800)
564-6253

INVESTOR RELATIONS

Lorne Gorber

Senior Vice-President, Global
Communications & Investor Relations

Telephone: (514) 841-3355

lorne.gorber@cgi.com



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MD&A OBJECTIVES AND CONTENTS



| |  | Provide a narrative explanation of the consolidated financial statements through the eyes of management;
|- |  | --------------------------------------------------------------------------------------------------------



| |  | Provide the context within which the consolidated financial statements should be analyzed, by giving enhanced disclosure about the dynamics and trends
of the Companys business; and
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Provide information to assist the reader in ascertaining the likelihood that past performance is indicative of future performance.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------

In order to achieve these objectives, this MD&A is presented in the following main sections:



|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                       |  |       |    | 
|----------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----- | -- | 
|Section                                         |  | Contents                                                                                                                                                                                                                                                                                                                                                                              |  | Pages |   
|1.      Corporate Overview                      |  | This includes a description of our business and how we generate revenue as well as the markets in which we operate.                                                                                                                                                                                                                                                                   |  |       |    | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 1.1.     About CGI                                                                                                                                                                                                                                                                                                                                                                    |  |       | 6  | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 1.2.     Vision and Strategy                                                                                                                                                                                                                                                                                                                                                          |  |       | 7  | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 1.3.     Competitive Environment                                                                                                                                                                                                                                                                                                                                                      |  |       | 7  | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|2.      Highlights and Key Performance Measures |  | A summary of key achievements during the year, the past three years key performance measures, and CGI share performance.                                                                                                                                                                                                                                                             |  |       |    | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 2.1.     Fiscal Year 2011 Highlights                                                                                                                                                                                                                                                                                                                                                  |  |       | 8  | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 2.2.     Key Performance Measures Defined                                                                                                                                                                                                                                                                                                                                             |  |       | 9  | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 2.3.     Selected Yearly Information & Key Performance Measures                                                                                                                                                                                                                                                                                                                       |  |       | 10 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 2.4.     Stock Performance                                                                                                                                                                                                                                                                                                                                                            |  |       | 11 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|3.      Financial Review                        |  | A discussion of year-over-year changes to operating results for years ended September 30, 2011, 2010, and 2009, describing the factors affecting revenue and earnings on a
consolidated and reportable segment basis, and also by describing the factors affecting changes in the major expense categories. Also discussed are bookings broken down by geography and vertical market. |  |       |    | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.1.     Bookings and Book-to-Bill Ratio                                                                                                                                                                                                                                                                                                                                              |  |       | 12 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.2.     Foreign Exchange                                                                                                                                                                                                                                                                                                                                                             |  |       | 15 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.3.     Revenue Distribution                                                                                                                                                                                                                                                                                                                                                         |  |       | 17 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.4.     Revenue Variation and Revenue by Segment                                                                                                                                                                                                                                                                                                                                     |  |       | 18 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.5.     Operating Expenses                                                                                                                                                                                                                                                                                                                                                           |  |       | 20 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.6.     Adjusted EBIT by Segment                                                                                                                                                                                                                                                                                                                                                     |  |       | 22 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.7.     Earnings from Continuing Operations before Income Taxes                                                                                                                                                                                                                                                                                                                      |  |       | 24 | 
|                                                |  |                                                                                                                                                                                                                                                                                                                                                                                      
|                                                |  | 3.8.     Net Earnings and Earnings Per Share                                                                                                                                                                                                                                                                                                                                          |  |       | 25 | 



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##### Table of Contents

|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |       |                            | 
|-------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----- | -------------------------- | 
|Section                                            |  | Contents                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | Pages |                           
|4.      Liquidity                                  |  | This includes a discussion of changes in cash flows from operating, investing and financing activities. This section also describes the Companys available capital resources,
financial instruments, and off-balance sheet financing and guarantees. Measures of liquidity (Days sale outstanding) and capital structure (Return on equity, net debt to capitalization, and return on invested capital) are analyzed on a
year-over-year basis. |  |       |                            | 
|                                                   |  | 4.1.     Statements of Cash Flows
 4.2.     Capital Resources
 4.3.     Contractual Obligations
 4.4.     Financial Instruments and Hedges
 4.5.     Selected Measures of Liquidity and Capital
Resources  4.6.     Off-Balance Sheet Financing and
Guarantees  4.7.     Capability to Deliver
Results                                                                                                                                           |  |       | 27  29 
29 
30 
31 
31 
32 | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|5.      Related Party Transactions                 |  | This section presents the total value of transactions and resulting balances with our joint venture  Innovapost Inc. (Innovapost).                                                                                                                                                                                                                                                                                                            |  |       | 32                         | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|6.      Joint Venture: Supplementary Information   |  | This section presents CGIs proportionate share of Innovapost included in our consolidated financial statements.                                                                                                                                                                                                                                                                                                                                 |  |       | 33                         | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|7.      Fourth Quarter Results                     |  | A discussion of year-over-year changes to operating results for the quarters ended September 30, 2011, and 2010, describing the factors affecting revenue and earnings on a
consolidated and reportable segment basis.                                                                                                                                                                                                                           |  |       |                            | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                   |  | 7.1     Revenue Variation and Revenue by Segment
 7.2     Adjusted EBIT by Segment
 7.3     Net Earnings and Earnings Per Share                                                                                                                                                                                                                                                                                                                  |  |       | 34  35 
37                 | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|8.      Summary of Quarterly Results               |  | A summary of the past eight quarters key performance measures and a discussion of the factors that could impact our quarterly results.                                                                                                                                                                                                                                                                                                          |  |       |                            | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                   |  | 8.1     Key Performance Measures for the Past Eight Quarters
 8.2     Quarterly Variances                                                                                                                                                                                                                                                                                                                                                        |  |       | 39  39                     | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |       |                            | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|9.      Summary of Significant Accounting Policies |  | This section explains the areas in the financial statements where critical estimates and assumptions are used to calculate amounts in question. In addition, we provided an update on
the status of the International Financial Reporting Standards (IFRS) changeover project.                                                                                                                                                                 |  |       |                            | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                   |  | 9.1     Changes in Accounting Policies
 9.2     Critical Accounting Estimates
 9.3     International Financial Reporting
Standards                                                                                                                                                                                                                                                                                                               |  |       | 40  40 
43                 | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|10.    Integrity of Disclosure                     |  | A discussion of the existence of appropriate information systems, procedures and controls to ensure that information used internally and disclosed externally is complete and
reliable.                                                                                                                                                                                                                                                          |  |       | 54                         | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|11.    Risk Environment                            |  | A discussion of the risks affecting our business activities and what may be the impact if these risks are realized.                                                                                                                                                                                                                                                                                                                              |  |       |                            | 
|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                   |  | 11.1     Risks and Uncertainties 
11.2     Legal Proceedings                                                                                                                                                                                                                                                                                                                                                                                     |  |       | 55  62                     | 



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##### Table of Contents

|1. | CORPORATE OVERVIEW
|-- | ------------------





1.1. ABOUT CGI

Founded in 1976 and headquartered in Montreal, Canada, CGI is one of the largest independent providers of end-to-end information
technology services (IT services) and business process services (BPS) to clients worldwide, utilizing a flexible and cost efficient delivery model. CGI and its affiliated companies have approximately 31,000 professionals
across the globe. The Companys delivery model provides for work to be carried out onsite at client premises, or through one of its centres of excellence located in North America, Europe and India. We also have a number of leading business
solutions that support long-term client relationships. Our services are broken down as:



| |  |  | Consulting  CGI provides a full range of IT and management consulting services, including business transformation, IT strategic planning,
business process engineering and systems architecture.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Systems integration  CGI integrates and customizes leading technologies and software applications to create IT systems that respond to
clients strategic needs.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Management of IT and business functions (outsourcing)  Clients delegate entire or partial responsibility for their IT or business
functions to CGI to achieve significant savings and access the best suited technology, while retaining control over strategic IT and business functions. As part of such agreements, we implement our quality processes and practices to improve the
efficiency of the clients operations. We also integrate clients operations into our technology network. Finally, we may take on specialized professionals from our clients, enabling our clients to focus on key operations. Services
provided as part of an outsourcing contract may include development and integration of new projects and applications; applications maintenance and support; technology infrastructure management (enterprise and end-user computing and network
services); transaction and business processing such as payroll, insurance processing, and document management services. Outsourcing contracts typically have terms from five to ten years and may be renewable.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

CGI offers its end-to-end services to a focused set of industry vertical markets where we have developed extensive and deep subject matter
expertise. This allows us to fully understand our clients business realities and to have the knowledge and solutions needed to advance their business goals. Our targeted vertical markets include government, financial services, MRD,
telecommunications & utilities, and health.

The Company has more than 100 proprietary business solutions which help
shape opportunities and drive incremental value for our clients and shareholders. Examples of these include Enterprise Resource Planning solutions, credit and debt collections, tax management, claims auditing and fraud detection, and energy
management.

We take great pride in delivering high quality services to our clients. To do so consistently, we have implemented
and continue to maintain the International Organization for Standardization (ISO) quality program. By designing and implementing rigorous service delivery and quality standards, followed by monitoring and measurement, we are best able to
satisfy our clients needs. All of our business units continue to be certified.

Our operations are managed in four
operating segments based on our delivery model incorporating domestic activities as well as services from utilizing our unique global delivery model. The Global Infrastructure Services (GIS) segment incorporates all services we provide
to our clients globally for the management of their technology infrastructure. The other segments are based on our geographic delivery model: Canada, U.S. and India (U.S.) and Europe and Asia Pacific (Europe).



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##### Table of Contents

1.2. VISION AND STRATEGY

At CGI, we derive our business vision from our dream which is to create an environment in which members enjoy working together and, as
owners, contribute to building a company they can be proud of. That dream led to CGIs vision of being a world-class IT and BPS leader, helping its clients win and grow. Our build and buy strategy is refined through a four-pillar growth
strategy that combines organic growth and acquisitions. CGI has been and will continue to be a consolidator in the IT services industry.

The first two pillars of our strategy focus on organic growth. The first focuses on smaller contract wins, renewals and extensions. The second involves the pursuit of new large, long-term outsourcing
contracts, leveraging our end-to-end services, global delivery model and critical mass.

The third pillar of our growth
strategy focuses on the acquisition of smaller firms or niche players. We identify niche acquisitions through a strategic mapping program that systematically searches for targets that will strengthen our vertical market knowledge or increase the
richness of our service offerings.

The fourth pillar involves the pursuit of transformational acquisitions focused on
expanding our geographic presence and critical mass. This approach further enables us to strengthen our qualifications to compete for large outsourcing contracts.

Throughout its history, CGI has been highly disciplined in following this four-pillar growth strategy, with an emphasis on earnings accretion and maximizing shareholder value. Currently, our key growth
target markets are the U.S. and Europe.

1.3. COMPETITIVE ENVIRONMENT

As a global provider of end-to-end information technology and business process services, CGI operates in a highly competitive and rapidly
evolving global industry. Our competition comprises a variety of global players, from niche companies providing specialized services to other end-to-end service providers, mainly in the U.S., Europe and India, all of whom are competing to deliver
some or all of the services we provide.

Recent mergers and acquisition activity has resulted in CGI being positioned as one of
the few remaining IT services firms that operates independently of any hardware or software vendor. Our independence allows CGI to deliver the best-suited technology available globally to our clients.

CGI offers its end-to-end services to a select set of targeted vertical markets in which we have deep business and technical expertise
covering 90% of global IT spend. These vertical markets are: government, financial services, MRD, telecommunications & utilities, and health. To compete effectively, CGI focuses on high-end systems integration, consulting and outsourcing
where vertical market industry knowledge and expertise are required.

Our client proximity metro markets business model
combined with our global delivery model results in highly responsive and cost competitive delivery. CGIs global delivery model provides clients with a unique blend of onshore, nearshore and offshore delivery options that caters to their
strategic and cost requirements. CGI also has a number of leading business solutions that support long-term client relationships. Moreover, all of CGIs business operations are executed based on the same management foundation, ensuring
consistency and cohesion across the company.

There are many factors involved in winning and retaining IT and BPS contracts in
todays global market, including the following: total cost of services; ability to deliver; track record; vertical market expertise; investment in business solutions; local presence; global delivery capability; and the strength of client
relationships. CGI compares favourably with its competition with respect to all of these factors.

In summary, CGIs
competitive value proposition encompasses the following: end-to-end IT and BPS capability; expertise and proprietary business solutions in five vertical markets covering the majority of global IT spending; a unique global delivery model, which
includes industry leading delivery capabilities; a disciplined management foundation; and our focus on client satisfaction which is supported by our client proximity business model. Based on this value proposition and CGIs growing critical
mass in our three main markets  Canada, the U.S. and Europe, collectively covering approximately 70% of global IT spending  we are in a position to compete effectively on an international scale and win large contracts.



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##### Table of Contents

|2. | HIGHLIGHTS AND KEY PERFORMANCE MEASURES
|-- | ---------------------------------------





2.1. FISCAL YEAR 2011 HIGHLIGHTS

The Company continued to grow year-over-year and our adjusted EBIT margin continues to remain strong, providing necessary cash
from operations to pay down our long-term debt and to increase the return to our shareholders. The highlights below include the impacts of the Performance Improvement Plan as explained below in section 2.1.3.:



| |  |  | Bookings of $4.9 billion;
| | - |  | -------------------------



| |  |  | Book-to-bill ratio of 113%;
| | - |  | ---------------------------



| |  |  | Constant currency revenue growth of 18.9% over last year;
| | - |  | ---------------------------------------------------------



| |  |  | Adjusted EBIT margin remains high at 13.0%;
| | - |  | -------------------------------------------



| |  |  | Basic and diluted EPS grew by 29.1% and 27.4% respectively compared to the prior year;
| | - |  | --------------------------------------------------------------------------------------



| |  |  | Return on equity reached 19.5%;
| | - |  | -------------------------------



| |  |  | Cash provided by continuing operating activities remained strong, representing 13.2% of revenue; and
| | - |  | ----------------------------------------------------------------------------------------------------



| |  |  | Repurchased 16.4 million Class A subordinate shares of the Company.
| | - |  | -------------------------------------------------------------------

2.1.1. Conseillers en informatique daffaires CIA Inc.

On April 4, 2011, CGI concluded a transaction whereby Conseillers en informatique daffaires CIA Inc. (CIA)
repurchased its shares held by CGI. CGI simultaneously purchased the operations carried out in CIAs Paris office. The sale and acquisition did not have a material impact on the Companys net earnings or financial position. The revenue
reported in Canada decreased by approximately $17.3 million during the year from fiscal 2010.

2.1.2. Private Debt
Placement

During the fourth quarter, the Company entered into a US$475.0 million private debt placement financing with
U.S. institutional investors. The private placement is comprised of three tranches of senior U.S. unsecured notes, with a weighted average maturity of 8.2 years and a weighted average fixed coupon of 4.57%. The Company will draw down the proceeds no
later than December 15, 2011, and plans to execute interest rate swaps subject to favourable market conditions in order to reduce its financing costs and maximize flexibility. The Company intends to use the proceeds of the private placement to
pay down part of the Companys existing revolving term facility which matures in August 2012.

2.1.3. Performance
Improvement Plan

During the fourth quarter, the Company accelerated the on-going optimization of its cost structure in
light of the current economic environment and outlook. Technological advancements have enabled our workforce to become increasingly mobile. This increased mobility of our workforce along with the growth in our global delivery centres evolved our
real estate needs. As a result, and in order to remain competitive, a total pre-tax charge of $45.4 million was taken mainly comprised of provisions on excess real estate, related leasehold improvements and severance costs in the amount of $33.7
million. Also, through a review of the Companys business solutions portfolio and following the deferral of investments by some of our clients, management decided to lower the outlook for certain of the Companys business solution
investments and therefore, resulted in the impairment of two business solutions. An impairment charge of $11.7 million was taken on these solutions primarily for the financial services market. Of the $45.4 million charge, $29.6 million is included
in Cost of services, selling and administrative while the $11.7 million impairment charge and $4.1 million of leasehold improvements write-off is included in Amortization on the Consolidated Statement of Earnings. Please see
section 7  Fourth Quarter Results for more information.



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2.2. KEY PERFORMANCE MEASURES DEFINED

We use a combination of financial measures, ratios, and non-GAAP measures to assess our Companys performance. The table below
summarizes our most relevant key performance measures. The calculated results and discussion of each indicator follow in the subsequent sections.



|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|----------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Profitability     |  |        Adjusted EBIT  is a measure of
earnings before items not directly related to the cost of operations, such as financing costs, acquisition-related and integration costs and income taxes (see definition on page 3). Management believes this best reflects the profitability of our
operations. 
       Diluted earnings per share attributable to shareholders of CGI
 is a measure of earnings generated for shareholders on a per share basis, assuming all dilutive elements are exercised.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                  | 
|Liquidity         |  |        Cash provided by continuing operating
activities  is a measure of cash generated from managing our day-to-day business operations. We believe strong operating cash flow is indicative of financial flexibility, allowing us to execute our corporate strategy.

       Days sales outstanding  is the average number of days to
convert our trade receivables and work in progress into cash. Management tracks this metric closely to ensure timely collection, healthy liquidity, and is committed to a DSO below its 45-day target.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                  | 
|Growth            |  |        Constant currency growth  is a measure
of revenue growth before foreign currency impacts. This growth is calculated by translating current period results in local currency using the conversion rates in the equivalent period from the prior year. We believe that it is helpful to adjust
revenue to exclude the impact of currency fluctuations to facilitate period-to-period comparisons of business performance. 
       Backlog  represents managements best estimate of
revenue to be realized in the future based on the terms of respective client agreements active at a point in time. 
       Book-to-Bill ratio  is a measure of the proportion of the
value of our contract wins to our revenue in the period. This metric allows management to monitor the Companys business development efforts to ensure we grow our backlog and our business over time. Management remains committed to maintaining a
target ratio greater than 100% over a 12-month period. Management believes that the longer period is a more effective measure as the size and timing of bookings could cause this measurement to fluctuate significantly if taken for only a three-month
period.
|                  | 
|Capital Structure |  |        Net Debt to Capitalization ratio  is a
measure of our level of financial leverage net of our cash and cash equivalents, short-term investments and marketable long-term investments. Management uses this metric to monitor the proportion of debt versus capital used to finance our operations
and it provides insight into our financial strength.         Return on Equity  is a measure of the rate of return on the ownership interest of our shareholders. Management looks at ROE to measure its efficiency
at generating profits for the Companys shareholders and how well the Company uses the invested funds to generate earnings growth. 
       Return on Invested Capital  is a measure of the
Companys efficiency at allocating the capital under its control to profitable investments. Management examines this ratio to assess how well it is using its money to generate returns.                                                                                                                                                                                                                                                                                     



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##### Table of Contents

2.3. SELECTED YEARLY INFORMATION & KEY PERFORMANCE MEASURES



|                                                                                           |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|------------------------------------------------------------------------------------------ |  | ---- | --------- | - | ---- |  | --------- | ---- |  |  | --------------- | - |  | --------------- | ----- | - |  |  | ------ | -
|As at and for the year ended September 30
(in thousands of dollars unless otherwise noted) |  | 2011 |           |   | 2010 |  |           | 2009 |  |  | Change2011/2010 |   |  | Change2010/2009 |      
|Growth                                                                                     |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Backlog1(in millions of dollars)                                                           |  |      | 13,456    |   |      |  | 13,320    |      |  |  | 10,893          |   |  |                 | 1.0   | % |  |  | 22.3   | %
|Bookings (in millions of dollars)                                                          |  |      | 4,875     |   |      |  | 4,643     |      |  |  | 4,059           |   |  |                 | 5.0   | % |  |  | 14.4   | %
|Book-to-bill ratio                                                                         |  |      | 113       | % |      |  | 124       | %    |  |  | 106             | % |  |                 |       |   |  |  |        |  
|Revenue                                                                                    |  |      | 4,323,237 |   |      |  | 3,732,117 |      |  |  | 3,825,161       |   |  |                 | 15.8  | % |  |  | -2.4   | %
|Year-over-year growth                                                                      |  |      | 15.8      | % |      |  | -2.4      | %    |  |  | 3.2             | % |  |                 |       |   |  |  |        |  
|Constant currency growth2                                                                  |  |      | 18.9      | % |      |  | 3.4       | %    |  |  | -1.9            | % |  |                 |       |   |  |  |        |  
|Profitability                                                                              |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Adjusted EBIT3                                                                             |  |      | 561,952   |   |      |  | 511,902   |      |  |  | 460,741         |   |  |                 | 9.8   | % |  |  | 11.1   | %
|Adjusted EBIT margin                                                                       |  |      | 13.0      | % |      |  | 13.7      | %    |  |  | 12.0            | % |  |                 |       |   |  |  |        |  
|Net earnings                                                                               |  |      | 435,065   |   |      |  | 362,766   |      |  |  | 317,205         |   |  |                 | 19.9  | % |  |  | 14.4   | %
|Net earnings margin                                                                        |  |      | 10.1      | % |      |  | 9.7       | %    |  |  | 8.3             | % |  |                 |       |   |  |  |        |  
|Basic EPS (in dollars)4                                                                    |  |      | 1.64      |   |      |  | 1.27      |      |  |  | 1.03            |   |  |                 | 29.1  | % |  |  | 23.3   | %
|Diluted EPS (in dollars)4                                                                  |  |      | 1.58      |   |      |  | 1.24      |      |  |  | 1.02            |   |  |                 | 27.4  | % |  |  | 21.6   | %
|Liquidity                                                                                  |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Cash provided by continuing operating activities                                           |  |      | 571,215   |   |      |  | 552,367   |      |  |  | 630,244         |   |  |                 | 3.4   | % |  |  | -12.4  | %
|As a percentage of revenue                                                                 |  |      | 13.2      | % |      |  | 14.8      | %    |  |  | 16.5            | % |  |                 |       |   |  |  |        |  
|Days sales outstanding5                                                                    |  |      | 53        |   |      |  | 47        |      |  |  | 39              |   |  |                 | 12.8  | % |  |  | 20.5   | %
|Capital structure                                                                          |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Net debt to capitalization ratio6                                                          |  |      | 26.8      | % |      |  | 30.6      | %    |  |  | n/a             |   |  |                 |       |   |  |  |        |  
|Net debt (cash)                                                                            |  |      | 897,418   |   |      |  | 1,010,816 |      |  |  | (66,034         | ) |  |                 | -11.2 | % |  |  | 1630.8 | %
|Return on equity7                                                                          |  |      | 19.5      | % |      |  | 16.4      | %    |  |  | 14.2            | % |  |                 |       |   |  |  |        |  
|Return on invested capital8                                                                |  |      | 14.1      | % |      |  | 16.3      | %    |  |  | 14.0            | % |  |                 |       |   |  |  |        |  
|Balance sheet                                                                              |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Cash, cash equivalents, bank overdraft and short-term investments                          |  |      | 92,389    |   |      |  | 141,020   |      |  |  | 343,427         |   |  |                 | -34.5 | % |  |  | -58.9  | %
|Total assets                                                                               |  |      | 4,685,543 |   |      |  | 4,607,191 |      |  |  | 3,899,910       |   |  |                 | 1.7   | % |  |  | 18.1   | %
|Long-term financial liabilities9                                                           |  |      | 728,809   |   |      |  | 1,159,198 |      |  |  | 349,362         |   |  |                 | -37.1 | % |  |  | 231.8  | %



|1 | Backlog includes new contract wins, extensions and renewals (bookings), partially offset by the backlog consumed during the year as a
result of client work performed and adjustments related to the volume, cancellation and/or the impact of foreign currencies to our existing contracts. Backlog incorporates estimates from management that are subject to change.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2 | Constant currency growth is adjusted to remove the impact of foreign currency exchange rate fluctuations. Please refer to page 18 for details.
|- | ----------------------------------------------------------------------------------------------------------------------------------------------

|3 | Adjusted EBIT is a non-GAAP measure for which we provide the reconciliation to its closest GAAP measure on page 24.
|- | -------------------------------------------------------------------------------------------------------------------

|4 | Earnings per share (EPS) amounts are attributable to shareholders of CGI.
|- | ---------------------------------------------------------------------------

|5 | Days sales outstanding is obtained by subtracting deferred revenue from trade accounts receivable and work in progress; the result is divided by the
quarters revenue over 90 days.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6 | The net debt to capitalization ratio represents the proportion of long-term debt and bank overdraft, net of cash and cash equivalents, short-term and
marketable long-term investments (net debt) over the sum of shareholders equity attributable to shareholders of CGI and long-term debt. Net debt and capitalization are both net of the fair value of forward contracts. At the end of
fiscal 2009, the net debt to capitalization ratio was negative (a net cash position) and therefore shown as not applicable (n/a).
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7 | The return on equity ratio is calculated as the proportion of earnings from continuing operations for the year over the last four quarters
average equity attributable to shareholders of CGI.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8 | The return on invested capital ratio represents the proportion of the after-tax adjusted EBIT over the last four quarters average invested
capital, which is defined as the sum of equity attributable to shareholders of CGI, long-term debt and bank overdraft, less cash and cash equivalents, short-term and marketable long-term investments, net of the impact of the fair value of forward
contracts.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9 | Long-term financial liabilities include the long-term portion of debt and other long-term liabilities.
|- | ------------------------------------------------------------------------------------------------------



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2.4. STOCK PERFORMANCE

LOGO

2.4.1. FY 2011 Trading Summary

CGIs shares are listed on the Toronto Stock Exchange (TSX) (stock quote  GIB.A) and the New York Stock Exchange
(NYSE) (stock quote  GIB) and are included in the S&P/TSX Composite Index, the S&P/TSX Capped Information Technology and Midcap Indices, and the Dow Jones Sustainability Index.



TSX

(CDN$)Open:


15.27High:


24.30Low:


15.27Close:


19.71CDN average daily trading volumes:


1,150,372


NYSE

(US$)Open:


15.03High:


25.63Low:


14.88Close:


18.81U.S. average daily trading volumes:


259,029






Includes the average
daily volumes of both the TSX and alternative trading systems.

2.4.2. Share Repurchase Program

On January 26, 2011, the Companys Board of Directors authorized and received the approval from the TSX for the renewal of the
Normal Course Issuer Bid (NCIB) to purchase up to 10% of the public float of the Companys Class A subordinate shares over the next 12 months. The NCIB enables CGI to purchase, on the open market, up to 23,006,547 Class A
subordinate shares for cancellation. The Class A subordinate shares may be purchased under the NCIB commencing February 9, 2011 and ending on the earlier of February 8, 2012, or the date on which the Company has either acquired the
maximum number of Class A subordinate shares allowable under the NCIB, or elects to terminate the NCIB.

During fiscal
year 2011, the Company repurchased 16,373,400 of its Class A subordinate shares for $305.0 million at an average price of $18.63, under the current and previous NCIB. As at September 30, 2011, the Company may purchase up to an additional
13.3 million shares under the current NCIB.



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| | 2.4.3. | Capital Stock and Options Outstanding (as at November 3, 2011)
| | ------ | --------------------------------------------------------------

227,289,487 Class A subordinate shares

33,608,159 Class B shares

26,372,456 options to purchase Class A subordinate shares



|3. | FINANCIAL REVIEW
|-- | ----------------





3.1. BOOKINGS AND BOOK-TO-BILL
RATIO

The Company achieved a book-to-bill ratio of 113% for the year. Of the $4.9 billion in bookings signed during the year,
63% came from new business, while 37% came from extensions and renewals.

Our largest vertical markets for bookings were
government and financial services, making up approximately 54% and 24% of total bookings, respectively. From a geographical perspective, U.S accounted for 64% of total bookings, followed by Canada at 31% and Europe at 5%.

Information regarding our bookings is a key indicator of the volume of our business over time. However, due to the timing and transition
period associated with outsourcing contracts, the realization of revenue related to these bookings may fluctuate from period to period. The values initially booked may change over time due to their variable attributes, including demand-driven usage,
modifications in the scope of work to be performed caused by changes in client requirements as well as termination clauses at the option of the client. As such, information regarding our bookings is not comparable to, nor should it be substituted
for an analysis of our revenue; it is instead a key indicator of our future revenue used by the Companys management to measure growth.

3.1.1. Significant Bookings in the Year



|                  |  |                                                                                                                                                                                                                                                                                                                                                           |  |                     |  |       |              | 
|----------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------- |  | ----- | ------------ | 
|ANNOUNCEMENT DATE |  | CLIENT                                                                                                                                                                                                                                                                                                                                                    |  | DURATION            |  | VALUE |             
|October 21, 2010  |  | U.S. General Services Administration                                                                                                                                                                                                                                                                                                                      |  | Five years          |  | US$   | 76.0 million | 
|                  | 
|                  |  | CGI has been selected as one of the 11 companies awarded a five-year, government-wide Blanket Purchase Agreement for Infrastructure as a Service by the U.S. General
Services Administration. During this contract CGI will offer government agencies virtual machines and Web hosting services in a cloud environment.                                   | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                           | 
|November 5, 2010  |  | SaskEnergy                                                                                                                                                                                                                                                                                                                                                |  | Seven years         |  |       | Not released | 
|                  | 
|                  |  | CGIs work includes the replacement of SaskEnergys legacy customer and billing information system utilizing Oracles Customer Care and Billing
application to manage critical business functions including customer service, billing, collections and meter management.                                                                                  | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                           | 
|November 17, 2010 |  | U.S. Defense Information Technology Contracting Organization                                                                                                                                                                                                                                                                                              |  | Five years          |  | US$   | 28.0 million | 
|                  | 
|                  |  | CGI will support the Kyrgyzstan Border Services efforts to better coordinate control of their border as well as provide information technology support to the
U.S. Army Communications-Electronics Commands counter narcotics efforts.                                                                                                                  | 
|                  |  |                                                                                                                                                                                                                                                                                                                                                           | 
|January 11, 2011  |  | U.S. Department of Housing and Urban Development (HUD)                                                                                                                                                                                                                                                                                                  |  | Until Sept 30, 2011 |  | US$   | 40.3 million | 
|                  | 
|                  |  | In conjunction with state and local housing agencies, CGI administers HUDs multi-family housing programs in California, Florida, New York, Ohio, and Washington,
DC. CGIs contract is performance-based and, since its award 10 years ago, the company has demonstrated a strong track record of performance on behalf of its partner housing agencies. | 



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|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                                  |  |                 
|----------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | ----------------
|ANNOUNCEMENT DATE |  | CLIENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | DURATION                         |  | VALUE           
|January 12, 2011  |  | Industrial Alliance Insurance and Financial Services, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | Ten year extension and expansion |  | $137.0 million  
|                  | 
|                  |  | CGI will continue to support the strategic growth of Industrial Alliance, the fourth largest life and health insurance firm in Canada, by becoming its preferred IT
vendor delivering a wide range of IT services.                                                                                                                                                                                                                                                                                                     
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|January 12, 2011  |  | Centers for Medicare & Medicaid Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  | Five years                       |  | US$55.0 million 
|                  | 
|                  |  | CGI will continue software development and operational support services for the Provider Enrollment Chain Ownership System including Health Information Technology for
Economic and Clinical Health registration and attestation functionality.                                                                                                                                                                                                                                                                        
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|January 18, 2011  |  | Société Générale Corporate & Investment Banking (SG CIB)                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | Three years                      |  | Not released    
|                  | 
|                  |  | CGI will provide application development and support services using its global delivery centres to SG CIB locations in Paris, London, New York, Singapore and Hong
Kong.                                                                                                                                                                                                                                                                                                                                               
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|March 2, 2010     |  | Highmark Blue Cross Blue Shield                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | Five year renewal                |  | Not released    
|                  | 
|                  |  | CGI will provide comprehensive claims audit services to identify provider overpayments and coding errors on claims submitted from providers throughout the
Commonwealth of Pennsylvania. The work will be performed by consultants, claims investigators, clinicians, and coding specialists using the companys proprietary Customized Audit System softwarean enterprise-wide solution designed to
support the prediction, identification, management, and analysis of claims.                                      
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|April 26, 2011    |  | State of California Franchise Tax Board (FTB)                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | Five and a half years            |  | US$399.0 million
|                  | 
|                  |  | CGIs innovative solution will support fundamental changes in FTBs tax processing that will generate an estimated $2.8 billion in additional revenue for
the State by 2016-2017, helping to narrow its substantial tax revenue gap. The Enterprise Data to Revenue project will be a performance-based, benefits-funded contract where CGI is paid from a percentage of the increased revenues generated. The
contract includes a five-year option for maintenance and operation valued at an additional $139 million.
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 17, 2011      |  | Space and Naval Warfare Systems Center                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | Not Released                     |  | US$49.0 million 
|                  | 
|                  |  | CGI will continue to provide production execution, testing, and technical support for U.S. military Command, Control, Communications, Computers, Combat Systems,
Intelligence, Surveillance and Reconnaissance (C5ISR) mission modules.                                                                                                                                                                                                                                                                                
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 18, 2011      |  | Environmental Protection Agency (EPA)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | Seven years                      |  | US$34.0 million 
|                  | 
|                  |  | Under the multi-vendor ITS-EPA II Program Blanket Purchase Agreement, CGI will partner with EPA to develop and implement a new cyber security approach focused on
strengthening the internal security posture, streamlining processes, re-engineering operations, and enhancing service tracking.                                                                                                                                                                                                                      
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 19, 2011      |  | Evraz                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Until 2016                       |  | Not released    
|                  | 
|                  |  | CGI will provide IT services support to its North American operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|May 31, 2011      |  | Commonwealth of Pennsylvania, Department of Public Welfare                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | Four year renewal                |  | US$44.9 million 
|                  | 
|                  |  | CGI will help prevent, detect, deter and correct provider improper payments within Pennsylvanias Medicaid Medical Assistance program. CGI will use its
proprietary data mining software, the Customized Audit System, to conduct reviews of claims and records, identify over and underpayments for recovery, and provide support for appeals activities.                                                                                                                                                             
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|June 7, 2011      |  | University Health Network                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | Seven years                      |  | $50.0 million   
|                  | 
|                  |  | CGIs solution will provide a secure, shared repository for storage, retrieval and viewing of diagnostic images such as X-rays and MRIs, and associated documents
across multiple hospital sites in greater Toronto and central Ontario.                                                                                                                                                                                                                                                                               
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|July 22, 2011     |  | State of Alaskas Department of Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | Seven years                      |  | US$54.0 million 
|                  | 
|                  |  | CGI will provide services for project management, business process redesign, system configuration and development, data conversion and training. The State will
subscribe to CGIs managed services offering, Managed Advantage, for application maintenance, technical upgrades and help desk support.                                                                                                                                                                                                                
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|July 22, 2011     |  | Encana Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Five years                       |  | Not released    
|                  | 
|                  |  | CGI will manage over 370 custom applications Encana requires to run its business. CGI is leveraging its near-shore delivery capabilities and predictive cost model to
minimize risk and reduce cost.                                                                                                                                                                                                                                                                                                                   



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|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                   |  |                 
|------------------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------- |  | ----------------
|ANNOUNCEMENT DATE  |  | CLIENT                                                                                                                                                                                                                                                                                                                                                                                                                            |  | DURATION          |  | VALUE           
|August 10, 2011    |  | Scotiabank                                                                                                                                                                                                                                                                                                                                                                                                                        |  | Seven years       |  | Not released    
|                   | 
|                   |  | CGI will replace multiple legacy trade and supply chain applications at Scotiabank with a single, integrated platform to enhance service to clients, reduce costs, and
provide greater visibility and transparency into its North America, Latin America, Caribbean and Asia operations.                                                                                                                                         
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|September 13, 2011 |  | Environmental Protection Agency                                                                                                                                                                                                                                                                                                                                                                                                   |  | Six year renewal  |  | US$207.0 million
|                   | 
|                   |  | CGI will continue to support EPAs Central Data Exchange through a wide range of technology services, including information assurance/cyber security, web
application and systems development, program management, user support, and operations and maintenance services.                                                                                                                                                        
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|September 15, 2011 |  | Wake County, NC                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Twelve years      |  | US$30.5 million 
|                   | 
|                   |  | CGI will host the system and securely manage day-to-day operations under its Managed Advantage program, which includes application maintenance, technical upgrades,
disaster recovery services, and client support. The County will benefit from a single point of accountability for software, services, and hosting as well as a predictable cost over the contract term for product upgrades, infrastructure, and
maintenance.
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|October 3, 2011    |  | Environmental Protection Agency                                                                                                                                                                                                                                                                                                                                                                                                   |  | Five years        |  | US$64.5 million 
|                   | 
|                   |  | CGI will provide production application platform management to support EPAs primary data center, the National Computing Center, including support for
application deployment checklist process, management of numerous applications platforms, and delivery of technical consulting services. This contract was signed prior to but announced subsequent to our year-end.                                                       
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|October 5, 2011    |  | Wyoming State Auditors Office                                                                                                                                                                                                                                                                                                                                                                                                    |  | Five year renewal |  | US$28.7 million 
|                   | 
|                   |  | CGI will continue to provide secure day-to-day ERP operations management, including application maintenance, technical upgrades, disaster recovery services, and
client support. This contract was signed prior to but announced subsequent to our year-end.                                                                                                                                                                     



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3.1.2. Significant Contract Vehicles

In addition to the significant bookings outlined above, CGI also participates in a number of contract vehicles that simplify and
streamline the procurement process. Ordering against these vehicles meets U.S. federal requirements for full and open competition, and assures that our past performance credentials have been thoroughly validated. These contract vehicles offer CGI
the flexibility to respond to broad agency requirements in a quick and efficient manner. Bookings are registered only when a specific task order is awarded from the contract vehicles. The key vehicles are outlined below along with their term and
total value.



|                          |  |                                          |  |                     
|------------------------- |  | ---------------------------------------- |  | --------------------
|CONTRACT VEHICLES         |  | TERM                                     |  | VEHICLE US$ CEILING*
|US Army AMCOM EXPRESS     |  | March 1, 2005 to January 31, 2012        |  | Not released        
|                          |  |                                         
|GSA Alliant               |  | May 1, 2009 to April 30, 2014            |  | $50.0 billion       
|                          |  |                                         
|Navy Seaport-e            |  | April 5, 2004 to April 4, 2014           |  | $39.0 billion       
|                          |  | With five option years                   |  |                     
|                          |  |                                         
|NIH CIOSP2                |  | December 20, 2000 to December 20, 2011   |  | $19.5 billion       
|                          |  |                                         
|DISA ENCORE               |  | Ending May 31, 2013                      |  | $12.2 billion       
|                          |  | Includes five one-year options           |  |                     
|                          |  |                                         
|US Army FIRST             |  | January 1, 2007 to January 1, 2014       |  | $9.0 billion        
|                          |  |                                         
|CMS-ESD                   |  | September 14, 2007 to September 13, 2017 |  | $4.0 billion        
|                          |  |                                         
|EPA-ITS                   |  | July 1, 2009 to September 30, 2016       |  | $955.0 million      
|                          |  |                                         
|US Marine Corps CEOss     |  | September 5, 2006 to September 30, 2016  |  | $500.0 million      
|                          |  |                                         
|Awarded in FY 2011        |  |                                          |  |                     
|VA T-4                    |  | Five years                               |  | $12.0 billion       
|                          |  |                                         
|CDC CIMS                  |  | Two years                                |  | $4.0 billion        
|                          |  | With four two-year options               |  |                     
|                          |  |                                         
|Treasury TIPSS 4          |  | December 28, 2010 to December 27, 2020   |  | $4.0 billion        
|                          |  | With nine option years                   |  |                     
|                          |  |                                         
|US Army OPTARSS II        |  | March 1, 2011 to March 1, 2016           |  | $2.5 billion        
|                          |  |                                         
|GSA Infrastructure (IaaS) |  | Years 2010 to 2015                       |  | $76.0 million       



|* | Vehicle US$ Ceiling are for all awarded vendors including CGI Group Inc.
|- | ------------------------------------------------------------------------

3.2. FOREIGN EXCHANGE

The Company operates globally and is exposed to changes in
foreign currency rates. We report all dollar amounts in Canadian dollars. Accordingly, we value assets, liabilities and transactions that are measured in foreign currencies using various exchange rates as prescribed by GAAP.

Closing foreign exchange rates



|                    |  |      |        |  |      |  |        |      |  |  |                 |  |  |                 |      |   |  |  |       |  
|------------------- |  | ---- | ------ |  | ---- |  | ------ | ---- |  |  | --------------- |  |  | --------------- | ---- | - |  |  | ----- | -
|As at September 30, |  | 2011 |        |  | 2010 |  |        | 2009 |  |  | Change2011/2010 |  |  | Change2010/2009 |     
|U.S. dollar         |  |      | 1.0389 |  |      |  | 1.0298 |      |  |  | 1.0722          |  |  |                 | 0.9  | % |  |  | -4.0  | %
|Euro                |  |      | 1.3971 |  |      |  | 1.4006 |      |  |  | 1.5686          |  |  |                 | -0.2 | % |  |  | -10.7 | %
|Indian rupee        |  |      | 0.0212 |  |      |  | 0.0231 |      |  |  | 0.0223          |  |  |                 | -8.2 | % |  |  | 3.6   | %
|British pound       |  |      | 1.6231 |  |      |  | 1.6198 |      |  |  | 1.7158          |  |  |                 | 0.2  | % |  |  | -5.6  | %



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Average foreign exchange rates



|                                  |  |      |        |  |      |  |        |      |  |  |                 |  |  |                 |      |   |  |  |       |  
|--------------------------------- |  | ---- | ------ |  | ---- |  | ------ | ---- |  |  | --------------- |  |  | --------------- | ---- | - |  |  | ----- | -
|For the years ended September 30, |  | 2011 |        |  | 2010 |  |        | 2009 |  |  | Change2011/2010 |  |  | Change2010/2009 |     
|U.S. dollar                       |  |      | 0.9866 |  |      |  | 1.0407 |      |  |  | 1.1804          |  |  |                 | -5.2 | % |  |  | -11.8 | %
|Euro                              |  |      | 1.3759 |  |      |  | 1.4116 |      |  |  | 1.5944          |  |  |                 | -2.5 | % |  |  | -11.5 | %
|Indian rupee                      |  |      | 0.0219 |  |      |  | 0.0226 |      |  |  | 0.0242          |  |  |                 | -3.1 | % |  |  | -6.6  | %
|British pound                     |  |      | 1.5845 |  |      |  | 1.6227 |      |  |  | 1.8235          |  |  |                 | -2.4 | % |  |  | -11.0 | %



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3.3. REVENUE DISTRIBUTION

The following charts provide additional information regarding our revenue mix for the year:



|     |  |                                                                                                                                                                                                       
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|LOGO |  | Contract Types 
A.     Management of IT and business functions(outsourcing)  68%
 1.      IT
services  51% 
2.      Business process services  17%
 B.     Systems
integration and consulting  32%



|     |  |                                                                                                         
|---- |  | --------------------------------------------------------------------------------------------------------
|LOGO |  | Client Geography 
Based on clients domicile 
A.     U.S.  47%
 B.     Canada
 47% 
C.     Europe 
6%



|     |  |                                                                                                                                                                                                   
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|LOGO |  | Vertical Markets 
A.     Government  39%
 B.     Financial
services  26% 
C.     Manufacturing, retail and distribution  14%

D.     Telecommunications and utilities  13%
 E.     Health
 8%

3.3.1. Client Concentration

Canadian GAAP guidance on Segment Disclosures defines a single customer as a group of entities that are known to the reporting enterprise
to be under common control and considers the federal government, the provincial or territorial government, the local government, or a foreign government each to be a single customer. Our work for the U.S. federal



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##### Table of Contents

government including its various agencies represented 28.5% of our revenue for fiscal 2011 as compared to 13.7% in fiscal 2010, and 10.3% in fiscal 2009.

3.4. REVENUE VARIATION AND REVENUE BY SEGMENT

The following table provides a summary of our revenue growth, in total and by segment, separately showing the impacts of foreign currency exchange rate variations between the 2011 and 2010 fiscal periods.
The 2010 and 2009 revenue by segment is recorded reflecting the actual foreign exchange rates for that year. The foreign exchange impact is the difference between the current periods actual results and the current periods results
converted with prior years foreign exchange rates.



|                                                                                 |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|-------------------------------------------------------------------------------- |  | ---- | --------- | - | ---- |  | --------- | ---- |  |  | --------------- | - |  | --------------- | ---- | - |  |  | ----- | -
|For the years ended September 30
(in thousands of dollars except for percentage) |  | 2011 |           |   | 2010 |  |           | 2009 |  |  | Change2011/2010 |   |  | Change2010/2009 |     
|Total CGI Revenue                                                                |  |      | 4,323,237 |   |      |  | 3,732,117 |      |  |  | 3,825,161       |   |  |                 | 15.8 | % |  |  | -2.4  | %
|Variation prior to foreign currency impact                                       |  |      | 18.9      | % |      |  | 3.4       | %    |  |  | -1.9            | % |  |                 |      |   |  |  |       |  
|Foreign currency impact                                                          |  |      | -3.1      | % |      |  | -5.8      | %    |  |  | 5.1             | % |  |                 |      |   |  |  |       |  
|Variation over previous period                                                   |  |      | 15.8      | % |      |  | -2.4      | %    |  |  | 3.2             | % |  |                 |      |   |  |  |       |  
|Global Infrastructure Services                                                   |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|Revenue prior to foreign currency impact                                         |  |      | 816,891   |   |      |  | 857,955   |      |  |  | 928,897         |   |  |                 | -4.8 | % |  |  | -6.0  | %
|Foreign currency impact                                                          |  |      | (4,807    | ) |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|Global Infrastructure Services revenue                                           |  |      | 812,084   |   |      |  | 857,955   |      |  |  | 928,897         |   |  |                 | -5.3 | % |  |  | -7.6  | %
|Canada                                                                           |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|Revenue prior to foreign currency impact                                         |  |      | 1,339,704 |   |      |  | 1,345,445 |      |  |  | 1,335,455       |   |  |                 | -0.4 | % |  |  | 1.3   | %
|Foreign currency impact                                                          |  |      | (3,324    | ) |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|Canada revenue                                                                   |  |      | 1,336,380 |   |      |  | 1,345,445 |      |  |  | 1,335,455       |   |  |                 | -0.7 | % |  |  | 0.7   | %
|U. S.                                                                            |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|Revenue prior to foreign currency impact                                         |  |      | 2,058,064 |   |      |  | 1,335,795 |      |  |  | 1,310,093       |   |  |                 | 54.1 | % |  |  | 14.6  | %
|Foreign currency impact                                                          |  |      | (104,053  | ) |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|U.S. revenue                                                                     |  |      | 1,954,011 |   |      |  | 1,335,795 |      |  |  | 1,310,093       |   |  |                 | 46.3 | % |  |  | 2.0   | %
|Europe                                                                           |  |      |           |   |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|Revenue prior to foreign currency impact                                         |  |      | 224,653   |   |      |  | 192,922   |      |  |  | 250,716         |   |  |                 | 16.4 | % |  |  | -13.9 | %
|Foreign currency impact                                                          |  |      | (3,891    | ) |      |  |           |      |  |  |                 |   |  |                 |      |   |  |  |       |  
|Europe revenue                                                                   |  |      | 220,762   |   |      |  | 192,922   |      |  |  | 250,716         |   |  |                 | 14.4 | % |  |  | -23.1 | %

For fiscal 2011, revenue was $4,323.2 million, an increase of $591.1 million or 15.8% compared to fiscal
2010. On a constant currency basis, revenue grew by 18.9% year-over year, while foreign exchange fluctuations negatively impacted our revenue by $116.1 million or 3.1% mainly due to the fluctuations of the U.S. dollar exchange rate. We experienced a
significant increase in revenue in our U.S. segment primarily due to the inclusion of a full years revenue from Stanley, Inc. (Stanley), a U.S. federal government contractor. Stanley was acquired on August 17, 2010. On a
constant currency basis, our government vertical market grew the most over the past year at 58.8% followed by our health and MRD vertical markets at 21.5% and 10.6%, respectively.

The economic challenges of fiscal 2009 continued into the first quarter of our fiscal 2010; by the second quarter, our results were
showing modest signs of recovery in North America while our Europe segment continued to feel its effects. We ended fiscal 2010 with revenue of $3,732.1 million, a decrease of $93.0 million or 2.4% over fiscal 2009. On a



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constant currency basis, our revenue grew by 3.4% while fluctuations in foreign exchange rates unfavourably impacted our revenue by $223.3 million or 5.8%. On a constant currency basis from
fiscal 2009 to 2010, our health vertical market grew the most at 33.9% followed by our government vertical market at 8.2%.

3.4.1. Global Infrastructure Services

Revenue for GIS was $812.1 million in fiscal 2011, compared to $858.0 million in the prior year representing a decrease of $45.9 million or 5.3% over fiscal 2010. There was a $4.8 million unfavourable
foreign exchange impact included in the revenue of GIS. The change is due to the expiration of an outsourcing contract in our financial services vertical market.

For the year ended September 30, 2010, revenue from our GIS operating segment was $858.0 million representing a decrease of $70.9 million or 7.6% over fiscal 2009 revenue of $928.9 million. In fiscal
2009, a larger than normal volume of IT projects were started especially for our clients in the MRD vertical market. The volume reduced in the following year causing the majority of the decrease for the segment.

3.4.2. Canada

Revenue in Canada was $1,336.4 million in fiscal 2011, a decrease of $9.1 million or 0.7% over fiscal 2010. The decrease came from lower work volumes and delays in project start-ups from our clients,
particularly in the telecommunications & utilities and government vertical markets. The government vertical market was also impacted by the expiration of a low margin contract. In addition, with the disposition of CIA in April 2011, revenue
in Canada was unfavourably impacted by approximately $17.3 million in fiscal 2011. These decreases were partially offset by growth in the MRD and health vertical markets.

Revenue in Canada was $1,345.4 million in fiscal 2010, an increase of $10.0 million or 0.7% over fiscal 2009. The increase comes mostly from financial services clients, partially offset by decreases in
telecommunications & utilities and government clients.

3.4.3. U.S.

Revenue in U.S. was $1,954.0 million in fiscal 2011, an increase of $618.2 million or 46.3% over fiscal 2010. On a constant currency
basis, revenue in this segment rose by $722.3 million or 54.1%. The unfavourable foreign currency fluctuations caused a decrease of $104.1 million. The increase in revenue was mainly generated by the growth from the government vertical market,
mostly due to the full years impact of the acquisition of Stanley. In addition, we have seen increases in volumes of work from our health vertical market and from work being delivered out of our global delivery centres. This growth was
partially offset by decreases experienced with state and local government clients, and with clients in our financial services vertical market.

U.S. revenue was $1,335.8 million in fiscal 2010, an increase of $25.7 million or 2.0% over fiscal 2009. On a constant currency basis, revenue in this segment rose by 14.6%. Part of this growth is from a
combination of new contracts won in the fiscal 2010 and the contracts that came on stream in the latter part of fiscal 2009. These contracts were mostly in the financial services, government and health vertical markets. The increase is also
partially attributed to the revenue growth generated by the acquisition of Stanley, reflecting six weeks of operations in fiscal 2010.

3.4.4. Europe

Revenue for Europe was $220.8 million in fiscal 2011,
compared to $192.9 million in the prior year representing an increase of $27.8 million or 14.4% over fiscal 2010. Before foreign currency impacts, revenue increased by $31.7 million or 16.4%, with growth across all our major geographies. The
unfavourable foreign exchange rate fluctuations negatively impacted revenue by $3.9 million, mostly due to the devaluation of the euro and British pound. Higher work volumes came from new and existing clients in the financial services and
telecommunications & utilities vertical markets.



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Revenue in Europe was $192.9 million in fiscal 2010 compared to $250.7 million in fiscal
2009, a decrease of $57.8 million or 23.1%. Before foreign currency impacts, revenue decreased by 13.9%, reflecting the economic situation in this region where many of our clients took precautionary steps to conserve capital and therefore, decreased
their spending on IT projects. Our clients in this segment are predominantly in the financial services and telecommunications & utilities vertical markets, which were the two hardest hit by the economic recession.

3.5. OPERATING EXPENSES



|                                                                                 |  |      |           |   |             |  |      |      |  |  |             |   |  |      |      |    |             |  |           |   |  |  |      |   
|-------------------------------------------------------------------------------- |  | ---- | --------- | - | ----------- |  | ---- | ---- |  |  | ----------- | - |  | ---- | ---- | -- | ----------- |  | --------- | - |  |  | ---- | --
|For the years ended September 30
(in thousands of dollars except for percentage) |  | 2011 |           |   | % ofRevenue |  |      | 2010 |  |  | % ofRevenue |   |  | 2009 |      |    | % ofRevenue | 
|Costs of services, selling and administrative                                    |  |      | 3,553,192 |   |             |  | 82.2 | %    |  |  | 3,025,823   |   |  |      | 81.1 | %  |             |  | 3,170,406 |   |  |  | 82.9 | % 
|Foreign exchange gain                                                            |  |      | (3,279    | ) |             |  | (0.1 | %)   |  |  | (916        | ) |  |      | (0.0 | %) |             |  | (1,747    | ) |  |  | (0.0 | %)
|Amortization                                                                     |  |      | 211,372   |   |             |  | 4.9  | %    |  |  | 195,308     |   |  |      | 5.2  | %  |             |  | 195,761   |   |  |  | 5.1  | % 
|Capital assets                                                                   |  |      | 78,627    |   |             |  | 1.8  | %    |  |  | 72,067      |   |  |      | 1.9  | %  |             |  | 61,412    |   |  |  | 1.6  | % 
|Contract costs related to transition costs                                       |  |      | 23,100    |   |             |  | 0.5  | %    |  |  | 30,396      |   |  |      | 0.8  | %  |             |  | 22,377    |   |  |  | 0.6  | % 
|Other intangible assets                                                          |  |      | 97,926    |   |             |  | 2.3  | %    |  |  | 92,845      |   |  |      | 2.5  | %  |             |  | 100,829   |   |  |  | 2.6  | % 
|Impairment of other intangible assets                                            |  |      | 11,719    |   |             |  | 0.3  | %    |  |  |            |   |  |      | 0.0  | %  |             |  | 11,143    |   |  |  | 0.3  | % 

3.5.1. Costs of Services, Selling and Administrative

When compared to fiscal 2010, costs of services, selling and administrative expenses increased by $527.4 million mainly due to the
acquired business of Stanley. The translation of the results of our foreign operations from their local currencies to the Canadian dollar favourably impacted costs by $103.0 million, partially offsetting the unfavourable translation impact of $116.1
million on revenue. As a percentage of revenue, costs of services, selling and administrative increased by 1.1% to 82.2% from 81.1% for fiscal 2010. Our costs of services increased as a percentage of revenue due mostly to the impact of including the
first full year of operations from the acquisition of Stanley with its higher proportion of cost-plus contracts. In addition, some of our offices experienced delays in project start-ups which resulted in under utilization of our resources and
therefore, impacted our direct costs. The Company incurred $43.2 million in our fiscal year related primarily to the rationalization of excess real estate in our operations and severance costs to realign our workforce, as explained in section 2.1.3.
This was $16.8 million more than the $26.4 million incurred in the prior year for similar expenses. The variances were also offset partially by the favourable impact from a license sale for $10.2 million and the settlement of a bad debt during the
first quarter of the fiscal year. Our selling and administrative expenses, as a percentage of revenue, decreased as we continued to rationalize our facilities and other fixed costs. Our costs of services are primarily driven by expenses associated
with our human resources which can vary due to performance based adjustments to our profit sharing amounts and other compensation accruals in the period.

In 2010, costs of services, selling and administrative expenses decreased by $144.6 million. The translation of the results of our foreign operations from their local currencies to the Canadian dollar
favourably impacted costs by $189.3 million, partially offsetting the $223.3 million of unfavourable exchange rate fluctuations noted in our revenue section. In terms of a percentage of revenue, our costs of services, selling and administrative
expenses improved from 82.9% to 81.1%. The improvement is due to the numerous initiatives taken in the prior two years to improve our gross margin. In 2010, we incurred approximately $26.4 million on severances and the elimination of excess real
estate. Our selling and administrative expenses as a percentage of revenue decreased slightly from the prior year.

3.5.2.
Foreign Exchange Gain

This line item includes the realized and unrealized foreign exchange impact on our earnings. The
Company, in addition to its natural hedge, has a strategy in place to manage its exposure, to the extent possible, to exchange rate fluctuations through the effective use of forward contracts.



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3.5.3. Amortization

Amortization for fiscal 2011 increased by $16.1 million to $211.4 million representing 4.9% of revenue. This compares to $195.3 million
incurred in fiscal 2010 representing 5.2% of revenue. The increase in expense is primarily related to the impairment of business solutions and the write-off of leasehold improvements as a result of exited space in the total amount of $15.8 million.
The translation of the results of our foreign operations from their local currencies to the Canadian dollar favourably impacted amortization expense for $4.8 million.

In fiscal 2010, total amortization decreased by $0.5 million compared to fiscal 2009 and the ratio of expense to revenue remained relatively stable. The translation of the results of our foreign
operations from their local currencies to the Canadian dollar favourably impacted amortization expense for $8.2 million in 2010.

For fiscal year 2011, the increase of $6.6 million in amortization expense for capital assets over 2010 is mainly due to the write-off of
leasehold improvements associated with certain facilities in North America which were exited for approximately $4.1 million. In addition, amortization of computer equipment increased in line with the investments made to support new contracts and to
upgrade our data centre infrastructure.

When comparing fiscal 2010 to 2009, the amortization of capital assets increased by
$10.7 million. The majority of the increase related to the full years impact of equipment purchased the previous year to support our new contracts and to improve our data centre infrastructure. This was partially offset by the decrease in
amortization of leasehold improvements which resulted from accelerated amortization taken on excess space and workspace densification efforts over the past couple of years decreasing the need for leased space and the associated leasehold
improvements.

In fiscal 2011, amortization of contract costs decreased by $7.3 million to $23.1 million compared to fiscal
2010. The decrease is due to the impact of successfully completed projects partially offset by the amortization of transition costs on new contracts awarded to us in the prior periods. Additionally, in 2010, amortization expense was higher due to
the modification of two contracts. When comparing 2010 and 2009 the amortization of contract costs increased by $8.0 million. This reflects the accelerated amortization of contract costs for the modification of two contracts as well as the start-up
of new, large contracts signed over the prior quarters.

For fiscal 2011, amortization of other intangible assets increased by
$5.1 million to $97.9 million compared to $92.8 million in fiscal 2010. The increase is due to the amortization of new client relationships relating to the Stanley acquisition and to new software licenses required to support our growth. These
increases were partially offset by lower amortization from other client relationships and certain business solutions that have been fully amortized over the last year.

Amortization of other intangible assets decreased by $8.0 million in fiscal 2010 when compared to fiscal 2009. This is mainly attributable to the lower amortization associated on certain client
relationships being fully amortized and the acceleration of amortization on certain business solutions at the end of fiscal 2009. In addition, over the last two years, we have expanded the utilization of our offshore resources to reduce our
investment cost in business solutions. Our results incorporated incremental amortization of $3.6 million mainly pertaining to client relationships associated with the acquisition of Stanley.

In the last quarter of fiscal 2011, due to the current economic environment outlook and the deferral of investment decisions by some of
our clients, an impairment charge of $11.7 million was taken on certain business solutions primarily serving the financial markets. No impairment charges were taken in fiscal 2010. At the end of fiscal 2009, a charge of $11.1 million was taken
predominantly for other solutions deemed impaired for the financial markets.



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3.6. ADJUSTED EBIT BY SEGMENT



|                                                                                 |  |      |         |   |      |  |         |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|-------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- |  | ------- | ---- |  |  | --------------- | - |  | --------------- | ----- | - |  |  | ------ | -
|For the years ended September 30
(in thousands of dollars except for percentage) |  | 2011 |         |   | 2010 |  |         | 2009 |  |  | Change2011/2010 |   |  | Change2010/2009 |      
|Global Infrastructure Services                                                   |  |      | 106,902 |   |      |  | 89,225  |      |  |  | 85,720          |   |  |                 | 19.8  | % |  |  | 4.1    | %
|As a percentage of GIS revenue                                                   |  |      | 13.2    | % |      |  | 10.4    | %    |  |  | 9.2             | % |  |                 |       |   |  |  |        |  
|Canada                                                                           |  |      | 263,700 |   |      |  | 259,075 |      |  |  | 212,546         |   |  |                 | 1.8   | % |  |  | 21.9   | %
|As a percentage of Canada revenue                                                |  |      | 19.7    | % |      |  | 19.3    | %    |  |  | 15.9            | % |  |                 |       |   |  |  |        |  
|U.S.                                                                             |  |      | 182,840 |   |      |  | 166,917 |      |  |  | 149,015         |   |  |                 | 9.5   | % |  |  | 12.0   | %
|As a percentage of U.S. revenue                                                  |  |      | 9.4     | % |      |  | 12.5    | %    |  |  | 11.4            | % |  |                 |       |   |  |  |        |  
|Europe                                                                           |  |      | 8,510   |   |      |  | (3,315  | )    |  |  | 13,460          |   |  |                 | 356.7 | % |  |  | -124.6 | %
|As a percentage of Europe revenue                                                |  |      | 3.9     | % |      |  | -1.7    | %    |  |  | 5.4             | % |  |                 |       |   |  |  |        |  
|Adjusted EBIT                                                                    |  |      | 561,952 |   |      |  | 511,902 |      |  |  | 460,741         |   |  |                 | 9.8   | % |  |  | 11.1   | %
|Adjusted EBIT margin                                                             |  |      | 13.0    | % |      |  | 13.7    | %    |  |  | 12.0            | % |  |                 |       |   |  |  |        |  

3.6.1. Global Infrastructure Services

Adjusted EBIT in GIS was $106.9 million, an increase of $17.7 million over fiscal 2010. As a percentage of revenue, the margin increased
from 10.4% to 13.2%. The increase is due to the favourable impacts from investments within our data centre operations and productivity improvements made in the year. This was partially offset by the expiration of an outsourcing contract in our third
quarter causing a temporary increase in excess capacity. In addition, the current year was impacted by provisions for excess real estate, severance costs and leasehold improvements write-offs in the amount of $9.3 million, an increase of $6.7
million over last year.

In fiscal 2010, adjusted EBIT in GIS was $89.2 million, an increase of $3.5 million over fiscal 2009.
The increase is due predominately to improvements made within our data centre operations from prior years initiatives. The improvement was partially offset by the margin impact associated with lower work volumes from our clients as discussed
above in the revenue section.

3.6.2. Canada

Canada adjusted EBIT increased by 1.8%, reaching $263.7 million in fiscal 2011, compared to $259.1 million in fiscal 2010. As a percentage of revenue, the margin increased from 19.3% in 2010 to 19.7% in
2011. The increase is attributed to a number of factors including higher margins associated with increased intellectual property based revenues, the collection of a $6.5 million bad debt in the first quarter of fiscal 2011 and a reduction to the
segments incentive accruals based on its growth performance. These factors were partially offset by the impacts of the revenue decrease as outlined earlier and the incremental year-over-year expenses associated with excess real estate,
severances, leasehold improvement write-offs and impairments in the amount of $21.7 million.

In fiscal 2010, adjusted EBIT in
Canada increased by $46.5 million or 21.9% over fiscal 2009. As a percentage of revenue, the margin also increased from 15.9% to 19.3%. The increase in margin for Canada is due to prior years initiatives to improve our gross margin in this
segment. Severances and real estate provisions taken in 2010 were $12.1 million.



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3.6.3. U.S.

Adjusted EBIT in U.S. increased by $15.9 million or 9.5% over fiscal 2010. Before the unfavourable foreign exchange impact of $8.5 million, adjusted EBIT would have increased by $24.4 million or 14.6%
over fiscal 2010. The increase is mainly due to the Stanley acquisition and the $10.2 million license sale in the first quarter of fiscal 2011 pertaining to the reorganization and divestment of some operations by one of our clients. The adjusted
EBIT margin decreased from 12.5% to 9.4%. This is due to a number of factors: we made investments in our India delivery centres to expand our capacity in order to respond to new opportunities; the Stanley acquisition contributed to an increase in
amortization of client relationships of $16.4 million as well as higher proportion of cost-plus contracts; and the effect of lower member utilization due to the delays in project start-ups for certain clients. Despite our bid and proposal activities
to initiate new projects, the uncertainty reigning in the U.S. economy caused the pace of the federal government contract awards to be delayed to the latter half of the fiscal year, thereby increasing costs and impacting our U.S. profitability.
During the year, approximately $12.3 million was incurred primarily for severance costs, impairments, leasehold improvements write-off and excess real estate which represented an increase of $7.2 million over fiscal 2010.

In 2010, U.S. adjusted EBIT increased by $17.9 million or 12.0% when compared to fiscal 2009. The results for Stanley since
August 17th were incorporated into our results. As a percentage of revenue, our margin increased from 11.4% to 12.5%. The improvement was the result of increased productivity in both our domestic operations and our Indian centres of excellence.

3.6.4. Europe

Adjusted EBIT from our Europe operations totalled $8.5 million in fiscal 2011, an $11.8 million increase compared to fiscal 2010. As a percentage of revenue, our margin also increased by 5.6% from
negative 1.7% in 2010 to 3.9% in 2011. The prior years restructuring initiatives continued to help improve our earnings margins in the current year. Revenue growth in the telecommunications & utilities and financial services vertical
markets also helped improve earnings in this segment. In addition, severances and related costs incurred in fiscal 2011 totalled approximately $3.7 million whereas in the prior fiscal year, $6.7 million of charges were taken.

In fiscal 2010, our Europe adjusted EBIT decreased by $16.8 million when compared to fiscal 2009. As a percentage of revenue, our margin
decreased from 5.4% in 2009 to negative 1.7% in 2010. The decline in margin is primarily due to the reduction in revenue outlined earlier contributing to excess capacity across all regions of the segment. However, in certain geographies, we were
limited by regulations from taking action as quickly or as significantly as we would have preferred. Severances and other related charges were taken in the amount of $6.7 million in an effort to return this segment back to historical profitable
levels.



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3.7. EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

The following table provides, for the periods indicated, a reconciliation between our adjusted EBIT and earnings from continuing
operations before income taxes, which is reported in accordance with Canadian GAAP.



|                                                                                 |  |      |         |   |             |  |      |      |  |  |             |   |  |      |      |   |             |  |         |   |  |  |      |  
|-------------------------------------------------------------------------------- |  | ---- | ------- | - | ----------- |  | ---- | ---- |  |  | ----------- | - |  | ---- | ---- | - | ----------- |  | ------- | - |  |  | ---- | -
|For the years ended September 30
(in thousands of dollars except for percentage) |  | 2011 |         |   | % ofRevenue |  |      | 2010 |  |  | % ofRevenue |   |  | 2009 |      |   | % ofRevenue | 
|Adjusted EBIT                                                                    |  |      | 561,952 |   |             |  | 13.0 | %    |  |  | 511,902     |   |  |      | 13.7 | % |             |  | 460,741 |   |  |  | 12.0 | %
|Acquisition-related and integration costs                                        |  |      | 3,675   |   |             |  | 0.1  | %    |  |  | 20,883      |   |  |      | 0.6  | % |             |  |        |   |  |  | 0.0  | %
|Interest on long-term debt                                                       |  |      | 19,395  |   |             |  | 0.4  | %    |  |  | 17,123      |   |  |      | 0.5  | % |             |  | 18,960  |   |  |  | 0.5  | %
|Interest income                                                                  |  |      | (3,759  | ) |             |  | -0.1 | %    |  |  | (2,419      | ) |  |      | -0.1 | % |             |  | (2,908  | ) |  |  | -0.1 | %
|Other (income) expenses                                                          |  |      | (3,917  | ) |             |  | -0.1 | %    |  |  | (952        | ) |  |      | 0.0  | % |             |  | 3,569   |   |  |  | 0.1  | %
|Gain on sale of capital assets                                                   |  |      |        |   |             |  | 0.0  | %    |  |  | (469        | ) |  |      | 0.0  | % |             |  |        |   |  |  | 0.0  | %
|Earnings from continuing operations before income taxes                          |  |      | 546,558 |   |             |  | 12.6 | %    |  |  | 477,736     |   |  |      | 12.8 | % |             |  | 441,120 |   |  |  | 11.5 | %

3.7.1. Acquisition-Related and Integration Costs

These amounts pertained to the costs to integrate the operations and to realize synergies in regards to the acquisition of Stanley
concluded in August 2010. Total acquisition-related and integration costs in fiscal 2010 and fiscal 2011 totalled $24.6 million. Only $3.7 million of acquisition-related and integration costs were incurred in fiscal 2011 compared to the $5.4 million
expected at the end of fiscal 2010. No more costs pertaining to the Stanley acquisition will be incurred.

3.7.2. Interest
on Long-Term Debt

The year-over-year increase in interest expense for the fiscal year is mainly due to the debt used to
finance the acquisition of Stanley, partially offset by the repayment of the second tranche of U.S. Senior unsecured notes that matured at the end of January 2011.

3.7.3. Interest Income

Interest income includes interest and other
investment income (net of interest expenses) related to cash balances, investments, and tax assessments.

3.7.4. Other
(Income) Expenses

Other (income) expenses reflects mainly changes in the fair value of certain investments related to a
deferred compensation arrangement we manage as a trustee on behalf of certain U.S. employees. Any change in value related to the deferred compensation arrangement is totally offset in the compensation expense under costs of services, selling and
administrative, thus not impacting our profitability.



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3.8. NET EARNINGS AND EARNINGS PER SHARE

The following table sets out the information supporting the earnings per share calculations:



|                                                                                      |  |      |             |   |      |  |             |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- |  | ----------- | ---- |  |  | --------------- | - |  | --------------- | ----- | - |  |  | ------ | -
|For the years ended September 30
(in thousands of dollars unless otherwise indicated) |  | 2011 |             |   | 2010 |  |             | 2009 |  |  | Change2011/2010 |   |  | Change2010/2009 |      
|Earnings from continuing operations before income taxes                               |  |      | 546,558     |   |      |  | 477,736     |      |  |  | 441,120         |   |  |                 | 14.4  | % |  |  | 8.3    | %
|Income tax expense                                                                    |  |      | 111,493     |   |      |  | 114,970     |      |  |  | 125,223         |   |  |                 | -3.0  | % |  |  | -8.2   | %
|Effective tax rate                                                                    |  |      | 20.4        | % |      |  | 24.1        | %    |  |  | 28.4            | % |  |                 |       |   |  |  |        |  
|Earnings from discontinued operations, net of income taxes                            |  |      |            |   |      |  |            |      |  |  | 1,308           |   |  |                 | N/A   |   |  |  | -100.0 | %
|Net earnings                                                                          |  |      | 435,065     |   |      |  | 362,766     |      |  |  | 317,205         |   |  |                 | 19.9  | % |  |  | 14.4   | %
|Margin                                                                                |  |      | 10.1        | % |      |  | 9.7         | %    |  |  | 8.3             | % |  |                 |       |   |  |  |        |  
|Earnings attributable to shareholders of CGI Group Inc.                               |  |      | 434,809     |   |      |  | 362,386     |      |  |  | 316,466         |   |  |                 | 20.0  | % |  |  | 14.5   | %
|Earnings attributable to non-controlling interest                                     |  |      | 256         |   |      |  | 380         |      |  |  | 739             |   |  |                 | -32.6 | % |  |  | -48.6  | %
|Weighted average number of shares                                                     |  |      |             |   |      |  |             |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Class A subordinate shares and Class B shares (basic)                                 |  |      | 265,333,074 |   |      |  | 284,826,257 |      |  |  | 306,853,077     |   |  |                 | -6.8  | % |  |  | -7.2   | %
|Class A subordinate shares and Class B shares (diluted)                               |  |      | 275,286,534 |   |      |  | 292,919,950 |      |  |  | 310,345,241     |   |  |                 | -6.0  | % |  |  | -5.6   | %
|Earnings per share(in dollars)1                                                       |  |      |             |   |      |  |             |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Basic EPS                                                                             |  |      | 1.64        |   |      |  | 1.27        |      |  |  | 1.03            |   |  |                 | 29.1  | % |  |  | 23.3   | %
|Diluted EPS                                                                           |  |      | 1.58        |   |      |  | 1.24        |      |  |  | 1.02            |   |  |                 | 27.4  | % |  |  | 21.6   | %



|1 | EPS amounts are attributable to shareholders of CGI.
|- | ----------------------------------------------------

3.8.1. Income Tax Expense

For fiscal 2011, income tax expense was $111.5
million, a decrease of $3.5 million compared to $115.0 million in the prior fiscal year, while our effective income tax rate decreased from 24.1% to 20.4%. Favourable tax adjustments reduced our income taxes in both 2011 and 2010 in the amount of
$41.4 million and $38.0 million respectively. These adjustments pertain to final determinations from agreements with tax authorities and expiration of statutes of limitation periods. The decrease in income tax expense and tax rate was also due to
benefits arising from investments in our subsidiaries and the effect of foreign tax rate differences.

Income tax expense for
fiscal 2010 and 2009 were $115.0 million and $125.2 million, respectively. Our effective income tax rates for fiscal years 2010 and 2009 were 24.1% and 28.4%, respectively. Included in the fiscal 2010 amount are favourable adjustments mainly from
the final determinations from agreements with tax authorities and expirations of statutes of limitation periods in the amount of $38.0 million. This is compared to the $15.9 million of favourable adjustments in fiscal 2009.



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Below is a table showing the year-over-year comparison with the favourable tax adjustments
and the impact of acquisition-related and integration costs removed:



|                                                                                      |  |      |         |   |      |  |         |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- |  | ------- | ---- |  |  | --------------- | - |  | --------------- | ----- | - |  |  | ------ | -
|For the years ended September 30
(in thousands of dollars unless otherwise indicated) |  | 2011 |         |   | 2010 |  |         | 2009 |  |  | Change2011/2010 |   |  | Change2010/2009 |      
|Earnings from continuing operations before income taxes                               |  |      | 546,558 |   |      |  | 477,736 |      |  |  | 441,120         |   |  |                 | 14.4  | % |  |  | 8.3    | %
|Add back:                                                                             |  |      |         |   |      |  |         |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Acquisition-related and integration costs                                             |  |      | 3,675   |   |      |  | 20,883  |      |  |  |                |   |  |                 | -82.4 | % |  |  | N/A    |  
|Earnings from continuing operations before income taxes prior to adjustments          |  |      | 550,233 |   |      |  | 498,619 |      |  |  | 441,120         |   |  |                 | 10.4  | % |  |  | 13.0   | %
|Income tax expense                                                                    |  |      | 111,493 |   |      |  | 114,970 |      |  |  | 125,223         |   |  |                 | -3.0  | % |  |  | -8.2   | %
|Add back:                                                                             |  |      |         |   |      |  |         |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Tax adjustments                                                                       |  |      | 41,415  |   |      |  | 37,964  |      |  |  | 15,850          |   |  |                 | 9.1   | % |  |  | 139.5  | %
|Tax deduction on acquisition-related and integration costs                            |  |      | 1,235   |   |      |  | 3,688   |      |  |  |                |   |  |                 | -66.5 | % |  |  | N/A    |  
|Income tax expense prior to adjustments                                               |  |      | 154,143 |   |      |  | 156,622 |      |  |  | 141,073         |   |  |                 | -1.6  | % |  |  | 11.0   | %
|Effective tax rate prior to adjustments                                               |  |      | 28.0    | % |      |  | 31.4    | %    |  |  | 32.0            | % |  |                 |       |   |  |  |        |  
|Earnings from discontinued operations, net of income taxes                            |  |      |        |   |      |  |        |      |  |  | 1,308           |   |  |                 | N/A   |   |  |  | -100.0 | %
|Net earnings prior to adjustments                                                     |  |      | 396,090 |   |      |  | 341,997 |      |  |  | 301,355         |   |  |                 | 15.8  | % |  |  | 13.5   | %
|Margin                                                                                |  |      | 9.2     | % |      |  | 9.2     | %    |  |  | 7.9             | % |  |                 |       |   |  |  |        |  
|Earnings per share (in dollars)1                                                      |  |      |         |   |      |  |         |      |  |  |                 |   |  |                 |       |   |  |  |        |  
|Basic EPS                                                                             |  |      | 1.49    |   |      |  | 1.20    |      |  |  | 0.98            |   |  |                 | 24.2  | % |  |  | 22.4   | %
|Diluted EPS                                                                           |  |      | 1.44    |   |      |  | 1.17    |      |  |  | 0.97            |   |  |                 | 23.1  | % |  |  | 20.6   | %



|1 | EPS amounts are attributable to shareholders of CGI and prior to tax adjustments and acquisition-related and integration costs.
|- | -------------------------------------------------------------------------------------------------------------------------------

We expect our effective tax rate before any significant adjustments to be in the range of 27.0% to 30.0% in
subsequent periods.

3.8.2. Earnings Attributable to Non-Controlling Interest

The non-controlling interest in our statement of earnings represents the percentage of ownership of CIA held by minority shareholders. On
April 4, 2011, CGI concluded a transaction whereby CIA repurchased its shares held by CGI. Accordingly, starting in the third quarter of the current fiscal year, we no longer recorded earnings attributable to a non-controlling interest.

3.8.3. Earnings from Discontinued Operations

The earnings from discontinued operations recorded in fiscal 2009 were mainly due to the Companys disposition of the net assets of our claims adjusting and risk management services business in July
2008.

3.8.4. Weighted Average Number of Shares

CGIs basic and diluted weighted average number of shares for fiscal 2011 decreased compared to the prior year due to the repurchase
of shares on the open market as part of the NCIB, partly offset by the issuance of Class A subordinate



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shares upon the exercise of stock options. During the current fiscal year, 16.4 million shares were repurchased and 5.7 million options were exercised.



|4. | LIQUIDITY
|-- | ---------





4.1. STATEMENTS OF CASH FLOWS

CGIs growth is financed through a combination of our cash flow from operations, borrowing under our existing credit
facilities, the issuance of long-term debt, and the issuance of equity. One of our primary financial goals is to maintain an optimal level of liquidity through the active management of our assets and liabilities as well as our cash flows.

As at September 30, 2011, cash and cash equivalents, net of bank overdrafts, were $82.2 million. The following table
provides a summary of the generation and utilization of cash for the years ended September 30, 2011, 2010 and 2009.



|                                                                                                                    |  |      |          |   |      |  |            |      |  |  |                 |   |  |                 |          |   |  |  |          |  
|------------------------------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- |  | ---------- | ---- |  |  | --------------- | - |  | --------------- | -------- | - |  |  | -------- | -
|For the years ended September 30
(in thousands of dollars)                                                          |  | 2011 |          |   | 2010 |  |            | 2009 |  |  | Change2011/2010 |   |  | Change2010/2009 |         
|Cash provided by continuing operating activities                                                                    |  |      | 571,215  |   |      |  | 552,367    |      |  |  | 630,244         |   |  |                 | 18,848   |   |  |  | (77,877  | )
|Cash used in continuing investing activities                                                                        |  |      | (129,972 | ) |      |  | (1,024,914 | )    |  |  | (127,585        | ) |  |                 | 894,942  |   |  |  | (897,329 | )
|Cash (used in) provided by continuing financing activities                                                          |  |      | (491,608 | ) |      |  | 267,311    |      |  |  | (198,227        | ) |  |                 | (758,919 | ) |  |  | 465,538  |  
|Effect of foreign exchange rate changes on cash and cash equivalents and bank overdrafts from continuing
operations |  |      | 4,764    |   |      |  | (10,367    | )    |  |  | (11,300         | ) |  |                 | 15,131   |   |  |  | 933      |  
|Net (decrease) increase in cash and cash equivalents net of bank overdraft from continuing operations               |  |      | (45,601  | ) |      |  | (215,603   | )    |  |  | 293,132         |   |  |                 | 170,002  |   |  |  | (508,735 | )

4.1.1. Cash Provided by Continuing Operating Activities

Cash provided by continuing operating activities was $571.2 million in fiscal 2011, representing 13.2% of revenue. This is compared to
$552.4 million or 14.8% of revenue in the prior year. The improvement is due to the increase in our earnings partially offset by the increase in our DSO mainly related to an increasing proportion of our revenues coming from government entities. The
timing of our working capital inflows and outflows will always have an impact on the cash flow from operations.

Cash provided
by continuing operating activities was $552.4 million or 14.8% of revenue for fiscal 2010. This is compared with $630.2 million or 16.5% of revenue in fiscal 2009. In fiscal 2009, the cash flow from operations reflected the benefit of our
initiatives to reduce our DSO. The reduction of 11 days from 50 days to 39 days generated a $113.2 million year-over-year improvement. Our cash flow from operations would have increased by approximately $35.3 million over the cash generated in
fiscal 2009 when the benefit of the DSO improvement is removed. This improvement was primarily driven by the increase in our earnings in fiscal 2010.

4.1.2. Cash Used in Continuing Investing Activities

Cash used in
continuing investing activities decreased by $894.9 million in fiscal 2011 compared to fiscal 2010, which was almost entirely due to the acquisition of Stanley. In fiscal 2010, the Company acquired Stanley for a cash consideration of $899.6 million,
net of the cash acquired.



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Short-term investments, comprised of term deposits, have original maturities over three
months, but not more than one year, at the date of purchase. In 2011, the Company had net cash inflows of $2.0 million whereas in the prior year, $12.9 million was disbursed for the purchase of investments.

Cash used for the purchase of capital assets amounted to $65.3 million during the year, an increase of $17.6 million over the $47.7
million invested the previous fiscal year. The increase was due to a higher investment in additional computer equipment to support our new contracts and continued investment program as well as increase in leasehold improvements in certain offices in
the U.S.

Cash used for the purchase of capital assets was $47.7 million in fiscal 2010, a decrease of $21.5 million from
fiscal 2009s investment level of $69.2 million. The decrease was due to a higher investment in equipment in 2009 for infrastructure upgrades to our data centres. Also, as part of our restructuring efforts in 2009, less office space was needed
and as a result, fewer investments were made on leasehold improvements in 2010.

Investments in intangible assets amounted to
$56.0 million, representing a decrease of $13.7 million from the previous fiscal year. The decrease is partially due to less contract costs capitalized as projects migrated out of their transition phase. In addition, lower levels of spending
incurred on software licenses also contributed to the decrease.

Investments in intangible assets amounted to $69.7 million in
fiscal 2010, an increase of $7.4 million from fiscal 2009. The increase is partially due to new transition costs capitalized on contracts signed with new and existing clients, and additional software license costs capitalized in response to new
contracts for our services.

The Company purchased $14.2 million in long-term marketable investments for the year ended
September 30, 2011. No such investments were made in the prior fiscal years.

4.1.3. Cash (Used) Provided by
Continuing Financing Activities

During the year ended September 30, 2011, we used $491.6 million for financing
activities, a change of $758.9 million when compared to $267.3 million provided by financing activities a year ago. The large difference is mostly due to the drawing on our credit facilities for the acquisition of Stanley in fiscal 2010.

In fiscal 2011, we repaid $234.0 million of our long-term debt and credit facilities; whereas in fiscal 2010, the Company drew US$100.0
million from its credit facilities to create a hedge in the second quarter of 2010 to protect our U.S. dollar denominated cash balances from fluctuations in the exchange rate. In the last quarter of 2010, we drew another US$800.0 million from our
credit facilities to fund the acquisition of Stanley. We also repaid portions of our long-term debt and credit facilities in the amount of $207.9 million in fiscal 2010. In fiscal 2009, we drew $144.7 million from our credit facilities.

In fiscal 2011, we used $305.0 million to repurchase 16.4 million CGI shares under the current and previous NCIB. In fiscal 2010, we
used $516.7 million to repurchase 35.6 million CGI shares. Fewer shares were repurchased this year compared to the prior year as some funds were allocated for debt reduction. In fiscal 2009, we used $101.7 million as 9.5 million CGI shares
were bought back at a lower average share price.

The current fiscal year yielded $52.1 million from the exercise of stock
options compared to $53.0 and $16.1 million received in fiscal 2010 and 2009, respectively. Issuances of our shares have increased since fiscal 2010 due to more exercises as our share price became more favourable to option holders.

In the second quarter of 2009, there was also a positive cash impact of $18.3 million resulting from the settlement of our cash flow
hedges associated with the payment of the first tranche of our Senior U.S. unsecured notes. No principal payments were due on these notes during fiscal 2010.



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4.1.4. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents and Bank
Overdrafts from Continuing Operations

For the year ended September 30, 2011, there was a $4.8 million increase in
cash from the effect of foreign exchange rate changes. For the years ended September 30, 2010 and 2009, foreign exchange changes caused a decrease of $10.4 and $11.3 million in cash and cash equivalents, respectively. These amounts had no
effect on net earnings as they were recorded in other comprehensive income.

4.2. CAPITAL RESOURCES



|                                          |  |                  |           |  |                                |  |           |                                   |  |  |         |  
|----------------------------------------- |  | ---------------- | --------- |  | ------------------------------ |  | --------- | --------------------------------- |  |  | ------- | -
|(in thousands of dollars)                 |  | Total commitment |           |  | Available
atSeptember 30, 2011 |  |           | Outstanding atSeptember 
30, 2011 | 
|                                          |  | $                |           |  | $                              |  |           | $                                 | 
|Cash and cash equivalents                 |  |                  |          |  |                                |  | 157,761   |                                   |  |  |        |  
|Bank overdraft                            |  |                  |          |  |                                |  | (75,538   | )                                 |  |  |        |  
|Short-term investments                    |  |                  |          |  |                                |  | 10,166    |                                   |  |  |        |  
|Long-term marketable investments          |  |                  |          |  |                                |  | 15,309    |                                   |  |  |        |  
|Unsecured committed revolving facilities1 |  |                  | 1,500,000 |  |                                |  | 622,406   |                                   |  |  | 877,594 | 2
|Senior U.S. unsecured notes               |  |                  | 493,478   |  |                                |  | 493,478   |                                   |  |  |        |  
|Total                                     |  |                  | 1,993,478 |  |                                |  | 1,223,582 |                                   |  |  | 877,594 | 2



|1 | Excluding any existing credit facility under non-majority owned entities.
|- | -------------------------------------------------------------------------

|2 | Consists of drawn portion of $859.3 million and Letters of Credit for $18.3 million.
|- | ------------------------------------------------------------------------------------

Our cash position and bank lines are sufficient to support our growth strategy. At September 30, 2011, cash and cash equivalents, net
of bank overdrafts, short-term and long-term marketable investments were $107.7 million. The amount available under our credit facilities was $622.4 million. The long-term debt agreements contain covenants which require us to maintain certain
financial ratios. At September 30, 2011, CGI was in compliance with these covenants.

During the fourth quarter, the
Company entered into a US$475.0 million private debt placement financing with U.S. institutional investors. Please refer to the Private Debt Placement section 2.1.2 for more details. The Company intends to renew the unsecured committed revolving
facilities before its maturity.

Cash equivalents typically include money market funds and term deposits as well as
bankers acceptances and bearer deposit notes issued by major banks, all with initial maturities of 90 days or less.

Short-term investments include fixed deposits, term deposits, municipal, provincial and government bills with initial maturities ranging
from 91 days to 1 year.

Long-term marketable investments include corporate and government bonds with maturities ranging from
one to five years, rated AA or higher.

Total long-term debt decreased by $148.2 million to $1,005.7 million at
September 30, 2011, compared with $1,153.9 million at September 30, 2010. The variation is mainly explained by the repayments of the second tranche of U.S. Senior unsecured notes for US$87.0 million and unsecured committed revolving
facilities for US$105.0 million. In addition, the Company incurred various obligations repayable in blended monthly instalments for equipment and intangible assets totalling an amount of $44.4 million. The remainder of the decrease is due to an
unrealized loss of $4.5 million on foreign exchange translation.

4.3. CONTRACTUAL OBLIGATIONS

We are committed under the terms of contractual obligations with various expiration dates, primarily for the rental of premises, computer
equipment used in outsourcing contracts and long-term service agreements in the aggregate amount of $1,919.8 million. Total contractual obligations decreased by $270.0 million compared to fiscal 2010, primarily due to paying down our long-term debt
and rent payments made in the normal course of our operations.



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|                                          |  |       |           |  |                 |  |         |                  |  |  |                  |  |  |              |         |  |               |  |         |  |  |  |        | 
|----------------------------------------- |  | ----- | --------- |  | --------------- |  | ------- | ---------------- |  |  | ---------------- |  |  | ------------ | ------- |  | ------------- |  | ------- |  |  |  | ------ | 
|Commitment type (in thousands of dollars) |  | Total |           |  | Less than1 year |  |         | 2nd and 3rdyears |  |  | 4th and 5thyears |  |  | Years6 to 10 |         |  | After 10years | 
|Long-term debt                            |  |       | 938,499   |  |                 |  | 379,595 |                  |  |  | 48,096           |  |  |              | 16,040  |  |               |  | 494,768 |  |  |  |       | 
|Capital lease obligations                 |  |       | 67,182    |  |                 |  | 22,939  |                  |  |  | 31,696           |  |  |              | 12,013  |  |               |  | 534     |  |  |  |       | 
|Operating leases                          |  |       |          |  |                 |  |         |                  |  |  |                  |  |  |              |         |  |               |  |         |  |  |  |        | 
|Rental of office space1                   |  |       | 773,157   |  |                 |  | 109,729 |                  |  |  | 191,841          |  |  |              | 164,123 |  |               |  | 263,713 |  |  |  | 43,751 | 
|Computer equipment                        |  |       | 33,613    |  |                 |  | 15,316  |                  |  |  | 15,598           |  |  |              | 2,699   |  |               |  |        |  |  |  |       | 
|Automobiles                               |  |       | 9,001     |  |                 |  | 4,342   |                  |  |  | 4,441            |  |  |              | 218     |  |               |  |        |  |  |  |       | 
|Long-term service agreements and other    |  |       | 98,391    |  |                 |  | 48,547  |                  |  |  | 44,644           |  |  |              | 5,200   |  |               |  |        |  |  |  |       | 
|Total contractual obligations             |  |       | 1,919,843 |  |                 |  | 580,468 |                  |  |  | 336,316          |  |  |              | 200,293 |  |               |  | 759,015 |  |  |  | 43,751 | 



|1 | Included in these obligations are $25.3 million of office space leases from past acquisitions.
|- | ----------------------------------------------------------------------------------------------

4.4. FINANCIAL INSTRUMENTS AND HEDGES

The Company uses various financial instruments to manage its exposure to fluctuations of foreign currency exchange rates. The Company does not hold or use any derivative instruments for trading purposes.
Foreign exchange translation gains or losses on the net investments in self-sustaining foreign subsidiaries are recorded under other comprehensive loss. Any realized or unrealized gains or losses on instruments covering the U.S. denominated debt are
also recognized in other comprehensive income (loss).

The Company has the following outstanding hedging instruments:

Hedges on net investments in self-sustaining foreign subsidiaries



| |  |  | US$815.0 million debt designated as the hedging instrument to the Companys net investment in U.S. subsidiaries;
| | - |  | ----------------------------------------------------------------------------------------------------------------



| |  |  | 9.0 million debt designated as the hedging instrument to the Companys net investment in European subsidiaries.
| | - |  | ----------------------------------------------------------------------------------------------------------------

Cash flow hedges on future revenue



| |  |  | US$76.7 million foreign currency forward contracts to hedge the variability in the expected foreign currency exchange rate between the U.S. dollar and
the Canadian dollar;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | US$45.0 million foreign currency forward contracts to hedge the variability in the expected foreign currency exchange rate between the U.S. dollar and
the Indian rupee;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | $62.2 million foreign currency forward contracts to hedge the variability in the expected foreign currency exchange rate between the Canadian dollar
and the Indian rupee.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cash flow hedges on Senior U.S. unsecured notes



| |  |  | US$20.0 million foreign currency forward contracts.
| | - |  | ---------------------------------------------------

The effective portion of the change in the fair value of the derivative instruments is recognized in other comprehensive income (loss) and the ineffective portion, if any, in the consolidated statement of
earnings. During the year ended September 30, 2011, the Companys hedging instruments were effective.

The Company
expects that approximately $4.1 million of the accumulated net unrealized gains on derivative financial instruments designated as cash flow hedges at September 30, 2011 will be reclassified in net income in the next 12 months.



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4.5. SELECTED MEASURES OF LIQUIDITY AND CAPITAL RESOURCES



|                                          |  |      |         |   |      |  |           |      |  |  |         |  
|----------------------------------------- |  | ---- | ------- | - | ---- |  | --------- | ---- |  |  | ------- | -
|As at September 30,                       |  | 2011 |         |   | 2010 |  |           | 2009 | 
|Net debt to capitalization ratio          |  |      | 26.8    | % |      |  | 30.6      | %    |  |  | n/a     |  
|Net debt (cash) (in thousands of dollars) |  |      | 897,418 |   |      |  | 1,010,816 |      |  |  | (66,034 | )
|Return on equity                          |  |      | 19.5    | % |      |  | 16.4      | %    |  |  | 14.2    | %
|Return on invested capital                |  |      | 14.1    | % |      |  | 16.3      | %    |  |  | 14.0    | %
|Days sales outstanding                    |  |      | 53      |   |      |  | 47        |      |  |  | 39      |  

The Company uses the net debt to capitalization ratio as an indication of its financial leverage in order
to pursue any large outsourcing contracts, expand global delivery centres, or make acquisitions. In fiscal 2010, our long-term debt increased as US$800.0 million was drawn against our credit facilities to fund the acquisition of Stanley. This caused
the ratio to increase to 30.6%. During fiscal 2011, we paid down our debt, causing the ratio to decrease to 26.8% as at September 30, 2011.

Return on equity is a measure of the return we are generating for our shareholders. At September 30, 2011, ROE stood at 19.5% compared to 16.4% at the end of September 30, 2010. The main cause
of the increase is due to the higher earnings as compared to the year ago period from all our segments, and to a lesser degree, lower acquisition-related and integration costs. Part of the increase in ROE is also due to the repurchase of CGI shares
under the NCIB, and the impacts of the fluctuation of foreign exchange rates on the investment values of our international operations.

Return on invested capital was 14.1% as at September 30, 2011, a decrease compared to 16.3% a year ago. The ratio decreased due to an increase in our average invested capital balance due to the debt
taken for the financing of the Stanley acquisition.

DSO increased to 53 days from 47 days last year. In calculating the DSO,
we subtract the deferred revenue balance from trade accounts receivable and work in progress; for that reason, the timing of payments received from outsourcing clients in advance of the work to be performed and the timing of payments related to
project milestones can affect the DSO fluctuations. Our DSO increased due to the addition of the Stanley operations as its main clientele are government entities as well as the impact from milestone based payments on some projects. At the end of the
year, we exceeded our target of 45 days but remain committed to manage our DSO within this target based on past history.

4.6.
OFF-BALANCE SHEET FINANCING AND GUARANTEES

We do not engage in the practice of off-balance sheet financing, except for the use
of operating leases for office space, computer equipment and vehicles. In accordance with GAAP, neither the lease liability nor the underlying asset is carried on the balance sheet as the terms of the leases do not meet the criteria for
capitalization. From time to time, we also enter into agreements to provide financial or performance assurances to third parties on the sale of assets, business divestitures, guarantees and U.S. Government contracts.

In connection with sales of assets and business divestitures, we may be required to pay counterparties for costs and losses incurred as
the result of breaches in representations and warranties, intellectual property right infringement and litigation against counterparties. While some of the agreements specify a maximum potential exposure totalling approximately $3.7 million, others
do not specify a maximum amount or limited period. It is impossible to reasonably estimate the maximum amount that may have to be paid under such guarantees. The amounts are dependent upon the outcome of future contingent events, the nature and
likelihood of which cannot be determined at this time. The Company does not expect to incur any potential payment in connection with these guarantees that could have a materially adverse effect on its consolidated financial statements.

We are also engaged to provide services under contracts with the U.S. Government. The contracts are subject to extensive legal and
regulatory requirements and, from time to time, agencies of the U.S. Government investigate whether



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our operations are being conducted in accordance with these requirements. Generally, the Government has the right to change the scope of, or terminate, these projects at its convenience. The
termination or a reduction in the scope of a major government project could have a material adverse effect on our results of operations and financial condition.

In the normal course of business, we may provide certain clients, principally governmental entities, with bid and performance bonds. In general, we would only be liable for the amount of the bid bonds if
we refuse to perform the project once the bid is awarded. We would also be liable for the performance bonds in the event of default in the performance of our obligations. As at September 30, 2011, we had committed for a total of $43.2 million
for these bonds. To the best of our knowledge, we complied with our performance obligations under all service contracts for which there was a performance or bid bond, and the ultimate liability, if any, incurred in connection with these guarantees
would not have a material adverse effect on our consolidated results of operations or financial condition.

In addition, we
provided a guarantee of $5.9 million on the residual value of leased equipment, accounted for as an operating lease, at the expiration of the lease term.

4.7. CAPABILITY TO DELIVER RESULTS

Sufficient capital resources and liquidity are
required for supporting ongoing business operations to execute our build and buy growth strategy. The Company has sufficient capital resources coming from the cash generated from operations, credit facilities, long-term debt agreements and invested
capital from shareholders. Use of these funds has been primarily aimed at procuring new large outsourcing and managed services contracts; investing in our business solutions; pursuing accretive acquisitions; buying back CGI shares and paying down
debt. Funds were also used to expand our global delivery network as more and more of our clients demand lower cost alternatives. In terms of financing, we are well positioned to continue executing our four-pillar growth strategy in fiscal 2012.

Strong and experienced leadership is essential to successfully implement our corporate strategy. CGI has a strong leadership
team with members who are highly knowledgeable and have gained a significant amount of experience within the IT industry via various career paths and leadership roles. CGI fosters leadership development to ensure a continuous flow of knowledge and
strength is maintained throughout the organization. As part of our succession planning in key positions, we established the Leadership Institute, our own corporate university, to develop leadership, technical and managerial skills inspired by
CGIs roots and traditions.

As a company built on human capital, our professionals and their knowledge are critical to
delivering quality service to our clients. Our human resources program provides competitive compensation and benefits, a favourable working environment, and our training and career development programs combine to allow us to attract and retain the
best talent. Employee satisfaction is monitored regularly through a company-wide survey and issues are addressed immediately. Approximately 83% of our employees, whom we refer to as members, are also owners of CGI through our Share Purchase Plan.
This includes our members joining from Stanley, who effective January 1, 2011 were eligible to participate in the Share Purchase Plan. This, along with the Profit Participation Program, allows members to share in the success of the Company and
aligns member objectives with our strategic goals.

In addition to our capital resources and the talent of our human capital,
CGI has established a Management Foundation encompassing governance policies, sophisticated management frameworks and an organizational model for its business unit and corporate processes. This foundation, along with our appropriate internal
systems, helps in providing for a consistent high standard of quality service to our clients. CGIs offices maintain appropriate certifications in accordance with service requirements such as the ISO and Capability Maturity Model
Integration quality programs.



|5. | RELATED PARTY TRANSACTIONS
|-- | --------------------------





In the normal course of business,
CGI is party to contracts with Innovapost, a joint venture, pursuant to which CGI is its preferred IT supplier. The Company exercises joint control over Innovaposts operating, financing and investing activities



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through its 49% ownership interest. The value of the transactions between the Company and Innovapost, and resulting balances, which were measured at commercial rates, are presented below:



|                                                                     |  |      |        |  |      |  |        |      |  |  |         | 
|-------------------------------------------------------------------- |  | ---- | ------ |  | ---- |  | ------ | ---- |  |  | ------- | 
|As at and for the years ended September 30
(in thousands of dollars) |  | 2011 |        |  | 2010 |  |        | 2009 | 
|Revenue                                                              |  |      | 80,075 |  |      |  | 81,760 |      |  |  | 108,139 | 
|Accounts receivable                                                  |  |      | 4,570  |  |      |  | 681    |      |  |  | 10,542  | 
|Work in progress                                                     |  |      | 1,158  |  |      |  | 1,076  |      |  |  | 5,937   | 
|Contract costs                                                       |  |      | 3,713  |  |      |  | 6,210  |      |  |  | 8,706   | 
|Deferred revenue                                                     |  |      | 2,985  |  |      |  | 1,012  |      |  |  | 3,351   | 



|6. | JOINT VENTURE: SUPPLEMENTARY INFORMATION
|-- | ----------------------------------------





The Companys proportionate
share of its joint venture investees operations included in the consolidated financial statements is as follows:



|                                                                     |  |      |        |  |      |  |        |      |  |  |         | 
|-------------------------------------------------------------------- |  | ---- | ------ |  | ---- |  | ------ | ---- |  |  | ------- | 
|As at and for the years ended September 30
(in thousands of dollars) |  | 2011 |        |  | 2010 |  |        | 2009 | 
|Revenue                                                              |  |      | 98,578 |  |      |  | 91,015 |      |  |  | 101,964 | 
|Net earnings                                                         |  |      | 13,359 |  |      |  | 11,418 |      |  |  | 13,412  | 
|Current assets                                                       |  |      | 44,287 |  |      |  | 38,148 |      |  |  | 37,608  | 
|Non-current assets                                                   |  |      | 2,309  |  |      |  | 2,992  |      |  |  | 2,998   | 
|Current liabilities                                                  |  |      | 17,445 |  |      |  | 15,609 |      |  |  | 14,721  | 
|Non-current liabilities                                              |  |      | 994    |  |      |  | 933    |      |  |  | 445     | 



|7. | FOURTH QUARTER RESULTS
|-- | ----------------------





As outlined in section 2.1.3., due
to the increased mobility of our workforce and growth of our global delivery centres, a total charge of $45.4 million was taken mainly comprised of provisions on excess real estate, related leasehold improvements and severance costs in the amount of
$33.7 million. In addition, through a review of the Companys business solution portfolio, an impairment charge of $11.7 million was taken on solutions primarily for the financial services market. The following sections incorporate the impacts
of the measures taken above.

Average foreign exchange rates



|                                         |  |      |        |  |      |  |        |        |  |  |      |  
|---------------------------------------- |  | ---- | ------ |  | ---- |  | ------ | ------ |  |  | ---- | -
|For the three months ended September 30, |  | 2011 |        |  | 2010 |  |        | Change | 
|U.S. dollar                              |  |      | 0.9802 |  |      |  | 1.0391 |        |  |  | -5.7 | %
|Euro                                     |  |      | 1.3836 |  |      |  | 1.3441 |        |  |  | 2.9  | %
|Indian rupee                             |  |      | 0.0214 |  |      |  | 0.0224 |        |  |  | -4.5 | %
|British pound                            |  |      | 1.5773 |  |      |  | 1.6117 |        |  |  | -2.1 | %



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7.1. REVENUE VARIATION AND REVENUE BY SEGMENT

The following table provides a summary of our revenue growth, in total and by segment, separately showing the impacts of foreign currency
variations between 2011 and 2010. The 2010 revenue by segment is recorded reflecting the actual foreign exchange rates for that year. The foreign exchange impact is the difference between the current periods actual results and the current
periods results converted with prior years foreign exchange rates.



|                                                                                        |  |      |           |   |      |  |           |        |  |  |       |  
|--------------------------------------------------------------------------------------- |  | ---- | --------- | - | ---- |  | --------- | ------ |  |  | ----- | -
|For the three months ended September 30
(in thousands of dollars except for percentage) |  | 2011 |           |   | 2010 |  |           | Change | 
|Total CGI Revenue                                                                       |  |      | 1,031,565 |   |      |  | 1,007,056 |        |  |  | 2.4   | %
|Variation prior to foreign currency impact                                              |  |      | 5.3       | % |      |  | 13.8      | %      |  |  |       |  
|Foreign currency impact                                                                 |  |      | -2.9      | % |      |  | -5.1      | %      |  |  |       |  
|Variation over previous period                                                          |  |      | 2.4       | % |      |  | 8.7       | %      |  |  |       |  
|Global Infrastructure Services                                                          |  |      |           |   |      |  |           |        |  |  |       |  
|Revenue prior to foreign currency impact                                                |  |      | 173,451   |   |      |  | 217,041   |        |  |  | -20.1 | %
|Foreign currency impact                                                                 |  |      | (1,350    | ) |      |  |           |        |  |  |       |  
|Global Infrastructure Services revenue                                                  |  |      | 172,101   |   |      |  | 217,041   |        |  |  | -20.7 | %
|Canada                                                                                  |  |      |           |   |      |  |           |        |  |  |       |  
|Revenue prior to foreign currency impact                                                |  |      | 313,058   |   |      |  | 314,251   |        |  |  | -0.4  | %
|Foreign currency impact                                                                 |  |      | (782      | ) |      |  |           |        |  |  |       |  
|Canada revenue                                                                          |  |      | 312,276   |   |      |  | 314,251   |        |  |  | -0.6  | %
|U.S.                                                                                    |  |      |           |   |      |  |           |        |  |  |       |  
|Revenue prior to foreign currency impact                                                |  |      | 521,267   |   |      |  | 427,760   |        |  |  | 21.9  | %
|Foreign currency impact                                                                 |  |      | (28,256   | ) |      |  |           |        |  |  |       |  
|U.S. revenue                                                                            |  |      | 493,011   |   |      |  | 427,760   |        |  |  | 15.3  | %
|Europe                                                                                  |  |      |           |   |      |  |           |        |  |  |       |  
|Revenue prior to foreign currency impact                                                |  |      | 52,942    |   |      |  | 48,004    |        |  |  | 10.3  | %
|Foreign currency impact                                                                 |  |      | 1,235     |   |      |  |           |        |  |  |       |  
|Europe revenue                                                                          |  |      | 54,177    |   |      |  | 48,004    |        |  |  | 12.9  | %

For the fourth quarter of 2011, revenue increased by $24.5 million or 2.4%. This is due predominantly to
the acquisition of Stanley representing a full quarter of revenue in 2011 versus approximately six weeks in the same period of 2010, partially offset by the expiration of an outsourcing contract during the third quarter of fiscal 2011. Assuming a
constant exchange rate between the Canadian dollar and the currencies of our foreign operations, our revenue grew by 5.3% as the weakened U.S. dollar had an unfavourable effect on our revenue, causing a 2.9% decrease. On a constant currency basis,
the largest growth in our vertical markets was from government, due mostly to the new clients from the Stanley acquisition.

7.1.1. Global Infrastructure Services

Revenue for GIS was $172.1 million in the fourth quarter of fiscal 2011, a decrease of $44.9 million or 20.7% year-over-year. The decrease is due predominantly to an outsourcing contract in the financial
services vertical market that expired in the third quarter of fiscal 2011. The decrease was partially offset by an increase in work volumes from the MRD vertical market.



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7.1.2. Canada

Revenue in Canada was $312.3 million for the three months ended September 30, 2011, a decrease of $2.0 million or 0.6% compared to
the same period in the prior year. The decreases came from delays in project start-ups, the expiration of a low margin contract in the government vertical market, and the disposition of our ownership interest in CIA. These decreases were partially
offset by an increase in work volumes from clients in our MRD and health vertical markets.

7.1.3. U.S.

For the three months ended September 30, 2011, revenue in the U.S. was $493.0 million, an increase of $65.3 million or 15.3% from the
same period in the prior year. On a constant currency basis, revenue increased by $93.5 million or 21.9% due to an unfavourable foreign exchange impact of $28.3 million. Most of the increase in revenue is due to the Stanley acquisition; in the
current quarter ended September 30, 2011, a full quarter of Stanleys revenue is included, whereas only six weeks of Stanleys revenue was included in the prior year. This increase was partially offset by the completion of projects
for our clients in the financial services and government vertical markets while the start-up of new projects experienced delays.

7.1.4. Europe

In the fourth quarter of 2011, Europe revenue increased by
$6.2 million or 12.9% to $54.2 million. Increases occurred across most of our geographic markets with particular growth from new and existing clients in the telecommunications & utilities vertical market.

7.2. ADJUSTED EBIT BY SEGMENT



|                                                                                        |  |      |         |   |      |  |         |        |  |  |        |  
|--------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- |  | ------- | ------ |  |  | ------ | -
|For the three months ended September 30
(in thousands of dollars except for percentage) |  | 2011 |         |   | 2010 |  |         | Change | 
|Global Infrastructure Services                                                          |  |      | 10,277  |   |      |  | 31,400  |        |  |  | -67.3  | %
|As a percentage of GIS revenue                                                          |  |      | 6.0     | % |      |  | 14.5    | %      |  |  |        |  
|Canada                                                                                  |  |      | 46,830  |   |      |  | 57,871  |        |  |  | -19.1  | %
|As a percentage of Canada revenue                                                       |  |      | 15.0    | % |      |  | 18.4    | %      |  |  |        |  
|U.S.                                                                                    |  |      | 42,607  |   |      |  | 50,280  |        |  |  | -15.3  | %
|As a percentage of U.S. revenue                                                         |  |      | 8.6     | % |      |  | 11.8    | %      |  |  |        |  
|Europe                                                                                  |  |      | 3,058   |   |      |  | 250     |        |  |  | 1123.2 | %
|As a percentage of Europe revenue                                                       |  |      | 5.6     | % |      |  | 0.5     | %      |  |  |        |  
|Adjusted EBIT                                                                           |  |      | 102,772 |   |      |  | 139,801 |        |  |  | -26.5  | %
|Adjusted EBIT margin                                                                    |  |      | 10.0    | % |      |  | 13.9    | %      |  |  |        |  

7.2.1. Global Infrastructure Services

Adjusted EBIT in GIS was $10.3 million for the three months ended September 30, 2011, a decrease of $21.1 million from the same
period in the prior year. As a percentage of revenue, the margin decreased from 14.5% to 6.0%. The decrease is predominantly from the expiration of an outsourcing contract in the financial services vertical market, creating a



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temporary excess in capacity. In addition, the segment incurred expenses associated with excess real estate and severances of approximately $6.2 million or $5.3 million more than the same period
a year ago.

7.2.2. Canada

Canada adjusted EBIT was $46.8 million in the fourth quarter of 2011, a decrease of $11.0 million or 19.1%. As a percentage of revenue, the margin decreased from 18.4% to 15.0%. The decrease was due to
the revenue factors outlined above (see section 7.1.2.) and the expenses associated with the provisions taken for the excess real estate, leasehold improvements write-off and severances in the amount of $18.4 million or $12.1 million more than the
same period a year ago. In addition, an impairment charge of $9.6 million was taken on a business solution that was impacted by clients in the financial services vertical market deferring their investment decisions.

7.2.3. U.S.

U.S. adjusted EBIT was $42.6 million, a decrease of $7.7 million compared to the fourth quarter of 2010. As a percentage of revenue, the margin decreased from 11.8% to 8.6%. While growth in the government
vertical market helped increase earnings, the impact of unassigned members from the delays in project start-ups for certain clients resulted in an overall decrease of earnings. The uncertainty reigning in the U.S. economy caused the pace of the
federal government contract awards to slow down, thereby increasing costs and impacting our U.S. profitability. The acquisition of Stanley with its related amortization for client relationships along with its higher proportion of cost-plus contracts
also contributed to the year-over-year margin fluctuation. In addition, the segment incurred charges associated with excess real estate, severances, leasehold improvements write-off and a business solution impairment of approximately $9.6 million.
This is $8.4 million more than the amount for the same period a year ago.

7.2.4. Europe

Europe adjusted EBIT was $3.1 million for the fourth quarter of 2011, an increase of $2.8 million compared to the fourth quarter in the
prior year. As a percentage of revenue, the margin increased from 0.5% to 5.6%. The increase is attributable to the revenue growth across all vertical markets partially offset by expenses associated with severances in the amount of $1.6 million or
$0.6 million more than the same period last year.



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7.3. NET EARNINGS AND EARNINGS PER SHARE

The following table sets out the information supporting the earnings per share calculations:



|                                                                                             |  |      |             |   |      |  |             |        |  |  |        |  
|-------------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- |  | ----------- | ------ |  |  | ------ | -
|For the three months ended September 30
(in thousands of dollars unless otherwise indicated) |  | 2011 |             |   | 2010 |  |             | Change | 
|Adjusted EBIT                                                                                |  |      | 102,772     |   |      |  | 139,801     |        |  |  | -26.5  | %
|Acquisition-related and integration costs                                                    |  |      |            |   |      |  | 16,655      |        |  |  | -100.0 | %
|Interest on long-term debt                                                                   |  |      | 4,132       |   |      |  | 5,206       |        |  |  | -20.6  | %
|Interest income                                                                              |  |      | (692        | ) |      |  | (649        | )      |  |  | 6.6    | %
|Other expenses (income)                                                                      |  |      | 558         |   |      |  | (1,432      | )      |  |  | -139.0 | %
|Gain on sale of capital assets                                                               |  |      |            |   |      |  | (73         | )      |  |  | -100.0 | %
|Earnings before income taxes                                                                 |  |      | 98,774      |   |      |  | 120,094     |        |  |  | -17.8  | %
|Income tax expense                                                                           |  |      | 25,681      |   |      |  | 36,018      |        |  |  | -28.7  | %
|Effective tax rate                                                                           |  |      | 26.0        | % |      |  | 30.0        | %      |  |  |        |  
|Net earnings                                                                                 |  |      | 73,093      |   |      |  | 84,076      |        |  |  | -13.1  | %
|Margin                                                                                       |  |      | 7.1         | % |      |  | 8.3         | %      |  |  |        |  
|Earnings attributable to shareholders of CGI Group Inc.                                      |  |      | 73,093      |   |      |  | 83,994      |        |  |  | -13.0  | %
|Earnings attributable to non-controlling interest                                            |  |      |            |   |      |  | 82          |        |  |  | -100.0 | %
|Weighted average number of shares                                                            |  |      |             |   |      |  |             |        |  |  |        |  
|Class A subordinate shares and Class B shares (basic)                                        |  |      | 261,897,680 |   |      |  | 274,524,411 |        |  |  | -4.6   | %
|Class A subordinate shares and Class B shares (diluted)                                      |  |      | 271,305,183 |   |      |  | 281,951,998 |        |  |  | -3.8   | %
|Earnings per share(in dollars)1                                                              |  |      |             |   |      |  |             |        |  |  |        |  
|Basic EPS                                                                                    |  |      | 0.28        |   |      |  | 0.31        |        |  |  | -9.7   | %
|Diluted EPS                                                                                  |  |      | 0.27        |   |      |  | 0.30        |        |  |  | -10.0  | %



|1 | EPS amounts are attributable to shareholders of CGI.
|- | ----------------------------------------------------

Net earnings were $73.1 million for the quarter ended September 30, 2011 compared to $84.1 million in the same period of the prior year. The adjusted EBIT decreased mainly due to the expenses
incurred for the Performance Improvement Plan in the amount of $45.4 million. This decrease was partially offset by lower acquisition-related and integration costs in the amount of $16.7 million.

The decrease in weighted average number of shares is due to the buyback of shares under the current NCIB, partly offset by the issuance of
Class A subordinate shares upon the exercise of stock options. During the current quarter, 3.3 million shares were repurchased and 1.0 million options were exercised.



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In the fourth quarter of fiscal 2011, the Company accelerated the on-going optimization of
its cost structure and incurred a significant amount of charges. This in turn lowered our net earnings by 13.1% despite growth in revenue. As the charges taken in the current quarter are higher than normal, the $45.4 million of provisions on excess
real estate, related leasehold improvements write-off, severance costs, and impairment charges are added back to earnings in order to calculate a more meaningful net earnings and margin number. Similar types of charges are added back to the fourth
quarter of fiscal 2010 to show a more meaningful comparison. Below is a table showing the year-over-year comparison with the favourable tax adjustments, the impact of acquisition-related and integration costs related to Stanley, the provisions on
excess real estate, the related leasehold improvements write-off, the severance costs and the impairment charges removed:



|                                                                                                                             |  |      |         |   |      |  |         |        |  |  |        |  
|---------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- |  | ------- | ------ |  |  | ------ | -
|For the three months ended September 30
(in thousands of dollars unless otherwise indicated)                                 |  | 2011 |         |   | 2010 |  |         | Change | 
|Earnings before income taxes                                                                                                 |  |      | 98,774  |   |      |  | 120,094 |        |  |  | -17.8  | %
|Add back:                                                                                                                    |  |      |         |   |      |  |         |        |  |  |        |  
|Acquisition-related and integration costs                                                                                    |  |      |        |   |      |  | 16,655  |        |  |  | -100.0 | %
|Severances, excess real estate provisions, leasehold improvement write-offs and impairment charge                            |  |      | 45,419  |   |      |  | 9,336   |        |  |  | 386.5  | %
|Earnings from continuing operations before income taxes prior to adjustments                                                 |  |      | 144,193 |   |      |  | 146,085 |        |  |  | -1.3   | %
|Income tax expense                                                                                                           |  |      | 25,681  |   |      |  | 36,018  |        |  |  | -28.7  | %
|Add back:                                                                                                                    |  |      |         |   |      |  |         |        |  |  |        |  
|Tax adjustments                                                                                                              |  |      |        |   |      |  | 2,500   |        |  |  | -100.0 | %
|Tax deduction on acquisition-related and integration costs, severances, excess real estate provisions and impairment
charges |  |      | 13,717  |   |      |  | 6,482   |        |  |  | 111.6  | %
|Income tax expense prior to adjustments                                                                                      |  |      | 39,398  |   |      |  | 45,000  |        |  |  | -12.4  | %
|Effective tax rate prior to adjustments                                                                                      |  |      | 27.3    | % |      |  | 30.8    | %      |  |  |        |  
|Net earnings prior to adjustments                                                                                            |  |      | 104,795 |   |      |  | 101,085 |        |  |  | 3.7    | %
|Margin                                                                                                                       |  |      | 10.2    | % |      |  | 10.0    | %      |  |  |        |  
|Earnings per share (in dollars) 1                                                                                            |  |      |         |   |      |  |         |        |  |  |        |  
|Basic EPS                                                                                                                    |  |      | 0.40    |   |      |  | 0.37    |        |  |  | 8.1    | %
|Diluted EPS                                                                                                                  |  |      | 0.39    |   |      |  | 0.36    |        |  |  | 8.3    | %



|1 | EPS amounts are attributable to shareholders of CGI and prior to tax adjustments, acquisition-related and integration costs, severances, excess real
estate provisions, leasehold improvement write-offs and impairment charges.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|8. | SUMMARY OF QUARTERLY RESULTS
|-- | ----------------------------





8.1. KEY PERFORMANCE MEASURES FOR
THE PAST EIGHT QUARTERS



|                                                                  |  |           |           |   |          |  |           |          |  |  |           |   |  |           |           |   |          |  |           |          |  |  |           |   |  |  |           |   |  |  |           |  
|----------------------------------------------------------------- |  | --------- | --------- | - | -------- |  | --------- | -------- |  |  | --------- | - |  | --------- | --------- | - | -------- |  | --------- | -------- |  |  | --------- | - |  |  | --------- | - |  |  | --------- | -
|As at and for the three months ended                              |  | Sept. 30, |           |   | June 30, |  |           | Mar. 31, |  |  | Dec. 31,  |   |  | Sept. 30, |           |   | June 30, |  |           | Mar. 31, |  |  | Dec. 31,  |  
|(in thousands of dollars unless otherwise noted)                  |  | 2011      |           |   | 2011     |  |           | 2011     |  |  | 2010      |   |  | 2010      |           |   | 2010     |  |           | 2010     |  |  | 2009      |  
|Growth                                                            |  |           |           |   |          |  |           |          |  |  |           |   |  |           |           |   |          |  |           |          |  |  |           |   |  |  |           |   |  |  |           |  
|Backlog (in millions of dollars)                                  |  |           | 13,456    |   |          |  | 12,657    |          |  |  | 12,553    |   |  |           | 13,090    |   |          |  | 13,320    |          |  |  | 11,358    |   |  |  | 11,420    |   |  |  | 11,410    |  
|Bookings (in millions of dollars)                                 |  |           | 1,472     |   |          |  | 1,442     |          |  |  | 771       |   |  |           | 1,191     |   |          |  | 1,083     |          |  |  | 838       |   |  |  | 1,131     |   |  |  | 1,591     |  
|Book-to-bill ratio                                                |  |           | 143       | % |          |  | 139       | %        |  |  | 68        | % |  |           | 106       | % |          |  | 108       | %        |  |  | 93        | % |  |  | 124       | % |  |  | 174       | %
|Revenue                                                           |  |           | 1,031,565 |   |          |  | 1,037,913 |          |  |  | 1,133,071 |   |  |           | 1,120,688 |   |          |  | 1,007,056 |          |  |  | 901,614   |   |  |  | 910,441   |   |  |  | 913,006   |  
|Year-over-year growth                                             |  |           | 2.4       | % |          |  | 15.1      | %        |  |  | 24.5      | % |  |           | 22.7      | % |          |  | 8.7       | %        |  |  | -5.1      | % |  |  | -4.0      | % |  |  | -8.7      | %
|Constant currency growth                                          |  |           | 5.3       | % |          |  | 18.0      | %        |  |  | 27.9      | % |  |           | 25.9      | % |          |  | 13.8      | %        |  |  | 0.7       | % |  |  | 3.5       | % |  |  | -3.7      | %
|Profitability                                                     |  |           |           |   |          |  |           |          |  |  |           |   |  |           |           |   |          |  |           |          |  |  |           |   |  |  |           |   |  |  |           |  
|Adjusted EBIT                                                     |  |           | 102,772   |   |          |  | 144,342   |          |  |  | 156,290   |   |  |           | 158,549   |   |          |  | 139,801   |          |  |  | 128,702   |   |  |  | 123,963   |   |  |  | 119,436   |  
|Adjusted EBIT margin                                              |  |           | 10.0      | % |          |  | 13.9      | %        |  |  | 13.8      | % |  |           | 14.1      | % |          |  | 13.9      | %        |  |  | 14.3      | % |  |  | 13.6      | % |  |  | 13.1      | %
|Net earnings                                                      |  |           | 73,093    |   |          |  | 118,438   |          |  |  | 116,961   |   |  |           | 126,574   |   |          |  | 84,076    |          |  |  | 85,880    |   |  |  | 81,591    |   |  |  | 111,219   |  
|Net earnings margin                                               |  |           | 7.1       | % |          |  | 11.4      | %        |  |  | 10.3      | % |  |           | 11.3      | % |          |  | 8.3       | %        |  |  | 9.5       | % |  |  | 9.0       | % |  |  | 12.2      | %
|Basic EPS (in dollars)                                            |  |           | 0.28      |   |          |  | 0.45      |          |  |  | 0.44      |   |  |           | 0.47      |   |          |  | 0.31      |          |  |  | 0.30      |   |  |  | 0.28      |   |  |  | 0.38      |  
|Diluted EPS (in dollars)                                          |  |           | 0.27      |   |          |  | 0.43      |          |  |  | 0.42      |   |  |           | 0.45      |   |          |  | 0.30      |          |  |  | 0.30      |   |  |  | 0.28      |   |  |  | 0.37      |  
|Liquidity                                                         |  |           |           |   |          |  |           |          |  |  |           |   |  |           |           |   |          |  |           |          |  |  |           |   |  |  |           |   |  |  |           |  
|Cash provided by operating activities                             |  |           | 192,782   |   |          |  | 90,076    |          |  |  | 193,147   |   |  |           | 95,210    |   |          |  | 158,473   |          |  |  | 102,750   |   |  |  | 125,016   |   |  |  | 166,128   |  
|As a percentage of revenue                                        |  |           | 18.7      | % |          |  | 8.7       | %        |  |  | 17.0      | % |  |           | 8.5       | % |          |  | 15.7      | %        |  |  | 11.4      | % |  |  | 13.7      | % |  |  | 18.2      | %
|Days sales outstanding                                            |  |           | 53        |   |          |  | 52        |          |  |  | 43        |   |  |           | 42        |   |          |  | 47        |          |  |  | 36        |   |  |  | 35        |   |  |  | 30        |  
|Capital structure                                                 |  |           |           |   |          |  |           |          |  |  |           |   |  |           |           |   |          |  |           |          |  |  |           |   |  |  |           |   |  |  |           |  
|Net debt to capitalization ratio                                  |  |           | 26.8      | % |          |  | 28.3      | %        |  |  | 28.7      | % |  |           | 30.6      | % |          |  | 30.6      | %        |  |  | 0.2       | % |  |  | n/a       |   |  |  | n/a       |  
|Net debt (cash)                                                   |  |           | 897,418   |   |          |  | 913,372   |          |  |  | 923,144   |   |  |           | 1,000,982 |   |          |  | 1,010,816 |          |  |  | 6,361     |   |  |  | (35,280   | ) |  |  | (73,049   | )
|Return on equity                                                  |  |           | 19.5      | % |          |  | 20.3      | %        |  |  | 18.9      | % |  |           | 17.2      | % |          |  | 16.4      | %        |  |  | 16.1      | % |  |  | 15.5      | % |  |  | 15.2      | %
|Return on invested capital                                        |  |           | 14.1      | % |          |  | 15.8      | %        |  |  | 16.0      | % |  |           | 15.7      | % |          |  | 16.3      | %        |  |  | 16.9      | % |  |  | 16.0      | % |  |  | 15.4      | %
|Balance sheet                                                     |  |           |           |   |          |  |           |          |  |  |           |   |  |           |           |   |          |  |           |          |  |  |           |   |  |  |           |   |  |  |           |  
|Cash, cash equivalents, bank overdraft and short-term investments |  |           | 92,389    |   |          |  | 28,185    |          |  |  | 83,851    |   |  |           | 91,962    |   |          |  | 141,020   |          |  |  | 406,475   |   |  |  | 419,110   |   |  |  | 346,445   |  
|Total assets                                                      |  |           | 4,685,543 |   |          |  | 4,428,075 |          |  |  | 4,561,671 |   |  |           | 4,536,492 |   |          |  | 4,607,191 |          |  |  | 3,813,138 |   |  |  | 3,872,980 |   |  |  | 3,785,231 |  
|Long-term financial liabilities                                   |  |           | 728,809   |   |          |  | 1,033,288 |          |  |  | 1,102,990 |   |  |           | 1,090,485 |   |          |  | 1,159,198 |          |  |  | 387,341   |   |  |  | 379,227   |   |  |  | 354,392   |  

8.2. QUARTERLY VARIANCES

There are factors causing quarterly variances which may not be reflective of the Companys future performance. First, there is seasonality in SI&C work, and the quarterly performance of these
operations is impacted by occurrences such as vacations and the number of statutory holidays in any given quarter. Outsourcing contracts including BPS contracts are affected to a lesser extent by seasonality. Second, the workflow from some clients
may fluctuate from quarter to quarter based on their business cycle and the seasonality of their own operations. Third, the savings that we generate for a client on a given outsourcing contract may temporarily reduce our revenue stream from this
client, as these savings may not be immediately offset by additional work performed for this client.

In general, cash flow
from operating activities could vary significantly from quarter to quarter depending on the timing of monthly payments received from large clients, cash requirements associated with large acquisitions, outsourcing



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contracts and projects, the timing of the reimbursements for various tax credits as well as profit sharing payments to members and the timing of restructuring cost payments.

Foreign exchange fluctuations also contribute to quarterly variances, and these variances are likely to increase as the percentage of
revenue in foreign currencies changes. From a margin perspective, CGI benefits from a natural hedge against currency fluctuations driven mainly by U.S. dollar expenses incurred in Canada, such as licenses, maintenance, insurance and interest
expenses.



|9. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|-- | ------------------------------------------





The audited, consolidated financial
statements for the years ended September 30, 2011, 2010, and 2009 include all adjustments that CGIs management considers necessary for the fair presentation of its financial position, results of operations, and cash flows.

Certain comparative figures have been reclassified to conform to the current periods presentation.

9.1. CHANGES IN ACCOUNTING POLICIES

On October 1, 2010, the Company elected to early adopt the following accounting guidance:



| | a) | Emerging Issue Committee (EIC) Abstract No. 175 (EIC-175), Revenue Arrangements with Multiple Deliverables issued by the CICA
in December 2009 which amends the EIC Abstract No. 142 (EIC-142), Revenue Arrangements with Multiple Deliverables. EIC-175 is equivalent to the U.S. GAAP standard, Accounting Standards Update (ASU)
No. 2009-13 (ASU 2009-13), Multiple-Deliverable Revenue Arrangements issued by the Financial Accounting Standards Board (FASB) and applies to arrangements that include multiple-deliverables that are not
accounted for pursuant to other specific guidance, such as Accounting Standards Codification (ASC) Topic 985-605 (ASC 985-605), Software  Revenue Recognition. The new guidance changes the requirements for
establishing separate units of accounting in a multiple-deliverable arrangement and requires the allocation of total arrangement consideration to each separate unit of accounting based on their relative selling prices. Based on this method, the
selling price of each separate unit of accounting is determined using vendor-specific objective evidence (VSOE) of selling price if available, otherwise third-party evidence (TPE) of selling price, or estimated selling price
(ESP) if neither VSOE nor TPE of selling price is available. The residual method of allocating arrangement consideration is no longer permitted. EIC-175 also expands the disclosure required for multiple-deliverable arrangements.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) | ASU No. 2009-14 (ASU 2009-14), Certain Revenue Arrangements that Include Software Elements the U.S GAAP standard issued by the FASB which
amends ASC 985-605. ASU 2009-14 modifies the scope of the software recognition guidance to exclude tangible products that contain both software and non-software deliverables that function together to deliver a products essential functionality.
There is no specific software revenue recognition guidance under Canadian GAAP, therefore the Company follows U.S. guidance.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The adoption of the above accounting guidance, which was applied prospectively to new revenue arrangements with multiple-deliverables entered into or materially modified on or after October 1, 2010,
did not have any material impact on the Companys consolidated financial statements for the year ended September 30, 2011.

9.2. CRITICAL ACCOUNTING ESTIMATES

The Companys significant accounting
policies are described in Note 2 of the September 30, 2011 audited consolidated financial statements. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure



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of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Because of the use of
estimates inherent in the financial reporting process, actual results could differ from those estimates.

An accounting
estimate is considered critical if the estimate requires management to make assumptions about matters that were highly uncertain at the time the estimate was made, if different estimates could reasonably have been used in the period, or changes in
the accounting estimates that are reasonably likely to occur, could have a material impact on the presentation of our financial condition, changes in financial condition or results of operations.



|                                               |  |                             |  |                                           |  |                           |  |              |  |  
|---------------------------------------------- |  | --------------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------ |  | -
|Areas impacted by estimates                    |  | Consolidatedbalance 
sheets |  | Consolidated statements of earnings      
|                                               |  | Revenue                     |  | Cost ofservices,selling andadministrative |  | Amortizationor impairment |  | Income taxes
|Business combinations                          |  | ü                           |  |                                           |  |                           |  | ü            |  |  
|Income taxes                                   |  | ü                           |  |                                           |  |                           |  |              |  | ü
|Contingencies and other liabilities            |  | ü                           |  |                                           |  | ü                         |  |              |  |  
|Revenue recognition1                           |  | ü                           |  | ü                                         |  |                           |  |              |  |  
|Stock-based compensation                       |  | ü                           |  |                                           |  | ü                         |  |              |  |  
|Investment tax credits and government programs |  | ü                           |  |                                           |  | ü                         |  |              |  |  
|Impairment of long-lived assets and goodwill   |  | ü                           |  |                                           |  |                           |  | ü            |  |  



|1 | Affects the balance sheet through accounts receivable, work in progress and deferred revenue.
|- | ---------------------------------------------------------------------------------------------

Business combinations

The Company accounts for its business combinations using the acquisition method. Under this method, estimates we made to determine the fair values of asset and liabilities acquired, include judgements in
our determinations of acquired intangible assets and assessment of the fair value of existing capital assets. Acquired liabilities can include litigation and other contingency reserves existing at the time of the acquisition. The Company allocates
the purchase consideration to net identifiable assets and liabilities assumed based on estimated fair values at the date of acquisition with the excess of the purchase price amount being allocated to goodwill.

When establishing fair values, management will make significant estimates and assumptions, especially with respect to intangible assets.
Intangible assets acquired and recorded by the Company may include client relationships and contracts, software licenses, trademarks and business solutions. Estimates include but are not limited to the forecasting of future cash flows and discount
rates. From time to time, the Company may engage third-party firms to assist us in determining the fair value of assets and liabilities assumed. Managements estimates of fair values are based upon assumptions believed to be reasonable, but
which are inherently uncertain and unpredictable. As a result, actual results may differ from estimates impacting our earnings.

Income taxes

The Company measures income tax assets and liabilities, both current and future, according to enacted or substantively enacted income tax legislation that is expected to apply when the asset is realized
or the liability settled. The applicable income tax legislation and regulations are subject to the Companys interpretation. An assessment of the ultimate realization of the future income taxes generated from temporary differences between the
book value and the tax value of assets and liabilities as well as tax losses carried forward is performed regularly. The conclusion of whether it is more likely than not that future assets will be realized includes making assessments of expectations
of future taxable income. The ultimate amount of future income taxes and income tax provisions could be materially different from those recorded, as it is influenced by future operating results of the Company and its tax interpretations.



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Contingencies and other liabilities

The Company accrues for costs and other liabilities requiring significant judgment. Contingencies for pending or threatened litigation,
guarantees and other possible liabilities involve uncertainty as to possible gain or loss to the Company that will ultimately be resolved when one or more future events occur or fail to occur. Resolution of the uncertainty may confirm the reduction
of a liability or the occurrence of a liability. The accrued liabilities are based on historical experience, current trends and other assumptions that are believed to be reasonable under the circumstances.

Furthermore, there are various claims and pending actions against the Company arising in the ordinary course of its business as well as
inherited from business acquisitions. Certain of these actions seek damages in significant amounts. Among other things, the Company considers the period in which the underlying cause of the claim occurred, the degree of probability of an
unfavourable outcome and the ability to make a reasonable estimate of the loss to determine whether a loss accrual or disclosure in the consolidated financial statements is required.

The Company accrues lease provisions which consist of estimated costs associated with vacated premises. The provisions reflect the present
value of lease payments in excess of the expected sublease proceeds on the remaining term of the lease. Key assumptions include the discount rate and the estimate of potential revenues from the subleasing of vacated premises.

Revenue recognition

CGI provides services containing pricing mechanisms such as fixed-price arrangements under percentage-of-completion which requires estimates of revenue and costs over the entire term of the arrangement,
including estimates of resources and costs necessary to complete performance.

Another assessment, related to a contract which
involves the provision of multiple-service elements, is to determine how estimated contract revenue is allocated to each element based on fair values or selling prices. Revenue is then recognized for each element as for single-element contracts.

Revenue from system benefits-funded arrangements is recognized only to the extent it can be predicted, with reasonable
certainty, that the benefit stream will generate amounts sufficient to fund the value on which revenue recognition is based.

Management regularly reviews arrangement profitability and the underlying estimates. Estimates of total revenue at the start of the
contract may differ materially from actual revenue generated due to volume variations, changes in technology and other factors which may not be foreseen at inception. Further, if total costs from a contract are more likely than not to exceed the
total revenue from the contract, then a provision for the probable loss is made in the period in which the loss first becomes evident.

Stock-based compensation

CGI accounts for its stock option plan in
accordance with section 3870, Stock-based Compensation and Other Stock-based Payments of the CICA Handbook. Pursuant to the recommendations of this section, CGI has elected to value the options granted as part of its share-based payment
transactions using the Black-Scholes valuation model. The variables in the model include, but are not limited to: the expected stock price volatility over the term of the awards, expected forfeitures, the expected life of the options and the
risk-free interest rate. Different assumptions and changes in circumstances could create material differences in our results of operations.

Investment tax credits and government programs

The Company receives
refundable tax credits on salaries and tax credits on research and software development costs, which meet the criteria of investment tax credits and government programs. The Company is subject to annual audits to verify the amount for which it is
entitled and whether it operates eligible activities under the terms of various government



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tax credit programs. Assessments of the proportion of eligible expenses and of the acceptability rate by these different governments are performed periodically.

Impairment of long-lived assets and goodwill

The Company tests the recoverability of long-lived assets, such as intangibles and capital assets, at the end of each year when events or changes in circumstances exist that the carrying amount may not be
recoverable. For business solutions, software licenses and client relationships, estimates and assumptions include determining the appropriate period over which to amortize the capitalized costs based on the estimated useful lives and estimating the
related future cash flows, and assessing these against the unamortized balances. For internal-use software and capital assets, the appropriate amortization period is based on estimates of the Companys ability to utilize these assets on an
ongoing basis. To assess the recoverability of business solutions and contract costs, the Company must estimate future revenue, costs and future cash inflows and outflows. The undiscounted estimated cash flows are projected over its remaining life
and compared to the carrying amount.

Goodwill is assessed for potential impairment at the reporting unit level, at least
annually or when events or changes in circumstances exist such that the carrying amount may not be recoverable. Such an assessment requires a comparison of the fair value of the reporting unit to its carrying value. Our four operating segments are
our reporting units. The estimate of fair value of a reporting unit is based on a discounted cash flows analysis using management approved key assumptions such as future cash flows, growth projections, terminal values, discount rates and industry
data. Any change in the estimates used could have a material impact on the calculation of fair value and the resulting impairment charge.

9.3. INTERNATIONAL FINANCIAL REPORTING STANDARDS

In February 2008, the Canadian
Accounting Standards Board confirmed that the use of IFRS would be required for Canadian publicly accountable enterprises for fiscal years beginning on or after January 1, 2011. Accordingly, our first quarter under the IFRS reporting standards
will be for the three-month period ending December 31, 2011. Financial reporting under IFRS differs from current GAAP in a number of respects, some of which are significant. IFRS on the date of adoption may also differ from current IFRS due to
new standards that are expected to be issued before the changeover date.

We describe below our IFRS changeover plan, key
deliverables and their status, and the significant known impacts on our financial reporting. This is provided to allow readers to obtain a better understanding of our IFRS changeover plan and the resulting possible effects on our financial
statements and operating performance measures. Readers are cautioned, however, that it may not be appropriate to use such information for any other purpose. This information also reflects our most recent assumptions and expectations; circumstances
may arise, such as changes in IFRS, regulations or economic conditions, which could change these assumptions or expectations. We will continue to monitor and adjust for any movements in the standards made to ensure the reader is kept abreast of such
developments.

In preparation for the conversion to IFRS, the Company has developed an IFRS changeover plan consisting of four
phases:



|                   |  |           |  |                                                                                                                                                                                                                                                                                                                                
|------------------ |  | --------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|PHASE              |  | STATUS    |  | DETAILS                                                                                                                                                                                                                                                                                                                        
|Phase 1
Diagnostic |  | Completed |  |       Completed a high-level review of the differences
between current GAAP and IFRS, as well as a review of the alternatives available on adoption; and 
      Assessed these differences and their impact on the financial
statements, business processes and/or IT systems in order to determine the scope of the project.



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|                                    |  |           |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|----------------------------------- |  | --------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|PHASE                               |  | STATUS    |  | DETAILS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Phase 2
Detailed Impact Assessment  |  | Completed |  |       Completed a detailed impact assessment of differences
between Canadian GAAP and IFRS; 
      Documented the rationale supporting initial accounting policy choices,
new disclosure requirements, authoritative literature supporting these choices and the quantification of any impacts; and 
      Further assessed impacts on our other key elements such as information
technology changes, education and training requirements, impacts on business activities, integrity of internal control over financial reporting and disclosure controls and procedures.                                                                                                                                                                                                                      
|                                    |  |          
|Phase 3 & 4
Design & Implementation |  | Completed |  |       Adjusted or redesigned the appropriate systems and
business processes; 
      Updated and developed accounting policies, disclosure controls and
procedures and internal controls over financial reporting;        Prepared our opening balance sheet; 
      Conducted an engagement with our external auditors addressing the
opening financial position upon conversion;        Conducting an engagement with our external auditors addressing the parallel comparative year financial statements (fiscal 2011);

      Continuing education and training in areas that will have the most
significant impact on our operations; and        Monitoring the development of any new accounting standards and their impact on the choices and exemptions made by the Company to date.

We have a project manager, a detailed project plan and a progress reporting mechanism in place to support
and communicate the evolution of the changeover plan. In addition to the working team, we have established an IFRS Steering Committee responsible for monitoring the progress and approving recommendations from the working team. The working team meets
weekly, while the Steering Committee meets monthly, and quarterly updates are being provided to the Audit and Risk Management Committee.

In order to establish IFRS financial reporting expertise at all levels, our Company established a training plan. Beyond the technical training for the key finance working team, we have been delivering
training to other finance and operational personnel throughout the current phase. Our strategy has been to gather and retain the expertise in-house as much as possible supplementing with external resources as necessary. On a quarterly
basis, our Audit and Risk Management Committee members also gather the necessary knowledge through training topics at each meeting. We also provided our Board of Directors with a briefing in November 2010.

IFRS 1, First-time Adoption of International Financial Reporting Standards, requires that first-time adopters select
accounting policies that are in compliance with each IFRS effective at the end of the Companys first IFRS reporting period and apply those policies to all periods presented in their first IFRS financial statements. The general requirement of
IFRS 1 is full retrospective application of all accounting standards; however, certain mandatory exceptions and optional exemptions are available. The significant optional exemptions that we expect to apply are described within the relevant notes
below, along with the opening balance sheet impact.



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The Company has assessed the impact of IFRS on its opening balance sheet. Below is the
preliminary opening balance sheet of the Company as at October 1, 2010 (Transition Date). The original published balance sheet prepared under Canadian GAAP is presented, followed by the IFRS adjustments in the next column which are
further explained in the corresponding notes. The IFRS column is the balance sheet we expect to present in our first financial statements prepared under IFRS for the three-month period ending December 31, 2011 (first quarter of fiscal 2012).
The opening consolidated IFRS balance sheet may differ significantly from this internal opening consolidated balance sheet due to changes in financial reporting requirements arising from new or revised standards issued by the International
Accounting Standards Board (IASB), interpretations issued by the International Financial Reporting Interpretations Committee or other items identified through the first quarter of 2012.



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Based on our initial assessment, we do not believe there will be any significant additional
differences on adoption of IFRS from Canadian GAAP.

PRELIMINARY OPENING CONSOLIDATED BALANCE SHEET

As at October 1, 2010



|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|----------------------------------------------------------- |  | ------------- | --------- | - | ----------------------------- |  | ---------------------- | ----- |  |  | -------- | - |  |  | --------- | 
|(in thousands of Canadian dollars)                          |  | CanadianGAAP$ |           |   | Adjustments(see notes below)$ |  |                        | IFRS$ | 
|Assets                                                      |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Current assets                                              |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Cash and cash equivalents                                   |  |               | 127,824   |   |                               |  | R                      |       |  |  | (19,295  | ) |  |  | 108,529   | 
|Short-term investments                                      |  |               | 13,196    |   |                               |  |                        |       |  |  |         |   |  |  | 13,196    | 
|Accounts receivable                                         |  |               | 423,926   |   |                               |  | R, V                   |       |  |  | 2,315    |   |  |  | 426,241   | 
|Work in progress                                            |  |               | 358,984   |   |                               |  | R                      |       |  |  | (1,318   | ) |  |  | 357,666   | 
|Prepaid expenses and other current assets                   |  |               | 76,844    |   |                               |  | R                      |       |  |  | (7,646   | ) |  |  | 69,198    | 
|Income taxes                                                |  |               | 7,169     |   |                               |  |                        |       |  |  |         |   |  |  | 7,169     | 
|Future income taxes                                         |  |               | 16,509    |   |                               |  | U                      |       |  |  | (16,509  | ) |  |  |          | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Total current assets before funds held for clients          |  |               | 1,024,452 |   |                               |  |                        |       |  |  | (42,453  | ) |  |  | 981,999   | 
|Funds held for clients                                      |  |               | 248,695   |   |                               |  |                        |       |  |  |         |   |  |  | 248,695   | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Total current assets                                        |  |               | 1,273,147 |   |                               |  |                        |       |  |  | (42,453  | ) |  |  | 1,230,694 | 
|Property, plant and equipment                               |  |               | 238,024   |   |                               |  | D, R                   |       |  |  | (1,392   | ) |  |  | 236,632   | 
|Contract costs                                              |  |               |          |   |                               |  | I, K, R, V             |       |  |  | 133,109  |   |  |  | 133,109   | 
|Intangible assets                                           |  |               | 516,754   |   |                               |  | H, K, R, V             |       |  |  | (147,185 | ) |  |  | 369,569   | 
|Other long-term assets                                      |  |               | 42,261    |   |                               |  | R                      |       |  |  | (638     | ) |  |  | 41,623    | 
|Deferred tax assets                                         |  |               | 11,592    |   |                               |  | D, K, R, U             |       |  |  | 11,296   |   |  |  | 22,888    | 
|Investment in joint venture                                 |  |               |          |   |                               |  | C, R                   |       |  |  | 22,814   |   |  |  | 22,814    | 
|Goodwill                                                    |  |               | 2,525,413 |   |                               |  |                        |       |  |  |         |   |  |  | 2,525,413 | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|                                                            |  |               | 4,607,191 |   |                               |  |                        |       |  |  | (24,449  | ) |  |  | 4,582,742 | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Liabilities                                                 |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Current liabilities                                         |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Accounts payable and accrued liabilities                    |  |               | 304,376   |   |                               |  | L, R, T                |       |  |  | (6,575   | ) |  |  | 297,801   | 
|Accrued compensation                                        |  |               | 191,486   |   |                               |  | R                      |       |  |  | (5,835   | ) |  |  | 185,651   | 
|Deferred revenue                                            |  |               | 145,793   |   |                               |  | R                      |       |  |  | (2,491   | ) |  |  | 143,302   | 
|Income taxes                                                |  |               | 86,877    |   |                               |  | R                      |       |  |  | (1,343   | ) |  |  | 85,534    | 
|Provisions                                                  |  |               |          |   |                               |  | T                      |       |  |  | 10,998   |   |  |  | 10,998    | 
|Future income taxes                                         |  |               | 26,423    |   |                               |  | U                      |       |  |  | (26,423  | ) |  |  |          | 
|Current portion of long-term debt                           |  |               | 114,577   |   |                               |  |                        |       |  |  |         |   |  |  | 114,577   | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Total current liabilities before clients funds obligations |  |               | 869,532   |   |                               |  |                        |       |  |  | (31,669  | ) |  |  | 837,863   | 
|Clients funds obligations                                  |  |               | 248,695   |   |                               |  |                        |       |  |  |         |   |  |  | 248,695   | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Total current liabilities                                   |  |               | 1,118,227 |   |                               |  |                        |       |  |  | (31,669  | ) |  |  | 1,086,558 | 
|Deferred tax liabilities                                    |  |               | 170,683   |   |                               |  | C, D, H, I, K, R, U    |       |  |  | 18,177   |   |  |  | 188,860   | 
|Long-term provisions                                        |  |               |          |   |                               |  | D, T                   |       |  |  | 9,266    |   |  |  | 9,266     | 
|Long-term debt                                              |  |               | 1,039,299 |   |                               |  |                        |       |  |  |         |   |  |  | 1,039,299 | 
|Other long-term liabilities                                 |  |               | 119,899   |   |                               |  | C, K, R, T             |       |  |  | (10,908  | ) |  |  | 108,991   | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|                                                            |  |               | 2,448,108 |   |                               |  |                        |       |  |  | (15,134  | ) |  |  | 2,432,974 | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Equity                                                      |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Attributable to shareholders of CGI Group Inc.              |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Retained earnings                                           |  |               | 1,196,386 |   |                               |  | B, C, D, H, I, J, K, L |       |  |  | (350,562 | ) |  |  | 845,824   | 
|Accumulated other comprehensive income (loss)               |  |               | (321,746  | ) |                               |  | B                      |       |  |  | 336,215  |   |  |  | 14,469    | 
|Capital stock                                               |  |               | 1,195,069 |   |                               |  |                        |       |  |  |         |   |  |  | 1,195,069 | 
|Contributed surplus                                         |  |               | 82,922    |   |                               |  | J, K                   |       |  |  | 11,484   |   |  |  | 94,406    | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|Attributable to shareholders of CGI Group Inc.              |  |               | 2,152,631 |   |                               |  |                        |       |  |  | (2,863   | ) |  |  | 2,149,768 | 
|Attributable to non-controlling interest                    |  |               | 6,452     |   |                               |  | L                      |       |  |  | (6,452   | ) |  |  |          | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|                                                            |  |               | 2,159,083 |   |                               |  |                        |       |  |  | (9,315   | ) |  |  | 2,149,768 | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 
|                                                            |  |               | 4,607,191 |   |                               |  |                        |       |  |  | (24,449  | ) |  |  | 4,582,742 | 
|                                                            |  |               |           |   |                               |  |                        |       |  |  |          |   |  |  |           | 



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Initial elections upon IFRS adoption

Set forth below are the IFRS 1 optional exemptions applied in the conversion from Canadian GAAP to IFRS. Exemptions that were not
elected, not applicable or not considered material to the Company are not included in the discussion.



| | A. | Business combinations
| | -- | ---------------------

IFRS 1 provides the option to apply IFRS 3, Business Combinations (as revised in 2008), retrospectively or prospectively from
the Transition Date. The retrospective basis would require restatement of all business combinations that occurred prior to the Transition Date. The Company elected not to retrospectively apply IFRS 3. As a result, there is no adjustment in the
opening balance sheet related to business combinations entered into prior to the Transition Date. IFRS 3 will be applied to business combinations entered into subsequently. Additionally, due to the Companys election to apply IFRS 3
prospectively, International Accounting Standards (IAS) 27, Consolidated and Separate Financial Statements, will also be applied prospectively.



| | B. | Currency translation differences
| | -- | --------------------------------

Retrospective application of IFRS would require the Company to determine cumulative foreign currency translation differences in accordance with IAS 21, The Effects of Changes in Foreign Exchange
Rates, from the date a subsidiary was formed or acquired to the Transition Date. IFRS 1 permits cumulative foreign translation gains and losses to be reset to zero at the Transition Date. The Company elected to apply this exemption and as such
reversed the balance of $413.0 million within net unrealized losses on translating financial statements of self-sustaining foreign operations and $76.8 million within net unrealized gains on translating long-term debt designated as
a hedge of net investments in self-sustaining foreign operations included in accumulated other comprehensive loss. The net loss of $336.2 million was recognized as a decrease to accumulated other comprehensive loss with a corresponding
decrease to retained earnings.



| | C. | Employee benefits
| | -- | -----------------

IFRS 1
provides the option to recognize all cumulative actuarial gains and losses deferred as a result of applying the corridor approach in accounting for defined benefit plans in retained earnings at Transition Date. The Company elected to apply this
exemption. As a result, other long-term liabilities decreased by $0.8 million. After a related increase to deferred income tax liabilities of $0.2 million, retained earnings increased by $0.6 million. Additionally, the Companys joint venture,
which is accounted for under the equity method as noted in section (R), applied the same exemption. As a result, the investment in the joint venture decreased by $1.8 million with a corresponding decrease in retained earnings.



| | D. | Decomissioning liabilities included in the cost of property, plant and equipment
| | -- | --------------------------------------------------------------------------------

IFRS 1 allows a first-time adopter to use a simplified treatment of historic changes when estimating the decommissioning liability between
initial inception of the liability and the Transition Date. The Company elected to apply the method specified within IFRS 1 for valuing the decommissioning liability and as a result, property, plant and equipment decreased by $0.7 million and
long-term provisions increased by $0.6 million. After a related decrease to deferred income tax liabilities of $0.2 million and an increase to deferred income tax assets of $0.2 million, retained earnings decreased by $0.9 million.



| | E. | Borrowing costs
| | -- | ---------------

IFRS 1
allows the Company to choose the effective date of IAS 23, Borrowing Costs. The Company elected to apply IAS 23 as of the Transition Date and as such will capitalize borrowing costs for qualifying assets for which construction commences
on or after the Transition Date.



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##### Table of Contents

Set forth below are the applicable mandatory exceptions in IFRS 1 applied in the
conversion from Canadian GAAP to IFRS.



| | F. | Hedge accounting
| | -- | ----------------

Hedge
accounting can only be applied prospectively from the Transition Date to transactions that satisfy the hedge accounting criteria in IAS 39, Financial Instruments: Recognition and Measurement, at that date. Hedging relationships cannot be
designated retrospectively and the supporting documentation cannot be created retrospectively. As a result, only hedging relationships that satisfy the hedge accounting criteria as of the Transition Date are reflected as hedges in the Companys
results under IFRS. The application of this mandatory exception did not result in any adjustments upon IFRS conversion.



| | G. | Estimates
| | -- | ---------

Hindsight is
not used to create or revise estimates. The estimates previously made by the Company under Canadian GAAP were not revised for application of IFRS except where necessary to reflect any difference in accounting policies.

Set forth below are discussions of differences between IFRS and Canadian GAAP.



| | H. | Reversal of intangible asset impairment
| | -- | ---------------------------------------

As opposed to current GAAP, impairments under IFRS are conducted in one step using discount rates that are asset specific. In addition, when determining future cash flows associated with an asset, there
are certain limitations in what can be included. With the more restrictive guidance under IFRS, there is a higher probability of asset impairment. However, there are also provisions under IFRS for the subsequent reversal of these impairment charges
if circumstances change such that the previously determined impairment is reversed. Under Canadian GAAP, the reversal of impairment losses is prohibited. Upon adoption of IFRS, the Company reversed an impairment recognized under Canadian GAAP as a
result of changes in the expected cash flows relating to a business solution. As a result, intangible assets increased by $0.8 million as of the Transition Date. After a related increase to deferred income tax liabilities of $0.2 million, retained
earnings increased by $0.6 million.



| | I. | Reversal of contract cost impairment
| | -- | ------------------------------------

Under Canadian GAAP, contract costs consisting of transition costs and incentives are classified as intangible assets. Under IFRS, contract costs are recognized in accordance with IAS 11,
Construction Contracts and no longer qualify as intangible assets. Upon adoption of IFRS, the Company reversed an impairment loss on a contract cost that was recognized under Canadian GAAP due to the fact that at the Transition Date the
contract was profitable and, in accordance with IAS 11, did not require a provision for loss. As a result, contract costs increased by $2.1 million as of the Transition Date. After a related increase to deferred income tax liabilities of $0.8
million, retained earnings increased by $1.3 million.



| | J. | Share-based payment
| | -- | -------------------

With
respect to compensation costs for stock options, IFRS requires the use of the graded vesting method for grants with vesting periods greater than one year. Each tranche in an award with graded vesting is considered a separate grant with a different
vesting date and fair value, and each grant is accounted for on that basis. Currently, CGI accounts for the costs under the straight-line method for Canadian GAAP, but reconciles to the graded vesting method for U.S. GAAP purposes. Under IFRS 1, CGI
has chosen to not apply IFRS retroactively on transition to vested options and will only retroactively apply IFRS to unvested options. As a result of the difference of accounting for each grant of graded share-based awards, contributed surplus
increased by $8.1 million as of the Transition Date with a corresponding decrease to retained earnings.



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| | K. | Income taxes
| | -- | ------------

Assets
or liabilities acquired other than in a business combination

Under Canadian GAAP, the carrying amount of an asset or
liability acquired other than in a business combination is adjusted for by the amount of the related recognized deferred tax asset or liability. Under IFRS, a deferred tax asset or liability cannot be recognized if it arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and if at the time of the transaction neither accounting profit nor taxable profit is affected. As a result, the Company decreased deferred tax liabilities by
$3.4 million, intangible assets by $2.9 million, contract costs by $0.5 million and deferred tax assets by $5.0 million with a corresponding decrease to other long-term liabilities of $0.9 million and retained earnings of $4.1 million.

Share-based payment

Under Canadian GAAP, a deferred tax asset is recognized on the difference between the accounting expense and the tax deduction relating to a share-based payment. Under IFRS, the deferred tax asset
recognized in relation to the share-based payment is adjusted each period to reflect the amount of the tax deduction the Company would receive if the award were tax deductible in the current period based on the current market price of the shares. If
the tax deduction or future tax deduction estimated exceeds the related cumulative share-based payment expense, the excess associated current and deferred tax is recognized in contributed surplus. As a result, deferred tax liabilities decreased by
$5.5 million and retained earnings increased by $2.1 million while contributed surplus increased by $3.4 million.



| | L. | Commitment to purchase outstanding shares of non-controlling interest
| | -- | ---------------------------------------------------------------------

As at April 4, 2011, this commitment to purchase the remaining shares of CIA no longer exists. However, IFRS requires the restatement of all comparative financial statements and therefore, the impact
of IFRS will have to be assessed for the period before CGI sold its interest in CIA. Under Canadian GAAP, the value of the put and call option to purchase the remaining shares of CIA is disclosed as a commitment, but not recorded as a liability.
Under IFRS, it must be recorded as a liability. As a result, accounts payable and accrued liabilities increased by $10.4 million. The equity attributable to non-controlling interest of $6.5 million was eliminated and retained earnings decreased by
the remaining balance of $3.9 million.



| | M. | Property, plant and equipment
| | -- | -----------------------------

We do not expect any modifications to the groupings of our major assets. Management will continue to use historical cost as its measurement basis and in addition, indicators of impairment will be assessed
at the Transition Date and annually thereafter if there are triggering events.



| | N. | Leases
| | -- | ------

Unlike Canadian
GAAP, when classifying capital leases (or finance leases) under IFRS, more judgement is applied due to the lack of quantitative thresholds. IFRS includes additional qualitative indicators that assist in determining lease classification.
After our review during the detailed assessment phase, we concluded that we had no classification differences. When quantifying the value of a finance lease, IFRS requires the use of the interest rate implicit in the lease. This differs from current
GAAP in that the rate to use is the lower of the incremental borrowing rate and the implicit rate. This difference does not result in a material difference in the value of our finance leases. An IFRS exposure draft on leases was issued in August
2010, which if adopted, would result in all leases as well as all expected payments being recognized on the balance sheet. This adoption could have a material impact to our balance sheet. It has recently been announced that a revised exposure draft
will be issued at the beginning of calendar 2012.



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| | O. | Consolidation
| | -- | -------------

Uniform
accounting policies and reporting periods are applied throughout the Company under current GAAP. Under IFRS, non-controlling interest is initially recognized at fair value as opposed to carrying value under current GAAP. In fiscal 2010, we elected
for the early adoption of Sections 1601, Consolidated Financial Statements and 1602 Non-Controlling Interests, of the CICA Handbook which are similar to the corresponding provisions of IFRS standard, IAS 27,
Consolidated and Separate Financial Statements.



| | P. | Intangibles
| | -- | -----------

Other than
the adjustments noted in sections (I) and (V), IAS 38, Intangible Assets, is similar to CICA Handbook Section 3064, Goodwill and Intangible Assets, which was adopted by the Company during fiscal 2009.



| | Q. | Government grants
| | -- | -----------------

IAS
20, Accounting for Government Grants and Disclosure of Government Assistance, permits the same accounting treatment as current GAAP for investment tax credits.



| | R. | Joint ventures
| | -- | --------------

Under
Canadian GAAP, the Company accounts for its joint venture in Innovapost under the proportionate consolidation method. Under IAS 31, Interests in Joint Ventures (IAS 31), companies are allowed to account for any joint venture
interest under either the proportionate consolidation or equity method. During the quarter ended June 30, 2011, IFRS 11, Joint Arrangements (IFRS 11), was issued and is effective for annual periods beginning
January 1, 2013, with early adoption permitted. This new standard focuses on the rights and obligations of the arrangement rather than the legal form. Under the new standard, joint ventures must be accounted for using the equity method when the
parties have rights to the net assets of the arrangement. Due to the fact that there is a choice available in the accounting method for a joint venture under IAS 31 and that the equity method will be required under IFRS 11, the Company has elected
to account for its investment in Innovapost under the equity method as of the Transition Date.

In the MD&A for the quarter
ended June 30, 2011, the preliminary opening consolidated balance sheet included the joint venture accounted for using the proportionate consolidation method. As a result of the subsequent decision to adopt the equity method, the effect of
proportionate consolidation has been removed from the balance sheet and the joint venture has been accounted for as an equity investment as of the Transition Date as follows:



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|                                                            |  |                               |         |  
|----------------------------------------------------------- |  | ----------------------------- | ------- | -
|(in thousands of Canadian dollars)                          |  | Adjustment forJoint 
Venture$ |        
|Assets                                                      |  |                               |         |  
|Current assets                                              |  |                               |         |  
|Cash and cash equivalents                                   |  |                               | (19,295 | )
|Short-term investments                                      |  |                               |        |  
|Accounts receivable                                         |  |                               | (9,527  | )
|Work in progress                                            |  |                               | (1,318  | )
|Prepaid expenses and other current assets                   |  |                               | (7,646  | )
|Income taxes                                                |  |                               |        |  
|Future income taxes                                         |  |                               |        |  
|                                                            |  |                               |         |  
|Total current assets before funds held for clients          |  |                               | (37,786 | )
|Funds held for clients                                      |  |                               |        |  
|                                                            |  |                               |         |  
|Total current assets                                        |  |                               | (37,786 | )
|Property, plant and equipment                               |  |                               | (669    | )
|Contract costs                                              |  |                               | (478    | )
|Intangible assets                                           |  |                               | (1,207  | )
|Other long-term assets                                      |  |                               | (638    | )
|Deferred tax assets                                         |  |                               | (362    | )
|Investment in joint venture                                 |  |                               | 24,598  |  
|Goodwill                                                    |  |                               |        |  
|                                                            |  |                               |         |  
|                                                            |  |                               | (16,542 | )
|                                                            |  |                               |         |  
|Liabilities                                                 |  |                               |         |  
|Current liabilities                                         |  |                               |         |  
|Accounts payable and accrued liabilities                    |  |                               | (5,940  | )
|Accrued compensation                                        |  |                               | (5,835  | )
|Deferred revenue                                            |  |                               | (2,491  | )
|Income taxes                                                |  |                               | (1,343  | )
|Provisions                                                  |  |                               |        |  
|Future income taxes                                         |  |                               |        |  
|Current portion of long-term debt                           |  |                               |        |  
|                                                            |  |                               |         |  
|Total current liabilities before clients funds obligations |  |                               | (15,609 | )
|Clients funds obligations                                  |  |                               |        |  
|                                                            |  |                               |         |  
|Total current liabilities                                   |  |                               | (15,609 | )
|Deferred tax liabilities                                    |  |                               | (404    | )
|Long-term provisions                                        |  |                               |        |  
|Long-term debt                                              |  |                               |        |  
|Other long-term liabilities                                 |  |                               | (529    | )
|                                                            |  |                               |         |  
|                                                            |  |                               | (16,542 | )
|                                                            |  |                               |         |  

Additionally, as a result of accounting for the investment under the equity method, the consolidated
statement of earnings and consolidated statement of cash flows will be amended.



| | S. | Revenue recognition
| | -- | -------------------

The
revenue recognition guidance under IAS 11 as well as IAS 18, Revenue, is not as specific as many standards under Canadian and U.S. GAAP. Over the past few months, the Company has been reviewing guidance from the standard setting
authorities as well as accounting firms interpretations in order to develop its proposed treatment based on current IFRS standards. The following provides a high level summary of the differences upon conversion to IFRS using standards in place
today.



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Under Canadian GAAP, the allocation of the consideration for arrangements that fall under
ASC 985-605 is done based on VSOE of fair value. VSOE of fair value is established through internal evidence of prices charged for each revenue item when that item is sold separately. Under IFRS, the total arrangement value is allocated based on
relative selling price. Relative selling price will maximize the use of observable inputs, or the Companys best estimate of selling price. In addition, under Canadian GAAP, the residual method can be used as an allocation method when there is
objective and reliable evidence of the fair value(s) of the undelivered item(s) but no such evidence of the delivered item(s). Under IFRS, the residual method will no longer be an appropriate method and the allocation of the consideration needs to
be done based on the relative selling price. With the adoption of EIC 175 on October 1, 2010, these differences do not exist for arrangements that fall under this new guidance.

Currently, under ASC 985-605, software arrangements for the sale of software licenses with other services (i.e., customization or
installation) are bundled as a single deliverable for revenue recognition when the services are essential to the functionality of the software license. Under IFRS, the standard permits the recognition of the software license separately from the
other services if it meets the criteria of a separately identifiable component (i.e., it has value to a client on a stand-alone basis).

Under IFRS, revenue from arrangements with extended payment terms can be recognized when the services are rendered and it is probable that the economic benefits associated with the transition will flow to
the entity. Under current GAAP, the criteria for these arrangements are more restrictive and often revenue needs to be recognized on a cash basis.

Under IFRS, when payment from a client is due either significantly before or after the transfer of goods or services, the amount of revenue is adjusted to reflect the time value of money, if deemed
material.

Canadian GAAP requires revenue for long-term contracts under fixed-fee arrangements such as outsourcing and BPS
arrangements to be recognized on a straight-line basis over the term of the arrangement, unless there is a better measure of performance or delivery. Under IFRS, revenue for those types of arrangement will be recognized as services are provided to
the client, and recognized based on contractual prices within an acceptable threshold based on demonstrated fair values.

Currently, under GAAP, revenue is limited to the amount not contingent on future performance obligations. Under IFRS, revenue is
recognized when it is probable that the economic benefits associated with the transaction will flow to the entity.

A revised
exposure draft is expected to be issued by the IASB and the Financial Accounting Standards Board on revenue recognition by the end of calendar 2011. The standards are not expected to be in place until the Fall of 2012.

Presentation Reclassifications



| | T. | Provisions
| | -- | ----------

IAS 37,
Provisions, Contingent Liabilities and Contingent Assets, requires a provision to be recognized when an entity has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to
settle the obligation. The thresholds for recognition of provisions are lower under IFRS than under Canadian GAAP.

Under
Canadian GAAP, provision for decommissioning liabilities, onerous leases and legal claims were presented within accounts payable and accrued liabilities or other long-term liabilities. Under IFRS, provisions require separate line disclosure on the
face of the balance sheet according to their short-term or long-term classification. As a result, an amount of $11.0 million was reclassified from accounts payable and accrued liabilities into short-term provisions and an amount of $8.7 million was
reclassified from other long-term liabilities to long-term provisions.



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| | U. | Tax reclassification
| | -- | --------------------

Under Canadian GAAP, deferred taxes are split between current and non-current components on the basis of either the underlying asset or
liability or the expected reversal of items not related to an asset or liability. Under IFRS, all deferred tax assets are classified as non-current. As a result, the short-term portion of future income tax assets of $16.5 million was reclassified to
deferred income tax assets and the short-term portion of future income tax liabilities of $26.4 million was reclassified to deferred income tax liabilities.



| | V. | Contract costs
| | -- | --------------

Under
Canadian GAAP, contract costs consisting of transition costs and incentives are classified as intangible assets. Under IFRS, transition costs and incentives provided in the form of cash or equity instruments are presented separately as contract
costs and incentives provided in the form of discounts are presented within accounts receivable. As a result, $97.4 million of transition costs and $34.6 million of incentives in the form of cash or equity instruments were reclassified from
intangible assets to contract costs and $11.8 million was reclassified from intangible assets to accounts receivable.

Presentation

The presentation section is addressed through individual IAS, most of which do not have significant differences from current GAAP. However, certain sections will require additional disclosure within the
notes to the financial statements. Examples include property, plant and equipment, intangible assets, costs of services, selling and administrative expenses, income taxes, goodwill and provisions. In certain cases, there will be a shift of
information between the notes and the face of the financial statements.

Under IFRS, it will be mandatory for CGI to present a
separate Statement of Equity whereas the Statement of Retained Earnings will be discontinued.

With respect to our reportable
segment disclosure under IFRS 8, Operating Segments, we do not see any significant differences from our current presentation.

Further to the above assessment of the impact of transitioning to IFRS on the opening balance sheet and on certain presentation items, below is a summary of the expected impact on our internal control and
information systems.



|                                                                                                                                                                                                                                                                                                                      |  |                          
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------
|KEY ACTIVITIES                                                                                                                                                                                                                                                                                                        |  | EXPECTED CHANGES         
|Information technology and data systems                                                                                                                                                                                                                                                                               |  | No material system impact
|                                                                                                                                                                                                                                                                                                                     
|The Company did not identify any material system impact in our conversion to IFRS. The Company has completed dual-recordkeeping for the first three quarters of fiscal
2011 and is in the process of finalizing the fourth quarter of fiscal 2011. Effective October 1, 2011, only IFRS recordkeeping will be in use.
|                                                                                                                                                                                                                                                                                                                      | 
|Internal controls over financial reporting                                                                                                                                                                                                                                                                            |  | No impact                
|                                                                                                                                                                                                                                                                                                                     
|The Company has concluded that internal controls applicable to our reporting processes under current GAAP are fundamentally the same as those required in our IFRS
reporting environment. During fiscal 2011, special attention was given to the effectiveness of controls during our transition year.               



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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |                 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------
|KEY ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | EXPECTED CHANGES
|Disclosure controls and procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Implemented     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|The Company designed appropriate procedures and controls to ensure additional information can be gathered and reported upon.
Documentation was amended in all areas and processes were developed for the production and communication of asset or liability specific discount rates. 
As communicated earlier, our financial statement note disclosures will be expanded. The working team also produced a draft of our first set of interim
consolidated financial statements under IFRS. In these statements, additional annual disclosures that would have been presented in the September 30, 2011 consolidated financial statements if prepared under IFRS will be included. Information
that is not considered material to the understanding of the Companys interim financial information will not be included.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 
|Business processes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Implemented     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Over the past few months, training has been targeted to our employees based in the operations especially as it pertains to
revenue recognition, provisions and asset impairments. In addition, we continue to provide guidance to those involved in client contracts to ensure they are aware of potential impacts once we convert to IFRS.
 We have assessed the implications of IFRS on our debt covenants and did not encounter
any impacts that would cause debt covenants to be breached.  Processes were
developed to prepare budgets and strategic plans under IFRS for fiscal 2012. In addition, we have assessed the impacts on the Companys incentive programs.                                                                                                                                             



|10. | INTEGRITY OF DISCLOSURE
|--- | -----------------------





Our management assumes the
responsibility for the existence of appropriate information systems, procedures and controls to ensure that information used internally and disclosed externally is complete and reliable. The Board of Directors duties include the assessment of
the integrity of the Companys internal control and information systems.

CGI has a formal Corporate Disclosure Policy as
a part of its Fundamental Texts whose goal is to raise awareness of the Companys approach to disclosure among the Board of Directors, senior management and employees. The Board of Directors has established a Disclosure Policy Committee
responsible for all regulatory disclosure requirements and overseeing the Companys disclosure practices.

The Audit and
Risk Management Committee of CGI is composed entirely of independent directors who meet the independence and experience requirements of the New York Stock Exchange as well as those that apply under Canadian securities regulation. The
responsibilities of our Audit and Risk Management Committee include: a) the review of all our public disclosure documents containing audited or unaudited financial information; b) identifying and examining the financial and operating risks to which
we are exposed and reviewing the various policies and practices that are intended to manage those risks; c) the review and assessment of the effectiveness of our accounting policies and practices concerning financial reporting; d) the review and
monitoring of our internal control procedures, programs and policies and assessment of the adequacy and effectiveness thereof; e) reviewing the adequacy of our internal audit resources including the mandate and objectives of the internal auditor; f)
recommendation to the Board of Directors of CGI on the appointment of external auditors, the assertion of the external auditors independence, the review of the terms of their engagement as well as pursuing ongoing discussions with them; g) the
review of the audit procedures; h) the review of related party transactions; and i) such other responsibilities usually attributed to audit and risk committees or as directed by our Board of Directors.

The Company evaluated the effectiveness of its disclosure controls and procedures and internal controls over financial reporting,
supervised by and with the participation of the Chief Executive Officer and the Chief Financial Officer as of



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September 30, 2011. The CEO and CFO concluded that, based on this evaluation, the Companys disclosure controls and procedures and internal controls over financial reporting were
adequate and effective, at a reasonable level of assurance, to ensure that material information related to the Company and its consolidated subsidiaries would be made known to them by others within those entities.

The CEO and CFO have limited the scope of the design of disclosure controls and procedures and internal controls over financial reporting
to exclude controls, policies and procedures of Innovapost, a joint venture in which we have a 49% interest. The design was excluded from our evaluation as we do not have the ability to dictate or modify the entitys internal controls over
financial reporting, and we do not have the practical ability to assess those controls. Our assessment is limited to the internal controls over the inclusion of our share of the joint venture and its results in our consolidated financial statements.
CGIs interest in the joint venture represents approximately 1% of our consolidated total assets and approximately 2% of our consolidated revenue as at and for the year ended September 30, 2011. Please refer to page 33 of this MD&A for
supplementary financial information about Innovapost.



|11. | RISK ENVIRONMENT
|--- | ----------------





11.1. RISKS AND UNCERTAINTIES

While we are confident about our long-term prospects, the following risks and uncertainties could affect our ability to
achieve our strategic vision and objectives for growth and should be considered when evaluating our potential as an investment.

11.1.1. Risks Related to the Market

Economic risk

The level of business activity of our clients, which
is affected by economic conditions, has a bearing upon the results of our operations. We can neither predict the impact that current economic conditions will have on our future revenue, nor predict when economic conditions will show meaningful
improvement. During an economic downturn, our clients and potential clients may cancel, reduce or defer existing contracts and delay entering into new engagements. In general, companies also decide to undertake fewer IT systems projects during
difficult economic times, resulting in limited implementation of new technology and smaller engagements. Since there are fewer engagements in a downturn, competition usually increases and pricing for services may decline as competitors, particularly
companies with significant financial resources, decrease rates to maintain or increase their market share in our industry and this may trigger pricing adjustments related to the benchmarking obligations within our contracts. Our pricing, revenue and
profitability could be negatively impacted as a result of these factors.

11.1.2. Risks Related to our Industry

The competition for contracts

CGI operates in a global marketplace in which competition among providers of IT services is vigorous. Some of our competitors possess greater financial, marketing, sales resources, and larger geographic
scope in certain parts of the world than we do, which, in turn, provides them with additional leverage in the competition for contracts. In certain niche, regional or metropolitan markets, we face smaller competitors with specialized capabilities
who may be able to provide competing services with greater economic efficiency. Some of our competitors have more significant operations than we do in lower cost countries that can serve as a platform from which to provide services worldwide on
terms that may be more favourable. Increased competition among IT services firms often results in corresponding pressure on prices. There can be no assurance that we will succeed in providing competitively priced services at levels of service and
quality that will enable us to maintain and grow our market share.



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The availability and retention of qualified IT professionals

There is strong demand for qualified individuals in the IT industry. Therefore, it is important that we remain able to successfully
attract and retain highly qualified staff. If our comprehensive programs aimed at attracting and retaining qualified and dedicated professionals do not ensure that we have staff in sufficient numbers and with the appropriate training, expertise and
suitable government security clearances required to serve the needs of our clients, we may have to rely on subcontractors or transfers of staff to fill resulting gaps. This might result in lost revenue or increased costs, thereby putting pressure on
our earnings.

The ability to continue developing and expanding service offerings to address emerging business demands
and technology trends

The rapid pace of change in all aspects of information technology and the continually declining
costs of acquiring and maintaining information technology infrastructure mean that we must anticipate changes in our clients needs. To do so, we must adapt our services and our solutions so that we maintain and improve our competitive
advantage and remain able to provide cost effective services. The market for the services and solutions we offer is extremely competitive and there can be no assurance that we will succeed in developing and adapting our business in a timely manner.
If we do not keep pace, our ability to retain existing clients and gain new business may be adversely affected. This may result in pressure on our revenue, profit margin and resulting cash flows from operations.

Infringing on the intellectual property rights of others

Despite our efforts, the steps we take to ensure that our services and offerings do not infringe on the intellectual property rights of
third parties may not be adequate to prevent infringement and, as a result, claims may be asserted against us or our clients. We enter into licensing agreements for the right to use intellectual property and may otherwise offer indemnities against
liability and damages arising from third-party claims of patent, copyright, trademark or trade secret infringement in respect of our own intellectual property or software or other solutions developed for our clients. In some instances, the amount of
these indemnity claims could be greater than the revenue we receive from the client. Intellectual property claims or litigation could be time-consuming and costly, harm our reputation, require us to enter into additional royalty or licensing
arrangements, or prevent us from providing some solutions or services. Any limitation on our ability to sell or use solutions or services that incorporate software or technologies that are the subject of a claim could cause us to lose
revenue-generating opportunities or require us to incur additional expenses to modify solutions for future projects.

Benchmarking provisions within certain contracts

Some of our outsourcing contracts contain clauses allowing our clients to externally benchmark the pricing of agreed upon services against those offered by other providers in an appropriate peer
comparison group. The uniqueness of the client environment is factored in and, if results indicate a difference outside the agreed upon tolerance, we may be required to work with clients to reset the pricing for their services.

Protecting our intellectual property rights

Our success depends, in part, on our ability to protect our proprietary methodologies, processes, know-how, tools, techniques and other intellectual property that we use to provide our services.
CGIs business solutions will generally benefit from available copyright protection and, in some cases, patent protection. Although CGI takes reasonable steps to protect and enforce its intellectual property rights, there is no assurance that
such measures will be enforceable or adequate. The cost of enforcing our rights can be substantial and, in certain cases, may prove to be uneconomic. In addition, the laws of some countries in which we conduct business may offer only limited
intellectual property rights



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protection. Despite our efforts, the steps taken to protect our intellectual property may not be adequate to prevent or deter infringement or other misappropriation of intellectual property, and
we may not be able to detect unauthorized use of our intellectual property, or take appropriate steps to enforce our intellectual property rights.

11.1.3. Risks Related to our Business

Risks associated with our
growth strategy

CGIs Build and Buy strategy is founded on four pillars of growth: first, organic growth through
contract wins, renewals and extensions in the areas of outsourcing and system integration; second, the pursuit of new large outsourcing contracts; third, acquisitions or smaller firms or niche players; and fourth, transformational acquisitions.

Our ability to grow through organic growth and new large outsourcing transactions is affected by a number of factors outside
of our control, including a lengthening of our sales cycle for major outsourcing contracts.

Our ability to grow through niche
and transformational acquisitions requires that we identify suitable acquisition targets and that we correctly evaluate their potential as transactions that will meet our financial and operational objectives. There can be no assurance that we will
be able to identify suitable acquisition candidates and consummate additional acquisitions that meet our economic thresholds, or that future acquisitions will be successfully integrated into our operations and yield the tangible accretive value that
had been expected.

If we are unable to implement our Build and Buy strategy, we will likely be unable to maintain our historic
or expected growth rates.

The variability of financial results

Our ability to maintain and increase our revenues is affected not only by our success in implementing our Build and Buy strategy, but also
by a number of other factors, including: our ability to introduce and deliver new services and products; a lengthened sales cycle; the cyclicality of purchases of technology services and products; the nature of a customers business; and the
structure of agreements with customers. For example, clients are increasingly demanding extended terms of payment, often stretching more than a year. These, and other factors, make it difficult to predict financial results for any given period.

Business mix variations

The proportion of revenue that we generate from shorter-term systems integration and consulting (SI&C) projects, versus revenue from long-term outsourcing contracts, will fluctuate at
times, affected by acquisitions or other transactions. An increased exposure to revenue from SI&C projects may result in greater quarterly revenue variations.

The financial and operational risks inherent in worldwide operations

We manage operations in numerous countries around the world. The scope of our operations makes us subject to currency fluctuations; the
burden of complying with a wide variety of national and local laws; differences in and uncertainties arising from local business culture and practices; multiple and sometimes conflicting laws and regulations; the absence in some jurisdictions of
effective laws to protect our intellectual property rights; restrictions on the movement of cash and other assets; restrictions on the import and export of certain technologies; restrictions on the repatriation of earnings; and political, social and
economic instability including the threats of terrorism and pandemic illnesses. We have a hedging strategy in place to mitigate foreign currency exposure; but, other than the use of financial products to deliver on our hedging strategy, we do not
trade derivative financial instruments. Any or all of these risks could impact our global business operations and cause our profitability to decline.



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Taxes

In estimating our income tax payable, management uses accounting principles to determine income tax positions that are likely to be sustained by applicable tax authorities. However, there is no assurance
that our tax benefits or tax liability will not materially differ from our estimates or expectations. The tax legislation, regulation and interpretation that apply to our operations are continually changing. In addition, future tax benefits and
liabilities are dependent on factors that are inherently uncertain and subject to change, including future earnings, future tax rates, and anticipated business mix in the various jurisdictions in which we operate. Moreover, our tax returns are
continually subject to review by applicable tax authorities; it is these tax authorities that will make the final determination of the actual amounts of taxes payable or receivable, of any future tax benefits or liabilities and of income tax expense
that we may ultimately recognize. Any of the above factors could have a material adverse effect on our net income or cash flows by affecting our operations and profitability, the availability of tax credits, the cost of the services we provide, and
the availability of deductions for operating losses as we develop our international service delivery capabilities.

Credit risk with respect to accounts receivable

In order to sustain our cash flows and net earnings from operations, we must collect the amounts owed to us in an efficient and timely manner. Although we maintain provisions to account for anticipated
shortfalls in amounts collected, the provisions we take are based on management estimates and on our assessment of our clients creditworthiness which may prove to be inadequate in the light of actual results. To the extent that we fail to
perform our services in accordance with our contracts and our clients reasonable expectations, and to the extent that we fail to invoice clients for our services correctly in a timely manner, our collections could suffer resulting in a direct
and adverse impact to our revenue, net earnings and cash flows. In addition, a prolonged economic downturn may cause clients to curtail or defer projects, impair their ability to pay for services already provided, and ultimately cause them to
default on existing contracts, in each case, causing a shortfall in revenue and impairing our future prospects.

Material developments regarding major commercial clients resulting from such causes as changes in financial condition, mergers or
business acquisitions

Consolidation among our clients resulting from mergers and acquisitions may result in loss or
reduction of business when the successor business information technology needs are served by another service provider or are provided by the successor companys own personnel. Growth in a clients information technology needs
resulting from acquisitions or operations may mean that we no longer have a sufficient geographic scope or the critical mass to serve the clients needs efficiently, resulting in the loss of the clients business and impairing our future
prospects. There can be no assurance that we will be able to achieve the objectives of our growth strategy in order to maintain and increase our geographic scope and critical mass in our targeted markets.

Early termination risk

If we should fail to deliver our services according to contractual agreements, some of our clients could elect to terminate contracts before their agreed expiry date, which would result in a reduction of
our earnings and cash flow and may impact the value of our backlog. In addition, a number of our outsourcing contractual agreements have termination for convenience and change of control clauses according to which a change in the clients
intentions or a change in control of CGI could lead to a termination of the said agreements. Early contract termination can also result from the exercise of a legal right or when circumstances that are beyond our control or beyond the control of our
client prevent the contract from continuing. In cases of early termination, we may not be able to recover capitalized contract costs and we may not be able to eliminate ongoing costs incurred to support the contract.



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Cost estimation risks

In order to generate acceptable margins, our pricing for services is dependent on our ability to accurately estimate the costs and timing
for completing projects or long-term outsourcing contracts. In addition, a significant portion of our project-oriented contracts are performed on a fixed-price basis. Billing for fixed-price engagements is carried out in accordance with the contract
terms agreed upon with our client, and revenue is recognized based on the percentage of effort incurred to date in relation to the total estimated costs to be incurred over the duration of the respective contract. These estimates reflect our best
judgment regarding the efficiencies of our methodologies and professionals as we plan to apply them to the contracts in accordance with the CGI Client Partnership Management Framework (CPMF), a process framework which helps ensure that
all contracts are managed according to the same high standards throughout the organization. If we fail to apply the CPMF correctly or if we are unsuccessful in accurately estimating the time or resources required to fulfil our obligations under a
contract, or if unexpected factors, including those outside of our control, arise, there may be an impact on costs or the delivery schedule which could have an adverse impact on our expected profit margins.

Risks related to teaming agreements and subcontracts

We derive substantial revenues from contracts where we enter into teaming agreements with other providers. In some teaming agreements we
are the prime contractor whereas in others we act as a subcontractor. In both cases, we rely on our relationships with other providers to generate business and we expect to do so in the foreseeable future. Where we act as prime contractor, if we
fail to maintain our relationships with other providers, we may have difficulty attracting suitable participants in our teaming agreements. Similarly, where we act as subcontractor, if our relationships are impaired, other providers might reduce the
work they award to us, award that work to our competitors, or choose to offer the services directly to the client in order to compete with our business. In either case, our business, prospects, financial condition and operating results could be
harmed.

Our partners ability to deliver on their commitments

Increasingly large and complex contracts may require that we rely on third party subcontractors including software and hardware vendors to
help us fulfil our commitments. Under such circumstances, our success depends on the ability of the third parties to perform their obligations within agreed upon budgets and timeframes. If our partners fail to deliver, our ability to complete the
contract may be adversely affected, which may have an unfavourable impact on our profitability.

Guarantees risk

In the normal course of business, we enter into agreements that may provide for indemnification and guarantees to
counterparties in transactions such as consulting and outsourcing services, business divestitures, lease agreements and financial obligations. These indemnification undertakings and guarantees may require us to compensate counterparties for costs
and losses incurred as a result of various events, including breaches of representations and warranties, intellectual property right infringement, claims that may arise while providing services or as a result of litigation that may be suffered by
counterparties.

Risk related to human resources utilization rates

In order to maintain our profit margin, it is important that we maintain the appropriate availability of professional resources by having
a high utilization rate while still being able to assign additional resources to new work. Maintaining an efficient utilization rate requires us to forecast our need for professional resources accurately and to manage professional training programs
and attrition rates among our personnel appropriately. To the extent that we fail to do so, our utilization rates may be reduced, thereby having an impact on our revenue and profitability. Conversely, we may find that we do not have



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sufficient resources to deploy against new business opportunities in which case our ability to grow our revenue would suffer.

Client concentration risk

We derive a substantial portion of our revenue from the services we provide to the U.S. federal government and its agencies, and we expect that this will continue for the foreseeable future. In the event
that a major U.S. federal government agency were to limit, reduce, or eliminate the business it awards to us, we might be unable to recover the lost revenue with work from other agencies or other clients, and our business, prospects, financial
condition and operating results could be materially and adversely affected.

Government business risk

Changes in federal, provincial or state government spending policies or budget priorities could directly affect our
financial performance. Among the factors that could harm our government contracting business are the curtailment of governments use of consulting and IT services firms; a significant decline in spending by governments in general, or by
specific departments or agencies in particular; the adoption of new legislation and/or actions affecting companies that provide services to governments; delays in the payment of our invoices by government payment offices; and general economic and
political conditions. These or other factors could cause government agencies and departments to reduce their purchases under contracts, to exercise their right to terminate contracts, to issue temporary stop work orders, or not to exercise options
to renew contracts, any of which would cause us to lose future revenue. Although Canadian GAAP considers a national government and its agencies as a single client, our client base in the government economic sector is in fact diversified with
contracts from many different departments and agencies in the U.S., Canada and Europe; nevertheless, government spending reductions or budget cutbacks at these departments or agencies could materially harm our continued performance under these
contracts, or limit the awarding of additional contracts from these agencies.

Regulatory risk

Our business with the US federal government and its agencies requires that we comply with complex laws and regulations relating to
government contracts. These laws relate to the integrity of the procurement process, impose disclosure requirements, and address national security concerns, among others matters. For instance, we are routinely subject to audits by U.S. government
agencies with respect to compliance with these rules. If we fail to comply with these requirements we may incur penalties and sanctions, including contract termination, suspension of payments, suspension or debarment from doing business with the
federal government, and fines.

Legal claims made against our work

We create, implement and maintain IT solutions that are often critical to the operations of our clients business. Our ability to
complete large projects as expected could be adversely affected by unanticipated delays, renegotiations, and changing client requirements or project delays. Also, our solutions may suffer from defects that adversely affect their performance; they
may not meet our clients requirements or may fail to perform in accordance with applicable service levels. Such problems could subject us to legal liability, which could adversely impact our business, operating results and financial condition,
and may negatively affect our professional reputation. We typically include provisions in our contracts which are designed to limit our exposure to legal claims relating to our services and the applications we develop. These provisions may not
protect us adequately or may not be enforceable under some circumstances or under the laws of some jurisdictions.



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Information and infrastructure risks

Our business often requires that our clients applications and information, which may include their proprietary information, be
processed and stored on our networks and systems, and in data centres that we manage. Digital information and equipment is subject to loss, theft or destruction, and services that we provide may become temporarily unavailable as a result thereof or
upon an equipment or system malfunction. Failures can arise from human error in the course of normal operations, maintenance and upgrading activities, or from hacking, vandalism (including denial of service attacks and computer viruses), theft and
unauthorized access by third parties, as well as from power outages or surges, floods, fires, natural disasters or from any other causes. The measures that we take to protect information and software, including both physical and logical controls on
access to premises and information and backup systems may prove in some circumstances to be inadequate to prevent the loss, theft or destruction of client information or service interruptions. Such events may expose the Company to financial loss or
damages.

Risk of harm to our reputation

CGIs reputation as a capable and trustworthy service provider and long term business partner is key to our ability to compete
effectively in the market for information technology services. The nature of our operations exposes us to the potential loss, unauthorized access to, or destruction of our clients information, as well as temporary service interruptions.
Depending on the nature of the information or services, such events may have a negative impact on how the Company is perceived in the marketplace. Under such circumstances, our ability to obtain new clients and retain existing clients could suffer
with a resulting impact on our revenue and profit.

Risks associated with the integration of new operations

The successful integration of new operations that arise from our acquisitions strategy or from large outsourcing contracts
requires that a substantial amount of management time and attention be focused on integration tasks. Management time that is devoted to integration activities may detract from managements normal operations focus with resulting pressure on the
revenues and earnings from our existing operations. In addition, we may face complex and potentially time-consuming challenges in implementing the uniform standards, controls, procedures and policies across new operations to harmonize their
activities with those of our existing business units. Integration activities can result in unanticipated operational problems, expenses and liabilities. If we are not successful in executing our integration strategies in a timely and cost-effective
manner, we will have difficulty achieving our growth and profitability objectives.

Liquidity and funding risks

The Companys future growth is contingent on the execution of its business strategy, which, in turn, is dependent on
its ability to grow the business organically as well as conclude business acquisitions. By its nature, our growth strategy requires us to fund the investments required to be made using a mix of cash generated from our existing operations, money
borrowed under our existing or future credit agreements, and equity funding generated by the issuance of shares of our capital stock to counterparties in transactions, or to the general public. Our ability to raise the required funding depends on
the capacity of the capital markets to meet our financing needs in a timely fashion and on the basis of interest rates and share prices that are reasonable in the context of profitability objectives. Increasing interest rates, volatility in our
share price, and the capacity of our current lenders to meet our liquidity requirements are all factors that may have an adverse impact on our access to the funding we require. If we are unable to obtain the necessary funding, we may be unable to
achieve our growth objectives.



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11.2. LEGAL PROCEEDINGS

The Company is involved in legal proceedings, audits, claims and litigation arising in the ordinary course of its business. Certain of
these matters seek damages in significant amounts. Although, the outcome of such matters is not predictable with assurance, the Company has no reason to believe that the disposition of any such current matter could reasonably be expected to have a
materially adverse impact on the Companys financial position, results of operations or the ability to carry on any of its business activities.



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Consolidated Financial Statements of

CGI GROUP INC.

For the years ended September 30, 2011 and 2010



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Managements and Auditors reports

MANAGEMENTS STATEMENT OF RESPONSIBILITY FOR FINANCIAL REPORTING

The management of CGI Group
Inc. (the Company) is responsible for the preparation and integrity of the consolidated financial statements and the Managements Discussion and Analysis (MD&A). The consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in Canada and necessarily include some amounts that are based on managements best estimates and judgment. Financial and operating data elsewhere in the MD&A are
consistent with that contained in the accompanying consolidated financial statements.

To fulfill its responsibility, management has
developed, and continues to maintain, systems of internal controls reinforced by the Companys standards of conduct and ethics, as set out in written policies to ensure the reliability of the financial information and to safeguard its assets.
The Companys internal control over financial reporting and consolidated financial statements are subject to audit by the independent auditors, Ernst & Young LLP, whose report follows. They were appointed as independent auditors, by a
vote of the Companys shareholders, to conduct an integrated audit of the Companys consolidated financial statements and of the Companys internal control over financial reporting. In addition, the Management Committee of the Company
reviews the disclosure of corporate information and oversees the functioning of the Companys disclosure controls and procedures.

Members of the Audit and Risk Management Committee of the Board of Directors, all of whom are independent of the Company, meet regularly with the
independent auditors and with management to discuss internal controls in the financial reporting process, auditing matters and financial reporting issues and formulates the appropriate recommendations to the Board of Directors. The independent
auditors have unrestricted access to the Audit and Risk Management Committee. The consolidated financial statements and MD&A have been reviewed and approved by the Board of Directors.



|                                      |  |  |  |                                                     
|------------------------------------- |  |  |  | ----------------------------------------------------
|(signed)                              |  |  |  | (signed)                                            
|                                      |  | 
|                                      |  |  |  |                                                     
|Michael E. Roach                      |  |  |  | R. David Anderson                                   
|President and Chief Executive Officer |  |  |  | Executive Vice-President and Chief Financial Officer
|November 9, 2011                      |  |  |  |                                                     



2

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| |  | ------------- |  | 
| |  | CGI GROUP INC |  | 



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MANAGEMENT REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Companys
internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Companys consolidated financial statements for external reporting
purposes in accordance with accounting principles generally accepted in Canada.

The Companys internal control over financial reporting
includes policies and procedures that:



| |  |  | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of the assets of the
Company;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with
accounting principles generally accepted in Canada, and that receipts and expenditures are being made only in accordance with authorizations of management and the directors of the Company; and,
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companys assets that
could have a material effect on the Companys consolidated financial statements.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

All internal control systems have
inherent limitations; therefore, even where internal control over financial reporting is determined to be effective, it can provide only reasonable assurance. Projections of any evaluation of effectiveness to future periods are subject to the risk
that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

There was one exclusion from our assessment. Our interest in a joint venture was excluded from our assessment as we do not have the ability to dictate or modify the joint ventures internal control
over financial reporting, and we do not have the practical ability to assess those controls. Our interest in the joint venture represents approximately 1% of our consolidated total assets and approximately 2% of our consolidated revenue as at and
for the year ended September 30, 2011. We have assessed the Companys internal controls over the inclusion of our share of the joint venture and its results for the year in our consolidated financial statements.

As of the end of the Companys 2011 fiscal year, management conducted an assessment of the effectiveness of the Companys internal control over
financial reporting based on the framework established inInternal Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined the
Companys internal control over financial reporting as at September 30, 2011, was effective.

The effectiveness of the
Companys internal control over financial reporting as at September 30, 2011, has been audited by the Companys independent auditors, as stated in their report appearing on page 4.



|                                      |  |  |  |                                                     
|------------------------------------- |  |  |  | ----------------------------------------------------
|(signed)                              |  |  |  | (signed)                                            
|                                      |  | 
|                                      |  |  |  |                                                     
|Michael E. Roach                      |  |  |  | R. David Anderson                                   
|President and Chief Executive Officer |  |  |  | Executive Vice-President and Chief Financial Officer
|November 9, 2011                      |  |  |  |                                                     



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##### Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL CONTROL OVER FINANCIAL REPORTING

To the Board of Directors and Shareholders of CGI Group Inc.

We have audited CGI Group Inc.s (the Company) internal control over financial reporting as at September 30, 2011, based on criteria established in Internal Control 
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). The Companys management is responsible for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Managements Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on
the Companys internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of
the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records,
that in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companys assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As indicated in the accompanying Managements Report on Internal Control Over Financial Reporting, managements assessment of and conclusion on the effectiveness of internal control over
financial reporting did not include the internal controls of its interest in a joint venture, which is included in the 2011 consolidated financial statements of the Company, and constituted approximately 1% of total assets as of September 30,
2011 and approximately 2% of revenue for the year then ended.

In our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as of September 30, 2011 based on the COSO criteria.



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##### Table of Contents

We also have audited, in accordance with Canadian generally accepted auditing standards and the standards of
the Public Company Accounting Oversight Board (United States), the consolidated financial statements of the Company as at and for the year ended September 30, 2011, and our report dated November 9, 2011 expressed an unqualified opinion
thereon.



|                     
|---------------------
|                     
|LOGO                 
|Ernst & Young LLP    
|Chartered Accountants
|                     
|Montréal, Canada     
|November 9, 2011     



|1. | Chartered accountant auditor permit No. 15859
|-- | ---------------------------------------------



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| |  | CGI GROUP INC |  | 



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##### Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON FINANCIAL STATEMENTS

To the Board of Directors and Shareholders of CGI Group Inc.

We have audited the accompanying consolidated financial statements of CGI Group Inc. (the Company), which comprise the consolidated balance sheets as at September 30, 2011 and 2010, and
the consolidated statements of earnings, comprehensive income, retained earnings and cash flows for each of the years in the two-year period ended September 30, 2011, and a summary of significant accounting policies and other explanatory
information.

Managements responsibility for the consolidated financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian generally
accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors responsibility

Our
responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entitys preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audits is
sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as at September 30, 2011 and 2010, and the results of its
operations and its cash flows for each of the years in the two-year period ended September 30, 2011 in accordance with Canadian generally accepted accounting principles.



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Emphasis of matter

As explained in note 2(a) to the consolidated financial statements, the Company adopted the requirements of the Emerging Issues Committee Abstract No. 175, Revenue Arrangements with Multiple
Deliverables effective October 1, 2010. As explained in note 29, the Company also adopted the Accounting Standards Update No. 2009-13, Multiple-Deliverable Revenue Arrangements issued by Financial Accounting Standards Board and
ASU No. 2009-14, Certain Revenue Arrangements that Include Software Elements, effective October 1, 2010.

As explained in
note 2(b) to the consolidated financial statements, in 2010 the Company adopted the requirements of the Canadian Institute of Chartered Accountants Handbook Section 1582, Business Combinations,Section 1601, Consolidated
Financial Statements, Section 1602, Non-Controlling Interests, and amendments to Section 3862, Financial InstrumentsDisclosures. As explained in note 29, in 2010 the Company adopted the requirements of the Financial
Accounting Standards Boards ASC Topic 805, Business Combinations.

Other matter

The consolidated financial statements of the Company for the year ended September 30, 2009, were audited by other auditors whose report dated
November 8, 2009, expressed an unqualified opinion on those statements, prior to the adjustments described in note 2(b), note 23, and note 29 to these financial statements that were applied to restate the 2009 financial statements.

We also audited the adjustments that were applied to restate the 2009 consolidated financial statements for the changes described in note 2(b), note 23,
and note 29 to these financial statements. In our opinion such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2009 consolidated financial statements of the Company
other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2009 consolidated financial statements taken as a whole.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Companys internal control over financial reporting as of
September 30, 2011, based on the criteria established in Internal Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November 9, 2011 expressed an
unqualified opinion on the Companys internal control over financial reporting.



|                     
|---------------------
|                     
|LOGO                 
|Ernst & Young LLP    
|Chartered Accountants
|                     
|Montréal, Canada     
|November 9, 2011     



|1. | Chartered accountant auditor permit No. 15859
|-- | ---------------------------------------------



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| |  | CGI GROUP INC |  | 



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##### Table of Contents

REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS

To the Board of Directors and Shareholders of CGI Group Inc.

We have audited, before the effects of the adjustments to retrospectively apply the change in accounting policies discussed in Note 2(b), Note 23 and Note 29 to the consolidated financial statements, the
consolidated statements of earnings, comprehensive income, retained earnings and cash flows of CGI Group Inc. and subsidiaries (the Company) for the year ended September 30, 2009 (the 2009 consolidated financial statements before
the effects of the adjustments discussed in Note 2(b), Note 23 and Note 29 to the consolidated financial statements are not presented herein). These financial statements are the responsibility of the Companys management. Our responsibility is
to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight Board (United States). These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

In our opinion, these consolidated financial statements, before the effects of the adjustments to retrospectively apply the change in accounting policies discussed in Note 2(b), Note 23 and Note 29 to the
consolidated financial statements, present fairly, in all material respects, the results of operations and cash flows of CGI Group Inc. and subsidiaries for the year ended September 30, 2009, in accordance with Canadian generally accepted
accounting principles.

We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the change
in accounting policy discussed in Note 2(b), Note 23 and Note 29 to the consolidated financial statements and, accordingly, we do not express an opinion or any other form of assurance about whether such retrospective adjustments are appropriate and
have been properly applied. Those retrospective adjustments were audited by other auditors.

(signed)1

Deloitte & Touche LLP

Independent Registered Chartered Accountants

Montréal, Canada

November 8, 2009

1Chartered accountant auditor permit No. 17046



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##### Table of Contents

Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF EARNINGS



|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|------------------------------------------------------------------------------ |  | ---- | --------- | - | ---- |  | --------- | ---- |  |  | --------- | -
|Years ended September 30 (in thousands of Canadian dollars, except share data) |  | 2011 |           |   | 2010 |  |           | 2009 | 
|                                                                               |  | $    |           |   | $    |  |           | $    | 
|Revenue                                                                        |  |      | 4,323,237 |   |      |  | 3,732,117 |      |  |  | 3,825,161 |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Operating expenses                                                             |  |      |           |   |      |  |           |      |  |  |           |  
|Costs of services, selling and administrative (Note 18)                        |  |      | 3,553,192 |   |      |  | 3,025,823 |      |  |  | 3,170,406 |  
|Amortization (Note 15)                                                         |  |      | 211,372   |   |      |  | 195,308   |      |  |  | 195,761   |  
|Acquisition-related and integration costs (Note 19d)                           |  |      | 3,675     |   |      |  | 20,883    |      |  |  |          |  
|Interest on long-term debt                                                     |  |      | 19,395    |   |      |  | 17,123    |      |  |  | 18,960    |  
|Interest income                                                                |  |      | (3,759    | ) |      |  | (2,419    | )    |  |  | (2,908    | )
|Other (income) expenses                                                        |  |      | (3,917    | ) |      |  | (952      | )    |  |  | 3,569     |  
|Foreign exchange gain                                                          |  |      | (3,279    | ) |      |  | (916      | )    |  |  | (1,747    | )
|Gain on sale of capital assets                                                 |  |      |          |   |      |  | (469      | )    |  |  |          |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|                                                                               |  |      | 3,776,679 |   |      |  | 3,254,381 |      |  |  | 3,384,041 |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Earnings from continuing operations before income taxes                        |  |      | 546,558   |   |      |  | 477,736   |      |  |  | 441,120   |  
|Income tax expense (Note 17)                                                   |  |      | 111,493   |   |      |  | 114,970   |      |  |  | 125,223   |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Earnings from continuing operations                                            |  |      | 435,065   |   |      |  | 362,766   |      |  |  | 315,897   |  
|Earnings from discontinued operations, net of income taxes (Note 20)           |  |      |          |   |      |  |          |      |  |  | 1,308     |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Net earnings                                                                   |  |      | 435,065   |   |      |  | 362,766   |      |  |  | 317,205   |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Attributable to:                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Shareholders of CGI Group Inc.                                                 |  |      |           |   |      |  |           |      |  |  |           |  
|Earnings from continuing operations                                            |  |      | 434,809   |   |      |  | 362,386   |      |  |  | 315,158   |  
|Earnings from discontinued operations                                          |  |      |          |   |      |  |          |      |  |  | 1,308     |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Net earnings attributable to shareholders of CGI Group Inc.                    |  |      | 434,809   |   |      |  | 362,386   |      |  |  | 316,466   |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Non-controlling interest                                                       |  |      |           |   |      |  |           |      |  |  |           |  
|Net earnings attributable to non-controlling interest                          |  |      | 256       |   |      |  | 380       |      |  |  | 739       |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Net earnings                                                                   |  |      | 435,065   |   |      |  | 362,766   |      |  |  | 317,205   |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Basic earnings per share attributable to shareholders of CGI Group Inc.        |  |      |           |   |      |  |           |      |  |  |           |  
|Continuing operations (Note 14)                                                |  |      | 1.64      |   |      |  | 1.27      |      |  |  | 1.03      |  
|Discontinued operations                                                        |  |      |          |   |      |  |          |      |  |  |          |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|                                                                               |  |      | 1.64      |   |      |  | 1.27      |      |  |  | 1.03      |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Diluted earnings per share attributable to shareholders of CGI Group Inc.      |  |      |           |   |      |  |           |      |  |  |           |  
|Continuing operations (Note 14)                                                |  |      | 1.58      |   |      |  | 1.24      |      |  |  | 1.02      |  
|Discontinued operations                                                        |  |      |          |   |      |  |          |      |  |  |          |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  
|                                                                               |  |      | 1.58      |   |      |  | 1.24      |      |  |  | 1.02      |  
|                                                                               |  |      |           |   |      |  |           |      |  |  |           |  

See Notes to the consolidated financial statements.



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##### Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME



|                                                                                                                                                                |  |      |         |   |      |  |         |      |  |  |         | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | 
|Years ended September 30 (in thousands of Canadian dollars)                                                                                                     |  | 2011 |         |   | 2010 |  |         | 2009 | 
|                                                                                                                                                                |  | $    |         |   | $    |  |         | $    | 
|Net earnings                                                                                                                                                    |  |      | 435,065 |   |      |  | 362,766 |      |  |  | 317,205 | 
|                                                                                                                                                                |  |      |         |   |      |  |         |      |  |  |         | 
|Net unrealized gains (losses) on translating financial statements of self-sustaining foreign operations (net of income
taxes)                                   |  |      | 11,716  |   |      |  | (53,598 | )    |  |  | 6,249   | 
|Net unrealized (losses) gains on translating long-term debt designated as hedges of net investments in self-sustaining foreign
operations (net of income taxes) |  |      | (4,695  | ) |      |  | 15,806  |      |  |  | 15,739  | 
|Net unrealized (losses) gains on cash flow hedges (net of income taxes)                                                                                         |  |      | (9,197  | ) |      |  | 2,036   |      |  |  | 13,446  | 
|Net unrealized gains on investments available for sale (net of income taxes)                                                                                    |  |      | 2,352   |   |      |  |        |      |  |  |        | 
|                                                                                                                                                                |  |      |         |   |      |  |         |      |  |  |         | 
|Other comprehensive income (loss) (Note 16)                                                                                                                     |  |      | 176     |   |      |  | (35,756 | )    |  |  | 35,434  | 
|                                                                                                                                                                |  |      |         |   |      |  |         |      |  |  |         | 
|Comprehensive income                                                                                                                                            |  |      | 435,241 |   |      |  | 327,010 |      |  |  | 352,639 | 
|                                                                                                                                                                |  |      |         |   |      |  |         |      |  |  |         | 
|Attributable to:                                                                                                                                                |  |      |         |   |      |  |         |      |  |  |         | 
|Shareholders of CGI Group Inc.                                                                                                                                  |  |      | 434,985 |   |      |  | 326,630 |      |  |  | 351,900 | 
|Non-controlling interest                                                                                                                                        |  |      | 256     |   |      |  | 380     |      |  |  | 739     | 

See Notes to the consolidated financial statements.

CONSOLIDATED STATEMENTS OF RETAINED EARNINGS



|                                                                                             |  |      |           |   |      |  |           |      |  |  |           |  
|-------------------------------------------------------------------------------------------- |  | ---- | --------- | - | ---- |  | --------- | ---- |  |  | --------- | -
|Years ended September 30 (in thousands of Canadian dollars)                                  |  | 2011 |           |   | 2010 |  |           | 2009 | 
|                                                                                             |  | $    |           |   | $    |  |           | $    | 
|Retained earnings, beginning of year                                                         |  |      | 1,196,386 |   |      |  | 1,182,237 |      |  |  | 921,380   |  
|Net earnings attributable to shareholders of CGI Group Inc.                                  |  |      | 434,809   |   |      |  | 362,386   |      |  |  | 316,466   |  
|Excess of purchase price over carrying value of Class A subordinate shares acquired(Note 12) |  |      | (225,019  | ) |      |  | (347,940  | )    |  |  | (55,609   | )
|Change in subsidiary investment (Note 19b)                                                   |  |      | (811      | ) |      |  | (297      | )    |  |  |          |  
|                                                                                             |  |      |           |   |      |  |           |      |  |  |           |  
|Retained earnings, end of year                                                               |  |      | 1,405,365 |   |      |  | 1,196,386 |      |  |  | 1,182,237 |  
|                                                                                             |  |      |           |   |      |  |           |      |  |  |           |  

See Notes to the consolidated financial statements.



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##### Table of Contents

CONSOLIDATED BALANCE SHEETS



|                                                            |  |      |           |   |      |  |           |  
|----------------------------------------------------------- |  | ---- | --------- | - | ---- |  | --------- | -
|As at September 30 (in thousands of Canadian dollars)       |  | 2011 |           |   | 2010 | 
|                                                            |  | $    |           |   | $    | 
|Assets                                                      |  |      |           |   |      |  |           |  
|Current assets                                              |  |      |           |   |      |  |           |  
|Cash and cash equivalents (Note 3)                          |  |      | 157,761   |   |      |  | 127,824   |  
|Short-term investments                                      |  |      | 10,166    |   |      |  | 13,196    |  
|Accounts receivable (Note 4)                                |  |      | 494,755   |   |      |  | 423,926   |  
|Work in progress                                            |  |      | 400,203   |   |      |  | 358,984   |  
|Prepaid expenses and other current assets                   |  |      | 104,170   |   |      |  | 76,844    |  
|Income taxes                                                |  |      | 4,252     |   |      |  | 7,169     |  
|Future income taxes (Note 17)                               |  |      | 3,522     |   |      |  | 16,509    |  
|                                                            |  |      |           |   |      |  |           |  
|Total current assets before funds held for clients          |  |      | 1,174,829 |   |      |  | 1,024,452 |  
|Funds held for clients (Note 5)                             |  |      | 247,622   |   |      |  | 248,695   |  
|                                                            |  |      |           |   |      |  |           |  
|Total current assets                                        |  |      | 1,422,451 |   |      |  | 1,273,147 |  
|Capital assets (Note 6)                                     |  |      | 251,668   |   |      |  | 238,024   |  
|Intangible assets (Note 7)                                  |  |      | 407,887   |   |      |  | 516,754   |  
|Other long-term assets (Note 8)                             |  |      | 55,914    |   |      |  | 42,261    |  
|Future income taxes (Note 17)                               |  |      | 11,601    |   |      |  | 11,592    |  
|Goodwill (Note 9)                                           |  |      | 2,536,022 |   |      |  | 2,525,413 |  
|                                                            |  |      |           |   |      |  |           |  
|                                                            |  |      | 4,685,543 |   |      |  | 4,607,191 |  
|                                                            |  |      |           |   |      |  |           |  
|Liabilities                                                 |  |      |           |   |      |  |           |  
|Current liabilities                                         |  |      |           |   |      |  |           |  
|Bank overdraft (Note 3)                                     |  |      | 75,538    |   |      |  |          |  
|Accounts payable and accrued liabilities                    |  |      | 321,745   |   |      |  | 304,376   |  
|Accrued compensation                                        |  |      | 189,969   |   |      |  | 191,486   |  
|Deferred revenue                                            |  |      | 154,813   |   |      |  | 145,793   |  
|Income taxes                                                |  |      | 53,841    |   |      |  | 86,877    |  
|Future income taxes (Note 17)                               |  |      | 20,389    |   |      |  | 26,423    |  
|Current portion of long-term debt (Note 11)                 |  |      | 402,534   |   |      |  | 114,577   |  
|                                                            |  |      |           |   |      |  |           |  
|Total current liabilities before clients funds obligations |  |      | 1,218,829 |   |      |  | 869,532   |  
|Clients funds obligations                                  |  |      | 244,660   |   |      |  | 248,695   |  
|                                                            |  |      |           |   |      |  |           |  
|Total current liabilities                                   |  |      | 1,463,489 |   |      |  | 1,118,227 |  
|Future income taxes (Note 17)                               |  |      | 146,889   |   |      |  | 170,683   |  
|Long-term debt (Note 11)                                    |  |      | 603,147   |   |      |  | 1,039,299 |  
|Other long-term liabilities (Note 10)                       |  |      | 125,662   |   |      |  | 119,899   |  
|                                                            |  |      |           |   |      |  |           |  
|                                                            |  |      | 2,339,187 |   |      |  | 2,448,108 |  
|                                                            |  |      |           |   |      |  |           |  
|Commitments, contingencies and guarantees (Note 26)         |  |      |           |   |      |  |           |  
|Shareholders equity                                        |  |      |           |   |      |  |           |  
|Retained earnings                                           |  |      | 1,405,365 |   |      |  | 1,196,386 |  
|Accumulated other comprehensive loss (Note 16)              |  |      | (321,570  | ) |      |  | (321,746  | )
|                                                            |  |      |           |   |      |  |           |  
|                                                            |  |      | 1,083,795 |   |      |  | 874,640   |  
|Capital stock (Note 12)                                     |  |      | 1,178,559 |   |      |  | 1,195,069 |  
|Contributed surplus (Note 13c)                              |  |      | 84,002    |   |      |  | 82,922    |  
|                                                            |  |      |           |   |      |  |           |  
|Equity attributable to shareholders of CGI Group Inc.       |  |      | 2,346,356 |   |      |  | 2,152,631 |  
|Equity attributable to non-controlling interest             |  |      |          |   |      |  | 6,452     |  
|                                                            |  |      |           |   |      |  |           |  
|                                                            |  |      | 2,346,356 |   |      |  | 2,159,083 |  
|                                                            |  |      |           |   |      |  |           |  
|                                                            |  |      | 4,685,543 |   |      |  | 4,607,191 |  
|                                                            |  |      |           |   |      |  |           |  

See Notes to the consolidated financial statements.



|                      |  |                  |  |  |  |            
|--------------------- |  | ---------------- |  |  |  | -----------
|Approved by the Board |  | (signed)         |  |  |  | (signed)   
|                      |  |                  |  |  |  |            
|                      |  | Michael E. Roach |  |  |  | Serge Godin
|                      |  | Director         |  |  |  | Director   



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##### Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS



|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|------------------------------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- |  | ---------- | ---- |  |  | -------- | -
|Years ended September 30 (in thousands of Canadian dollars)                                                        |  | 2011 |          |   | 2010 |  |            | 2009 | 
|                                                                                                                   |  | $    |          |   | $    |  |            | $    | 
|Operating activities                                                                                               |  |      |          |   |      |  |            |      |  |  |          |  
|Earnings from continuing operations                                                                                |  |      | 435,065  |   |      |  | 362,766    |      |  |  | 315,897  |  
|Adjustments for:                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Amortization (Note 15)                                                                                             |  |      | 229,925  |   |      |  | 219,740    |      |  |  | 218,087  |  
|Future income taxes (Note 17)                                                                                      |  |      | (15,886  | ) |      |  | (21,417    | )    |  |  | 29,300   |  
|Foreign exchange (gain) loss                                                                                       |  |      | (950     | ) |      |  | (828       | )    |  |  | 723      |  
|Stock-based compensation                                                                                           |  |      | 15,421   |   |      |  | 15,517     |      |  |  | 8,617    |  
|Gain on sale of capital assets                                                                                     |  |      |         |   |      |  | (469       | )    |  |  |         |  
|Net change in non-cash working capital items (Note 22a)                                                            |  |      | (92,360  | ) |      |  | (22,942    | )    |  |  | 57,620   |  
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Cash provided by continuing operating activities                                                                   |  |      | 571,215  |   |      |  | 552,367    |      |  |  | 630,244  |  
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Investing activities                                                                                               |  |      |          |  
|Net change in short-term investments                                                                               |  |      | 1,984    |   |      |  | (12,940    | )    |  |  |         |  
|Business acquisitions (net of cash acquired)                                                                       |  |      | (618     | ) |      |  | (899,564   | )    |  |  | (997     | )
|Proceeds from sale of assets and businesses (net of cash disposed)                                                 |  |      | 4,104    |   |      |  | 4,100      |      |  |  | 4,991    |  
|Purchase of capital assets                                                                                         |  |      | (65,255  | ) |      |  | (47,684    | )    |  |  | (69,212  | )
|Proceeds from disposal of capital assets                                                                           |  |      |         |   |      |  | 896        |      |  |  |         |  
|Additions to intangible assets                                                                                     |  |      | (55,983  | ) |      |  | (69,722    | )    |  |  | (62,367  | )
|Purchase of long-term investments                                                                                  |  |      | (14,204  | ) |      |  |           |      |  |  |         |  
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Cash used in continuing investing activities                                                                       |  |      | (129,972 | ) |      |  | (1,024,914 | )    |  |  | (127,585 | )
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Financing activities                                                                                               |  |      |          |  
|Net change in credit facilities                                                                                    |  |      | (104,278 | ) |      |  | 856,710    |      |  |  | (12,811  | )
|Repayment of long-term debt                                                                                        |  |      | (129,741 | ) |      |  | (125,168   | )    |  |  | (117,752 | )
|Proceeds on settlement of forward contracts (Note 11)                                                              |  |      | (1,275   | ) |      |  |           |      |  |  | 18,318   |  
|Purchase of Class A subordinate shares held in trust (Note 12)                                                     |  |      | (2,566   | ) |      |  |           |      |  |  |         |  
|Repurchase of Class A subordinate shares (including share repurchase costs) (Note 12)                              |  |      | (305,028 | ) |      |  | (516,699   | )    |  |  | (101,698 | )
|Issuance of shares                                                                                                 |  |      | 52,091   |   |      |  | 53,039     |      |  |  | 16,141   |  
|Change in subsidiary investment (Note 19b)                                                                         |  |      | (811     | ) |      |  | (571       | )    |  |  | (425     | )
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Cash (used in) provided by continuing financing activities                                                         |  |      | (491,608 | ) |      |  | 267,311    |      |  |  | (198,227 | )
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Effect of foreign exchange rate changes on cash and cash equivalents and bank overdraft from continuing
operations |  |      | 4,764    |   |      |  | (10,367    | )    |  |  | (11,300  | )
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Net (decrease) increase in cash and cash equivalents net of bank overdraft from continuing operations              |  |      | (45,601  | ) |      |  | (215,603   | )    |  |  | 293,132  |  
|Cash and cash equivalents net of bank overdraft provided by discontinued operations (Note 20)                      |  |      |         |   |      |  |           |      |  |  | 161      |  
|Cash and cash equivalents net of bank overdraft, beginning of year                                                 |  |      | 127,824  |   |      |  | 343,427    |      |  |  | 50,134   |  
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  
|Cash and cash equivalents net of bank overdraft, end of year (Note 3)                                              |  |      | 82,223   |   |      |  | 127,824    |      |  |  | 343,427  |  
|                                                                                                                   |  |      |          |   |      |  |            |      |  |  |          |  

Supplementary cash flow information (Note 22)

See Notes to the consolidated financial statements.



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##### Table of Contents

|Note 1 | Description of business
|------ | -----------------------

CGI Group Inc.
(the Company), directly or through its subsidiaries, manages information technology services (IT services) as well as business process services (BPS) to help clients effectively realize their strategies and create
added value. The Companys services include management of IT and business processes (outsourcing), systems integration and consulting including sale of software licenses.



|Note 2 | Summary of significant accounting policies
|------ | ------------------------------------------

The consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles (Canadian GAAP), which
differ in certain material respects from United States generally accepted accounting principles (U.S. GAAP). A reconciliation between Canadian GAAP and U.S. GAAP can be found in Note 29. Certain comparative figures have been reclassified in order to
conform to the presentation adopted in 2011.

CHANGES IN ACCOUNTING POLICIES

a) Revenue recognition

On October 1, 2010, the Company elected to early adopt the
following accounting guidance:



| | i) | Emerging Issue Committee (EIC) Abstract No. 175 (EIC-175), Revenue Arrangements with Multiple Deliverables issued by the
Canadian Institute of Chartered Accountants (CICA) in December 2009 which amends the EIC Abstract No. 142, Revenue Arrangements with Multiple Deliverables. EIC-175 is equivalent to the U.S. GAAP standard, Accounting
Standards Update (ASU) No. 2009-13 (ASU 2009-13), Multiple-Deliverable Revenue Arrangements issued by Financial Accounting Standards Board (FASB) and applies to arrangements that include
multiple-deliverables that are not accounted for pursuant to other specific guidance, such as Accounting Standards Codification (ASC) Topic 985-605 (ASC 985-605), Software  Revenue Recognition. The new
guidance changes the requirements for establishing separate units of accounting in a multiple-deliverable arrangement and requires the allocation of total arrangement consideration to each separate unit of accounting based on their relative selling
prices. Based on this method, the selling price of each separate unit of accounting is determined using vendor-specific objective evidence (VSOE) of selling price, if available; otherwise third-party evidence (TPE) of selling
price or best estimate of selling price (ESP) if neither VSOE nor TPE of selling price is available. The residual method of allocating arrangement consideration is no longer permitted. EIC-175 also expands the disclosure required for
multiple-deliverable arrangements.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | ASU No. 2009-14 (ASU 2009-14), Certain Revenue Arrangements that Include Software Elements, the U.S. GAAP standard issued by the FASB which
amends ASC 985-605. ASU 2009-14 modifies the scope of the software recognition guidance to exclude tangible products that contain both software and non-software deliverables that function together to deliver a products essential functionality.
There is no specific software revenue recognition guidance under Canadian GAAP, therefore the Company follows U.S. guidance.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The adoption of the above accounting guidance, which was applied prospectively to new revenue arrangements with multiple-deliverables entered into or
materially modified on or after October 1, 2010, did not have any material impact on the Companys consolidated financial statements. There were no significant changes to the Companys units of accounting within its
multiple-deliverable arrangements, how the Company allocates the total arrangement consideration and the pattern or timing of revenue recognition as a result of the adoption of this accounting guidance.



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



b) Business combinations

On October 1, 2009, the Company elected to early adopt the following Handbook Sections issued by the CICA:



| | i) | Section 1582, Business Combinations, which replaces Section 1581, Business Combinations. The Section establishes standards for the
accounting for a business combination. The new Section requires the acquiring entity in a business combination to recognize most of the assets acquired and liabilities assumed in the transaction at their acquisition-date fair values including
non-controlling interest and contingent consideration. Subsequent changes in fair value of contingent consideration classified as a liability are recognized in earnings. Acquisition-related and integration costs are also to be expensed as incurred
rather than considered as part of the purchase price allocation. In addition, changes in estimates associated with future income tax assets after the measurement period are recognized as income tax expense rather than as a reduction of goodwill,
with prospective application to all business combinations regardless of the date of acquisition.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | Section 1601, Consolidated Financial Statements and Section 1602, Non-Controlling Interests, together replace Section 1600,
Consolidated Financial Statements. Section 1601 establishes standards for the preparation of consolidated financial statements. Section 1602 establishes standards for accounting for a non-controlling interest in a subsidiary in
consolidated financial statements subsequent to a business combination. Section 1602 requires the Company to report non-controlling interests as a separate component of shareholders equity rather than as a liability on the consolidated balance
sheets. Transactions between an entity and non-controlling interests are considered as equity transactions. In addition, the attribution of net earnings and comprehensive income between the Companys shareholders and non-controlling interests
is presented separately in the consolidated statements of earnings and comprehensive income rather than reflecting non-controlling interests as a deduction of net earnings and total comprehensive income.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In accordance with the transitional provisions, these sections have been applied prospectively (starting October 1, 2009), with the exception of the
presentation requirements for non-controlling interest, which must be applied retrospectively and was reflected in the 2010 consolidated financial statements.

USE OF ESTIMATES

The preparation of the consolidated financial statements in conformity
with Canadian GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and shareholders equity and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenue and expenses during the reporting period. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates. Significant estimates
include, but are not limited to, purchase price allocation of business combinations, income taxes, contingencies and other liabilities, revenue recognition, stock based compensation, investment tax credits and government programs, the impairment of
long-lived assets and goodwill.



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



BASIS OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. The Company accounts for its
jointly-controlled investment using the proportionate consolidation method.

REVENUE RECOGNITION, WORK IN PROGRESS AND DEFERRED REVENUE

The Company generates revenue principally through the provision of IT services and BPS as described in Note 1.

The Company provides services and products under arrangements that contain various pricing mechanisms. The Company recognizes revenue when the following
basic recognition criteria are met: persuasive evidence of an arrangement exists, services or products have been provided to the client, the fee is fixed or determinable, and collectability is reasonably assured.

Some of the Companys arrangements may include client acceptance clauses. Each clause is analyzed to determine whether the earnings process is
complete when the service is performed. Formal client sign-off is not always necessary to recognize revenue, provided that the Company objectively demonstrates that the criteria specified in the acceptance provisions are satisfied. Some of the
criteria reviewed include historical experience with similar types of arrangements, whether the acceptance provisions are specific to the client or are included in all arrangements, the length of the acceptance term and historical experience with
the specific client.

Revenue from benefits-funded arrangements is recognized only to the extent it can be predicted, with reasonable
certainty, that the benefit stream will generate amounts sufficient to fund the value on which revenue recognition is based.

Revenue from
sales of third party vendor products, such as software licenses, or services is recorded gross when the Company is a principal to the transaction and is recorded net of costs when the Company is acting as an agent between the client and vendor.
Factors generally considered to determine whether the Company is a principal or an agent are if the Company is the primary obligor to the client, if it adds meaningful value to the vendors product or service or if it assumes delivery and
credit risks.

Provisions for estimated contract losses, if any, are recognized in the period in which the loss is determined. Contract losses
are measured at the amount by which the estimated total costs exceed the estimated total revenue from the contract.

Multiple-deliverable
arrangements

The Company enters into multiple-deliverable arrangements, which may include a combination of IT services and BPS. The
guidance below is applied to determine how to separate multiple-deliverable arrangements into separate units of accounting and to allocate the total arrangement consideration among those separate units of accounting.

a) Non-software deliverables

Arrangements entered into or materially modified on or after October 1, 2010 are subject to EIC-175 adopted by the Company at the beginning of fiscal
year 2011 as described in Changes in Accounting Policies. Under the new guidance, the total arrangement consideration is allocated to each separate unit of accounting if: 1) the delivered item has value to the client on a stand-alone
basis; and 2) in an arrangement that includes a general right of return relative to the delivered item, the delivery or performance of the undelivered item is considered probable and substantially in the control of the Company. If these criteria are
met, the total arrangement consideration is allocated among the separate units of accounting based on their relative selling prices. Based on this method, the selling price of each separate unit of accounting is determined using VSOE of selling
price if available, otherwise TPE of selling price or ESP if neither VSOE nor TPE of selling price is available. VSOE of selling



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



price is established using the price charged for a deliverable when sold separately by the Company. TPE of selling price is established using the vendors or competitors prices for
similar deliverables. ESP is the price at which the Company would offer the service if the deliverable were sold regularly on a stand-alone basis. ESP is established by considering a number of internal and external factors including, but not limited
to, geographies, the Companys pricing policies, internal costs and gross margins.

For arrangements that were in place as of, and were
not materially modified after, September 30, 2010, the previous guidance remains effective. Under the previous guidance, if an arrangement involved the provision of multiple-deliverables, the total arrangement value was allocated to each
separate units of accounting when: 1) the delivered item had value to the client on a stand-alone basis; 2) there was objective and reliable evidence of the fair value of the undelivered item; and 3) in an arrangement that includes a general right
of return relative to the delivered item, the delivery or performance of the undelivered item was considered probable and substantially in the control of the Company. If these criteria were met, then the total arrangement consideration was allocated
among the separate units of accounting based on their relative fair values. Fair value was established based on VSOE or TPE of fair value as described above. In the absence of the fair value for the delivered item, the residual method was allowed to
allocate the arrangement consideration. Under the residual method, the amount of revenue allocated to the delivered items was the total arrangement consideration less the aggregate VSOE or TPE of fair value of any undelivered items.

b) Software deliverables

The
arrangements involving software deliverables may include more than one software deliverable, such as the sale of software licenses, the provision of systems integration and consulting services related to software licenses and the provision of
post-contract customer support. The total arrangement consideration is allocated to each separate unit of accounting if: 1) the undelivered items are not essential to the functionality of a delivered item; and 2) there is objective and reliable
evidence of the fair value of the undelivered items. If these criteria are met, the total arrangement consideration is allocated among the separate units of accounting based on their relative fair values or residual method if fair value for all
undelivered items is available, but not for the delivered item. Fair value is established based on VSOE of fair value as described above.

c) Both software and non-software deliverables

In arrangements that include a combination of software and non-software deliverables, the Company first allocates the total arrangement consideration to the software group of deliverables as a whole and
to each of the non-software deliverables based on their relative selling prices. The Company then further allocates consideration within the software group to the respective deliverables within that group following the guidance described in b)
Software deliverables.

Most of the deliverables within the Companys multiple-deliverable arrangements qualify as separate units
of accounting. A deliverable that does not qualify as a separate unit of accounting is combined into one unit of accounting and the appropriate revenue recognition method is applied.

Once the Company has determined the separate units of accounting within an arrangement and the allocation of total arrangement consideration to each separate unit of accounting, revenue is recognized as
described below.



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



Outsourcing

Revenue from outsourcing arrangements under time and materials and unit-priced arrangements are generally recognized as the services are provided at the contractually stated price. If the contractual
per-unit prices within a unit-priced contract change during the term of the arrangement, the Company evaluates whether it is more appropriate to record revenue based on the average per-unit price during the term of the arrangement or based on the
contractually stated price.

Revenue from outsourcing arrangements under fixed-fee arrangements is recognized on a straight-line basis over
the term of the arrangement, regardless of the amounts billed, unless there is a better measure of performance or delivery.

Systems
integration and consulting services

Revenue from systems integration and consulting services under time and material arrangements is
recognized as the services are rendered, and revenue under cost-based arrangements is recognized as reimbursable costs are incurred.

Revenue
from systems integration and consulting services under fixed-fee arrangements and arrangements involving software deliverables where the implementation services are essential to the functionality of the software or where the software requires
significant customization are recognized using the percentage-of-completion method over the implementation period. The Company uses labour costs or labour hours to measure the progress towards completion. This method relies on estimates of total
expected labour costs or total expected labour hours to complete the service, which are compared to labour costs or labour hours incurred to date, to arrive at an estimate of the percentage of revenue earned to date. Management regularly reviews
underlying estimates of total expected labour costs or hours. Revisions to estimates are reflected in the consolidated statement of earnings in the period in which the facts that gave rise to the revision become known.

Software licenses and post-contract customer support

Revenue from software licenses is recognized upon delivery when the software licenses qualify as a separate unit of accounting and the basic recognition criteria are met.

Revenue from post-contract customer support services for software licenses sold and implemented is recognized ratably over the term of the arrangement.

Work in progress and deferred revenue

Amounts recognized as revenue in excess of billings are classified as work in progress. Amounts received in advance of the delivery of products or performances of services are classified as deferred
revenue.

REIMBURSEMENTS

Reimbursements, including those relating to travel and other out-of-pocket expenses, and other similar third party costs, such as the cost of hardware and
software re-sales, are included in revenue, and the corresponding expense is included in costs of services when the Company has assessed that the costs meet the criteria for gross revenue recognition.

CASH AND CASH EQUIVALENTS

Cash and cash
equivalents consist of unrestricted cash and short-term investments having an initial maturity of three months or less.

SHORT-TERM
INVESTMENTS

Short-term investments, comprised of term deposits, have remaining maturities over three months, but not more than one year,
at the date of purchase.



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



FUNDS HELD FOR CLIENTS AND CLIENTS FUNDS OBLIGATIONS

In connection with the Companys payroll, tax filing and claims services, the Company collects funds for payment of payroll, taxes and claims,
temporarily holds such funds until payment is due, remits the funds to the clients employees, appropriate tax authorities or claim holders, files federal and local tax returns, and handles related regulatory correspondence and amendments. The
funds held for clients includes short-term and long-term bonds, and cash. The Company presents the funds held for clients and related obligations separately. Funds held for clients are classified as current assets since, based upon
managements intentions, these funds are held solely for the purpose of satisfying the clients funds obligations, which will be repaid within one year of the balance sheet date.

CAPITAL ASSETS

Capital assets, including those under capital leases, are recorded at cost
and are amortized over their estimated useful lives using the straight-line method.



|                                  |  |                                        
|--------------------------------- |  | ---------------------------------------
|Buildings                         |  | 10 to 40 years                         
|Leasehold improvements            |  | Lesser of the useful life or lease term
|Furniture, fixtures and equipment |  | 3 to 20 years                          
|Computer equipment                |  | 3 to 5 years                           

INTANGIBLE ASSETS

Contract costs

Contract costs are mainly incurred when acquiring or implementing long-term
outsourcing contracts. Contract costs are classified as intangible assets. These assets are recorded at cost and amortized using the straight-line method over the term of the respective contracts. Contract costs are comprised primarily of incentives
and transition costs.

Occasionally, incentives are granted to clients upon signing of outsourcing contracts. These incentives can be granted
either in the form of cash payments, issuance of equity instruments or discounts awarded principally over a transition period, as negotiated in the contract. In the case of equity instruments, cost is measured at the estimated fair value at the time
they are issued. For discounts, cost is measured at the value of the granted financial commitment. As services are provided to the client, the amount is amortized and recorded as a reduction of revenue.

Capital assets acquired from a client in connection with outsourcing contracts are capitalized as such and amortized consistent with the amortization
policies described previously. The excess of the amount paid over the fair value of capital assets acquired in connection with outsourcing contracts is considered as an incentive granted to the client, and is recorded as described in the preceding
paragraph.

Transition costs consist of expenses associated with the installation of systems and processes incurred after the award of
outsourcing contracts, relocation of transitioned employees and exit from client facilities. Under BPS contracts, the costs consist primarily of expenses related to activities such as the conversion of the clients applications to the
Companys platforms. These costs are comprised essentially of labour costs, including compensation and related fringe benefits, as well as subcontractor costs.

Pre-contract costs associated with acquiring or implementing outsourcing contracts are expensed as incurred except where it is virtually certain that the contracts will be awarded and the costs are
directly related to the acquisition of the contract. Eligible pre-contract costs are recorded at cost and amortized using the straight-line method over the expected term of the respective contracts.



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|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



Other intangible assets

Other intangible assets consist mainly of internal-use software, business solutions, software licenses and client relationships.

Internal-use software, business solutions and software licenses are recorded at cost. Business solutions developed internally and marketed are capitalized when they meet specific capitalization criteria
related to technical, market and financial feasibility. Business solutions, software licenses and client relationships acquired through business combinations are initially recorded at their fair value based on the present value of expected future
cash flows.

The Company amortizes its other intangible assets using the straight-line method over the following estimated useful lives:



|                               |  |              
|------------------------------ |  | -------------
|Internal-use software          |  | 2 to 7 years 
|Business solutions             |  | 2 to 10 years
|Software licenses              |  | 3 to 8 years 
|Client relationships and other |  | 2 to 10 years

IMPAIRMENT OF LONG-LIVED ASSETS

When events or changes in circumstances indicate that the carrying amount of long-lived assets, such as capital assets and intangible assets may not be recoverable, undiscounted estimated cash flows are
projected over their remaining term and compared to the carrying amount. To the extent that such projections indicate that future undiscounted cash flows are not sufficient to recover the carrying amounts of related assets, a charge is recorded to
reduce the carrying amount to the projected future discounted cash flows.

OTHER LONG-TERM ASSETS

Other long-term assets consist mainly of deferred compensation plan assets, long-term investments, forward contracts, long-term maintenance agreements,
investments in direct financing leases and deferred financing fees. Long-term investments, comprised of bonds, are classified as long-term based on managements intentions.

BUSINESS COMBINATIONS AND GOODWILL

The Company accounts for its business combinations
using the acquisition method. Under this method the cost of an acquisition is measured as the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree. Acquisition-related and integration costs
associated with the business combination are expensed as incurred. The Company recognizes goodwill as of the acquisition date as the excess of the cost of the acquisition over the net identifiable assets acquired and liabilities assumed at their
acquisition-date fair values. Subsequent changes in fair values are adjusted against the cost of acquisition when they qualify as measurement period adjustments. All other subsequent changes are recognized in net earnings.

For all business acquisitions, the Company records the results of operations of the acquired entities as of their respective effective acquisition dates.

Goodwill for each reporting unit is assessed for impairment at least annually or when an event or circumstance occurs that more likely than
not reduces the fair value of a reporting unit below its carrying amount. The Company has designated September 30 as the date for the annual impairment test. An impairment charge is recorded when the carrying amount of the reporting unit
exceeds its fair value and is determined as the difference between the goodwills carrying amount and its implied fair value.



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|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



EARNINGS PER SHARE

Basic earnings per share are based on the weighted average number of shares outstanding during the period. Diluted earnings per share is determined using the treasury stock method to evaluate the dilutive
effect of stock options and performance share units (PSUs).

RESEARCH AND SOFTWARE DEVELOPMENT COSTS

Research costs are charged to earnings in the period in which they are incurred, net of related tax credits. Software development costs are charged to
earnings in the year they are incurred, net of related tax credits, unless they meet specific capitalization criteria related to technical, market and financial feasibility.

TAX CREDITS

The Company follows the cost reduction method to account for tax credits.
Under this method, tax credits related to operating expenditures are recognized in the period in which the related expenditures are charged to operations, provided there is reasonable assurance of realization. Tax credits related to capital
expenditures are recorded as a reduction of the cost of the related asset, provided there is reasonable assurance of realization. The tax credits recorded are based on managements best estimates of amounts expected to be recovered and are
subject to audit by the taxation authorities.

INCOME TAXES

Income taxes are accounted for using the asset and liability method of accounting for income taxes. Future income tax assets and liabilities are determined based on deductible or taxable temporary
differences between the amounts reported for financial statement purposes and tax values of assets and liabilities using substantively enacted income tax rates expected to be in effect for the year in which the differences are expected to reverse. A
valuation allowance is recorded for the portion of the future income tax assets when its realization is not considered more likely than not.

TRANSLATION OF FOREIGN CURRENCIES

Revenue and expenses denominated in foreign currencies are recorded at the rate of exchange prevailing at the transaction date. Monetary assets and
liabilities denominated in foreign currencies are translated at exchange rates prevailing at the balance sheet date. Realized and unrealized translation gains and losses are reflected in net earnings.

Self-sustaining subsidiaries, with economic activities largely independent of the Company, are accounted for using the current rate method. Under this
method, assets and liabilities of subsidiaries denominated in a foreign currency are translated into Canadian dollars at exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average exchange rates prevailing
during the period. Resulting unrealized gains or losses are reported as net unrealized gains (losses) on translating financial statements of self-sustaining foreign operations in the consolidated statement of comprehensive income.

The accounts of foreign subsidiaries, which are financially or operationally dependent on the Company, are accounted for using the temporal method. Under
this method, monetary assets and liabilities are translated at the exchange rates in effect at the balance sheet date, and non-monetary assets and liabilities are translated at historical exchange rates. Revenue and expenses are translated at
average rates for the period. Translation exchange gains or losses of such subsidiaries are reflected in net earnings.



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



STOCK-BASED COMPENSATION

The Company uses the fair value based method to account for stock options and PSUs awarded under their respective plans. The fair value of stock options and PSUs is recognized as compensation costs in
earnings with a corresponding credit to contributed surplus on a straight line basis over the vesting period of the entire award. The number of stock options and PSUs expected to vest are estimated on the grant date and subsequently revised on a
periodic basis. When stock options are exercised, any consideration paid by employees is credited to capital stock and the recorded fair value of the stock option is removed from contributed surplus and credited to capital stock. When PSUs are
exercised, the recorded fair value of PSUs is removed from contributed surplus and credited to capital stock

FINANCIAL INSTRUMENTS

All financial assets designated as held-to-maturity or loans and receivables, as well as financial liabilities designated as other
liabilities, are initially measured at their fair values and subsequently at their amortized cost using the effective interest rate method. All financial assets and liabilities designated as held for trading are measured at their fair values and
gains and losses related to periodic revaluations are recorded in the consolidated statement of earnings. All financial assets designated as available for sale are measured at their fair value and any unrealized gains and losses, net of applicable
income taxes, are reported in other comprehensive income (loss) in the consolidated statement of comprehensive income. Interest income earned and realized gains and losses on the sale of available for sale assets are recorded in the consolidated
statement of earnings.

Transaction costs are comprised primarily of legal, accounting and other costs directly attributable to the issuance
of the respective financial assets and liabilities. Transaction costs are capitalized to the cost of financial assets and liabilities classified as other than held for trading.

The Company has categorized its financial instruments as follows:

Held for trading

Cash and cash equivalents, short-term investments (other than those included in funds held for clients), derivatives (unless they qualify
for hedge accounting, refer to Hedging Transactions) and bank overdraft are classified as held for trading. Deferred compensation plan assets were designated as held for trading upon initial recognition as this reflects managements
intentions.

Loans and receivables

Trade accounts receivable, work in progress, and cash included in funds held for clients.

Available for sale

Short-term and
long-term bonds included in funds held for clients and long-term investments.

Other liabilities

Accounts payable and accrued liabilities, accrued compensation, long-term debt, excluding obligations under capital leases, and clients funds
obligations.



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



Fair value hierarchy

Fair value measurements recognized in the balance sheet are categorized in accordance with the following levels:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: inputs other than quoted prices included in Level 1 but that are observable for the asset or liability, either directly or indirectly; and

Level 3: inputs for the asset or liability that are not based on observable market data.

All financial assets and liabilities measured at fair value are categorized in Level 1, except for derivatives, investments included in funds held for
clients, and long-term investments which are categorized in Level 2.

HEDGING TRANSACTIONS

The Company uses various financial instruments to manage its exposure to fluctuations in foreign currency exchange rates. The Company does not hold or use
any derivative instruments for trading purposes.

At the inception of a hedge relationship, the Company formally designates and documents the
hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction,
the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instruments fair value in offsetting the exposure to changes in the hedged items fair value or cash flows attributable to the
hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial
reporting periods for which they were designated.

Cash flow hedges on Senior U.S. unsecured notes

The Company has entered into forward contracts to hedge the contractual principal repayments of the Senior U.S. unsecured notes. The purpose of the
hedging transactions is to hedge the risk of variability in functional currency equivalent cash flows associated with the foreign currency debt principal repayments.

The hedges were documented as cash flow hedges and no component of the derivative instruments fair value is excluded from the assessment and measurement of hedge effectiveness. The hedges are
considered to be highly effective as the terms of the forward contracts coincide with the intended repayment of the remaining tranche of the debt.

The forward contracts are derivative instruments and, therefore, are recorded at fair value in the consolidated balance sheet under other long-term assets and the effective portion of the change in fair
value of the derivatives is recognized in other comprehensive income (loss). An amount that will offset the related translation gain or loss arising from the remeasurement of the portion of the debt that is designated is reclassified each period
from other comprehensive income (loss) to earnings. The forward premiums or discounts on the forward contracts used to hedge foreign currency long-term debt are amortized as an adjustment to interest expense over the term of the forward contracts.
Valuation models, such as discounted cash flow analysis using observable market inputs, are utilized to determine the fair values of the forward contracts. The cash flows of the hedging transactions are classified in the same manner as the cash
flows of the position being hedged.



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##### Table of Contents

|Note 2 | Summary of significant accounting policies (continued)
|------ | ------------------------------------------------------



Hedge on net investments in self-sustaining foreign subsidiaries

The Company has designated certain long-term debt as a hedging instrument for a portion of the Companys net investment in self-sustaining U.S. and
European subsidiaries. Foreign exchange translation gains or losses on the net investments and the effective portions of gains or losses on instruments hedging the net investments are recorded in other comprehensive income (loss).

Cash flow hedges on future revenue

The
Company has also entered into various foreign currency forward contracts to hedge the variability in the foreign currency exchange rate between the U.S. dollar and the Indian rupee on future U.S. revenue, to hedge the variability in the foreign
currency exchange rate between the U.S. dollar and the Canadian dollar on future U.S. revenue and to hedge the variability in foreign currency exchange rate between the Indian rupee and the Canadian dollar on the future Canadian revenue.

These hedges were documented as cash flow hedges and no component of the derivative instruments fair value is excluded from the assessment and
measurement of hedge effectiveness. The forward contracts are derivative instruments, and, therefore, are recorded at fair value in the consolidated balance sheet under other current assets, other long-term assets, accrued liabilities or other
long-term liabilities. Valuation models, such as discounted cash flow analysis using observable market inputs, are utilized to determine the fair values of the forward contracts.

The effective portion of the change in fair value of the derivative instruments is recognized in other comprehensive income (loss) and the ineffective portion, if any, in the consolidated statement of
earnings. The effective portion of the change in fair value of the derivatives is reclassified out of other comprehensive income (loss) into the consolidated statement of earnings as an adjustment to revenue when the hedged revenue is recognized.
The assessment of effectiveness is based on forward rates utilizing the hypothetical derivative method. The cash flows of the hedging transactions are classified in the same manner as the cash flows of the position being hedged.

FUTURE CHANGES TO AUTHORITATIVE ACCOUNTING PRONOUNCEMENTS

In February 2008, the Canadian Accounting Standards Board confirmed that the use of the IFRS would be required for Canadian publicly accountable enterprises for fiscal years beginning on or after
January 1, 2011. Accordingly, the Companys first quarter under the IFRS reporting standards will begin on October 1, 2011. For more details on the transition to IFRS, refer to the IFRS section of the MD&A for the year ended
September 30, 2011.



|Note 3 | Cash and cash equivalents and bank overdraft
|------ | --------------------------------------------



|                          |  |      |         |   |      |  |         | 
|------------------------- |  | ---- | ------- | - | ---- |  | ------- | 
|                          |  | 2011 |         |   | 2010 | 
|                          |  | $    |         |   | $    | 
|Cash                      |  |      | 100,071 |   |      |  | 27,162  | 
|Cash equivalents          |  |      | 57,690  |   |      |  | 100,662 | 
|                          |  |      |         |   |      |  |         | 
|Cash and cash equivalents |  |      | 157,761 |   |      |  | 127,824 | 
|                          |  |      |         |   |      |  |         | 
|Bank overdraft1           |  |      | (75,538 | ) |      |  |        | 
|                          |  |      |         |   |      |  |         | 
|                          |  |      | 82,223  |   |      |  | 127,824 | 
|                          |  |      |         |   |      |  |         | 



|1 | As at September 30, 2011, the Company has a bank overdraft that is an integral part of the Companys cash management activities. The
overdraft bears interest at the banks weighted average prime rate of 3.12%, and is unsecured and uncommitted.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|Note 4 | Accounts receivable
|------ | -------------------



|       |  |      |         |  |      |  |         | 
|------ |  | ---- | ------- |  | ---- |  | ------- | 
|       |  | 2011 |         |  | 2010 | 
|       |  | $    |         |  | $    | 
|Trade  |  |      | 395,468 |  |      |  | 349,349 | 
|Other1 |  |      | 99,287  |  |      |  | 74,577  | 
|       |  |      |         |  |      |  |         | 
|       |  |      | 494,755 |  |      |  | 423,926 | 
|       |  |      |         |  |      |  |         | 



|1 | Other accounts receivable include refundable tax credits on salaries related to the Québec Development of E-Business program, Research and
Development tax credits in North America and Europe, and other Job and Economic Growth Creation programs available. The tax credits represent approximately $76,978,000 and $55,758,000 of other accounts receivable in 2011 and 2010, respectively.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Effective April 1, 2008, the Company became eligible for the new Development of E-Business refundable
tax credit, which replaces prior existing Québec tax credit programs. The fiscal measure enables corporations with an establishment in the province of Québec that carry out eligible activities in the technology sector to obtain a
refundable tax credit equal to 30% of eligible salaries, up to a maximum of $20,000 per year per eligible employee until December 31, 2015.

Prior to April 1, 2008, in order to be eligible for the E-Commerce Place, Cité du Multimédia de Montréal, New Economy Centres tax credits, the Company relocated some of its
eligible employees to designated locations. Real estate costs for these designated locations are significantly higher than they were at the previous facilities. As at September 30, 2011, the balance outstanding for financial commitments for
these real estate locations was $310,076,000 ranging between 1 year and 11 years. The refundable tax credits for these programs were calculated at rates varying between 35% to 40% on salaries paid in Québec to a maximum range of $12,500 to
$15,000 per year per eligible employee.



|Note 5 | Funds held for clients
|------ | ----------------------



|                 |  |      |         |  |      |  |         | 
|---------------- |  | ---- | ------- |  | ---- |  | ------- | 
|                 |  | 2011 |         |  | 2010 | 
|                 |  | $    |         |  | $    | 
|Cash             |  |      | 67,140  |  |      |  | 248,695 | 
|Short-term bonds |  |      | 10,070  |  |      |  |        | 
|Long-term bonds  |  |      | 170,412 |  |      |  |        | 
|                 |  |      |         |  |      |  |         | 
|                 |  |      | 247,622 |  |      |  | 248,695 | 
|                 |  |      |         |  |      |  |         | 



|Note 6 | Capital assets
|------ | --------------



|                                  |  |      |         |  |                         |  |         |               |  |  |         |  |  |                         |         |  |               |  |         |  |  |  |         | 
|--------------------------------- |  | ---- | ------- |  | ----------------------- |  | ------- | ------------- |  |  | ------- |  |  | ----------------------- | ------- |  | ------------- |  | ------- |  |  |  | ------- | 
|                                  |  | 2011 |         |  | 2010                    | 
|                                  |  | Cost |         |  | Accumulatedamortization |  |         | Net bookvalue |  |  | Cost    |  |  | Accumulatedamortization |         |  | Net bookvalue | 
|                                  |  | $    |         |  | $                       |  |         | $             |  |  | $       |  |  | $                       |         |  | $             | 
|Land and buildings                |  |      | 14,773  |  |                         |  | 4,047   |               |  |  | 10,726  |  |  |                         | 17,309  |  |               |  | 4,461   |  |  |  | 12,848  | 
|Leasehold improvements            |  |      | 129,329 |  |                         |  | 68,008  |               |  |  | 61,321  |  |  |                         | 142,297 |  |               |  | 76,381  |  |  |  | 65,916  | 
|Furniture, fixtures and equipment |  |      | 91,011  |  |                         |  | 33,435  |               |  |  | 57,576  |  |  |                         | 75,990  |  |               |  | 30,605  |  |  |  | 45,385  | 
|Computer equipment                |  |      | 289,441 |  |                         |  | 167,396 |               |  |  | 122,045 |  |  |                         | 256,985 |  |               |  | 143,110 |  |  |  | 113,875 | 
|                                  |  |      |         |  |                         |  |         |               |  |  |         |  |  |                         |         |  |               |  |         |  |  |  |         | 
|                                  |  |      | 524,554 |  |                         |  | 272,886 |               |  |  | 251,668 |  |  |                         | 492,581 |  |               |  | 254,557 |  |  |  | 238,024 | 
|                                  |  |      |         |  |                         |  |         |               |  |  |         |  |  |                         |         |  |               |  |         |  |  |  |         | 

Capital assets include assets acquired under capital leases totalling $58,267,000 ($57,101,000 in 2010), net of
accumulated amortization of $44,143,000 ($35,533,000 in 2010).



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##### Table of Contents

|Note 7 | Intangible assets
|------ | -----------------



|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|------------------------------ |  | ---- | --------- |  | ----------------------- |  | ------- | ------------- |  |  | ------- | 
|                               |  |      |           |  |                         |  |         | 2011          | 
|                               |  | Cost |           |  | Accumulatedamortization |  |         | Net bookvalue | 
|                               |  | $    |           |  | $                       |  |         | $             | 
|Intangible assets              |  |      |           |  |                         |  |         |               |  |  |         | 
|Contract costs                 |  |      |           |  |                         |  |         |               |  |  |         | 
|Incentives                     |  |      | 133,470   |  |                         |  | 98,855  |               |  |  | 34,615  | 
|Transition costs               |  |      | 181,542   |  |                         |  | 102,795 |               |  |  | 78,747  | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|                               |  |      | 315,012   |  |                         |  | 201,650 |               |  |  | 113,362 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|Other intangible assets        |  |      |           |  |                         |  |         |               |  |  |         | 
|Internal-use software          |  |      | 94,342    |  |                         |  | 73,871  |               |  |  | 20,471  | 
|Business solutions             |  |      | 265,571   |  |                         |  | 180,210 |               |  |  | 85,361  | 
|Software licenses              |  |      | 163,595   |  |                         |  | 120,296 |               |  |  | 43,299  | 
|Client relationships and other |  |      | 402,721   |  |                         |  | 257,327 |               |  |  | 145,394 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|                               |  |      | 926,229   |  |                         |  | 631,704 |               |  |  | 294,525 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|                               |  |      | 1,241,241 |  |                         |  | 833,354 |               |  |  | 407,887 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 



|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|------------------------------ |  | ---- | --------- |  | ----------------------- |  | ------- | ------------- |  |  | ------- | 
|                               |  |      |           |  |                         |  |         | 2010          | 
|                               |  | Cost |           |  | Accumulatedamortization |  |         | Net bookvalue | 
|                               |  | $    |           |  | $                       |  |         | $             | 
|Intangible assets              |  |      |           |  |                         |  |         |               |  |  |         | 
|Contract costs                 |  |      |           |  |                         |  |         |               |  |  |         | 
|Incentives                     |  |      | 236,750   |  |                         |  | 190,294 |               |  |  | 46,456  | 
|Transition costs               |  |      | 200,154   |  |                         |  | 102,734 |               |  |  | 97,420  | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|                               |  |      | 436,904   |  |                         |  | 293,028 |               |  |  | 143,876 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|Other intangible assets        |  |      |           |  |                         |  |         |               |  |  |         | 
|Internal-use software          |  |      | 90,704    |  |                         |  | 66,841  |               |  |  | 23,863  | 
|Business solutions             |  |      | 283,799   |  |                         |  | 178,491 |               |  |  | 105,308 | 
|Software licenses              |  |      | 174,412   |  |                         |  | 123,977 |               |  |  | 50,435  | 
|Client relationships and other |  |      | 426,546   |  |                         |  | 233,274 |               |  |  | 193,272 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|                               |  |      | 975,461   |  |                         |  | 602,583 |               |  |  | 372,878 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 
|                               |  |      | 1,412,365 |  |                         |  | 895,611 |               |  |  | 516,754 | 
|                               |  |      |           |  |                         |  |         |               |  |  |         | 

All intangible assets are subject to amortization. The following table presents the aggregate amount of intangible assets
that were acquired or internally developed during the following years:



|                     |  |      |        |  |      |  |         |      |  |  |        | 
|-------------------- |  | ---- | ------ |  | ---- |  | ------- | ---- |  |  | ------ | 
|                     |  | 2011 |        |  | 2010 |  |         | 2009 | 
|                     |  | $    |        |  | $    |  |         | $    | 
|Acquired             |  |      | 39,397 |  |      |  | 166,468 |      |  |  | 22,965 | 
|Internally developed |  |      | 46,741 |  |      |  | 49,193  |      |  |  | 44,181 | 
|                     |  |      |        |  |      |  |         |      |  |  |        | 
|                     |  |      | 86,138 |  |      |  | 215,661 |      |  |  | 67,146 | 
|                     |  |      |        |  |      |  |         |      |  |  |        | 



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##### Table of Contents

|Note 8 | Other long-term assets
|------ | ----------------------



|                                      |  |      |        |  |      |  |        | 
|------------------------------------- |  | ---- | ------ |  | ---- |  | ------ | 
|                                      |  | 2011 |        |  | 2010 | 
|                                      |  | $    |        |  | $    | 
|Deferred compensation plan assets     |  |      | 16,452 |  |      |  | 16,318 | 
|Long-term investments                 |  |      | 15,309 |  |      |  |       | 
|Forward contracts (Note 27)           |  |      | 6,179  |  |      |  | 13,317 | 
|Long-term maintenance agreements      |  |      | 5,338  |  |      |  | 5,542  | 
|Investment in direct financing lease1 |  |      | 4,610  |  |      |  |       | 
|Deferred financing fees               |  |      | 1,077  |  |      |  | 2,360  | 
|Other                                 |  |      | 6,949  |  |      |  | 4,724  | 
|                                      |  |      |        |  |      |  |        | 
|                                      |  |      | 55,914 |  |      |  | 42,261 | 
|                                      |  |      |        |  |      |  |        | 



|1 | During the fiscal year 2011, the Company entered into a leasing arrangement with a client accounted for as direct financing leases. As at
September 30, 2011, an amount of $2,977,000 representing the current portion is included in prepaid expenses and other current assets and the remaining $4,610,000 is included in other long-term assets.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Note 9 | Goodwill
|------ | --------

Due to the change in operating
segments effective October 1, 2010, the Company reallocated goodwill to the new reporting units using relative fair value and conducted a goodwill impairment test on October 1, 2010 using the revised reporting units, which are the same as
the operating segments (Note 23). Based on the results of this test, no impairment charge was required. In addition, the Company completed the annual impairment test as at September 30, 2011 and did not identify any impairment.

The variations in goodwill are as follows:



|                                        |  |     |         |  |        |  |         |              |  |  |                       |  |  |       |        |   |  |  |           |  
|--------------------------------------- |  | --- | ------- |  | ------ |  | ------- | ------------ |  |  | --------------------- |  |  | ----- | ------ | - |  |  | --------- | -
|                                        |  |     |         |  |        |  |         |              |  |  |                       |  |  | 2011  |       
|                                        |  | GIS |         |  | Canada |  |         | U.S. & India |  |  | Europe &Asia 
Pacific |  |  | Total |       
|                                        |  | $   |         |  | $      |  |         | $            |  |  | $                     |  |  | $     |       
|Balance, beginning of year              |  |     | 202,715 |  |        |  | 964,085 |              |  |  | 1,282,773             |  |  |       | 75,840 |   |  |  | 2,525,413 |  
|Acquisition                             |  |     |        |  |        |  |        |              |  |  |                      |  |  |       | 656    |   |  |  | 656       |  
|Purchase price adjustments (Note 19c)   |  |     |        |  |        |  |        |              |  |  | 4,376                 |  |  |       |       |   |  |  | 4,376     |  
|Disposal of business                    |  |     |        |  |        |  | (5,050  | )            |  |  |                      |  |  |       |       |   |  |  | (5,050    | )
|Foreign currency translation adjustment |  |     | 120     |  |        |  |        |              |  |  | 10,682                |  |  |       | (175   | ) |  |  | 10,627    |  
|                                        |  |     |         |  |        |  |         |              |  |  |                       |  |  |       |        |   |  |  |           |  
|Balance, end of year                    |  |     | 202,835 |  |        |  | 959,035 |              |  |  | 1,297,831             |  |  |       | 76,321 |   |  |  | 2,536,022 |  
|                                        |  |     |         |  |        |  |         |              |  |  |                       |  |  |       |        |   |  |  |           |  



|                                             |  |     |         |  |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|-------------------------------------------- |  | --- | ------- |  | ------ |  | --------- | ------------ |  |  | -------------------- | - |  | ----- | ------- | - |  |  | --------- | -
|                                             |  |     |         |  |        |  |           |              |  |  |                      |   |  | 2010  |        
|                                             |  | GIS |         |  | Canada |  |           | U.S. & India |  |  | Europe &Asia Pacific |   |  | Total |        
|                                             |  | $   |         |  | $      |  |           | $            |  |  | $                    |   |  | $     |        
|Balance, beginning of year                   |  |     |        |  |        |  | 1,141,381 |              |  |  | 432,320              |   |  |       | 101,080 |   |  |  | 1,674,781 |  
|Acquisition (Note 19a)                       |  |     |        |  |        |  |          |              |  |  | 886,403              |   |  |       |        |   |  |  | 886,403   |  
|Foreign currency translation adjustment      |  |     |        |  |        |  |          |              |  |  | (25,961              | ) |  |       | (9,810  | ) |  |  | (35,771   | )
|                                             |  |     |         |  |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Balance, end of year, as previously reported |  |     |        |  |        |  | 1,141,381 |              |  |  | 1,292,762            |   |  |       | 91,270  |   |  |  | 2,525,413 |  
|                                             |  |     |         |  |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Goodwill reallocation to new reporting units |  |     | 202,715 |  |        |  | (177,296  | )            |  |  | (9,989               | ) |  |       | (15,430 | ) |  |  |          |  
|                                             |  |     |         |  |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Balance, end of year                         |  |     | 202,715 |  |        |  | 964,085   |              |  |  | 1,282,773            |   |  |       | 75,840  |   |  |  | 2,525,413 |  
|                                             |  |     |         |  |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  



26

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| |  | CGI GROUP INC |  | 



---

##### Table of Contents

|Note 10 | Other long-term liabilities
|------- | ---------------------------



|                            |  |      |         |  |      |  |         | 
|--------------------------- |  | ---- | ------- |  | ---- |  | ------- | 
|                            |  | 2011 |         |  | 2010 | 
|                            |  | $    |         |  | $    | 
|Deferred compensation       |  |      | 24,842  |  |      |  | 25,173  | 
|Deferred revenue            |  |      | 29,887  |  |      |  | 40,702  | 
|Deferred rent1              |  |      | 57,645  |  |      |  | 44,737  | 
|Forward contracts (Note 27) |  |      | 3,090   |  |      |  | 3,396   | 
|Other2                      |  |      | 10,198  |  |      |  | 5,891   | 
|                            |  |      |         |  |      |  |         | 
|                            |  |      | 125,662 |  |      |  | 119,899 | 
|                            |  |      |         |  |      |  |         | 



|1 | Deferred rent
includes the long-term portion of lease provisions which consist of estimated costs associated with vacated premises.
|- | -----------------------------------------------------------------------------------------------------------------------------------

The total costs associated with the vacated premises of $16,471,000 recorded in costs of services, selling and administrative expenses is included in the GIS, Canada and US & India segments for
an amount of $2,605,000, $11,468,000 and $2,398,000 respectively, in 2011 ($3,629,000 included in the Canada segment in 2010 and $10,606,000 included in the Canada and Europe & Asia Pacific segments for an amount of $9,825,000 and $781,000
respectively, in 2009).



|2 | Asset retirement obligations included in Other pertain to operating leases of office buildings where certain arrangements require premises
to be returned to their original state at the end of the lease term. The asset retirement obligation liability of $6,590,000 ($3,060,000 in 2010) was based on the expected cash flows of $8,790,000 ($4,370,000 in 2010) and was discounted at an
average interest rate of 5.64% (6.42% in 2010). The timing of the settlement of these obligations varies between one and 12 years.
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Note 11 | Long-term debt
|------- | --------------



|                                                                                                                                                                      |  |      |           |  |      |  |           | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | --------- |  | ---- |  | --------- | 
|                                                                                                                                                                      |  | 2011 |           |  | 2010 | 
|                                                                                                                                                                      |  | $    |           |  | $    | 
|Senior U.S. unsecured notes, bearing an interest rate of 6.00% and repayable by a payment of $20,778 (US$20,000) in 2014, less
imputed interest of $1311              |  |      | 20,647    |  |      |  | 109,899   | 
|Unsecured committed revolving term facility bearing interest at one month LIBOR rate plus 0.70% or one month bankers
acceptance rate plus 0.70%, maturing in
20122   |  |      | 859,277   |  |      |  | 964,223   | 
|Obligations bearing a weighted average interest rate of 3.52% and repayable in blended monthly instalments maturing at various
dates until 2018                       |  |      | 58,575    |  |      |  | 22,049    | 
|Obligations under capital leases, bearing a weighted average interest rate of 4.37% and repayable in blended monthly instalments
maturing at various dates until 2018 |  |      | 67,182    |  |      |  | 57,705    | 
|                                                                                                                                                                      |  |      |           |  |      |  |           | 
|                                                                                                                                                                      |  |      | 1,005,681 |  |      |  | 1,153,876 | 
|Current portion                                                                                                                                                       |  |      | 402,534   |  |      |  | 114,577   | 
|                                                                                                                                                                      |  |      |           |  |      |  |           | 
|                                                                                                                                                                      |  |      | 603,147   |  |      |  | 1,039,299 | 
|                                                                                                                                                                      |  |      |           |  |      |  |           | 



|1 | As at September 30, 2011, the private placement financing with U.S. institutional investors is comprised of one remaining tranche of Senior U.S.
unsecured notes maturing in January 2014 for an amount of US$20,000,000. On January 28, 2011, the Company repaid the second tranche in the amount of $87,300,000 (US$87,000,000), and settled the related forward contracts taken to manage the
Companys exposure to fluctuation in the foreign exchange rate resulting in a cash outflow of $1,275,000. The Senior U.S. unsecured notes contain covenants that require the Company to maintain certain financial ratios (Note 28). As at
September 30, 2011, the Company is in compliance with these covenants.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2 | The Company has a five-year unsecured revolving credit facility available for an amount of $1,500,000,000 that expires in August 2012 bearing interest
at one month LIBOR plus a variable margin that is determined based on leverage ratios (Note 28). As at September 30, 2011, an amount of $859,277,000 has been drawn upon this facility. Also an amount of $18,317,000 has been committed against
this facility to cover various letters of credit issued for clients and other parties. The revolving credit facility contains covenants that require the Company to maintain certain financial ratios (Note 28). As at September 30, 2011, the
Company is in compliance with these covenants. The Company also has a proportionate share of a revolving demand credit facility related to the joint venture for an amount of $2,500,000 bearing interest at the Canadian prime rate. As at
September 30, 2011, no amount has been drawn upon this facility.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

During the year, the Company entered
into a US$475,000,000 private placement financing with U.S. institutional investors that will be drawn down no later than December 15, 2011. The private placement will be comprised of three tranches of Senior U.S. unsecured notes, with a
weighted average maturity of 8.2 years and a weighted average fixed coupon of 4.57%. As a result of this private placement, an amount of $493,478,000 due under the existing unsecured revolving credit facility maturing within the next 12 months has
been classified as long-term as of September 30, 2011 based on managements intention to reimburse part of the unsecured revolving term facility with the proceeds of the private placement.



27

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| |  | CGI GROUP INC |  | 



---

##### Table of Contents

|Note 11 | Long-term debt (continued)
|------- | --------------------------

Principal
repayments on long-term debt over the forthcoming years are as follows:



|                                           |  |   |         | 
|------------------------------------------ |  | - | ------- | 
|                                           |  | $ |        
|2012                                       |  |   | 379,595 | 
|2013                                       |  |   | 14,574  | 
|2014                                       |  |   | 33,522  | 
|2015                                       |  |   | 9,425   | 
|2016                                       |  |   | 6,615   | 
|Thereafter                                 |  |   | 494,768 | 
|                                           |  |   |         | 
|Total principal payments on long-term debt |  |   | 938,499 | 
|                                           |  |   |         | 

Minimum capital lease payments are as follows:



|                                     |  |           |        |  |          |  |       |         |  |  |        | 
|------------------------------------ |  | --------- | ------ |  | -------- |  | ----- | ------- |  |  | ------ | 
|                                     |  | Principal |        |  | Interest |  |       | Payment | 
|                                     |  | $         |        |  | $        |  |       | $       | 
|2012                                 |  |           | 22,939 |  |          |  | 2,616 |         |  |  | 25,555 | 
|2013                                 |  |           | 17,830 |  |          |  | 1,482 |         |  |  | 19,312 | 
|2014                                 |  |           | 13,866 |  |          |  | 816   |         |  |  | 14,682 | 
|2015                                 |  |           | 8,223  |  |          |  | 297   |         |  |  | 8,520  | 
|2016                                 |  |           | 3,790  |  |          |  | 47    |         |  |  | 3,837  | 
|Thereafter                           |  |           | 534    |  |          |  |      |         |  |  | 534    | 
|                                     |  |           |        |  |          |  |       |         |  |  |        | 
|Total minimum capital lease payments |  |           | 67,182 |  |          |  | 5,258 |         |  |  | 72,440 | 
|                                     |  |           |        |  |          |  |       |         |  |  |        | 



|Note 12 | Capital stock
|------- | -------------

Authorized, an unlimited
number without par value:

First preferred shares, carrying one vote per share, ranking prior to second preferred shares, Class A
subordinate shares and Class B shares with respect to the payment of dividends;

Second preferred shares, non-voting, ranking prior to
Class A subordinate shares and Class B shares with respect to the payment of dividends;

Class A subordinate shares, carrying one
vote per share, participating equally with Class B shares with respect to the payment of dividends and convertible into Class B shares under certain conditions in the event of certain takeover bids on Class B shares;

Class B shares, carrying ten votes per share, participating equally with Class A subordinate shares with respect to the payment of dividends,
convertible at any time at the option of the holder into Class A subordinate shares.



28

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| |  | CGI GROUP INC |  | 



---

##### Table of Contents

|Note 12 | Capital stock (continued)
|------- | -------------------------

For 2011, 2010
and 2009, the Class A subordinate and the Class B shares varied as follows:



|                                 |  |                            |             |   |                |  |           |        |  |  |                |   |  |        |        |   |                |  |             |   |  |  |           |  
|-------------------------------- |  | -------------------------- | ----------- | - | -------------- |  | --------- | ------ |  |  | -------------- | - |  | ------ | ------ | - | -------------- |  | ----------- | - |  |  | --------- | -
|                                 |  | Class A subordinate shares |             |   | Class B shares |  |           | Total  | 
|                                 |  | Number                     |             |   | Carrying value |  |           | Number |  |  | Carrying value |   |  | Number |        |   | Carrying value | 
|                                 |  |                            |             |   | $              |  |           |        |  |  | $              |   |  |        |        |   | $              | 
|Balance, September 30, 2008      |  |                            | 274,165,370 |   |                |  | 1,271,948 |        |  |  | 34,208,159     |   |  |        | 47,724 |   |                |  | 308,373,529 |   |  |  | 1,319,672 |  
|Repurchased and cancelled1       |  |                            | (9,708,292  | ) |                |  | (44,272   | )      |  |  |               |   |  |        |       |   |                |  | (9,708,292  | ) |  |  | (44,272   | )
|Issued upon exercise of options2 |  |                            | 2,221,032   |   |                |  | 22,870    |        |  |  |               |   |  |        |       |   |                |  | 2,221,032   |   |  |  | 22,870    |  
|Conversion of shares3            |  |                            | 600,000     |   |                |  | 837       |        |  |  | (600,000       | ) |  |        | (837   | ) |                |  |            |   |  |  |          |  
|                                 |  |                            |             |   |                |  |           |        |  |  |                |   |  |        |        |   |                |  |             |   |  |  |           |  
|Balance, September 30, 2009      |  |                            | 267,278,110 |   |                |  | 1,251,383 |        |  |  | 33,608,159     |   |  |        | 46,887 |   |                |  | 300,886,269 |   |  |  | 1,298,270 |  
|Repurchased and cancelled1       |  |                            | (35,602,085 | ) |                |  | (168,759  | )      |  |  |               |   |  |        |       |   |                |  | (35,602,085 | ) |  |  | (168,759  | )
|Issued upon exercise of options2 |  |                            | 6,008,766   |   |                |  | 65,558    |        |  |  |               |   |  |        |       |   |                |  | 6,008,766   |   |  |  | 65,558    |  
|                                 |  |                            |             |   |                |  |           |        |  |  |                |   |  |        |        |   |                |  |             |   |  |  |           |  
|Balance, September 30, 2010      |  |                            | 237,684,791 |   |                |  | 1,148,182 |        |  |  | 33,608,159     |   |  |        | 46,887 |   |                |  | 271,292,950 |   |  |  | 1,195,069 |  
|Repurchased and cancelled1       |  |                            | (16,373,400 | ) |                |  | (80,009   | )      |  |  |               |   |  |        |       |   |                |  | (16,373,400 | ) |  |  | (80,009   | )
|Issued upon exercise of options2 |  |                            | 5,743,649   |   |                |  | 66,065    |        |  |  |               |   |  |        |       |   |                |  | 5,743,649   |   |  |  | 66,065    |  
|Purchased and held in trust4     |  |                            |            |   |                |  | (2,566    | )      |  |  |               |   |  |        |       |   |                |  |            |   |  |  | (2,566    | )
|                                 |  |                            |             |   |                |  |           |        |  |  |                |   |  |        |        |   |                |  |             |   |  |  |           |  
|Balance, September 30, 2011      |  |                            | 227,055,040 |   |                |  | 1,131,672 |        |  |  | 33,608,159     |   |  |        | 46,887 |   |                |  | 260,663,199 |   |  |  | 1,178,559 |  
|                                 |  |                            |             |   |                |  |           |        |  |  |                |   |  |        |        |   |                |  |             |   |  |  |           |  



|1 | On January 26, 2011, the Companys Board of Directors authorized the renewal of a Normal Course Issuer Bid (NCIB) to purchase up
to 10% of the public float of the Companys Class A subordinate shares during the next year. The Toronto Stock Exchange (TSX) subsequently approved the Companys request for approval. The NCIB enables the Company to
purchase up to 23,006,547 Class A subordinate shares (25,151,058 in 2010 and 26,970,437 in 2009) for cancellation on the open market through the TSX. The Class A subordinate shares were available for purchase under the NCIB commencing
February 9, 2011, until no later than February 8, 2012, or on such earlier date when the Company completes its purchases or elects to terminate the bid. During fiscal year 2011, the Company repurchased, under the previous and current NCIB,
16,373,400 Class A subordinate shares (35,602,085 in 2010 and 9,525,892 in 2009) for cash consideration of $305,028,000 ($516,699,000 in 2010 and $99,881,000 in 2009). The excess of the purchase price over the carrying value of Class A
subordinate shares repurchased, in the amount of $225,019,000 ($347,940,000 in 2010 and $55,609,000 in 2009), was charged to retained earnings.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2 | The carrying value of Class A subordinate shares includes $14,341,000 ($13,332,000 in 2010 and $5,253,000 in 2009), which corresponds to a
reduction in contributed surplus representing the value of accumulated compensation cost associated with the options exercised during the year.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3 | During the year ended September 30, 2009, a shareholder converted 600,000 Class B shares into 600,000 Class A subordinate shares.
|- | ---------------------------------------------------------------------------------------------------------------------------------

|4 | In connection with the PSU plan, the Company provided instructions to a trustee under the terms of a Trust Agreement to purchase 164,012 Class A
subordinate shares of the Company in the open market for $2,566,000 during the year ended September 30, 2011 (Note 13b).
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



29

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| |  | CGI GROUP INC |  | 



---

##### Table of Contents

|Note 13 | Stock-based compensation and contributed surplus
|------- | ------------------------------------------------

A) STOCK OPTIONS

Under the Companys stock option plan, the Board of Directors may
grant, at its discretion, options to purchase Class A subordinate shares to certain employees, officers, directors and consultants of the Company and its subsidiaries. The exercise price is established by the Board of Directors and is equal to
the closing price of the Class A subordinate shares on the TSX on the day preceding the date of the grant. Options generally vest one to four years from the date of grant conditionally upon the achievement of objectives and must be exercised
within a ten-year period, except in the event of retirement, termination of employment or death. As at September 30, 2011, 46,258,529 Class A subordinate shares have been reserved for issuance under the stock option plan.

The following table presents information concerning all outstanding stock options granted by the Company for the years ended September 30:



|                               |  |                  |            |   |                                        |  |       |                  |  |  |                                        |   |  |                  |       |  |                                        |  |            |   |  |  |       | 
|------------------------------ |  | ---------------- | ---------- | - | -------------------------------------- |  | ----- | ---------------- |  |  | -------------------------------------- | - |  | ---------------- | ----- |  | -------------------------------------- |  | ---------- | - |  |  | ----- | 
|                               |  |                  |            |   | 2011                                   |  |       |                  |  |  | 2010                                   |   |  |                  |       |  | 2009                                   | 
|                               |  | Number ofoptions |            |   | Weightedaverageexercise priceper share |  |       | Number ofoptions |  |  | Weightedaverageexercise priceper share |   |  | Number ofoptions |       |  | Weightedaverageexercise priceper share | 
|                               |  |                  |            |   | $                                      |  |       |                  |  |  | $                                      |   |  |                  |       |  | $                                      | 
|Outstanding, beginning of year |  |                  | 26,555,483 |   |                                        |  | 10.03 |                  |  |  | 28,883,835                             |   |  |                  | 9.16  |  |                                        |  | 26,757,738 |   |  |  | 9.34  | 
|Granted                        |  |                  | 6,634,974  |   |                                        |  | 15.53 |                  |  |  | 8,413,586                              |   |  |                  | 12.58 |  |                                        |  | 8,448,453  |   |  |  | 9.32  | 
|Exercised                      |  |                  | (5,743,649 | ) |                                        |  | 9.01  |                  |  |  | (6,008,766                             | ) |  |                  | 8.69  |  |                                        |  | (2,221,032 | ) |  |  | 7.93  | 
|Forfeited                      |  |                  | (3,255,072 | ) |                                        |  | 12.68 |                  |  |  | (3,734,542                             | ) |  |                  | 9.65  |  |                                        |  | (3,863,746 | ) |  |  | 11.16 | 
|Expired                        |  |                  | (28,419    | ) |                                        |  | 9.19  |                  |  |  | (998,630                               | ) |  |                  | 15.91 |  |                                        |  | (237,578   | ) |  |  | 14.11 | 
|                               |  |                  |            |   |                                        |  |       |                  |  |  |                                        |   |  |                  |       |  |                                        |  |            |   |  |  |       | 
|Outstanding, end of year       |  |                  | 24,163,317 |   |                                        |  | 11.42 |                  |  |  | 26,555,483                             |   |  |                  | 10.03 |  |                                        |  | 28,883,835 |   |  |  | 9.16  | 
|                               |  |                  |            |   |                                        |  |       |                  |  |  |                                        |   |  |                  |       |  |                                        |  |            |   |  |  |       | 
|Exercisable, end of year       |  |                  | 13,108,369 |   |                                        |  | 9.39  |                  |  |  | 14,116,392                             |   |  |                  | 8.60  |  |                                        |  | 18,087,166 |   |  |  | 8.75  | 
|                               |  |                  |            |   |                                        |  |       |                  |  |  |                                        |   |  |                  |       |  |                                        |  |            |   |  |  |       | 

The following table summarizes information about outstanding stock options granted by the Company as at
September 30, 2011:



| |  |                        |  |                  |            |  |                                                 |  |      |                              |  |  |                  |  |  |                              |            |  |  |  |       | 
| |  | ---------------------- |  | ---------------- | ---------- |  | ----------------------------------------------- |  | ---- | ---------------------------- |  |  | ---------------- |  |  | ---------------------------- | ---------- |  |  |  | ----- | 
| |  |                        |  |                  |            |  | Options outstanding                             |  |      | Options exercisable          | 
| |  | Range ofexercise price |  | Number ofoptions |            |  | Weightedaverageremainingcontractuallife (years) |  |      | Weightedaverageexerciseprice |  |  | Number ofoptions |  |  | Weightedaverageexerciseprice |           
| |  | $                      |  |                  |            |  |                                                 |  |      | $                            |  |  |                  |  |  | $                            |           
| |  | 5.20 to 6.98           |  |                  | 1,496,149  |  |                                                 |  | 3.71 |                              |  |  | 6.51             |  |  |                              | 1,496,149  |  |  |  | 6.51  | 
| |  | 7.00 to 7.87           |  |                  | 2,411,975  |  |                                                 |  | 3.73 |                              |  |  | 7.75             |  |  |                              | 2,411,975  |  |  |  | 7.75  | 
| |  | 8.00 to 8.91           |  |                  | 2,599,257  |  |                                                 |  | 3.12 |                              |  |  | 8.55             |  |  |                              | 2,599,257  |  |  |  | 8.55  | 
| |  | 9.05 to 9.43           |  |                  | 3,783,709  |  |                                                 |  | 6.97 |                              |  |  | 9.31             |  |  |                              | 2,345,168  |  |  |  | 9.31  | 
| |  | 10.05 to 11.80         |  |                  | 2,733,832  |  |                                                 |  | 6.02 |                              |  |  | 11.37            |  |  |                              | 2,733,832  |  |  |  | 11.37 | 
| |  | 12.54 to 13.26         |  |                  | 4,683,744  |  |                                                 |  | 8.01 |                              |  |  | 12.55            |  |  |                              | 1,425,520  |  |  |  | 12.55 | 
| |  | 14.48 to 15.96         |  |                  | 6,396,109  |  |                                                 |  | 9.01 |                              |  |  | 15.48            |  |  |                              | 52,926     |  |  |  | 15.15 | 
| |  | 19.28 to 22.52         |  |                  | 58,542     |  |                                                 |  | 9.60 |                              |  |  | 20.66            |  |  |                              | 43,542     |  |  |  | 20.02 | 
| |  |                        |  |                  |            |  |                                                 |  |      |                              |  |  |                  |  |  |                              |            |  |  |  |       | 
| |  |                        |  |                  | 24,163,317 |  |                                                 |  | 6.67 |                              |  |  | 11.42            |  |  |                              | 13,108,369 |  |  |  | 9.39  | 
| |  |                        |  |                  |            |  |                                                 |  |      |                              |  |  |                  |  |  |                              |            |  |  |  |       | 



30

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| |  | CGI GROUP INC |  | 



---

##### Table of Contents

|Note 13 | Stock-based compensation and contributed surplus (continued)
|------- | ------------------------------------------------------------

The following table presents the weighted average assumptions used to determine the stock-based compensation cost recorded in costs of services, selling and administrative expenses using the Black-Scholes
option pricing model for the years ended September 30:



|                                           |  |      |        |  |      |  |        |      |  |  |       | 
|------------------------------------------ |  | ---- | ------ |  | ---- |  | ------ | ---- |  |  | ----- | 
|                                           |  | 2011 |        |  | 2010 |  |        | 2009 | 
|Stock-based compensation cost ($)          |  |      | 15,022 |  |      |  | 15,517 |      |  |  | 8,617 | 
|                                           |  |      |        |  |      |  |        |      |  |  |       | 
|Dividend yield (%)                         |  |      | 0.00   |  |      |  | 0.00   |      |  |  | 0.00  | 
|Expected volatility (%)                    |  |      | 27.11  |  |      |  | 27.32  |      |  |  | 24.42 | 
|Risk-free interest rate (%)                |  |      | 1.99   |  |      |  | 2.48   |      |  |  | 3.05  | 
|Expected life (years)                      |  |      | 5.00   |  |      |  | 5.00   |      |  |  | 5.00  | 
|Weighted average grant date fair value ($) |  |      | 4.31   |  |      |  | 3.63   |      |  |  | 2.59  | 

B) PERFORMANCE SHARE UNITS

On September 28, 2010, the Company adopted a PSU plan for senior executives and other key employees (participants). Under that plan, the Board of Directors may grant PSUs to participants
which entitles them to receive one Class A subordinate share for each PSU. The vesting and performance conditions are determined by the Board of Directors at the time of each grant. PSUs expire on December 31, of the third calendar year
during which the award is made, except in the event of retirement, termination of employment or death. Granted PSUs vest annually over a period of four years from the date of grant conditionally upon achievement of objectives.

Class A subordinate shares purchased in connection with the PSU plan are held in trust for the benefits of the participants. The trust, considered
as a variable interest entity, is consolidated in the Companys financial statements with the cost of the purchased shares recorded as a reduction of capital stock (Note 12).

During the year ended September 30, 2011, the Company granted 164,012 PSUs with a grant date fair value of $15.51 per unit based on the closing price of the Class A subordinate shares on the TSX
on that date. There was no grant under this plan in fiscal year 2010.

The stock-based compensation cost related to PSUs recorded in costs of
services, selling and administrative expenses for the year ended September 30, 2011 was $399,000 (nil for the year ended September 30, 2010).

C) CONTRIBUTED SURPLUS

The following table summarizes the contributed surplus activity
since September 30, 2008:



|                                                              |  |   |         |  
|------------------------------------------------------------- |  | - | ------- | -
|                                                              |  | $ |        
|Balance, September 30, 2008                                   |  |   | 77,373  |  
|Compensation cost associated with exercised options (Note 12) |  |   | (5,253  | )
|Stock-based compensation cost                                 |  |   | 8,617   |  
|                                                              |  |   |         |  
|Balance, September 30, 2009                                   |  |   | 80,737  |  
|Compensation cost associated with exercised options (Note 12) |  |   | (13,332 | )
|Stock-based compensation cost                                 |  |   | 15,517  |  
|                                                              |  |   |         |  
|Balance, September 30, 2010                                   |  |   | 82,922  |  
|Compensation cost associated with exercised options (Note 12) |  |   | (14,341 | )
|Stock-based compensation cost                                 |  |   | 15,421  |  
|                                                              |  |   |         |  
|Balance, September 30, 2011                                   |  |   | 84,002  |  
|                                                              |  |   |         |  



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##### Table of Contents

|Note 14 | Earnings per share
|------- | ------------------

The following table
sets forth the computation of basic and diluted earnings per share from continuing operations attributable to shareholders of the Company for the years ended September 30:



|                           |  |                                  |         |  |                                            |  |             |                                           |  |  |                                  |  |  |                                            |         |  |                                           |  |             |                                  |  |  |                                            |  |  |                                           |         |  |  |  |             |  |  |  |      | 
|-------------------------- |  | -------------------------------- | ------- |  | ------------------------------------------ |  | ----------- | ----------------------------------------- |  |  | -------------------------------- |  |  | ------------------------------------------ | ------- |  | ----------------------------------------- |  | ----------- | -------------------------------- |  |  | ------------------------------------------ |  |  | ----------------------------------------- | ------- |  |  |  | ----------- |  |  |  | ---- | 
|                           |  | 2011                             |         |  | 2010                                       |  |             | 2009                                      | 
|                           |  | Earningsfromcontinuingoperations |         |  | Weightedaveragenumber ofsharesoutstanding1 |  |             | Earningsper sharefromcontinuingoperations |  |  | Earningsfromcontinuingoperations |  |  | Weightedaveragenumber ofsharesoutstanding1 |         |  | Earningsper sharefromcontinuingoperations |  |             | Earningsfromcontinuingoperations |  |  | Weightedaveragenumber ofsharesoutstanding1 |  |  | Earningsper sharefromcontinuingoperations |        
|                           |  | $                                |         |  |                                            |  |             | $                                         |  |  | $                                |  |  |                                            |         |  | $                                         |  |             | $                                |  |  |                                            |  |  | $                                         |        
|Basic                      |  |                                  | 434,809 |  |                                            |  | 265,333,074 |                                           |  |  | 1.64                             |  |  |                                            | 362,386 |  |                                           |  | 284,826,257 |                                  |  |  | 1.27                                       |  |  |                                           | 315,158 |  |  |  | 306,853,077 |  |  |  | 1.03 | 
|Dilutive options and PSUs2 |  |                                  |         |  |                                            |  | 9,953,460   |                                           |  |  |                                  |  |  |                                            |         |  |                                           |  | 8,093,693   |                                  |  |  |                                            |  |  |                                           |         |  |  |  | 3,492,164   |  |  |  |      | 
|                           |  |                                  |         |  |                                            |  |             |                                           |  |  |                                  |  |  |                                            |         |  |                                           |  |             |                                  |  |  |                                            |  |  |                                           |         |  |  |  |             |  |  |  |      | 
|                           |  |                                  | 434,809 |  |                                            |  | 275,286,534 |                                           |  |  | 1.58                             |  |  |                                            | 362,386 |  |                                           |  | 292,919,950 |                                  |  |  | 1.24                                       |  |  |                                           | 315,158 |  |  |  | 310,345,241 |  |  |  | 1.02 | 
|                           |  |                                  |         |  |                                            |  |             |                                           |  |  |                                  |  |  |                                            |         |  |                                           |  |             |                                  |  |  |                                            |  |  |                                           |         |  |  |  |             |  |  |  |      | 



|1 | The 16,373,400 Class A subordinate shares repurchased and the 164,012 Class A subordinate shares purchased and held in a trust during the
fiscal year 2011 (35,602,085 and nil, respectively in 2010 and 9,525,892 and nil, respectively in 2009), were excluded from the calculation of weighted average number of shares outstanding as of the date of transaction.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2 | The calculation of the diluted earnings per share excluded 6,297,143, 8,029,590 and 13,384,651 options for the years ended September 30, 2011,
2010 and 2009, respectively, as they were anti-dilutive.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Note 15 | Amortization
|------- | ------------



|                                                                                                                                  |  |      |         |  |      |  |         |      |  |  |         | 
|--------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------- |  | ---- |  | ------- | ---- |  |  | ------- | 
|                                                                                                                                  |  | 2011 |         |  | 2010 |  |         | 2009 | 
|                                                                                                                                  |  | $    |         |  | $    |  |         | $    | 
|Amortization of capital assets1                                                                                                   |  |      | 78,627  |  |      |  | 72,067  |      |  |  | 61,412  | 
|Amortization of intangible assets                                                                                                 |  |      |         |  |      |  |         |      |  |  |         | 
|Contract costs related to transition costs                                                                                        |  |      | 23,100  |  |      |  | 30,396  |      |  |  | 22,377  | 
|Other intangible assets2                                                                                                          |  |      |         |  |      |  |         |      |  |  |         | 
|Internal-use software                                                                                                             |  |      | 10,834  |  |      |  | 11,121  |      |  |  | 13,770  | 
|Business solutions                                                                                                                |  |      | 35,371  |  |      |  | 26,322  |      |  |  | 40,929  | 
|Software licenses                                                                                                                 |  |      | 19,226  |  |      |  | 18,726  |      |  |  | 16,674  | 
|Client relationships and other                                                                                                    |  |      | 44,214  |  |      |  | 36,676  |      |  |  | 40,599  | 
|                                                                                                                                  |  |      |         |  |      |  |         |      |  |  |         | 
|                                                                                                                                  |  |      | 211,372 |  |      |  | 195,308 |      |  |  | 195,761 | 
|Amortization of contract costs related to incentives (presented as a reduction of revenue)                                        |  |      | 16,013  |  |      |  | 23,149  |      |  |  | 21,043  | 
|Amortization of premiums and discounts on investments related to funds held for clients (presented net as a reduction of
revenue) |  |      | 1,257   |  |      |  |        |      |  |  |        | 
|Amortization of deferred financing fees (presented in interest on long-term debt)                                                 |  |      | 1,283   |  |      |  | 1,283   |      |  |  | 1,283   | 
|                                                                                                                                  |  |      |         |  |      |  |         |      |  |  |         | 
|                                                                                                                                  |  |      | 229,925 |  |      |  | 219,740 |      |  |  | 218,087 | 
|                                                                                                                                  |  |      |         |  |      |  |         |      |  |  |         | 



|1 | Amortization expense of capital assets acquired under capital leases was $18,526,000 in 2011 ($18,467,000 and $13,213,000 in 2010 and 2009
respectively).
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|2 | Amortization includes impairment for a total amount of $11,719,000 related to business solutions that were no longer expected to provide future value,
and is included in the Canada and U.S. & India segments for an amount of $9,567,000 and $2,152,000, respectively, in 2011 (nil in 2010 and $11,143,000 in 2009 related to internal-use software, business solutions and client relationships for
an amount of $807,000, $7,485,000 and $2,851,000, respectively, mainly included in the U.S. & India segment).
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|Note 16 | Accumulated other comprehensive loss
|------- | ------------------------------------



|                                                                                                                                                                                     |  |                              |          |   |                           |  |        |                                 |  |  |          |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------------- | -------- | - | ------------------------- |  | ------ | ------------------------------- |  |  | -------- | -
|                                                                                                                                                                                     |  | Balance, as atOctober 1,2010 |          |   | Net changesduringthe
year |  |        | Balance, as atSeptember 30,2011 | 
|                                                                                                                                                                                     |  | $                            |          |   | $                         |  |        | $                               | 
|Net unrealized losses on translating financial statements of self-sustaining foreign operations (net of accumulated income tax
recovery of $11,403)                                  |  |                              | (413,021 | ) |                           |  | 11,716 |                                 |  |  | (401,305 | )
|Net unrealized gains on translating long-term debt designated as a hedge of net investments in self-sustaining foreign operations
(net of accumulated income tax expense of $13,261) |  |                              | 76,806   |   |                           |  | (4,695 | )                               |  |  | 72,111   |  
|Net unrealized gains on cash flow hedges (net of accumulated income tax expense of $1,457)                                                                                           |  |                              | 14,469   |   |                           |  | (9,197 | )                               |  |  | 5,272    |  
|Net unrealized gains on available for sale investments (net of accumulated income tax recovery of $854)                                                                              |  |                              |         |   |                           |  | 2,352  |                                 |  |  | 2,352    |  
|                                                                                                                                                                                     |  |                              |          |   |                           |  |        |                                 |  |  |          |  
|                                                                                                                                                                                     |  |                              | (321,746 | ) |                           |  | 176    |                                 |  |  | (321,570 | )
|                                                                                                                                                                                     |  |                              |          |   |                           |  |        |                                 |  |  |          |  



|                                                                                                                                                                                     |  |                              |          |   |                           |  |         |                                  |  |  |          |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------------- | -------- | - | ------------------------- |  | ------- | -------------------------------- |  |  | -------- | -
|                                                                                                                                                                                     |  | Balance, as atOctober 1,2009 |          |   | Net changesduringthe year |  |         | Balance, as atSeptember 
30,2010 | 
|                                                                                                                                                                                     |  | $                            |          |   | $                         |  |         | $                                | 
|Net unrealized losses on translating financial statements of self-sustaining foreign operations (net of accumulated income tax
recovery of $12,686)                                  |  |                              | (359,423 | ) |                           |  | (53,598 | )                                |  |  | (413,021 | )
|Net unrealized gains on translating long-term debt designated as a hedge of net investments in self-sustaining foreign operations
(net of accumulated income tax expense of $14,347) |  |                              | 61,000   |   |                           |  | 15,806  |                                  |  |  | 76,806   |  
|Net unrealized gains on cash flow hedges (net of accumulated income tax expense of $5,336)                                                                                           |  |                              | 12,433   |   |                           |  | 2,036   |                                  |  |  | 14,469   |  
|                                                                                                                                                                                     |  |                              |          |   |                           |  |         |                                  |  |  |          |  
|                                                                                                                                                                                     |  |                              | (285,990 | ) |                           |  | (35,756 | )                                |  |  | (321,746 | )
|                                                                                                                                                                                     |  |                              |          |   |                           |  |         |                                  |  |  |          |  



|                                                                                                                                                                                    |  |                              |          |   |                           |  |        |                                  |  |  |          |  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------- | -------- | - | ------------------------- |  | ------ | -------------------------------- |  |  | -------- | -
|                                                                                                                                                                                    |  | Balance, as atOctober
1,2008 |          |   | Net changesduringthe year |  |        | Balance, as atSeptember 
30,2009 | 
|                                                                                                                                                                                    |  | $                            |          |   | $                         |  |        | $                                | 
|Net unrealized losses on translating financial statements of self-sustaining foreign operations (net of accumulated income tax
recovery of $10,464)                                 |  |                              | (365,672 | ) |                           |  | 6,249  |                                  |  |  | (359,423 | )
|Net unrealized gains on translating long-term debt designated as a hedge of net investment in self-sustaining foreign operations
(net of accumulated income tax expense of $11,623) |  |                              | 45,261   |   |                           |  | 15,739 |                                  |  |  | 61,000   |  
|Net unrealized gains on cash flow hedges (net of accumulated income tax expense of $4,422)                                                                                          |  |                              | (1,013   | ) |                           |  | 13,446 |                                  |  |  | 12,433   |  
|                                                                                                                                                                                    |  |                              |          |   |                           |  |        |                                  |  |  |          |  
|                                                                                                                                                                                    |  |                              | (321,424 | ) |                           |  | 35,434 |                                  |  |  | (285,990 | )
|                                                                                                                                                                                    |  |                              |          |   |                           |  |        |                                  |  |  |          |  

For the year ended September 30, 2011, $7,476,000 of the net unrealized gains previously recognized in other
comprehensive income (net of income taxes of $3,314,000) were reclassified to net earnings for derivatives designated as cash flow hedges ($8,359,000 net of income taxes of $3,746,000 for the year ended September 30, 2010, and $928,000 net of
income taxes of $478,000 for the year ended September 30, 2009).



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##### Table of Contents

|Note 17 | Income taxes
|------- | ------------

Future income taxes are
classified as follows:



|                                        |  |      |          |   |      |  |          |  
|--------------------------------------- |  | ---- | -------- | - | ---- |  | -------- | -
|                                        |  | 2011 |          |   | 2010 | 
|                                        |  | $    |          |   | $    | 
|Current future income tax assets        |  |      | 3,522    |   |      |  | 16,509   |  
|Long-term future income tax assets      |  |      | 11,601   |   |      |  | 11,592   |  
|Current future income tax liabilities   |  |      | (20,389  | ) |      |  | (26,423  | )
|Long-term future income tax liabilities |  |      | (146,889 | ) |      |  | (170,683 | )
|                                        |  |      |          |   |      |  |          |  
|Future income taxes, net                |  |      | (152,155 | ) |      |  | (169,005 | )
|                                        |  |      |          |   |      |  |          |  

The income tax expense is as follows:



|        |  |      |         |   |      |  |         |      |  |  |         | 
|------- |  | ---- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | 
|        |  | 2011 |         |   | 2010 |  |         | 2009 | 
|        |  | $    |         |   | $    |  |         | $    | 
|Current |  |      | 127,379 |   |      |  | 136,387 |      |  |  | 95,923  | 
|Future  |  |      | (15,886 | ) |      |  | (21,417 | )    |  |  | 29,300  | 
|        |  |      |         |   |      |  |         |      |  |  |         | 
|        |  |      | 111,493 |   |      |  | 114,970 |      |  |  | 125,223 | 
|        |  |      |         |   |      |  |         |      |  |  |         | 

The Companys effective income tax rate on income from continuing operations differs from the combined Federal and
Provincial Canadian statutory tax rate as follows:



|                                                                                                    |  |      |      |   |      |  |      |      |  |  |      |  
|--------------------------------------------------------------------------------------------------- |  | ---- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                                                                                    |  | 2011 |      |   | 2010 |  |      | 2009 | 
|                                                                                                    |  | %    |      |   | %    |  |      | %    | 
|Companys statutory tax rate                                                                        |  |      | 28.8 |   |      |  | 30.2 |      |  |  | 30.9 |  
|Effect of foreign tax rate differences                                                              |  |      | (2.4 | ) |      |  | 0.3  |      |  |  |     |  
|Final determination from agreements with tax authorities and expirations of statutes of limitations |  |      | (6.8 | ) |      |  | (7.9 | )    |  |  | (3.9 | )
|Non-deductible and tax exempt items                                                                 |  |      | 0.7  |   |      |  | 1.7  |      |  |  | 1.3  |  
|Impact on future tax assets and liabilities resulting from tax rate changes                         |  |      | 0.1  |   |      |  | (0.3 | )    |  |  |     |  
|Tax benefits on losses                                                                              |  |      |     |   |      |  | 0.1  |      |  |  | 0.1  |  
|                                                                                                    |  |      |      |   |      |  |      |      |  |  |      |  
|Effective income tax rate                                                                           |  |      | 20.4 |   |      |  | 24.1 |      |  |  | 28.4 |  
|                                                                                                    |  |      |      |   |      |  |      |      |  |  |      |  

Future income tax assets and liabilities are as follows at September 30:



|                                                                      |  |      |          |   |      |  |          |  
|--------------------------------------------------------------------- |  | ---- | -------- | - | ---- |  | -------- | -
|                                                                      |  | 2011 |          |   | 2010 | 
|                                                                      |  | $    |          |   | $    | 
|Future income tax assets:                                             |  |      |          |   |      |  |          |  
|Accounts payable, accrued liabilities and other long-term liabilities |  |      | 25,021   |   |      |  | 14,074   |  
|Tax benefits on losses carried forward                                |  |      | 11,423   |   |      |  | 14,667   |  
|Capital assets and intangible assets                                  |  |      | 18,404   |   |      |  | 20,482   |  
|Accrued compensation                                                  |  |      | 16,580   |   |      |  | 28,397   |  
|Unrealized losses on cash flow hedges                                 |  |      | 2,054    |   |      |  | 1,585    |  
|Allowance for doubtful accounts                                       |  |      | 3,255    |   |      |  | 1,793    |  
|Other                                                                 |  |      | 1,280    |   |      |  | 1,612    |  
|                                                                      |  |      |          |   |      |  |          |  
|                                                                      |  |      | 78,017   |   |      |  | 82,610   |  
|Valuation allowance                                                   |  |      | (3,964   | ) |      |  | (4,346   | )
|                                                                      |  |      |          |   |      |  |          |  
|                                                                      |  |      | 74,053   |   |      |  | 78,264   |  
|                                                                      |  |      |          |   |      |  |          |  
|Future income tax liabilities:                                        |  |      |          |   |      |  |          |  
|Capital assets, intangible assets and other long-term assets          |  |      | 141,369  |   |      |  | 161,988  |  
|Work in progress                                                      |  |      | 28,090   |   |      |  | 25,165   |  
|Goodwill                                                              |  |      | 33,490   |   |      |  | 27,774   |  
|Refundable tax credits on salaries                                    |  |      | 14,756   |   |      |  | 20,985   |  
|Unrealized gains on cash flow hedges                                  |  |      | 3,511    |   |      |  | 6,908    |  
|Other                                                                 |  |      | 4,992    |   |      |  | 4,449    |  
|                                                                      |  |      |          |   |      |  |          |  
|                                                                      |  |      | 226,208  |   |      |  | 247,269  |  
|                                                                      |  |      |          |   |      |  |          |  
|Future income taxes, net                                              |  |      | (152,155 | ) |      |  | (169,005 | )
|                                                                      |  |      |          |   |      |  |          |  



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##### Table of Contents

|Note 17 | Income taxes (continued)
|------- | ------------------------

At
September 30, 2011, the Company had $37,152,000 in non-capital losses carried forward, of which $2,973,000 expire at various dates up to 2018 and $34,179,000 have no expiry dates. The Company recognized a future tax asset of $11,423,000 on the
losses carried forward and recognized a valuation allowance of $3,964,000. The decrease in the valuation allowance mainly results from the expiry of non capital losses. The resulting net future income tax asset of $7,459,000 is the amount that is
more likely than not to be realized.

Foreign earnings of certain of the Companys subsidiaries would be taxed only upon their
repatriation to Canada. The Company has not recognized a future income tax liability for these retained earnings as management does not expect them to be repatriated. A future income tax liability will be recognized when the Company expects that it
will recover those undistributed earnings in a taxable matter, such as the sale of the investment or through the receipt of dividends. On remittance, certain countries impose withholding taxes that, subject to certain limitations, are then available
for use as tax credits against a federal or provincial income tax liability, if any.



|Note 18 | Costs of services, selling and administrative
|------- | ---------------------------------------------

Tax credits netted against costs of services, selling and administrative expenses are as follows:



|                                              |  |      |           |   |      |  |           |      |  |  |           |  
|--------------------------------------------- |  | ---- | --------- | - | ---- |  | --------- | ---- |  |  | --------- | -
|                                              |  | 2011 |           |   | 2010 |  |           | 2009 | 
|                                              |  | $    |           |   | $    |  |           | $    | 
|Costs of services, selling and administrative |  |      | 3,665,024 |   |      |  | 3,116,425 |      |  |  | 3,268,995 |  
|Tax credits                                   |  |      | (111,832  | ) |      |  | (90,602   | )    |  |  | (98,589   | )
|                                              |  |      |           |   |      |  |           |      |  |  |           |  
|                                              |  |      | 3,553,192 |   |      |  | 3,025,823 |      |  |  | 3,170,406 |  
|                                              |  |      |           |   |      |  |           |      |  |  |           |  



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##### Table of Contents

|Note 19 | Investments in subsidiaries
|------- | ---------------------------

2011
TRANSACTIONS

a) Acquisition

There were no significant acquisitions during fiscal 2011.

b) Disposal

On April 4, 2011, the Company concluded a transaction for a net consideration of $10,500,000 whereby Conseiller en informatique daffaires CIA
inc. (CIA) repurchased its shares held by the Company, which represented a 68% interest, excluding its Paris operations, and the Company simultaneously purchased 32% of the operations carried out in CIAs Paris office not previously
owned. The Company received $5,917,000 during the year ended September 30, 2011, with the remaining balance of $4,583,000 due in quarterly instalments up to March 2014 bearing interest at 10%. The sale did not have a material impact on the
Companys net earnings or financial position. The increase in the investment in CIAs Paris office resulted in a decrease in retained earnings of $811,000. As a result there is no longer a non-controlling interest in the Companys
consolidated financial statements.

c) Modifications to purchase price allocation

During the year ended September 30, 2011, the Company finalized the purchase price allocation and made adjustments relating to the acquisition of
Stanley, Inc. (Stanley). The resulting impact for the year ended September 30, 2011 was a decrease in intangible assets of $1,743,000, future income tax assets of $299,000 and future income tax liabilities of $682,000 and an
increase of accrued compensation of $1,491,000, accounts payable and accrued liabilities of $50,000 and income taxes payable of $1,475,000, whereas goodwill increased by $4,376,000. The prior period figures have not been adjusted given that the
effect of restatement was not significant.

d) Acquisition-related and integration costs

In connection with the acquisition of Stanley in fiscal year 2010, the Company expensed $3,675,000 during the year ended September 30, 2011. The
expenses included costs to integrate the operations and to realize synergies.



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##### Table of Contents

|Note 19 | Investments in subsidiaries (continued)
|------- | ---------------------------------------

2010 TRANSACTIONS

a) Acquisition

The Company made the following acquisition:

Stanley  On August 17, 2010, the Company acquired all outstanding shares of Stanley, a provider of information technology services and solutions to U.S. defence, intelligence and federal
civilian government agencies, for a total cash consideration of $923,150,000. The acquisition was financed through a withdrawal from the Companys existing unsecured revolving credit facility and cash on hand of $832,160,000 and $90,990,000,
respectively. Stanleys operations will increase the scale and capabilities of the Company to serve the U.S. Federal Government expanding the offering into the defence and intelligence space.

The acquisition was accounted for using the acquisition method. The purchase price allocation shown below was preliminary and based on the Companys
managements best estimates. The final purchase price allocations were expected to be completed as soon as Companys management had gathered all of the significant information available and considered necessary in order to finalize this
allocation.



|                            |  |         |          |  
|--------------------------- |  | ------- | -------- | -
|                            |  | Stanley |         
|                            |  | $       |         
|Current assets1             |  |         | 163,648  |  
|Capital assets              |  |         | 9,005    |  
|Intangible assets           |  |         | 123,897  |  
|Goodwill2                   |  |         | 886,403  |  
|Other long-term assets      |  |         | 3,167    |  
|Future income taxes         |  |         | 3,564    |  
|Current liabilities         |  |         | (176,110 | )
|Debt, classified as current |  |         | (102,262 | )
|Other long-term liabilities |  |         | (11,748  | )
|                            |  |         |          |  
|                            |  |         | 899,564  |  
|Cash acquired               |  |         | 23,586   |  
|                            |  |         |          |  
|Net assets acquired         |  |         | 923,150  |  
|                            |  |         |          |  
|Cash consideration          |  |         | 923,150  |  
|                            |  |         |          |  



|1 | The current assets included accounts receivable with a fair value of $97,967,000 which approximates the gross amount due under the contracts.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------

|2 | The goodwill arising from the acquisition mainly represented the future economic value associated to acquired work force and synergies with the
Companys operations. All of the goodwill was included in the U.S. and India segment and $26,323,000 was deductible for tax purposes.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In connection with the acquisition of Stanley, the Company expensed $20,883,000 during the year ended September 30, 2010. Included in that amount are acquisition-related costs of $11,573,000 and
integration costs of $9,310,000. The acquisition-related costs consisted mainly of professional fees incurred for the acquisition. The integration costs mainly included provisions related to leases for premises occupied by the acquired business,
which the Company vacated, as well as costs related to the termination of certain employees of the acquired business performing functions already available through its existing structure. The acquisition-related and integration costs were separately
disclosed in the Companys consolidated statement of earnings.



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---

##### Table of Contents

|Note 19 | Investments in subsidiaries (continued)
|------- | ---------------------------------------

b) Business combination adjustments

Certain unrecorded future income tax assets acquired from past acquisitions were recognized during the year ended September 30, 2010, resulting in a
corresponding decrease in income tax expense of $7,378,000. The transitional rules of the new Section 1582 require that a change in recognized acquired future income tax assets arising from past business combinations be recorded through the
income tax expense. Prior to the adoption of Section 1582, the corresponding decrease would have been applied to the goodwill.

2009
TRANSACTIONS

a) Acquisition

There were no significant acquisitions during fiscal 2009.

b) Disposal

On February 20, 2009, the Company disposed of its actuarial services business for purchase consideration of $3,780,000 less an estimated working
capital adjustment. The Company received $3,565,000 on February 27, 2009. The business was previously included in the Canada segment. As a result of the final agreement, net assets disposed of included goodwill of $1,499,000. The transaction
resulted in a gain of $1,494,000.

c) Modifications to purchase price allocations

During the year ended September 30, 2009, the Company modified the purchase price allocation and made adjustments relating to certain business
acquisitions, resulting in a net decrease of accounts payable and accrued liabilities of $969,000 and a net increase of future income tax liabilities of $338,000, whereas goodwill decreased by $631,000.

Additionally, certain unrecorded future income tax assets acquired from past acquisitions were recognized during the year ended September 30, 2009,
resulting in a corresponding decrease in goodwill of $19,708,000.

d) Consideration of purchase price

During fiscal 2009, the Company paid a balance of purchase price of $997,000 relating to a business acquisition.



|Note 20 | Discontinued operations
|------- | -----------------------

In fiscal 2008,
the Company classified its Canadian claims adjusting and risk management services and actuarial services businesses as discontinued operations. The Canadian claims adjusting and risk management services business was divested in July 2008 and the
actuarial services business was divested in February 2009 (Note 19b of 2009 Transactions).

The following table presents summarized financial
information related to discontinued operations:



|                                      |  |      |   |  |      |  |   |      |  |  |       | 
|------------------------------------- |  | ---- | - |  | ---- |  | - | ---- |  |  | ----- | 
|                                      |  | 2011 |   |  | 2010 |  |   | 2009 | 
|                                      |  | $    |   |  | $    |  |   | $    | 
|Revenue                               |  |      |  |  |      |  |  |      |  |  | 2,511 | 
|Operating expenses1                   |  |      |  |  |      |  |  |      |  |  | 1,046 | 
|Amortization                          |  |      |  |  |      |  |  |      |  |  | 14    | 
|                                      |  |      |   |  |      |  |   |      |  |  |       | 
|Earnings before income taxes          |  |      |  |  |      |  |  |      |  |  | 1,451 | 
|Income tax expense2                   |  |      |  |  |      |  |  |      |  |  | 143   | 
|                                      |  |      |   |  |      |  |   |      |  |  |       | 
|Earnings from discontinued operations |  |      |  |  |      |  |  |      |  |  | 1,308 | 
|                                      |  |      |   |  |      |  |   |      |  |  |       | 



|1 | For the year ended September 30, 2009, operating expenses from discontinued operations include a gain on disposition of $1,494,000.
|- | -----------------------------------------------------------------------------------------------------------------------------------

|2 | Income tax expense does not bear a normal relation to earnings before income taxes since the sale includes goodwill of $1,499,000 for the year ended
September 30, 2009, which has no tax basis.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|Note 20 | Discontinued operations (continued)
|------- | -----------------------------------

The
related cash flow information of discontinued operations is as follows:



|                                               |  |      |   |  |      |  |   |      |  |  |     |  
|---------------------------------------------- |  | ---- | - |  | ---- |  | - | ---- |  |  | --- | -
|                                               |  | 2011 |   |  | 2010 |  |   | 2009 | 
|                                               |  | $    |   |  | $    |  |   | $    | 
|Cash provided by operating activities          |  |      |  |  |      |  |  |      |  |  | 164 |  
|Cash used in investing activities              |  |      |  |  |      |  |  |      |  |  | (3  | )
|                                               |  |      |   |  |      |  |   |      |  |  |     |  
|Total cash provided by discontinued operations |  |      |  |  |      |  |  |      |  |  | 161 |  
|                                               |  |      |   |  |      |  |   |      |  |  |     |  



|Note 21 | Joint Venture: supplementary information
|------- | ----------------------------------------

The Companys 49% proportionate share of operations of its joint venture, Innovapost Inc. (Innovapost), is included in the consolidated
financial statements as follows:



|                            |  |      |        |   |      |  |         |      |  |  |         |  
|--------------------------- |  | ---- | ------ | - | ---- |  | ------- | ---- |  |  | ------- | -
|                            |  |      |        |   | 2011 |  |         | 2010 | 
|                            |  |      |        |   | $    |  |         | $    | 
|Balance sheets              |  |      |        |   |      |  |         |      |  |  |         |  
|Current assets              |  |      |        |   |      |  | 44,287  |      |  |  | 38,148  |  
|Non-current assets          |  |      |        |   |      |  | 2,309   |      |  |  | 2,992   |  
|Current liabilities         |  |      |        |   |      |  | 17,445  |      |  |  | 15,609  |  
|Non-current liabilities     |  |      |        |   |      |  | 994     |      |  |  | 933     |  
|                            |  |      |       
|                            |  | 2011 |        |   | 2010 |  |         | 2009 | 
|                            |  | $    |        |   | $    |  |         | $    | 
|Statements of earnings      |  |      |        |   |      |  |         |      |  |  |         |  
|Revenue                     |  |      | 98,578 |   |      |  | 91,015  |      |  |  | 101,964 |  
|Expenses                    |  |      | 85,219 |   |      |  | 79,597  |      |  |  | 88,552  |  
|                            |  |      |        |   |      |  |         |      |  |  |         |  
|Net earnings                |  |      | 13,359 |   |      |  | 11,418  |      |  |  | 13,412  |  
|                            |  |      |        |   |      |  |         |      |  |  |         |  
|                            |  |      |       
|                            |  | 2011 |        |   | 2010 |  |         | 2009 | 
|                            |  | $    |        |   | $    |  |         | $    | 
|Statements of cash flows    |  |      |        |   |      |  |         |      |  |  |         |  
|Cash provided by (used in): |  |      |        |   |      |  |         |      |  |  |         |  
|Operating activities        |  |      | 12,630 |   |      |  | 13,763  |      |  |  | 25,542  |  
|Investing activities        |  |      | (572   | ) |      |  | (733    | )    |  |  | (570    | )
|Financing activities        |  |      | (9,800 | ) |      |  | (12,740 | )    |  |  | (12,250 | )



|Note 22 | Supplementary cash flow information
|------- | -----------------------------------



|a) | Net change in non-cash working capital items is as follows for the years ended September 30:
|-- | --------------------------------------------------------------------------------------------



|                                          |  |      |         |   |      |  |         |      |  |  |         |  
|----------------------------------------- |  | ---- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|                                          |  | 2011 |         |   | 2010 |  |         | 2009 | 
|                                          |  | $    |         |   | $    |  |         | $    | 
|Accounts receivable                       |  |      | (93,995 | ) |      |  | 125,928 |      |  |  | 31,749  |  
|Work in progress                          |  |      | (39,790 | ) |      |  | (59,579 | )    |  |  | (22,450 | )
|Prepaid expenses and other current assets |  |      | 46,176  |   |      |  | 17,933  |      |  |  | 8,399   |  
|Accounts payable and accrued liabilities  |  |      | 34,683  |   |      |  | (46,810 | )    |  |  | (39,255 | )
|Accrued compensation                      |  |      | (1,303  | ) |      |  | (74,443 | )    |  |  | 38,009  |  
|Deferred revenue                          |  |      | (3,571  | ) |      |  | 22,415  |      |  |  | 15,194  |  
|Income taxes                              |  |      | (34,560 | ) |      |  | (8,386  | )    |  |  | 25,974  |  
|                                          |  |      |         |   |      |  |         |      |  |  |         |  
|                                          |  |      | (92,360 | ) |      |  | (22,942 | )    |  |  | 57,620  |  
|                                          |  |      |         |   |      |  |         |      |  |  |         |  



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##### Table of Contents

|Note 22 | Supplementary cash flow information (continued)
|------- | -----------------------------------------------



|b) | Non-cash operating, investing and financing activities related to continuing operations are as follows for the years ended September 30:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------



|                                             |  |      |         |   |      |  |         |      |  |  |         |  
|-------------------------------------------- |  | ---- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|                                             |  | 2011 |         |   | 2010 |  |         | 2009 | 
|                                             |  | $    |         |   | $    |  |         | $    | 
|Operating activities                         |  |      |         |   |      |  |         |      |  |  |         |  
|Accounts receivable                          |  |      | (326    | ) |      |  | (693    | )    |  |  | (1,476  | )
|Work in progress                             |  |      |        |   |      |  | 2,707   |      |  |  |        |  
|Prepaid expenses and other current assets    |  |      | (26,400 | ) |      |  |        |      |  |  |        |  
|Accounts payable and accrued liabilities     |  |      |        |   |      |  |        |      |  |  | (1,817  | )
|Deferred revenue                             |  |      |        |   |      |  | 3,750   |      |  |  | 4,779   |  
|                                             |  |      |         |   |      |  |         |      |  |  |         |  
|                                             |  |      | (26,726 | ) |      |  | 5,764   |      |  |  | 1,486   |  
|                                             |  |      |         |   |      |  |         |      |  |  |         |  
|Investing activities                         |  |      |         |   |      |  |         |      |  |  |         |  
|Purchase of capital assets                   |  |      | (36,083 | ) |      |  | (42,982 | )    |  |  | (27,040 | )
|Additions of intangible assets               |  |      | (15,939 | ) |      |  | (23,708 | )    |  |  | (4,779  | )
|Additions of other long-term assets          |  |      | (3,646  | ) |      |  |        |      |  |  |        |  
|                                             |  |      |         |   |      |  |         |      |  |  |         |  
|                                             |  |      | (55,668 | ) |      |  | (66,690 | )    |  |  | (31,819 | )
|                                             |  |      |         |   |      |  |         |      |  |  |         |  
|Financing activities                         |  |      |         |   |      |  |         |      |  |  |         |  
|Increase in obligations under capital leases |  |      | 28,822  |   |      |  | 38,200  |      |  |  | 27,040  |  
|Increase in obligations                      |  |      | 53,246  |   |      |  | 22,033  |      |  |  |        |  
|Issuance of shares                           |  |      | 326     |   |      |  | 693     |      |  |  | 1,476   |  
|Repurchase of Class A subordinate shares     |  |      |        |   |      |  |        |      |  |  | 1,817   |  
|                                             |  |      |         |   |      |  |         |      |  |  |         |  
|                                             |  |      | 82,394  |   |      |  | 60,926  |      |  |  | 30,333  |  
|                                             |  |      |         |   |      |  |         |      |  |  |         |  



|c) | Interest paid and income taxes paid are as follows for the years ended September 30:
|-- | ------------------------------------------------------------------------------------



|                  |  |      |         |  |      |  |         |      |  |  |        | 
|----------------- |  | ---- | ------- |  | ---- |  | ------- | ---- |  |  | ------ | 
|                  |  | 2011 |         |  | 2010 |  |         | 2009 | 
|                  |  | $    |         |  | $    |  |         | $    | 
|Interest paid     |  |      | 17,807  |  |      |  | 13,254  |      |  |  | 16,558 | 
|Income taxes paid |  |      | 135,433 |  |      |  | 104,724 |      |  |  | 63,125 | 



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##### Table of Contents

|Note 23 | Segmented information
|------- | ---------------------

In prior years,
management regularly reviewed the Companys operating results based on a geographic delivery view, in addition to Corporate services. As a result of changes to the management reporting structure on October 1, 2010, the Company is now
managed through four operating segments.

The GIS segment incorporates all services provided to clients for their technology infrastructure
management. This segment incorporates results from these services world-wide.

The other segments incorporate all other services provided
to clients based on a geographical delivery model: Canada, U.S. & India and Europe & Asia Pacific. In addition to system integration and consulting, services may include the outsourcing of projects and applications,
application maintenance and support, as well as BPS.

The following presents information on the Companys operations based on its
management structure. The Company has retrospectively revised the segmented information for earlier periods to conform to the new segmented information structure.



|                                                                                                                                                                                  |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------- | - | ------ |  | --------- | ------------ |  |  | -------------------- | - |  | ----- | ------- | - |  |  | --------- | -
|                                                                                                                                                                                  |  | 2011 |        
|                                                                                                                                                                                  |  | GIS  |         |   | Canada |  |           | U.S. & India |  |  | Europe &Asia Pacific |   |  | Total |        
|                                                                                                                                                                                  |  | $    |         |   | $      |  |           | $            |  |  | $                    |   |  | $     |        
|Segment revenue                                                                                                                                                                   |  |      | 824,847 |   |        |  | 1,858,686 |              |  |  | 2,079,098            |   |  |       | 269,402 |   |  |  | 5,032,033 |  
|Intersegment revenue elimination                                                                                                                                                  |  |      | (12,763 | ) |        |  | (522,306  | )            |  |  | (125,087             | ) |  |       | (48,640 | ) |  |  | (708,796  | )
|                                                                                                                                                                                  |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Revenue                                                                                                                                                                           |  |      | 812,084 |   |        |  | 1,336,380 |              |  |  | 1,954,011            |   |  |       | 220,762 |   |  |  | 4,323,237 |  
|                                                                                                                                                                                  |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Earnings from continuing operations before acquisition-related and integration costs, interest on long-term debt, interest
income, other (income) expense and income tax expense1 |  |      | 106,902 |   |        |  | 263,700   |              |  |  | 182,840              |   |  |       | 8,510   |   |  |  | 561,952   |  
|Acquisition-related and integration costs                                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | (3,675    | )
|Interest on long-term debt                                                                                                                                                        |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | (19,395   | )
|Interest income                                                                                                                                                                   |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 3,759     |  
|Other income                                                                                                                                                                      |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 3,917     |  
|                                                                                                                                                                                  |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Earnings before income taxes                                                                                                                                                      |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 546,558   |  
|                                                                                                                                                                                  |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Total assets                                                                                                                                                                      |  |      | 543,558 |   |        |  | 1,686,966 |              |  |  | 2,264,958            |   |  |       | 190,061 |   |  |  | 4,685,543 |  
|                                                                                                                                                                                  |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  



|1 | Amortization included in GIS, Canada, U.S. & India and Europe & Asia Pacific is $84,385,000, $53,573,000, $86,686,000 and $3,998,000,
respectively, for the year ended September 30, 2011.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|Note 23 | Segmented information (continued)
|------- | ---------------------------------



|                                                                                                                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---- | ------- | - | ------ |  | --------- | ------------ |  |  | -------------------- | - |  | ----- | ------- | - |  |  | --------- | -
|                                                                                                                                                                                                                         |  | 2010 |        
|                                                                                                                                                                                                                         |  | GIS  |         |   | Canada |  |           | U.S. & India |  |  | Europe &Asia Pacific |   |  | Total |        
|                                                                                                                                                                                                                         |  | $    |         |   | $      |  |           | $            |  |  | $                    |   |  | $     |        
|Segment revenue                                                                                                                                                                                                          |  |      | 872,645 |   |        |  | 1,824,068 |              |  |  | 1,478,017            |   |  |       | 239,548 |   |  |  | 4,414,278 |  
|Intersegment revenue elimination                                                                                                                                                                                         |  |      | (14,690 | ) |        |  | (478,623  | )            |  |  | (142,222             | ) |  |       | (46,626 | ) |  |  | (682,161  | )
|                                                                                                                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Revenue                                                                                                                                                                                                                  |  |      | 857,955 |   |        |  | 1,345,445 |              |  |  | 1,335,795            |   |  |       | 192,922 |   |  |  | 3,732,117 |  
|                                                                                                                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Earnings (loss) from continuing operations before acquisition-related and integration costs, interest on long-term debt, interest
income, other (income) expense, gain on sale of capital assets and income tax expense1 |  |      | 89,225  |   |        |  | 259,075   |              |  |  | 166,917              |   |  |       | (3,315  | ) |  |  | 511,902   |  
|Acquisition-related and integration costs                                                                                                                                                                                |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | (20,883   | )
|Interest on long-term debt                                                                                                                                                                                               |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | (17,123   | )
|Interest income                                                                                                                                                                                                          |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 2,419     |  
|Other income                                                                                                                                                                                                             |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 952       |  
|Gain on sale of capital assets                                                                                                                                                                                           |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 469       |  
|                                                                                                                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Earnings before income taxes                                                                                                                                                                                             |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 477,736   |  
|                                                                                                                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Total assets                                                                                                                                                                                                             |  |      | 517,674 |   |        |  | 1,729,239 |              |  |  | 2,193,487            |   |  |       | 166,791 |   |  |  | 4,607,191 |  
|                                                                                                                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  



|1 | Amortization included in GIS, Canada, U.S. & India and Europe & Asia Pacific is $94,056,000, $54,083,000, $64,119,000 and $6,199,000,
respectively, for the year ended September 30, 2010.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                                                                                        |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|--------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------- | - | ------ |  | --------- | ------------ |  |  | -------------------- | - |  | ----- | ------- | - |  |  | --------- | -
|                                                                                                                                        |  | 2009 |        
|                                                                                                                                        |  | GIS  |         |   | Canada |  |           | U.S. & India |  |  | Europe &Asia Pacific |   |  | Total |        
|                                                                                                                                        |  | $    |         |   | $      |  |           | $            |  |  | $                    |   |  | $     |        
|Segment revenue                                                                                                                         |  |      | 949,134 |   |        |  | 1,900,322 |              |  |  | 1,426,673            |   |  |       | 303,764 |   |  |  | 4,579,893 |  
|Intersegment revenue elimination                                                                                                        |  |      | (20,237 | ) |        |  | (564,867  | )            |  |  | (116,580             | ) |  |       | (53,048 | ) |  |  | (754,732  | )
|                                                                                                                                        |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Revenue                                                                                                                                 |  |      | 928,897 |   |        |  | 1,335,455 |              |  |  | 1,310,093            |   |  |       | 250,716 |   |  |  | 3,825,161 |  
|                                                                                                                                        |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Earnings from continuing operations before interest on long-term debt, interest income, other (income) expense, and income tax
expense1 |  |      | 85,720  |   |        |  | 212,546   |              |  |  | 149,015              |   |  |       | 13,460  |   |  |  | 460,741   |  
|Interest on long-term debt                                                                                                              |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | (18,960   | )
|Interest income                                                                                                                         |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 2,908     |  
|Other expense                                                                                                                           |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | (3,569    | )
|                                                                                                                                        |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Earnings before income taxes                                                                                                            |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  | 441,120   |  
|                                                                                                                                        |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  
|Total assets                                                                                                                            |  |      | 645,857 |   |        |  | 1,963,873 |              |  |  | 1,085,179            |   |  |       | 205,001 |   |  |  | 3,899,910 |  
|                                                                                                                                        |  |      |         |   |        |  |           |              |  |  |                      |   |  |       |         |   |  |  |           |  



|1 | Amortization included in GIS, Canada, U.S. & India and Europe & Asia Pacific is $82,450,000, $45,735,000, $80,368,000 and $8,251,000,
respectively, for the year ended September 30, 2009.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accounting policies of each operating segment are the same as
those described in the summary of significant accounting policies (Note 2). Intersegment revenue is priced as if the revenue was from third parties.



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##### Table of Contents

|Note 23 | Segmented information (continued)
|------- | ---------------------------------

GEOGRAPHIC INFORMATION

The following
table provides information for capital assets based on their location:



|               |  |      |         |  |      |  |         | 
|-------------- |  | ---- | ------- |  | ---- |  | ------- | 
|               |  | 2011 |         |  | 2010 | 
|               |  | $    |         |  | $    | 
|Capital assets |  |      |         |  |      |  |         | 
|Canada         |  |      | 164,705 |  |      |  | 161,993 | 
|U.S.           |  |      | 65,405  |  |      |  | 59,306  | 
|Other          |  |      | 21,558  |  |      |  | 16,725  | 
|               |  |      |         |  |      |  |         | 
|               |  |      | 251,668 |  |      |  | 238,024 | 
|               |  |      |         |  |      |  |         | 

The following table provides revenue information based on the clients location:



|        |  |      |           |  |      |  |           |      |  |  |           | 
|------- |  | ---- | --------- |  | ---- |  | --------- | ---- |  |  | --------- | 
|        |  | 2011 |           |  | 2010 |  |           | 2009 | 
|        |  | $    |           |  | $    |  |           | $    | 
|Revenue |  |      |           |  |      |  |           |      |  |  |           | 
|Canada  |  |      | 2,009,936 |  |      |  | 2,043,855 |      |  |  | 2,111,499 | 
|U.S.    |  |      | 2,042,365 |  |      |  | 1,447,421 |      |  |  | 1,407,644 | 
|Other   |  |      | 270,936   |  |      |  | 240,841   |      |  |  | 306,018   | 
|        |  |      |           |  |      |  |           |      |  |  |           | 
|        |  |      | 4,323,237 |  |      |  | 3,732,117 |      |  |  | 3,825,161 | 
|        |  |      |           |  |      |  |           |      |  |  |           | 

INFORMATION ABOUT SERVICES

The following table provides revenue information based on services provided by the Company:



|                                   |  |      |           |  |      |  |           |      |  |  |           | 
|---------------------------------- |  | ---- | --------- |  | ---- |  | --------- | ---- |  |  | --------- | 
|                                   |  | 2011 |           |  | 2010 |  |           | 2009 | 
|                                   |  | $    |           |  | $    |  |           | $    | 
|Outsourcing                        |  |      |           |  |      |  |           |      |  |  |           | 
|IT Services                        |  |      | 2,206,204 |  |      |  | 1,870,804 |      |  |  | 1,817,943 | 
|BPS                                |  |      | 749,728   |  |      |  | 412,341   |      |  |  | 405,516   | 
|Systems integration and consulting |  |      | 1,367,305 |  |      |  | 1,448,972 |      |  |  | 1,601,702 | 
|                                   |  |      |           |  |      |  |           |      |  |  |           | 
|                                   |  |      | 4,323,237 |  |      |  | 3,732,117 |      |  |  | 3,825,161 | 
|                                   |  |      |           |  |      |  |           |      |  |  |           | 

MAJOR CLIENT INFORMATION

Contracts with the U.S. federal government and its various agencies accounted for $1,233,784,000 of revenues included within the U.S. & India segment for the year ended September 30, 2011
($510,786,000 and $394,436,000 for the years ending September 30, 2010 and 2009, respectively).



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|Note 24 | Related party transactions
|------- | --------------------------

In the normal
course of business, the Company is party to contracts with Innovapost, a joint venture, pursuant to which the Company is its preferred IT supplier. The Company exercises joint control over Innovaposts operating, financing and investing
activities through its 49% ownership interest.

Transactions and resulting balances, which were measured at commercial rates (exchange
amount), are presented below.

Revenue was $80,075,000, $81,760,000 and $108,139,000 for the years ended September 30, 2011, 2010 and
2009, respectively.



|                    |  |      |       |  |      |  |       | 
|------------------- |  | ---- | ----- |  | ---- |  | ----- | 
|                    |  | 2011 |       |  | 2010 | 
|                    |  | $    |       |  | $    | 
|Accounts receivable |  |      | 4,570 |  |      |  | 681   | 
|Work in progress    |  |      | 1,158 |  |      |  | 1,076 | 
|Contract costs      |  |      | 3,713 |  |      |  | 6,210 | 
|Deferred revenue    |  |      | 2,985 |  |      |  | 1,012 | 



|Note 25 | Employee future benefits
|------- | ------------------------

Generally, the
Company does not offer pension plan or post-retirement benefits to its employees with the exception of the following:



| |  |  | The Company has defined contribution pension plans mainly covering certain European employees. For the years ended September 30, 2011, 2010 and
2009, the plan expense was $4,154,000, $5,343,000 and $5,053,000, respectively.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Company maintains a 401(k) defined contribution plan covering substantially all U.S. employees. The Company matches employees contributions
to a maximum of US$2,500 per year. For the years ended September 30, 2011, 2010 and 2009, the amounts of the Companys contributions were $10,469,000, $8,212,000 and $7,557,000, respectively.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Company maintains two non-qualified deferred compensation plans covering some of its U.S. management. One of these plans is an unfunded plan and
the non-qualified deferred compensation liability totaled $1,775,000 as at September 30, 2011 ($2,376,000 at September 30, 2010). The other plan is a funded plan for which a trust was established so that the plan assets could be
segregated; however, the assets are subject to the Companys general creditors in the case of bankruptcy. The assets, included in other long-term assets, composed of investments, vary with employees contributions and changes in the value
of the investments. The change in liability associated with the plan is equal to the change of the assets. The assets in the trust and the associated liabilities totalled $16,452,000 as at September 30, 2011 ($16,318,000 as at
September 30, 2010).
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Company maintains a post-employment benefits plan to cover certain former retired employees associated with the divested Canadian claims adjusting
and risk management services business. The post-employment benefits liability totalled $6,966,000 as at September 30, 2011 ($7,008,000 at September 30, 2010). The Company measures its benefits liability as at September 30 of each
year. An actuarial valuation was performed at September 30, 2011, and the next actuarial valuation will be as at September 30, 2014.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|Note 25 | Employee future benefits (continued)
|------- | ------------------------------------



| |  |  | The Companys joint venture maintains a defined benefit pension plan and a supplementary retirement arrangement plan to cover its active
employees. The post-employment benefit assets totalled $2,781,000 as at September 30, 2011, ($1,044,000 as at September 30, 2010). The assets for both plans are based on the most recent actuarial valuations as at September 30.
Actuarial valuations were performed as at December 31, 2010 and January 1, 2011, respectively, and the next actuarial valuations will be as at December 31, 2013 and January 1, 2013, respectively.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Note 26 | Commitments, contingencies and guarantees
|------- | -----------------------------------------

A) COMMITMENTS

At September 30,
2011, the Company is committed under the terms of operating leases with various expiration dates up to 2027, primarily for the rental of premises and computer equipment used in outsourcing contracts, in the aggregate amount of approximately
$815,771,000. Minimum lease payments due in the next five years and thereafter are as follows:



|           |  |   |         | 
|---------- |  | - | ------- | 
|           |  | $ |        
|2012       |  |   | 129,387 | 
|2013       |  |   | 114,934 | 
|2014       |  |   | 96,946  | 
|2015       |  |   | 90,434  | 
|2016       |  |   | 76,606  | 
|Thereafter |  |   | 307,464 | 

The Company entered into long-term service and other agreements representing a total commitment of $98,391,000. Minimum
payments under these agreements due in each of the next five years are as follows:



|     |  |   |        | 
|---- |  | - | ------ | 
|     |  | $ |       
|2012 |  |   | 48,547 | 
|2013 |  |   | 34,805 | 
|2014 |  |   | 9,839  | 
|2015 |  |   | 4,420  | 
|2016 |  |   | 780    | 

B) CONTINGENCIES

From time to time, the Company is involved in legal proceedings, audits, claims and litigation arising in the ordinary course of its business. Certain of these matters seek damages in significant amounts.
Although the outcome of such matters is not predictable with assurance, the Company has no reason to believe that the disposition of any such current matter could reasonably be expected to have a materially adverse impact on the Companys
financial position, results of operations or the ability to carry on any of its business activities.

In addition, the Company is engaged to
provide services under contracts with the U.S. Government. The contracts are subject to extensive legal and regulatory requirements and, from time to time, agencies of the U.S. Government investigate whether the Companys operations are being
conducted in accordance with these requirements. Generally, the Government has the right to change the scope of, or terminate, these projects at its convenience. The termination or reduction in the scope, of a major government project could have a
materially adverse effect on the results of operations and financial condition of the Company.



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|Note 26 | Commitments, contingencies and guarantees (continued)
|------- | -----------------------------------------------------

C) GUARANTEES

Sale of assets and business divestitures

In connection with the sale of assets and business divestitures, the Company may be required to pay counterparties for costs and losses incurred as the
result of breaches in representations and warranties, intellectual property right infringement and litigation against counterparties. While some of the agreements specify a maximum potential exposure of approximately $3,733,000 in total, others do
not specify a maximum amount or limited period. It is not possible to reasonably estimate the maximum amount that may have to be paid under such guarantees. The amounts are dependent upon the outcome of future contingent events, the nature and
likelihood of which cannot be determined at this time. No amount has been accrued in the consolidated balance sheets relating to this type of indemnification as at September 30, 2011. The Company does not expect to incur any potential payment
in connection with these guarantees that could have a materially adverse effect on its consolidated financial statements.

Other
transactions

In the normal course of business, the Company may provide certain clients, principally governmental entities, with bid and
performance bonds. In general, the Company would only be liable for the amount of the bid bonds if the Company refuses to perform the project once the bid is awarded. The Company would also be liable for the performance bonds in the event of default
in the performance of its obligations. As at September 30, 2011, the Company provided for a total of $43,230,000 of these bonds. To the best of its knowledge, the Company is in compliance with its performance obligations under all service
contracts for which there is a performance or bid bond, and the ultimate liability, if any, incurred in connection with these guarantees would not have a materially adverse effect on the Companys consolidated results of operations or financial
condition.

In addition, the Company provides a guarantee of $5,900,000 of the residual value of a leased property accounted for as an
operating lease at the expiration of the lease term.



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|Note 27 | Financial instruments
|------- | ---------------------

FAIR VALUE

At September 30, 2011 and 2010, the estimated fair values of trade accounts receivable, work in progress, cash included in funds held
for clients, accounts payable and accrued liabilities, accrued compensation, long-term debt obligation and clients funds obligations approximate their respective carrying values.

The fair values of Senior U.S. unsecured notes and the unsecured committed revolving term facility, estimated by discounting expected cash flows at rates currently offered to the Company for debts of the
same remaining maturities and conditions, are $22,236,000 and $855,307,000 as at September 30, 2011, respectively ($112,937,000 and $941,396,000 as at September 30, 2010, respectively), as compared to their carrying value of $20,647,000
and $859,277,000, respectively (as compared to $109,899,000 and $964,223,000 as at September 30, 2010, respectively) (Note 11).

The
following table summarizes the fair value of outstanding hedging instruments:



|                                                                                                                                                                                                           |  |                                                                         |  |      |            |  |      |  |              | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------- |  | ---- | ---------- |  | ---- |  | ------------ | 
|                                                                                                                                                                                                           |  |                                                                         |  | 2011 |            |  | 2010 | 
|                                                                                                                                                                                                           |  | Recorded as                                                             |  | $    |            |  | $    | 
|Hedge on net investments in self-sustaining foreign subsidiaries                                                                                                                                           |  |                                                                         |  |      |            |  |      |  |              | 
|US$815,000 debt designated as the hedging instrument to the Companys net investment in U.S. subsidiaries (US$920,000 as at
September 30, 2010)                                                            |  | Long term debt                                                          |  |      | 846,703    |  |      |  | 947,416      | 
|9,000 debt designated as the hedging instrument to the Companys net investment in European subsidiaries (12,000
as at September 30, 2010)                                                               |  | Long term debt                                                          |  |      | 12,574     |  |      |  | 16,807       | 
|Cash flow hedges on future revenue                                                                                                                                                                         |  |                                                                         |  |      |            |  |      |  |              | 
|US$76,740 foreign currency forward contracts to hedge the variability in the expected foreign currency exchange rate between the
U.S. dollar and the Canadian dollar (US$130,380 as at September 30, 2010) |  | Other current assets
Other long-term assets                             |  |      | 6,4975,613 |  |      |  | 8,91811,433  | 
|US$45,000 foreign currency forward contracts to hedge the variability in the expected foreign currency exchange rate between the
U.S. dollar and the Indian rupee (US$44,820 as at September 30, 2010)     |  | Other current assets Other long-term assets Other long-term liabilities |  |      | 1561
536   |  |      |  | 2,3781,121
 | 
|$62,220 foreign currency forward contracts to hedge the variability in the expected foreign currency exchange rate between the
Canadian dollar and the Indian rupee ($89,040 as at September 30, 2010)     |  | Accrued liabilities
Other long-term liabilities                         |  |      | 2,5602,554 |  |      |  | 1,5703,396   | 
|Cash flow hedges on Senior U.S. unsecured notes                                                                                                                                                            |  |                                                                         |  |      |            |  |      |  |              | 
|US$20,000 foreign currency forward contracts (US$107,000 as at September 30, 2010)                                                                                                                         |  | Other current asset
Other long-term assets                              |  |      | 565       |  |      |  | 1,277763     | 

The Company expects that approximately $4,093,000 of the accumulated net unrealized gains on all derivative financial
instruments designated as cash flow hedges at September 30, 2011 will be reclassified in net income in the next 12 months.

During fiscal
2011, the Companys hedging relationships were effective.



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##### Table of Contents

|Note 27 | Financial instruments (continued)
|------- | ---------------------------------



MARKET RISK (INTEREST RATE RISK AND CURRENCY RISK)

Market risk incorporates a range of risks. Movements in risk factors, such as interest rate risk and currency risk, affect the fair values of financial
assets and liabilities.

Interest rate risk

The Company is exposed to interest rate risk on a portion of its long-term debt (Note 11) and does not currently hold any financial instruments that mitigate this risk. The Company analyzes its interest
rate risk exposure on an ongoing basis using various scenarios to simulate refinancing or the renewal of existing positions. Based on these scenarios, a change in the interest rate of 1% would not have had a significant impact on net earnings and
comprehensive income.

Currency risk

The Company operates internationally and is exposed to risk from changes in foreign currency rates. The Company mitigates this risk principally through foreign debt and forward contracts. The Company
enters into foreign exchange forward contracts to hedge forecasted cash flows or contractual cash flows in currencies other than the functional currency of its subsidiaries (Note 2). The Company also hedges a portion of the translation of
self-sustaining operations net assets into Canadian dollar with foreign currency denominated borrowings (Note 2). Hedging relationships are designated and documented at inception and quarterly effectiveness assessments are performed during the
year.

The Company is mainly exposed to fluctuations in the U.S. dollar and the euro. The following table details the Companys
sensitivity to a 10% strengthening of the U.S. dollar and the euro foreign currency rates on net earnings and comprehensive income against the Canadian dollar. The sensitivity analysis presents the impact of foreign currency denominated financial
instruments and adjusts their translation at period end for a 10% strengthening in foreign currency rates.



|                                                  |  |                    |         |   |             |  |       |                    |  |  |             |   |  |  |       | 
|------------------------------------------------- |  | ------------------ | ------- | - | ----------- |  | ----- | ------------------ |  |  | ----------- | - |  |  | ----- | 
|                                                  |  |                    |         |   | 2011        |  |       |                    |  |  | 2010        |  
|                                                  |  | U.S. dollar impact |         |   | Euro impact |  |       | U.S. dollar impact |  |  | Euro impact |  
|                                                  |  |                    |         |   |             |  |       |                    |  |  |             |   |  |  |       | 
|Increase in net earnings                          |  |                    | 565     |   |             |  | 191   |                    |  |  | 381         |   |  |  | 318   | 
|(Decrease) increase in other comprehensive income |  |                    | (62,887 | ) |             |  | 2,383 |                    |  |  | (91,165     | ) |  |  | 1,690 | 



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|Note 27 | Financial instruments (continued)
|------- | ---------------------------------



LIQUIDITY RISK

Liquidity risk is the risk that the Company is not able to meet its financial obligations as they fall due or can do so only at excessive cost. The Companys activities are financed through a
combination of the cash flows from operations, borrowing under existing credit facilities, the issuance of debt and the issuance of equity. One of managements primary goals is to maintain an optimal level of liquidity through the active
management of the assets and liabilities as well as the cash flows.

The following table summarizes the carrying amount and the contractual
maturities of both the interest and principal portion of significant financial liabilities. All amounts contractually denominated in foreign currency are presented in Canadian dollar equivalent amounts using the period-end spot rate.



|                                                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |        |   |                  |  |        |   |  |  |       | 
|---------------------------------------------------- |  | -------------- | --------- | - | --------------------- |  | --------- | ----------------- |  |  | ----------------------- | - |  | ------------------------ | ------ | - | ---------------- |  | ------ | - |  |  | ----- | 
|As at September 30, 2011                             |  | Carryingamount |           |   | Contractualcash flows |  |           | Less thanone year |  |  | Betweenone andtwo years |   |  | Betweentwo andfive years |        |   | Beyondfive years | 
|                                                     |  | $              |           |   | $                     |  |           | $                 |  |  | $                       |   |  | $                        |        |   | $                | 
|Non-derivative financial liabilities                 |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |        |   |                  |  |        |   |  |  |       | 
|Bank overdraft                                       |  |                | 75,538    |   |                       |  | 75,538    |                   |  |  | 75,538                  |   |  |                          |       |   |                  |  |       |   |  |  |      | 
|Accounts payable and accrued liabilities             |  |                | 321,745   |   |                       |  | 321,745   |                   |  |  | 321,745                 |   |  |                          |       |   |                  |  |       |   |  |  |      | 
|Accrued compensation                                 |  |                | 189,969   |   |                       |  | 189,969   |                   |  |  | 189,969                 |   |  |                          |       |   |                  |  |       |   |  |  |      | 
|Senior U.S. unsecured notes                          |  |                | 20,647    |   |                       |  | 23,895    |                   |  |  | 1,247                   |   |  |                          | 1,247  |   |                  |  | 21,401 |   |  |  |      | 
|Unsecured committed revolving term facility          |  |                | 859,277   |   |                       |  | 866,560   |                   |  |  | 866,560                 |   |  |                          |       |   |                  |  |       |   |  |  |      | 
|Obligations repayable in blended monthly instalments |  |                | 58,575    |   |                       |  | 62,987    |                   |  |  | 15,553                  |   |  |                          | 15,898 |   |                  |  | 30,242 |   |  |  | 1,294 | 
|Clients funds obligations                           |  |                | 244,660   |   |                       |  | 244,660   |                   |  |  | 244,660                 |   |  |                          |       |   |                  |  |       |   |  |  |      | 
|Derivative financial liabilities                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |        |   |                  |  |        |   |  |  |       | 
|Cash flow hedge on future revenue                    |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |        |   |                  |  |        |   |  |  |       | 
|Outflow                                              |  |                | 5,650     |   |                       |  | 6,237     |                   |  |  | 2,675                   |   |  |                          | 2,423  |   |                  |  | 1,139  |   |  |  |      | 
|(Inflow)                                             |  |                | (12,267   | ) |                       |  | (12,535   | )                 |  |  | (6,772                  | ) |  |                          | (4,972 | ) |                  |  | (791   | ) |  |  |      | 
|                                                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |        |   |                  |  |        |   |  |  |       | 
|                                                     |  |                | 1,763,794 |   |                       |  | 1,779,056 |                   |  |  | 1,711,175               |   |  |                          | 14,596 |   |                  |  | 51,991 |   |  |  | 1,294 | 
|                                                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |        |   |                  |  |        |   |  |  |       | 



|                                                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |         |   |               |  |        |   |  |  |       | 
|---------------------------------------------------- |  | -------------- | --------- | - | --------------------- |  | --------- | ----------------- |  |  | ----------------------- | - |  | ------------------------ | ------- | - | ------------- |  | ------ | - |  |  | ----- | 
|As at September 30, 2010                             |  | Carryingamount |           |   | Contractualcash flows |  |           | Less thanone year |  |  | Betweenone andtwo years |   |  | Betweentwo andfive years |         |   | Beyond5 years | 
|                                                     |  | $              |           |   | $                     |  |           | $                 |  |  | $                       |   |  | $                        |         |   | $             | 
|Non-derivative financial liabilities                 |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |         |   |               |  |        |   |  |  |       | 
|Accounts payable and accrued liabilities             |  |                | 304,376   |   |                       |  | 304,376   |                   |  |  | 304,376                 |   |  |                          |        |   |               |  |       |   |  |  |      | 
|Accrued compensation                                 |  |                | 191,486   |   |                       |  | 191,486   |                   |  |  | 191,486                 |   |  |                          |        |   |               |  |       |   |  |  |      | 
|Senior U.S. unsecured notes                          |  |                | 109,899   |   |                       |  | 116,799   |                   |  |  | 93,113                  |   |  |                          | 1,236   |   |               |  | 22,450 |   |  |  |      | 
|Unsecured committed revolving term facility          |  |                | 964,223   |   |                       |  | 977,861   |                   |  |  | 9,092                   |   |  |                          | 968,769 |   |               |  |       |   |  |  |      | 
|Obligations repayable in blended monthly instalments |  |                | 22,049    |   |                       |  | 23,961    |                   |  |  | 6,292                   |   |  |                          | 5,052   |   |               |  | 11,211 |   |  |  | 1,406 | 
|Clients funds obligations                           |  |                | 248,695   |   |                       |  | 248,695   |                   |  |  | 248,695                 |   |  |                          |        |   |               |  |       |   |  |  |      | 
|Derivative financial liabilities                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |         |   |               |  |        |   |  |  |       | 
|Cash flow hedge on future revenue                    |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |         |   |               |  |        |   |  |  |       | 
|Outflow                                              |  |                | 4,966     |   |                       |  | 5,562     |                   |  |  | 1,637                   |   |  |                          | 1,740   |   |               |  | 2,185  |   |  |  |      | 
|(Inflow)                                             |  |                | (23,850   | ) |                       |  | (24,658   | )                 |  |  | (11,447                 | ) |  |                          | (7,323  | ) |               |  | (5,888 | ) |  |  |      | 
|                                                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |         |   |               |  |        |   |  |  |       | 
|                                                     |  |                | 1,821,844 |   |                       |  | 1,844,082 |                   |  |  | 843,244                 |   |  |                          | 969,474 |   |               |  | 29,958 |   |  |  | 1,406 | 
|                                                     |  |                |           |   |                       |  |           |                   |  |  |                         |   |  |                          |         |   |               |  |        |   |  |  |       | 

As at September 30, 2011, the Company holds cash and cash equivalents and short-term and long-term investments of
$183,236,000 ($141,020,000 as at September 30, 2010). The Company also has available $622,406,000 in unsecured revolving credit facilities (Note 11) ($519,931,000 as at September 30, 2010), as well as $493,478,000 in private placement
financing (Note 11). The funds held for clients of $247,622,000 ($248,695,000 as at September 30, 2010) fully cover the clients funds obligations. Given the Companys available liquid resources as compared to the timing of the
payments of liabilities, management assesses the Companys liquidity risk to be low.



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|Note 27 | Financial instruments (continued)
|------- | ---------------------------------



CREDIT RISK

The Company takes on exposure to credit risk, which is the risk that a client will be unable to pay amounts in full when due. Financial instruments that potentially subject the Company to concentrations
of credit risk consist of cash and cash equivalents, short-term investments, work in progress, accounts receivable and long-term investments.

Cash equivalents consist mainly of highly liquid investments, such as money market funds and term deposits, as well as bankers acceptances and
bearer deposit notes issued by major banks (Note 3). None of the cash equivalents are in asset backed commercial paper products. The Company has deposited the cash equivalents with reputable financial institutions, from which management believes the
risk of loss to be remote.

The Company is exposed to credit risk in connection with short-term and long-term investments through the possible
inability of borrowers to meet the terms of their bonds. The Company mitigates this risk by investing primarily in high credit quality corporate and government bonds with a credit rating of A or higher.

The Company has accounts receivable and work in progress derived from clients engaged in various industries including governmental agencies, finance,
telecommunications, manufacturing and utilities that are not concentrated in any specific geographic area. These specific industries may be affected by economic factors that may impact accounts receivable. However, management does not believe that
the Company is subject to any significant credit risk in view of the Companys large and diversified client base.

The following table
sets forth details of the age of accounts receivable that are past due:



|                                |  |      |         |   |      |  |         |  
|------------------------------- |  | ---- | ------- | - | ---- |  | ------- | -
|                                |  | 2011 |         |   | 2010 | 
|                                |  | $    |         |   | $    | 
|Not past due                    |  |      | 309,307 |   |      |  | 301,106 |  
|Past due 1-30 days              |  |      | 43,360  |   |      |  | 28,864  |  
|Past due 31-60 days             |  |      | 26,116  |   |      |  | 5,738   |  
|Past due 61-90 days             |  |      | 7,504   |   |      |  | 5,018   |  
|Past due more than 90 days      |  |      | 14,378  |   |      |  | 20,147  |  
|                                |  |      |         |   |      |  |         |  
|                                |  |      | 400,665 |   |      |  | 360,873 |  
|Allowance for doubtful accounts |  |      | (5,197  | ) |      |  | (11,524 | )
|                                |  |      |         |   |      |  |         |  
|                                |  |      | 395,468 |   |      |  | 349,349 |  
|                                |  |      |         |   |      |  |         |  

The carrying amount of accounts receivable is reduced by an allowance account and the amount of the loss is recognized in
the consolidated statement of earnings within costs of services, selling and administrative. When a receivable balance is considered uncollectible, it is written off against the allowance for doubtful accounts. Subsequent recoveries of amounts
previously written off are credited against costs of services, selling and administrative in the consolidated statement of earnings. Overall, management does not believe that any single industry or geographic region represents a significant credit
risk to the Company.



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##### Table of Contents

|Note 28 | Capital risk management
|------- | -----------------------

The Company is
exposed to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth. The main objectives of the Companys risk management process are to ensure that risks are properly identified and
that the capital base is adequate in relation to these risks.

The Company manages its capital to ensure that there are adequate capital
resources while maximizing the return to shareholders through the optimization of the debt and equity balance. At September 30, 2011, total managed capital was $3,459,735,000 ($3,447,527,000 at September 30, 2010). Managed capital consists
of long-term debt, including the current portion (Note 11), cash and cash equivalents net of bank overdraft (Note 3), short-term investments, long-term investments and shareholders equity. The basis for the Companys capital structure is
dependent on the Companys expected business growth and changes in the business environment. When capital needs have been specified, the Companys management proposes capital transactions for the approval of the Companys Audit and
Risk Management Committee and Board of Directors. The capital risk policy remains unchanged from prior periods.

The Company monitors its
capital by reviewing various financial metrics, including the following:



| |  |  | Debt/Capitalization
| | - |  | -------------------



| |  |  | Net Debt/Capitalization
| | - |  | -----------------------



| |  |  | Debt/EBITDA
| | - |  | -----------

Debt
represents long-term debt, including the current portion. Net debt, capitalization and EBITDA are non-GAAP measures. Net debt represents debt (including the impact of the fair value of forward contracts) less cash and cash equivalents net of bank
overdraft, short-term investments and long-term investments. Capitalization is shareholders equity plus debt. EBITDA is calculated as earnings from continuing operations before income taxes, interest expense on long-term debt and depreciation
and amortization. The Company believes that the results of the current internal ratios are consistent with its capital management objectives.

The Company is subject to external covenants on its credit facilities and its Senior U.S. unsecured notes. On the credit facilities and the committed
US$475,000,000 Senior U.S. unsecured notes, the ratios are as follows:



| |  |  | A leverage ratio, which is the ratio of total debt to EBITDA for the four most recent quarters.
| | - |  | -----------------------------------------------------------------------------------------------



| |  |  | An interest and rent coverage ratio, which is the ratio of the EBITDAR for the four most recent quarters to the total interest expense and the
operating rentals in the same periods. EBITDAR, a non-GAAP measure, is calculated as EBITDA before rent expense.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A minimum net worth requirement, whereby shareholders equity, excluding foreign exchange translation adjustments included in accumulated other
comprehensive loss, cannot be less than a specified threshold.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The ratios for the credit facilities are calculated on a
consolidated basis, excluding Innovapost, which is a joint venture.

On the US$20,000,000 Senior U.S. unsecured notes, the ratios are as
follows:



| |  |  | A leverage ratio, which is the ratio of total debt adjusted for operating rent to EBITDAR for the four most recent quarters.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------



| |  |  | A fixed charges coverage ratio, which is the ratio of the EBITDAR to the sum of interest expense plus operating rentals for the period for the four
most recent quarters.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|Note 28 | Capital risk management (continued)
|------- | -----------------------------------



| |  |  | A minimum net worth requirement, whereby shareholders equity, excluding foreign exchange translation adjustments included in accumulated other
comprehensive loss, cannot be less than a specified threshold.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The ratios for the Senior U.S. unsecured notes are
calculated based on specific subsidiaries of the Company that represent a significant portion of the Companys consolidated operations.

The Company is in compliance with these covenants and monitors them on an ongoing basis. The ratios are also reviewed quarterly by the Companys
Audit and Risk Management Committee. The Company is not subject to any other externally imposed capital requirements.



|Note 29 | Reconciliation of results reported in accordance with Canadian GAAP to U.S. GAAP
|------- | --------------------------------------------------------------------------------

The material differences between Canadian GAAP and U.S. GAAP affecting the Companys consolidated financial statements are detailed as follows:



|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|------------------------------------------------------------------------------------- |  | ---- | --------- | - | ---- |  | --------- | ---- |  |  | --------- | -
|                                                                                      |  | 2011 |           |   | 2010 |  |           | 2009 | 
|                                                                                      |  | $    |           |   | $    |  |           | $    | 
|Reconciliation of net earnings:                                                       |  |      |           |   |      |  |           |      |  |  |           |  
|Net earnings  Canadian GAAP                                                          |  |      | 435,065   |   |      |  | 362,766   |      |  |  | 317,205   |  
|Adjustments for:                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Stock-based compensation (i)                                                          |  |      | (1,224    | ) |      |  | (213      | )    |  |  | (3,759    | )
|Warrants (ii)                                                                         |  |      |          |   |      |  | 863       |      |  |  | 1,404     |  
|Reversal of income tax provision (iii)                                                |  |      |          |   |      |  |          |      |  |  | (517      | )
|Other (iv)                                                                            |  |      | 1,284     |   |      |  | (140      | )    |  |  | 594       |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Net earnings  U.S. GAAP                                                              |  |      | 435,125   |   |      |  | 363,276   |      |  |  | 314,927   |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Attributable to:                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Shareholders of CGI Group Inc.                                                        |  |      | 434,869   |   |      |  | 362,896   |      |  |  | 314,188   |  
|Non-controlling interest                                                              |  |      | 256       |   |      |  | 380       |      |  |  | 739       |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Basic earnings per share attributable to shareholders of CGI Group Inc.  U.S. GAAP   |  |      | 1.64      |   |      |  | 1.27      |      |  |  | 1.02      |  
|Diluted earnings per share attributable to shareholders of CGI Group Inc.  U.S. GAAP |  |      | 1.58      |   |      |  | 1.24      |      |  |  | 1.01      |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Net earnings  U.S. GAAP                                                              |  |      | 435,125   |   |      |  | 363,276   |      |  |  | 314,927   |  
|Other comprehensive income (loss)                                                     |  |      | 176       |   |      |  | (35,756   | )    |  |  | 35,434    |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Comprehensive income  U.S. GAAP                                                      |  |      | 435,301   |   |      |  | 327,520   |      |  |  | 350,361   |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Attributable to:                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Shareholders of CGI Group Inc.                                                        |  |      | 435,045   |   |      |  | 327,140   |      |  |  | 349,622   |  
|Non-controlling interest                                                              |  |      | 256       |   |      |  | 380       |      |  |  | 739       |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Reconciliation of shareholders equity:                                               |  |      |           |   |      |  |           |      |  |  |           |  
|Equity attributable to shareholders of CGI Group Inc.  Canadian GAAP                 |  |      | 2,346,356 |   |      |  | 2,152,631 |      |  |  | 2,275,254 |  
|Adjustments for:                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Stock-based compensation (ix)                                                         |  |      | 58,411    |   |      |  | 58,411    |      |  |  | 58,411    |  
|Warrants (ii)                                                                         |  |      | (7,125    | ) |      |  | (7,125    | )    |  |  | (7,988    | )
|Reversal of income tax provision (iii)                                                |  |      | (7,969    | ) |      |  | (7,969    | )    |  |  | (7,969    | )
|Unearned compensation (v)                                                             |  |      | (3,694    | ) |      |  | (3,694    | )    |  |  | (3,694    | )
|Integration costs (vi)                                                                |  |      | (6,606    | ) |      |  | (6,606    | )    |  |  | (6,606    | )
|Goodwill (vii)                                                                        |  |      | 28,078    |   |      |  | 28,078    |      |  |  | 28,078    |  
|Income taxes and adjustment for change in accounting policy (viii)                    |  |      | 9,715     |   |      |  | 9,715     |      |  |  | 9,715     |  
|Other (iv)                                                                            |  |      | (2,121    | ) |      |  | (3,405    | )    |  |  | (3,265    | )
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Equity attributable to shareholders of CGI Group Inc.  U.S. GAAP                     |  |      | 2,415,045 |   |      |  | 2,220,036 |      |  |  | 2,341,936 |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  
|Equity attributable to non-controlling interest  Canadian GAAP and U.S. GAAP         |  |      |          |   |      |  | 6,452     |      |  |  | 6,342     |  
|                                                                                      |  |      |           |   |      |  |           |      |  |  |           |  



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##### Table of Contents

|Note 29 | Reconciliation of results reported in accordance with Canadian GAAP to U.S. GAAP (continued)
|------- | --------------------------------------------------------------------------------------------



(i) Stock-based compensation

The Company issued stock options and PSUs with a graded vesting period more than one year and performance criteria. Under Canadian GAAP, the compensation cost has been accounted for on a straight-line
basis because the awards of graded vesting options and PSUs have a similar expected life. Under U.S. GAAP, the graded vesting method must be used. The adjustment represents the compensation cost difference between using the straight-line and graded
vesting method. This adjustment does not have an impact on shareholders equity.

(ii) Warrants

Under Canadian GAAP, the fair value of warrants issued in connection with long-term outsourcing contracts is recorded as contract costs and amortized on a
straight-line basis over the initial contract term. Under U.S. GAAP, the fair value of equity instruments issued was subtracted from the initial proceeds received in determining revenue. The 2010, and 2009 adjustments reflect the reversal of
contract cost amortization, net of income taxes, which is included as a reduction to Canadian GAAP consolidated net earnings.

(iii)
Reversal of income tax provision

During the fiscal year 2009, the Company reversed one-time income tax provisions pertaining to the
determination of prior year tax liabilities after final agreement with tax authorities and the expirations of statutes of limitations relating to business acquisitions. The reversal of the provisions was included as an increase to Canadian GAAP
consolidated earnings. Under U.S. GAAP, the adjustment was applied to the goodwill attributable to the acquisition prior to the adoption of ASC Topic 805, Business Combination on October 1, 2009.

(iv) Capitalization of intangible assets

Effective October 1, 2008, the Company adopted Section 3064, Goodwill and Intangible Assets. As a result of the standard, there is
new guidance relating to eligible capitalizable costs in the development of intangibles. Under U.S. GAAP, there were no changes to capitalization standards. This adjustment is one of the items included in Other and represents the net
effect of costs that were expensed or capitalized under Canadian GAAP for which the accounting treatment is different under U.S. GAAP. For the years ended September 30, 2011, 2010 and 2009, the adjustment to U.S. GAAP net earnings is a decrease
of $1,060,000, $959,000 and $198,000, respectively. As at September 30, 2011, 2010 and 2009, the adjustment to U.S. GAAP shareholders equity is an increase of $126,000, $1,186,000 and $2,145,000, respectively.

(v) Unearned compensation

Under
Canadian GAAP, prior to July 1, 2001, unvested stock options granted as a result of a business combination were not recorded. The adjustment reflects the intrinsic value of unvested stock options (see (vii) below) that would have been
recorded as a separate component of shareholders equity for U.S. GAAP purposes. This unearned compensation was amortized over approximately three years, being the estimated remaining future vesting service period.

(vi) Integration costs

Under Canadian
GAAP, prior to January 1, 2001, certain restructuring costs relating to the purchaser may be recognized in the purchase price allocation when accounting for business combinations, subject to certain conditions. Under U.S. GAAP, only costs
relating directly to the acquired business may be considered in the purchase price allocation. This adjustment represents the charge to consolidated net earnings, net of goodwill amortization in 2001, recorded for Canadian GAAP purposes and net of
income taxes.



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|Note 29 | Reconciliation of results reported in accordance with Canadian GAAP to U.S. GAAP (continued)
|------- | --------------------------------------------------------------------------------------------



(vii) Goodwill

The goodwill adjustment to shareholders equity results principally from the difference in the value assigned to stock options issued to IMRglobal Corp. employees. Under Canadian GAAP, the fair value
of the outstanding vested stock options is recorded as part of the purchase price allocation whereas under U.S. GAAP, the fair value of both vested and unvested outstanding stock options granted as a result of the business acquisition is recorded.
See (v) above for a further discussion relating to this item.

(viii) Income taxes and adjustment for change in accounting policy

On October 1, 1999, the Company adopted the recommendations of CICA Handbook Section 3465, Income taxes. The
recommendations of Section 3465 are similar to the provisions of ASC Topic 740, Income Taxes, issued by the FASB. Upon the implementation of Section 3465, the Company recorded an adjustment to reflect the difference between the
assigned value and the tax basis of assets acquired in a business combination, which resulted in future income tax liabilities. The Company recorded this amount through a reduction of retained earnings as part of the cumulative adjustment. Under
U.S. GAAP, this amount would have been reflected as additional goodwill.

(ix) Stock-based compensation

Under Canadian GAAP, stock-based compensation cost was accounted for using the fair value based method beginning October 1, 2004. Under U.S. GAAP,
ASC Topic 718, Compensation  Stock Compensation, did not require adoption of this standard until fiscal years beginning on or after June 15, 2005. The 2005 adjustments represent the charge to consolidated net earnings recorded
for Canadian GAAP purposes as no such expense was recorded or required under U.S. GAAP. Beginning October 1, 2005, there is no difference between Canadian GAAP and U.S. GAAP in connection to stock-based compensation
cost.

(x) Changes in accounting policies

Revenue recognition

In October 2009, the FASB issued ASU 2009-13,
Multiple-Deliverable Revenue Arrangements, which became effective for the Company via prospective application to new arrangements entered into or materially modified on or after October 1, 2010. This standard is equivalent to the
corresponding provisions of CICA EIC-175, Revenue Arrangements with Multiple Deliverables (Note 2a).

Concurrently to issuing ASU
2009-13, the FASB also issued ASU 2009-14, Certain Revenue Arrangements that Include Software Elements, which became effective for the Company via prospective application at the same date. There is no equivalent under Canadian GAAP,
therefore, the Company follows the U.S. guidance (Note 2a).

The adoption of these updates did not have any material impact on the
Companys consolidated financial statements.

Business combinations

In December 2007, FASB issued ASC Topic 805, Business Combinations, which became effective for the Company as of October 1, 2009 via prospective application to business combinations. This
standard is similar to the corresponding provisions of CICA Section 1582, Business Combinations (Note 2b). Consequently, there is no GAAP difference since the beginning of fiscal year 2010.

In December 2007, FASB issued ASC Topic 810, Consolidation, which became effective for the Company as of October 1, 2009 via
retrospective application. This standard is similar to the corresponding provisions of CICA Section 1601 Consolidated Financial Statements and Section 1602, Non-Controlling Interests (Note 2b).



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##### Table of Contents

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for
filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.



|                        |  |                                |  |                  |  |                                                                      
|----------------------- |  | ------------------------------ |  | ---------------- |  | ---------------------------------------------------------------------
|                        |  | Groupe CGI Inc./CGI Group Inc.
|                        |  |                               
|                        |  | By:                            |  | /s/ André Imbeau
|Date: December 22, 2011 |  |                                |  | Name:            |  | André Imbeau                                                         
|                        |  |                                |  | Title:           |  | Founder, Executive Vice-Chairman of the Board and Corporate Secretary



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##### Table of Contents

EXHIBIT INDEX

23.1      Consent of Ernst & Young LLP

23.2      Consent of Deloitte & Touche LLP

99.1      Certification of the Registrants Chief Executive Officer required pursuant to Rule
13a-14(a).

99.2      Certification of the Registrants Chief Financial Officer required
pursuant to Rule 13a-14(a).

99.3      Certification of the Registrants Chief Executive
Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.4      Certification of the Registrants Chief Financial Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.