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Contribution to Atos Origin of Shares of Sema S.A. and Sema Ltd Constituting the Sema Group 1/233

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Contribution to Atos Origin of Shares of Sema S.A. and Sema Ltd Constituting the Sema Group 1/233 APPORT DES ACTIONS A ATOS ORIGIN DE SEMA S.A. ET DE SEMA LTD APPARTENANT AU GROUPE SEMA Annexe au rapport du Directoire de la société Atos Origin présenté à son assemblée générale extraordinaire des actionnaires du 22 janvier 2004 En application du règlement COB n° 98-01, l'Autorité des Marchés Financiers a apposé sur le présent document le numéro d’enregistrement E.04-004 en date du 16 janvier 2004. Il a été établi par l'émetteur et engage la responsabilité de ses signataires. Ce numéro d’enregistrement, attribué après examen de la pertinence et de la cohérence de l'information donnée sur les opérations réalisées et les sociétés concernées, n'implique ni approbation de l'opportunité de l'opération ni authentification des éléments comptables et financiers présentés. Il atteste que l'information contenue dans ce document correspond aux exigences réglementaires en vue de l'admission ultérieure à la Cote du Premier Marché des titres qui, sous réserve de l'accord de l'assemblée générale, seront émis en rémunération des apports. L'Autorité des Marchés Financiers attire l'attention du public sur la limitation suivante énoncée dans le rapport des commissaires aux comptes d'ATOS ORIGIN sur les comptes pro forma au 31 décembre 2002 et 30 juin 2003: "Nous n'avons pas pu effectuer une revue des dossiers de PricewaterhouseCoopers portant sur les "états financiers pro forma combinés" du Groupe Sema ainsi que sur la réconciliation entre les principes comptables américains et français au 31 décembre 2002 et au 30 juin 2003. Nous nous sommes assurés que les rapports de PricewaterhouseCoopers ne comportaient pas de réserve." Contribution to Atos Origin of shares of Sema S.A. and Sema Ltd constituting the Sema Group 1/233 CONTRIBUTION TO ATOS ORIGIN OF SHARES OF SEMA S.A. AND SEMA LTD CONSTITUTING THE SEMA GROUP Annex to the report of the Management Board of Atos Origin presented to the shareholders’ extraordinary general meeting of shareholders held on January 22, 2004 AMF The Autorité des Marchés Financiers (AMF - the Financial Markets Authority) has accorded to this document the registration number E.04-004 on January 16, 2004. It has been prepared by the issuer and engages the responsibility of its signatories. This registration number, accorded after an examination of the relevance and coherence of the information provided regarding the described operations and the participating companies, does not imply approval of the merits of the described operations or validation of the accuracy of the accounting and financial information presented herein. It attests that the information contained in this document corresponds to the regulatory requirements applicable for the future admission to listing on the Premier Marché in Paris of the ATOS ORIGIN shares which, subject to the approval of the shareholders in a general meeting, will be issued in remuneration of the contributed shares. The Autorité des Marchés Financiers draws the public’s attention to the following qualification contained in the report of the statutory auditors of ATOS ORIGIN in respect of the pro forma financial statements for the periods ended December 31, 2002 and June 30, 2003: "We were not able to review the PricewaterhouseCoopers files concerning the "pro forma combined financial statements" of the Sema Group and the reconciliation between French and US GAAP for the periods ended December 31, 2002 and June 30, 2003. We satisfied ourselves that the PricewaterhouseCoopers reports did not contain any qualifications." This Document is a translation of the French original and has been prepared for informational purposes. The original Document E has been registered with the Autorité des Marchés Financiers as described herein and such original remains the sole controlling version. Contribution to Atos Origin of shares of Sema S.A. and Sema Ltd constituting the Sema Group 2/233 TABLE OF CONTENTS PREAMBLE......................................................................................................................................................... .5 Document E.................................................................................................................................................... 5 Risk Factors .................................................................................................................................................... 5 Notion of "full scope" and "in scope" and the basis of preparation of the pro forma financial statements..... 5 Projections....................................................................................................................................................... 6 Exchange Rates............................................................................................................................................... 7 RESPONSIBILITY............................................................................................................................................... 9 Persons who assume responsibility for this document.................................................................................... 9 Persons responsible for examining the financial statements of Atos Origin................................................... 9 Attestation of the auditors of Atos Origin regarding the information given in the annex to the report of the Document E .................................................................................................................................................. 10 A FIRST PART: INFORMATION ON THE TRANSACTION AND ITS CONSEQUENCES.............. 14 A.1 ECONOMIC ASPECTS OF THE TRANSACTION............................................................................ 16 A.1.1 Pre-existing links between the companies in question .................................................................. 16 A.1.2 Rationale and goals of the acquisition........................................................................................... 16 A.1.3 Risk factors ................................................................................................................................... 25 A.2 LEGAL ASPECTS OF THE TRANSACTION.................................................................................... 34 A.2.1 General presentation...................................................................................................................... 34 A.2.2 The operation itself ....................................................................................................................... 41 A.2.3 Control of the operation ................................................................................................................ 42 A.2.4 Report by the contribution auditors on the value and the remuneration of the acquired sema companies by Atos Origin, S.A. to the general meeting of the shareholders of January 22, 2004................ 42 A.2.5 Remuneration of the contributions................................................................................................ 73 A.3 ACCOUNTING FOR THE CONTRIBUTED ASSETS....................................................................... 73 A.3.1 Designation and value of the contributed assets and of the assumed liabilities ............................ 73 A.3.2 Table setting forth the revaluations and adjustments effected....................................................... 73 A.3.3 Name and date of the expert report ............................................................................................... 73 A.3.4 Detailed calculation of the share premium.................................................................................... 74 A.4 VALUATION OF AND CONSIDERATION FOR THE CONTRIBUTIONS.................................... 74 A.4.1 Valuation methods used ................................................................................................................ 74 A.4.2 Valuation of the acquired company and the contributions ............................................................ 75 A.4.3 Valuation of Atos Origin shares.................................................................................................... 77 A.4.4 Conclusion .................................................................................................................................... 79 A.4.5 Consideration for contributions..................................................................................................... 79 A.4.6 Allocation of the acquisition price ................................................................................................ 80 A.5 CONSEQUENCES ............................................................................................................................... 81 A.5.1 Consequences for the company receiving the contributions and its shareholders......................... 81 A.5.2 Consequences for the contributing companies and their shareholders........................................ 104 B SECOND PART: PRESENTATION OF THE COMPANY RECEIVING THE CONTRIBUTIONS 107 B.1 CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2002................................. 107 B.1.1 COB registration date and number of the reference document ................................................... 107 B.1.2 COB cross reference table........................................................................................................... 107 B.2 ATOS ORIGIN EXISTING BUSINESS DESCRIPTION ................................................................. 108 B.2.1 Group History.............................................................................................................................
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