SAFIRA 2.0

Greetings,

On behalf of the Management Board, it is my distinct honor to report on the Q1 results for 2009.

Our first quarter came at 1,292 Million EUR in services revenue, representing an 11% growth from the same period in 2008, and some 4% above our guidance for the quarter. Profitability also increased as a reflex of our efficiency policies.

We see these improvements as the direct result of the actions and plans put forward in late Q2 2008 that, amongst others, included new services offerings geared towards our cost conscious times, and new partnerships with added value to our solutions portfolio. Our sales in Financial Services increased to represent 74% of our revenue, with BPM solutions showing strong adoption by customers as cost savings and increased operational efficiency tools. Our Managed Services also showed stronger demand as our value proposition of quality, on-budget, and on-time delivery becomes verifiable, and evidently more cost-effective over the long term, than strict low-cost alternatives.

The outlook for the second quarter remains solid, with the business pipeline showing a slight increase both in value and in confidence, supported by some of our solutions such as Enterprise Search starting to gain momentum. These prospects are inline with the initial annual guidance and as such, we reiterate our goals for 2009 with the prudence required by such a year.

In a year marked by economic downturn, we’re very happy to present such results and thank all our co-workers and partners for making it all possible. But most of all, we thank our customers, as much as we reassure them that we’re committed to their efforts of increasing efficiency and driving results. Thank you!

The SAFIRA Management Board