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Message to shareholders

We deliver.
Value and growth.

At CGI, we are in the business of delivering results.

We deliver consistent high-quality and industry-leading solutions and services to our clients; exciting career opportunities for our professionals who, as owners, are building a company they can be proud of; and superior returns and profitable growth to our shareholders.

We are focused on the essentials of running a sound and stable business for the long term. In fiscal 2011, we delivered results for you, our shareholders. In fact, on many key performance indicators, it was our best year yet and further solidified our industry leading position.

We successfully built on the Stanley acquisition and positioned ourselves as a key provider across all areas of the U.S. federal government. We signed key contracts with clients across the U.S. Department of Defense and booked more than $4.9 billion in new orders for a book-to-bill ratio of 113% for the entire company. The Stanley acquisition also laid the foundation for further expansion. In September, we established a Canadian Defence, Public Safety and Intelligence unit.

The depth and breadth of our government business — which spans federal, provincial, state and local government agencies across our global operations — generated significant growth throughout the fiscal year, and provides a resilient position against difficult economic conditions. Clearly information technology is an enabler, requiring governments — and commercial organizations as well — to invest in IT to remove costs and gain efficiencies. Our backlog of long-term contracts is evidence of our strong position within today's market.

In fiscal 2011, as part of our structured program to evaluate client satisfaction, we achieved an average rating of 9.1 out of 10 from more than 2,400 client interviews. This proves that we not only understand our clients' needs, but also deliver meaningful results in response to the challenges and opportunities they face.

Today, at $13.5 billion, our profitable backlog provides revenue and earnings visibility for all stakeholders and allows our clients to be confident in the stability of CGI as their committed IT services partner.

But we are not resting on our laurels. We understand that in today's business environment, it's not about working harder — it's about working smarter, which is why we continuously find ways to improve our revenue mix and profitability to deliver superior returns over time.

We continue to deepen our business development capabilities and expand our expertise by investing in the development of mission critical intellectual property, such as cloud computing, cybersecurity and biometrics, which will be critical to our growth in the coming quarters and years.

Health IT is a growing industry worldwide. Accordingly, our health business is now a stand-alone vertical segment to make this growth visible. Over the past three years, the compound annual growth rate (CAGR) of our health sector has been 28.1%, and today it generates approximately $350 million or 8.1% of annual revenue. In fiscal 2011, this segment delivered a book-to-bill ratio of 120% and, by the end of the fiscal year, had an order backlog in excess of $1.2 billion.

During the fiscal year, we signed strategic contracts with new clients across all five of our targeted verticals using one or more of our proprietary solutions. These software-as-a-service contracts are in line with our strategy to constantly improve our revenue mix. By leveraging our intellectual property, data centers and professionals, we offer clients the ability to share IT costs with other leading organizations, while generating additional margin for our shareholders.

We are constantly changing the mix of our revenue toward longer-term growth and higher margin areas, where we can maximize the return for our shareholders. It is due to initiatives like these that CGI has a net earnings margin of 10.1%.

For clients, we deliver on our promises and strive to surpass their expectations.

Our clients demand consistent, reliable and innovative answers to their business needs, and we thrive on delivering on our promises and surpassing their expectations. The global economy is changing every day, and our clients need a flexible, reliable partner that truly understands their business needs and has the ability to react to whatever opportunities or challenges present themselves.

Our success in meeting client expectations is evident in our bookings of $4.9 billion, or 113% of revenue. In fiscal 2011, we added new global clients while renewing, extending and expanding our relationship with our existing marquee clientele.

Our clients trust us to deliver results, and this is not something that we take for granted. Every single day we work to surpass their expectations, building a reputation of quality and performance.

This is why clients like Industrial Alliance, the U.S. Environmental Protection Agency, the State of California, Cirque du Soleil^®, Scotiabank, the U.S. Department of Homeland Security and the U.S. Centers for Medicare & Medicaid Services turn to us for their IT needs.

For members*, CGI promotes an ownership culture to share in challenges and rewards.

CGI is built on a dream: "To create an environment in which we enjoy working together and, as owners, contribute to building a company we can be proud of." In fact, 90% of CGI's members are shareholders, clearly demonstrating that our interests are aligned with yours. Our performance-based compensation system, including our stock options program, is directly linked to value creation. CGI's 31,000 professionals wake up every day with a passion for what they do, and they are committed to delivering on their promises.

To create an environment in which we enjoy working together and, as owners, contribute to building a company we can be proud of.

In fact, as part of our member satisfaction assessment process, our members told us that their greatest satisfaction comes from a job well done, which directly relates to 95% of our contracts being completed on time and on budget.

Our professionals represent the industry's best, and their ownership mentality — along with the exciting career opportunities that CGI provides — have resulted in one of the industry's lowest attrition rates of 12%. CGI is a destination of choice for IT professionals looking to start or grow their careers.

* At CGI, we refer to our professionals as members to highlight our culture of ownership.

For shareholders, CGI delivers superior returns.

Despite global economic uncertainty, CGI increased its market valuation by almost $1 billion in fiscal 2011. We successfully grew our business and won key contracts in both the government and commercial space.

In fiscal 2011, we delivered:

• Revenue of $4.3 billion — 19% higher than fiscal 2010 at constant currency
• 10% growth in adjusted EBIT with a 13% margin
• $435 million in net earnings or 20% growth, with a net margin of more than 10%
• EPS expansion of more than 27% to $1.58 per diluted share
• $571 million in cash, or $2.07 in cash per share
• $4.9 billion in new business, with a good balance between new clients and contract extensions, expansions and renewals
• A backlog of $13.5 billion
• A return on equity of 19.5% — a 310 basis point jump from last year, while our return on invested capital was 14.1%

Looking ahead to fiscal 2012 and beyond, we have more than $1 billion in available capital, providing us ample liquidity to continue investing our cash in the most accretive opportunities for shareholders. Our investment priorities include profitable organic growth, accretive acquisitions, share repurchase and debt repayment. For example, since 2006, we have returned over $2 billion to shareholders in the form of share buybacks. Through these buybacks, our share count has decreased from a high of 445 million to 261 million shares at the end of fiscal 2011, a reduction of 41.3%.

Overall, we remain focused on the fundamentals of delivering quality services to our clients, while proactively expanding our capabilities and offerings by investing in the highest growth areas.

We will continue to execute our "Build and Buy" profitable growth strategy, which is rooted in business fundamentals and quality service. We believe that executing consistently on this model delivers superior returns to shareholders over time, even in the most challenging market conditions.

Finally, we thank the members of our Board of Directors for their advice and dedication, as well as Donna Morea, who retired this year as president of our U.S., Europe and Asia operations. Her work contributed significantly to CGI's growth in the U.S. market, providing us with a solid footing from which to build in the years to come.

Once again, we thank all of our stakeholders for their ongoing commitment to CGI. Your support has brought us to where we are today and will drive our future growth.

Serge Godin

Founder and
Executive Chairman of the Board

Michael E. Roach

President and
Chief Executive Officer