WELCOME TO THE GROUP’S INVESTOR RELATIONS WEBSITE

CHAIRMAN’S MESSAGE

Dear Shareholders, Over the past year, we have pursued a policy of transforming our company in order to assert our strategic position and our expertise as an independent telecoms integrator, and to better meet the demands of the IT convergence market. 2009 was a year of investment for the TR Services Group.

Firstly, in added value. The Group expanded this year with the acquisition of ATTI on 31st of March 2009, which has given us enhanced and complementary technological expertise, and reinforced our image as an IT services operator.

Secondly, in new services. By building on our partnerships with major manufacturers and software publishers, we have further improved the link between technology and services, the central trait of the Group's brand identity.
We now offer our clients service support and our renowned expertise in voice/data convergent infrastructures, enhanced by the inclusion of added-value application layers (unified messaging, virtual call centres, meta-directories, virtual office etc.).

Finally, in regional operations and proximity to our clients. Thanks to our operational development, we now have five subsidiaries and a dozen or so operations across France.

All of these changes have now defined us as a key player in the IT convergence market able to deliver global and optimised business communications solutions, allowing us to consolidate our reputation and join forces with leading IT services integrators.

Despite these efforts and our desire to establish a strong market position, with revenue growth of 14.7% as a result of acquisitions, earnings have been affected by the challenging economic climate and restructuring costs.
Although we sustained an operating loss, the necessary measures have been taken to reposition our company and optimise costs.
At the same time, measures to secure the balance sheet were implemented successfully in partnership with the Group's pool of banks and with an OSEO counter-guarantee.

Similarly, the commitment of all of our staff, our consistent and complementary product ranges, ongoing efforts to listen to our clients' needs and our continual striving to ensure the quality of our services are without doubt the keys to our future success.

The TR Services Group is in a position to win new clients even during a time of crisis, which is vital in ensuring a rapid return to a cycle of profitable and lasting growth, which will benefit our shareholders.

You can put your trust in the TR Services Group.

Lionel SMEERS

Chief Executive Officer