 Global Market has its best quarterly ACV in the past four years.  EMEA 4Q results finish up, helped by several large mega-relationship awards. Americas has a flat 4Q, and Asia Pacific was down markedly.  For the year, the number of Broader Market awards sets an all-time record, while Broader Market ACV finishes down slightly from 2014.  Cloud, digital and automation drive down average award values and contract durations, resulting in the lowest annual mega-relationship activity in 10 years.  Americas annual awards tied 2014 values for an all-time high, but EMEA and Asia Pacific suffer a weak start and never recovered.

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Hosted by:
John King
Bank of America Merrill Lynch
18 January 2016
The ISG Outsourcing Index®
Fourth Quarter and Full Year 2015
EMEA Market Data and Insights

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Covering the state of the outsourcing industry for EMEA commercial contracts.*
Welcome to the 53rd Quarterly ISG Outsourcing Index® Review
John Keppel
Partner & President
*Contracts with ACV ≥ €5M from the ISG Contracts Knowledgebase®
Bernd Schaefer
Partner

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At a Glance
BEST QUARTERLY BROADER MARKET ACV RESULT IN THE LAST FOUR YEARS.
EMEA QUARTERLY ACV UP ON FIVE MEGA-RELATIONSHIP AWARDS.
AMERICAS 4Q VALUES EQUAL 2014’S STRONG FINISH.
4Q AND FULL-YEAR ASIA PACIFIC ACV DOWN SHARPLY ACROSS MOST MAJOR INDUSTRIES.
2015 NUMBER OF AWARDS AT AN ALL-TIME HIGH.
CLOUD, DIGITAL AND AUTOMATION CONTINUE TO DRIVE DOWN AVERAGE ACV AND DURATIONS.
EMEA ANNUAL ACV DOWN SLIGHTLY AS ACTIVITY SLOWS ACROSS MOST MAJOR GEOGRAPHIES.
AMERICAS FULL-YEAR ACV TIED 2014 FOR THE BEST YEAR EVER, DRIVEN BY RESTRUCTURINGS.
2015 SAW A LACK OF LARGE DEALS IN ASIA PACIFIC.
Scorecard 4Q15 4Q Y/Y 4Q Q/Q
ACV (€B)* Change Change
Global Market € 5.6 5% 27%
New Scope € 2.7 -1% -10%
Restructurings € 2.9 10% 110%
Mega-relationships € 1.9 43% 162%
ITO € 4.4 15% 55%
BPO € 1.2 -20% -23%
Americas € 2.1 0% 15%
EMEA € 3.1 17% 44%
Asia Pacific € 0.4 -34% -10%
2015 Y/Y
ACV (€B)* Change
€ 19.0 -8%
€ 11.3 -9%
€ 7.7 -6%
€ 3.9 -23%
€ 13.7 -12%
€ 5.2 4%
€ 7.9 0%
€ 9.4 -8%
€ 1.7 -33%

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4Q15 Global Market ACV up 5% Y/Y, helped by larger awards. Cloud, digital and
automation drive the average contract values and durations to all-time lows.
4Q/Full-Year Broader Market ACV (€B)*
Average ACV (€M) and Durations
Global Market Contract Award Trends
4Q/Full-Year Broader Market Contract Counts
1,0901,023926953975847786694555529
355388
324312334
272312
233
190212
1,4451,411
1,2501,2651,309
1,1191,098
927
745741
201514131211100908072006
1Q to 3Q Countd 4Q Counts
€ 13.4€ 15.3€ 13.1€ 15.9€ 13.9€ 14.5€ 12.6€ 12.4€ 9.9€ 10.3
€ 5.6
€ 5.3
€ 3.9
€ 4.6€ 6.0€ 4.7€ 6.0€ 4.3
€ 5.1€ 3.8
€ 19.0
€ 20.6
€ 17.1
€ 20.5€ 19.9€ 19.2€ 18.6
€ 16.7
€ 15.0€ 14.1
201514131211100908072006
1Q to 3Q ACV 4Q ACV
€ 13.1
€ 16.2€ 16.9
€ 19.0
3.5
4.1
4.5
5.0
2015201220092006
Average ACV ($M) Avg Durations (Yrs.)

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4Q15 ACV is up 44% Q/Q driven by mega-relationship awards. Annual ACV down
8% due to the weaker ITO market. Full-year results are down after a slow first half.
EMEA 4Q/Full-Year Counts
EMEA Contract Award Trends
EMEA 4Q/Full-Year ACV (€B)*
EMEA Market SizeEMEA 4Q/Full-Year Segment ACV (€B)*
433463454426460
357353321249219
168180167149166
140146
98
8599
601643621
575
626
497499
419
334318
201514131211100908072006
1Q to 3Q Countd 4Q Counts
€ 57.9
€ 35.8
3,114
1,442
201514131211100908072006
Commercial Sector Market Size (€B)
Active Contracts
€ 6.3€ 7.5€ 7.2€ 7.8€ 7.7€ 6.9
€ 5.4
€ 7.1
€ 4.8€ 4.0
€ 3.1
€ 2.7€ 2.2€ 2.3€ 3.5
€ 2.9
€ 3.4
€ 1.9
€ 2.1
€ 1.8
€ 9.4
€ 10.1
€ 9.4
€ 10.1
€ 11.2
€ 9.8
€ 8.8€ 9.0
€ 7.0
€ 5.9
201514131211100908072006
1Q to 3Q ACV 4Q ACV
€ 5.67
€ 3.70
€ 7.07
€ 2.30
€ 1
€ 3
€ 5
€ 7
€ 9
€ 11
New Scope Restructuring ITO BPO
Range of Prior 4 Years Avg of Prior 4 Years
2014 2015

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Most geographic markets decline from 2014 with the exception of DACH, which
benefits from a few large awards. Financial Services declines relative to recent years.
EMEA Sub-Regions Full-Year ACV (€B)*
EMEA Industry Full-Year ACV (€B)*
EMEA Contract Award Trends Detail
€ 2.34
€ 2.06
€ 1.32 € 1.30
€ 0.89
€ 0.38 € 0.21 € 0.31
€ 0.54
€ 0.0
€ 0.5
€ 1.0
€ 1.5
€ 2.0
€ 2.5
€ 3.0
€ 3.5
Financial
Services
Manufacturing Energy Travel,
Transport &
Leisure
Telecom &
Media
Business
Services
Consumer
Packaged
Goods
Retail Healthcare &
Pharma
Range of Prior 4 Years Avg of Prior 4 Years 2014 2015
€ 2.85 € 2.83
€ 1.05
€ 0.56 € 0.39 € 0.63 € 0.81
€ 0.26€ 0.0
€ 1.0
€ 2.0
€ 3.0
€ 4.0
€ 5.0
U.K. & Ireland DACH Nordics Benelux France Southern
Europe
Africa &
Middle East
E. Europe &
Russia
Range of Prior 4 Years Avg of Prior 4 Years 2014 2015

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Co. Revenues < $2 BCo. Revenues $2 -10 B
ISG Sourcing Market Standouts in EMEA
All segment experience some turnover. Indra Sistemas joins the Building 10 group in
both EMEA and Asia Pacific.
*New to group as of the current quarter
Placements based on ACV of commercial contract awards in the past 12 months sourced from ISG Contracts Knowledgebase®.
Service providers in alphabetical order; no rankings implied.
Revenues sourced from Hoovers and individual company financial fillings
Co. Revenues > $10 B
SOURCING
STANDOUTS GROUPED BY COMPANY SIZE
The Building 10
Sourcing Standouts
The Breakthrough 10
Sourcing Standouts
The Big 10
Sourcing Standouts
Accenture
Atos
BT
Capgemini
Cognizant
Ericsson*
HPE
IBM
TCS
T-Systems
Capita
Ceva Logistics*
CGI
Computacenter
HCL
Indra Sistemas*
Infosys
MITIE
Serco
Wipro
Firstsource Solutions*
FleetCor*
InnerWorkings
ISON Group
Luxoft
MAYKOR
Mindtree
Transcom
Virtusa
WNS

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Americas 4Q/Full-Year Counts
Americas Contract Award Trends
Americas 4Q/Full-Year ACV (€B)*
Americas Market SizeAmericas 4Q/Full-Year Segment ACV (€B)*
4Q15 ACV is flat Y/Y. 2015 ACV tied 2014 for the best year, driven by the stepped-up
pace of restructurings.
€ 5.8€ 5.8
€ 4.6
€ 5.9
€ 4.9
€ 6.5
€ 5.4
€ 3.9€ 3.7
€ 5.3
€ 2.1€ 2.1
€ 1.3
€ 1.7
€ 2.0
€ 0.9
€ 1.9
€ 1.6€ 2.3
€ 1.6
€ 7.9€ 7.9
€ 5.9
€ 7.6
€ 6.9
€ 7.5€ 7.3
€ 5.5
€ 6.0
€ 6.9
201514131211100908072006
1Q to 3Q ACV 4Q ACV
€ 42.4
€ 40.9
2,899
1,587
201514131211100908072006
Commercial Sector Market Size (€B)
Active Contracts
538
438360399389383330291233243
149
160
12612314188120
95
8385
687
598
486522530
471450
386
316328
201514131211100908072006
1Q to 3Q Countd 4Q Counts
€ 4.3
€ 3.6
€ 5.4
€ 2.5
€ 1
€ 2
€ 3
€ 4
€ 5
€ 6
New Scope Restructuring ITO BPO
Range of Prior 4 Years Avg of Prior 4 Years
2014 2015

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For the second straight year the U.S. value and number of contract awards set all-
time highs. Smaller industries, like Transportation and Retail, are standouts.
Americas Sub-Regions Full-Year ACV (€B)*
Americas Industry Full-Year ACV (€B)*
Americas Contract Award Trends Detail
€ 1.61
€ 1.33
€ 0.78 € 0.91 € 0.83
€ 0.64
€ 0.44
€ 0.59
€ 0.75
€ 0.0
€ 0.5
€ 1.0
€ 1.5
€ 2.0
€ 2.5
Financial
Services
Manufacturing Telecom &
Media
Healthcare &
Pharma
Business
Services
Energy Consumer
Packaged
Goods
Retail Travel,
Transport &
Leisure
Range of Prior 4 Years Avg of Prior 4 Years 2014 2015
€ 0.59
€ 0.19
€ 0.07 € 0.12
€ 0.0
€ 0.2
€ 0.4
€ 0.6
€ 0.8
Canada Brazil Mexico Other LatAm
Range of Prior 4 Years Avg of Prior 4 Years 2014 2015
€ 6.9
€ 0
€ 1
€ 2
€ 3
€ 4
€ 5
€ 6
€ 7
€ 8
U.S.

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Co. Revenues < $2 BCo. Revenues $2 -10 B
ISG Sourcing Market Standouts in the Americas
The Building 10 Sourcing Standouts has no turnover for the second straight quarter.
Sitel and Hinduja Global Solutions achieve Top 10 status in the Breakthrough group.
*New to group as of the current quarter
Placements based on ACV of commercial contract awards in the past 12 months sourced from ISG Contracts Knowledgebase®.
Service providers in alphabetical order; no rankings implied.
Revenues sourced from Hoovers and individual company financial fillings
The Building 10
Sourcing Standouts
The Breakthrough 10
Sourcing Standouts
The Big 10
Sourcing Standouts
Co. Revenues > $10 B
SOURCING
STANDOUTS GROUPED BY COMPANY SIZE
Accenture
AT&T*
BT
Capgemini
Cognizant
Dell
HPE
IBM
TCS
Xerox*
Aon Hewitt
CGI
CompuCom
Convergys
Genpact
HCL
Infosys
Tech Mahindra
Teleperformance
Wipro
EXL
Hinduja Global Solutions*
Luxoft
Minacs
Mindtree
SITEL*
Sutherland Global
Syntel
UST Global
Virtusa

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4Q15 ACV down 34% Y/Y with the continued absence of large awards. Annual results
remain uneven Y/Y as ACV declines 33%, the lowest performance since 2006.
Asia Pacific 4Q/Full-Year Counts
Asia Pacific Contract Award Trends
Asia Pacific 4Q/Full-Year ACV (€B)*
Asia Pacific Market SizeAsia Pacific 4Q/Full-Year Segment ACV (€B)*
119122112128126107103
827367
3848
31
4027
4446
40
2228
157
170
143
168
153151149
122
9595
201514131211100908072006
1Q to 3Q Countd 4Q Counts
€ 1.35
€ 0.39
€ 1.29
€ 0.45
€ 0.0
€ 0.5
€ 1.0
€ 1.5
€ 2.0
€ 2.5
New Scope Restructuring ITO BPO
Range of Prior 4 Years Avg of Prior 4 Years
2014 2015
€ 1.3
€ 2.0
€ 1.3
€ 2.3
€ 1.4€ 1.1
€ 1.8
€ 1.3€ 1.4
€ 1.0
€ 0.4
€ 0.6
€ 0.5
€ 0.6
€ 0.5€ 0.9
€ 0.7
€ 0.8€ 0.7
€ 0.3
€ 1.7
€ 2.6
€ 1.8
€ 2.8
€ 1.8€ 2.0
€ 2.5
€ 2.1€ 2.0
€ 1.3
201514131211100908072006
1Q to 3Q ACV 4Q ACV
€ 14.4
€ 8.4
868
384
201514131211100908072006
Commercial Sector Market Size ($B)
Active Contracts

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The majority of sub-regions fell since 2014, with notable weakness in ANZ and India.
Energy vertical activity is increasing, whereas most industries fell short.
Asia Pacific Sub-Regions Full-Year ACV (€B)*
Asia Pacific Industry Full-Year ACV (€B)*
Asia Pacific Contract Award Trends Detail
€ 0.56
€ 0.49
€ 0.26 € 0.23
€ 0.17
€ 0.04€ 0.0
€ 0.3
€ 0.5
€ 0.8
€ 1.0
€ 1.3
ANZ India and South Asia Japan Greater China Southeast Asia South Korea
Range of Prior 4 Years Avg of Prior 4 Years 2014 2015
€ 0.37 € 0.40
€ 0.25 € 0.28
€ 0.20
€ 0.10 € 0.06 € 0.01 € 0.06
€ 0.0
€ 0.2
€ 0.4
€ 0.6
€ 0.8
€ 1.0
Financial
Services
Telecom &
Media
Manufacturing Travel,
Transport &
Leisure
Energy Business
Services
Consumer
Packaged
Goods
Healthcare &
Pharma
Retail
Range of Prior 4 Years Avg of Prior 4 Years 2014 2015

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Co. Revenues < $2 BCo. Revenues $2 -10 B
ISG Sourcing Market Standouts in Asia Pacific
All Asia Pacific Top 10 segments experience turnover. For the second straight
quarter, CSC plans to acquire a service provider from the Breakthrough 10 segment.
*New to group as of the current quarter
Placements based on ACV of commercial contract awards in the past 12 months sourced from ISG Contracts Knowledgebase®.
Service providers in alphabetical order; no rankings implied.
Revenues sourced from Hoovers and individual company financial fillings
Co. Revenues > $10 B
SOURCING
STANDOUTS GROUPED BY COMPANY SIZE
The Building 10
Sourcing Standouts
The Breakthrough 10
Sourcing Standouts
The Big 10
Sourcing Standouts
Accenture
Canon*
Capgemini*
Cognizant
Fujitsu
Hitachi
HPE
IBM
TCS
Telstra*
CGI*
Genpact
HCL
Indra Sistemas*
Infosys
NEC
Optus
Orange Business Services*
Tech Mahindra
Wipro
Aegis
ChinaSoft
Hollysys Automation
Minacs
Neusoft*
Sutherland Global
TeleTech
UXC
Vertex
Xchanging*

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Special Topic for Fourth Quarter and Full-Year 2015
THE OUTCOME ECONOMY:
5 PRINCIPLES CHANGING SOURCING BUYING AND SELLING BEHAVIOUR
John Keppel
Partner & President

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5 Principles to Embrace to Succeed in the Outcome Economy
 Capture the cloud savings.
$1 spent on cloud retires
$4 of traditional spend.
 Custom is out. Fulfill the original
promise of outsourcing.
 As technology and business
process converge, look to
automate accounting, HR, and IT.
 Systems managers make way for
solution integrators, ethicists,
marketers and consumer
advocates.
 Focus on front office needs.
 Know your company’s core
products and services.
 Stay relevant by driving
competitive technology
into the business.
 Embrace a cannibalistic
business model, moving
away from employee assets
towards automated
solutions.
 Know your client’s industry and
core business needs.
 Excel at embedding tech into
your client’s products and
services.
 Sell multi-tenant solutions by
repackage existing
shared assets.
 Invest in shared specialist
resources across clients.
Software Replaces
Labour
Multi-tenancy
Delivers
Embedded Tech
is the Goal

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Service Integration
is Key
5 Principles to Embrace to Succeed in the Outcome Economy
 Manage multiple internal
and external providers
across countless platforms.
 Focus on seamless, agile
delivery across all platforms,
service models and providers.
 Support your non-IT
organizations who buy
solutions without you. Their
need for both speed and
self-contained options make
these solutions irresistible.
 Plan for the eventual need for
centralization to solve
integration and interoperability
problems.
 Be an outstanding
collaborator, not only with
your clients, but with your
competitors.
 Change who you sell to,
considering non-IT buyers
in your plans.
Shadow IT
Returns
TBMCM
SIAM

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 Global Market has its best quarterly ACV in the past four years.
 EMEA 4Q results finish up, helped by several large mega-relationship
awards. Americas has a flat 4Q, and Asia Pacific was down markedly.
 For the year, the number of Broader Market awards sets an all-time
record, while Broader Market ACV finishes down slightly from 2014.
 Cloud, digital and automation drive down average award values and
contract durations, resulting in the lowest annual mega-relationship
activity in 10 years.
 Americas annual awards tied 2014 values for an all-time high, but EMEA
and Asia Pacific suffer a weak start and never recovered.
 Expect positive but modest 1H 2016 ACV growth on an easier 1H15 compare.
 Longer term, expect increased activity in the second half of 2016 across all
three regions.
 Award values will continue to trend down as companies demand more
technology at lower price points with shorter-term commitments.
4Q15 ISG Outsourcing Index® - Global Summary and Outlook
summary
market
outlook
market

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Please contact us with your questions and comments.
Learn More
Paul Reynolds
Partner
+1 508 625 2194
paul.reynolds@isg-one.com
ISG insights serving providers and market analysts
www.isg-one.com
Denise Colgan
EMEA and AP Media Contact
+44 1737 371523
denise.colgan@isg-one.com
Laura Mountain
Cohn & Wolfe for ISG
+44 (0) 20 7331 5372
laura.mountain@cohnwolfe.com
John Keppel
Partner and President
+44 (0)7879 432 212
john.keppel@isg-one.com

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Fourth Quarter and Full-Year 2015
APPENDIX: SCORE CARD FOR TCV

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The ISG Outsourcing Index has moved to ACV as the primary measure of the
Broader Market. We will continue to provide a high-level TCV view of the market via
a Scorecard analysis.
Fourth Quarter and Full-Year 2015 TCV Scorecard
*Contracts with TCV ≥ €20 M from the ISG Contracts Knowledgebase®
Scorecard
4Q15 4Q Y/Y 4Q Q/Q 2015 Y/Y
TCV (€B)* Change Change TCV (€B)* Change
Global Market € 20.8 -14% 24% € 71.1 -21%
New Scope € 11.9 9% -3% € 48.3 -11%
Restructurings € 8.9 -34% 102% € 22.8 -36%
Mega-deals € 4.6 -49% 0% € 8.4 -60%
ITO € 15.9 -9% 56% € 50.8 -23%
BPO € 4.8 -28% -26% € 20.3 -15%
Americas € 7.4 -16% 20% € 25.5 -23%
EMEA € 12.3 -5% 41% € 38.7 -14%
Asia Pacific € 1.1 -57% -41% € 6.9 -41%

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