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## Dear Shareholders and Friends: 

Last year, I wrote to you that TSYS would emerge from 2010 as a stronger, leaner and more diversified company. As we close the books on a defining year in our company’s history, I am pleased to report that we accomplished those objectives and managed the business well amidst an uncertain economic environment and a changing payments industry. After facing a series of challenging years, TSYS has turned the corner and will continue to grow in 2011 and beyond. We truly believe the best is yet to come for TSYS. 

We have focused on getting closer to the merchant to make payments more convenient and efficient while also getting closer to the consumer in order to make the payment experience more rewarding. In April, we took a major step forward in achieving this important goal by entering into a joint venture with First National Bank of Omaha and its merchant acquiring business, First National Merchant Solutions (FNMS). We acquired a 51 percent stake, giving us a top-10 presence in the merchant acquiring market in the United States, according to The Nilson Report. Then 

on January 1st of this year, we purchased the remaining 49 percent of FNMS, which we rebranded as TSYS Merchant Solutions. SM As I have said before, this acquisition will not be our last. We will continue to explore opportunities to pursue and invest in strategically sound acquisitions within and outside the United States to make TSYS an even stronger company. 

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