10 | Strategy Strategy | 11

PREPAY SOLUTIONS

Prepay Solutions processes prepaid card transactions and issues electronic money for Edenred in Europe. Prepay Solutions, which was founded in 2000 and acquired in 2007, has been jointly owned by Edenred (68.75%) and MasterCard (31.25%) since 2009. Controlling the value chain is a major strategic advantage for Edenred, particularly at a time when the Group is speeding up the shift to digital, especially in Europe. Moreover, Prepay Solutions already has some signifi cant business successes under its belt as the prepaid card processor for major companies, including TUI, PayPal or Orange. These achievements are proof that PrePay Solutions is a recognized player at the cutting edge of innovation, namely through its contactless mobile technology or “e-wallet” offers.

2009 2011 2012 2016 2009 2011 2012 2016

30% 41%

50%

> 70%

70%

50%

30% 41%

DIGITAL ISSUE VOLUMETARGETS FOR 2012: 6% TO 14% GROWTH IN ISSUE VOLUME AND AN INCREASE IN FUNDS FROM OPERATIONS(1) OF MORE THAN 10%, THROUGH:

the continued increase in penetration rates and face value

the ramp-up of new solutions and new countries

an acceleration of the shift to digital by breaking through the target of 50% digital issue volume

Shift to digital This term refers to the shift from paper vouchers to digital technology (magnetic strip or chip cards, mobile phones, the Internet, etc.).

2012 preparing for the future through innovation

Edenred continues to expand in 2012 by pursuing its policy of organic growth and speeding up the shift to

digital.

● A STRATEGY BASED ON GROWTH

As soon as the Group was listed on the Stock exchange in July 2010, Edenred announced ambitious targets of increasing its issue volume by between 6% and 14% per year. The Group has set itself the following targets in order to achieve these objectives:

Increase penetration rate The penetration rate of corporate prepaid services is very low in most of the countries where Edenred is present. On average, only 15% to 20% of potential users benefi t from these services. Many small and medium- sized companies in particular still do not use Ticket Restaurant® or Ticket Alimentación® solutions. Develop new solutions Since 2011, Edenred has acquired the means of intensifying its innovation through digital solutions. Innovation and digital technology are tightly intertwined. Digital media offer an opportunity to become more familiar with benefi ciaries and affi liated merchants, something that is simply impossible with paper- based solutions. The innovation pipeline, set up in 2011, is an easy way to channel new ideas that originate in the subsidiaries and to select and enrich them in order to create

new programs and services. As a result, 26 new solutions will be launched before the end of 2012, representing a 20% growth of the offer since 2010 that could potentially make a contribution of 2% to 4% to the increase in issue volume from 2013, compared with 0.8% in 2011 and 0.6% in 2010.

Develop new and high-potential countries Edenred plans to open six to eight new countries by 2016, including one or two in 2012. The Group is particularly interested in those countries where economic growth has resulted in the emergence of an urban middle class with fast-growing needs.

● ACCELERATING THE SHIFT TO DIGITAL

70% of issue volume has already shifted to digital in Latin America. Edenred is now speeding up the digital transition in other geographical regions, and in Europe in particular. Smart cards, services on the internet and mobile telephones are all forms of digital solutions. 2012 will be a turning point in the company's history. Edenred has already launched 18 digital projects since 2010 and is set to break through the barrier of 50% of digital issue

volume by the end of 2012, and 70% in 2016. All of the customers have good reasons to value these digital solutions. The processes are optimized and simplifi ed for clients and affi liates, the solutions are quick and easy to use for benefi ciaries and, fi nally, the control and traceability of dedicated funds are enhanced for public authorities.

(1) Growth on a like-for-like basis of funds from operations before non-recurrent items