22 | Activities Activities | 23

€1,318 million in issue volume

+21% of the issue

volume

9% of total Group issue volume

16 solutions

at the end of 2010

+9 new

solutions in 2011/2012

2011 KEY FIGURES

SEIZING A REAL OPPORTUNITY FOR GROWTH

Based on its know-how acquired over 20 years, in 2012 Edenred plans to step up its efforts to break into new mar- kets by deploying high added-value offers for the mana- gement of vehicle fl eets and business travel expenses, covering the costs incurred before, during and after trips. This activity is a major avenue of growth, in particular in Brazil with the Ticket Frete® card, and in Europe (France, Italy and Spain). It offers genuine opportunities for growth for the next fi ve years.

A COMPLETE RANGE OF SOLUTIONS TO MANAGE:

• Fuel and fl eet related expenses • Travel and entertainment expenses • Work apparel cleaning and buying • Insurance claim refund…

Optimizing expense management

BUILDING ON RENOWNED EXPERTISE

The expense management market is essentially broken down into two segments: fl eet vehicles management and travel and entertainment expenses. Edenred has recogni- zed expertise and leadership in Latin America in this fi rst segment thanks to Ticket Car®, which is used to manage fuel and vehicle fl eet maintenance costs. By the end of 2010, Edenred offered 16 solutions to meet the needs of companies looking to more effectively control their bu- siness expenses and streamline procedures.

These solutions make it easier for companies to manage and control the business expenses incurred by their em- ployees and aim both to optimize the reporting process and cut costs. With these solutions, employees do not have to advance any money and they also facilitate the processing of their expense claims. These expenses in- clude the costs of vehicle fl eets (fuel, maintenance, etc.), business travel (trains, fl ights, hotels, etc.) or the cleaning of uniforms or workwear.

Edenred offers companies easy-to-use solutions to transparently and cost-effectively manage

business expenses incurred by their employees, in such areas as fl eet management, travel and

workwear cleaning. These solutions represent Edenred's second-largest activity in terms of

issue volume. They are growing strongly in Latin America, where they are most extensively used,

and are a major path of growth in Europe.