Results and outlook

2 | Strategy Strategy | 3

Edenred is still under construction. How can you persuade 6,000 people to join you in this adventure?

Jacques Stern — Edenred is a very young company. Our industrial and business strategy will be all the more successful if we all adopt the same stance with regard to our stakeholders. We need to switch from a single- product offer to a multi-solution offer, from paper to a variety of media (paper vouchers, cards, mobile phones), from client-oriented relationships to relationships with clients, benefi ciaries and affi liates. We can only do this by adopting a managerial approach that is understood and shared by all and that, in the long term, will shape our company culture. What is the goal? To become the key reference for our affi liates, our benefi ciaries, our clients and, more generally, for all of our stakeholders, through our excellent quality of service day after day and our abi- lity to innovate. How? By listening to our Customers and fully understanding their needs, by “putting ourselves in their shoes” so that we can anticipate their needs and surprise them by what we do day after day.

What is the outlook for Edenred in 2012?

Jacques Stern — I am looking forward to 2012 with optimism. This is the year when we will celebrate the 50th anniversary of our fl agship brand, Ticket Restaurant®. If we build on what we have learned, then we will be in a position to speed up our growth. We will make further progress, mainly in the development of our offer and its shift to digital. I am fully confi dent in our ability to reach the targets that we have set for 2012 together: growth of issue volume of between 6 and 14% and growth of our funds from operations(1) in excess of 10%. We will all pull together to come closer to our Customers and to become their only preferred partner.

The executive team The Executive Committee is tasked with implementing the strategy, the development and the organization of Edenred. The 14 members of the Executive Committee are operational representatives of the major worldwide regions and functional managers who provide expert input for operations.

4

An interview with Jacques Stern Chairman and Chief Executive Offi cer of Edenred

How would you qualify the last 12 months for Edenred?

Jacques Stern — After the Group was listed on the stock exchange just 18 months ago, 2011 saw a very good eco- nomic and fi nancial performance that was in line with our targets. Those targets are based on annual growth in issue volume between 6 and 14%, and funds from opera- tions(1) higher than 10%. By successfully honoring these two commitments, we have consolidated our credibility in the eyes of those who trust us and who observe us. We also consolidated during the year our foundations to prepare the future. In a word, we have achieved a good short-term performance, while laying the foundations for our long-term growth.

What were the business success stories of 2011?

Jacques Stern — They were in our core business (86% of our issue volume), as employee benefi ts related to food and quality of life grew by 9.4%. We also scored some great successes on the highly promising Expense Management market, with 21% growth, compared with

average growth of 9.7% of all our solutions. This is good news, because this type of offer represents one of our leadings paths of development. I would also like to wel- come the launch of Ticket Frete® in Brazil for independent truck drivers, who represent a potential market of €23 billion.

How is the Group withstanding the crisis?

Jacques Stern — Our activity is not particularly cycli- cal, in other words, it is less sensitive to economic condi- tions, even if the vitality of the job market does affect our business. Against this backdrop, our performance can be explained by three factors. Our presence in emerging countries, like Brazil, where growth remains strong. The low market penetration, including in Europe, where only 15 to 20% of potential users benefi t from service vou- chers. And fi nally, our ability to invent and deploy new solutions. These two last reasons explain why there is still room for growth in Europe.

“We have achieved a good short-term performance, while laying the foundations for our long-term growth. ”

(1) before non-recurring items