Solid increases in 2011 issue volume and revenue, both up 9.7%

• Sustained 9.7%growth in issue volume in 2011 to €15.2 billion, continuing the trend established in 2010 and in line with the Group's medium-term annual growth target of 6% to 14%, reflecting strong momentum in Latin America and modest growth in Europe.
• Solid 9.7% rise in 2011 revenue to €1.0 billion, with:
Operating revenue up 9.2%, mirroring the increase in issue volume and attesting to the sales teams' dynamic performances.
Financial revenue up by a strong 15.2%, helped by higher interest rates.
• 2011 EBIT target confirmed at €340 million to €360 million.

All growth rates are on a like-for-like basis

(in € millions)	2010	2011	% change
			(reported)	(L/L1 )
Issue volume	13,875	15,188	+9.5%	+9.7%
Operating revenue	885	940	+6.2%	+9.2%
Financial revenue	80	92	+14.7%	+15.2%
Total revenue	965	1,032	+6.9%	+9.7%

1 Like-for-like (based on a comparable scope of consolidation and at constant exchange rates)

2011 ISSUE VOLUME UP 9.7% LIKE-FOR-LIKE

Issue volume for 2011 amounted to €15.2 billion, up 9.7% like-for-like. The reported increase was 9.5%, including the 0.8% positive effect of changes in consolidation scope and the 1.0% negative currency effect for the year.

Overall growth for the year reflected:

A modest increase in Europe (2.1%excluding the loss of the Consip contract in Italy) in an environment shaped by stable numbers of people in work.
Sharp 20.1% growth in Latin America, attributable to dynamic performances by the sales teams in a favorable economic environment.

Fourth-quarter trends were similar, with gains of 1.7%² in Europe and 19.1% in Latin America. Note that after the exceptional results obtained in the fourth quarter of 2010, Christmas sales in Mexico (―Navideños") represented an equivalent volume this year.

Issue volume by region

(in € millions)	Q1 2011	Q2 2011	Q3 2011	Q4 2011	2011
Europe	1,807	1,848	1,624	2,088	7,368
Latin America	1,628	1,742	1,836	2,131	7,337
Rest of the w orld	119	120	120	125	484
TOTAL	3,554	3,710	3,580	4,344	15,188

Issue volume growth by region

Like-for-like issue volume growth	Q1 2011	Q2 2011	Q3 2011	Q4 2011	2011
Europe	-0.3%	+1.4%	-1.3%	+0.9%	+0.2%
Latin America	+20.5%	+21.5%	+19.4%	+19.1%	+20.1%
Rest of the w orld	+23.1%	+17.1%	+23.8%	+19.4%	+20.7%
TOTAL	+9.0%	+10.9%	+9.1%	+9.8%	+9.7%

² Excluding the impact of the loss of the Consip contract in Italy, representing €17 million in issue volume in the fourth quarter of 2010.

2011 TOTAL REVENUE UP 9.7% LIKE-FOR-LIKE

Total revenue corresponds to the sum of operating revenue (derived from the sale of programs and services) and financial revenue (derived from investing available cash). In 2011, it amounted to €1.0 billion, an increase of 9.7% like-for-like.

2011 OPERATING REVENUE UP 9.2% LIKE-FOR-LIKE

Operating revenue for 2011 totaled €940 million, representing a like-for-like gain of 9.2%. On a reported basis, the increase was 6.2% after taking into account:

The 2.3% negative effect of changes in consolidation scope, corresponding to the divestment during the period of Davidson Trahaire in Australia and other non-strategic businesses.
The 0.7% negative net currency effect, including a positive 0.1% due to the Brazilian real and a negative 0.3% due to the Venezuelan bolivar.

		Operating revenue organic growth was in line with the growth in issue volume, reflecting stable fee rates.

Like-for-like growth in operating revenue	Q1 2011	Q2 2011	Q3 2011	Q4 2011	2011
Europe	-1.1%	+5.3%	+2.2%	+1.1%	+1.8%
Latin America	+17.4%	+19.5%	+18.8%	+18.2%	+18.5%
Rest of the w orld	+10.0%	+9.7%	+14.4%	+6.4%	+10.1%
TOTAL	+6.6%	+11.7%	+10.3%	+8.1%	+9.2%

2011 operating revenue in Europe: €470 million

In Europe, operating revenue increased by 1.8% like-for-like in 2011, including 1.1% growth in the fourth quarter alone.

In France, operating revenue dipped by 0.9% like-for-like in 2011 and by a more significant 2.8% in the fourth quarter, given the higher weight of the gift business at this period of the year. Ticket Restaurant® performed well and delivered 3.5% growth in the fourth quarter. The gift voucher business experienced modest growth in the BtoB segment but was hit by the BtoC³ segment (down 34.9% over the year and 19.9% in the fourth quarter). Note that the issuance of BtoC gift cards has been discontinued since January 1, 2012.

In Belgium, operating revenue rose by a strong 6.3% like-for-like in 2011, including fourth-quarter growth of 10.7%, led by the robust performances of Ticket Restaurant® and Ticket Ecochèque.

In the United Kingdom, operating revenue grew 7.0% like-for-like over the year and 4.7% in the fourth quarter, reflecting the good performance of Childcare vouchers and soft demand for gift vouchers.

In Italy, operating revenue rose 2.2% like-for-like over the year, but contracted by 1.4% in the fourth quarter due to a high basis of comparison in a more challenging economic environment.

In Romania, operating revenue contracted by 15.3% like-for-like over the year but increased by 2.5% in the fourth quarter, reflecting clearly improving trends.

³ As mentioned previously, BtoC issue volume fell sharply this year due to competition from a single-brand card launched by the main distributor of Kadéos cards, FNAC, in breach of its exclusive contract with Edenred

2011 operating revenue in Latin America: €414 million

In Latin America, operating revenue increased by 18.5% like-for-like over the year and by 18.2% in the fourth quarter. The growth momentum was attributable to solid sales performances in favorable local economies.

In Brazil, operating revenue was up 18.3% like-for-like over the year and 17.5% in the fourth quarter. All Edenred solutions contributed to this performance, with meal and food benefits advancing 17.0% in the fourth quarter and Ticket Car up 11.9%.

In Hispanic Latin America, operating revenue expanded by 18.9% like-for-like in 2011, including 19.7% in the fourth quarter alone. In this market too, all Edenred solutions performed well. Meal and food benefits were up by a strong 18.7% during the fourth quarter, while Ticket Car was 23.2% higher.

2011 FINANCIAL REVENUE UP 15.2% LIKE-FOR-LIKE

In 2011, financial revenue grew by a robust 15.2% like-for-like. The increase was attributable to higher interest rates in all regions and the larger float⁴ in Latin America.

In the fourth quarter, financial revenue rose 8.2% like-for-like. The basis of comparison for interest rates became less favorable during the quarter, particularly in Latin America.

CONCLUSION

The 9.7% like-for-like growth in issue volume in 2011 continued the trend established in 2010, attesting to the robustness and sustainability of the Group's development fundamentals. With this performance, Edenred met its medium-term target of 6% to 14% annual issue volume growth.

Total revenue for 2011 amounted to €1.0 billion, representing a like-for-like gain of 9.7%, in line with issue volume growth, that was attributable to dynamic performances by the sales teams in robust emerging economies and to higher interest rates.

Based on these factors, EBIT is confirmed to total between €340 million and €360 million for the year.

⁴ The float corresponds to the business's negative working capital requirement

UPCOMING EVENTS

February 23, 2012: 2011 results

April 18, 2012: first-quarter revenue

May 15, 2012: Annual Shareholders' Meeting

Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and deliv ers solutions that make employees' lives easier and improve the efficiency of organizations.

—

By ensuring that allocated funds are used as intended, these solutions enable companies to more effectively manage their:

Employee benefits (Ticket Restaurant® , Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.).

Expense management process (Ticket Car, Ticket Cleanway, etc.)

Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.).

The Group also supports public institutions in managing their social programs.

Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with 6,000 employees, nearly 530,000 comp anies and public sector clients, 1.2 million affiliated merchants and 34.5 million beneficiaries. In 2010, total issue volume amounted to €13.9 billion, of which 55% was generated in emerging markets.

Ticket Restaurant® and all other tradenames of Edenred products and services are registered trademarks of Edenred SA.

Contacts

Eliane Rouyer-Chevalier, Executive Vice President Communications – Phone: +33 (0)1 74 31 86 26- [email protected]

Media relations

Anne-Sophie Sibout, Media Relations Director - Phone: +33 (0)1 74 31 86 11- [email protected] Anaïs Lannes, Press Officer - Phone : +33 (0)1 74 31 86 27 – anais.lannes@edenr ed.com

Inv estor relations

Solène Zammito, Financial Communications Director – Phone : + 33 (0)1 74 31 86 18 - solene.zammito@edenr ed.com Virginie Monier, Investor Relations - Phone: + 33 (0)1 74 31 86 16 - [email protected]

Appendices

Issue Volume

	Q1		Q2		Q3		Q4		FY
In € millions	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	641 1,135 1,301 97	659 1,148 1,628 119	607 1,183 1,536 115	617 1,232 1,742 120	518 1,107 1,488 114	512 1,112 1,836 120	798 1,254 1,860 120	810 1,278 2,131 125	2,564 4,679 6,185 446	2,598 4,770 7,337 484
TOTAL ISSUE VOLUME	3,174	3,554	3,441	3,710	3,227	3,580	4,032	4,344	13,875	15,188

	Q1		Q2		Q3		Q4		FY
In %	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*
France	2.9%	2.9%	1.7%	1.7%	-1.3%	-1.3%	1.5%	1.5%	1.3%	1.3%
Rest of Europe	1.1%	-2.0%	4.1%	1.3%	0.4%	-1.3%	2.0%	0.5%	1.9%	-0.4%
Latin America	25.1%	20.5%	13.4%	21.5%	23.4%	19.4%	14.6%	19.1%	18.6%	20.1%
Rest of the world	22.1%	23.1%	3.9%	17.1%	5.6%	23.8%	4.1%	19.4%	8.3%	20.7%

TOTAL ISSUE VOLUME	11.9%	9.0%	7.8%	10.9%	10.9%	9.1%	7.8%	9.8%	9.5%	9.7%

Operating Revenue

	Q1		Q2		Q3		Q4		FY
In € millions	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	36 79 78 15	36 81 94 17	33 73 91 17	34 78 100 16	32 70 89 16	31 71 107 12	45 94 100 17	43 96 113 10	146 316 358 65	144 327 414 56
OPERATING REVENUE	208	227	214	229	207	221	257	263	885	940

	Q1			Q2		Q3		Q4	FY
In %	Change	Change	Change	Change	Change	Change	Change	Change	Change	Change
	reported	L/L*	reported	L/L*	reported	L/L*	reported	L/L*	reported	L/L*
France	1.7%	-1.1%	0.0%	0.6%	-2.5%	0.7%	-4.9%	-2.8%	-1.7%	-0.9%
Rest of Europe	1.6%	-1.1%	7.9%	7.5%	2.3%	2.8%	2.3%	3.0%	3.4%	3.0%
Latin America	19.8%	17.4%	10.4%	19.5%	20.0%	18.8%	13.1%	18.2%	15.6%	18.5%
Rest of the world	15.2%	10.0%	-3.5%	9.7%	-24.0%	14.4%	-39.9%	6.4%	-13.9%	10.1%
OPERATING REVENUE	9.4%	6.6%	6.8%	11.7%	7.2%	10.3%	2.4%	8.1%	6.2%	9.2%

Financial Revenue

	Q1			Q2		Q3		Q4	FY
In € millions	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	5 8 6 -	5 7 9 1	5 8 6 1	5 8 9 1	5 8 6 1	5 8 9 1	5 8 9 1	5 8 9 1	19 31 27 3	20 32 36 3
Financial Revenue	19	22	20	23	19	24	22	23	80	92

	Q1		Q2		Q3		Q4		FY
In %	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*
France Rest of Europe Latin America	4.2% -4.9% 47.3%	4.3% -0.9% 38.8%	12.0% 3.0% 34.5%	12.0% 4.9% 41.0%	13.6% 11.5% 50.7%	13.6% 3.6% 48.6%	3.3% 6.7% 5.0%	3.3% 6.0% 10.3%	8.1% 4.0% 31.5%	8.1% 3.4% 32.4%
Rest of the world	10.2%	10.0%	5.1%	17.5%	18.9%	35.8%	20.5%	39.8%	14.0%	26.8%
Financial Revenue	13.9%	13.0%	15.7%	19.0%	25.0%	21.9%	5.8%	8.2%	14.7%	15.2%

Total Revenue

	Q1		Q2		Q3		Q4		FY
In € millions	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	41 87 84 15	41 88 102 18	38 81 97 18	39 87 109 17	36 77 96 17	36 80 116 13	50 102 109 18	48 105 123 11	165 347 386 68	164 359 450 59
Total Revenue	227	249	234	251	226	245	279	286	965	1,032

	Q1			Q2 Q3 Q4			FY
In %	Change	Change	Change	Change	Change	Change	Change	Change	Change	Change
	reported	L/L*	reported	L/L*	reported	L/L*	reported	L/L*	reported	L/L*
France	2.0%	-0.4%	1.0%	1.9%	-0.5%	2.3%	-4.2%	-2.2%	-0.6%	0.2%
Rest of Europe	1.0%	-1.1%	7.5%	7.3%	3.2%	2.9%	2.6%	3.2%	3.5%	3.0%
Latin America	21.7%	18.9%	12.0%	20.9%	22.0%	20.8%	12.5%	17.5%	16.7%	19.5%
Rest of the world	15.0%	10.0%	-3.2%	10.0%	-21.9%	15.4%	-37.5%	7.8%	-12.8%	10.8%
Total Revenue	9.8%	7.2%	7.5%	12.3%	8.7%	11.3%	2.7%	8.1%	6.9%	9.7%

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