Sustained like-for-like growth over the first nine months: Issue volume up 9.8% and revenue up 7.2%

• Issue volume rose by 9.8% to €11.9 billion in the first nine months of 2012, reflecting:

− Strong momentum in Latin America, up 21.1%.
− A slight 1.9% growth in Europe, excluding Hungary1 , in a difficult economic environment.
− Sustained growth in the rest of the world, up 10.4%.

• Total revenue rose by 7.2% to €767 million over the period, illustrating:

− An 8.9% increase in operating revenue with issue volume2 .
− Slight increase in operating revenue without issue volume.
− 4.0% growth in financial revenue, reflecting the gradual impact of decreasing reference rates in most countries.
• Edenred confirms its full-year targets of 6% to 14%3 like-for-like growth in issue volume over the medium term and of €355 million to €375 million in 2012 EBIT.

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

		% change First nine months First nine months 2011 2012 Reported 10,844 11,864 +9.4% 564 604 +7.1% 114 94 -16.9% 678 698 +3.1%
(in € millions)				Like-for like4
Issue volume				+9.8%
Operating revenue with issue volume				+8.9%
Operating revenue without issue volume				+0.3%
Total operating revenue				+7.5%
Financial revenue	68	69	+0.4%	+4.0%
Total revenue	746	767	+2.8%	+7.2%

¹ In Europe including Hungary, issue volume declined by 1.4% over the first nine months. ² Corresponds to fees paid on prepaid service vouchers.

³ Normalized target for like-for-like growth in issue volume over the 2010-2016 period of 6% to 14% a year. Normalized growth is the objective that management considers to be attainable if the number of people in work does not decline.

⁴ At constant scope of consolidation and exchange rates.

ISSUE VOLUME FOR THE FIRST NINE MONTHS OF 2012 UP 9.8% LIKE-FOR-LIKE

Issue volume ended the first nine months of the year at €11,864 million, up 9.8% like-for-like and in line with first-half trends. The reported increase was 9.4%, reflecting the positive 0.9% impact of changes in scope of consolidation and a 1.3% negative currency effect over the period.

Like-for-like growth in issue volume	First quarter 2012	Second quarter 2012	Third quarter 2012	First nine months 2012
Latin America	+22.1%	+21.5%	+19.9%	+21.1%
Europe	-0.3%	-3.8%	+0.1%	-1.4%
Europe excluding Hungary	+2.7%	-0.2%	+3.6%	+1.9%
Rest of the world	+13.6%	+9.8%	+7.9%	+10.4%
TOTAL	+10.4%	+8.5%	+10.5%	+9.8%

Like-for-like growth in issue volume by region

• Latin America: €6.3 billion in nine-month issue volume

In Latin America, issue volume rose by a sustained 21.1% like-for-like over the first nine months of the year. This performance was in line with the first-half's, in a favorable economic environment shaped by job creation and wage inflation. In particular, the sustained momentum was led by a sales performance that remained very strong, which resulted in new client wins. Issue volume growth was also lifted by the new solutions, such as Ticket Restaurante® in Mexico, with a 28.2% gain over the period, and the Junaeb public social program for students in Chile, up 41.0% like-for-like.

Issue volume in Brazil ended the period up 22.4% like-for-like, of which 22.0% in the third quarter. These solid results were led by growth across every solution, with like-for-like gains of 22.1% in meal and food voucher solutions and of 21.3% in the Ticket Car® expense management business.

Issue volume in Hispanic Latin America rose sharply over the period, by 19.0% like-for-like, of which 16.7% in the third quarter. This performance reflected good trends in every solution, with Ticket Restaurante® and Ticket Alimentación® gaining 15.2% and Ticket Car® issue volume increasing by 28.5% over the first nine months.

• Europe: €5.2 billion in nine-month issue volume

Issue volume contracted by a slight 1.4% in Europe over the first nine months of the year, impacted by the difficult economy (shaped by declining numbers of people in work and low inflation) and the situation in Hungary5 .

Excluding Hungary, issue volume ended the period up 1.9% like-for-like, versus a 1.2% increase in the first half.

In Western Europe, issue volume rose by 2.1% like-for-like, of which 4.0% in the third quarter, thanks to higher penetration rates and despite the impact of rising unemployment. In France, nine-month like-for-like growth came to 2.7%, with a sharp 4.2% increase for the Ticket Restaurant® business, lifted by new client wins. The Childcare Vouchers® business in the United Kingdom rose by 3.7% like-for-like over the period, while issue volume in Italy was down slightly in a persistently tight economy.

Issue volume declined by 20.4% like-for-like in Central Europe, in line with first-half trends and mainly as a result of the 84.4% fall off in volumes in Hungary.

⁵ Where legislation favoring local companies was introduced in the meal voucher market on January 1, 2012.

• Rest of the world: €424 million in nine-month issue volume

Issue volume in the Rest of the world rose by 10.4% like-for-like over the period, versus an 11.7% increase in the first half. This performance was led by solid growth in Turkey, the primarily contributor to the region's issue volume. The reported growth in the third-quarter took into account the recent acquisition of Barclay Vouchers in Japan.

TOTAL REVENUE FOR THE FIRST NINE MONTHS OF 2012 UP 7.2% 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 the first nine months of 2012, it amounted to €767 million, an increase of 7.2% like-for-like over the prior-year period. Reported growth was 2.8%, after the negative 3.2% impact from changes in the scope of consolidation and the 1.2% negative currency effect.

OPERATING REVENUE FOR THE FIRST NINE MONTHS OF 2012 UP 7.5% LIKE-FOR-LIKE

Operating revenue ended the first nine months at €698 million, up 7.5% like-for-like and in line with the 7.3% increase delivered in the first half. On a reported basis, the increase was 3.1% after taking into account:

• The net negative 3.2% impact of changes in the scope of consolidation. It reflected the termination of the BtoC gift business in France since January 1, 2012 and the disposal of Davidson Trahaire in Australia and of Workplace Benefits, and included a positive impact from the acquisitions of a fuel card provider in Mexico, and two meal voucher providers (Comprocard in Brazil and Barclay Vouchers in Japan6 ).
• The 1.2% negative net currency effect, due mainly to the Brazilian real.

Like-for-like growth in operating revenue	First quarter 2012	Second quarter 2012	Third quarter 2012	First nine months 2012
With issue volume	+9.4%	+9.2%	+8.2%	+8.9%
Without issue volume	+0.3%	-4.3%	+6.5%	+0.3%
TOTAL	+7.8%	+6.7%	+8.0%	+7.5%

Like-for-like growth in operating revenue by type of revenue

• Operating revenue with issue volume amounted to €604 million in the first nine months of the year, up 8.9% like-for-like versus a 9.3% increase in the first half. It reflected the solid overall performance, notably in Latin America and the Rest of the world region, as well as the increasing contribution from expense management solutions in Latin America, whose take-up rate7 is lower.

Like-for-like growth in operating revenue with issue volume	First quarter 2012	Second quarter 2012	Third quarter 2012	First nine months 2012
Latin America	+19.7%	+19.9%	+15.5%	+18.3%
Europe Europe excluding Hungary	-1.1% +2.4%	-1.3% +2.3%	-0.5% +3.1%	-1.0% +2.6%
Rest of the world	+14.1%	+8.8%	+10.7%	+11.2%
TOTAL	+9.4%	+9.2%	+8.2%	+8.9%

⁶ The income statements of Comprocard and Barclay Vouchers have been consolidated since July 2012. ⁷ Ratio of operating revenue with issue volume to total issue volume.

• Operating revenue without issue volume rose by 0.3% over the period, to €94 million. This revenue is primarily generated by corporate marketing and incentive consulting services, which are less recurring than the other solutions.

FINANCIAL REVENUE FOR THE FIRST NINE MONTHS OF 2012 UP 4.0% LIKE-FOR-LIKE

Financial revenue amounted to 69 million euros, up 4.0% over the first nine months, compared with a 7.4% increase in the first half. The third quarter saw a 2.1% like-for-like decrease, reflecting the decline in reference rates in most countries.

CONCLUSION

In the first nine months of 2012, total revenue rose by a sustained 7.2% like-for-like.

This trend primarily reflected the solid performance of operating revenue with issue volume (up 8.9%), especially in Latin America, whereas Europe is experiencing a more difficult economic environment.

Financial revenue improved by 4.0% like-for-like, at a time of declining reference rates.

On this basis, Edenred confirms its targets of 6% to 14%8 like-for-like growth in issue volume over the medium term and of €355 million to €375 million in 2012 EBIT.

QUARTERLY INFORMATION

Significant transactions and events of the period

Edenred is pursuing its geographic expansion with the goal of opening six to eight new countries by 20169 and is reaffirming its targeted acquisitions strategy.

With the acquisition of Barclay Vouchers in July 2012, Edenred established a foothold in the Japanese market, whose 63 million employees and still very low penetration rate (estimated at less than 1%) offer strong growth potential. With more than 600 clients, Barclay Vouchers, the only player in the Japanese market for meal vouchers, generated 2011 issue volume of approximately €100 million. This provides Edenred with direct access to a nationwide network of over 30,000 affiliates.

The acquisition of Comprocard in Brazil in the second quarter of 2012 has enabled Edenred to consolidate its leadership position in prepaid service vouchers in a strategic country with a fast-growing economy. With approximately 4,000 clients, Comprocard is the food voucher market leader in the oil-producing State of Espirito Santo, with annual issue volume of around €100 million.

The two companies' income statements have been consolidated since July 2012.

8 Normalized target for like-for-like growth in issue volume over the 2010-2016 period of 6% to 14% a year. Normalized growth is the objective that management considers to be attainable if the number of people in work does not decline.

⁹ The objective is to open six to eight new country markets over the 2010–2016 period.

UPCOMING EVENTS

February 13, 2013: Annual revenue and results. April 17, 2013: first-quarter revenue.

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

—

Edenred solutions ensure that funds allocated by companies are used as intended. These solutions help to manage:

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

• Expense management process (Ticket Car, Ticket Cleanway, Ticket Frete, 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 39 countries, with nearly 6,000 employees, close to 580,000 companies and public sector clients, 1.3 million affiliated merchants and 36.2 million beneficiaries. In 2011, total issue volume amounted to €15.2 billion, of which 58% was generated in emerging markets.

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

Contacts

Media relations

Anne-Sophie Sibout, Media Relations and Internal Communication Director - Phone: +33 (0)1 74 31 86 11 – [email protected] Domitille Pinta, Media Relations Manager - Phone: +33 (0)1 74 31 86 27 – [email protected]

Investor relations

Virginie Monier, Financial Communication Director – Phone: + 33 (0)1 74 31 86 16 – [email protected] Aurélie Bozza, Investor Relations – Phone: + 33 (0)1 74 31 84 16 – [email protected]

Appendices

Issue Volume

		Q1	Q2		H1		Q3		September end (YTD)
In € millions	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012
France Rest of Europe Latin America Rest of the world	659 1,148 1,628 119	666 1,127 1,987 129	617 1,232 1,742 120	613 1,157 2,054 132	1,276 2,380 3,370 239	1,279 2,284 4,041 261	512 1,112 1,836 120	524 1,103 2,209 163	1,788 3,492 5,206 359	1,803 3,387 6,250 424
TOTAL ISSUE VOLUME	3,554	3,909	3,710	3,956	7,264	7,865	3,580	3,999	10,844	11,864

	Q1		Q2			H1		Q3	September end (YTD)
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	1.0%	2.7%	-0.6%	1.4%	0.2%	2.1%	2.4%	4.1%	0.9%	2.7%
Rest of Europe	-1.8%	-2.0%	-6.1%	-6.4%	-4.0%	-4.3%	-0.8%	-1.8%	-3.0%	-3.5%
Latin America	22.1%	22.1%	17.9%	21.5%	19.9%	21.8%	20.3%	19.9%	20.1%	21.1%
Rest of the world	8.4%	13.6%	10.3%	9.8%	9.3%	11.7%	36.2%	7.9%	18.3%	10.4%
TOTAL ISSUE VOLUME	10.0%	10.4%	6.6%	8.5%	8.3%	9.5%	11.7%	10.5%	9.4%	9.8%

Operating Revenue

	Q1		Q2			H1	Q3			September end (YTD)
In € millions	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012
France Rest of Europe Latin America Rest of the world	36 81 94 17	34 76 113 11	34 78 100 16	32 72 115 12	70 159 194 33	66 148 228 23	31 71 107 12	29 69 122 13	101 230 301 46	95 217 350 36
OPERATING REVENUE	227	234	229	231	456	465	221	233	678	698

	Q1		Q2		H1		Q3			September end (YTD)
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	-7.1%	2.5%	-3.3%	3.3%	-5.3%	2.9%	-5.4%	7.4%	-5.3%	4.3%
Rest of Europe	-5.7%	-4.7%	-8.0%	-6.6%	-6.8%	-5.7%	-3.4%	-3.6%	-5.8%	-5.0%
Latin America	20.9%	20.9%	14.8%	18.8%	17.7%	19.8%	14.1%	16.1%	16.4%	18.5%
Rest of the world	-35.0%	6.1%	-30.7%	3.7%	-32.9%	4.9%	8.4%	6.1%	-21.8%	5.2%
OPERATING REVENUE	2.8%	7.8%	1.0%	6.7%	1.9%	7.3%	5.4%	8.0%	3.1%	7.5%

	Q1		Q2			H1		Q3	September end (YTD)
In € millions	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012
France Rest of Europe Latin America Rest of the world	5 7 9 1	5 8 10 1	5 8 9 1	5 7 9 1	10 16 17 1	10 15 19 2	5 8 9 1	5 7 10 1	15 24 27 2	15 22 29 3
Financial Revenue	22	24	23	22	44	46	24	23	68	69

Financial Revenue

		Q1	Q2		H1			Q3	September end (YTD)
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	0.6%	5.4%	-2.3%	1.1%	-0.9%	3.2%	-4.0%	-0.8%	-1.9%	1.9%
Rest of Europe	7.1%	3.8%	-14.2%	2.7%	-4.0%	3.2%	-21.8%	-16.5%	-10.3%	-3.8%
Latin America	13.9%	15.1%	-1.1%	4.2%	6.3%	9.6%	14.4%	8.4%	9.2%	9.2%
Rest of the world	39.9%	59.5%	36.6%	51.1%	38.2%	55.1%	9.7%	16.0%	26.8%	39.4%
Financial Revenue	9.3%	10.4%	-4.8%	4.5%	2.1%	7.4%	-2.6%	-2.1%	0.4%	4.0%

Q1			Q2		H1		Q3		September end (YTD)
In € millions	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012
France Rest of Europe	41 88	39 84	39 87	37 79	80 175	76 163	36 80	34 75	116 254	110 239
Latin America Rest of the world	102 18	123 12	109 17	124 13	211 35	247 25	116 13	133 14	328 48	379 39
Total Revenue	249	258	251	253	501	511	245	256	746	767

Total Revenue

	Q1		Q2			H1	Q3		September end (YTD)
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	-6.1%	2.9%	-3.2%	3.0%	-4.7%	3.0%	-5.2%	6.2%	-4.8%	4.0%
Rest of Europe	-4.6%	-4.0%	-8.6%	-5.8%	-6.6%	-4.9%	-5.4%	-5.0%	-6.2%	-4.9%
Latin America	20.3%	20.4%	13.5%	17.7%	16.8%	19.0%	14.1%	15.5%	15.8%	17.7%
Rest of the world	-32.2%	8.1%	-27.9%	5.7%	-30.0%	6.9%	8.5%	6.8%	-19.5%	6.9%
Total Revenue	3.4%	8.0%	0.5%	6.5%	1.9%	7.3%	4.7%	7.0%	2.8%	7.2%

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