CO CONF NFERE RENCE NCE CA CALL Q3 3 2010 2010 Rev Reven - PowerPoint PPT Presentation

October 19, 2010 CO CONF NFERE RENCE NCE CA CALL Q3 3 2010 2010 Rev Reven enue

Q3 2010 Highlights Fas Faster er Issu ssue Vol olum ume Gro rowth th: up 13. 13.7% L/L in Q3 3 2010 2010 vs vs. 7.8% % L/L in H1 H1 Fas aster er O Oper erat ating Rev even enue e Growth: up 9 up 9.5% L/L in Q3 3 2010 2010 vs vs. . 4. 4.2% L % L/L in H1 H1  Emergi ging ng mar arket ets :  Good ood mom oment ntum um in in Lat atin Amer erica, a, refl flecti ting a bo boom oming ng econom onomy, partic icula larly ly in in Brazi zil (increas ease in in th the num numbe ber of of pe peopl ople in in work), ), an and a fav avorab able bas asis of of com ompa parison on  Eur urope ope :  Fi First signs gns of of jobl obless rat ate stabilizi ilizing in in Wes ester ern Eur urope ope  Env nvironm onment nt rem emai ains cha hallengi nging ng in in Eas aster ern Eur urope ope Finan ancial al R Rev even enue e : dow down 11.6% L/L in Q3 3 2010 2010 vs vs. . 25. 25.3% L/ L/L in n H1 H1  No No maj ajor cha hange nge in in Eur urope ope  Lat atin Ame meri rica be bene nefiting ng fr from hi highe gher inter eres est rat ates es an and an an increas eased ed float at in in Brazi zil October 19, 2010 2

September-end 2010 (YTD) Issue Volume: €9,843m Issue ue V Vol olum ume (L/ L/L) L) Li Like-fo for-lik like +9. 9.7% 7% €886m 886m 13. 13.7% 9. 9.7% Scope ope 8.4% 8. +0. 0.6% 6% 8.1% 8. 7. 7.4% 7.2% 7. €59m 59m 5.7% 5. 3. 3.8% 3. 3.6% Cur urrenc ncy -2. 2.4% 4% €(221) 221)m Q1 09 Q2 09 Q3 09 Q4 09 FY 09 Q1 10 Q2 10 Q3 10 YTD 10 Rep eported ed +7. 7.9% 9% €724m 724m Faster Issue Volume (IV) growth in Q3, reflecting good overall momentum and a favorable basis of comparison in Latin America October 19, 2010 3

YTD 2010 Issue Volume Growth by region Q1 Q1 Q2 Q2 Q3 Q3 YTD TD L/ L/L G L Grow owth h France +4.7% -7.9% +3.2% -0.4% Rest of Europe +4.9% +5.6% +6.1% +5.5% Latin America +10.6% +17.9% +22.8% +17.3% Rest of the world +5.4% +18.5% +19.4% +14.3% TOTA TAL +7.2% +8.4% +13. 3.7% +9.7%  Fr France: Q3 IV growth in line with Q2, which was up 3.2% L/L once restated from the Social CESU program*  Re Rest of of Eur urope pe: first signs of stabilization in Western Europe but environment remains challenging in Eastern Europe  Lat atin Ame merica: Q3 IV growth led by strong performance in Brazil and Venezuela Good overall momentum, led by a strong performance in Latin America and first signs of jobless rates stabilizing in Western Europe * A one off initiative by the French government to support people most hurt by the recession, representing an issue October 19, 2010 4 volume of €71m in June 2009

YTD Operating Revenue: €629m Ope perating ng Rev evenue 9. 9.5% 9.0 .0% Li Like-fo for-lik like 8.1 .1% +5. 5.9% 9% 7.7 .7% 7.6 .6% €34m 34m 5. 5.9% 4. 4.5% Reported 3.8% 3. Like-for-like Scope ope +2. 2.9% 9% €17m 17m Q1 10 Q2 10 Q3 10 YTD 10 Cur urrenc ncy effect * Cur urrenc ncy -0. 0.7% 7% Q1 Q1 Q2 Q2 Q3 Q3 YTD TD €(4 (4)m )m BRL RL +4.7% +5.7% +5.3% +5.2% VEF VEF -6.7% -6.4% -11.1% -8.0% Other er +1.4% +2.4% +2.5% +2.1% Rep eported ed +8. 8.1% 1% TO TOTA TAL -0. 0.6% 6% +1. 1.7% 7% -3. 3.3% 3% -0. 0.7% 7% €47m 47m Improvement in reported Operating Revenue in Q3 (+9.0% vs. +7.7% in H1), despite a less favorable Bolivar exchange rate* (5.3 VEF/$ vs. 4.3 previously) * See exchange rates on slide 18 and 19. Full impact of the change in Bolivar exchange rate October 19, 2010 5 over the past 9 months has been recorded in Q3 figures.

France YTD Operating Revenue: €101m 8.6% 8. 4.7% 4. 4. 4.2% 1.9% 1. Q1 Q2 Q3 YTD  Meal eal vouc ouche hers: : Good performance in Q3, with operating revenue up 11.7% L/L  Inc ncenti ntive & & Rew Rewar ards: : A more cyclical business and a highly competitive environment (IV down 2.6% L/L in Q3) October 19, 2010 6

Rest of Europe YTD 2010 Operating Revenue: €222m Q1 Q1 Q2 Q2 Q3 Q3 YTD TD L/ L/L G L Grow owth h UK +2.1% +5.4% +3.7% +3.7% Belgium +19.3% +22.3% +22.5% +21.3% Italy -2.4% -3.9% -2.3% -2.9% Romania -18.5% -36.2% -33.7% -29.4% TOT OTAL REST EST OF OF EU EUROPE OPE +0.3% -1.4% +3.6% +0.7%  UK  It UK: Strong demand in Childcare Italy: First signs of jobless rates Vouchers partly offset by persistently stabilizing, but still some pressure on challenging conditions in Gift vouchers customer fees leading to a decline in operating revenue  Ro Roman ania: Tough economic environment  Belg lgiu ium: Good performance by Meal eal (strong competition and pressure on vouc uche hers (Operating revenue excl. customer fees) leading to a sharp decline Ecocheque up 4.5% L/L in Q3) an and in both volume and take up rate Ecoc oche heque que October 19, 2010 7

Latin America YTD 2010 Operating Revenue: €258m Q1 Q1 Q2 Q2 Q3 Q3 YTD TD L/L G L/ L Grow owth h Brazil +7.6% +8.6% +12.9% +9.8% Hispanic Latin America +10.8% +15.5% +21.7% +16.0% TOTAL LATI TIN A N AMERI RICA +9.1% +11.7% +16. 6.6% +12. 2.6%  Braz azil: Both Benefits and Performance products driven by favorable macroeconomic conditions and good sales performance  Strong growth in Food & Meal vouchers: operating revenue up 14.5% L/L in Q3 vs. 8.5% in Q2  Strong momentum for Ticket Car: operating revenue up 15.3% L/L in Q3 vs. 8.4% in Q2  Hisp ispanic ic La Lati tin n America ica:  Ven enezuel ela: A favorable local environment, with face value up 18% in Q3 Good momentum and a favorable basis of comparison October 19, 2010 8

YTD 2010 Financial revenue: €58m Fina nanc ncial R Revenue nue (L/ L/L) L) -11. 11.6% 6% -20. 20.4% -21. 21.1% -29. 29.5% Q1 10 Q2 10 Q3 10 YTD 10 Q1 Q1 Q2 Q2 Q3 Q3 YTD TD L/ L/L G L Grow owth h France -27.9% -28.3% -17.9% -25.1% Rest of Europe -20.3% -19.0% -19.1% -19.5% Latin America -38.7% -16.4% +2.5% -20.6% Rest of the world -30.1% -11.5% -4.7% -16.2% TOTA TAL -29. 9.5% -20. 0.4% -11. 1.6% -21. 1.1% Slowdown of financial revenue decline in Q3, mainly due to Latin America, benefiting from higher interest rates and an increased float in Brazil October 19, 2010 9

YTD 2010 Total Revenue: €687m  Like-for-like revenue growth of 2.8%, of which: Li Like-fo for-lik like +2. 2.8% 8% €19m 19m L/ L/LG LGrow owth Q1 Q1 Q2 Q2 Q3 Q3 YTD TD Ope perating R ng Revenue nue +3.8% +4.5% +9.5% +5. 5.9% 9% Scope ope Finan Fi ancial al R Rev even enue -29.5% -20.4% -11.6% -21. 21.1% 1% +2. 2.5% 5% €17m 17m Total al R Rev even enue -0.4% +1.8% +7.3% +2. 2.8% 8%  Currency effect*: Cur urrenc ncy -0. 0.8% 8% Q1 Q1 Q2 Q2 Q3 Q3 YTD TD €(5 (5)m )m BRL RL +4.3% +5.4% +5.1% +5.0% VEF VEF -6.4% -6.1% -10.7% -7.7% Other er +1.3% +2.3% +2.4% +1.9% Rep eported ed +4. 4.6% 6% TOTA TO TAL -0. 0.8% 8% +1. 1.6% 6% -3. 3.2% 2% -0. 0.8% 8% €30m 30m * See exchange rates on slide 18 October 19, 2010 10

Q3 2010 3 2010 Rev even enue CO CONCL NCLUS USION

Conclusion Fas aster er Issue ue V Vol olum ume gr grow owth in Q3: 3: +13. 13.7% 7% L/L in Q3 3 2010, 2010, vs. +7. 7.8% 8% L/L in H1, 1, ref eflec ecting good good over eral all mom oment ntum um Ope perating R ng Revenue nue Finan ancial al R Rev even enue up 9 up 9.5% L/L in Q3 3 2010 2010 down 1 do n 11.6% L/L in Q3 3 2010 2010  Emergi ging ng mar arket ets:  Emergi ging ng mar arket ets:  Lat atin Ame meri rica be bene nefiting ng fr from  Good ood mom oment ntum um in in Lat atin Amer erica, a, highe hi gher interes est rat ates an and an an ref eflec ecting a booming boom ng econom onomy, increas eased float at in in Brazi zil particul pa ularly in in Brazi zil, l, and an a fav avorab able bas asis of of com ompa parison on  Eur urope ope  Eur urope ope  No No maj ajor cha hange nge  Fi First signs gns of of jobl obless rat ates es stabilizi ilizing in in Wes ester ern Eur urope ope  Env nvironm nment nt rem emai ains cha hallengi nging ng in in Eas aster ern Eur urope ope October 19, 2010 12

FY 2010 Guidance L/L Financial EB EBIT: L/L Ope L/ perating ng EBIT: 100% flow-thr 100% hrough ough 40% to 50% 40% 50% flow-thr hrough ough L/L /L finan ancial al rev even enue e ex expec ected ed to to de decline ne by by around ound 10 10% % in H2 H2 Cur urrenc ncy ef effec ect on on FY 2010 2010 EBIT New ew Bolivar r rat ate ( e (5.3VEF/USD vs vs 4.3 pr previous ously) => => €8m negative effect on FY EBIT o Expe pected d impa pact of of USD de decline ne on on Sout outh h American n cur urrenc ncies => +/- 0.10 USD would o lea ead to +/- €3m effect o on EBIT in Q4 Q4 Des espite les ess fav avorab able e ex exchan ange e rat ates es, FY 2010 2010 EBIT tar arget et rai aised ed from om €300m 300m-€330m 330m to €310m 310m-€330m 330m October 19, 2010 13

Q3 2010 3 2010 Rev even enue APPEN PPENDICES ES