[PPT] - CO CONF NFERE RENCE NCE CA CALL H1 H1 2010 2010 Rev Reven PowerPoint Presentation

SLIDE 1

July 19, 2010

CO CONF NFERE RENCE NCE CA CALL H1 H1 2010 2010 Rev Reven enue

SLIDE 2

H1 2010 Issue Volume: €6,615m

19 juillet 2010 2

+7. 7.8% 8%

0.

0.9% 9% +7. 7.5% 5%

Li Like-fo for-lik like €480m 480m Cur urrenc ncy €(58) 58)m Scope

pe

€41m 41m Rep eported ed €464m 464m

+0. 0.7% 7%

Issue ue V Vol

lum

ume (L/ L/L) L) L/ L/L Issue ue Vol

lum

ume gr grow

wth

h in n line ne with h our

ur mid-term guidan

ance e of +6% 6% / +14 14%

SLIDE 3

H1 2010 Issue Volume by region

19 juillet 2010 3

 France: Restated from the social CESU program*, Q2 L/L growth would be up 3.2%  Re Rest of

f Eur

urope

pe: Issue volume growth driven by new products such as the EcoCheque

in Belgium, in a context of economic attrition with a rise in unemployment  La Latin n Ame merica: : Q2 issue volume growth boosted by Venezuela and Brazil, where average face values increased respectively by 18.0% and 3.5% in H1 Q1 Q1 H1 H1

L/ L/L G L Grow

wth

h

France +4.7%

7.9%
1.8%

Rest of Europe +4.9% +5.6% +5.3% Latin America +10.6% +17.9% +14.4% Rest of the world +5.4% +18.5% +11.9% TOTA TAL +7.2% +8.4% +7.8% Q2 Q2 Rest stated from m the so soci cial CESU program, m, Q2 L/ L/L Issue ue Vol

lum

ume Grow

wth:

h: +10. 0.8% H1 L/ L/L I Issue ue Vol

lum

ume G Grow

wth:

h: +9.1%

* A one shot initiative by French government to support people most hurt by the recession, representing an issue volume of €71m in June 2009

SLIDE 4

H1 2010 Operating Revenue: €422m

19 juillet 2010 4

+4. 4.2% 2% +0. 0.5% 5%

Li Like-fo for-lik like €16m 16m Cur urrenc ncy €2m 2m Scope

pe

€12m 12m Rep eported ed €30m 30m

+3. 3.0% 0%

Ope perating R ng Revenue nue (L/ L/L) L) Curren ency ef effec ect * * Q1 Q1 Q2 Q2 H1 H1 BRL RL +4.7% +5.7% +5.2% MX MXN +0.3% +0.6% +0.4% GB GBP +0.1% +0.2% +0.1% VEF VEF

6.7%
6.4%
6.5%

Ot Other +1.0% +1.6% +1.3% TOTA TAL

0.

0.6% 6% +1. 1.7% 7% +0. 0.5% 5%

+7. 7.7% 7%

Slight ght impr prov

vement

nt of

f ope
perating

ng revenue nue i in Q n Q2

* See exchange rates on slide 17

SLIDE 5

France H1 2010 Operating Revenue: €69m

19 juillet 2010 5

 Mea eal vouc

uche

hers: good performance in Q2, with a 13.7% L/L increase in operating revenue  Inc ncent ntive & & Rew eward: : more cyclicality on this segment, leading to a decline in operating revenue of -12.3% L/L in Q2

Soc

cial CESU pr

progr

gram i

impa pact on

n L/

L/L Ope perating ng Revenue nue Grow

wth

h

SLIDE 6

Rest of Europe H1 2010 Operating Revenue: €152m

19 juillet 2010 6

 UK UK: good performance, driven by strong issue volume growth in both Childcare Vouchers and new prepaid solutions, partly offset by a weak performance of gift vouchers (operating revenue down 6.8% L/L in Q2 vs.

5.0% in Q1)

 Belgi gium um:  Success of the EcoCheque launched in June 2009  Good performance of meal vouchers (operating revenue excl. EcoCheque: +5.9% L/L in Q2 vs. +4.8% in Q1)

Q1 Q1 H1 H1

L/ L/L G L Grow

wth

h

UK +2.1% +5.4% +3.7% Belgium +19.3% +22.3% +20.8% Italy

2.4%
3.9%
3.1%

Romania

18.5%
36.2%
27.7%

TOT OTAL REST EST OF OF EU EUROPE OPE +0.3%

1.4%
0.5%

Q2 Q2

 It Italy: in a context

f

flat issue volume and a competitive environment, some pressure on customer fees, leading to a decline in operating revenue  Rom

mani

nia:  High unemployment and tough competition lead to a negative impact on both volume and price (pressure on customer fees)  Negative comparable basis with the shift of Easter

rders from Q2 2009 to Q1 2010.

(Q2 normative L/L growth = -28%)

SLIDE 7

Latin America H1 2010 Operating Revenue: €169m

19 juillet 2010 7

 Bra razil il:

 Still strong development of Meal and Food vouchers with operating revenue up 8.5% in Q2 helped by increased face value of +3.5%  Good performance of Ticket Car, with a 8.4% L/L increase in operating revenue in Q2

 Hispa pani nic La Latin n Ame merica:

 Good performance of Mexico, partly linked to positive comps effect due to H1N1 flu (L/L operating revenue growth in Q2 : +12.3% vs. +3.1% in Q1)  A local favorable situation in Venezuela where face value is up 18.0% in H1

Q1 Q1 H1 H1

L/ L/L G L Grow

wth

h

Brazil +7.6% +8.6% +8.1% Hispanic Latin America +10.8% +15.5% +13.2% TOTAL LATI TIN A N AMERI RICA +9.1% +11.7% +10. 0.4% Q2 Q2

SLIDE 8

H1 2010 Financial revenue: €39m

19 juillet 2010 8

Q1 Q1 H1 H1

L/ L/L G L Grow

wth

h

France

27.9%
28.3%
28.1%

Rest of Europe

20.3%
19.0%
19.7%

Latin America

38.7%
16.4%
29.3%

Rest of the world

30.1%
11.5%
21.6%

TOTA TAL

29.

9.5%

20.

0.4%

25.

5.3% Q2 Q2 Fina nanc ncial l Revenue nue (L/ L/L) L)

Europe Financial revenue still negatively impacted by low interest rates, even though a slight improvement of financial revenue is perceived in June Latin America Improving trends, related to a slight increase of interest rates in Brazil

SLIDE 9

H1 2010 Total Revenue: €461m

19 juillet 2010 9

+0. 0.7% 7% +2. 2.7% 7% +0. 0.4% 4% +3. 3.8% 8%

Li Like-fo for-lik like €3m 3m Cur urrenc ncy €2m 2m Scope

pe

€12m 12m Rep eported ed €17m 17m

 Like-for-like revenue growth up +0.7%, of which:

L/ L/LG LGrow

wth

Ope perating ng Rev even enue Fi Finan ancial al Rev even enue To Total Rev even enue Q1 Q1 +3.8%

29.5%
0.4%

Q2 Q2 +4.5%

20.4%

+1.8% H1 H1 +4. 4.2% 2%

25.

25.3% 3% +0. 0.7% 7%

 Currency effect*:

Q1 Q1 Q2 Q2 H1 H1 BRL RL +4.3% +5.4% +4.9% MX MXN +0.3% +0.6% +0.4% GB GBP +0.1% +0.1% +0.1% VEF VEF

6.4%
6.1%
6.3%

Ot Other +0.9% +1.6% +1.3% TOTA TAL

0.

0.8% 8% +1. 1.6% 6% +0. 0.4% 4%

* See exchange rates on slide 17

SLIDE 10

H1 2010 R 1 2010 Rev even enue

CO CONCL NCLUS USION

SLIDE 11

Conclusion

19 juillet 2010 11

Issue e volume e up 7. 7.8% 8% L/L in H1 1 2010, 2010, ref eflec ecting signi gnificant nt pos positive gr grow

wth dri

rivers rs, bot both in n em emer erging count

untries and

nd in n dev evel eloped ed mar arket ets

 In In Eur urope

pe, issu

ssue vol

lum

ume grow

wth driven

en by by new ew pr produc

ducts, de

despi pite still ill a cha hallengi nging ng env nvironm

nment

nt due due to to ris isin ing une unempl ploy

yment

nt  Posit itiv ive trends nds in in em emer erging mar arket ets, be bene nefiting ng fr from an an increas ease in in th the num umbe ber

f
f pe

peopl

ple in

in wor

rk, es

espec ecial ally in in Brazi zil.

Ope perating R ng Revenue nue +4. 4.2% 2% L/L in H1 1 2010 2010 Finan ancial al R Rev even enue

25.

25.3% 3% L/L in H1 1 2010 2010

 15 150bp bp lower er rates es on

n av

aver erag age in in H1 2010 2010 acr cross ss Ede denr nred’ d’s por portfol

lio

 Neg egat ative bas ase

f
f

com

mpa

parison

n

will ill gr gradua dually impr prov

ve fr

from Q3

Curre rrency Impac act +0. 0.4% 4% L/L in H1 1 2010 2010

 Posit itiv ive curre rrency impac act in in H1, cons

nside

dering ng th the weak eakness of

f Eu

Euro an and th the strengt ngthe heni ning of

f al

all cur urrenc ncies, espec ecial ally th the Brazi azilian an Rea eal, with th th the except ption

n of
f

th the Ven enezu ezuel elian an Boliv livar

Rev even enue e increas ease e of +3, 3,8% 8% on a r a rep eported ed b bas asis i in H1 2010 1 2010

SLIDE 12

H1 2010 R 1 2010 Rev even enue

APPEN PPENDICES ES

SLIDE 13

Issue Volume

19 juillet 2010 13

*At constant scope of consolidation and exchange rates. Pro forma figures after restatement of Prepaid Services activities into the Hotels division

In € € m millio illions France 612 641 659 607 1,271 1,248 Rest of Europe 1,044 1,135 1,084 1,183 2,128 2,318 Latin America & Caribbean 1,246 1,301 1,327 1,536 2,573 2,837 Rest of the world 91 97 89 115 180 212 TOTAL I ISSUE V VOLUME 2, 2,993 993 3, 3,174 174 3, 3,159 159 3, 3,441 441 6, 6,152 152 6, 6,615 615 In In % % France 4.7% 4.7%

7.9%
7.9%
1.8%
1.8%

Rest of Europe 8.7% 4.9% 9.1% 5.6% 8.9% 5.3% Latin America & Caribbean 4.4% 10.6% 15.8% 17.9% 10.3% 14.4% Rest of the world 7.1% 5.4% 29.2% 18.5% 18.1% 11.9% TOTAL I ISSUE V VOLUME 6. 6.1% 1% 7. 7.2% 2% 8. 8.9% 9% 8. 8.4% 4% 7. 7.5% 5% 7. 7.8% 8% 2009 2009 2010 2010 Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

SLIDE 14

Operating Revenue

19 juillet 2010 14

Pro forma figures after restatement of Prepaid Services activities into the Hotels division *At constant scope of consolidation and exchange rates.

In € € m millio illions France 35 36 34 33 69 69 Rest of Europe 69 79 69 73 138 152 Latin America & Caribbean 74 78 81 91 155 169 Rest of the world 15 15 15 17 30 32 OPERATING R REVENUE 193 193 208 208 199 199 214 214 392 392 422 422 In In % % France 0.9% 4.2%

2.9%

1.9%

1.0%

3.0% Rest of Europe 15.0% 0.3% 5.5%

1.4%

10.3%

0.5%

Latin America & Caribbean 5.7% 9.1% 13.0% 11.7% 9.5% 10.4% Rest of the world

0.5%
6.8%

13.1%

0.6%

6.3%

3.7%

OPERATING R REVENUE 7. 7.7% 7% 3. 3.8% 8% 7. 7.6% 6% 4. 4.5% 5% 7. 7.7% 7% 4. 4.2% 2% Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

SLIDE 15

Financial Revenue

19 juillet 2010 15

Pro forma figures after restatement of Prepaid Services activities into the Hotels division *At constant scope of consolidation and exchange rates.

In € € m millio illions France 7 5 6 5 13 10 Rest of Europe 9 8 10 8 19 16 Latin America & Caribbean 11 6 8 6 19 12 Rest of the world 1

1

1 1 FINA NANCI NCIAL RE REVENUE NUE 28 28 19 19 24 24 20 20 52 52 39 39 In In % % France

27.9%
27.9%
28.3%
28.3%
28.1%
28.1%

Rest of Europe

17.1%
20.3%
16.5%
19.1%
16.8%
19.6%

Latin America & Caribbean

45.2%
38.7%
17.2%
16.4%
33.3%
29.3%

Rest of the world

29.5%
30.1%
2.7%
11.5%
17.3%
21.6%

FINA NANCI NCIAL RE REVENUE NUE

31.

31.0% 0%

29.

29.5% 5%

19.

19.4% 4%

20.

20.4% 4%

25.

25.6% 6%

25.

25.3% 3% Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

SLIDE 16

Total Revenue

19 juillet 2010 16

Pro forma figures after restatement of Prepaid Services activities into the Hotels division *At constant scope of consolidation and exchange rates.

In € € m millio illions France 42 41 40 38 82 79 Rest of Europe 78 87 79 81 157 168 Latin America & Caribbean 85 84 89 97 174 181 Rest of the world 16 15 15 18 31 33 TOTAL R REVENUE 221 221 227 227 223 223 234 234 444 444 461 461 In In % % France

3.7%
1.0%
6.8%
2.8%
5.3%
1.9%

Rest of Europe 11.2%

2.1%

2.8%

3.5%

7.0%

2.8%

Latin America & Caribbean

0.7%

3.0% 10.3% 9.2% 4.9% 6.2% Rest of the world

2.1%
8.1%

12.4%

1.1%

5.1%

4.6%

TOTAL R REVENUE 2. 2.9% 9%

0.

0.4% 4% 4. 4.7% 7% 1. 1.8% 8% 3. 3.8% 8% 0. 0.7% 7% Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

SLIDE 17

Exchange rates

19 juillet 2010 17

1€ = X X for

reign

gn curre rency Q1 2009 1 2009 av aver erag age rat ate Q1 2010 1 2010 av aver erag age e rat ate 2010 v 2010 vs. 2009 2009 Cha hange nge (in %) %) Q2 2009 2 2009 av aver erag age e rat ate Q2 2010 2 2010 av aver erag age e rat ate 2010 v 2010 vs. 2009 2009 Cha hange nge (in %) %) H1 2009 1 2009 av aver erag age e rat ate H1 2010 1 2010 av aver erag age e rat ate 2010 2010 vs vs 2009 2009 Cha hange nge (in %) %) Boliv livar Fuer erte (VEF VEF)

2. 2.78 78 5. 5.87 87

52.

52.7% 7% 2. 2.97 97 5. 5.47 47

45.

45.8% 8% 2. 2.87 87 5. 5.65 65

49.

49.1% 1%

Braz azilian an r real eal (BRL RL)

3. 3.02 02 2. 2.50 50 +20. 20.9% 9% 2. 2.83 83 2. 2.29 29 +23. 23.4% 4% 2. 2.92 92 2. 2.39 39 +22. 22.3% 3%

Hunga ungarian n For

rint

nt (HUF HUF)

294. 294.10 10 268. 268.68 68 +9. 9.5% 5% 285. 285.74 74 274. 274.78 78 +4. 4.0% 0% 290. 290.06 06 271. 271.67 67 +6. 6.8% 8%

Mex exican an P Pes eso (MXN XN)

18. 18.72 72 17. 17.69 69 +5. 5.8% 8% 18. 18.14 14 18. 18.66 66

2.

2.8% 8% 18. 18.43 43 16. 16.84 84 +9. 9.5% 5%

Roma

mani

nian n Leu eu (RO RON) N)

4. 4.27 27 4.11 11 +3. 3.7% 7% 4. 4.20 20 4. 4.19 19 +0. 0.2% 2% 4. 4.23 23 4. 4.15 15 +2. 2.0% 0%

Sterlin ling (GBP) P)

0. 0.91 91 0. 0.89 89 +2. 2.4% 4% 0. 0.88 88 0. 0.85 85 +3. 3.0% 0% 0. 0.89 89 0. 0.87 87 +2. 2.7% 7%

Tur urkish Li h Lira (TRY RY)

2. 2.16 16 2. 2.09 09 +3. 3.6% 6% 2. 2.14 14 1. 1.96 96 +9. 9.1% 1% 2. 2.15 15 2. 2.02 02 +6. 6.4% 4%

US US Do Dollar (US USD) D)

1. 1.30 30 1. 1.38 38

5.

5.9% 9% 1. 1.36 36 1. 1.31 31 +3. 3.5% 5% 1. 1.33 33 1. 1.33 33 +0. 0.2% 2%