Registration Document

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Consolidated information
Statutory Auditors’ Report on the consolidated financial statements
II - Justification of our assessments
In accordance with the requirements of article L.823-9 of the French Commercial Code (Code de commerce)
relating to the justification of our assessments, we bring to your attention the following matters:
• The Company has tested goodwill and intangible assets with an indefinite useful life for impairment, and
has assessed whether assets with a finite useful life presented an indication of impairment, in accordance
with the methods set out in notes 2.8 and 4.10 to the consolidated financial statements.
We have reviewed the methods used for the aforementioned test, as well as the methodology applied to
assess value in use based on the present value of future cash flows, after tax. We have also reviewed the
related documentation which was prepared, the consistency of the data which was used and in particular
the assumptions used in the preparation of the business plans.
• The provisions for pension and other post-employment benefits as described in notes 2.17 and 4.18 to the
consolidated financial statements have chiefly been assessed by independent actuaries. We have reviewed the
data and assumptions used by these actuaries as well as their conclusions, and have verified that note 4.18
provides appropriate information.
The aforementioned items are based on estimates and underlying assumptions which are uncertain by nature.
As stated in note 2.2 to the consolidated financial statements, actual results may differ materially from such
estimates in different conditions.
These assessments were made as part of our audit of the consolidated financial statements, taken as a whole,
and therefore contributed to the opinion we formed which is expressed in the first part of this report.
III - Specific verification
As required by law, we have also verified in accordance with professional standards applicable in France the
information presented in the Group’s Management Report.
We have no matters to report as to its fair presentation and its consistency with the consolidated financial
statements.
Sodexo Registration Document Fiscal 2011
Neuilly-sur-Seine and Paris La Défense, November 8, 2011
The Statutory Auditors
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PricewaterhouseCoopers Audit KPMG Audit
Department of KPMG S.A.
Louis-Pierre Schneider Isabelle Allen
This is a free translation into English of the Statutory Auditors’ Report issued in the French language and
is provided solely for the convenience of English speaking readers. The Statutory Auditors’ Report includes
information specifically required by French law in all audit reports, whether qualified or not, and this is
presented below the opinion on the financial statements. This information includes an explanatory paragraph
discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments
were considered for the purpose of issuing an audit opinion on the financial statements taken as a whole
and not to provide separate assurance on individual account captions or on information taken outside of the
financial statements.
This report should be read in conjunction with, and construed in accordance with, French law and professional
auditing standards applicable in France.