SECTION 1 -

1.3 Strategy
As an independent company, New Services will seek to be the undisputed leader of the
market for prepaid services for business customers. More specifically, New Services intends to:
• Occupy a leading position in all countries where the Group offers meal and food
vouchers;
• Increase its non‐food benefits activity, which New Services regards as a source of
profitable growth;
• Be one of the global leaders in the expense management market, and the market
leader in Latin America;
• Be one of the global leaders in the incentives and rewards market, with leading
positions in Europe and Asia; and
• Play a key role in the development of new markets, particularly in markets created
through the development of electronic solutions.
To achieve these objectives, New Services plans to pursue a strategy targeting issue volume
growth, increasing market share, and a strong culture of innovation. New Services intends to put in
place an organizational structure designed to encourage performance and to ensure the success of its
strategy.
1.3.1 A strategy targeting issue volume growth
Building upon its historical success, New Services intends to deploy its successful business
methods on a systematic basis throughout the Group, using all of its growth drivers to maximize issue
volumes. Backed by favorable socio‐economic trends and the Company’s fundamental qualities, New
Services aims to leverage the strong growth potential of its activities through five operational growth
drivers:
• Geographic expansion
• Creation of new products and expansion of the deployment of existing products
• Increasing penetration rates
• Increasing the average face value of vouchers
• Implementing a targeted acquisition strategy
1.3.1.1 Geographic expansion
For the Group, geographic expansion increases issue volume while at the same time
mitigating country risk and the Group’s exposure to local economic cycles and political events. With
respect each country’s contribution to revenues, New Services intends to transition from three
countries each contributing €40 million to five countries in 2016 and eight countries in the long‐term.
New Services intends to extend its geographic coverage, either by expanding into new
markets, or by acquiring local players with activities similar to those of the Group. The Company is
currently examining possibilities in 10 to 15 countries and hopes to add six to eight countries by 2016,
including two to four by 2012.
The Group’s choice of new markets is based on the following criteria:
• growth and development potential, in keeping with New Services’ objectives;
• social and political stability ;
• economic development ; and
• the needs of the population and market potential for the Group’s products.
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