SECTION 1 -

1.10 Competition
1.10.1 The employee and public benefits products and services market
1.10.1.1 Leadership position
On the basis of internal estimates, New Services believes it is the global leader in the market
for employee and public benefits products and services and considers that its main international rival
is Sodexo. In all of the countries where it operates, New Services is also faced with competition from
small, local companies, specialized in prepaid service vouchers and with significant market position, at
the local level.
A specific tax regime, and in some cases, regulatory framework applies to all of the Group’s
employee and public benefit products and services (see section 1.11 of this prospectus). Potential
market entrants must conform to these rules.
The Group's competitive positions 24 in the employee and public benefits products and
services market in a selection of key countries are presented in the table below:
Meal vouchers
Number of competitors New Services’ rank
43
Benefits other
than meals
France 3 12 1st
Brazil 147 92 1st
United Kingdom 0 42 1st
Italy 12 3 1st
Belgium 2 1 1st
Hungary 11 11 2nd
Mexico 11 0 1st
Czech Republic 2 4 2nd
Turkey 4 2 2nd
Venezuela 10 0 1st
1.10.1.2 Size of target market
According to a study carried out by Olivier Wyman Consultants in March 2010 in all of the
countries where the Group was doing business in 2009, the size of the employee and public benefit
market in which New Services is present is estimated at approximately €33 billion (based on issue
volume) and breaks down geographically as follows:
(in billions of euros) Meal and food vouchers Non‐food benefits Total
Europe 14.3 3.6 17.9
North America 0 0.4 0.4
Latin America 13.9 0.2 14.1
Rest of World 0.2 0.2 0.4
Total 28.4 4.4 32.8
1.10.1.3 Growth potential
New Services believes that the employee and public benefits products and services market
has significant growth potential, based on favorable socio‐demographic and economic conditions, as
described in section 1.2.1 of this prospectus, and based on its transition to electronic product formats,
24
Source : Company estimates