SECTION 1 -

2.8.1.1 Europe
In the first quarter of 2010, issue volume in Europe grew by 4.8% at constant scope of
consolidation and exchange rates.
In contrast, the Group’s revenue in Europe declined by 1.7% at constant scope of
consolidation and exchange rates (compared to a decline of 2.2% at constant scope of consolidation
and exchange rates during the fourth quarter of 2009). This decline is attributable to a 23.4%
decrease in financial revenues, which was partially offset by a 1.6% increase in operating revenues
resulting from a 4.8% growth in issue volume at constant scope of consolidation and exchange rates.
This slight overall decline is due to continued unemployment and low interest rates in Europe.
The business in Europe continues to be negatively affected by rising unemployment rates,
partly offset by the launch or deployment of new products such as the EcoChèque ® in Belgium and the
Ticket CESU ® in France.
In France, issue volume grew by 4.7% at constant scope of consolidation and exchange rates.
Operating revenue grew by 4.2% while financial revenue declined by 27.9%. Overall, revenue
generated in France declined slightly by 1.0% at constant scope of consolidation and exchange rates.
The prepaid benefits products performed well, led by firm demand for the Ticket CESU ® . At constant
scope of consolidation and exchange rates, the issue volume and operating revenue attributable to
the Ticket Restaurant ® and Ticket CESU ® generated in France grew respectively by 6.3% and 8.2%. The
issue volume and operating revenue of gift vouchers, which perform more cyclically, declined by 3.0%
and 1.5% respectively at constant scope of consolidation and exchange rates.
In Belgium, issue volume growth was strong at 19.0% at constant scope of consolidation and
exchange rates. Revenues grew by 16.5% at constant scope of consolidation and exchange rates, as a
result of a 19.3% growth of operating revenue, offset slightly by a 4.5% decline in financial revenue.
Benefits products contributed to this strong growth, in particular due to the success of the new
EcoChèque ® product launched in June 2009. At constant scope of consolidation and exchange rates,
the issue volume and the operating revenue of Ticket Restaurant ® generated in Belgium grew by 3.2%
and 4.3%, respectively.
In Italy, in a tough economic environment with rising unemployment and business failures
(the negative impact of economic conditions on issue volume was 6.6%), revenues declined by 3.7% at
constant scope of consolidation and exchange rates (representing a decline of 2.4% in operating
revenues and 19.7% in financial revenues) despite a slight increase of 0.9% in issue volume at
constant scope of consolidation and exchange rates.
2.8.1.2 Latin America and the Caribbean
In the first quarter of 2010, issue volume experienced strong growth of 10.6% in Latin
America and the Caribbean at constant scope of consolidation and exchange rates.
Total revenues rose by 3.0% at constant scope of consolidation and exchange rates during
the first quarter of 2010 (compared to a decline of 5.2% in the fourth quarter of 2009) which is
attributable to a 9.1% increase in operating revenue, partially offset by a 38.7% decline in financial
revenues. The favorable economic environment in Latin America and the Caribbean in the first
quarter of 2010 resulted in significant job creation (particularly in Brazil) and explains the very strong
growth of operating revenue in the first quarter of 2010.
In Brazil, revenues rose by 3.9% at constant scope of consolidation and exchange rates. This
growth is attributable to a 7.8% increase in operating revenue, partially offset by a 32.0% decline of
financial revenue. The increase in operating revenue is due to a 9.0% increase in issue volume at
constant scope of consolidation and exchange rates. The Ticket Restaurant ® and the Ticket
Alimentation ® performed very well with a 9.8% increase of issue volume and 10.8% of operating
revenues, at constant scope of consolidation and exchange rates. The Ticket Car ® also contributed to
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