Fiscal 2022 Universal Registration Document

A SOLID GLOBAL FOOT PRINT AND A VIRTUOUS MODEL

As the #2 worldwide in employee benefits and engagement, Benefits & Rewards Services operates in 31 countries, and a leadership position in Employee Benefits in 17 of these markets, with a team of 4,800 highly engaged team members. With 500,000 clients, 36 million consumers and1.7 million merchants, Benefits & Rewards Services has a virtuous business model bringing value to every stakeholder. With over 4.4 million daily transactions powered by data, the issue volume was over 19 billion euros in Fiscal 2022. This cash generative business model is naturally fit for growth, and delivers financial performance in a wide range of economic scenarios. For Fiscal 2023, Benefits & Rewards Services is expected to generate +12 to +15% organic growth and around 30% Underlying operating profit margin. For Fiscal 2024 and Fiscal 2025, a low double-digit revenue growth and an Underlying operating profit margin of above 30% in Fiscal 2025 are expected.

A TECH-ENABLED EMPLOYEE BENEFITS AND ENGAGEMENT PARTNER

Guided by its vision to bring to life a personalized and sustainable employee experience at work and beyond, Benefits & Rewards Services is now operating a fully digital business. Circa 90% of its issue volume is digital, with 1 million app downloads on average per month and mobile transactions in France and Brazil multiplied by six over the last year. Benefits & Rewards Services already connect 500 delivery and e-commerce platforms across 18 countries to clients and consumers. Since 2018, Capex close to 300 million euros in technology has created a highly scalable digital platform.

ACCELERATE IN MEAL & FOOD MARKETS

Benefits & Rewards Services is focusing ongrowing its core and accelerating in the Meal & Food market, moving from a generalist benefit provider to a tech-enabled, trusted HR partner. To do so, the investments are focused on increasing the range of products available and building flexible and integrated offers, providing targeted and useful analytics to clients and delivering excellent sales experience. Improvements will continue to enhance consumer experience,to move from an easy-to-use transactional app to an app that increases engagement with consumers. There will continue to be innovation in payment options, and to leverage data to offer more personalized promotions, discounts and cashback programs, with CSR embedded offers. Based on the trusted relationship with the merchants, Benefits & Rewards Services will also transition from a traffic booster to a trusted partner by developing new services and helping them to improve performance through seamless payment flows, as well as by offering additional lead generation and marketing services. Benefits & Rewards Services aims to increase penetration of the SMEs segment, by improving the digital buyer journey. Beyond SMEs, Benefits & Rewards Services will increase its investment in branding and digital marketing to continuously improve the user experience of its digital assets.

AUGMENT CORE BUSINESS

Benefits & Rewards Services also aims to augment its core business by enriching its offers with Employee Multi-Benefit and Engagement platforms reinforcing its range of offers, including in Gift, Well-being and Mobility.

The Employee Rewards & Recognition and Employee Engagement layer, already implemented in its major markets (Brazil, France, India and Romania) will continue to be integrated in a single modular platform,building or acquiring the services and partnering with external providers in a few cases, like recently with The Happiness Index. In the United Kingdom and the United States, Employee Rewards & Recognition offer will be strengthened with a view to leveraging it in other markets.

REINFORCE FOUNDATIONAL ENABLERS

To improve its operational efficiency, Benefits & Rewards Services will optimize its delivery model and reduce its processing costs by better leveraging its global scale. Because having the right talents is key, investing in people will continue, especially in key product, tech and data critical competencies. In terms of governance, Benefits & Rewards Services has put in place processes and instances to monitor progress in the execution of its plan. Benefits & Rewards will also continue to run Capex at close to 10% of revenues per year through 2025 to consolidate its One-Platform ecosystem and continue to improve client, consumer and merchant digital experience, to monetize data and mutualize solutions. As a trusted partner with best-in-class sustainable practices recognized externally, Benefits & Rewards Services will continue its corporate responsibility journey with commitments towards individuals, communities and the environment and will contribute to the Group 2040 Net Zero trajectory with SBTi.