Edenred has the intention, subject to its needs, to conduct a policy of annual dividend distribution consistent with its strong capacity to generate funds, while maintaining its capacity to finance its growth.

At its meeting on February 23, 2011, at which the 2010 financial statements were approved, the Board of Directors recommended to the Annual Shareholders Meeting on May 13, 2011 to set the dividend at €0.50 per share, which was approved as well, representing a payout ratio close to 70% of recurring profit after tax.