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February 2008

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Sodexo Issy-Les-Moulineaux, France Report Facts Company name: SODEXO S.A. Fiscal year end: August 31, 2007 Report title: In 2008, Sodexo is changing the Group’s name and rejuvenating its visual identity Chairman: Pierre Bellon Chief Executive Officer: Michel Landel Number of books: 2 Report length: 102 +250 pages Auditors: PricewaterhouseCoopers - KPMG Design agencies: Terre de Sienne (report), Labrador (reference document), Xplicite (coordination) E-mail: financial.communication@sodexo.com	Report Rating 4/5 (Rating scale below) Profile-Mission (Excerpts, as from the report) No. 1 worldwide in Foodservices (health care, seniors, education); No. 2 worldwide in corporate services and remote sites; No. 2 worldwide in service vouchers and cards.(p 1) (Italics are own company’s words) Clients include: Eiffel Tower, Swedish Armed Forces, KLM, UBS, City of Marseilles, Fundacion Caixa… Key Figures Revenues: € 13.4 billion Employees: 342,380 Operating sites: 28,896 Operating profit: € 640 million Net profit: € 347 million Earnings per share: € 2.22 Net dividend: € 1.15 (subject to approval) Debt to equity: 5% (Source: figures sourced from the annual report) Some Competitors COMPASS ARAMARK AUTOGRILL ELIOR

Very good > Very well-achieved and explained rebranding exercise, from cover to cover, threaded (literally) through text, data and visual ingredients. That includes a one-page explanation for What does the star stand for? The renewed -more than totally new- identity is explained by the Chairman himself who also stresses that In a world of “over-communication”, a strong, single global brand can be immediately identified… But also that any failure in performance can have repercussions on the whole Group by tarnishing its image. > A company that sets an Ambition for 2015 and explains it convincingly: this makes a pleasant change from the prevailing short-termism. Strategic objectives are substantiated across the report, with items such as market trends and influencing factors put out a very communicative way (see Selected Page). > Informative and well-structured review of operations. > No unbridled creativity but a simple and consistently implemented layout with modern typography, an intensive use of visual ingredients, and, last but not least, a strong read appeal. Quite a feat for a 100-page document. Let us also note that even the usually tedious Reference Document (a French equivalent to the Form 10-K) is made very readable, too.

Good > A financial summary introduced by the CEO that goes to the (main) point(s). > Interview with an independent director. This is not common, and even less in a family-controlled company.

Buts > No real in-depth financial analysis. > Risk factors and management not much elaborated.

Responsible? > Through issues such as Quality of life, serving patients, support to the elderly, people with disabilities, education, the report connects business and social responsibility issues briefly yet effectively.

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Selected Page (p 74 of SODEXO Annual Report 2007)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.