Evolution and trends for the duty free & travel retail industry ————— Alain Maingreaud Managing Director, TFWA

Introduction to TFWA ——— The world today: from west to east ——— Global trends in travel & aviation ——— TFWA experience & sentiments for the industry

Introduction to TFWA ———

Mission ——— “to enable and empower the Duty Free and Travel Retail industry by providing the opportunities and the tools for brand and market growth.”

TFWA World Exhibition over 5,600 visitors ———

TFWA ASIA PACIFIC & GATE ONE2ONE 2,000 visitors 200 exhibitors 1,500 brands ———

Conferences & Workshops

The world today from west to east ———

“Bank of England forecasts 'choppy' economic recovery” BBC News, 11 August 2010 “Joy, pain and double dips” The Economist, 12 August 2010

economy overtakes Japan's in real terms” “Hello America. China's economy overtakes Japan's in real terms” The Economist, 16 August 2010

E7 to Catch G7 by 2019? E7 = China, India, Brazil, Russia, Mexico, Indonesia and Turkey

Emerging retail markets ——— “…reliance on developing countries for future growth is no longer a ‘nice-to-have,’ but is a necessity.” Source: AT Kearney, ‘Global Retail Development Index,’ 2009

Emerging retail markets Source: AT Kearney, ‘Global Retail Development Index,’ 2010

in travel & aviation ——— Global trends in travel & aviation ———

“Multi-spend recovery kick started by developing economies” Euromonitor International

Business Travel Spend at Four Times the U.S. Rate” “Asian Markets Adding Business Travel Spend at Four Times the U.S. Rate” National Business Travel Association

Global business travel spend   % Change 2009 - 2010 % Change 2010-2014 United States 2.5 % 2.4 China 16.3 12.3 Japan 6.7 2.1 United Kingdom -0.6 8.2 France -1.0 4.7 Italy -2.6 4.1 Germany 3.8 South Korea 21.2 7.2 Brazil 19.8 3.5 Spain -4.0 4.2 Source: NBTA , August 2010

“Asia Pacific takes top spot as traffic recovers strongly in 2010. North America slides to third” Centre for Asia Pacific Aviation

Comparative passenger numbers by region June 2010 vs June 2008 (year-to-date) % change YTD June 2008 > June 2010 Region Asia Pacific + 11.5% Europe - 7.3% North America - 7.7% Latin America + 6.9% Africa + 1.8% Middle East + 18.4% World - 0.7% Source: Centre for Asia Pacific Aviation & ACI

Premium traffic growth by ticket type: Jan-2007 to Jun-2010 (year on year % change) Source: IATA

Strong growth in Latin America premium travel Source: IATA

TFWA experience & sentiments for the industry ———

“Cautiously optimistic” IATA

Optimistic, with reason Asia : + 88 % Middle East : + 112 %

The global industry in 2009 NAM: - 8% LAC: - 0,5% * * ACI 2009 figures Source: Generation

Year to date in Latin America % change 1H 2010 vs 1H 2009 Region Americas + 22,4% Latin America + 28% North America + 16% World + 16.1% Source: Generation

Year to date in Latin America % change 1H 2010 vs 1H 2009 Region Latin America + 28% Asia Pacific + 26.3% Middle east + 18.4% Africa + 13.6% North America + 16% Europe + 4.4% World + 16.1% Source: Generation

The future as we see it…

Email: a.maingreaud@tfwa.com Tel: +33 140 740 986 Thank you Email: a.maingreaud@tfwa.com Tel: +33 140 740 986