AUGUST 2016 GLOBAL TRAVEL RETAIL HISTORY TRENDS FORECAST

AUGUST 2016 GLOBAL TRAVEL RETAIL HISTORY – TRENDS - FORECAST

EVOLUTION OF DUTY FREE & TRAVEL RETAIL SALES 1985 -2015 63, 752 62, 000 In US$ millions 60, 000 55, 800 13 51, 000 14 12 43, 200 41, 000 8 32, 100 30, 000 27, 800 20, 500 13, 500 10, 000 15, 000 16, 000 17, 000 21, 000 20, 500 18, 000 11, 500 11 38, 200 37, 700 10 9 22, 800 20, 000 1 2 3 1998 1999 2000 19, 000 20, 000 7 5 6 2002 2003 4 8, 000 6, 000 1947 1985 1986 1987 1988 1989 1990 Duty Free Sales started at Shannon Airport, Ireland in 1947 and reached the same year a total sale of US$ 0. 02 million. 1991 1992 1993 1994 1995 1996 1997 2001 2004 2005 2006 2007 2008 2009 3 Global Economic Recession 2000 6 SARS 2003 9 Lehman Bros. Crash 2009 12 Currency War 2013 2010 1 Asia Economic Crisis 1998 4 9/11 2001 7 US$ Weakens 2004 10 Global Debt Expansion 2010 13 Ukraine Crisis 2014 2 EU Abolition 1999 5 Iraq War 2002 8 Global Economic Recession 2008 11 Sovereign Debt Crisis 2011/2012 14 Currency Fluctuations 2015 2011 2012 2013 2014 2015 Source: GENERATION Research, Sweden

US$ 62. 0 billion Global Duty Free & Travel Retail Sales 2015 Electronics, Gifts & Other 7. 9% Wines & Spirits 16. 4% Watches, Jewellery & Fine Writing 9. 6% 2. 5% Share by Product Group -2. 7% -4. 6% he r ft Gi s, on tr ec El es , ch W at ic Je w io sh Fa Ot s& Fi & ry le el & n ry ne io ct nf e Co ne. . . s or ss ce Ac Fi & ba c To -10. 1% ie od ne Go co m Co s s& nc e ra ag Fr Fo ic et Sp iri & es in W od s s -7. 0% Fragrances & Cosmetics 31. 9% Confectionery & Fine Food 7. 9% -3. 0% -4. 0% ts Fashion & Accessories 14. 5% Statistical Change 2015 vs 2014 in US$ Tobacco Goods 11. 9% Source: GENERATION Research, Sweden

US$ 62. 0 billion Global Duty Free & Travel Retail Sales 2015 Middle East 9. 4% Statistical Change 2015 vs 2014 in US$ Europe 30. 4% 2. 3% Asia Pacific 40. 8% -1. 0% Share by Region -3. 8% -8. 4% Americas 18. 2% -10. 2% Europe Americas Africa Asia Pacific Middle East Africa 1. 2% Source: GENERATION Research, Sweden

US$ 62. 0 billion Global Duty Free & Travel Retail Sales 2015 Other Shops & Sales 35. 1% Airport Shops 57. 3% Statistical Change 2015 vs 2014 in US$ 0. 3% Share by Sales Channel -3. 5% -7. 5% -11. 5% Ferries 3. 3% Airlines 4. 3% Airport Shops Airlines Ferries Other Shops & Sales Note: Included in ”Other Shops & Sales” are Downtown shops, Border shops & Free zones, Diplomatic & Military, Cruise ships and Low tax areas. Source: GENERATION Research, Sweden

EVOLUTION OF SALES BY REGION - In US$ millions 25, 294 24, 729 19, 902 18, 857 20, 582 20, 224 2013 19, 272 18, 910 2012 2011 16, 666 2014 2013 2012 2011 11, 276 11, 725 11, 163 10, 856 10, 281 2015 6, 572 2015 2014 2013 2012 2011 2015 6, 716 2014 6, 381 2013 5, 770 2012 5, 143 ME & AFRICA 2015 EUROPE AMERICAS ASIA PACIFIC 22, 318 2011 Source: GENERATION Research, Sweden