Board of Directors Zurich, 24 March, 2009

Dufry Presentation 1H10 Results

August 2010
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Board of Directors Zurich, 24 March, 2009

Legal Disclaimer

Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Dufry AG (the Company or DAG) as of the date of this release, and we assume no duty to update any such forward-looking statements. Factors that could affect the Companys forward-looking statements include, among other things: global GDP trends, competition in the markets in which the Company operates, unfavorable changes in airline passenger traffic, unfavorable changes in taxation and restrictions on the duty-free sale in countries where the company operates. Neither this presentation nor any copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States or to any US person. In addition, neither this document nor any copy of it may be taken or transmitted into Canada or Australia or distributed or redistributed in Japan or to any resident thereof. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

Board of Directors Zurich, 24 March, 2009

Agenda

1. Overview 1H10 Results 2. Dufry Strategy 3. Financials 4. Conclusion

Board of Directors Zurich, 24 March, 2009

1. Overview 1H10 Results

Board of Directors Zurich, 24 March, 2009

Main Events 1H10

Profitable growth
Confirmation of Dufrys profitable growth strategy in 2010 15.8% turnover increase on constant FX rates 20.3% EBITDA increase on constant FX rates Solid organic growth achieved in H1 2010 of 10.2% Significant increase of 6.7% in international passengers compared with previous year and good perspectives for 2010 Positive impulse from Dufry plus One and One Dufry initiatives Contribution to a significant gross profit margin improvement Double digit spend per passenger and sales per ticket growth in constant FX rates Added more than 4,000 sqm of net retail space Further roll-out of Hudson News concept internationally Rio de Janeiro legal case: Dufrys appeal on injunction was confirmed No requirement to vacate any area at Rio de Janeiro International Airport Dufry can continue to operate normally Volcano ash cloud: Limited impact on Dufry Europe accounts for only 12% of the business
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Strategy and organization

Retail network

Other issues

Board of Directors Zurich, 24 March, 2009

Key Figures 1H10

Turnover and EBITDA Evolution

2,600 2,400 2,200 2,000 1,800 (CHF million) 1,600 1,400 1,200 1,000 800 600 400 200 '05
EBITDA(1) margin 100 160 60.3% 950 51.2% 1,930 34.4% 9.5%

12.5% 2,379 2,114

Turnover at constant FX rates +15.8% to CHF 1,315 m Gross margin improved to 57.0% from 55.6% EBITDA(1) at constant rates +20.3% to CHF 161 m - EBITDA(1) margin of 12.2%

11.7% 1,436 21.4% 4.2% 897 13.1% 61.6% 14.8% 10.0% 15.4% 259 293 301 106 122 134 154 2.6% 935 1,135 1,268

'06

'07

'08

09

1H07 1H08 1H09 1H10

11.8% 13.0% 11.8% 12.2%

10.5% 11.2% 13.4% 13.9% 12.7%

EBITDA

(1)

Turnover
Note: (1) EBITDA before other operational result

Board of Directors Zurich, 24 March, 2009

Passenger Growth
International PAX Forecast
2010 -0.1% 2.9% 4.7% 12.6% 11.3% 5.4% 3.9% 2011 3.2% 3.0% 2.2% 6.8% 8.4% 5.2% 4.3% 2012 3.0% 2.6% 3.1% 6.1% 8.0% 5.3% 4.1% 2013 2.9% 2.5% 3.1% 6.0% 7.5% 5.1% 4.0%

International PAX Growth June YTD

20% 16.2% 15% 10% 6.7% 5% 1.4% 0% 4.6% 14.6% 12.4% 10.1%

EUROPE NORTH AMERICA LATIN AMERICA ASIA/ PACIFIC MIDDLE EAST AFRICA TOTAL
Source: Air4cast; July 2010

Source: Airports Council International

Long-term Total Passenger Forecast

7,000 3.9% 6,000
Annual Passengers (millions)

4.1%

4.4%

4.3% 5,156.9

4.1% 5,368.3

3.9% 5,577.7

5,795.2 3.9%

6,023.1

6,249.0 3.8%

6,469.4

5.0% 4.0%

4,500

4,378.6

2.0% 1.0% 0.0%

4,000 3,000 -0.2% 2,000 1,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -2.7%

-1.0% -2.0% -3.0% -4.0%

Source: Airports Council International, Global Traffic Forecast 2008-2019 / Forecast; July 2009

Annual Growth Rates

5,000

4,549.4

4,735.9

4,944.3

3.9%

3.5%

3.0%

Board of Directors Zurich, 24 March, 2009

Business Development
New Retail Space Openings 2010
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 6,957 6,163

New Retail Space 2010 by Region

Region Europe Africa Eurasia Central A. & Caribbean South America North America Total New sqm 923 1,816 5,162 3,626 2,136 6,073 19,736 of which Total Shops Hudson Int'l 160 8 12 1,034 37 460 20 8 N/A 67 1,654 152

sqm

3,549

3,066

Q1

Q2

Q3

Q4

Project Pipeline
North America 33% South America 8% Central America & Caribbean 10% Europe 10% Africa 2% Eurasia 37%

Total of more than 50 projects with a total retail space in excess of 39,000 sqm
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Board of Directors Zurich, 24 March, 2009

2. Dufry Strategy

Board of Directors Zurich, 24 March, 2009 Dufry Key Facts

Proven Track Record of Delivering Growth

Evolution of Dufry 20032009
2003
Countries Airports 25 47 227 36'750 686 49

40 countries 143 airports 1,134 shops Around 340 concessions Retail space of over 150,000 sqm World-wide employee base of more than 11,000 people Listed on the SIX Swiss Stock Exchange since December 2005, and listed on BM&FBOVESPA since April 2010

2009
40 145 1'097 146'000 2'379 301

Growth
60% 209% 383% 297% 247% 514%

CAGR %

(2)

8% 21% 30% 26% 23% 35%

Shops Retail Surface (sqm) Turnover (CHFm)

(1) EBITDA (CHFm)

Notes: (1) EBITDA before other operational result (2) CAGR 2003-2009

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Board of Directors Zurich, 24 March, 2009

Leading Global Travel Retailer

Mediterranean Corridor

Asia Corridor

Latin America Corridor

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Board of Directors Zurich, 24 March, 2009

Dufrys Performance 1H10

Dufry by Product
Fashion, Electronics Leather and 3% Baggage 8% Tobacco goods 8% Watches, Jewelry and Accessories 10% Literature and Publications 12% Wine and Spirits 15% Other 4% Perfumes and cosmetics 22%

Dufry per Region

Developed Markets North America 29% Europe 12% Africa 7% Eurasia 9%

South America 26%

Central America & Caribbean Emerging 17% Markets

Confectionary and Food 18%

Dufry by Sector

Dufry per Channel

Railway stations & other 5% Downtown, hotel & resorts 3% Cruise liners & seaports 5%

Duty free 63% Duty paid 37%

Airports 87%

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Board of Directors Zurich, 24 March, 2009

Global Growth Opportunities

Organic growth Passengers

Significant historic and projected growth in all areas
20% 15% 10% 5% 0% Dec '04 -5% -10% -10% -15% Dec '05 Dec '06 Dec '07 Dec '08 Dec '09 Jun '10 14% 10% 8% 5% 10% 17%

Productivity
Penetration Improved retail concept Marketing and branding Average spend per transaction Product mix

Spend per Passenger

Pricing New concessions Acquisitions

Average growth of 6% p.a. Average growth of 13% p.a.

Growth driven by a combination of Strong organic growth with its global, balanced portfolio Broad skill set of management enables DAG to win new concessions in mature regions and emerging markets Successful execution of value-enhancing M&A targets
Note: (1) On constant FX rates; FX effect -3% p.a.

TOP-LINE GROWTH: 26% p.a. (1)

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Board of Directors Zurich, 24 March, 2009

Travel Retail Market Trends

Retail Trends Broadening of customer base - Emerging Markets - Lower customer segments Enhance shopping experience - Adapt trends in high street retailing to travel retail - Convenience and experience to increase importance over price advantage Leverage customer information - Space allocation / Product categories - Assortment / Brands - Marketing & Promotion
CAGR 20022009 8.1% 11.7%

Travel Retail Industry

Dufry 6%

Other Operators 53%

Top 9 operators 41%

Source: Generation AB

Global Duty-Free and Travel Retail Sales

40,000 34,000 30,000
(US$million)

37,000 12,436 457 511 8,782

34,500 12,799 553 7,828

25,000 20,000 10,000 0 2002

Source: Generation AB

27,000 8,565 322 352 6,676 11,407 2005

Africa

29,000 9,449 380 7,056 12,115

11,188 8,056

20,000 5,982 4,951 8,820 247

20,500 5,624 5,011 9,604 2003

7,525 262 5,954 11,199 2004

9.7% 6.8%

14,299

15,271

13,321

5.9%

2006
Americas

2007
Europe

2008

2009

Middle East, Asia & Oceania

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Board of Directors Zurich, 24 March, 2009

Dufry 2010-2015
Dufry 2010-15: Strategic Plan

AIRPORT AUTHORITIES & 14.2857% LANDLORDS EMPLOYEES 14.2857% SHAREHOLDERS INVESTORS

ORGANIZATION HR

14.2857% &

Mid-Term Plan 2010 - 2012

CUSTOMERS 14.2857%

DUFRY +1

ONE DUFRY

INFORMATION TECHNOLOGY

14.2857%

SOCIETY

14.2857%
SUPPLIERS

14.2857%
COMPETITORS

Dufry 2010: Focus in Profitable Growth

Organic growth based on passenger growth and productivity improvements External growth through new retail space added in last 12 months Manage company based on fundamentals Maintain improvements of efficiency plan generated in 2009
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Board of Directors Zurich, 24 March, 2009

Mid-Term Plan Dufry Plus One

Cross-functional initiative focused on customer satisfaction, from gathering and analyzing customer needs, to providing right purchase proposition in our shops compared to their reference market

Selected Key Initiatives

Marketing: Promotions Plan Retail Operations: New Commercial Plan Customer Service: New Website Procurement Management: Global Procurement Committee and Brands Plan Logistics: Purchase Consolidation Structure HR: New Retail Sales Training

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Board of Directors Zurich, 24 March, 2009

Mid-Term Plan One Dufry

A plan to control and reduce risk, increasing compliance and internal control systems maximising result and returns, through increased control through cost and asset management Selected Key Initiatives
Finance Financial Risk Management / Hedging Tax Structuring Optimize Cash Generation Credit Card Management Expenses Control Excellence Plan IT Global Data Centre Business Intelligence Human Resources Sales Incentives Organisation Streamline

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Board of Directors Zurich, 24 March, 2009

3. Financials

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Board of Directors Zurich, 24 March, 2009

Turnover/Net Sales Growth Analysis

FX Rate Development
CHF/USD 2010 CHF/USD 2009 % Change 10/09 CHF/EUR 2010 CHF/EUR 2009 % Change 10/09 Q1 1.058 1.150 -8.0% 1.463 1.497 -2.3% Q2 1.109 1.113 -0.4% 1.409 1.514 -6.9% Q3 1.063 Q4 1.021

Turnover Growth Components

Organic Growth New Concessions Turnover Growth at constant FX FX Translation Effect Reported Growth 10.2% 5.6% 15.8% -4.1% 11.7%

1.520

1.509

Source: Sw iss National Bank

Turnover Growth Evolution

30% 25% 20% 15% 10% 5% 0% CAGR 03 - 09 Organic Growth Q1 10 New Concessions Q2 10 Acquisitions 6% 7% 11% 10% 13% 16% 5% 16% 6% 26%

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Board of Directors Zurich, 24 March, 2009 Turnover Growth by Region

Region Europe Africa Eurasia Central America & Caribeean South America North America Growth at Constant FX 3.4% 0.8% 7.3% 12.0% 40.5% 13.1%
60% 55.9% as % of Turnover 55% 54.5% 53.3% 54.3% 57.0% 55.6%

P&L Analysis
Gross Profit Margin

50% 46.4% 45%

40% 2003 2007 2008 2009 1H08 1H09 1H10

P&L Overview
(in million of CHF)

H1 10 723.3 160.9 154.3

% 57.0% 12.2% 12.2%

H1 09 631.5 133.7 133.7

% 55.6% 11.8% 11.8%

H1 10/H1 09 14.5% 20.3% 15.4%

GROSS PROFIT EBITDA FX Constant Reported

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Board of Directors Zurich, 24 March, 2009

Income Statement
% Dec '07 % Dec '08 % Dec '09 % Jun '09 % Jun '10 1,267.9 723.3 263.3 200.8 104.9 154.3 33.1 31.3 89.9 -5.7 -14.8 69.5 8.7
12.6% 2.9%

(CHF million) Turnover Gross profit Concession fees Personnel expenses Other expenses EBITDA (1) Depreciation Amortisation EBIT (1) Other operational result Financial result EBT Income tax
As % of EBT

Dec '03

%
100.0% 57.0% 20.8% 15.8% 8.3% 12.2% 2.6% 2.5% 7.1%

685.7 100.0% 318.1 46.4% 117.6 17.2% 92.9 13.5% 8.6% 58.7 7.1% 48.9 3.0% 20.8 5.8 0.8% 22.3 3.2% -38.3 -4.7 -20.7 -3.0% 12.6 -33.3
-4.9%

1,930.3 100.0% 1,028.0 53.3% 367.6 19.0% 234.6 12.2% 8.6% 166.6 259.3 13.4% 1.7% 33.2 37.0 1.9% 189.1 9.8% 3.2 -27.9 164.4 8.5% 38.3
23.3%

2,113.5 100.0% 1,151.9 54.5% 408.0 19.3% 276.1 13.1% 8.2% 174.4 293.4 13.9% 1.9% 39.7 46.7 2.2% 207.0 9.8% -11.9 -47.3 147.9 7.0% 30.1
20.4%

2,378.7 100.0% 1,329.4 55.9% 480.1 20.2% 361.3 15.2% 186.9 7.9% 301.1 12.7% 63.9 2.7% 2.5% 59.1 178.1 7.5% -14.7 -43.4 5.0% 120.0 22.7
18.9%

1,135.1 100.0% 631.5 55.6% 224.3 19.8% 180.7 15.9% 8.2% 92.8 133.7 11.8% 2.9% 32.6 2.6% 29.6 6.3% 71.5 -5.9 -23.9 3.7% 41.7 8.3
19.9%

5.5%

Net Earnings Attributable to: Minority interest Equity holders of the parent

126.0

6.5%

117.8

5.6%

97.3

4.1%

33.4

60.7

4.8%

0.1 -33.4

51.0 75.0

67.5 50.3

58.8 38.5

23.0 10.4

20.3 40.4

Notes: (1) EBITDA and EBIT before other operational result

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Board of Directors Zurich, 24 March, 2009

Net Earnings / Earnings Per Share

Net Earnings
CHF million NET EARNINGS Proforma post merger Minority Interest (1) Equity Holders of the Parent (1) 1H 10 60.7 8.8 51.9 1H 09 33.4 23.0 10.4 Growth 81.7%

Reported Minority Interest 20.3 23.0 Equity Holders of the Parent 40.4 10.4 (1) DSA minorities considered as Equity Holders of the Parent since Jan 1st

Earnings Per Share FY 2009

5.0 4.0 Per Share (CHF) 3.06 3.0 2.01 2.0 1.0 0.5 Basic EPS 2009 Adj. EPS 2009 PF 3.94 Per Share (CHF) 4.71 3.0 2.5 2.0 1.5 1.0

Earnings Per Share H1 2010

2.66

1.72

1.80

0.54

Basic EPS 1H 2009

Adj. EPS 1H 2010

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Board of Directors Zurich, 24 March, 2009

Balance Sheet
31/12/2007 128.5 1,052.0 38.0 1,218.5 291.4 52.0 89.4 125.1 557.9 1,776.4 31/12/2008 249.8 1,410.9 175.8 1,836.5 344.3 44.3 121.1 263.7 773.4 2,609.9 31/12/2009 241.6 1,350.5 175.6 1,767.7 306.5 48.2 122.4 405.3 882.4 2,650.1 30/06/2010 239.5 1,363.9 192.4 1,795.8 326.7 30.4 138.0 256.2 751.3 2,547.1

ASSETS
(CHF million)

Property, Plant & Equipment Intangible assets Other non-current assets Non-Current Assets Inventories Trade receivables, net Other current assets Cash & equivalents Current Assets TOTAL ASSETS LIABILITIES & EQUITY
(CHF million)

Parent equity Minorities Equity Trade payables Financial Debt Deferred tax liab. Provisions + pension plans Other non-current liab. Other current liabilities Liabilities TOTAL LIABILITIES & EQUITY

31/12/2007 507.8 230.1 737.8 165.6 495.5 172.9 24.6 9.0 170.9 1,038.6 1,776.4

31/12/2008 660.0 293.6 953.6 151.8 1,087.9 163.2 14.3 8.4 230.7 1,656.3 2,609.9

31/12/2009 674.5 323.1 997.6 202.0 1,015.0 163.5 13.6 5.1 253.3 1,652.5 2,650.1

30/06/2010 804.7 85.5 890.2 199.5 973.2 169.3 14.0 12.6 288.3 1,656.9 2,547.1

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Board of Directors Zurich, 24 March, 2009

Summary Balance Sheet June 2010

1,934 1,934

In CHF million

PP&E (12%)

240

890 -Concession rights 762 -Goodwill 412 Intangible assets (71%) 1,364 -Brands 160 -Other 30 717

Equity (46%)

Net Debt (37%) Non current liabilities (1%) 11 Deferred tax liabilities, net (1%) Other current liabilities (15%)

Net Other non current assets (2%) Net Working Capital (8%) Other current assets (7%)

34 158 138 Assets

23 293 Liabilities

Notes: - Net Working Capital calculated as Inventories + Trade and Credit Cards Receivables Trade Payables - Net debt calculated as Financial Debt Cash Equivalent - Deferred tax liabilities, net calculated as Deferred tax liabilities Deferred tax assets

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Board of Directors Zurich, 24 March, 2009

Cash Flow Statement

H1 2010 (609.8) 149.5 4.8 (11.8) 142.5 (44.6) (12.4) (16.7) (171.2) (11.0) 3.3 (110.1) 2.8 (717.1) 158.0 (559.1) H1 2009 (824.2) 137.4 62.4 (14.8) 185.2 (33.8) (5.2) (15.2) (15.4) 2.2 117.8 (16.1) (722.5) (722.5)

In millions of CHF

Net debt - Dec 31 Cash flow before working changes Change in net working capital Income taxes paid Net cash flows from operating activities Capex (PPE and intangible assets) (Acquisitions) / proceeds from sale of investments, net of cash Net interest paid Dividends paid to group and minority shareholders Share issuance costs and arrengements fees paid Other Cash flow affecting net debt Currency translation Net debt - Jun 30 Extraordinary dividend Net debt proforma before extraordinary dividends payment

Capex Evolution
80 3.4% 3.2% 3.5% 2.9% 3.0% 200 (CHF million) (CHF million) 60 2% 180 160 203 140 120 -2% FY 07 FY 08 Capex FY 09 HY 09 Capex as % of Turnover HY 10 100 4% 220 10.4%

Net Working Capital Evolution

10.7% 9.1% 7.8% 6.4% 218 195 174 153 171 158 2% 0% 31/12/08 30/03/09 30/06/09 30/09/09 31/12/09 31/03/10 30/06/10 Net Working Capital NWC as % of Turnover 7.0% 6.3% 12% 10% 8% 6% 4%

40

66

68

68 45 34

0%

20

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Board of Directors Zurich, 24 March, 2009

Financing and Covenants

Change in Net Debt
17 158

Net Debt Evolution

1,000 900 (CHF million) 800 700 600 559 500 943

17 149
808 723 643 610 613 717 (CHF million) 824

57 717 559

610

Covenants
Ratio Actual
Dec '09 Mar '10 Jun '10

Required
Mar '10

Total drawn debt / Adj. EBITDA Adj. EBITDA/ Total interest expenses

2.7x 7.4x

2.6x

2.5x

<3.0x > 4.0x

9.1x 12.5x

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Board of Directors Zurich, 24 March, 2009

Trading Volumes
Daily Average Volume in CHF
9.0

Dufry AG Share Price

100 90 (CHF millions) 80 (CHF) 70 60 50 40 30 20 10 Dufry
Note: SPI rebased to Dufry in Jan-09

8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Q1 SPI Q2 2009 Q3 2010 Q4

Note: Since April 2010 including trading volumes of Dufry AG BDR

Shareholder Structure
Advent Funds 33.5% 2,500 (CHF millions) 2,000 1,500 1,000 500 0

Market Capitalization
2,196

1,368 643

1,366

Free float 62.2% Hudson Media Inc. 4.3%

Market Cap
Jan-2010

Free Float
Jun-2010

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Board of Directors Zurich, 24 March, 2009

4. Conclusion

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Board of Directors Zurich, 24 March, 2009

Conclusion/Outlook

Key Targets for 2010 Q2 10 performance has confirmed that growth trend is back as mentioned in Q4 09 and Q1 10 Last passenger projections for 2010 confirm a positive outlook for the travel retail business Reevaluating our strategy and creating the future Improve our execution capabilities Sustain the efficiencies achieved in 2009 NWC and Capex management Manage expansion according to performance Preliminary figures of Q3 10 confirms the growth trend is back

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Board of Directors Zurich, 24 March, 2009

Thank You

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