Worldwide, World-ClassHospitality and Travel
4711151923273479838788Welcome to the World of CarlsonOur CompanyAmbition 2015Company HistoryOur ValuesOur Organization PrinciplesOur BrandsResponsible BusinessGreat PeopleThe Way AheadContacts5
We have great ambitions for Carlson.We want our brands to be leadingbrands in their segments; we wantto be the number one hospitalityand travel company to work for;and we want to be the number onehospitality and travel company toinvest with. This is our ambition,this is Ambition 2015.8 9
Our CompanyOur brands, which include theCarlson Rezidor Hotel Group –Radisson Blu, Radisson,®Park Plaza,® Park Inn by Radisson,Country Inns & Suites By Carlson ȘMHotel Missoni – T.G.I. Friday’s® andCarlson Wagonlit Travel (CWT), areamong the most recognized andrespected in the business.Our entrepreneurial spirit is deeply rooted10 > 1,300 Hotels in operation > 920 Restaurants Global leader specializing in11in our nearly 75-year history and the Carlsonand development 61 Countries and territories business travel managementCredo. Looking ahead, we are driven by our81 Countries and territories153 Countries and territoriespurpose, our Ambition 2015 strategy andour values.Headquartered in Minneapolis, Minn.,Carlson encompasses more than 1,300 hotelsin operation and development in 81 countriesand territories, more than 920 restaurants in61 countries and territories, and a majority stakein Carlson Wagonlit Travel, the global leader inbusiness travel management, which operatesin 153 countries and territories.
At Carlson, we work with a clear andnoble purpose. We seek to serve millionsof guests and travelers in a way thatmakes a positive difference to their lives;provide tens of thousands of jobs andhelp our employees grow and achievetheir potential; contribute to the commongood through our commitment to socialresponsibility; and, generate attractivefinancial returns for our shareholdersand business partners.12 13
Hotels Ambition 2015Restaurants Ambition 2015Travel’s New Heights14 15For the Carlson Rezidor Hotel Group,No.1For our restaurants business,Carlson Wagonlit Travel’s (CWT)our strategy aims to grow our hotelhospitalityT.G.I. Friday’s, our strategy is focused mission is to deliver efficient andportfolio by at least 50 percent toand travelaround three main ambitions:innovative solutions to optimize travelreach at least 1,500 hotels in operationcompany toand meetings and events managementby 2015.work forNo.1 Guest Choiceby leveraging our global reach with the• Define a relevant, compelling best people and superior service.Ambition 2015 entails four prioritygrowth initiatives for our hotelbusiness:guest proposition• Deliver a great service experience• Offer great Friday’s food andCWT’s vision is to be the number onechoice of clients, travelers and CWT• Expand Radisson Blu and Radisson beverageemployees, and to be number oneSegmentas powerful, globally consistent, • Increase relevance at key occasions in sales and profitability in businessLeadingfirst-class brands• Enhance marketing efficiency and travel, meetings and events andBrands• Accelerate the growth of Country Inns effectivenessenergy services.& Suites By Carlson in key markets • Develop a guest engaging box• Grow Park Inn by Radisson as awinning midscale brand acrosstheaters in key countries• Continue the push in key emergingeconomies, with added emphasison midscaleNo.1hospitalityand travelcompany toinvest withThe strategy has five main themes:• Establish clear, compelling positioningfor each brand• Operationalize the brand promises• Accelerate development• Win the revenue battle• Build a global team and organizationNo.1 Employee Choice• Attract and hire the right people• Prepare and support for success• Reward, recognize, advance• Communicate and affiliate• Give back…community, industry,environmentNo.1 Investor Choice• Product box investment model• Compelling operating economics• Robust network growth /development plan• Strong relationships andcommunicationsCWT’s strategy has five main priorities:• Target growth in selected marketsand client segments• Market innovative products andservices that bring value throughoutthe full supply chain• Improve efficiency and customerexperience at the point-of-sale• Leverage the value we deliver toour suppliers• Drive superior performance byattracting, retaining and developingtop talent
Our history and our values showthat Carlson is one of the classicsuccess stories in the Americanfree-enterprise system.16 17
Company HistoryCarlson is one of the classicsuccess stories in the Americanfree-enterprise system. Starting in1938 with an idea and a USD 55loan, entrepreneur Curtis L. Carlson(1914 – 1999) founded the Gold BondStamp Company in his home townof Minneapolis, Minn. His companyallowed grocery stores, drug stores,gas stations and other independentmerchants to use his collectible“Gold Bond Stamps” to drivecustomer loyalty and to distinguishthemselves from their competitors.18During the 1950s and 1960s, Gold Bond and sistercompany, Top Value Stamps, helped revolutionizethe way retail goods were marketed. Tradingstamps proved to be right for the times and sweptthe nation in a wave of dramatic growth.19In the 1960s, when the trading stamp marketreached its peak, the Gold Bond Stamp Companyexpanded into the hospitality industry with theacquisition of the Radisson Hotel in downtownMinneapolis. In the 1970s, the company acquireddozens of additional businesses, including T.G.I.Friday’s and Ask Mr. Foster, a leading travel agency.To reflect its diversification, Gold Bond changed itsname to Carlson Companies in 1973. In 2006, todemonstrate that we are one company serving avariety of needs, we became known as Carlson.In 2008-2009, we evolved our business portfolioto focus on hospitality and travel. This focusdeepened in 2012 when we decided to go tomarket and do business with our Brussels-basedpartner, The Rezidor Hotel Group, and createthe Carlson Rezidor Hotel Group.Carlson is a global leader in the hospitality andtravel space thanks to the strengths of our brands:Carlson Rezidor Hotel Group – Radisson Blu,Radisson, Park Plaza, Park Inn by Radisson,Country Inns & Suites By Carlson, Hotel Missoni –T.G.I. Friday’s and Carlson Wagonlit Travel (CWT).
The Carlson Credo20 21Whatever you do,do with Integrity.Wherever you go,go as a Leader.Whomever you serve,serve with Caring.Whenever you dream,dream with your All.And never, ever give up.
Our ValuesCarlson has always been drivenby and rooted in a strong set ofvalues exemplifying the bold,entrepreneurial spirit and highquality standards embodied byour founder, Curtis L. Carlson,who left us the Carlson Credo.22Integrity – Employing the highest ethicalstandards, demonstrating honesty, respect23and open communication.More recently, our management team reaffirmedand further refined those beliefs into the CarlsonValues to ensure that our purpose as a businessis clearly articulated and relevant to current times,and to help our employees better understandhow their actions help Carlson attain its highestaspirations, in service to each other, to our guestsand to the world.Innovation – Approaching new challenges withdiversity of thought, creativity, resourcefulnessand agility, and reacting quickly and effectivelyto provide innovative solutions.Customer focus – Dedicating ourselves todelivering experiences that delight our customers.Empowerment – Encouraging our peopleto take initiative and do what is right.Accountability – Delivering on our performancecommitments and taking responsibility for ouractions and our own situation.Responsibility – Ensuring that our actions deliverreturns for our stakeholders while ensuringbenefit to our employees, customers, owners,business partners and suppliers, as well as theenvironment and the communities in whichwe operate.C-factor – Daring to be different, in a fun andrewarding way.
We are a global company thatunderstands the benefits ofcombining scale with front lineempowerment.24 25
Our Organization PrinciplesCarlson is led by a strong teamWe are a global company that understands26 27the benefits of combining scale with front lineof experienced professionals.empowerment.• Across our business and brands we share anumber of ambitions, values, managementprinciples, governance processes and standards.• In our entrepreneurial culture we believe weshould generally assign responsibility, authorityand accountability close to the customer andfront line.• Our top management has responsibility foroverall strategy and allocation of capital;senior leadership selection, development,and compensation; governance, includingdefinition of certain standards and compliancemanagement, risk management, delegation ofauthority and audit; reporting; and corporatecommunication.• In addition, we share processes and resourceswhere we can leverage our size and scope(e.g., treasury, tax, key financial processes,IT infrastructure, payroll, benefits, sourcing).Carlson also offers the opportunity to sharebest practices across regions and brands(e.g., in the areas of front line service excellence,marketing, real estate, etc.) and to pursue a richerset of career opportunities. Our functional leadersare responsible to ensure this happens.
Our brands, which include theCarlson Rezidor Hotel Group –Radisson Blu, Radisson, Park Plaza,Park Inn by Radisson,Country Inns & Suites By Carlson,Hotel Missoni – T.G.I. Friday’sand Carlson Wagonlit Travel (CWT)are among the most recognizedand respected in the business.28 29
Our BrandsOur business portfolio hassignificantly evolved overthe last few years to focuson hospitality and travel.We are a global leader inthat space thanks to thestrengths of our hospitalityand travel brands and ourstrong geographic footprint.34 35The Carlson Rezidor Hotel Group is one ofthe world’s largest and most dynamic hotelcompanies with a fantastic portfolio of sixextraordinary brands.Radisson Blu is an iconic,contemporary hotel brand withleading-edge style where thedelight is in the detail.Park Inn by Radisson is bright,bold, fresh, uncomplicated,friendly and fun withunexpected touches of iconic,contemporary design.One of the world’s bestloved restaurants, T.G.I.Friday’s is truly one ofa kind.CWT is the world’s leadingbusiness travel managementcompany. We’ve beeninnovating and caring abouttravel management since the19th century.Radisson is contemporary bydesign, socially responsibleand service-driven.With smart, spirited service,Park Plaza hotels’ trend-settingdesigns capture the energy andstyle of each individual location.Country Inns & Suites ByCarlson is a caring andconsistent hotel brand thatoffers a comfortable hospitalityexperience, all delivered witha touch of home.Bold. Passionate. Fashionable.Uniquely Missoni.
Our focus is well placed. Traveland tourism is a large and growingindustry. According to the WorldTravel and Tourism Council, theindustry currently employs over235 million individuals worldwideand represents a global annualspend of USD 6 trillion.36 37
Worldwide, World-Class HospitalityIt has a fantastic portfolio of more than 1,30038 39hotels in operation and under development,The Carlson Rezidor Hotel Group is a global footprint covering 81 countries andone of the world’s largest and most territories, and a powerful set of global brands:dynamic hotel companies.Radisson Blu, Radisson, Park Plaza, Park Inn byRadisson, Country Inns & Suites By Carlson andHotel Missoni.With our long, successful history in globalhospitality, the Carlson Rezidor Hotel Grouphas a rich expertise across all key segments,all business models, plus a strong andexpanding revenue generation capability.Our 80,000 inspiring people collectivelydeliver system-wide revenues of USD 7 billion.We aspire to be the number one hospitalitycompany to work for and invest with. Andwe intend to grow the number of hotels inoperation by at least 50 percent – reachingmore than 1,500 hotels in operation by 2015.Together, we do deliver more.
Hotels Designed To Say Yes!Radisson Blu is an iconic,contemporary hotel brand withleading-edge style where thedelight is in the detail. It offersguests a holistic hospitalityexperience that’s totallyrelevant to now.42One of the world’s leading hotel brands,Radisson Blu creates iconic buildings withindividual interiors invoking an inviting, excitingambiance. Pioneering bold and innovativelobbies, guest rooms and public spaces with thelatest technology and a range of highly individualsolutions, Radisson Blu offers a guest experiencethat is truly unique in the world of hotels today.43Radisson Blu offers a range of World of Radissonproduct and service concepts, worked throughand coordinated in minute detail, guaranteeingan end result that’s inspirational, functionaland simple to implement. From room stylesto the brand’s own restaurants and bars, fromits meetings and events facilities to its fitnessand spas and other World of Radisson serviceconcepts, the basics are designed to be vibrant,engaging and holistic.While design might be the statement for RadissonBlu however, it is the culture that remains kingand the people everything. Radisson Blu’s YesI Can! SM ethos is both the foundation and thedriving force of the brand’s culture.Radisson Blu has 305 properties in operation andin development. The brand’s flagship propertiescan be found in prime locations, including majorcities, airport gateways, and leisure destinationsaround the world.
Caring. Sharing. Daring.In simple terms, we are caring, sharing and46 47daring – it’s our heart and core, and the definitionRadisson is contemporary byof all we do. We take great pride in our deepdesign, socially responsibleunderstanding of how it feels to travel in thisand service-driven.increasingly fast forward world, and we are abrand that’s focused on the art of truly humanhospitality, delivered with pride and with purpose.Engaged, enlightened and wholly empathetic,we understand guests as real people with veryreal wants and needs: busy, modern men andwomen with busy, modern lives. It’s our passionfor Yes I Can! hospitality and our commitmentto building meaningful personal relationships thatdefines who we are, what we do and how we do it.Radisson has 227 properties in operation andin development around the world. Our ultimatedesire is to be found where you need us to be.Currently, we’re conveniently situated in majorurban and suburban settings, in resorts, businessdistricts and locations close to airports aroundthe world.
With smart, spirited service,Park Plaza hotels’ trend-settingdesigns capture the energy andstyle of each individual location.50A full-service, upper midscale hotel brand forbusiness and leisure travelers, Park Plaza offersaward-winning meeting facilities and staff who livethe brand’s value proposition by going out of theirway to show their appreciation to their guests.51Park Plaza hotels are located in city centersworldwide. Park Plaza has more than 40 hotelsoperating throughout the world and 18 underdevelopment.
...adding color to life SMAn energetic hotel brand with unexpected54 55touches of iconic contemporary design,Park Inn by Radisson is bright,Park Inn by Radisson focuses on what reallybold, fresh, uncomplicated,matters: a good comfortable bed in a cleanfriendly and fun.and safe environment. From check-in to themoment of departure and every touchpointin between, the Park Inn by Radissonexperience is committed to being friendly,efficient, uncomplicated and hassle-free.The brand is a key focus of growth acrosstheaters in key markets. Its scalability andmoderate costs make Park Inn by Radissonan ideal brand for conversions and new builds.With more than 125 hotels in operationthroughout the world and 65 hotels in thepipeline, Park Inn by Radisson is embarkingon an ambitious plan to grow globally and isspecifically focused on key emerging economiessuch as Brazil, Russia, India and China.
58I love this Country. SMCountry Inns & Suites By Carlsonis a leading mid-market brand knownfor providing a caring, consistent andcomfortable hospitality experience alldelivered with a touch of home.Welcoming and genuine, with a Be Our Guestservice philosophy and amenities and servicesthat are beyond expectations, it is not surprisingthat Country Inns & Suites delivers high levelsof service. From unique amenities like ourcomplimentary Be Our Guest Breakfast toan atmosphere that is comfortable and idealfor business and pleasure, you’ll love all thegreat reasons to stay with us.59The brand currently operates more than480 hotels throughout the world and has44 properties currently contracted and underdevelopment. This homegrown brand willexpand by an additional 150 hotels globallyby 2015 primarily in the U.S., Canada, Indiaand Mexico.
Bold. Passionate. Fashionable.Uniquely Missoni.62 A new genre of life and style hotels developedin partnership with the iconic Italian fashion houseof the same name. Stylish, intimate, contemporary,eclectic design combined with the best of barsand restaurants make this a truly unique luxuryhotel experience.63The strategy for Hotel Missoni is to expand thebrand in key city center and resort locations inall the glamorous parts of the world.
In Here, It’s Always Friday ®66 In 1965, Friday’s opened its first location in67New York City, and it quickly became known asOne of the world’s best lovedthe place where people could let their hair downrestaurants, T.G.I. Friday’s is trulyand be themselves. It was the most exciting spotone of a kind.for people to gather, put down the issues of theday and truly have fun again. That first restaurantand bar gave people the opportunity to meetand connect with others in an invigoratingenvironment – and for every guest, no matterwhen they came, every visit felt like Friday.At Friday’s we promise to deliver that sense ofexcitement and release that people get whenFriday comes around – at any time. It means ourenergy always exists through our food, our drinksand most importantly through our stimulatingservice that is distinctive among a category “seaof sameness.”Whether it be lunch, dinner or late night, Friday’salways provides an environment that frees ourguests to let go of the restraints of the day, bethemselves and play, so they leave our restaurantsfeeling better than they did when they first walkedthrough our doors. The world has changed a lotsince 1965 but the need for the “Friday Feeling”has not. It is just as relevant today.
68From the moment you walk into a Friday’s, Carlson operates more than 920 T.G.I. Friday’s inyou are filled with a sense of anticipation61 countries and territories. Our ambitious strategy69because the restaurant experience stimulatesyou and shakes the monotony of your day. That’sbecause at Friday’s you are free to taste authenticAmerican food and drink with a new and excitingfor this highly innovative brand is to grow it by atleast 250 more restaurants in operation by 2015,bringing the portfolio to nearly 1,200 restaurantsin key destinations across the globe.twist. You’re also free to share in the collectivesocial buzz. The heart of this vibe at eachFriday’s is the bar – it’s the stage from whichenergy is cast to every corner of the restaurant.The bartenders pride themselves on providinga stimulating environment, where you feel free tolet loose and play. And our waiters and waitresseswork hard to extend this infectious energy to thedining area with flair and skill – presenting new,exciting, great-tasting favorites in the process.Our world-class “ring the bell” service heightensthe experience for all our guests, helping themfeel at ease, relax, speak honestly and playfreely. And by the end of their visit, our guestsexperience that energizing second wind thatleaves everyone feeling re-energized.
Carlson Wagonlit Travel (CWT)is the global leader specializing inbusiness travel management. CWTworks with its clients to respond tothe complexities and challengesof business travel managementwhile addressing the needs andexpectations of travelers.72CWT delivers efficient and innovative solutionsto optimize travel and meetings and eventsmanagement by leveraging our global reachwith the best people and superior service.By leveraging the talents and know-how of itspeople around the world and providing leadingedgetechnology and innovative solutions,CWT enables clients across the globe todrive savings while delivering service andenhancing security and sustainability.73Working closely with clients to fully understandtheir goals, CWT provides products and servicesthat balance and meet the needs of travelmanagers, business travelers, procurementprofessionals and C-level executives. With morethan 14,000 skillfully trained counselors, CWToffers best-in-class traveler services, bookingassistance and optimized transaction processing.By working closely with each client, CWT helpsensure that your specific requirements are metusing the best service configuration.
74CWT leverages its global footprint and innovative CWT Meetings & Events has the expertisetechnology with best-in-class tools to help clients and hands-on experience you need to optimize75around the world maximize the effectiveness andvalue of their travel programs. We start withcapturing data consistently and consolidating itso it can be used to identify opportunities. CWTthen helps clients assess their current programand build an optimization strategy that meetstheir specific objectives.savings, improve services, increase control,enrich attendee experiences, and reach yourorganization’s unique strategic objectives.From a menu of services in logistics, sourcingand consulting to end-to-end management, wehave meetings and events covered. Our industryleading technologies and proprietary optimizationmodels improve process efficiencies and provideTo help avoid situations that may adversely affecttraveler safety, CWT provides clients and theirworldwide data consolidation, benchmarkingcapabilities and reconciliation reporting.travelers with a standard suite of safety andsecurity tools. This suite provides information andtools that increase awareness of risks, improvecommunication, and identify and track travelersquickly in a crisis. When incidents occur, CWT’sthorough crisis communications process includeseffective communication as well as responseand recovery procedures to ensure clients areinformed and travelers well protected.
We are a truly responsiblebusiness in practice as wellas in theory.As we do business, we interactwith a broad range of stakeholders,including our people, our customers,our shareholders and financial partners,our suppliers, the environment,governments and the communitiesin which we operate.At Carlson, when we interact withour various stakeholders, we aspireto combine a powerful businesssense and a strong sense of socialresponsibility.Responsible Business78Stakeholders and ArenasEmployeesBusiness Imperatives3 Competence managementSocial Responsibility3 Safety & security793 Performance management3 Diversity management3 Benefits & compensation management 3 Family-oriented policies and programs3 Headcount planning3 Wellness programs3 Organizational effectiveness3 Respect for Human RightsShareholdersSuppliersCustomersGovernmentCommunityEnvironment3 Sound strategies3 Positive returns3 Effective risk management3 Integration in supply chain management3 Winning value propositions3 Effective value delivery3 Compliance with rules and regulations3 Payment of taxes3 Anti-corruption standards3 Job creation3 Payment of taxes3 Action to reduce consumption ofenergy, water, chemicals to improveefficiency and reduce waste3 Responsible purchasing3 Transparency3 Governance3 Fair and equal treatment3 Inclusion of ethical and socialresponsibility criteria in supplierevaluation3 Concerns about sustainabilityof supply chains3 Concern for the well-being of customers3 Opportunity for customers to supportand engage in responsible businessrelatedactivities3 Data privacy3 Public / private partnerships to addresskey social and industry issues / standards3 Corporate citizenship3 Community engagement3 Action to reduce consumption of energy,water, chemicals to improve efficiencyand reduce waste3 Responsible purchasing
Carlson aspires to combine a powerfulbusiness sense and a strong sense ofsocial responsibility.80 81
Great PeopleWe are a people business. As oneof America’s largest family-ownedcompanies operating a hospitalityand travel business in more than150 countries and territoriesthroughout the world, we are onlyas good as our people make us.82For nearly 75 years, we have been buildinggreat relationships with colleagues, customers,83employees and communities – and people aretaking notice.Carlson has been named:• One of “The 100 Best Companies for WorkingMothers,” by Working Mother magazine,2001 – 2004, 2006, 2007, 2009, 2010 and 2011• One of “The Best Companies for HourlyWorkers,” by Working Mother magazine, 2011• One of the “Best Places to Work for GLBTEquality” by The Human Rights Campaign,2006 – 2010 and 2011• One of two “100 Best Adoption-FriendlyWorkplaces” hotel and travel companies inAmerica by the Dave Thomas Foundationfor Adoption, 2007, 2008, 2009, 2010, 2011Carlson symbolizes the ultimate Americansuccess story built on innovative business ideasand the commitment, creativity and passion ofthousands of employees around the world.
Our culture encourages employees toinnovate, share ideas, take risks, leadand care about making a difference.84 85
The Way AheadCarlson is focused on long term86 Carlson believes in delivering the entire package,87global growth and innovationnot just great proven hospitality and travelproducts and brands, but a comprehensivethrough its portfolio of vibrant brands.ethical approach to business and relationships.We believe in offering our owners, Our legacy stretches back nearly 75 years, and infranchisees, partners and all ourthat time, we have honed our business acumenstakeholders valuable opportunitiesto achieve global success. We understand thatbusiness is not just about short term successnow and in the future.but it is about long term relationships andcreating holistic and responsible long termvalue. That’s our approach at Carlson.With our Ambition 2015 strategy and our globalbest practices, our momentum, resources andour vision for the future, Carlson offers a futureof opportunities and success.We look forward to working with you.
Contacts88Carlson701 Carlson ParkwayMinnetonka, MN 55305U.S.A.T: +1 (763) 212-5000Carlson RezidorHotel Group701 Carlson ParkwayMinnetonka, MN 55305U.S.A.T: +1 (763) 212-5000Avenue du Bourget 44B-1130 BrusselsBelgiumT: +32 2 702-92003 HarbourFront Place#08-01/02 HarbourFront Tower 2Singapore 099254T: +65 6511-9266Carlson Restaurants/T.G.I. Friday’s4201 Marsh LaneCarrollton, TX 75007U.S.A.T: +1 (972) 662-5400Carlson Wagonlit TravelCWT Global Headquarters31 Rue du Colonel Pierre Avia75904 Paris Cedex 15T: +33 (0)1 41 33 60 00Europe, Middle East, Africa31 Rue du Colonel Pierre Avia –CS9155175741 Paris Cedex 15FranceT: +33 (0)1 41 33 60 00Americas701 Carlson ParkwayMinneapolis, MN 55305U.S.A.T: +1 (800) 213-7295Asia Pacific70 Anson Road#20-01 Hub Synergy PointSingapore 079905T: +65 6220-2228www.carlson.com250512250512
CARLSONHOTELSRESTAURANTSTRAVELSystem-wide revenues ofUSD 38 billionworldwidean increase of 13% vs. 2010172,000people are employed by the Carlson brandsNEARLYMORETHAN1,300Over920restaurants in61 countriesand territorieshotels inoperation anddevelopment in81 countriesandterritoriesThe world’s leadingbusiness travelmanagement companyCarlson Wagonlit Travel(CWT) operates in 153countries and territories7.3% >Gross room8%revenue upto USD 4.3 billionRecord room portfolio exceeding208,500rooms in operationand developmentOpenedIN63HOTELS2011Brand web site sales22%increase in system-wide revenuesto USD 7 billion242 propertiesin development pipeline, totaling42,500 rooms84 new hotels signed,totaling 16,610 roomsup 7% vs. 20108 million membersin the loyalty program,up 26%;1.7 million new membersSystem-wide revenues ofUSD 2.6> 4%Opened41restaurants60new369 restaurants ininternational locationsbillion,an increase of3.8% vs. 2010increase incomparable salesin international markets (local currencies)acrossinternationalmarkets and ontrack to open nearlyrestaurantsglobally in20122011Number of transactionsmanaged by CWTincreased by 7.2%year-over-year>Transactions inLatin Americagrew by 13%CWT was successfulin retaining96%system-wide revenuesat USD 28 billion,growth of 15% vs. 2010Asia Pacificled withtransactions up>18%year-over-year>North Americasaw transactionsincrease by 5.2%EMEA (Europe, Middle East and Africa)experienced a 6.2% increase in transactionsof its clients’ business andwinning USD 2.2 billionin annualized new sales,excluding renewals