DUFRY AG Listing of 4,218,750 Registered Shares

Changes in Accounting Policies
The accounting policies adopted are consistent with those of the previous financial year except as follows:
In 2007, Dufry Group has adopted the following new and amended IFRS and IFRIC interpretations. Adoption of
these revised standards and interpretations did not have any material effect on the financial performance or
position of the Group. They did however give rise to additional disclosures.
– IFRS 7 Financial Instruments: Disclosures
– IAS 1 Amendment - presentation of Financial Statements
– IFRIC 7 Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary
Economies
– IFRIC 8 Scope of IFRS 2
– IFRIC 9 Reassessment of Embedded Derivatives
– IFRIC 10 Interim Financial Reporting and Impairment
The Group has also early adopted the following IFRS and IFRIC interpretations. Adoption of these
standards and interpretations did not have any effect on the financial performance or position of the Group.
They did however give rise to additional disclosures.
– IFRS 8 Operating Segments
– IFRIC 11 IFRS 2 – Group and Treasury Share Transactions
The accounting policies adopted in the preparation of the interim condensed consolidated financial
statements of June 30, 2008 are consistent with those followed in the preparation of the Group’s annual financial
statements for the year ended December 31, 2007, except for the adoption of new Standards and Interpretations,
noted below:
– IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their
Interaction (effective from January 1, 2008)
This Interpretation provides guidance on how to assess the limit on the amount of surplus in a defined
benefit scheme that can be recognized as an asset under IAS 19 Employee Benefits. As the Group’s
defined benefit schemes are not expected to be in surplus at year end, the Interpretation will have no
impact on the financial position or performance of the Group.
– IFRIC 12 Service Concession Arrangements (effective from January 1, 2008)
This Interpretation applies to service concession operators and explains how to account for the
obligations undertaken and rights received in service concession arrangements. No entity of the Group
is a public service provider and hence this Interpretation has no impact on the Group.
Where necessary, the comparatives have been reclassified or extended from previously reported results to
take into account any changes in presentation made in the annual report or these interim financial statements.
�o Material Change
There has been no material change in the business or financial situation of the Dufry Group since June 30,
2008, except as disclosed elsewhere in this Listing Prospectus.
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