DUFRY AG Listing of 4,218,750 Registered Shares

Dufry (excluding Hudson) generated revenue of CHF 1,930.3 million for the year ended December 31,
2007 and CHF 934.8 million for the six months ended June 30, 2008. As of June 30, 2008, Dufry (excluding
Hudson) had 7,180 employees.
Key Strengths and Strategy
Dufry’s Management (“Management”) believes that Dufry’s position as a leading global travel retailer is
based on the following key strengths:
High-quality, diversified concession portfolio;
Diverse operations in 39 countries (excluding Hudson) across Europe, Africa, Eurasia, North America
and the Caribbean and South America combining high growth emerging markets and prime operations
in developed markets;
Extensive operations that provide benefits of scale;
Well-developed reputation as a quality operator; and
Experienced management team and multinational workforce.
By utilizing its key strengths, Dufry will seek to enhance further its position by implementing the following
business strategies:
General
Combine global reach with extensive local market knowledge;
Operate as a “true” retailer focused on customer needs;
Position Dufry as preferred partner for long-term business relationships;
Enhance central functions to improve profitability; and
Focus on profitable growth through enhancing and expanding certain existing facilities while seeking
new concessions through tender or private negotiation or by acquisition opportunities in both the dutypaid
and duty-free segment that may arise from industry consolidation, including increasing the Dufry
Group’s holding in certain non-wholly owned operating subsidiaries.
HUDSO�
Hudson is the leading travel retailer in North America with operations in the United States and Canada,
focused on duty-paid stores at airports.
The Hudson Group’s travel retail operations consist of a variety of retail concepts focusing on the specific
needs of travelers, including the following brands:
Hudson �ews, North America’s only news, gift and convenience brand, with a brand recognition ratio
of 60 percent;
Hudson Booksellers, the largest book retailer in the North American travel industry, offering a very
comprehensive selection of books;
Kids works, stores offering toys, games, books and apparel for children;
$10 | $15 Boutiques, offering extravagant looking and fashion accessories at value prices;
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