Premier Vision August 2017 Contents

Tax Free Trends

Summary 03

Tax Free Shopping Sales Trends 05

Feature: Chinese Tourist Survey 07

Tax Free Sales by Destination and Source 08

Top 5 Visitor Nations per Destination Country 10

Currency Trends 12

Arrivals Forecast

Europe Overview 14

France 15

United Kingdom 16

Italy 17

Spain 18

Germany 19

Singapore 20

Premier Vision August 2017 Premier Tax Free | 02 Shopping & Arrivals Growth Summary – August 2017

+5% +7% -2% +16% Total Tax Free Total Vouchers Total Avg. Transaction Total Arrivals Sales Turnover / Transactions Values (ATV)

Top 5 Destination Markets Top 5 Source Markets

Tax Free Sales Vouchers/ Avg. Transaction Arrivals Tax Free Sales Vouchers/ Avg. Transaction Arrivals Turnover Transaction Values (ATV) Turnover Transaction Values (ATV)

FRA +6% -1% +7% +20% CHN +11% +13% -1% +10%

GBR -9% +5% -14% +13% USA +10% +3% +6% +24%

ITA +18% +17% +1% +12% RUS -2% +19% -18% +25%

ESP +15% +10% +5% +20% UAE +4% +2% +2% +27%

DEU +0% +6% -5% +13% HKG +0% +1% -1% +4%

Premier Vision August 2017 Premier Tax Free | 03 Shopping & Arrivals Growth Summary – Year to Date

+16% +14% +2% +12% Total Tax Free Total Vouchers Total Avg. Transaction Total Arrivals Sales Turnover / Transactions Values (ATV)

Top 5 Destination Markets Top 5 Source Markets

Tax Free Sales Vouchers/ Avg. Transaction Arrivals Tax Free Sales Vouchers/ Avg. Transaction Arrivals Turnover Transaction Values (ATV) Turnover Transaction Values (ATV)

FRA +15% +4% +10% +13% CHN +24% +21% +2% +14%

GBR +19% +24% -5% +12% USA +21% +10% +11% +17%

ITA +24% +23% +1% +9% RUS +12% +32% -15% +20%

ESP +22% +14% +8% +18% HKG +40% +23% +14% +8%

DEU +4% +2% +2% +6% TWN +43% +43% -0% +10%

Premier Vision August 2017 Premier Tax Free | 04 Tax Free Shopping Sales Trends

Overview Gains in Italy continue to 1 in 2 Chinese nationals set to set the pace for the main be on the move for Chinese The rate of gains in Tax Free Shopping sales slowed considerably in August, but only when compared to destination markets Golden Week the significant double-digit increases seen throughout 2017 thus far. Sales in Italy have increased by 24% on a year to date With half the Chinese population forecast to travel over basis, and increased by 18% in August 2017, with both the 1st to 8th October Golden Week holiday period, The 5% increase in sales in the month was supported by of these rates of growth representing the highest approximately 6 million are expected to travel abroad. a 7% increase in transactions, which ostensibly suggests increases amongst the main destination markets. continued momentum based on the over-arching macro Reports from the China Tourism Academy and Ctrip trends and events, including; continued weakness in oil This renaissance follows a challenging 2016, and has highlight that overseas travellers are looking for prices, the Qatar blockade, the recent terror attack in been broad based in nature, both from a source market increasingly diverse destinations during this holiday Barcelona, the anniversary of the hyper growth in sales in and city perspective. In terms of source markets, seven period, with popular TV shows such as Game of Thrones the UK following the depreciation in the value of sterling, of the top ten nationalities have seen double-digit gains providing a new pull for tourism. Croatia is expected to and the recent softness in the value of the US Dollar. on a year to date, with some of the most significant see a 300% increase in tourists, whilst there is also strong gains derived from Chinese and South Korean tourists, growth in other locations the series was filmed such as Whilst the propensity for gains will likely continue to be experiencing gains of 35% and 43%, respectively. The the Czech Republic, Iceland, Spain and Northern Ireland. somewhat hindered as a result of these broader factors, top 10 cities in Italy have all seen double-digit gains on a we remain cautiously optimistic on the prospects for the year to date basis, with the top 3 cities of Milan, Rome The projections for arrival numbers to the main European remainder of 2017, with leading indicators suggesting & Florence all seeing gains of 23% plus. destination markets suggest Chinese arrivals will continued growth into September, and the arrivals increase by approximately 8% in October, with double- outlook currently suggests a boost in numbers for the The prospects for 2017 as a whole therefore look digit gains predicted for France, Italy and Spain. A recent upcoming Golden Week period. extremely positive, with arrivals outlook suggesting survey commissioned by Premier Tax Free in early 11% growth between September and November, and August confirms the increasing attraction for alternative crucially, Italy is also set to be the main beneficiary of destinations. Aside from the primary destinations, increased arrivals for the Golden Week and harvest respondents that intended to travel to Europe within festival vacations for Chinese and South Korean the next six months, highlighted that ‘Other’ Western tourists in October, with predicted gains of 17.7% Europe and Eastern European countries were increasing and 56.4%, respectively. in popularity. See page 7 for more details.

Premier Vision August 2017 Premier Tax Free | 05 Tax Free Shopping Sales Trends (continued)

South Korean harvest festival ‘Trump Slump’ is confirmed; the ban applied to but other parts of the world as well.”

holiday to provide further boost potentially provides further This confirmation in the fall in tourism to the US has likely to retailers boost to European travel been a contributory factor in the increase in arrivals to the main European destinations this year, and Whilst all eyes and attention are focused on the A revised report by the U.S. Travel Association (USTA) with the potential trade restrictions with upcoming Chinese Golden Week, the first week of revealed that international tourism to the US has China, this trend could continue as October also marks the lunar calendar aligned and week declined in the year so far, contrary to earlier reports of tourists look for alternative long, harvest festival holiday for South Koreans, also consistent growth. Many tourism experts believe that destination choices. known as Chuseok. the decline is due to policies regarding outsiders coming into the United States in particular, and not least the Furthermore, following tumultuous recent times that has proposed ban on the seven Muslim majority countries seen the country endure a major corruption scandal that (Iran, Iraq, Syria, Sudan, Somalia and Yemen), leading brought down its president, as well as increasing tensions to commentators assigning this phenomenon as the with North Korea, the South Korean government is ‘Trump Slump’. allowing the country’s 51 million people to take an extra long holiday next month. The government has declared The World Travel and Tourism Council (WTTC) Monday 2nd October as an additional holiday this year, in has also confirmed this fall in inbound tourism order to allow workers 10 consecutive days off. to the US, stating that; “The travel ban had an immediate impact on travel With almost uninterrupted gains in sales to these tourists bookings to the US…not just in recent years, this presents a significant opportunity for from the initial seven retailers, with these tourists increasingly diverting travel countries where intentions away from China, amid the missile crisis, and increasingly venturing into European destinations. This is further asserted with the current projections of arrival numbers predicting growth in excess of 50% in October, to the main European destination markets.

Premier Vision August 2017 Feature: Chinese Tourist Survey

Travelled in the last 12 months NORDICS 13% 13%

Travelling in the next 6 months S.E. EUROPE 5% 5% In early August 2017, Premier Tax Free commissioned a survey on 200 Chinese nationals that had visited Europe in last 12 months, and a further 200 Chinese nationals E. EUROPE 3% 5% that intended to travel to Europe in the next six months.

The survey results not only highlights the increasing GERMANY 14% 15% diversity in destination choice, but also increasing maturity in certain destinations outside of the main destination markets. For example, the Nordic countries attract more than double the numbers that travel to UNITED KINGDOM 14% 15% Spain/Portugal, and is almost equal to the numbers visiting the UK, Germany & Italy. OTHER W. EUROPE 6% 8% The survey also highlights the desire to visit a number of destinations as part of the vacation to Europe, as although a third of respondents visited only a single SPAIN / PORTUGAL 6% 6% country or region of those shown, the average number of countries or regions is 2.8, with the most popular combinations being FR, DE & UK, which is equal in FRANCE 22% 19% popularity to FR, DE, UK & IT.

If you would like to see further output ITALY 15% 13% of this survey, please contact us at: [email protected]

Premier Vision August 2017 Premier Tax Free | 07 Sales Performance – August 2017

By Destination By Source Market

FRA +6.3% CHN +11.4%

GBR -9.3% USA +9.8%

ITA +18.2% RUS -1.6%

ESP +15.1% UAE +3.6%

DEU +0.0% HKG +0.0%

SGP -12.7% KWT +2.8%

AUT +34.0% SAU -9.8%

IRL +4.2% KOR -0.2%

CZE +31.8% TWN +26.8%

PRT +23.3% QAT -19.5%

Premier Vision August 2017 Premier Tax Free | 08 Sales Performance – Year to Date

By Destination By Source Market

FRA +14.6% CHN +24.0%

GBR +18.6% USA +21.5%

ITA +24.0% RUS +12.1%

ESP +22.0% HKG +40.4%

DEU +4.2% TWN +42.7%

SGP -8.7% KOR +21.2%

AUT +24.9% UAE +9.2%

IRL +16.7% THA +5.3%

CZE +42.4% IDN +15.5%

PRT +43.9% KWT +5.5%

Premier Vision August 2017 Premier Tax Free | 09 Top 5 Visitor Nations Per Destination Country – August 2017

Market Avg. Transaction Year on Market Avg. Transaction Year on Share Values (ATV) Year Sales Share Values (ATV) Year Sales

CHINA 33% € 1,573 10% CHINA 38% € 329 -8% USA 8% € 1,283 15% INDONESIA 13% € 335 -24% RUSSIA 7% € 1,620 2% INDIA 12% € 578 -3% HONG KONG 6% € 4,470 7% VIETNAM 7% € 500 82% FRANCE SOUTH KOREA 5% € 640 -15% SINGAPORE SOUTH KOREA 3% € 161 24%

CHINA 31% € 310 -3% CHINA 35% € 544 81% UAE 7% € 458 -8% RUSSIA 7% € 402 49% KUWAIT 7% € 281 -12% SWITZERLAND 6% € 358 -13% SAUDI ARABIA 6% € 302 -15% UAE 6% € 472 12% UK USA 6% € 293 -11% AUSTRIA KUWAIT 6% € 496 68%

CHINA 26% € 1,014 21% CHINA 43% € 420 1% USA 13% € 1,100 25% USA 30% € 116 15% RUSSIA 11% € 696 7% AUSTRALIA 3% € 134 -5% UAE 3% € 1,228 21% CANADA 3% € 103 8% ITALY AUSTRALIA 3% € 741 48% IRELAND UAE 3% € 289 -22%

CHINA 24% € 615 34% CHINA 30% € 374 54% RUSSIA 10% € 353 5% RUSSIA 16% € 339 20% USA 7% € 634 7% TAIWAN 9% € 200 21% MEXICO 7% € 429 48% SOUTH KOREA 6% € 189 53% SPAIN ARGENTINA 6% € 260 38% CZECH REP. USA 6% € 495 44%

CHINA 33% € 481 -7% CHINA 32% € 1,624 28% UAE 12% € 757 6% ANGOLA 21% € 335 18% RUSSIA 7% € 524 1% BRAZIL 15% € 294 25% KUWAIT 7% € 517 -12% MOZAMBIQUE 4% € 259 56% GERMANY SAUDI ARABIA 3% € 409 -14% PORTUGAL RUSSIA 4% € 361 32%

Premier Vision August 2017 Premier Tax Free | 10 Top 5 Visitor Nations Per Destination Country – YTD

Market Avg. Transaction Year on Market Avg. Transaction Year on Share Values (ATV) Year Sales Share Values (ATV) Year Sales

CHINA 31% € 1,686 21% CHINA 32% € 385 -9% HONG KONG 8% € 4,957 56% INDONESIA 16% € 339 -14% USA 8% € 1,311 22% INDIA 13% € 595 7% RUSSIA 6% € 1,548 1% VIETNAM 5% € 427 38% FRANCE SOUTH KOREA 6% € 725 6% SINGAPORE MALAYSIA 3% € 612 -24%

CHINA 26% € 399 30% CHINA 25% € 542 68% USA 7% € 405 22% RUSSIA 14% € 451 31% KUWAIT 6% € 355 6% SWITZERLAND 11% € 408 -1% UAE 5% € 595 13% TAIWAN 7% € 678 30% UK HONG KONG 5% € 369 31% AUSTRIA UKRAINE 4% € 543 7%

CHINA 28% € 1,052 35% CHINA 42% € 412 26% RUSSIA 11% € 840 30% USA 30% € 115 14% USA 10% € 1,115 29% AUSTRALIA 3% € 145 -3% TAIWAN 5% € 1,213 21% CANADA 3% € 102 0% ITALY SOUTH KOREA 3% € 857 43% IRELAND UAE 2% € 305 -7%

CHINA 28% € 661 41% RUSSIA 31% € 399 53% USA 8% € 669 20% CHINA 20% € 398 56% RUSSIA 8% € 391 20% TAIWAN 13% € 219 41% ARGENTINA 5% € 253 34% SOUTH KOREA 6% € 206 85% SPAIN MEXICO 4% € 379 19% CZECH REP. USA 4% € 536 13%

CHINA 35% € 572 0% CHINA 30% € 1,706 40% RUSSIA 11% € 546 13% BRAZIL 22% € 341 85% UAE 6% € 782 -1% ANGOLA 20% € 370 35% THAILAND 5% € 980 14% RUSSIA 3% € 357 93% GERMANY TAIWAN 4% € 414 38% PORTUGAL USA 3% € 647 52%

Premier Vision August 2017 Premier Tax Free | 11 Currency vs Euro & GBP: Top Source Markets

Currency movements: Last 52 Weeks

CNY > EUR RUB > EUR CNY > GBP

8.0 75 9.0

7.8 8.8 7.6 70

7.5 8.6 7.4 65

7.3 8.4

7.2 60 8.2 7.1

7.0 55 8.0

USD > EUR HKD > EUR USD > GBP

1.20 9.4 1.34 1.18 9.2 1.32 1.16 9.0 1.30 1.14

1.12 8.8 1.28

1.10 8.6 1.26 1.08 8.4 1.24 1.06 8.2 1.22 1.04

1.02 8.0 1.20

Premier Vision August 2017 Premier Tax Free | 12 Arrivals Forecast

In partnership with Europe Overview UK SEP 16 – NOV 16 -2.5% SEP 17 7.6% OCT 17 7.7% NOV 17 5.3% SEP 17 – NOV 17 7.0% Outlook

The 15% increase in arrivals in August was disproportionately higher than the 7% increase in the number FRANCE

of transactions in the month. The inference could suggest that a number of these arrivals were seen SEP 16 – NOV 16 -6.0% towards the latter part of the month, and therefore impacted the propensity for gains in August. SEP 17 12.7% OCT 17 11.7% NOV 17 9.6% However, as seen on page 3, the most significant gaps between the two metrics were seen in SEP 17 – NOV 17 11.6% American and Emirati tourists, where for example, arrivals of American tourists were seen to increase by 24%, resulting in only 3% increase in transaction volumes. It is therefore equally possible gains have been stifled by the recent weakening in the Dollar, attributable in equal measure to the economic and GERMANY political situation in the US, which was further accentuated by the US government recently having to raise their debt ceiling to fund the relief efforts post the recent hurricane devastation, as well as being SEP 16 – NOV 16 1.2% SEP 17 5.7% symptomatic of increased economic vigour in the Eurozone. Whilst it was anticipated that this might OCT 17 8.0% initially impact Average Transaction Value, this would also explain the disparity in Emirati growth rates, NOV 17 3.1% with the Emirati Dirham being pegged to the Dollar. SEP 17 – NOV 17 5.7%

Opportunity ITALY

All major destinations markets are predicted to evidence gains in arrival numbers for the period from SEP 16 – NOV 16 -2.5% September though to November, with Spain expected to be main beneficiary. Following the recent SEP 17 8.2% OCT 17 14.6% terror attack in Barcelona, it is too early at this stage to determine the impact, as much of the bookings NOV 17 11.7% for this period will have been confirmed prior to the attack. Both France and Italy are predicted to SEP 17 – NOV 17 11.0% continue the resurgence seen in 2017 to date, with both of these nations reversing the declines seen in 2016, with the declines in France attributable to the Paris attack, and the decline in Italy attributable to the Expo Milano in the prior year. SPAIN SEP 16 – NOV 16 9.2% The principal focus of opportunity from a source market perspective over the course of these three SEP 17 18.2% months is associated with the Chinese Golden week, as well as the South Korean harvest festival, both OCT 17 15.1% NOV 17 13.6% at the beginning of October, and is expected to result in an 8% increase in Chinese tourists and SEP 17 – NOV 17 16.1% a 54% increase in South Korean tourists.

Premier Vision August 2017 Premier Tax Free | 14 FRANCE 3 Month

RUSSIA HONG KONG CHINA

Arrivals Outlook SEP 16 – NOV 16 -13.4% SEP 16 – NOV 16 -16.2% SEP 16 – NOV 16 -10.5% SEP 17 26.3% SEP 17 16.3% SEP 17 6.5% OCT 17 13.6% OCT 17 12.0% OCT 17 11.4% NOV 17 9.9% NOV 17 1.6% NOV 17 -5.1% S. KOREA SEP 17 – NOV 17 17.0% SEP 17 – NOV 17 11.8% SEP 17 – NOV 17 5.5% SEP 16 – NOV 16 -5.2% SEP 17 25.7% OCT 17 55.9% USA NOV 17 28.9% SEP 17 – NOV 17 36.5% SEP 16 – NOV 16 -8.4% SEP 17 22.7% OCT 17 27.9% NOV 17 28.1% JAPAN SEP 17 – NOV 17 25.7% SEP 16 – NOV 16 -35.1% SEP 17 20.8% OCT 17 49.0% BRAZIL NOV 17 37.0% SEP 17 – NOV 17 33.7% SEP 16 – NOV 16 -12.2% SEP 17 40.3% OCT 17 41.9% NOV 17 58.5% TAIWAN SEP 17 – NOV 17 45.1% SEP 16 – NOV 16 -17.1% SEP 17 3.4% OCT 17 53.0% KUWAIT NOV 17 9.3% SEP 17 – NOV 17 19.3% SEP 16 – NOV 16 -16.8% SEP 17 -27.8% OCT 17 10.3% NOV 17 -7.6% THAILAND SEP 17 – NOV 17 -16.2% SEP 16 – NOV 16 -7.9% SEP 17 5.2% OCT 17 -6.3% NOV 17 10.8% S.ARABIA QATAR UAE INDIA AUSTRALIA SEP 17 – NOV 17 1.6% SEP 16 – NOV 16 -6.9% SEP 16 – NOV 16 -19.3% SEP 16 – NOV 16 -2.1% SEP 16 – NOV 16 6.9% SEP 16 – NOV 16 -15.8% SEP 17 -7.7% SEP 17 -21.7% SEP 17 -14.8% SEP 17 22.6% SEP 17 7.2% OCT 17 5.0% OCT 17 6.5% OCT 17 -11.0% OCT 17 5.7% OCT 17 11.0% NOV 17 -20.2% NOV 17 -11.0% NOV 17 0.5% NOV 17 -7.7% NOV 17 17.3% SEP 17 – NOV 17 -8.2% SEP 17 – NOV 17 -12.6% SEP 17 – NOV 17 -9.6% SEP 17 – NOV 17 9.2% SEP 17 – NOV 17 9.5%

Premier Vision August 2017 Premier Tax Free | 15 UK 3 Month

RUSSIA HONG KONG CHINA

Arrivals Outlook SEP 16 – NOV 16 2.4% SEP 16 – NOV 16 3.4% SEP 16 – NOV 16 10.8% SEP 17 0.1% SEP 17 5.8% SEP 17 7.2% OCT 17 1.3% OCT 17 -0.5% OCT 17 6.3% NOV 17 -0.7% NOV 17 5.0% NOV 17 -6.8% S. KOREA SEP 17 – NOV 17 0.2% SEP 17 – NOV 17 3.9% SEP 17 – NOV 17 3.7% SEP 16 – NOV 16 5.0% SEP 17 31.6% OCT 17 54.9% USA NOV 17 25.2% SEP 17 – NOV 17 37.2% SEP 16 – NOV 16 0.4% SEP 17 16.7% OCT 17 10.2% NOV 17 7.5% JAPAN SEP 17 – NOV 17 12.2% SEP 16 – NOV 16 -13.4% SEP 17 -2.9% OCT 17 7.7% BRAZIL NOV 17 8.5% SEP 17 – NOV 17 3.0% SEP 16 – NOV 16 -7.2% SEP 17 20.0% OCT 17 23.8% NOV 17 29.7% TAIWAN SEP 17 – NOV 17 23.7% SEP 16 – NOV 16 -30.8% SEP 17 11.2% OCT 17 52.8% KUWAIT NOV 17 1.6% SEP 17 – NOV 17 21.0% SEP 16 – NOV 16 17.3% SEP 17 -28.6% OCT 17 -8.4% NOV 17 -7.5% THAILAND SEP 17 – NOV 17 -19.1% SEP 16 – NOV 16 2.8% SEP 17 -3.2% OCT 17 -2.5% NOV 17 7.1% S.ARABIA QATAR UAE INDIA AUSTRALIA SEP 17 – NOV 17 -0.7% SEP 16 – NOV 16 6.9% SEP 16 – NOV 16 -12.5% SEP 16 – NOV 16 -3.0% SEP 16 – NOV 16 3.7% SEP 16 – NOV 16 -3.1% SEP 17 -13.5% SEP 17 -31.1% SEP 17 -21.6% SEP 17 10.0% SEP 17 16.5% OCT 17 -4.3% OCT 17 -8.9% OCT 17 -13.0% OCT 17 -9.5% OCT 17 24.9% NOV 17 -24.2% NOV 17 -24.3% NOV 17 -9.5% NOV 17 -7.4% NOV 17 25.4% SEP 17 – NOV 17 -15.0% SEP 17 – NOV 17 -24.3% SEP 17 – NOV 17 -15.6% SEP 17 – NOV 17 -0.9% SEP 17 – NOV 17 20.4%

Premier Vision August 2017 Premier Tax Free | 16 ITALY 3 Month

RUSSIA HONG KONG CHINA

Arrivals Outlook SEP 16 – NOV 16 -11.6% SEP 16 – NOV 16 -18.8% SEP 16 – NOV 16 -7.7% SEP 17 15.1% SEP 17 6.1% SEP 17 -3.5% OCT 17 5.8% OCT 17 16.0% OCT 17 17.7% NOV 17 2.0% NOV 17 -14.2% NOV 17 -10.0% S. KOREA SEP 17 – NOV 17 8.5% SEP 17 – NOV 17 4.8% SEP 17 – NOV 17 1.9% SEP 16 – NOV 16 -1.2% SEP 17 23.3% OCT 17 56.4% USA NOV 17 37.3% SEP 17 – NOV 17 37.9% SEP 16 – NOV 16 -1.4% SEP 17 14.0% OCT 17 25.8% NOV 17 34.9% JAPAN SEP 17 – NOV 17 21.5% SEP 16 – NOV 16 -15.8% SEP 17 -2.1% OCT 17 21.6% BRAZIL NOV 17 20.2% SEP 17 – NOV 17 11.4% SEP 16 – NOV 16 2.3% SEP 17 12.9% OCT 17 11.4% NOV 17 1.4% TAIWAN SEP 17 – NOV 17 9.9% SEP 16 – NOV 16 -30.8% SEP 17 7.6% OCT 17 60.4% KUWAIT NOV 17 23.3% SEP 17 – NOV 17 28.0% SEP 16 – NOV 16 -6.2% SEP 17 -25.0% OCT 17 -2.5% NOV 17 -4.1% THAILAND SEP 17 – NOV 17 -16.1% SEP 16 – NOV 16 -30.5% SEP 17 1.8% OCT 17 -0.2% NOV 17 5.2% S.ARABIA QATAR UAE INDIA AUSTRALIA SEP 17 – NOV 17 1.8% SEP 16 – NOV 16 -4.9% SEP 16 – NOV 16 -1.3% SEP 16 – NOV 16 -9.6% SEP 16 – NOV 16 -7.3% SEP 16 – NOV 16 2.9% SEP 17 -15.0% SEP 17 -23.2% SEP 17 -21.9% SEP 17 5.3% SEP 17 16.9% OCT 17 -1.0% OCT 17 -5.8% OCT 17 -0.6% OCT 17 5.7% OCT 17 27.7% NOV 17 -19.4% NOV 17 -34.9% NOV 17 -11.3% NOV 17 -4.9% NOV 17 26.1% SEP 17 – NOV 17 -13.0% SEP 17 – NOV 17 -23.3% SEP 17 – NOV 17 -13.1% SEP 17 – NOV 17 3.3% SEP 17 – NOV 17 20.4%

Premier Vision August 2017 Premier Tax Free | 17 SPAIN 3 Month

RUSSIA HONG KONG CHINA

Arrivals Outlook SEP 16 – NOV 16 -1.3% SEP 16 – NOV 16 -2.3% SEP 16 – NOV 16 10.0% SEP 17 21.0% SEP 17 26.5% SEP 17 20.4% OCT 17 4.4% OCT 17 51.1% OCT 17 10.3% NOV 17 4.1% NOV 17 71.3% NOV 17 -4.9% S. KOREA SEP 17 – NOV 17 11.6% SEP 17 – NOV 17 44.8% SEP 17 – NOV 17 10.8% SEP 16 – NOV 16 26.5% SEP 17 8.7% OCT 17 49.3% USA NOV 17 30.0% SEP 17 – NOV 17 27.5% SEP 16 – NOV 16 2.7% SEP 17 28.4% OCT 17 23.8% NOV 17 42.9% JAPAN SEP 17 – NOV 17 29.6% SEP 16 – NOV 16 -21.7% SEP 17 15.7% OCT 17 23.0% BRAZIL NOV 17 16.0% SEP 17 – NOV 17 18.2% SEP 16 – NOV 16 14.8% SEP 17 3.7% OCT 17 11.7% NOV 17 17.6% TAIWAN SEP 17 – NOV 17 9.9% SEP 16 – NOV 16 -3.9% SEP 17 -1.8% OCT 17 29.7% KUWAIT NOV 17 18.0% SEP 17 – NOV 17 14.5% SEP 16 – NOV 16 -6.0% SEP 17 -41.7% OCT 17 -10.2% NOV 17 -0.6% THAILAND SEP 17 – NOV 17 -28.0% SEP 16 – NOV 16 -13.0% SEP 17 47.4% OCT 17 33.1% NOV 17 23.7% S.ARABIA QATAR UAE INDIA AUSTRALIA SEP 17 – NOV 17 35.4% SEP 16 – NOV 16 9.5% SEP 16 – NOV 16 10.2% SEP 16 – NOV 16 -0.1% SEP 16 – NOV 16 5.4% SEP 16 – NOV 16 10.7% SEP 17 -17.4% SEP 17 -30.2% SEP 17 -2.2% SEP 17 19.2% SEP 17 23.0% OCT 17 -1.3% OCT 17 -4.5% OCT 17 1.8% OCT 17 -9.2% OCT 17 30.3% NOV 17 -24.3% NOV 17 -38.9% NOV 17 -2.2% NOV 17 8.3% NOV 17 13.6% SEP 17 – NOV 17 -15.9% SEP 17 – NOV 17 -27.5% SEP 17 – NOV 17 -1.0% SEP 17 – NOV 17 4.6% SEP 17 – NOV 17 23.9%

Premier Vision August 2017 Premier Tax Free | 18 GERMANY 3 Month

RUSSIA HONG KONG CHINA

Arrivals Outlook SEP 16 – NOV 16 -17.7% SEP 16 – NOV 16 9.3% SEP 16 – NOV 16 15.5% SEP 17 6.0% SEP 17 -6.9% SEP 17 -6.3% OCT 17 4.4% OCT 17 7.9% OCT 17 0.8% NOV 17 11.3% NOV 17 -0.7% NOV 17 -9.9% S. KOREA SEP 17 – NOV 17 7.2% SEP 17 – NOV 17 -1.1% SEP 17 – NOV 17 -5.1% SEP 16 – NOV 16 9.4% SEP 17 42.8% OCT 17 55.5% USA NOV 17 22.4% SEP 17 – NOV 17 41.5% SEP 16 – NOV 16 2.1% SEP 17 13.5% OCT 17 8.6% NOV 17 10.0% JAPAN SEP 17 – NOV 17 11.1% SEP 16 – NOV 16 -16.9% SEP 17 20.8% OCT 17 25.5% BRAZIL NOV 17 23.5% SEP 17 – NOV 17 23.0% SEP 16 – NOV 16 4.7% SEP 17 10.0% OCT 17 10.0% NOV 17 16.6% TAIWAN SEP 17 – NOV 17 11.4% SEP 16 – NOV 16 27.0% SEP 17 -1.7% OCT 17 16.7% KUWAIT NOV 17 -2.3% SEP 17 – NOV 17 3.6% SEP 16 – NOV 16 -10.3% SEP 17 -38.3% OCT 17 -5.3% NOV 17 -2.4% THAILAND SEP 17 – NOV 17 -26.8% SEP 16 – NOV 16 -2.4% SEP 17 8.0% OCT 17 25.3% NOV 17 25.3% S.ARABIA QATAR UAE INDIA AUSTRALIA SEP 17 – NOV 17 19.0% SEP 16 – NOV 16 -17.4% SEP 16 – NOV 16 -23.3% SEP 16 – NOV 16 -8.0% SEP 16 – NOV 16 18.7% SEP 16 – NOV 16 6.6% SEP 17 0.5% SEP 17 -31.8% SEP 17 -13.2% SEP 17 3.5% SEP 17 15.5% OCT 17 -5.7% OCT 17 2.2% OCT 17 -7.2% OCT 17 10.7% OCT 17 15.9% NOV 17 -16.0% NOV 17 -15.5% NOV 17 -3.4% NOV 17 -8.5% NOV 17 17.5% SEP 17 – NOV 17 -5.1% SEP 17 – NOV 17 -20.8% SEP 17 – NOV 17 -8.7% SEP 17 – NOV 17 2.8% SEP 17 – NOV 17 16.0%

Premier Vision August 2017 Premier Tax Free | 19 SINGAPORE 3 Month

RUSSIA HONG KONG CHINA

Arrivals Outlook SEP 16 – NOV 16 21.1% SEP 16 – NOV 16 -18.3% SEP 16 – NOV 16 -16.2% SEP 17 9.8% SEP 17 -10.3% SEP 17 0.9% OCT 17 -7.9% OCT 17 -10.1% OCT 17 23.3% NOV 17 2.6% NOV 17 -0.5% NOV 17 2.3% S. KOREA SEP 17 – NOV 17 0.2% SEP 17 – NOV 17 -7.1% SEP 17 – NOV 17 8.7% SEP 16 – NOV 16 2.5% SEP 17 17.5% OCT 17 60.1% USA NOV 17 27.2% SEP 17 – NOV 17 33.8% SEP 16 – NOV 16 2.9% SEP 17 20.4% OCT 17 -0.1% NOV 17 21.2% JAPAN SEP 17 – NOV 17 13.4% SEP 16 – NOV 16 -9.6% SEP 17 7.0% OCT 17 12.7% BRAZIL NOV 17 19.4% SEP 17 – NOV 17 12.8% SEP 16 – NOV 16 -11.3% SEP 17 2.2% OCT 17 36.9% NOV 17 64.4% TAIWAN SEP 17 – NOV 17 34.1% SEP 16 – NOV 16 0.2% SEP 17 -11.3% OCT 17 25.6% KUWAIT NOV 17 11.1% SEP 17 – NOV 17 7.6% SEP 16 – NOV 16 7.1% SEP 17 -54.9% OCT 17 19.0% NOV 17 -16.8% THAILAND SEP 17 – NOV 17 -32.8% SEP 16 – NOV 16 -5.2% SEP 17 9.0% OCT 17 10.2% NOV 17 13.8% S.ARABIA QATAR UAE INDIA AUSTRALIA SEP 17 – NOV 17 11.0% SEP 16 – NOV 16 1.2% SEP 16 – NOV 16 -22.0% SEP 16 – NOV 16 -1.3% SEP 16 – NOV 16 8.1% SEP 16 – NOV 16 -3.6% SEP 17 -28.4% SEP 17 -48.7% SEP 17 -24.0% SEP 17 35.2% SEP 17 24.6% OCT 17 -9.1% OCT 17 -6.7% OCT 17 -6.3% OCT 17 20.7% OCT 17 18.4% NOV 17 -17.9% NOV 17 1.4% NOV 17 -6.1% NOV 17 -6.3% NOV 17 22.2% SEP 17 – NOV 17 -20.2% SEP 17 – NOV 17 -27.3% SEP 17 – NOV 17 -13.3% SEP 17 – NOV 17 15.9% SEP 17 – NOV 17 21.8%

Premier Vision August 2017 Premier Tax Free | 20 Part of the Fintrax Group

Fintrax Group Holdings Headquartered in Galway, Ireland Email: [email protected] | Web: premiertaxfree.com/business

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