Investor Presentaiton

Attractive Market With Strong Growth Characteristics Supportive macro backdrop and dynamics... Strong Real GDP Growth (2011-2015E) Young Population China 8.3% India 8.2% Africa 5.2% Brazil 4.8% Increase in Discretionary Spending 53% 58% 65% 48.6% 39.1% 42.7% 2000A 2010A 2040E 25-59 0-14 15-24 60 or above 2005A 2010A 2015E Discretionary Non Discretionary ...stimulate growth in our areas of operation FX Earnings from Tourism Outbound Travel from India Inbound Travel in India (Rs. bn) (m trips) (m trips) 7.8 22.5 649 5.7 12.6 3.9 331 7.2 156 2000A 2005A 2010A 2005A 2010A 2015E 2005A 2010A 2015E Source: Global Insight, UN Population Statistics; Euromonitor, Ministry of Tourism annual report 2011 Note: Non discretionary spend only includes housing, food and non-alcoholic beverages Thomas Cook 5

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