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Dufry AG, et al. – ‘SC 13E3’ on 9/25/20 re: Hudson Ltd. – ‘EX-99.(C)(3)’

On:  Friday, 9/25/20, at 5:22pm ET   ·   Accession #:  1140361-20-21611   ·   File #:  5-90281

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/25/20  Dufry AG                          SC 13E3                8:131M Hudson Ltd.                       Edgarfilings Ltd.
          Dufry Holdco Ltd.

Tender-Offer Statement by an Issuer – Going-Private Transaction   —   Sch. 13E-3   —   Rule 13e-3
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13E3     Tender-Offer Statement by an Issuer -               HTML    127K 
                Going-Private Transaction                                        
 2: EX-99.(A)(1)  Exhibit (A)(1)                                    HTML   1.49M 
 3: EX-99.(C)(3)  Exhibit (C)(3)                                    HTML    114K 
 4: EX-99.(C)(4)  Exhibit (C)(4)                                    HTML     15K 
 5: EX-99.(C)(5)  Miscellaneous Exhibit                             HTML    100K 
 6: EX-99.(C)(6)  Miscellaneous Exhibit                             HTML     27K 
 7: EX-99.(C)(7)  Exhibit (C)(7)                                    HTML     30K 
 8: EX-99.(C)(8)  Exhibit (C)(8)                                    HTML     57K

‘EX-99.(C)(3)’   —   Exhibit (C)(3)

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

 C: 
Exhibit (c)(3)
   Project River  P R E S E N TAT I O N T O T H E S P E C I A L C O M M I T T E E  6 A U G U S T 2 0 2 0  C O N F I D E N T I A L 
 
     The information herein has been prepared by Lazard Frères & Co. LLC (“Lazard”) based upon information supplied by you, the Special Committee ofHudson Ltd. (“Hudson” or the “Company”) or publicly available information, and portions of the information herein may be based upon certain statements, estimates and forecasts provided by the Company with respect to the anticipated future performance of the Company. Lazard has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of the Company, or any other entity, or concerning solvency or fair value of the Company or any other entity. With respect to financial forecasts, Lazard has assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments as to the future financial performance of the Company. Lazard assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise.Lazard is not making any assessment regarding impact or the economic effects of the COVID-19 virus, including with respect to the potential impact or effects on the future financial performance of the Company. Subsequent developments, including, without limitation, in relation to COVID-19, may affect the forecasts and other information set out in this document and Lazard assumes no responsibility for updating or revising this document based on circumstances or events after the date hereof. These materials and the information contained herein are confidential and, other than as required by applicable law, may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice.  Disclaimer  P R O J E C T R I V E R  C O N F I D E N T I A L 
 
 C O N F I D E N T I A L  I Situation Update  P R O J E C T R I V E R 
 
 Overview  I S I T U A T I O N U P D A T E  P R O J E C T R I V E R  On July 6, 2020, Juan Carlos Torres Carretero, Executive Chairman of Dufry AG (“Dufry”), sent a letter to the Audit Committee of Hudson Ltd. (“Hudson” or the “Company”) to express Dufry’s proposal to acquire the minority interest of Hudson that it does not currently own for $6.25 per share in cashDufry does not own any publicly-traded Class A common shares of Hudson, but owns 100% of the Class B common shares which have 10- times the voting power; under the current structure, Dufry owns ~57% of economic interest and ~93% of voting interest in HudsonDufry expressed its desire to enter into a definitive agreement by August 2, 2020, in order to announce the transaction on August 3, 2020 in conjunction with the presentation of its financial results for the first-half of 2020Dufry expressed interest in the transaction for the following reasons:Ability to significantly reduce the operating and governance complexities Dufry incurs with its listing on the SIX Swiss Exchange and that of Hudson's on the New York Stock ExchangeEliminate stand-alone public company costs at Hudson; these savings could be reinvested into growth initiativesSeamless execution, since Dufry has provided ongoing operational, supply chain and financial support to Hudson since the carve-out IPO of HudsonOn July 15, 2020, Joaquín Moya-Angeler Cabrera, Chairman of the Special Committee of the Board of Directors of Hudson, responded to the July 6 letter from Dufry to request clarification with regard to various aspects of the Dufry proposal, including form of consideration, shareholder approval, and financing, among othersSince the response letter sent by Hudson on July 15, 2020, and including through the exchange of several additional letters, the two parties and their advisors have worked diligently to clarify the terms and conditions of the Dufry proposal, while Hudson Management has developed and refined a long range business plan for the Committee to use in evaluating a potential transactionThe analysis reflected herein is preliminary in nature and remains subject to material change based on finalization of Hudson’s financial projections and changes in market inputs, among other factors1 
 
 Summary of Dufry’s July 6, 2020 Proposal  I S I T U A T I O N U P D A T E  P R O J E C T R I V E R  Source: FactSet as of 8/5/2020, public information.  1  Implied Total Equity Value assumes FDSO of 93.39m.  Structure  TransactionConsideration1  Implied Premium  Acquisition of the publicly-traded minority interest of Hudson that Dufry does not currently own  All cash consideration of $6.25 per Hudson shareImplied Total Equity Value of $584m  Implied premium / (discount) to:Current trading price as of 8/5/2020 ($4.93): 27%o 30-day VWAP as of 8/5/2020 ($4.56): 37%Last trading day before offer on 7/2/2020 ($5.06): 24%o 52-week high on 1/8/2020 ($15.72): (60%)  2 
 
 C O N F I D E N T I A L  II Selected Market Perspectives  P R O J E C T R I V E R 
 
 Observations on Hudson’s Class A Shareholder Base  P R O J E C T R I V E R  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  Notable Ownership Concentration with Limited Float  Class A shares represent ~43% of economic and ~7% of voting rights, with the balance being attributable to Class B shares which are fully owned by DufryThe top 10 owners of Hudson Class A shares collectively account for ~60% of the Class A shareholder base, notably above the S&P 500 average of 48%Higher concentration places considerable influence in the hands of relatively few shareholders, heightening the importance of engaging proactively and frequently with these ownersTotal current market capitalization of Hudson is $460m1, with $199m2 attributable to Class A shares with an average daily traded volume of ~0.8m shares / ~$3.9m over the last 3 months  Numerous Owners Since IPO  11 of Hudson’s top 25 shareholders (at the parent3 level), including three of the top five owners, have held shares of Hudson continuously since the IPOThe weighted average cost basis for these 11 owners, taking into account buying and selling since the IPO, is $16.48; Hudson’s current stock price1 represents a 74% discount to this cost basisBy contrast, the six top 25 shareholders who have held the stock for less than one year have a weighted average cost basis of$6.64; Hudson’s current stock price1 represents a 26% discount to this cost basis  Differing Shareholder Geographies  Hudson’s top shareholders at the parent level are overwhelmingly North American institutional investorsBy contrast, Dufry’s top institutional owners are generally based in Europe, with a handful of U.S. and Asian institutions represented as well  Minimal Shareholder Overlap with Dufry  At the parent level, there is moderate overlap with shareholders holding positions in both Hudson and Dufry composing ~37% of Hudson’s and ~13% of Dufry’s shareholder bases, although the overlap is not extensive as Hudson’s top owners are predominantly U.S. institutions whereas Dufry’s are principally EuropeanAt the sub-fund level, however, shareholder overlap is minimal with shareholders holding positions in both Hudson and Dufry only composing ~1% of Hudson’s and <1% of Dufry’s shareholder bases  Note: 123  Ownership stake of Hudson’s Class A Shares based on basic shares outstanding, consolidated across funds. Based on Hudson’s closing price of $4.93 on 8/5/2020.Includes dilutive securities (PSUs and RSUs).References to the “parent level”, when referring to shareholders, are references to the ultimate controlling entity of the shareholders.  3 
 
                     Current    Estimated  Holding        Ownership Stake and  Current  Market    Cost  Period  Total Ownership  #  Shareholder  Cumulative Holdings  Position  Value  Jurisdiction  Basis1  (Yrs.)  Breakdown2  3 ClearBridge3  2,800  12  18.03  Since IPO  4 TimesSquare Capital Management  2,684  12  15.83  Since IPO  l  l  14 Dimensional  463  2  12.01  1.1  15 Bridgeway Capital Management  448  2  6.44  0.3  16 Northern Trust  396  2  16.69  Since IPO  17 TIAA  382  2  15.74  Since IPO  18 Boston Partners  339  1  9.04  0.6  19 Wells Fargo  331  1  15.10  Since IPO  20 UBS  308  1  5  17.58  Since IPO  l  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  Hudson's Top 25 Shareholders(pos in 000s, $ in millions)  Source: FactSet and Company data as per most recent filings. Market data as of 7/24/2020.Note: Ownership stake of Hudson’s Class A Shares based on basic shares outstanding, consolidated across funds.Based on FactSet cost basis data and relevant filings, as measured through 7/24/2020.Reflects entire shareholder base, not just top 25 shareholders, as per FactSet holdings information.2.8m current position is based on shareholder data received from the Company; position may be lower in actuality.Ultimate parent of Mackenzie Financial (4.8%) and PanAgora Asset Management (0.2%).Stake is held through UBS Financial Services, which is headquartered in the U.S.; UBS Financial Services’ parent company, UBS, is headquartered in Switzerland.                        6.9%  6.8%  1.2%  1.1%  1.0%  1.0%  0.9%  0.8%  0.8%                                                          1 Russell Investment Management      10.7%  4,206  $18  $9.18  1.6  2 JPMorgan Chase    8.2%  18.9%  3,225  14  15.78  Since IPO  25.8%  32.6%  66.3%  67.5%  68.5%  69.4%  70.3%  71.1%  71.9%        5 Newtyn Management  5.1%  Top 5  37.7%    1,999  9    6.44  0.3  6 BlackRock  5.1%      42.8%  1,994  9    16.41  Since IPO  7 MFS  5.0%      47.8%  1,985  9    16.29  1.8  8 Power Corp. of Canada4  5.0%      52.8%  1,948  8  /  19.05  1.8  9 Renaissance Technologies 4.4%  57.1%  1,712  7  12.72  1.8      10 Hawk Ridge Capital Management 3.1% Top 10  60.2%  1,223  5  6.44  0.3      Top 15  Top 20              Passive 8%  Active 83%  Retail /Unknown  9%  History of Activist/Vocalist Behavior                                                    P R O J E C T R I V E R                  37.7%    60.2%      41.1%  21 Columbia Management 0.8%    72.7%  254  1  17.57  1.8  8      22 Alden Global Capital 0.6%    73.3%  250  1  6.44  0.6    63.8%    23 Royce & Associates  0.6%    74.0%  245  1  6.44  0.6  9  24 Geode Capital Management  0.6%    74.6%  236  1  15.21  Since IPO  10  25 Two Sigma  0.6%  Top 25  75.1%  216  1  18.24  Since IPO  Cumulative % O/S  3  4  5  6  7  Shareholder #    11 State Street  1.8%  62.0%  713  3  16.76  Since IPO    Shareholder Concentration  12 Eagle Asset Management  1.6%  63.6%  625  3  12.59  1.1  1    13 D. E. Shaw  1.5%  65.1% 598 3 11.22 1.8          2  Today    2 Years Ago    4 
 
 I I S E L E C T E D M A R K E T P E R S P E C T I V E S  Shareholder Evolution: Since IPO(shares in millions)    CURRENT TOP 25 SHAREHOLDERS  NOTABLE FORMER TOP 25 SHAREHOLDERS  Bought:    Sold:        <25% of prior quarter position    <25% of prior quarter position      25%-50% of prior quarter position    25%-50% of prior quarter position      >50% of prior quarter position or new position    >50% of prior quarter position        Share Ownership (in millions)  Current Ownership  Δ Since    #  Shareholder  3/31/2018  6/30/2018  9/30/2018  12/31/2018  3/31/2019  6/30/2019  9/30/2019  12/31/2019  3/31/2020  % of Total  IPO    1  Russell Investment Management  –  –  –  0.0  0.1  0.0  0.0  1.8  4.2  10.7%  4.2    2  JPMorgan Chase  2.9  3.0  3.2  3.1  2.6  3.5  3.5  3.5  3.2  8.2%  0.3    3  ClearBridge1  0.0  0.0  3.2  3.5  3.7  3.8  3.8  4.1  4.2  6.9%  4.2    4  TimesSquare Capital Management  2.3  2.5  2.5  2.0  2.9  3.0  3.0  2.8  2.8  6.8%  0.5    5  Newtyn Management  –  –  –  –  –  –  –  –  2.0  5.1%  2.0    6  BlackRock  1.9  2.0  2.0  2.0  2.0  1.9  2.0  2.0  2.0  5.1%  0.1    7  MFS  –  –  0.9  1.3  1.6  1.7  1.7  1.7  2.0  5.0%  2.0    8  Power Corp. of Canada2  –  –  0.6  1.8  2.2  2.2  2.2  2.2  1.9  5.0%  1.9    9  Renaissance Technologies  –  –  0.2  0.2  0.4  0.6  1.0  1.4  1.7  4.4%  1.7    10  Hawk Ridge Capital Management  –  –  –  –  –  –  –  –  1.2  3.1%  1.2    11  State Street  0.6  0.6  0.7  0.7  0.7  0.7  0.7  0.7  0.7  1.8%  0.1    12  Eagle Asset Management  –  –  –  –  –  0.3  0.4  0.5  0.6  1.6%  0.6    13  D. E. Shaw  –  –  0.0  0.0  0.3  0.3  0.3  0.3  0.6  1.5%  0.6    14  Dimensional  –  –  –  –  –  0.2  0.2  0.4  0.5  1.2%  0.5    15  Bridgeway Capital Management  –  –  –  –  –  –  –  –  0.5  1.1%  0.5    16  Northern Trust  0.3  0.4  0.4  0.4  0.4  0.4  0.4  0.4  0.4  1.0%  0.1    17  TIAA  0.2  0.4  0.6  0.6  0.4  0.4  0.4  0.6  0.4  1.0%  0.2    18  Boston Partners  –  –  –  –  –  –  –  0.1  0.3  0.9%  0.3    19  Wells Fargo  0.1  0.1  0.1  0.1  0.1  0.2  0.3  0.3  0.3  0.8%  0.2    20  UBS  0.0  0.0  0.4  0.7  1.0  1.0  0.8  0.7  0.3  0.8%  0.3    21  Columbia Management  –  –  0.1  0.2  0.2  0.3  0.3  0.3  0.3  0.8%  0.3    22  Alden Global Capital  –  –  –  –  –  –  –  –  0.2  0.6%  0.2    23  Royce & Associates  –  –  –  –  –  –  –  –  0.2  0.6%  0.2    24  Geode Capital Management  0.1  0.1  0.1  0.1  0.2  0.2  0.2  0.2  0.2  0.6%  0.1    25  Two Sigma  –  0.1  0.3  0.3  0.3  0.3  0.3  0.3  0.2  0.6%  0.2    26  Goldman Sachs  2.6  1.1  1.5  1.3  0.3  0.2  0.3  0.3  0.2  0.5%  (2.4)    28  Citadel Advisors  1.6  1.3  0.9  0.7  0.6  0.4  0.5  0.4  0.2  0.5%  (1.4)    35  Marshal Wace  0.3  0.6  0.7  0.4  0.1  –  0.0  –  0.1  0.3%  (0.2)    37  Parametric Portfolio Associates  –  0.1  0.2  0.4  0.6  0.8  1.3  0.8  0.1  0.2%  0.1    41  Neuberger Berman  5.7  5.0  3.9  3.1  3.0  2.6  2.2  1.4  0.1  0.2%  (5.6)    54  Point 72 Asset Management  2.1  1.8  0.5  1.9  1.9  0.1  –  –  0.0  <0.1%  (2.1)    58  Voya Investment Management  –  0.0  0.5  1.1  0.0  0.0  0.0  0.0  0.0  <0.1%  <0.1    74  Acadian Asset Management  –  0.7  1.5  1.5  1.4  1.2  1.1  –  0.0  <0.1%  <0.1  P R O J E C T R I V E R  Source: FactSet and Company data as per most recent filings. Market data as of 7/24/2020.Note: Ownership stake of Hudson’s Class A Shares based on basic shares outstanding, consolidated across funds.2.8m current position is based on shareholder data received from the Company; position may be lower in actuality.Ultimate parent of Mackenzie Financial and PanAgora Asset Management.  5 
 
 Hudson and Dufry Cross-Shareholder Analysis  (Parent Level)Shareholders holding positions in both Hudson and Dufry compose ~37% of Hudson’s and ~13% of Dufry’s shareholder bases at the parent level  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  Source: FactSet and Company data as per most recent filings. Market data as of 7/24/2020.Note: Ownership stake of Hudson’s Class A Shares based on basic shares outstanding, consolidated across funds.2.8m current position is based on shareholder data received from the Company; position may be lower in actuality.Ultimate parent of Mackenzie Financial and PanAgora Asset Management.Stake is held through UBS Financial Services, which is headquartered in the U.S.; UBS Financial Services’ parent company, UBS, is headquartered in Switzerland.Stake is held through UBS Asset Management Switzerland.  P R O J E C T R I V E R   Top 25 Shareholders         Holder  % O/S  Value  Jurisdiction  Russell Investment Management  10.7%  $18    JPMorgan Chase  8.2%  14    ClearBridge1  6.9%  12    TimesSquare Capital Management  6.8%  12    Newtyn Management  5.1%  9    BlackRock  5.1%  9    MFS  5.0%  9    Power Corp. of Canada2  5.0%  8  /  Renaissance Technologies  4.4%  7    Hawk Ridge Capital Management  3.1%  5    State Street  1.8%  3    Eagle Asset Management  1.6%  3    D. E. Shaw  1.5%  3    Dimensional  1.2%  2    Bridgeway Capital Management  1.1%  2    Northern Trust  1.0%  2    TIAA  1.0%  2    Boston Partners  0.9%  1    Wells Fargo  0.8%  1    UBS  0.8%  1  3  Columbia Management  0.8%  1    Alden Global Capital  0.6%  1    Royce & Associates  0.6%  1    Geode Capital Management  0.6%  1    Two Sigma  0.6%  1    Total (Top 25 Shareholders)  75.1%  $128     Top 25 Shareholders         Holder  % O/S  Value  Jurisdiction  Government of Qatar  9.6%  $155    Luis Andrew Holzer  8.9%  144    Norges Bank  5.0%  81    GIC  4.6%  74    Rupert Family  4.6%  73    Franklin Resources  3.1%  49    Vanguard  1.7%  28    BlackRock  1.5%  25    Dimensional  1.4%  23    Credit Suisse  1.4%  23    State of Zurich  1.0%  17    UBS  0.9%  15  4  King Street Capital Management  0.9%  14    Capitalatwork  0.8%  13    Financiere De L'echiquier  0.5%  8    Erste Asset Management  0.4%  7    Clartan Associes  0.4%  6    Pictet Asset Management  0.4%  6    Vontobel Asset Management  0.3%  5    Barings  0.3%  5    Geode Capital Management  0.3%  5    Standard Life Aberdeen  0.2%  4    Dufry  0.2%  4    Schroders  0.2%  4    TIAA  0.2%  3    Total (Top 25 Shareholders)  48.8%  $791      Represents overlapping shareholder  Total Cross-Shareholder Ownership    Hudson  Dufry  36.7%  13.1%  $105  $227                                                                                                            6 
 
 Hudson and Dufry Cross-Shareholder Analysis  (Sub-Fund Level)Shareholders holding positions in both Hudson and Dufry compose ~1% of Hudson’s and <1% of Dufry’s shareholder bases at the sub-fund level  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  Source: FactSet as per most recent filings. Market data as of 7/24/2020.Note: Ownership stake of Hudson’s Class A Shares based on basic shares outstanding, consolidated across funds.  P R O J E C T R I V E R   Top 25 Sub-Funds         Holder  % O/S  Value  Jurisdiction  ClearBridge Small Cap Growth Fund  5.6%  9    JPMorgan Small Cap Growth Fund  5.3%  9    Janus Henderson Small Cap Value Fund  5.0%  9    Mackenzie US Mid Cap Growth Class  3.5%  6    ClearBridge Small Cap Fund  2.8%  5    iShares Russell 2000 ETF  2.3%  4    Schroder US Smaller Companies Fund  1.9%  3    Russell Multi Asset Growth Strategy Fund  1.8%  3    Bridge Builder Small/Mid Cap Growth Fund  1.7%  3    CREF Stock Account  1.2%  2    Bridgeway Omni Small Cap Value Fund  0.9%  2    iShares Russell 2000 Value ETF  0.9%  2    Principal Investors - Small Cap Growth Fund  0.7%  1    Russell US Small Cap Equity Fund  0.7%  1    Sun Life Schroder Global Mid Cap Fund  0.7%  1    IG Mackenzie US Opportunities Fund  0.6%  1    Guardian Small Cap Core VIP Fund  0.6%  1    Schroder ISF - US Smaller Companies  0.6%  1    JPMorgan Funds - US Small Cap Growth Fund  0.6%  1    Fidelity Small Cap Index Fund  0.5%  1    ClearBridge Variable Small Cap Growth Portfolio  0.5%  1    Columbia Small Cap Equity Strategies Fund  0.5%  1    Bridgeway Small Cap Value Fund  0.5%  1    JPMorgan - US Smaller Companies Fund  0.4%  1    Mackenzie US Mid Cap Growth Currency Fund  0.4%  1    Total (Top 25 Sub-Funds)  40.2%  $70      Represents overlapping shareholder  Total Cross-Shareholder Ownership    Hudson  Dufry  1.4%  0.3%  $2  $5   Top 25 Sub-Funds         Holder  % O/S  Value  Jurisdiction  Franklin Mutual. - Global Discovery Fund  2.3%  37    Vanguard Total Int. Stock Index Fund  0.9%  14    Franklin Mutual - European Fund  0.6%  9    DFA Continental Small Company Series  0.5%  8    CapitalatWork - Contrarian Equities at Work  0.5%  8    CSIF - Switzerland Total Market Index Blue  0.5%  8    Echiquier SICAV – Agressor  0.4%  7    Top Stocks  0.4%  7    CSIF - SPI Multi Premia Index Blue  0.4%  6    iShares SMIM (CH)  0.4%  6    Vanguard Developed Markets Index Fund  0.4%  6    FTIF SICAV - Mutual European Fund  0.4%  6    iShares Core MSCI EAFE ETF  0.4%  6    DFA International Core Equity Portfolio  0.3%  6    iShares MSCI EAFE Small Cap ETF  0.3%  5    Rouvier – Valeurs  0.3%  5    Swisscanto (CH) - Equity Switzerland  0.3%  5    Vontobel - Vescore Swiss Equity Multi Factor  0.3%  5    DFA International Small Cap Value Portfolio  0.3%  5    UBS ETF (CH) – SMIM  0.3%  4    Baring Europe Select Trust  0.3%  4    Pictet (CH) - Swiss Mid Small Cap  0.2%  3    CREF Stock Account  0.2%  3    UBS - Equities Switzerland Passive All II  0.2%  3    CapitalatWork Foyer Umbrella - Equities at Work  0.2%  3    Total (Top 25 Sub-Funds)  11.3%  $180                                                                                                            7 
 
                                                                                                                                 4  4  4  4  4  4  4  4  4  4  2  2  2  3  3  3  3  3  3  3  3  2  2  1  1  1  1  1  1  1  1  1  1  1  1  1  1  1  1  3  3  3  2  2  2  2  2  2  2  1  1  1  2  2  2  2  2  2  1  1  1  $0.00  $5.00  $10.00  $15.00  $20.00  $25.00                                              Buy Hold Sell Stock Price Average Target Price    $7.08+43.7%vs. Current    $4.93  Broker Share Price Targets and Ratings  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  P R O J E C T R I V E R  Source: FactSet as of 8/5/2020, broker research.  Wall Street Stock Price Target  Broker Commentary  Wall Street Stock Price Target History    Firm  Date  Rating  Stock Price Target  Implied Return to Current  Credit Suisse  08/03/2020  Buy  $9.00  83%  Morgan Stanley  08/05/2020  Hold  $7.00  42%  UBS  08/03/2020  Hold  $5.25  6%    The continued lack of air travel was again evident in HUD's 2Q'20 results… It's going to be a slow recovery, but we think HUD is taking some of the right steps to ensure its long term viability… Plus, it's working with airports to delay rent, and in some cases, secure rent waivers. While there are limits to the degree to which it can utilize these, we think it shows that HUD is finding creative ways to minimize its cash burn.UBS, AUGUST 3, 2020Overall, our key take is that trends remain weak but are improving gradually, while HUD also continues to aggressively manage its cost structure to offset the declines in passenger volume, gain productivity efficiencies in stores that have reopened, and should see less pressure on gross margin in 2H vs. Q2.CREDIT SUISSE, AUGUST 3, 2020  8 
 
                     2.0  4.0  6.0  8.0  10.0  12.0x  14.0  Aug-18  Nov-18  Feb-19  May-19  Aug-19  Nov-19  Feb-20  May-20  Aug-20  Multiple Evolution and Stock Performance – Since 08/2018  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  P R O J E C T R I V E R    Peer Average 10.0x    Hudson 7.0x (7/2/2020)3  Note: Travel Retail peer set includes Dufry, Lagadere, Autogrill, SSP Group, WH Smith, and Valora. 1  23    Dufry 9.7x  EV / NTM EBITDAMultiple2  Indexed StockPerformance            0%Aug-18 Nov-18Source: FactSet as of 8/5/2020.  20%  40%  60%  80%  100%  120%  Feb-19 May-19 Aug-19  Nov-19  Feb-20  May-20  Aug-20    Peer Average43%    Hudson$4.9327%    Dufry CHF23.90 43%    CEOChange1      All Time High (9/21/2018)$23.22        Q3 2018        Q4 2018        Q1 2019        Q2 2019        Q3 2019        Q4 2019        Q1 2020        Q2 2020    Hudson Group announced on January 9, 2019 that CEO Joseph DiDomizio was leaving the company. Roger Fordyce, previously Executive Vice President and COO of Hudson Group, was 9appointed the new CEO.Excludes the impact of IFRS 16.Represents the date of the latest meaningful data point. 
 
     Q2 2020        $62  0  100  Feb-18  May-18  Aug-18  Nov-18  Feb-19  May-19  Aug-19  Nov-19  Feb-20  May-20  Aug-20        (120)  (90)  (60)  (30)  0  30  $60  Feb-18  May-18  Aug-18  Nov-18  Feb-19  May-19  Aug-19  Nov-19  Feb-20  May-20        $25.0020.0015.0010.005.000.00  Feb-18 May-18 Aug-18  Nov-18  Feb-19  May-19  Aug-19  Nov-19  Feb-20 May-20  Aug-20  Current(8/5/20)$4.93    Q1 2018    Q2 2018    Q3 2018    Q4 2018      Q1 2019      Q2 2019    Q3 2019    Q4 2019      Q1 2020    CEO Change1      $427+2.7%      $499(0.1%)      $527(0.5%)      $471+2.5%                $510  $523  $445  (1.8%)  (2.0%)  +1.8%          $476+3.9%      $342(0.0%)      (21.3%)      $5+43.4%      $39+27.0%      $44+6.1%      $9(55.0%)      $15+109.5%      $54+16.1%      $57+13.0%      $22(24.5%)      n.m.($76)      ($88)n.m.Aug-20      +5.7%      +9.5%      (5.6%)      +1.4%      (1.6%)      (4.9%)      (2.7%)      (26.3%)      (7.5%)      +9.8%  Historical Performance vs. Quarterly Broker Estimates($ in millions, except per share information)  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  P R O J E C T R I V E R      ActualBroker Estimate      Actual Broker Estimate  Source: FactSet as of 8/5/2020, public information.  23  Note: Quarterly EBIT figures for FY 2019 and Q1 2020 include IFRS 16 adjustments for comparability against broker estimates.1 Hudson Group announced on January 9, 2019 that CEO Joseph DiDomizio was leaving the company. Roger Fordyce, previously Executive Vice President and COO of Hudson Group, was appointed the new CEO.Positive % figures in ovals indicate outperformance versus estimate; negative % figures in ovals indicate underperformance versus estimate.% Figures in ovals indicate share price change between closing prior to earnings announcement and closing after earnings announcement.    EBIT  Turnover      $600    500    400  Quarterly  300  Turnover2  200  Quarterly EBIT2  Stock Price3  10 
 
       Management Forecast vs. Wall Street Consensus($ in millions; FYE December 31)  I I S E L E C T E D M A R K E T P E R S P E C T I V E S  P R O J E C T R I V E R  Turnover1  EBITDA2  EBIT3  Net Income4    Management ’19A-’22E CAGR: (4.0%)      Morgan Stanley  UBS  Source: Management Business Plan (Case 1 and Case 2) as of 8/4/2020, UBS as of 8/3/2020, Credit Suisse as of 8/3/2020, Morgan Stanley as of 8/5/2020.  Note: Management Case 1 and Case 2 show identical forecasts until FY 2022E.Calculated as the sum of Net Sales and Advertising Income.Includes the impact of Other Operational Expenses, Corporate Allocation, and IC Fees CA to US. Excludes the impact of IFRS 16.Excludes the impact of IFRS 16.Represents levered Net Income post Minority Interest.                              $868  $1,443  $1,731  $771  $1,471  $1,603  $886  $1,325  $1,457  $748  $979  $1,375                              ($119)  $45  $151  ($156)  $82  $115  ($62)  $94  $164  ($89)  $32  $137                                ($218)  ($53)  $11  ($336)  ($52)  ($34)  ($174)  ($8)  $10  ($188)  $44  $53                                ($281)  ($53)  $55  ($314)  ($8)  $22  ($214)  $42  $85  ($275)  ($80)  $38      Hudson Management  Credit Suisse  2020E  2021E  2022E            Management ’19A-’22E CAGR: (10.6%)    Management ’19A-’22E CAGR: (15.8%)    Management ’19A-’22E CAGR: (4.4%)  11 
 
 C O N F I D E N T I A L  III Preliminary Valuation Analysis  P R O J E C T R I V E R 
 
       Enterprise Value1    Implied Share Price2 ($)     Commentary   Management Case 2  For Reference Only4  52-Week High / Low5  Analyst Price Targets  EV / FY 2019A EBITDA  EV / FY 2022E EBITDA  Comparable Publicly Traded CompaniesAnalysis  4  Credit Suisse (8/3/2020): Price Target of $9.00  UBS (8/3/2020): Price Target of $5.25  Morgan Stanley (8/5/2020): Price Target of $7.00  52-Week High of $15.72 observed on 1/8/2020  52-Week Low of $2.38 observed on 3/18/2020  5.50x - 7.50x FY 2022E EBITDA valuation range based on relevant peer sampleApplied to Hudson Management Plan's FY 2022E EBITDA of $151 millionEquity Value has not been adjusted for the value of NOLs or other specific tax attributes  5.75x - 7.75x FY 2019A EBITDA valuation range based on relevant peer sampleApplied to Hudson Management Plan's FY 2019A EBITDA of $211 millionEquity Value has not been adjusted for the value of NOLs or other specific tax attributes  Discounted Cash Flow Analysis  Based on Hudson Management's Case 1 5-year projections which assume business travel recovers to Pre-COVID levels in the long-termWACC of 7.50% - 8.50%; Terminal Value growth rate of 1.0% - 2.0%; Implied Terminal Value multiple of 6.0x - 8.3xImplied Share Price range includes the NPV of future tax attributes including utilization of past and future NOLs, discounted at the Cost ofEquity of 9.50% to 10.50%3  Management Case 1  Based on Hudson Management's Case 2 5-year projections which assume 20% permanent long-term business travel loss vs. Case 1  WACC, Terminal Value growth rate and all other assumptions remain constant                                            $1,035  $928  $1,153  $769  $556  $824  $1,439  $1,291  $1,574  $1,070  $1,802  $1,175        $8.77  $7.60  $8.77  $4.65  $2.38  $5.25  $13.20  $11.60  $13.28  $7.88  $15.72  $9.00      Preliminary Lazard Valuation  ($ in millions; FYE December 31)  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Source: Management Business Plan (Case 1 and Case 2) as of 8/4/2020, Dufry Letter to Hudson on 7/6/2020; FactSet as of 8/5/2020.  23456  Note: FYE corresponds to Hudson Ltd.’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020). DCF assumes mid-year convention and valuation date of 6/30/20.1 For comparability purposes between the DCF and the Comparable Publicly Traded Companies Analysis, the Enterprise Value range shown here is excluding the value attributable to Non- Controlling Interest (NCI).Based on Net Debt of $340m, Equity Investment of $6m, and FDSO of 93.39m.Permanent tax attributes assumed 0% growth in terminal year (see pages 14 and 16 for detailed calculation). Enterprise Value adjusted to exclude value attributable to NCI at a Book Value of NCI of $59m as of 6/30/2020. Based on closing prices of respective trading date.As of 8/5/2020 market close.  Dufry Offer Price$6.25    Current Price$4.936    12 
 
     PV of Terminal Value at TVGR of  1.0%  1.5%  2.0%  $1,084  $1,180  $1,294  984  1,065  1,159  897  966  1,045  Enterprise Value at TVGR of  1.0%  1.5%  2.0%  $1,229  $1,325  $1,439  1,125  1,206  1,300  1,035  1,104  1,183  Implied TV EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  6.9x  7.6x  8.3x  6.5  7.0  7.6  6.0  6.5  7.0  PV of FCF's H2 '20E ‒ ’25E  WACC  7.50%8.00%8.50%  $145$141$138  Terminal Value as % of EV at TVGR of  1.0%  1.5%  2.0%  88.2%  89.1%  89.9%  87.4%  88.3%  89.1%  86.7%  87.5%  88.4%  Implied Share Price2 ($) at TVGR of  1.0%  1.5%  2.0%  $10.95  $11.98  $13.20  $9.78  $10.65  $11.66  $8.77  $9.50  $10.35  Implied 2019 EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  7.7x  8.3x  9.0x  7.0  7.6  8.1  6.5  6.9  7.4  WACC  7.50%8.00%8.50%  Hudson Discounted Cash Flow Analysis – Management Case 1  ($ in millions; FYE December 31)  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Source: Hudson Management Business Plan Case 1 as of 8/4/2020.Note: FYE corresponds to Hudson Ltd.’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020). DCF assumes mid-year convention and valuation date of 6/30/2020.Tax expense excludes Net Operating Loss (NOL) utilization and other Tax Attributes which are valued separately (see page 14 for detailed calculation), which value is added to the Enterprise Value for the purposes of calculating the implied Equity Value (see footnote 2).Enterprise Value to Equity Value bridge assumes NOL and other Tax Attributes value range of $118m - $128m, Net Debt of $340m, Equity Investment of $6m, and FDSO of 93.39m.      Historical    Management Projection                    2019A  H1 2020A  H2 2020E  2021E    2022E  2023E  2024E  2025E  TY    Net Sales  $1,910  $391  $447  $1,410    $1,692  $1,918  $2,088  $2,244    $2,244  Advertising income  44  13  18  32    39  44  47  51    51  Turnover  $1,954  $403  $465  $1,443    $1,731  $1,962  $2,135  $2,295    $2,295  % Growth  --  --  --  66.1%    20.0%  13.3%  8.9%  7.5%      Cost of Goods Sold  (699)  (152)  (166)  (516)    (619)  (701)  (761)  (817)    (817)  Lease Expenses  (431)  (135)  (150)  (372)    (406)  (443)  (475)  (502)    (502)  Personnel Expenses  (436)  (131)  (135)  (372)    (408)  (428)  (465)  (497)    (497)  Other Expenses  (176)  (61)  (59)  (137)    (148)  (159)  (170)  (181)    (181)  Corporate Allocation  0  --  1  --    --  --  --  --    --  IC Fees CA to US  (0)  --  0  --    --  --  --  --    --  EBITDA  $211  ($75)  ($44)  $45    $151  $230  $264  $298    $298  % Margin  10.8%  (18.6%)  (9.5%)  3.1%    8.7%  11.7%  12.4%  13.0%    13.0%  Memo: EBITDA excl. Minority Interest  160      33    117  179  206  232    232  Depreciation & Amortization  (113)  (115)  (55)  (105)    (102)  (94)  (86)  (95)    (101)  Non-cash IFRS 16 Adjustments  (6)  (3)  9  7    7  7  7  7    7  EBIT  $92  ($192)  ($90)  ($53)    $55  $143  $184  $210    $204  % Margin  4.7%  (47.6%)  (19.2%)  (3.7%)    3.2%  7.3%  8.6%  9.2%    8.9%  Minority Interest  (34)  (10)  --  2    (21)  (39)  (46)  (52)    (50)  Tax Expense 1    (1)  --  (3)    (14)  (33)  (42)  (47)    (46)  % Tax Rate    0.4%  0.0%  6.8%    (39.9%)  (31.3%)  (30.2%)  (29.8%)    (29.8%)  NOPAT    ($203)  ($90)  ($55)    $21  $72  $97  $111    $108  % Margin    (50.3%)  (19.2%)  (3.8%)    1.2%  3.6%  4.5%  4.8%    4.7%  Plus: Depreciation & Amortization    115  55  105    102  94  86  95    101  Plus: Non-cash IFRS 16 Adjustments    3  (9)  (7)    (7)  (7)  (7)  (7)    (7)  Less: Change in NWC    (33)  39  8    (8)  (7)  (5)  (5)    (1)  Less: Capital Expenditures    (27)  (13)  (56)    (68)  (86)  (94)  (101)    (101)  Less: Rent Deferrals and Other Non-Cash Items    45  (45)  --    --  --  --  --    --  Unlevered FCF    ($101)  ($63)  ($5)    $40  $66  $77  $94    $100  13 
 
 Hudson Tax Attributes Discounted Cash Flow Analysis – Management Case 1($ in millions; FYE December 31)  P R O J E C T R I V E R I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  Source: Hudson Management Business Plan Case 1 as of 8/4/2020.  Note: FYE corresponds to Hudson Ltd.’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020). DCF assumes mid-year convention and valuation date of 6/30/2020.Extrapolated only for U.S. Cash Tax Adjustments as discussed with management; NOL utilization forecast provided by Management until its full depletion by 2028.Implied Cost of Equity based on WACC range of 7.50% - 8.50%.Assumes FDSO of 93.39m.    Management Projection                        Extrapolation1                  2020E    2021E    2022E    2023E    2024E    2025E    2026E    2027E    2028E    TY    U.S.                                          IP Migration Amortization    --    --    (14)    (14)    (14)    (14)    (28)    (28)    (28)    (28)  Other Permanent Tax Differences    --    --    3    3    3    3    3    3    3    3  U.S. Permanent Tax Differences    --    --    (11)    (11)    (11)    (11)    (25)    (25)    (25)    (25)  U.S. Temporary Tax Differences    --    --    2    21    13    13    13    13    13    --  U.S. Tax Attributes    --    --    (10)    9    2    2    (12)    (12)    (12)    (25)  % U.S. Tax Rate  0%    0%    (27%)    (27%)    (27%)    (27%)    (27%)    (27%)    (27%)    (27%)    U.S. Cash Tax Adjustments  --    --    3    (3)    (1)    (1)    3    3    3    7    U.S. Net Operating Loss Beginning NOL Balance  224    408    483    481    397    286    182    79    17    --    NOL Generated  185    75    --    --    --    --    --    --    --    --    NOL Utilized  --    --    (2)    (84)    (111)    (104)    (103)    (62)    (17)    --    Ending NOL Balance  408    483    481    397    286    182    79    17    --    --    NOL Saving  --    --    0    23    30    28    28    17    5    --                                              Total Tax Attributes  --    --    $3    $20    $29    $28    $31    $20    $8    $7        PV of Terminal Value at TVGR of  Value of Tax Attributes at TVGR of  PV of Cash Flows '20E ‒ ’28E  Ke2  0.0%  0.0%  9.00%9.50%10.00%  $90$88$86  $383432  $128123118  Terminal Value as % of EV at TVGR of  Implied Share Price3 ($) at TVGR of  Ke2  0.0%  0.0%  9.00%9.50%10.00%  29.5%28.1%26.8%  $1.37$1.31$1.26  14 
 
     PV of Terminal Value at TVGR of  1.0%  1.5%  2.0%  $975  $1,061  $1,163  884  957  1,042  806  868  940  Enterprise Value at TVGR of  1.0%  1.5%  2.0%  $1,103  $1,189  $1,291  1,009  1,082  1,167  928  990  1,061  Implied TV EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  6.7x  7.3x  8.0x  6.3  6.8  7.4  5.9  6.3  6.8  PV of FCF's H2 '20E ‒ ’25E  WACC  7.50%8.00%8.50%  $128$125$122  Terminal Value as % of EV at TVGR of  1.0%  1.5%  2.0%  88.4%  89.2%  90.1%  87.6%  88.5%  89.3%  86.9%  87.7%  88.5%  Implied Share Price2 ($) at TVGR of  1.0%  1.5%  2.0%  $9.58  $10.50  $11.60  $8.52  $9.30  $10.21  $7.60  $8.26  $9.03  Implied 2019 EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  6.9x  7.5x  8.1x  6.3  6.8  7.3  5.8  6.2  6.7  WACC  7.50%8.00%8.50%  Hudson Discounted Cash Flow Analysis – Management Case 2  ($ in millions; FYE December 31)  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Source: Hudson Management Business Plan Case 2 as of 8/4/2020.  2  Note: FYE corresponds to Hudson Ltd.’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020). DCF assumes mid-year convention and valuation date of 6/30/2020.1 Tax expense excludes Net Operating Loss (NOL) utilization and other Tax Attributes which are valued separately (see page 16 for detailed calculation), which value is added to the Enterprise Value for the purposes of calculating the implied Equity Value (see footnote 2).Enterprise Value to Equity Value bridge assumes NOL and other Tax Attributes value range of $116m - $126m, Net Debt of $340m, Equity Investment of $6m, and FDSO of 93.39m.      Historical    Management Projection                    2019A  H1 2020A  H2 2020E  2021E    2022E  2023E  2024E  2025E  TY    Net Sales  $1,910  $391  $447  $1,410    $1,692  $1,858  $2,022  $2,173    $2,173  Advertising income  44  13  18  32    39  43  46  49    49  Turnover  $1,954  $403  $465  $1,443    $1,731  $1,901  $2,069  $2,222    $2,222  % Growth  --  --  --  66.1%    20.0%  9.8%  8.8%  7.4%      Cost of Goods Sold  (699)  (152)  (166)  (516)    (619)  (680)  (738)  (792)    (792)  Lease Expenses  (431)  (135)  (150)  (372)    (406)  (431)  (462)  (489)    (489)  Personnel Expenses  (436)  (131)  (135)  (372)    (408)  (420)  (455)  (486)    (486)  Other Expenses  (176)  (61)  (59)  (137)    (148)  (157)  (169)  (179)    (179)  Corporate Allocation  0  --  1  --    --  --  --  --    --  IC Fees CA to US  (0)  --  0  --    --  --  --  --    --  EBITDA  $211  ($75)  ($44)  $45    $151  $213  $245  $277    $277  % Margin  10.8%  (18.6%)  (9.5%)  3.1%    8.7%  11.2%  11.8%  12.5%    12.5%  Memo: EBITDA excl. Minority Interest  160      33    117  166  191  216    216  Depreciation & Amortization  (113)  (115)  (55)  (105)    (102)  (94)  (86)  (94)    (98)  Non-cash IFRS 16 Adjustments  (6)  (3)  9  7    7  7  7  7    7  EBIT  $92  ($192)  ($90)  ($53)    $55  $125  $165  $190    $186  % Margin  4.7%  (47.6%)  (19.2%)  (3.7%)    3.2%  6.6%  8.0%  8.5%    8.4%  Minority Interest  (34)  (10)  --  2    (21)  (35)  (42)  (47)    (46)  Tax Expense 1    (1)  --  (3)    (14)  (29)  (38)  (43)    (42)  % Tax Rate    0.4%  0.0%  6.8%    (39.9%)  (31.9%)  (30.6%)  (30.1%)    (30.1%)  NOPAT    ($203)  ($90)  ($55)    $21  $62  $86  $100    $98  % Margin    (50.3%)  (19.2%)  (3.8%)    1.2%  3.3%  4.2%  4.5%    4.4%  Plus: Depreciation & Amortization    115  55  105    102  94  86  94    98  Plus: Non-cash IFRS 16 Adjustments    3  (9)  (7)    (7)  (7)  (7)  (7)    (7)  Less: Change in NWC    (33)  39  8    (8)  (5)  (5)  (5)    (1)  Less: Capital Expenditures    (27)  (13)  (56)    (68)  (84)  (91)  (98)    (98)  Less: Rent Deferrals and Other Non-Cash Items    45  (45)  --    --  --  --  --    --  Unlevered FCF    ($101)  ($63)  ($5)    $40  $60  $69  $85    $90  15 
 
 Hudson Tax Attributes Discounted Cash Flow Analysis – Management Case 2($ in millions; FYE December 31)  P R O J E C T R I V E R I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  Source: Hudson Management Business Plan Case 2 as of 8/4/2020.  Note: FYE corresponds to Hudson Ltd.’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020). DCF assumes mid-year convention and valuation date of 6/30/2020.Extrapolated only for U.S. Cash Tax Adjustments as discussed with management; NOL utilization forecast provided by Management until its full depletion by 2028.Implied Cost of Equity based on WACC range of 7.50% - 8.50%.Assumes FDSO of 93.39m.    Management Projection                        Extrapolation1                  2020E    2021E    2022E    2023E    2024E    2025E    2026E    2027E    2028E    TY    U.S.                                          IP Migration Amortization    --    --    (14)    (14)    (14)    (14)    (28)    (28)    (28)    (28)  Other Permanent Tax Differences    --    --    3    3    3    3    3    3    3    3  U.S. Permanent Tax Differences    --    --    (11)    (11)    (11)    (11)    (25)    (25)    (25)    (25)  U.S. Temporary Tax Differences    --    --    2    21    13    13    13    13    13    --  U.S. Tax Attributes    --    --    (10)    9    2    2    (12)    (12)    (12)    (25)  % U.S. Tax Rate  0%    0%    (27%)    (27%)    (27%)    (27%)    (27%)    (27%)    (27%)    (27%)    U.S. Cash Tax Adjustments  --    --    3    (3)    (1)    (1)    3    3    3    7    U.S. Net Operating Loss Beginning NOL Balance  224    408    483    481    410    314    223    133    17    --    NOL Generated  185    75    --    --    --    --    --    --    --    --    NOL Utilized  --    --    (2)    (71)    (96)    (91)    (89)    (116)    (17)    --    Ending NOL Balance  408    483    481    410    314    223    133    17    --    --    NOL Saving  --    --    0    19    26    25    24    31    5    --                                              Total Tax Attributes  --    --    $3    $17    $25    $24    $27    $35    $8    $7        PV of Terminal Value at TVGR of  Value of Tax Attributes at TVGR of  PV of Cash Flows '20E ‒ ’28E  Ke2  0.0%  0.0%  9.00%9.50%10.00%  $88$86$84  $383432  $126121116  Terminal Value as % of EV at TVGR of  Implied Share Price3 ($) at TVGR of  Ke2  0.0%  0.0%  9.00%9.50%10.00%  29.9%28.5%27.2%  $1.35$1.29$1.24  16 
 
 Hudson WACC Analysis  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Assumptions    Low    High    Low    High    Low    High  Unlevered Beta1  0.94  0.72    1.17                  Target Debt / Capitalization  25.0%  10.0%    40.0%    8.4%    11.2%    7.9%    8.0%  Target Debt / Equity  33.3%                        Levering Factor2  1.24                        Levered Beta  1.17  0.89    1.45    7.5%    11.5%    6.5%    9.5%  Marginal Tax Rate  27.0%                        Risk-Free Rate of Return3  1.2%                        Equity Risk Premium4  7.2%                        Cost of Equity5  9.5%                        Pre-Tax Cost of Debt  4.5%  3.5%    7.5%    9.5%    9.5%    7.8%    8.5%  Post-Tax Cost of Debt  3.3%                                                  WACC6  8.0%                        WACC  Sensitivities  Sensitivity Range Implied Cost of Equity Implied WACC  Source: Bloomberg as of 7/31/2020, Barra as of 6/30/2020, FactSet as of 8/5/2020, Duff & Phelps  123456  Unlevered Beta = Levered Beta / [1+ (1 – Tax Rate) x (Debt / Equity)]. Levering Factor = [1+ (1 – Tax Rate) x (Debt / Equity)].Based on blended U.S. and Canadian local currency 30-Year bond yields as of 8/5/2020, weighted by Hudson U.S. and Canadian business units’ 2019A EBITDA contribution. Based on Duff & Phelps valuation handbook as of February 2020.Calculated using CAPM. Cost of Equity = (Risk Free Rate of Return) + (Levered Beta) x (Equity Risk Premium). Weighted Average Cost of Capital = (After-Tax Cost of Debt) x (Debt / Cap.) + (Cost of Equity) x (Equity / Cap.).  17 
 
   Travel Retail1  Convenience Stores2  Contract Catering3  Hudson  2.02  0.73  1.89  2.51                                          0.77  0.51  0.75  0.80  0.930.890.84  0.730.650.59  0.890.860.82  1.281.221.10  1.19  0.86  1.01  1.45  Beta Range of Selected Companies – Global Barra  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Pre-COVID Global Barra Betas – Last 5 Years since 1/31/2020  Median Global Barra Beta Evolution  3rd Quartile    Median  1st Quartile  Median Betas   1-yr. 3-yr. 5-yr. 10-yr. 1.10 0.89 0.89 1.000.71 0.73 0.67 0.660.95 0.88 0.86 0.891.50 1.26 1.26 1.26  1  Travel Retail / ConvenienceConvenience Stores2 Contract Catering3 Hudson            3.02.82.62.42.22.01.81.61.41.21.00.80.60.40.20.0                2.02  1.00  1.89  0.87  0.73    0.68  2.51    1.40  COVID Impact (1/31/2020)    Memo: Current Median Beta  Source: Barra as of 7/31/2020.  Note: Each bar represents range of high and low Global Barra Betas since 2/28/2015 (Pre-COVID date of 1/31/2020).Travel Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry.Convenience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s.Contract Catering includes Elior, Aramark, Sodexo, and Compass.          18 
 
   Travel Retail1  Convenience Stores2  Contract Catering3  Hudson  1.62  0.62  1.43  2.33                                          0.59  0.53  0.56  0.39  0.820.730.70  0.700.620.58  0.780.710.66  1.10  1.16  1.25  0.96  0.87  0.98  1.40  Beta Range of Selected Companies – Global Bloomberg Raw  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Pre-COVID Global Bloomberg Raw Betas – Last 5 Years since 1/31/2020  Median Global Bloomberg Raw Beta Evolution  3rd Quartile    Median1st Quartile  Median Betas  1-yr.    3-yr.    5-yr.    10-yr.    Travel Retail / Convenience1Convenience Stores2 Contract Catering3 Hudson  0.82  0.71  0.73  0.85  0.67  0.70  0.64  0.60  0.68  0.68  0.71  0.69  1.34  1.21  1.21  1.21            3.02.82.62.42.22.01.81.61.41.21.00.80.60.40.20.0                  1.62  0.80  1.43  0.65  0.62  0.61  2.33  1.37  COVID Impact (1/31/2020)    Memo: Current Median Beta          Source: Bloomberg as of 7/31/2020.  Note: Each bar represents range of high and low Global Bloomberg Betas since 2/6/2015 (Pre-COVID date of 1/31/2020).Travel Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry.Convenience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s.Contract Catering includes Elior, Aramark, Sodexo, and Compass.  19 
 
       Memo:  (Managemen      Hudson $1.0 18% 23%  1.40 1.20  1.36 1.17  1.37 1.17  1.28 1.10  Source: Company filings, FactSet, Bloomberg. 20Note: FactSet data as of 8/5/2020. Bloomberg data as of 7/31/2020. Barra data as of 7/31/2020.            (Managemen      Peer Beta Summary – Travel Retail($  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  12  Net Debt excludes the impact of IFRS 16 adjustment.Historical evolution of Barra Local and Bloomberg Local Raw betas in Additional Supporting Materials section.                                                        of Equity  Total Cap.  Equity  Levered  Unlevered  Levered  Unlevered  Levered  Unlevered  Levered  Unlevered  2.5  38%  64%  1.11  0.78  1.07  0.76  0.79  0.55  0.80  0.56  4.1  5%  6%  0.99  0.95  0.97  0.93  1.00  0.95  0.99  0.94  4.6  12%  14%  0.80  0.71  0.84  0.76  0.49  0.44  0.53  0.47  2.5  23%  30%  1.00  0.81  0.95  0.77  0.81  0.66  0.70  0.57  4.9  37%  66%  1.21  0.79  1.25  0.82  1.11  0.73  0.95  0.63  1.1  23%  31%  0.73  0.58  0.85  0.68  0.72  0.58  0.78  0.63  $3.3  23%  31%  1.00  0.79  0.96  0.76  0.80  0.62  0.79  0.60  $3.3  23%  35%  0.97  0.77  0.99  0.78  0.82  0.65  0.79  0.63  CompanyLagardere WH Smith SSP GroupPre-COVIDAutogrillDufry ValoraMedian Mean    in billions) Barra Global Barra Local2 Bloomberg Global Raw Bloomberg Local Raw 2Market Value Net Debt1 / Net Debt1 / (7/31/2020) (7/31/2020)                            Company  of Equity  Total Cap.  Equity  Levered  Unlevered  Levered  Unlevered  Levered  Unlevered  Levered  Unlevered                              Lagardere  2.2  52%  113%  1.71  0.98  1.42  0.82  1.43  0.82  1.32  0.76    WH Smith  1.7  22%  28%  2.17  1.76  1.67  1.36  1.82  1.48  2.00  1.62  Current  SSP GroupAutogrill  1.61.2  26%48%  37%98%  2.421.88  1.871.07  1.901.49  1.470.84  1.891.23  1.450.70  1.921.31  1.480.74    Dufry  1.5  69%  274%  2.18  0.69  2.32  0.73  1.85  0.58  2.10  0.66    Valora  0.7  33%  50%  1.39  0.99  1.52  1.08  0.85  0.60  1.09  0.78                              Median  $1.6  41%  74%  2.02  1.03  1.60  0.96  1.62  0.76  1.62  0.77    Mean  $1.5  42%  100%  1.96  1.22  1.72  1.05  1.51  0.94  1.62  1.01                            Memo:  Hudson  $0.5  40%  74%  2.51  1.63  2.17  1.41  2.33  1.52  2.05  1.33  Barra Global Barra Local2 Bloomberg Global Raw Bloomberg Local Raw 2Market Value Net Debt1 / Net Debt1 / (1/31/2020) (1/31/2020)                         
 
 Comparable Company Analysis – Travel Retail($ in billions, except per share data; calendarized to FYE December 31)  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Travel Retail  Dufry  CHF23.90  24.2%  $1.5  $5.9  0.60x  0.83x  0.67x  (3.7%)  6.2x  7.8x  6.0x    1.4%  6.9x  23.6x  9.6x  (10.4%)  3.4x  n.a.  6.6x  (19.8%)  $4.0  4.3x    Lagardere  €13.84  65.0%  2.2  4.7  0.55x  0.66x  0.61x  (3.9%)  6.1x  8.5x  6.7x    (3.2%)  10.4x  24.0x  13.2x  (7.5%)  8.9x  19.4x  10.4x  (5.1%)  2.4  3.2x    Autogrill  €3.99  40.6%  1.2  2.5  0.42x  0.52x  0.45x  (2.0%)  4.5x  6.7x  5.2x    (4.3%)  6.9x  n.a.  14.7x  (22.5%)  8.7x  n.a.  26.1x  (30.7%)  1.2  2.2x    SSP Group  £2.30  31.8%  1.6  2.3  0.72x  0.78x  0.68x  (2.9%)  8.0x  16.2x  6.2x    (5.2%)  15.5x  31.3x  10.7x  (10.1%)  19.0x  n.a.  12.6x  (16.8%)  0.6  2.1x    WH Smith  £10.00  37.7%  1.7  2.2  1.34x  1.33x  1.20x  0.3%  12.7x  11.2x  8.8x  5  (2.8%)  19.5x  14.8x  11.1x  (1.7%)  18.1x  19.3x  11.9x  (10.1%)  0.5  2.8x    Valora  CHF154.60  53.4%  0.7  1.0  0.45x  0.48x  0.47x  (0.9%)  5.8x  7.6x  6.6x    (4.3%)  10.0x  13.1x  11.4x  (4.1%)  8.3x  16.8x  12.5x  (12.8%)  0.3  2.0x  Median  39.1%  1.6  2.4  0.57x 0.72x 0.64x  (2.4%)  6.2x  8.2x  6.4x  (3.7%)  10.2x  23.6x  11.2x  (8.8%)  8.8x  19.3x  12.2x  (14.8%)  0.9  2.5x  Mean  42.1%  1.5  3.1  0.68x 0.77x 0.68x  (2.2%)  7.2x  9.7x  6.6x  (3.0%)  11.5x  21.4x  11.8x  (9.4%)  11.1x  18.5x  13.4x  (15.9%)  1.5  2.7x  Hudson  Hudson (Management)Hudson (Consensus)  $4.93$4.93  31.4%31.4%  0.50.5  0.90.9  0.44x0.44x  0.59x0.64x  0.49x0.59x  (4.0%)(9.3%)  4.1x4.1x  18.8x12.3x  5.7x6.2x  (10.6%)(13.0%)  9.3x9.3x  n.a.n.a.  15.5x17.7x  (15.8%)(19.3%)  7.6x7.6x  n.a.n.a.  9.0x9.6x  (5.4%)(7.4%)  0.30.3  1.6x1.6x  Share Price  % of 52-Week  EBITDACAGR 2 EV / EBIT   EBIT EPSCAGR 2 Price / Earnings CAGR 2  2019ANet Net    Revenue EV / Revenue CAGR 2 EV / EBITDA3   (08/05/20) High MV       4  EV 1 2019A 2021E 2022E ’19A-’22E 2019A 2021E 2022E ’19A-’22E 2019A 2021E 2022E ’19A-’22E 2019A 2021E 2022E ’19A-’22E Debt 1 Leverage  Source: Company filings, FactSet as of 8/5/2020.  Note: FYE corresponds to Hudson’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020).Figures exclude the impact of IFRS 16.CAGR calculations are based on non-calendarized fiscal year figures for comparability purposes.Calculation is based on pre-IFRS 16 EBITDA figures.Net leverage calculated as current net debt divided by 2019A EBITDA.WH Smith 2022 multiples calculated based on non-calendarized FYE 2022 (8/31/2022) estimates.  21 
 
 Comparable Company Analysis – Convenience Stores and Contract Catering($ in billions, except per share data; calendarized to FYE December 31)  I I I P R E L I M I N A R Y V A L U A T I O N A N A L Y S I S  P R O J E C T R I V E R  Convenience Stores  Couche-Tard  C$46.50  98.1%  $39.2  $43.1  0.77x  0.79x  0.74x  (1.6%)  10.5x  11.2x  8.8x  3.2%  14.6x  16.4x  12.8x  3.0%  18.8x  19.9x  16.3x  3.6%  $4.1  1.0x    Seven & I Holdings  ¥3,284.00  74.7%  27.6  24.8  0.39x  0.42x  0.41x  (2.5%)  3.9x  4.0x  3.8x  0.2%  6.2x  6.5x  6.1x  0.1%  13.5x  14.1x  12.8x  2.2%  (3.8)  (0.6x)    Casey's  $169.30  93.5%  6.3  7.7  0.83x  0.80x  0.76x  1.9%  11.8x  11.8x  10.9x  1.0%  20.7x  21.1x  19.3x  5.6%  25.8x  26.6x  24.4x  6.8%  1.3  2.1x    Murphy USA  $137.74  98.4%  4.1  4.9  0.35x  0.39x  0.33x  1.4%  11.5x  9.7x  8.8x  9.3%  18.1x  14.9x  13.6x  10.0%  25.9x  18.9x  16.6x  16.1%  0.8  1.8x  Median  95.8%  17.0  16.3  0.58x  0.61x  0.58x  (0.1%)  11.0x  10.4x  8.8x  2.1%  16.4x  15.7x  13.2x  4.3%  22.3x  19.4x  16.4x  5.2%  1.0  1.4x  Mean  91.2%  19.3  20.1  0.59x  0.60x  0.56x  (0.2%)  9.4x  9.2x  8.1x  3.4%  14.9x  14.7x  12.9x  4.7%  21.0x  19.9x  17.5x  7.1%  0.6  1.1x  Contract Catering  Compass Group  £11.57  54.1%  $27.2  $32.2  1.02x  1.09x  0.98x  (1.5%)  11.2x  12.1x  10.3x  (2.4%)  15.7x  19.3x  14.5x  (5.0%)  16.6x  22.9x  16.9x  (8.0%)  $5.4  1.9x    Sodexo  €61.78  57.5%  11.1  13.5  0.54x  0.56x  0.53x  (1.2%)  8.7x  7.2x  6.6x  5.2%  11.7x  12.2x  10.5x  (3.9%)  15.2x  15.7x  12.9x  (3.3%)  2.5  1.6x    Aramark  $21.36  45.7%  5.4  12.3  0.80x  0.85x  0.78x  (1.1%)  9.0x  10.1x  7.9x  (0.8%)  13.8x  16.5x  12.2x  (3.1%)  13.0x  19.5x  11.3x  (6.0%)  7.1  5.2x    Elior Group  €4.86  35.6%  1.0  1.7  0.30x  0.32x  0.30x  (1.6%)  6.1x  6.4x  5.1x  (4.7%)  14.3x  15.6x  10.5x  (9.5%)  69.5x  19.6x  11.3x  0.9%  0.7  2.4x  Median  49.9%  8.2  12.9  0.67x  0.71x  0.66x  (1.4%)  8.9x  8.6x  7.3x  (1.6%)  14.1x  16.0x  11.3x  (4.4%)  15.9x  19.6x  12.1x  (4.6%)  3.9  2.1x  Mean  48.2%  11.2  14.9  0.67x  0.71x  0.65x  (1.4%)  8.8x  8.9x  7.5x  (0.7%)  13.9x  15.9x  11.9x  (5.4%)  28.6x  19.4x  13.1x  (4.1%)  3.9  2.8x  Source: Company filings, FactSet as of 8/5/2020.  Note: FYE corresponds to Hudson’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020).Figures exclude the impact of IFRS 16.CAGR calculations are based on non-calendarized fiscal year figures for comparability purposes.Calculation is based on pre-IFRS 16 EBITDA figures.Net leverage calculated as current net debt divided by 2019A EBITDA.  Share Price  % of 52-Week  2019ANet Net    Revenue EBITDA EBIT EPS EV / Revenue CAGR 2 EV / EBITDA3 CAGR 2 EV / EBIT CAGR 2 Price / Earnings CAGR 2   (08/05/20) High MV       4  EV 1 2019A 2021E 2022E ’19A-’22E 2019A 2021E 2022E ’19A-’22E 2019A 2021E 2022E ’19A-’22E 2019A 2021E 2022E ’19A-’22E Debt 1 Leverage  22 
 
 C O N F I D E N T I A L  Additional Supporting Materials  P R O J E C T R I V E R 
 
 Historical Financials($ in millions; FYE December 31)  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R        FY 2018          FY 2019        FY 2020      Q1  Q2  Q3  Q4  FY  Q1  Q2  Q3  Q4  FY  Q1  Q2  H1                              Net Sales  415  490  517  458  $1,880  435  499  512  465  $1,910  333  58  $391  Y-o-Y growth (%)  --  --  --  --  --  4.7%  1.8%  (1.0%)  1.5%  1.6%  (23.4%)  (88.4%)  (58.2%)  Q-o-Q growth (%)  --  18.2%  5.4%  (11.4%)  --  (5.0%)  14.8%  2.5%  (9.2%)  --  (28.4%)  (82.7%)  --  Turnover1  $427  $499  $527  $471  $1,924  $445  $510  $523  $476  $1,954  $342  $62  $403  Y-o-Y growth (%)  --  --  --  --  --  4.3%  2.1%  (0.7%)  0.9%  1.5%  (23.3%)  (87.9%)  (57.8%)  Q-o-Q growth (%)  --  17.0%  5.4%  (10.5%)  --  (5.6%)  14.6%  2.6%  (9.0%)  --  (28.2%)  (81.9%)  --  Gross Profit  268  319  336  303  $1,226  284  328  337  306  $1,254  213  38  $251  Y-o-Y growth (%)  --  --  --  --  --  5.9%  2.6%  0.6%  0.9%  2.3%  (24.8%)  (88.4%)  (58.9%)  Q-o-Q growth (%)  --  19.1%  5.1%  (9.7%)  --  (6.3%)  15.4%  3.0%  (9.4%)  --  (30.2%)  (82.2%)  --  Margin (%)  62.8%  63.9%  63.7%  64.3%  63.7%  63.8%  64.2%  64.5%  64.2%  64.2%  62.5%  61.6%  62.3%  EBITDA2  34  70  75  49  $227  30  70  74  37  $211  (6)  (69)  ($75)  Y-o-Y growth (%)  --  --  --  --  --  (13.2%)  0.4%  (0.4%)  (24.5%)  (7.2%)  n.m.  n.m.  n.m.  Q-o-Q growth (%)  --  104.1%  6.9%  (35.0%)  --  (38.8%)  136.0%  6.0%  (50.7%)  --  n.m.  n.m.  --  Margin (%)  8.0%  14.0%  14.2%  10.3%  11.8%  6.7%  13.7%  14.2%  7.7%  10.8%  n.m.  n.m.  n.m.  EBIT3  5  39  44  9  $98  1  40  43  8  $92  (91)  (101)  ($192)  Y-o-Y growth (%)  --  --  --  --  --  (77.6%)  2.1%  (3.6%)  (15.1%)  (6.5%)  n.m.  n.m.  n.m.  Q-o-Q growth (%)  --  625.9%  13.3%  (79.3%)  --  (86.9%)  3212.9%  7.0%  (81.8%)  --  n.m.  n.m.  --  Margin (%)  1.3%  7.8%  8.4%  2.0%  5.1%  0.3%  7.8%  8.2%  1.6%  4.7%  n.m.  n.m.  n.m.  Memo:                            Minority Interest  (6)  (12)  (10)  (9)  ($36)  (6)  (10)  (10)  (7)  ($34)  2  9  $11  Source: Management Business Plan (Case 1 and Case 2) as of 8/4/2020, public information.  Note: Excludes the impact of IFRS 16 for FY 2019 and H1 2020.Calculated as the sum of Net Sales and Advertising Income.Includes the impact of Other Operational Expenses, Corporate Allocation, and IC Fees CA to US.Includes the impact of Interest IFRS 16.  23 
 
 Summary Management Financial Projections – Management Case 1($ in millions; FYE December 31)  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Source: Management Business Plan (Case 1) as of 8/4/2020.  Note: Financials presented exclude IFRS 16 adjustments.Calculated as the sum of Net Sales and Advertising Income.Includes the impact of Other Operational Expenses, Corporate Allocation, and IC Fees CA to US.Includes the impact of Interest IFRS 16.Represents Management levered Net Income post Minority Interest.Figure shown represent the P&L impact of Minority Interest, and differ from cash flow impact of -$10m due to 45-day deferral in cash distributions to Minority Interest partners.  Historical  Management Forecast  CAGR                  2019A  2020E  2021E  2022E  2023E  2024E  2025E    '19A-22E  '19A-25E                        Net Sales  $1,910  $838  $1,410  $1,692  $1,918  $2,088  $2,244    (4%)  3%  Growth (%)  --  (56%)  68%  20%  13%  9%  7%        Turnover1  1,954  868  1,443  1,731  1,962  2,135  2,295    (4%)  3%  Growth (%)  --  (56%)  66%  20%  13%  9%  7%        Gross Profit  $1,254  $550  $927  $1,112  $1,261  $1,374  $1,478    (4%)  3%  Growth (%)  --  (56%)  68%  20%  13%  9%  8%        Margin (%)  64%  63%  64%  64%  64%  64%  64%        EBITDA2  211  (119)  45  151  230  264  298    (11%)  6%  Growth (%)  --  (156%)  (138%)  232%  53%  15%  13%        Margin (%)  11%  (14%)  3%  9%  12%  12%  13%        EBIT3  92  (281)  (53)  55  143  184  210    (16%)  15%  Growth (%)  --  (406%)  (81%)  (203%)  160%  29%  14%        Margin (%)  5%  (32%)  (4%)  3%  7%  9%  9%        Net Income4  13  (218)  (53)  11  64  89  104    (4%)  42%  Growth (%)  --  (1794%)  (75%)  (121%)  467%  41%  17%        Margin (%)  1%  (25%)  (4%)  1%  3%  4%  5%        Memo:  Minority Interest (34) 20 5 2 (21) (39) (46) (52)  24 
 
 Summary Management Financial Projections – Management Case 2($ in millions; FYE December 31)  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Source: Management Business Plan (Case 2) as of 8/4/2020.  Note: Financials presented exclude IFRS 16 adjustments.Calculated as the sum of Net Sales and Advertising Income.Includes the impact of Other Operational Expenses, Corporate Allocation, and IC Fees CA to US.Includes the impact of Interest IFRS 16.Represents Management levered Net Income post Minority Interest.Figure shown represent the P&L impact of Minority Interest, and differ from cash flow impact of -$10m due to 45-day deferral in cash distributions to Minority Interest partners.  Historical  Management Forecast  CAGR                  2019A  2020E  2021E  2022E  2023E  2024E  2025E    '19A-22E  '19A-25E                        Net Sales  $1,910  $838  $1,410  $1,692  $1,858  $2,022  $2,173    (4%)  2%  Growth (%)  --  (56%)  68%  20%  10%  9%  7%        Turnover1  1,954  868  1,443  1,731  1,901  2,069  2,222    (4%)  2%  Growth (%)  --  (56%)  66%  20%  10%  9%  7%        Gross Profit  $1,254  $550  $927  $1,112  $1,221  $1,330  $1,430    (4%)  2%  Growth (%)  --  (56%)  68%  20%  10%  9%  8%        Margin (%)  64%  63%  64%  64%  64%  64%  64%        EBITDA2  211  (119)  45  151  213  245  277    (11%)  5%  Growth (%)  --  (156%)  (138%)  232%  41%  15%  13%        Margin (%)  11%  (14%)  3%  9%  11%  12%  12%        EBIT3  92  (281)  (53)  55  125  165  190    (16%)  13%  Growth (%)  --  (406%)  (81%)  (203%)  128%  32%  15%        Margin (%)  5%  (32%)  (4%)  3%  7%  8%  9%        Net Income4  13  (218)  (53)  11  53  78  92    (4%)  39%  Growth (%)  --  (1794%)  (75%)  (121%)  377%  47%  18%        Margin (%)  1%  (25%)  (4%)  1%  3%  4%  4%        Memo:  Minority Interest (34) 205 2 (21) (35) (42) (47)  25 
 
   Median Betas  1-yr.    3-yr.    5-yr.    10-yr.    Travel Retail / Convenience1Convenience Stores2 Contract Catering3 Hudson  1.03  0.89  0.85  0.92  0.78  0.80  0.79  0.79  0.94  0.91  0.87  0.83  1.41  1.23  1.23  1.23      Travel Retail1  Convenience Stores2  Contract Catering3  Hudson  1.60  0.67  1.59  2.17                                          0.79  0.74  0.76  0.91  0.900.850.82  0.820.800.78  0.900.870.81  1.261.221.13  0.96  0.87  0.94  1.37  Beta Range of Selected Companies – Local Barra  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Pre-COVID Local Barra Betas – Last 5 Years since 1/31/2020  Median Local Barra Beta Evolution  3rd Quartile    Median1st Quartile        2.42.22.01.81.61.41.21.00.80.60.40.20.0  3.02.82.6                2.17    1.36        1.60    0.96  1.59    0.90  0.67  0.78  COVID Impact (1/31/2020)    Memo: Current Median Beta          Source: Barra as of 7/31/2020.  Note: Each bar represents range of high and low Local Barra Betas since 2/28/2015 (Pre-COVID date of 1/31/2020).Travel Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry.Convenience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s.Contract Catering includes Elior, Aramark, Sodexo, and Compass.  26 
 
   Travel Retail1  Convenience Stores2  Contract Catering3  Hudson  1.62  0.68  1.50  2.05                                          0.52  0.61  0.62  0.40  0.780.720.60  0.790.730.68  0.740.700.67  1.201.151.10  0.87  0.89  0.89  1.33  Beta Range of Selected Companies – Local Bloomberg Raw  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Pre-COVID Local Bloomberg Raw Betas – Last 5 Years since 1/31/2020  Median Local Bloomberg Raw Beta Evolution  3rd Quartile    Median1st Quartile  Median Betas  1-yr.    3-yr.    5-yr.    10-yr.    Travel Retail / Convenience1Convenience Stores2 Contract Catering3 Hudson  0.81  0.73  0.72  0.78  0.74  0.77  0.73  0.72  0.75  0.71  0.70  0.68  1.26  1.18  1.18  1.18            2.62.42.22.01.81.61.41.21.00.80.60.40.20.0  3.02.8                  1.62    0.79  1.50    0.73  0.68  0.74  2.05  1.28        COVID Impact (1/31/2020)    Memo: Current Median Beta    Source: Bloomberg as of 7/31/2020.  Note: Each bar represents range of high and low Local Bloomberg Betas since 2/6/2015 (Pre-COVID date of 1/31/2020).Travel Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry.Convenience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s.Contract Catering includes Elior, Aramark, Sodexo, and Compass.  27 
 
                 0%  50%25%  75%  100%  125%  Apr 2018 Aug 2018 Dec 2018 Apr 2019 Aug 2019 Dec 2019 Apr 2020 Aug 2020              0.0x  2.0x  4.0x  6.0x  8.0x  10.0x  12.0x  14.0x  16.0x  18.0x  20.0x  Aug-17  Feb-18  Aug-18  Feb-19  Aug-19  Feb-20  Aug-20  Multiple Evolution Analysis – EV/NTM EBITDA – Travel Retail  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  EV / NTM EBITDA1  Average:  1-Year  2-Year  3-Year  Peer Set  9.2x  8.9x  9.1x  Dufry  6.4x  7.1x  8.1x  Hudson  4.9x  6.2x  6.7x  Average 10.0x    Dufry 9.7x  Relative Valuation vs. Peer Set Average  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (45%)  (29%)  (26%)  Difference (x)  (4.2x)  (2.6x)  (2.4x)  Difference:(2.9x)Discount: (30%) (7/2/2020)2  Relative Valuation vs. Dufry  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (17%)  (11%)  (12%)  Difference (x)  (1.2x)  (0.8x)  (0.9x)    Hudson 7.0x (7/2/2020)2  Source: FactSet as of 8/5/2020.  Note: Travel Retail peer set includes Dufry, Lagadere, Autogrill, SSP Group, WH Smith, and Valora. Area in the charts represents the upper and lower bounds of the peer set.Excludes the impact of IFRS 16; excludes multiples less than 0x or higher than 40x.Represents the date of the latest meaningful data point.                0%Apr 2018 Aug 2018 Dec 2018 Apr 2019 Aug 2019 Dec 2019 Apr 2020 Aug 2020  25%  50%  75%  125%100%    Difference:(2.7x)Discount: (28%) (7/2/2020)2    28 
 
           0.0x  2.0x  4.0x  6.0x  8.0x  10.0x  12.0x  14.0x  16.0x  18.0x  20.0x  Aug-17  Feb-18  Aug-18  Feb-19  Aug-19  Feb-20  Aug-20  Multiple Evolution Analysis – EV / LTM EBITDA – Travel Retail  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  EV / LTM EBITDA1  Average:  1-Year  2-Year  3-Year  Peer Set  8.2x  8.7x  9.2x  Dufry  4.4x  6.3x  7.9x  Hudson  3.8x  6.0x  6.9x  Average 8.9x    Hudson4.5x    Dufry 5.4x                25%  50%  75%  100%  125%   0%Apr 2018 Aug 2018 Dec 2018 Apr 2019 Aug 2019 Dec 2019 Apr 2020 Aug 2020  Relative Valuation vs. Peer Set Average  Premium / (Discount) (%)  (53%)  (32%)  (27%)  Difference (x)  (4.4x)  (2.7x)  (2.2x)  Average: 1-Year 2-Year 3-Year    Difference: (4.4x)Discount: (50%)                0%Apr 2018 Aug 2018 Dec 2018 Apr 2019 Aug 2019 Dec 2019 Apr 2020Source: FactSet as of 8/5/2020.Note: Travel Retail peer set includes Dufry, Lagadere, Autogrill, SSP Group, WH Smith, and Valora. Area in the charts represents the upper and lower bounds of the peer set.1 Excludes the impact of IFRS 16; excludes multiples less than 0x or higher than 30x.  25%  50%  75%  100%  125%  Aug 2020  Relative Valuation vs. Dufry  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (14%)  (8%)  (6%)  Difference (x)  (0.6x)  (0.3x)  (0.3x)    Difference: (0.9x)Discount: (17%)      29 
 
           0.0x  5.0x  10.0x  15.0x  20.0x  25.0x  30.0x  Aug-17  Feb-18  Aug-18  Feb-19  Aug-19  Feb-20  Aug-20  Multiple Evolution Analysis – EV / NTM EBIT – Travel Retail  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  EV / NTM EBIT1  Average:  1-Year  2-Year  3-Year  Peer Set  17.3x  15.9x  16.0x  Dufry  13.5x  15.6x  17.8x  Hudson  9.7x  11.9x  13.0x  Average19.7x  Dufry 15.7x (4/3/20)2  Hudson 14.7x (6/5/2020)2  Source: FactSet as of 8/5/2020.  Note: Travel Retail peer set includes Dufry, Lagadere, Autogrill, SSP Group, WH Smith, and Valora. Area in the charts represents the upper and lower bounds of the peer set.Excludes the impact of IFRS 16; excludes multiples less than 0x or higher than 40x.Represents the date of the latest meaningful data point.                  0%  25%  50%  75%  100%  125%  Apr 2018 Aug 2018 Dec 2018 Apr 2019 Aug 2019 Dec 2019 Apr 2020 Aug 2020  Relative Valuation vs. Peer Set Average  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (40%)  (21%)  (16%)  Difference (x)  (6.8x)  (3.5x)  (2.7x)  Difference:(14.7x)Discount: (50%) (6/5/2020)2                0%Apr 2018 Aug 2018 Dec 2018 Apr 2019 Aug 2019 Dec 2019 Apr 2020 Aug 2020  25%  50%  75%  100%  125%  Relative Valuation vs. Dufry  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (36%)  (26%)  (23%)  Difference (x)  (4.9x)  (3.9x)  (3.6x)    Difference:(8.3x)Discount: (53%) (4/3/2020)2      30 
 
 Selected Travel Retail Peers($ in millions)  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Source: FactSet as of 8/5/2020, Public information.  12  Non-trading key metrics based on 2019 figures, unless otherwise stated. Includes both airport and railway sales.                                                                  Company  Key Metrics1  Segment Breakdown  Company Overview    EV: $5,862 | MV: $1,474Sales: $9,401EBITDA: $1,104  Brick & Mortar Rail Stations 3% 5%Seaports 4%  Dufry is a global travel retail concession operator with over 2,300 locations throughout airports, cruise lines, seaports, railway stations, and tourist areas headquartered in Basel, SwitzerlandMain areas of geographic exposure include the US, Brazil, Germany, the UK, France, and ItalyThe company has grown through a series of acquisitions, including the purchase of World Duty Free for ~$1.4bn in 2015 and Hudson Group for ~$345m in 2008Major shareholders include Qatar Holdings (9.58%) and Holzer Neumann LuisAndres (8.93%)      AirportsNet sales by channel 88%      EV: $4,671 | MV: $2,151Sales: $8,198EBITDA: $731  Other Activities Sports 4% 4%TravelPublishing Retail 233% 59%Net sales by channel  Lagardère SCA is headquartered in Paris, France and is a media business holding that operates in Publishing, Travel Retail, Media, & Sports / EntertainmentThe Lagardère Travel Retail segment includes travel essentials, duty free & fashion, foodservice and press distribution in primarily France, the US, & GermanyThe company recently acquired International Duty Free Belgium for ~$268m in2019 and Hojeij Branded Foods for ~$290m in 2018Major shareholders include Amber Capital (19.51%), Qatar Investment Authority (13.03%), and Lagardère Arnaud (7.26%)    EV: $2,329 | MV: $1,635Sales: $3,141EBITDA: $279  Other 5%Rail Stations 31%Airports 64%  SSP is headquartered in London and operates restaurants, bars, cafes, food courts, lounges, and convenience stores within airports, train stations, and motorway service stationsMain areas of geographic exposure include the UK, the US, Germany, & FranceThe company was previously owned by EQT Partners from 2006 until 2014, when it underwent an initial public offeringPublic / dispersed ownership      Net sales by channel      EV: $2,493 | MV: $1,216Sales: $5,681EBITDA: $526  Other 8%Motorways 30%Airports 62%Net sales by channel  Autogrill is a major concessions operator, providing services for travelers atairports, motorways, and railways headquartered in Rozzano, ItalyMain geographic areas of exposure include the US, Italy, Canada, and ChinaAutogrill completed the spin off of World Duty Free to shareholders for ~$2bn in 2013 and acquired Concession Management Services’ airport food & beverages business for ~$32m in 2016The company is currently controlled with a 50.1% stake by the investment vehicle of the Benetton family  31 
 
 Selected Travel Retail Peers (cont’d)($ in millions)  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Source: FactSet as of 8/5/2020, Public information.  12  Non-trading key metrics based on 2019 figures, unless otherwise stated.Airport count includes 433 international units outside of the UK. High Street stores sell stationary, gifts, news, magazines, and books and are less focused on convenience offers and products which are found within Travel units.Ditsch Ernst Peter sold his company (Ditsch/Brezelkonig Group) in an equity only transaction to Valora in 2012, granting Peter 635,599 shares.  3                          Company  Key Metrics1  Segment Breakdown    Company Overview    EV: $2,218 | MV: $1,726Sales: $1,584EBITDA: $168  High Street 17%Hospitals14% AirportsRailways 57%12%    WH Smith Plc is headquartered in Swindon, the United Kingdom and is a travelretailer that operates within the Travel and High Street segmentsThe company derives 82% of its revenue from the United Kingdom, with some exposure to markets in the US, Australia, and other European / Asian countriesThe company spun off Smith News Plc to shareholders for ~$265m in 2006Public / dispersed ownership      Unit count by channel 2        EV: $1,012 | MV: $673Sales: $2,156EBITDA: $167  Food Service / Other 10%Valora Retail 90%    Valora Holding AG is headquartered in Muttenz, Switzerland and engages in managing convenience and food-service outlets in the following segments: Valora Retail, Food Service, and OtherValora Retail runs a Europe-wide network of 1100+ kiosks and railway station bookstores which sell press products, tobacco, and consumer products for everyday needs as well as impulse purchasesMain areas of geographic exposure are Switzerland and Germany, with minority presence in the US, Netherlands, Austria, and LuxembourgValora acquired BackWerk Management in 2017 for ~$211mMajor shareholders include Ditsch Ernst Peter (15.93%), one of Valora’s board members 3      Revenue by operating segment                32 
 
 Selected Convenience Store Peers($ in millions)  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Source: FactSet as of 8/5/2020, Public information.  1  Non-trading key metrics based on 2019 figures, unless otherwise stated.                                                                  Company  Key Metrics1  Segment Breakdown  Company Overview    EV: $43,147 | MV: $39,173Sales: $55,725EBITDA: $4,096  Other Merchandise1% Sales27%Fuel Sales 72%Revenue by operating segment  Couche-Tard, Inc. is headquartered in Laval, Canada and operates traditional convenience stores engaged in the sale of products such as fresh foods, fast foods, gasoline, ATMs, lottery tickets, newspapers, and magazinesPrimary areas of geographic operation include Canada, Scandinavia, Ireland, Poland, and the USSignificant acquisitions include Imperial Oil’s retail assets from Exxon Mobil for~$1.6bn in 2016Public / dispersed ownership    EV: $24,846 | MV: $27,577Sales: $62,162EBITDA: $6,264  Department OtherStore 9% Domestic8% Convenience14%Superstore OverseasOperations Convenience 28% 41%Revenue by operating segment  Seven & i Holdings Co., Ltd. is headquartered in Tokyo, Japan and engages in the planning, management, and operation of its convenience and department storesPrimary areas of geographic operation include Japan, the US, Canada, China & Hong KongThe company recently acquired Marathon’s Speedway business for $21bn; also divested Shaddy Co. for ~$2bn in 2018 and Sogo & Seibu department stores for~$15bn in 2017Major stakeholders include Ito Kogyo Kk (7.77%)      OtherPrepared Food 1%12%  Casey's General Stores, Inc. is headquartered in Ankeny, Iowa and engages in the management and operation of convenience stores and gasoline stationsOperations and stores are exclusively based in the USRecent acquisitions include the purchase of Kabredlos, Inc. convenience stores for ~$46m in 2010Major stakeholders include T. Rowe Price Associates (13.76%) and The Vanguard Group (10.94%)    EV: $7,656 | MV: $6,324Sales: $9,235EBITDA: $648  Merchandise FuelSales Sales27% 60%        Revenue by operating segment        Merchandise Sales 19%  Murphy USA, Inc. is based in El Dorado, Arkansas and engages in the motor fuelproducts and convenience merchandise markets through retail storesOperations and stores are exclusively based in the USRecent divestitures include Hankinson Renewable Energy for ~$173m in 2013Major stakeholders include The Vanguard Group (10.45%) and BlackRock Fund Advisors (10.44%)    EV: $4,861 | MV: $4,097Sales: $14,035EBITDA: $423  Petroleum ProductsRevenue by operating segment 81%    33 
 
           Selected Contract Catering Peers($ in millions)  A D D I T I O N A L S U P P O R T I N G M A T E R I A L S  P R O J E C T R I V E R  Source: FactSet as of 8/5/2020, Public information.  1  Non-trading key metrics based on 2019 figures, unless otherwise stated.                                                              Company  Key Metrics1  Segment Breakdown    Company Overview    EV: $32,239 | MV: $27,238Sales: $30,262EBITDA: $2,770  Defence & Remote Other 7%13% Business &Industry 39%Health care23% Education    Compass Group is headquartered in Chertsey, the United Kingdom and engagesin the provision of food service and support servicesMain areas of geographic exposure include the US, the UK, Canada & ChinaRecent acquisitions include Fazer Food Services for ~$425m in 2019 and a minority stake in Unidine Corp. for ~$227m in 2017Public / dispersed ownership      Revenue by operating segment 18%        EV: $13,509 | MV: $11,063Sales: $23,924EBITDA: $1,479  Other Business &2% Admin27%On-siteServices HealthCare49% 12%Education 10%    Sodexo is headquartered in France and engages in the provision of on-site services, benefits & rewards services, and personal & home care servicesSignificant areas of geographic exposure include the US, France, China & JapanRecent acquisitions include Centerplate, Inc. for ~$575m in 2017Major shareholders include the Bellon Family, with a ~42% stake      Revenue by operating segment        EV: $12,308 | MV: $5,404Sales: $15,459EBITDA: $1,394  Uniform Apparel 16%Food & Food &Support SupportServices ServicesInternational US23% 61%Revenue by operating segment    Aramark is headquartered in Philadelphia, PA and engages in the provision of food, facilities, and uniform services for school districts, healthcare facilities, and other businessesOperations are primarily based out of the US, with some exposure in China, Japan, and GermanyRecent acquisitions include Filterfresh Coffee Service from Green Mountain Coffee Roasters for ~$145m in 2011Public / dispersed ownership    EV: $1,677 | MV: $1,021Sales: $5,314EBITDA: ($265)  Healthcare25% Business& Industry 43%Education 32%    Elior Group SA is headquartered in Paris, France and engages in the provision of contract and concession catering services within the following sectors: Contract Catering & Support Services and Concession Catering & Travel RetailSignificant areas of geographic exposure include France, the US, and ChinaElior Group divested Areas Restauration Services SAS to PAI Partners SAS for~$1.5bn in 2019Major stakeholders include Bim Sas (20.17%) and Cuatrecasas Figueras Emilio (7.66%)      Revenue by client market      34 
 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘SC 13E3’ Filing    Date    Other Filings
Filed on:9/25/20
8/3/206-K
8/2/20
7/15/20
7/6/20
1/9/196-K
 List all Filings 

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/01/20  Dufry AG                          SC 13E3/A              1:88K  Hudson Ltd.                       Broadridge Fin’l So… Inc
11/02/20  Dufry AG                          SC 13E3/A  10/30/20    2:3.2M Hudson Ltd.                       Broadridge Fin’l So… Inc
10/28/20  Dufry AG                          SC 13E3/A              2:3.2M Hudson Ltd.                       Broadridge Fin’l So… Inc
10/21/20  Dufry AG                          SC 13E3/A              2:3.1M Hudson Ltd.                       Broadridge Fin’l So… Inc

2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/19/20  Hudson Ltd.                       6-K         8/19/20    1:36K                                    Davis Polk & … LLP 01/FA
 3/15/18  Hudson Ltd.                       20-F       12/31/17  149:15M                                    Blueprint/FA
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