Exhibit (c)(5)

   Project River  P RE S E N TA T I O N TO THE S P E CIA L COM M I TTE E  1 7 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 of Hudson 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 oreffects 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”) proposing to acquire the shares of Hudson’s share capital not currently owned by Dufry 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 of Hudson which have 10:1 voting rights compared to Class A common sharesUnder 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 a transaction on August 3, 2020 in conjunction with the presentation of its financial results for the first -half of 2020On 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 formof consideration, shareholder approval, and financing, among othersFollowing the letter sent by Hudson to Dufry on July 15, 2020, the two parties and their advisors worked diligently to clarify the terms and conditions of the Dufry proposal, including through the exchange of additional letters, while Hudson Management developed and refined long range business plans for the Special Committee to use in evaluating a potential transactionOn August 12, 2020, the Special Committee communicated to Dufry that their proposal materially undervalued Hudson’s Class A Shares and requested that Dufry revise their proposal to compensate the Class A Shareholders for the fundamental value reflected in the business plans prepared by Hudson ManagementOn August 13, 2020, Dufry orally communicated a revised proposal to acquire the Hudson common shares not currently owned by Dufry for $7.00 per share in cashOn August 14, 2020, the Special Committee rejected Dufry’s revised proposal of $7.00 per share and made a counter-proposal of$8.00 per share in cashOn August 15, 2020, amid continuing negotiations between the two parties and their advisors, Dufry submitted a revised proposal toacquire the Hudson common shares not currently owned by Dufry for $7.70 per share in cash1 

 Summary of Dufry’s Revised 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 8/14/2020, public information.1 Implied Total Equity Value assumes fully diluted shares outstanding (FDSO) of 93.45m as of 8/14/2020 (or most recent date available) based on Section 4.05 of Agreement and Plan ofMerger among Hudson Ltd., Dufry AG and Dufry Holdco Ltd. (the “Merger Agreement”); FDSO include Class A and Class B Shares; Lazard has not taken into account any valuation dif f erences between the two classes of shares.  Structure  Transaction Consideration1  Implied Premium  Acquisition of the Hudson common shares not currently owned by Dufry through a cash merger  All cash consideration of $7.70 per Hudson shareImplied Total Equity Value of $720m  Implied premium / (discount) to:Current trading price as of 8/14/2020 ($5.73): 34%o 30-day VWAP as of 8/14/2020 ($4.69): 64%Last trading day before offer on 7/2/2020 ($5.06): 52%o 52-week high on 1/8/2020 ($15.72): (51%)  2 

                   Illustrative Offer Price Range     EBITDA   2019A  $211  4.5x  4.6x  4.7x  4.9x  5.0x  5.1x  5.2x  5.3x  5.4x  2022E  $151  6.3x  6.5x  6.6x  6.8x  7.0x  7.1x  7.3x  7.4x  7.6x  2023E  $213  4.5x  4.6x  4.7x  4.8x  4.9x  5.0x  5.1x  5.2x  5.4x  Implied EV / EBITDA          Travel Retail  Median  6.7x  Travel Retail  Mean  6.9x  Travel Retail  Median6.5x  Travel Retail  Mean7.4x  Offer Value / Share  $6.00  $6.25  $6.50  $6.75  $7.00  $7.25  $7.50  $7.70  $8.00  % vs. Current as of 8/14/2020 ($5.73)  5%  9%  13%  18%  22%  27%  31%  34%  40%  % vs. 30-Day VWAP ($4.69)  28%  33%  39%  44%  49%  55%  60%  64%  71%  % vs. 52 Week High ($15.72)1  (62%)  (60%)  (59%)  (57%)  (55%)  (54%)  (52%)  (51%)  (49%)  FDSO2  93.45  93.45  93.45  93.45  93.45  93.45  93.45  93.45  93.45  Implied Equity Value  $561  $584  $607  $631  $654  $677  $701  $720  $748  Net Debt 3  340  340  340  340  340  340  340  340  340  NCI3  59  59  59  59  59  59  59  59  59  Equity Investments3  (6)  (6)  (6)  (6)  (6)  (6)  (6)  (6)  (6)  Implied Enterprise Value  $954  $977  $1,001  $1,024  $1,048  $1,071  $1,094  $1,113  $1,141  Hudson Analysis at Various Prices($ in millions, except per share data)  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: Hudson Adjusted Management Plan as of 8/4/2020, Company filings, FactSet as of 8/14/2020.1 As of 1/8/2020.FDSO of 93.45m based on the Merger Agreement; FDSO include Class A and Class B Shares; Lazard has not taken into account any valuation differences between the two classes of shares. 3Net Debt of $340m, NCI at book value of $59m, and Equity Investments at book value of $6m based on Company filings as of 6/30/2020.    Initial Offer(7/6/2020)      Revised Offer(8/15/2020)     

 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 

                                                                                                                                 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+23.6%vs. Current    $5.73  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 8/14/2020, broker research.1 As of 8/14/2020 market close.  Wall Street Stock Price Target  Broker Commentary  Wall Street Stock Price Target History    Firm  Date  Rating  Stock Price Target  Implied Return to Current1  Credit Suisse  08/03/2020  Buy  $9.00  57%  Morgan Stanley  08/05/2020  Hold  $7.00  22%  UBS  08/03/2020  Hold  $5.25  (8%)    The continued lack of air travel w as again evident in HUD's 2Q'20 results… It's going to be a slow recovery, but w e think HUD is taking some of the right steps to ensure its long term viability… Plus, it's w orking w ith airports to delay rent, and in some cases, secure rent w aivers. While there are limits to the degree to w hich it can utilize these, w e think it show s that HUD is finding creative w ays to m inim ize its cash burn.UBS, AUGUST 3, 2020Overall, our key take is that trends remain w eak but are improving gradually, w hile HUD also continues to aggressively manage its cost structure to offset the declines in passenger volume, gain productivityefficiencies in stores that have reopened, and should see less pressure ongross margin in 2H vs. Q2.CREDIT SUISSE, AUGUST 3, 2020  4 

                     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 Average10.2x    Hudson 5.8x (7/14/2020)3  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, wasappointed the new CEO.Excludes the impact of IFRS 16.Represents the date of the latest meaningful data point.  23  EV / NTM EBITDAMultiple2  Indexed StockPerformance            0%Aug-18 Nov-18 Feb-19 May-19 Aug-19Source: FactSet as of 8/14/2020.Note: Trav el Retail peer set includes Dufry, Lagadere, Autogrill, SSP Group, WH Smith, and Valora.  20%  40%  60%  80%  100%  120%  Nov-19  Feb-20  May-20  Aug-20    Peer Average46%    Hudson$5.7330%    Dufry CHF27.62 51%    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      Dufry10.8x  5 

     Q2 2020        $62  $342  0  100  200  300  $600500400  Feb-18  May-18  Aug-18  Nov-18  Feb-19  May-19  Aug-19  Nov-19  Feb-20  May-20  Aug-20          ($76)  $57  $15  $9  $44  $39  $5  (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  Aug-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(8/14/20)$5.73      Q1 2018      Q2 2018      Q3 2018      Q4 2018      Q1 2019      Q2 2019      Q3 2019      Q4 2019      Q1 2020      CEO Change1      +2.7%                                $499  $527        $510  $523      $427  (0.1%)  (0.5%)    $471  $445  (1.8%)  (2.0%)  $476            +2.5%  +1.8%      +3.9%        (0.0%)      (21.3%)      +43.4%      +27.0%      +6.1%      (55.0%)      +109.5%      $54+16.1%      +13.0%      $22(24.5%)      n.m.      ($88)n.m.      +5.7%      +9.5%      (5.6%)      +1.4%      (1.6%)      (4.9%)      (2.7%)      (26.3%)      (7.5%)      +9.8%  Historical Performance vs. Quarterly Broker Estimates($ 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      ActualBrokerEstimate      ActualBrokerEstimate  Source: FactSet as of 8/14/2020, public information.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.Positiv e % f igures in ovals indicate outperformance versus estimate; negative % figures in ovals indicate underperformance versus estimate.% Figures in ov als indicate share price change between closing prior to earnings announcement and closing after earnings announcement.  23    EBIT  Turnover    Quarterly Turnover2  Quarterly EBIT2  StockPrice3  6 

       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: Hudson Adjusted Management Plan as of 8/4/2020, UBS as of 8/3/2020, Credit Suisse as of 8/3/2020, Morgan Stanley as of 8/5/2020.1 Calculated as the sum of Net Sales and Advertising Income.  234  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 Managem ent  Credit Suisse  2020E  2021E  2022E            Managem ent ’19A-’22E CAGR: (10.6%)    Management ’19A-’22E CAGR: (15.8%)    Management ’19A-’22E CAGR: (4.4%)  7 

 C O N F I D E N T I A L  III Lazard Valuation Analysis  P R O J E C T R I V E R 

       Enterprise Value1    Implied Share Price2 ($)     Commentary   For Reference Only  Based on Hudson Management's Initial 5-year projections which assume business travel recovers to pre-COVID levels in the long-term  WACC, Terminal Value growth rate and all other assumptions are identical to the ones used for Adjusted Management Plan DCF  5.50x - 7.50x FY 2019A EBITDA based on reference peers  Comparable Publicly Traded CompaniesAnalysis4  EV / FY 2022E EBITDA  Applied to Hudson Adjusted Management Plan FY 2022E EBITDA of $151 million  Applied to Hudson Adjusted Management Plan FY 2019A EBITDA of $211 million  5.75x - 7.75x FY 2022E EBITDA based on reference peers  52-Week High / Low4,5  Analyst Price Targets4  Initial Management Plan DCF  EV / FY 2019A EBITDA4  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  Discounted Cash Flow Analysis  Based on Hudson Management's Adjusted 5-year projections, which assume 20% reduction in business travel relative to Initial Management PlanWACC of 7.63% - 8.63%; Terminal Value growth rate of 1.0% - 2.0%; Implied Terminal Value multiple of 5.8x - 7.8xImplied share price includes NPV of tax attributes, discounted at 9.08% to 10.42% cost of equity3  Adjusted Management Plan                                        $908  $806  $1,013  $1,100  $557  $825  $1,256  $1,107  $1,399  $1,522  $1,803  $1,175  $7.34  $5.05  $8.48  $8.20  $2.38  $5.25  $11.20  $8.27  $12.76  $12.71  $15.72  $9.00        Lazard Valuation Analysis  ($ in millions; FYE December 31)  I I I L A Z A R D 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 Plan as of 8/4/2020, Company filings, FactSet as of 8/14/2020.  Note:  The Special Committee has advised Lazard that the Adjusted Management Plan reflects the anticipated future financial performance of the Company and, accordingly, has directed Lazard to utilize theAdjusted Management Plan for purposes of its financial analyses.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.Lazard considered but disregarded Precedent Transactions Analysis on the account of the fact that the contemplated transaction is not a change of control transaction as well as the fact that any existing comparable precedent transactions have been announced in a different environment, rendering them unreliable for establishing a benchmark for purposes of the contemplated transaction.For comparability purposes between the DCF and the Comparable Publicly Traded Companies Analysis, the Enterprise Value range shown excludes value attributable to Non-Controlling Interest (NCI).Assumes Net Debt of $340m and Equity Investment of $6m based on Company filings as of 6/30/2020, and FDSO of 93.45m based on the Merger Agreement; FDSO include Class A and Class B  Note: Note:  12  Shares; Lazard has not taken into account any valuation differences between the two classes of shares . Permanent tax attributes assume 0% growth in terminal year (see pages 10 and 12 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 dates.As of 8/14/2020 market close.  3456  Dufry Revised Offer$7.70      Current$5.736    8 

     PV of Terminal Value at TVGR of  Enterprise Value at TVGR of  Implied TV EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  $949  $1,031  $1,128  862  932  1,013  787  847  915  1.0%  1.5%  2.0%  $1,076  $1,159  $1,256  986  1,056  1,137  908  968  1,036  1.0%  1.5%  2.0%  6.6x  7.2x  7.8x  6.1  6.6  7.2  5.8  6.2  6.7  PV of FCF's H2 '20E ‒ ’25E  WACC  7.63%8.13%8.63%  $127$124$121  Terminal Value as % of EV at TVGR of  1.0%  1.5%  2.0%  88.2%  89.0%  89.9%  87.4%  88.3%  89.1%  86.7%  87.5%  88.3%  Implied Share Price2 ($) at TVGR of  1.0%  1.5%  2.0%  $9.28  $10.16  $11.20  $8.24  $8.99  $9.85  $7.34  $7.98  $8.71  Implied 2019 EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  6.7x  7.3x  7.9x  6.2  6.6  7.1  5.7  6.1  6.5  WACC  7.63%8.13%8.63%  Hudson Discounted Cash Flow Analysis – Adjusted Management Plan  ($ in millions; FYE December 31)  P R O J E C T R I V E R I I I  L A Z A R D V A L U A T I O N A N A L Y S I S  Source: Hudson Adjusted Management Plan as of 8/4/2020; Company filings.  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 10 f or detailed calculation), which value is added to the Enterprise Value 9f or 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 $112m - $125m, Net Debt of $340m and Equity Investment of $6m based on Company filings as of 6/30/2020, and FDSO of 93.45m based on the Merger Agreement; FDSO include Class A and Class B Shares; Lazard has not taken into account any valuation differences between the two classes of shares.  2      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 

 Hudson Tax Attributes Discounted Cash Flow Analysis – Adjusted Management Plan($ in millions; FYE December 31)  P R O J E C T R I V E R I I I L A Z A R D V A L U A T I O N A N A L Y S I S  Source: Hudson Adjusted Management Plan 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.  1  Extrapolated only for U.S. Cash Tax Adjustments as discussed with Management; NOL utilization forecast provided by Management until its full depletion by 2028; assumptions and forecastsrelating to tax attributes discussed with Management and utilized by Lazard at the direction of the Special Committee.Implied Cost of Equity based on WACC range of 7.63% - 8.63%.Assumes FDSO of 93.45m based on the Merger Agreement; FDSO include Class A and Class B Shares; Lazard has not taken into account any valuation differences between the two classes ofshares.  23    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%  9.08%9.75%10.42%  $88$85$83  $373329  $125118112  Terminal Value as % of EV at TVGR of  Implied Share Price3 ($) at TVGR of  Ke2  0.0%  0.0%  9.08%9.75%10.42%  29.7%27.9%26.2%  $1.34$1.26$1.20  10 

     PV of Terminal Value at TVGR of  Enterprise Value at TVGR of  Implied TV EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  $1,056  $1,147  $1,255  959  1,037  1,127  876  942  1,018  1.0%  1.5%  2.0%  $1,199  $1,291  $1,399  1,100  1,177  1,267  1,013  1,079  1,155  1.0%  1.5%  2.0%  6.8x  7.4x  8.1x  6.3  6.9  7.5  5.9  6.4  6.9  PV of FCF's H2 '20E ‒ ’25E  WACC  7.63%8.13%8.63%  $144$140$137  Terminal Value as % of EV at TVGR of  1.0%  1.5%  2.0%  88.0%  88.9%  89.7%  87.2%  88.1%  88.9%  86.5%  87.3%  88.1%  Implied Share Price2 ($) at TVGR of  1.0%  1.5%  2.0%  $10.62  $11.60  $12.76  $9.48  $10.30  $11.27  $8.48  $9.19  $10.00  Implied 2019 EBITDA Multiple at TVGR of  1.0%  1.5%  2.0%  7.5x  8.1x  8.8x  6.9  7.4  7.9  6.3  6.8  7.2  WACC  7.63%8.13%8.63%  Hudson Discounted Cash Flow Analysis – Initial Management Plan  ($ in millions; FYE December 31)  I I I L A Z A R D 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 Initial Management Plan as of 8/4/2020; Company filings.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 12 f or detailed calculation), which value is added to the Enterprise Value 11f or 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 $114m - $127m, Net Debt of $340m and Equity Investment of $6m based on Company filings as of 6/30/2020, and FDSO of 93.45m based on the Merger Agreement; FDSO include Class A and Class B Shares; Lazard has not taken into account any valuation differences between the two classes of shares.  2      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 

 Hudson Tax Attributes Discounted Cash Flow Analysis – Initial Management Plan($ in millions; FYE December 31)  P R O J E C T R I V E R I I I L A Z A R D V A L U A T I O N A N A L Y S I S  Source: Hudson Initial Management Plan 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.  1  Extrapolated only for U.S. Cash Tax Adjustments as discussed with Management; NOL utilization forecast provided by Management until its full depletion by 2028; assumptions and forecastsrelating to tax attributes discussed with Management and utilized by Lazard at the direction of the Special Committee.Implied Cost of Equity based on WACC range of 7.63% - 8.63%.Assumes FDSO of 93.45m based on the Merger Agreement; FDSO include Class A and Class B Shares; Lazard has not taken into account any valuation differences between the two classes ofshares.  23    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%  9.08%9.75%10.42%  $90$87$85  $373329  $127120114  Terminal Value as % of EV at TVGR of  Implied Share Price3 ($) at TVGR of  Ke2  0.0%  0.0%  9.08%9.75%10.42%  29.2%27.4%25.7%  $1.36$1.29$1.22  12 

 Hudson WACC Analysis  I I I L A Z A R D 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%    8.7%    11.4%    8.1%    8.1%  Target Debt / Equity  33.3%                        Levering Factor2  1.24                        Levered Beta  1.17  0.89    1.45    7.7%    11.8%    6.6%    9.6%  Marginal Tax Rate  27.0%                        Risk-Free Rate of Return3  1.4%                        Equity Risk Premium4  7.2%                        Cost of Equity5  9.8%                        Pre-Tax Cost of Debt  4.5%  3.5%    7.5%    9.8%    9.8%    8.0%    8.7%  Post-Tax Cost of Debt  3.3%                                                  WACC6  8.13%                        WACC  Sensitivities  Sensitivity Range Implied Cost of Equity Implied WACC  Source: Bloomberg as of 8/14/2020, Barra as of 7/31/2020, FactSet as of 8/14/2020, Duff & Phelps.1 Unlev ered Beta = Levered Beta / [1+ (1 – Tax Rate) x (Debt / Equity)].  23456  Lev ering Factor = [1+ (1 – Tax Rate) x (Debt / Equity)].Based on blended U.S. and Canadian local currency 30-Year bond yields as of 8/14/2020, 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 Av erage Cost of Capital = (After-Tax Cost of Debt) x (Debt / Cap.) + (Cost of Equity) x (Equity / Cap.).  Compared to Lazard’s prior presentation to the Special Committee on 8/7/2020, the WACC range has increased by ~13bps principa lly as a result of the increase in the risk free rate  13 

   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 L A Z A R D 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    M edian  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  Travel Retail / Convenience1Convenience 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).  123  Trav el Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry. Conv enience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s. Contract Catering includes Elior, Aramark, Sodexo, and Compass.          Current Beta (7/31/2020)Pre-COVID Beta (1/31/2020)  14 

   Travel Retail1  Convenience Stores2  Contract Catering3  Hudson  1.64  0.62  1.45  2.37                                          0.59  0.53  0.56  0.39  0.820.730.70  0.700.620.58  0.780.710.66  1.251.161.10  0.96  0.87  0.98  1.40  Beta Range of Selected Companies – Global Bloomberg Raw  I I I L A Z A R D 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  Median Betas  1-yr.    3-yr.    5-yr.    10-yr.    Travel Retail / Convenience1Convenience Stores2 Contract Catering3 Hudson  0.85  0.71  0.73  0.85  0.67  0.70  0.63  0.60  0.71  0.68  0.71  0.69  1.48  1.21  1.21  1.21            3.02.82.62.42.22.01.81.61.41.21.00.80.60.40.20.0      1.64  0.80  1.45  0.65  0.62  0.61  2.37  1.37  Pre-COVID Global Bloomberg Raw Betas – Last 5 Years since 1/31/2020  Median Global Bloomberg Raw Beta Evolution  3rd Quartile    M edian  1st Quartile  COVID Impact  (1/31/2020)    Memo: Current Median Beta          Source: Bloomberg as of 8/14/2020.Note: Each bar represents range of high and low Global Bloomberg Betas since 2/6/2015 (Pre-COVID date of 1/31/2020).  123  Trav el Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry. Conv enience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s. Contract Catering includes Elior, Aramark, Sodexo, and Compass.      Current Beta (8/14/2020)Pre-COVID Beta (1/31/2020)  15 

   (Managemen        Memo:  (Managemen      Hudson  $1.0  18%  23%  1.40  1.20  1.36  1.17  1.37  1.17  1.28  1.10  Peer Beta Summary – Travel Retail  ($ in billions)  I I I L A Z A R D 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: Company filings, FactSet, Bloomberg.Note: FactSet data as of 8/14/2020. Bloomberg data as of 8/14/2020. Barra data as of 7/31/2020.  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.      Barra Global    Market Value Net Debt1 / Net Debt1 /  (7/31/2020)    (8/14/2020)                Company  of Equity  Total Cap.  Equity  Levered  Unlevered  Levered  Unlevered  Levered  Unlevered  Levered  Unlevered                              Lagardere  2.4  49%  100%  1.71  1.03  1.42  0.86  1.45  0.88  1.35  0.81    SSP Group  1.7  25%  35%  2.42  1.89  1.90  1.48  1.91  1.49  1.95  1.52  Current  DufryWH Smith  1.71.7  66%22%  237%29%  2.182.17  0.761.75  2.321.67  0.811.35  1.871.82  0.651.47  2.131.99  0.741.61    Autogrill  1.4  45%  86%  1.88  1.12  1.49  0.89  1.24  0.74  1.32  0.79    Valora  0.7  32%  48%  1.39  1.00  1.52  1.10  0.86  0.62  1.11  0.80                              Median  $1.7  39%  67%  2.02  1.08  1.60  0.99  1.64  0.81  1.65  0.81    Mean  $1.6  40%  89%  1.96  1.26  1.72  1.08  1.52  0.97  1.64  1.05                            Memo:  Hudson  $0.5  37%  64%  2.51  1.71  2.17  1.49  2.37  1.62  2.08  1.42  Bloomberg Global Raw Bloomberg Local Raw 2  Barra Local 2            Barra Global    Market Value Net Debt1 /  Net Debt1 /  (1/31/2020)    (1/31/2020)                          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  4.6  12%  14%  0.80  0.71  0.84  0.76  0.49  0.44  0.53  0.47  4.9  37%  66%  1.21  0.79  1.25  0.82  1.11  0.73  0.95  0.63  4.1  5%  6%  0.99  0.95  0.97  0.93  1.00  0.95  0.99  0.94  2.5  23%  30%  1.00  0.81  0.95  0.77  0.81  0.66  0.70  0.57  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 SSP Group DufryPre-COVIDWH SmithAutogrill ValoraMedian Mean  Bloomberg Global Raw Bloomberg Local Raw 2  Barra Local2    16 

 Comparable Company Analysis – Travel Retail($ in billions, except per share data; calendarized to FYE December 31)  I I I L A Z A R D 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  CHF27.62  27.9%  $1.7  $6.1  0.63x  0.87x  0.70x  (3.7%)  6.5x  8.4x  6.2x  1.4%  7.2x  25.7x  11.0x  (13.2%)  3.9x  n.a.  7.7x  (19.8%)  $4.0  4.3x    Lagardere  €15.69  73.7%  2.4  4.9  0.58x  0.70x  0.65x  (3.9%)  6.5x  9.0x  7.1x  (3.2%)  11.0x  25.4x  14.0x  (7.5%)  10.1x  22.0x  11.8x  (5.1%)  2.4  3.2x    Autogrill  €4.51  45.9%  1.4  2.6  0.45x  0.56x  0.47x  (2.0%)  4.8x  7.1x  5.5x  (4.3%)  7.3x  n.a.  15.6x  (22.5%)  9.8x  n.a.  29.5x  (30.7%)  1.2  2.2x    SSP Group  £2.41  33.4%  1.7  2.4  0.74x  0.80x  0.70x  (2.9%)  8.3x  16.8x  6.4x  (5.2%)  15.9x  31.8x  11.0x  (10.0%)  19.9x  n.a.  13.2x  (16.6%)  0.6  2.1x    WH Smith  £9.85  37.1%  1.7  2.2  1.33x  1.35x  1.18x  0.3%  12.5x  11.7x  9.3x 5  (4.9%)  19.7x  14.6x  11.0x  (1.7%)  17.6x  25.9x  11.8x  (10.2%)  0.5  2.8x    Valora  CHF163.80  56.6%  0.7  1.0  0.47x  0.50x  0.48x  (0.9%)  6.1x  7.9x  6.9x  (4.3%)  10.4x  13.6x  11.8x  (4.1%)  8.8x  18.8x  13.2x  (12.8%)  0.3  2.0x    Median    41.5%  1.7  2.5  0.60x  0.75x  0.68x  (2.4%)  6.5x  8.7x  6.7x  (4.3%)  10.7x  25.4x  11.4x  (8.8%)  10.0x  22.0x  12.5x  (14.7%)  0.9  2.5x    Mean    45.8%  1.6  3.2  0.70x  0.80x  0.70x  (2.2%)  7.4x  10.2x  6.9x  (3.4%)  11.9x  22.2x  12.4x  (9.8%)  11.7x  22.2x  14.5x  (15.9%)  1.5  2.7x  Hudson  Hudson (Management)Hudson (Consensus)  $5.73$5.73  36.5%36.5%  0.50.5  0.90.9  0.48x0.48x  0.65x0.70x  0.54x0.64x  (4.0%)(9.3%)  4.4x4.4x  20.5x13.4x  6.2x6.7x  (10.6%)(13.0%)  10.1x10.1x  n.a.n.a.  16.9x19.3x  (15.8%)(19.3%)  8.8x8.8x  n.a.n.a.  10.4x11.1x  (5.4%)(7.4%)  0.30.3  1.6x1.6x  2019ANet Net    Share Price(08/14/20)    % of 52-WeekHigh    2019A    EBITDACAGR 2 EV / EBIT ’19A-’22E 2019A 2021E 2022E  Debt 1 Leverage  4  MV EV 1  EV / EBITDA3 2021E 2022E  Revenue EV / Revenue CAGR 22019A 2021E 2022E ’19A-’22E  EBITCAGR 2 Price / Earnings ’19A-’22E 2019A 2021E 2022E  EPS CAGR 2’19A-’22E  Source: Company filings, FactSet as of 8/14/2020.Note: FYE corresponds to Hudson’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020).  12345  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 Lev erage calculated as current Net Debt divided by 2019A EBITDA.WH Smith 2022 multiples calculated based on non-calendarized FYE 2022 (8/31/2022) estimates.  Reference range of 5.75x to 7.75x for EV / FY 2022E EBITDA reflects the median of the peer group ±1x EBITDAReference range of 5.50x to 7.50x for EV / FY 2019A EBITDA reflects the median of the peer group ±1x EBITDAThe reference ranges are 0.25x higher for EV / FY 2022E EBITDA and 0.25x lower for EV / FY 2019A EBITDA compared to the prior presentation tothe Special Committee on 8/7/2020, principally as a result of changes in market conditions  17 

 Comparable Company Analysis – Convenience Stores and Contract Catering($ in billions, except per share data; calendarized to FYE December 31)  I I I L A Z A R D 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$45.43  95.9%  $38.3  $42.2  0.76x  0.78x  0.76x  (1.6%)  10.3x  10.9x  9.5x  3.2%  14.3x  16.0x  13.7x  3.0%  18.3x  19.5x  16.8x  3.3%  $4.1  1.0x    Seven & I Holdings  ¥3,444.00  78.3%  28.7  26.0  0.41x  0.43x  0.42x  (1.5%)  4.1x  4.2x  3.9x  0.2%  6.5x  6.8x  6.4x  0.6%  14.1x  14.8x  13.4x  2.2%  (3.8)  (0.6x)    Casey's  $174.89  96.6%  6.5  7.9  0.85x  0.82x  0.77x  2.0%  12.1x  12.1x  11.2x  1.0%  21.3x  21.7x  19.3x  5.6%  26.6x  27.4x  24.5x  6.8%  1.3  2.1x    Murphy USA  $140.97  99.9%  4.2  5.0  0.35x  0.40x  0.34x  1.4%  11.7x  9.9x  9.0x  9.3%  18.5x  15.2x  13.9x  10.0%  26.5x  19.3x  16.9x  16.1%  0.8  1.8x  Median  96.2%  17.6  16.9  0.59x  0.60x  0.59x  (0.0%)  11.0x  10.4x  9.2x  2.1%  16.4x  15.6x  13.8x  4.3%  22.4x  19.4x  16.9x  5.0%  1.0  1.4x  Mean  92.7%  19.4  20.3  0.59x  0.61x  0.57x  0.1%  9.6x  9.3x  8.4x  3.4%  15.1x  14.9x  13.3x  4.8%  21.4x  20.3x  17.9x  7.1%  0.6  1.1x  Contract Catering  Compass Group  £11.95  55.9%  $28.1  $33.0  1.05x  1.12x  1.01x  (1.5%)  11.6x  12.4x  10.5x  (2.4%)  16.1x  19.8x  14.9x  (5.0%)  17.2x  23.9x  17.4x  (8.0%)  $5.4  1.9x    Sodexo  €63.70  59.3%  11.4  13.8  0.55x  0.58x  0.55x  (1.2%)  9.0x  7.4x  6.8x  5.2%  12.0x  12.8x  10.7x  (3.9%)  15.7x  16.2x  13.3x  (3.3%)  2.5  1.6x    Aramark  $24.99  53.4%  6.3  13.2  0.86x  0.92x  0.84x  (1.1%)  9.6x  10.9x  8.6x  (1.1%)  14.9x  17.9x  13.1x  (3.1%)  15.2x  22.8x  13.2x  (6.0%)  7.1  5.2x    Elior Group  €5.13  37.5%  1.1  1.7  0.31x  0.33x  0.31x  (1.7%)  6.3x  6.6x  5.3x  (4.7%)  14.8x  16.1x  10.8x  (9.5%)  70.7x  20.7x  12.0x  0.9%  0.7  2.4x  Median  54.7%  8.8  13.5  0.71x  0.75x  0.69x  (1.4%)  9.3x  9.1x  7.7x  (1.7%)  14.8x  17.0x  12.0x  (4.4%)  16.4x  21.8x  13.2x  (4.6%)  3.9  2.1x  Mean  51.5%  11.7  15.4  0.69x  0.74x  0.68x  (1.4%)  9.1x  9.3x  7.8x  (0.7%)  14.4x  16.7x  12.4x  (5.4%)  29.7x  20.9x  14.0x  (4.1%)  3.9  2.8x  Source: Company filings, FactSet as of 8/14/2020.Note: FYE corresponds to Hudson’s fiscal year (e.g., FYE 2020 represents the year ending 12/31/2020).  1234  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 Lev erage 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   (08/14/20) 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  18 

 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: Company filings, FactSet as of 8/14/2020.Note: Excludes the impact of IFRS 16 f or FY 2019 and H1 2020.  123  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.  19 

 Summary Management Financial Projections – Adjusted Management Plan($ 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: Hudson Adjusted Management Plan as of 8/4/2020.Note: Financials presented exclude IFRS 16 adjustments.  12345  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)  20 

 Summary Management Financial Projections – Initial Management Plan($ 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: Hudson Initial Management Plan as of 8/4/2020.Note: Financials presented exclude IFRS 16 adjustments.  12345  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)  21 

   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    M edian  1st 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).  123  Trav el Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry. Conv enience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s. Contract Catering includes Elior, Aramark, Sodexo, and Compass.      Current Beta (7/31/2020)Pre-COVID Beta (1/31/2020)  22 

   Travel Retail1  Convenience Stores2  Contract Catering3  Hudson  1.65  0.68  1.53  2.08                                          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    M edian  1st Quartile  Median Betas  1-yr.    3-yr.    5-yr.    10-yr.    Travel Retail / Convenience1Convenience Stores2 Contract Catering3 Hudson  0.84  0.74  0.72  0.78  0.73  0.77  0.73  0.72  0.75  0.71  0.70  0.68  1.35  1.18  1.18  1.18            2.62.42.22.01.81.61.41.21.00.80.60.40.20.0      1.65    0.79  1.53    0.73  0.68  0.74  2.08  1.28        COVID Impact(1/31/2020)    Memo: Current Median Beta    Source: Bloomberg as of 8/14/2020.Note: Each bar represents range of high and low Local Bloomberg Betas since 2/6/2015 (Pre-COVID date of 1/31/2020).  123  Trav el Retail includes Autogrill, Lagardere, SSP Group, WH Smith, Valora, and Dufry. Conv enience Stores includes Casey’s Couche-Tard, Seven & I Holdings, and Murphy’s. Contract Catering includes Elior, Aramark, Sodexo, and Compass.      3.0 Current Beta (8/14/2020)2.8 Pre-COVID Beta (1/31/2020)  23 

                 0%  25%  50%  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  7.6x  7.6x  8.5x  Hudson  4.7x  6.1x  6.6x  Average 10.2x    Dufry10.8x  Relative Valuation vs. Peer Set Average  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (47%)  (30%)  (27%)  Difference (x)  (4.4x)  (2.8x)  (2.4x)  Difference:(4.4x)Discount:(43%)(7/14/2020)2  Relative Valuation vs. Dufry  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (29%)  (17%)  (16%)  Difference (x)  (2.5x)  (1.4x)  (1.4x)    Hudson 5.8x (7/14/2020)2  Source: FactSet as of 8/14/2020.Note: Trav el 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.  12  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%  100%  125%    Difference:(6.0x)Discount: (51%)(7/14/2020)2    24 

           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  8.3x  8.7x  9.3x  Dufry  4.6x  6.3x  7.9x  Hudson  3.8x  5.9x  6.9x  Average9.5x  Source: FactSet as of 8/14/2020.Note: Trav el 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.    Hudson 5.2x    Dufry 6.2x                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. Peer Set Average  Average:  1-Year  2-Year  3-Year  Premium / (Discount) (%)  (54%)  (33%)  (27%)  Difference (x)  (4.5x)  (2.8x)  (2.3x)    Difference:(4.2x)Discount:(45%)                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) (%)  (16%)  (9%)  (8%)  Difference (x)  (0.7x)  (0.4x)  (0.3x)    Difference:(0.9x)Discount:(15%)      25 

           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  16.3x  15.4x  15.7x  Dufry  13.4x  15.5x  17.8x  Hudson  9.2x  11.6x  12.9x  Average19.3x    Hudson 11.7x (5/14/2020)2    Dufry 9.6x (3/13/20)2  Source: FactSet as of 8/14/2020.Note: Trav el 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.  12  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) (%)  (36%)  (19%)  (14%)  Difference (x)  (5.5x)  (2.9x)  (2.1x)  Difference:(6.7x)Discount:(36%)(5/14/2020)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) (%)  (32%)  (25%)  (22%)  Difference (x)  (4.4x)  (3.7x)  (3.4x)    Difference:(2.7x)Discount:(28%)(3/13/2020)2      26 

 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 8/14/2020, Public information.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: $6,105 | MV: $1,698Sales: $9,401EBITDA: $1,104  Br ick & Mortar Rail Stations 3% 5%Seaports4%  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 purchaseof 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: $4,936 | MV: $2,427Sales: $8,198EBITDA: $731  Other Activities Spor ts4% 4%TravelPublishing Retail 233% 59%Net sales by channel  Lagardère SCA is headquartered in Paris, France and is a media businessholding 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: $2,401 | MV: $1,709Sales: $3,141EBITDA: $279  Other5%Rail Stations 31%Airports64%  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, whenit underwent an initial public offeringPublic / dispersed ownership      Net sales by channel      EV: $2,634 | MV: $1,369Sales: $5,681EBITDA: $526  Other 8%Motorways30%Airports62%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 vehicleof the Benetton family  27 

 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 8/14/2020, Public information.1 Non-trading key metrics based on 2019 figures, unless otherwise stated.  2  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 offersand 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: $2,186 | MV: $1,696Sales: $1,584EBITDA: $168  High Street17%Hospitals14% Air por tsRailways 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 someexposure 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: $1,049 | MV: $711Sales: $2,156EBITDA: $167  Food Service / Other 10%Valora Retail90%    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 minoritypresence in the US, Netherlands, Austria, and LuxembourgValora acquired BackWerk Management in 2017 for ~$211mMajor shareholders include Ditsch Ernst Peter (15.93%), one of Valora’sboardmembers3      Revenue by operating segment                28 

 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 8/14/2020, Public information.1 Non-trading key metrics based on 2019 figures, unless otherwise stated.                                                                Company  Key Metrics1  Segment Breakdown  Company Overview    EV: $42,238 | MV: $38,264Sales: $55,725EBITDA: $4,096  Other1% Merchandise Sales 27%Fuel Sales 72%  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      Revenue by operating segment      EV: $25,971 | MV: $28,678Sales: $62,162EBITDA: $6,264  OtherDepartment 9% DomesticStore Convenience8% 14%SuperstoreOperations Overseas 28% Convenience41%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; alsodivested Shaddy Co. for ~$2bn in 2018 and Sogo & Seibu department stores for~$15bn in 2017Major stakeholders include Ito Kogyo Kk (7.77%)      OtherPr epar ed Food 1% 12%  Casey's General Stores, Inc. is headquartered in Ankeny, Iowa and engages inthe 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 storesfor ~$46m in 2010Major stakeholders include T. Rowe Price Associates (13.76%) and The VanguardGroup (10.94%)    EV: $7,864 | MV: $6,533Sales: $9,235EBITDA: $648  Merchandise Fuel Sales Sales 60%27%        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 FundAdvisors (10.44%)    EV: $4,958 | MV: $4,194Sales: $14,035EBITDA: $423  PetroleumProductsRevenue by operating segment 81%    29 

           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 8/14/2020, Public information.1 Non-trading key metrics based on 2019 figures, unless otherwise stated.                                                              Company  Key Metrics1  Segment Breakdown    Company Overview    EV: $33,049 | MV: $28,061Sales: $30,262EBITDA: $2,770  Defence & RemoteOther 7%13% Business &Industry 39%Healthcar e23% Education18%Revenue by operating segment    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 aminority stake in Unidine Corp. for ~$227m in 2017Public / dispersed ownership    EV: $13,791 | MV: $11,355Sales: $23,924EBITDA: $1,479  Other Business &2% Admin27%On-siteServices HealthCare49% 12%Education10%    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: $13,226 | MV: $6,322Sales: $15,459EBITDA: $1,394  Unifor m Apparel16%Food & Food &Support SupportServices ServicesInter national 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 MountainCoffee Roasters for ~$145m in 2011Public / dispersed ownership    EV: $1,725 | MV: $1,072Sales: $5,314EBITDA: ($265)  Healthcar e25% Business& Industry43%Education32%    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      30