November 2015

Fintrax is a leading player in …

2

… Tax Free Shopping

& Dynamic Currency Conversion

▲ Founded in 1985, Fintrax is headquartered in Galway (Ireland)

▲ Fintrax is the parent company of Premier Tax Free

▲ Senior management team, led by Patrick Waldron, have a combined 90+ years length of service

(1) FCF before taxes

30 countries

More than 600 employees

150,000 points of sale

€198m revenue as of July 2015 LTM

€39m EBITDA as of July 2015 LTM

>70% FCF conversion(1)

>€5bn eligible Tax Free Sales

Fintrax at a glance

3

▲ A leading player in the outsourced Dynamic Currency Conversion (DCC) market (c.10% of revenue)

▲ DCC allows international travelers to pay for goods and services in their own currency in shops, hotels or restaurants

▲ The DCC market is more fragmented, with Fintrax holding a c.3% market share

▲ TPP (Third Party Processing) provides multi-currency payment processing services enabling businesses to credit funds to credit and debit cards in multiple jurisdictions

Tax Free Shopping - TFS

▲ Global #2 player in Tax Free Shopping (TFS) (c.85% of revenue), helping eligible international travelers to claim back VAT on retail purchases at affiliated merchants

▲ A €50bn addressable market. Fintrax has grown market share to c.20%

▲ The TFS market has grown by +25% p.a. between 2009-14, mainly driven by an increase

in international travelers

Dynamic Currency Conversion – DCC and TPP

Investment thesis (1/2)

4

▲ Strong growth potential, both for TFS and DCC, underpinned by global mega trends:

▲ A highly successful business model with leading international luxury and retail brands

▲ High client stickiness and limited client concentration

– Long standing relationships and co-developed back-office tools

– Well balanced client portfolio with a long tail

– Merchants are more and more looking for pan-european services requiring an international presence

▲ Geographical balance of operations and tourist origins

▲ Acceleration of digitisation and automation to increase addressable market shareand improve the merchant and traveler experience

Rapid expansion of the

middle class in emerging

markets

Growth in international

travel

Increasing luxury

consumption

Investment thesis (2/2)

5

▲ Strong track record of organic growth, margin expansion and high cash-flow conversion, enabling a good deleveraging profile

▲ Experienced management team with a track record of innovation and growth

▲ Identified opportunities to accelerate growth through:

– Entering new TFS countries (organically and through acquisition)

– Investment in target geographies where Fintrax has a lower market share in TFS

– DCC development notably through the acquirer model and in new geographies, both organically

and through acquisitions

Eurazeo is the ideal partner for the next stage of development

6

▲ Eurazeo and Fintrax management share the same ambition of taking the Company to next level of development trough organic and external investments

▲ Eurazeo will be an active partner to the company, supporting investments in IT, infrastructure and new services for merchants and consumers

▲ Eurazeo will also support Fintrax management, financially and operationally, in the strategic assessment and execution of external growth opportunities both in TFS and DCC on various continents

▲ Eurazeo will leverage its international presence, notably its Chinese and Brazilian

offices

▲ Eurazeo intends to bring to Fintrax its extensive network and expertise in the luxury, retail and leisure industry in Europe, Asia and South America

TFS

7

End-Customer

End-Customer

End-Customer

Retail Merchant

Customs / Government

Service Provider

The tax refund process

€ #Money transfer (cash or electronic)

Data transfer (paper or electronic)

(1) Fintrax has its own staff processing cash refunds at some airports in Italy, Germany and Cyprus. (2) Travelex in Charles du Gaulle and Heathrow

€

Payment incl.

VAT

#

Tax Free Form

(TFF)

• Merchant or End-customer identifies tax free eligibility

• Non-EU residents with a short-term visa taking merchandise out of the EU within 3 months of purchase

• Minimum value of €175 in France, €155 in Italy, £30 in the UK, €25 in Germany

• Merchant calculates the refund and issues customer with a TFF

At the store:Issue of tax free

form at retail

outlet

1

#

Tax Free Form

#

Approved TFF

• Traveler asks customs to validate transaction(s) as tax free

• In France, traveler may get the tax free form stamped at PABLO barcode reader kiosk, rather than get stamped physically

• Customs validate transaction

At the airport

(pre check-in

and customs): Validation of forms

by customs

2

Approved TFF

€

VAT Refund

• Traveler presents validated TFF to service provider to get cash refund, (e.g. from a desk(1) or third party desks(2))

• Traveler submits completed TFF to service provider and receives funds after c.4 weeks via credit card / other refund options

At the city

centre and

airport:Refund process

3

▲ Fintrax charges a service fee (gross commission) which is deducted from the VAT refund

▲ Part of this service fee is shared with the merchant and refund agent (mainly Travelex)

in the case of a cash refund

Fintrax

Revenue

Stream

!

8

Affiliated luxury merchants & retailers

9

Merchants(TFS & DCC)

Acquirers(DCC)

Favourable mega trends for tax refunds

10

▲ Emerging global consumers is driving increased tourism and luxury consumption

– Asian middle class has increased 7x since 2000; the number of millionaires in China are forecast

to double between 2014-19 to 2.3m

– Growth of Chinese tourists visiting top European TFS destinations has averaged 16%-20% p.a.

between 2009-14; growth 2014-19 expected to be 9-12% p.a.

▲ Global tourism market growth underpinned by increasing affordability and higher expenditure per tourist, especially on luxury

– Over the past six decades, tourism has experienced continued expansion and diversification

to become one of the largest economic sectors globally

– Historical resilience proven through rapid recovery / minimal disruption from travel disruptions

such as 9/11, SARS, ash cloud and global financial crisis

▲ Continued growth in demand for global luxury goods underpinned by expanding middle classes and polarization of price points

▲ VAT is an important contributor to government budgets and VAT rates have increased over time as more countries adopt VAT as a revenue raising measure

Source: LEK, UNWTO

Global Middle Class is Expanding Global Tourism Continues to Increase Demand for Luxury Goods Is Growing

0,6

0,9

1,4

2012 2020E 2030E

1,01

1,56

1,80

2010A 2020A 2030E

153

224250-265

2009A 2014A 2017E

Size of global middle class (bn of households) International Arrivals (bn) Global Luxury Goods Market (€bn)

Digitisation and automation opportunity

11

▲ Automating the issue of tax free forms

– Card Recognition Technology

– Pre registration

– Direct engagement via mobile

devices

Increasingthe issue

of TFF

▲ Improving the refund ratio in

conjunction with customs authorities

▲ Automation of customs validation

and digitisation of refund alternatives

Facilitatingcustoms

validation

▲ Automated in store refunds in certain

geographies

▲ Transition from cash to digital refunds

Automatingthe refund

process

▲ Fintrax is at the forefront of digital initiatives to increase its share of the addressable market

▲ Significant growth upside as less than 40% of eligible tax free sales are refunded

Estimated market waterfall : addressable to refunded sales

100%

49%37%

0%

20%

40%

60%

80%

100%

Eligible VAT

Refunds

Value of TFF's

Issued

Value of

Refund

Received

International expansion opportunity

12

Existing Markets New Destinations

▲ Accelerate roll out into key European

geographies

– Italy

– Germany

▲ Continue high growth trajectory in regional

markets, including:

– Czech Republic

– Greece

– Ireland

– Austria

▲ Growth opportunities where Fintrax has no

existing presence, encouraged by retail

merchants to follow their global expansion

▲Opportunities to enter both developed and

emerging markets under review, including:

– Turkey

– Japan

– South Korea

– Northern Europe

– Malaysia

– Mexico

▲ Tax Free Shopping systems well established across Europe, Turkey and Australasia

▲ Top 5 European destination countries represent c. 75% of the global tax free shoppingmarket: France #1, UK #2, Italy #3, Spain #4 and Germany #5

▲ Fintrax undertaking a phased geographic roll out to materially increase its addressablemarket potential

DCC

13

End-

Customer

DCC process and business model

• The merchant swipes the traveler’s credit card in the payment terminal which has specific software installed

• The terminal connects to the DCC host provider and receives: (i) the FX rate and the corresponding converted amount; and (ii)the included FX fee

• The traveler opts to pay in his / her home currency

• The traveler is then debited in the converted home currency amount, which includes an embedded FX fee

At the store

▲Fintrax charges a FX conversion fee for the DCC transaction which is included in the total

home currency purchase price

▲ Part of this fee is shared with the retail merchant and the merchant acquirer

Fintrax

Revenue

Stream

!

14

▲ DCC represents c.10% of revenue

▲ Fintrax processes c.8m DCC transactions per year, partnering with 20 acquiring banks and offering its services to 5,000 retail merchants

▲ DCC can be delivered through three channels– PoS: procured by a merchant from its acquirer or a specialist DCC provider

– ATM: procured by ATM providers and / or processors

– E-commerce: often procured as part of a payment gateway

Fintrax currently only offers DCC services on retail merchants’ PoS, scope to enter ATM market

Swipe home credit card

Given the option to purchase amount

in home currency

Selects home currency

Debited at the converted rate

Retail

Merchant

Key merchant segments for DCC

Merchant segment Aggregate market sizeImportance of foreign spend

for individual merchantsImportance of PoS

transactions

Retail – Luxury/Mass market

▲▲▲ ▲▲▲ ▲▲▲

Hotels ▲▲▲ ▲▲▲ ▲▲▲

Airlines ▲▲▲ ▲▲▲ ▲

Restaurants/bars ▲▲ ▲ ▲▲▲

Casinos ▲ ▲▲ ▲▲▲

Public Transport ▲ ▲ ▲▲▲

Tourist attractions ▲▲ ▲▲ ▲▲

Car hire ▲▲ ▲▲ ▲▲

Source: VDD LEK

15

High▲▲▲ Medium▲▲ Low▲

KEY FINANCIALS

16

Financials

17

▲ The business generated revenues of €198m in the twelve months to July 2015

▲ Increasing revenues underpinned by overall market growth and increased marketshare through new retail merchant contract wins

▲ Business model with high cash flow conversion (pre tax) over 70%

Note: historical financials are pro-forma for the acquisition of Tax Free Worldwide in 2013

Revenue (€m) EBITDA (€m)

104

142167 178

198

0

40

80

120

160

200

2011 2012 2013 2014 LTM 2015

1521

2834

39

15% 15%17%

19%20%

0%

5%

10%

15%

20%

25%

-

10

20

30

40

50

2011 2012 2013 2014 LTM 2015

EBITDA EBITDA Margin (%)

MANAGEMENT TEAM

18

Management team

19

Patrick Waldron

CEO• 3 years at Fintrax• Former CEO of Post Office Financial

and Travel Services• COO Bank of Ireland

Kerry Jenkins

CFO

• 3 years at Fintrak• Former CEO of a PE backed company in the media

intelligence sector• Worked at Dell & ICL, where he was involved in multiple

acquisitions in Europe and USA

Patrick Faherty

Sales• 29 years at Fintrak

• Country manager France / Groupe IKA and Marketing manager until 2013

• Has developed a portfolio of 200 international key accounts across 21 countires in Europe

Chris Parkin

Operations

• 21 years at Fintrak

• Country manager UK until 2013

• Designed and developed core tax free software system

Stefan Intemann

Technology

• 2 years at Fintrax

• Co-founder of Tax Free Worldwide

• Variety of management positions prior to Tax Free Worldwide

John Duffy

Research & Development • 18 years at Fintrak

• Former operations manager at Ireland Assist

Conor Flanagan

Payments

• 17 years at Fintrax

• Previously CFO of Fintrax

• Member of the Institute of Chartered Accountants in Ireland

Nick Eades

Marketing

• 3 months at Fintrax

• Substantial experience in global marketing from previous jobs at Autologic, Psion, Dell and IBM

Stephen Mitchell

HR• 9 months at Fintrax• Over 25 years of experience in HR in companies including

Deloitte Haskins and Sells, Bank of Montreal, BNY Mellon, ICAP and BGC / Cantor Fitzgerald

Transaction Summary

20

▲ Acquisition of 100% of the share capital together with management

▲ Enterprise Value of €550m, before earn-out

▲ €35m earn-out payable in 2017 depending on 2016 activity

▲ Equity investment for Eurazeo of c.€300m

▲ Closing is expected by end of the year

▲ Unitranche debt financing of €250m

Conclusion

21

Expansion

of the middle

classes

Growth in

international

travel

Increasing

luxury

consumption

High growth

business model

Eurazeo

growth factors

Digitisation

opportunity

Strong

management

team