1

www.coxandkings.com

Disclaimer
This presentation has been prepared by Cox & Kings Limited (the Company) solely for your information and for your use and may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or published in whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by the foregoing restrictions and to maintain absolute confidentiality regarding the information disclosed in these materials. The information contained in this presentation does not constitute or form any part of any offer, invitation or recommendation to purchase or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. The information contained in these materials has not been independently verified. No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. Any forward-looking statements in this presentation are subject to risks and uncertainties that could cause actual results to differ materially from those that may be inferred to being expressed in, or implied by, such statements. Such forward-looking statements are not indicative or guarantees of future performance. Any forward-looking statements, projections and industry data made by third parties included in this presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. This presentation may not be all inclusive and may not contain all of the information that you may consider material. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives accepts liability whatsoever for any loss howsoever arising from any information presented or contained in these materials. THIS PRESENTATION IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ELSEWHERE.

2
www.coxandkings.com

Contents
Company Overview Competitive Strengths Achievements

Business Strategy
Financials

Industry Fundamentals

3
www.coxandkings.com

Company History

Business Profile
Shareholding Details Key Global Subsidiaries

www.coxandkings.com

Company History
C&K Brand has evolved over 250 years
2010-11

# 1 Among Top Brands in India(1)

2006-09

Leading Player in the Indian Market

1970-99 1970
Cox & Kings agency was bought by Grindlays Bank in a deal with the Indian Business was sold to Govt. Lloyds Bank; which became a separate company running tours around the world

1999-2006
Expanded product portfolio to become a full service Indian tour operator

Acquired and consolidated businesses with focus on leisure travel; listed on the Indian stock exchange

Cox & Kings is a global tour and travel company. The Company is a one stop shop for travel solutions

1923

Largely operated as a ticketing agent; non leisure business accounted for over 50% of the revenues in 1999

19th Cent. 18th Cent. 1758

Richard Cox served as a regimental agent to the Majestys Armed Forces Merged with Henry King & Co, to form Coxs & Kings; Henry S. King & Co had strong links with India

Company established by Richard Cox provided services to majority of the British regiments

Note: 1.Based on survey conducted in 2008 by TNS and co-funded by Media magazine across 10 countries in Asia Pacific region

www.coxandkings.com

Business Profile
Leisure Travel
Outbound Travel

Corporate Travel

Visa Processing & Foreign Exchange

Outsourced business solution provider to diplomatic missions Licensed retail foreign exchange dealer in India

Innovative Products
Offerings that differentiate Cox and Kings from competitors Create brand value for the company Strategic partnership

Inbound Travel (Destination management)

Customized business travel solutions

Offerings

Domestic Travel Meeting, Incentives, Conferences and Exhibitions (MICE) Trade Fairs 200+ companies located in India

Retail clients in India, UK, Australia, New Zealand, Japan, USA and UAE

Visa for India from Germany, UAE, Hong kong, Greece and Singapore Visas for Malaysia and Singapore from India and French Visa from UK Fx operations in India

In all operational markets

Markets

Portfolio Sample
Kumbh Mela, India

6
www.coxandkings.com

Shareholding Details
Price Details
600 Market Cap. on 31st March 2011 500 400 20,000 22,000 Equity Capital as on 31st March 2011 6,82,63,945

INR 2,861.28 cr

300
CMP on 31st March 2011 3- Month High /Low (Feb 2011 Apr 2011) High INR 464.8 Low INR 358.7

200 100 Dec '10 Jan '11 Feb '11 Mar '11 Sensex Cox & Kings

18,000

BSE : INR 419.2 NSE : INR 413.6

16,000

Shareholding Pattern
FII,NRIs and Foreign Corporate Bodies 24.0% GDR 3.4% Promoter 58.7% Other Corporate Bodies and Public 5.3%

Banks, Mutual Funds & FI 8.6%

As on 31st March 2011

Source: BSE

7
www.coxandkings.com

Key Global Subsidiaries

Subsidiary Operational Highlights
Premium long-haul outbound tour operator

Cox & Kings (UK) Ltd., UK

Target segments Wealth retirees Key destinations India, Latin America etc.

Cox & Kings Destination Management Services (Formerly ETN Services Ltd.) UK

Provides destination management services in Europe Mid market to premium positioning Services to group companies as well as other tour operators Outbound wholesaler selling white label packages to other tour operators

Cox & Kings Japan Ltd.

Caters for business delegations and leisure travel Provides destination management services for travellers from Japan

Tempo Holidays Pty Ltd, Australia;

Outbound Mass market oriented travel packages Synergies with ETN Services and C&K Dubai as key tourist destinations are Europe and Middle East Uniquely positioned as one of the few large independent tour operators

Tempo Holidays NZ Ltd, New Zealand

MyPlanet Australia Pty Ltd, Australia;

Specialist outbound travel

Tourists from Australia and New Zealand Leading outbound tour and travel operator to Scandinavia Inbound Service provider to a large number of tourists from Cox & Kings India

Bentours International Pty Ltd., Australia

Cox & Kings Tours LLC, UAE

Outbound Initially tapped expat Indian population; subsequently tour operator for local population Premium outbound luxury packages for celebrity clientele

East India Travel Company Inc., USA

Outbound tours to Africa, Latin America, Asia and Middle East Engaged in the business of providing visa processing services

Quoprro Global Services Pte. Ltd., Singapore; Quoprro Global Services Pvt. Ltd., Hongkong;
Cox & Kings Gmbh, Germany; Cox & Kings Hellas, Greece Cox & Kings Global Services Pvt. Ltd., India
Note: 1. Cox & Kings Ltd. has a 100% commercial interest in all its subsidiaries

8
www.coxandkings.com

Vast Geographical Presence

Multiple Sales Channels

Brand Image Technological Prowess Experienced Management Team Corporate Social Responsibility SWOT Analysis
www.coxandkings.com

Vast Geographical Presence

Russia United Kingdom Germany United States of America Spain

Italy

Greece UAE India Taiwan South East Asia Japan

Brazil

Australia South Africa New Zealand

Subsidiaries

International Branch Offices

www.coxandkings.com

Representative Offices
10

Multiple Sales Channels

India Distribution Network Online Distribution Network

Delhi Jaipur

Ahmedabad Kolkata

Mumbai Pune Hyderabad Goa Bangalore Chennai Kochin

Cox & Kings India Portal

Cox & Kings UK Portal

13 Branch Offices

Over 150 Franchisee Sales Shops

Cox & Kings Japan Portal 177 Preferred Agents

Radius Inc.

11
www.coxandkings.com

Brand Image
LEISURE TRAVEL
Cox & Kings offers products that are either pre-packaged through brochures or tailor-made as per requirements of a group and an individual traveller. Leisure Travel can be Outbound, Inbound or Domestic. It contributes more than 90% of the consolidated revenues in each of the three most recent financial years.

CORPORATE TRAVEL
Cox & Kings offers customized business travel solutions to our corporate clients in India through a team of dedicated corporate relationship managers. We provide corporate travel services in India to more than 200 companies, both domestic and international.

FOREIGN EXCHANGE
Cox & Kings provides foreign exchange services to our customers in India as a licensed Category II Authorised Dealer . We provide foreign exchange services either as part of our Leisure Travel and Corporate Travel packages or on a standalone basis.

VISA PROCESSING
Cox & Kings provide visa processing services as an
outsourced business solution to diplomatic missions in various countries, where we are the providers of visa processing services for inbound travellers in India. Visa services are provided in the categories of Tourist visa, Transit visa, Business visa, Student visa, Conference visa and Entry and Employment visa.

12
www.coxandkings.com

Maharajas Express The Luxury Train

Joint venture with IRCTC; successfully launched the train in March 2010, the Maharajas' Express is the last word in luxury train travel and the ultimate way to see India in style. The train has a capacity of 86 passengers in 23 coaches with two bars and two restaurants. There are four different itineraries (7-8 days each) Total of 28 journeys a year; scheduled between September and April .

Maharajas Express Journey

Royal India

Princely India

Classical India

13
www.coxandkings.com

Technological Prowess
Technology Platforms
Web enabled reservation engine Centralized dynamic packaging system Covers all travel related services such as reservations, insurance, visa and package tours

Top End Software

Latest data-management software, including ERP Proprietary software for our Visa Processing business with technical support from a leading technology company globally

Services
B2B as well as a B2C solution, providing a backbone to the Global Distribution Systems (GDS)

Security
Servers are secured with firewalls Robust security systems including biometrics identifiers, fingerprints and photographs for visa application Strong disaster management, including recovery solutions and scheduled backups

Online payment gateways integrated to existing technology platform

Fully integrated computer reservation systems (CRS) with our mid and back office operations

Improve efficiencies and reduces Turn Around Time: Dynamic designing of packages; increasing business handled per employee Seamless integration of operations of acquired entities Ability to introduce white label/ co-branded offerings for clients such as Jet Escapes

14
www.coxandkings.com

Experienced Management Team

Corporate Leadership
A.B.M Good
Promoter & Executive Chairman In 1971 appointed on the Board of Cox & Kings (UK) and in 1975 was appointed Chairman of the Group Previously acted as a consultant to the parent company of British Caledonian Airways Associated with C&K for several decades, he has been a constant guiding force to the Company

Peter Kerkar
Promoter & Executive Director Joined Cox & Kings Travel Ltd. in 1986 as a General Manager On the board of C&K since 1993 Responsible for overall leadership, strategy, global centralized buying and international growth Founder member & director of World Tourism Council for the Indian Subcontinent

Urrshila Kerkar
Promoter & Executive Director Responsible for day-to-day management at C&K India, marketing & design initiatives at the Group Prior to her current role, she was running a graphic design and production house

Independent Directors
S C Bhargava
Independent Director Retired from Life Insurance Corporation of India as Executive Director (Investment)

M Narayanan
Independent Director

Pesi Patel
Independent Director Three decades of experience in the industry Key member in determining future strategies for the Cox & Kings Group

Ex-CMD of Tourism Finance Corporation of India Ltd

Held senior management positions in IFCI and Bank of Baroda

As of March 31, 2011, total of 1,680 employees across the Asia Pacific region, Europe, the Middle East and North America 15
www.coxandkings.com

Corporate Social Responsibility

C&K, an official travel partner of Make-A-Wish Foundation (MAWF) of India, assists MAWF in granting wishes of children with life

threatening diseases.

C & K contributes towards the activities of Magic Bus Foundation which works for the development of underprivileged children

C&K employees participated in the Standard Chartered Mumbai Marathon 2011 with Om Creations Trust as our Charity.

C&K Mumbai & Delhi employees took part in an initiative conducted by

Cankids-Kidscan , an organization which works with children suffering from cancer .

C&K has had a long standing relationship with the Cancer Patients
Aid Association.
16
www.coxandkings.com

SWOT Analysis

TRENGTHS
Strong Brand Value International Market Presence Strong segmental performance Wide Distribution Network Asset-light model Relationship with key suppliers Delivering high quality customer service Trained Professional Staff Strength

EAKNESSES
Substantial investment needed to compete with International firms entering Indian market through tie-ups or buy-out of local firms Premium products brand image would affect adversely in competition with cheaper operators or charters. Industry move towards more direct distribution and reduced commissions

PPORTUNITIES
Franchisee network to penetrate smaller cities with untapped propensity to travel Wider reach through net enabled sales Acquisitions within the industry to provide significant synergies and economies of scale.

HREATS
Tourist flow is highly sensitive to adverse Political, natural, economic events. Increase in tax incidence on industry Existing Regulatory framework and changes regarding registrations, disclosures and state funds affect C&K as well their suppliers including CRS companies.

17
www.coxandkings.com

Global Acquisitions

Commencement of New Operations - 2011

Awards and Recognitions

www.coxandkings.com

Global Acquisitions
Cox & Kings Destination Management Services

FY2006

(Formerly known as Clearmine Ltd. ETN services Ltd.)

Destination management service

Cox & Kings (UK) Ltd. (Formerly Cox & Kings Ltd. )
Outbound travel operations catering to the up-market leisure travel business

FY2008
Cox & Kings Japan Ltd.
Travel wholesaler Revenues principally from packages consultancy and services for major wholesalers and societies

Quoprro Global Services Pvt Ltd

Visa processing services

FY2009
Tempo Holidays PTY, Australia; Tempo Holidays NZ Ltd., New Zealand Specialized outbound tours

East India Travel Company Inc

Up-market outbound tour and travel packages

FY2010
My Planet Australia, BenTours International Pty Ltd.
Specialized outbound tours

19

www.coxandkings.com

Commencement of New Operations - 2011

Cox & Kings Global Services (CKGS) , a 100 % subsidiary of Cox & Kings Ltd.; provides comprehensive processing services to diplomatic missions across the world.

CKGS has tied up with DNATA to form C&K Marhaba Dubai Visa(CNKMDV) to provide visa processing services to Dubai/UAE and to promote/ sell Marhaba Services in India for passengers arriving and departing at Dubai International Airport.

CNKMDV has set up offices in 11 cities across India with its headquarter based in Mumbai. The centre's include Delhi, Amritsar, Jaipur, Kolkata, Mumbai, Pune, Ahmedabad, Chennai, Kochi, Hyderabad and Bengaluru

In February 2011, C&K commenced its operations by opening up a branch in Taiwan

The branch would be handling outbound operations mainly tapping the European market which would help in creating revenue synergies .

Taiwan is an emerging market in the T & T industry and is likely to get sizeable business for C & K

20
www.coxandkings.com

Awards and Recognitions

2010-11
India's Leading Destination Management Company awarded by the World Travel Awards 2010. CNBC Awaaz Travel Award 2010 for Taking India Global. Best Outbound Tour Operator awarded by Hospitality India and Explore the World Annual International Awards 2010.

First Runner Up in the Best Large Tour Operator category awarded by the Telegraph Ultra Travel luxury survey UK 2010.
First Runner Up in the Favourite Tour Operator category awarded by Cond Nast Traveller Readers Choice Awards (2010). "Most admired tour operator 2010" awarded by SATTE (2010)

2009-10
Most Innovative Travel Company -Todays Traveller Travel Awards, 2009 The Economic Times Survey: Cox and Kings voted as the Top Rated Tour Operator 2009 Outbound Best Domestic Tour Operator TAFI award by TravelBiz Monitor Travel Awards, 2009 Best Inbound Tour Operator TAFI award by TravelBiz Monitor Travel Awards, 2009 Most Innovative Product Launch TAFI Award TravelBiz Monitor Travel Awards, 2009 Ministry of Tourism, Govt. of India BEST DOMESTIC TOUR OPERATOR 2003 -04, 2004-05 2005-06

21
www.coxandkings.com

Strategic Outlook

Consolidated Buying Group Strategy

www.coxandkings.com

Strategic Outlook
Strategic initiatives for profitable growth International Strategy
Inorganic growth through selective acquisitions

Domestic Strategy

Constant upgradation of product and service offerings Increasing online presence through a global technology platform

Foray into Tier II and Tier III cities Expansion of outbound leisure travel sub-segment

Consolidated Buying Group Strategy leading to profitable business

Creating strong shareholder value

Increasing the global distribution network

23
www.coxandkings.com

Consolidated Buying Group Strategy

Increase in business and business volumes due to organic as well as inorganic growth has led to an increase in the Operating Income by 32% (FY09-11) Since 2008, products sourced through global consolidated efforts has led to better bargaining power with suppliers ability to offer competitive packages to customers leading to higher revenue and better margins

50%
Organic Growth

47% 42%

47%

Inorganic Growth

40%

Expansion in Business Volumes

30% 22% 20%

26%

24%

10%

Bargaining Power

0% 2009 2010 2011

Note: (1) EBITDA margin calculated after excluding other income (2) PAT margin calculated considering Adjusted PAT before exceptional Items

EBITDA Margin(1)

PAT Margin(2)

24
www.coxandkings.com

Key Balance Sheet figures

Key Ratios
Consolidated Financials Q4 FY 11 Revenue Contribution

www.coxandkings.com

Key Balance Sheet Figures

(INR in MM)

Particulars Current Assets Total Assets Current Liabilities Total Liabilities Stockholders Equity Debt Cash and Cash Equivalents Net debt

FY 11 17,666.2 31,191.5 2,681.3 11,474.6 12,078.5 8,443.3 11,294.6 (2851.3)

FY10 9,565.4 15,250.4 1,769.5 7,156.44 8,101.1 5,043.3 5,885.0 (841.7)

Y-o-Y Change 85% 105% 52% 60% 49% 67% 157%

26
www.coxandkings.com

Key Ratios
Operating Income (INR MM)
6,000 4,967 5,000 3,992 4,000 2,869 3,000 2,000 1,000 0 FY09 FY10 FY11 1,200 1,188 1,500

PAT (INR MM)

900
600 634 300

1,055

0
FY09 FY10 FY11

EBITDA & PAT (%)

50% 42% 40% 47%

Margin(1)

Key Components of Operating Expenditure as a Percentage of Operating Income (%)

47%
30% 25% 28%

25%

26%

26% 30% 20% 10% 0% FY09 FY10 FY11 PAT Margin 22% 24%

20%
15% 10% 5% 0% FY09 FY10 FY11 12% 9% 9%

EBITDA Margin

Personnel Expenditure

Advertising

Note: (1) EBITDA margin calculated after excluding other income (2) PAT and PAT margin calculated considering Adjusted PAT before exceptional Items

27

www.coxandkings.com

Consolidated Financials Q4FY11

Q4FY11 Operating Income for the Group stood at INR 1,587.5 Mn i.e. an increase of 16% over the same period last year EBITDA increased to INR 825.6 Mn i.e. an increase of 15% over EBITDA for Q4 FY10 Cox & Kings Ltd. Consolidated Q4 Results (INR Mn)
Particulars Income from Operations Employee Cost Advertisement Cost Depreciation Other Expenditure Total Expenditure Profit from operations before Other Income, Interest & Exceptional Items Other Income Profit before Interest & Exceptional Items Interest & Finance Charges (Net) Profit before Exceptional Items Exceptional Items Gain / (Loss) Profit from Ordinary Activities before tax Tax Expense Net Profit from Ordinary Activities after tax Share in the Profit/(Loss) of Assoicates Extra-ordinary items Net profit for the period

Q4 FY 11 1,587.5 337.4 98.4 51.6 326.1 813.5 773.9 72.4 846.3 121.3 725.0 0.7 725.7 258.2 467.5 (6.2) 461.3

Q4 FY 10 1,369.2 288.5 81.4 50.3 279.5 699.8 669.4 67.1 736.5 87.4 649.1 26.2 675.4 223.2 452.2 (2.3) 449.9

Q-o-Q Change 16%

Year Ended Year Ended Y-o-Y FY 11 FY 10 Change 4,967.4 1,295.7 423.4 185.5 947.7 3,991.5 994.1 357.0 150.7 776.1 2,277.9 1,713.6 137.3 1,850.9 269.7 1,581.2 283.8 1,865.0 516.9 1,348.1 (9.6) 1,338.5 -4% 4% 16% 28% 25% 23% 24%

16% 16% 15% 12% 7%

2,852.3 2,115.1 257.0 2,372.1 543.9 1,828.1 102.9 1,931.0 625.2 1,305.9 (15.0) -

3%

1,290.9

Note: There Is a foreign exchange gain of Rs.10.29 crores on account of foreign currency loan revaluation in FY2011 as against Rs.28.38 crores in FY2010 .Hence, the PAT is marginally lower for the year ended 2011 as compared to the previous year.

28

www.coxandkings.com

Revenue Contribution
Q4 FY 2011
UK Travel 21%

FY 2011
UK Travel 18%

FY 2010

UK Travel 21%

India 41%

ETN 1% CNK Japan 10%

ETN 3%

India 48%

India 44%

CNK Japan 8%

ETN 5% CNK Japan 9%

East India 5% Australia 15% East India 7% Dubai 2% Australia 12% Others 2% Dubai 4% Australia 13% East India Dubai 5% 3%

Others 3%

Indias Revenue Contribution has increased significantly from 44% in 2010 to 48% in 2011 Revenue from Dubai Subsidiary shows a 72% increase in 2011 over 2010; which is 4% of the Total Consolidated Revenue Revenue from East India and Australia has increased by 18% and 17% respectively in 2011 over 2010

29
www.coxandkings.com

Indian T & T market

India Tourism - Inbound

India Tourism - Outbound India Tourism - Domestic International Tourism - Growth & Forecasts Core Markets

www.coxandkings.com

Indian T & T market

2010 - GDP (at Purchasing Power Parity)
(US$ trillion)

T & T markets by Size

$16.0

$14.7

Year

2010 (USD bn)

2020 (USD bn)

CAGR (%)

$12.0 $9.9 $8.0 $4.3 $4.0 $4.0

China India USA

$3.0

113 42 511 89 50

501 111 917 148 80

16.1 10.2 6.0 5.2 4.8

United Kingdom
$2.2

Australia

$0.0

United States

China

Japan

India

Germany

United Kingdom
Source: WTTC, 2010

Source: CIA World Factbook

Indian economy is the 4th largest economy globally

T & T industry in India will grow at a CAGR of 10.2 % over 2010-2020; thus a fast growing T & T market Direct contribution of Travel &Tourism to GDP is expected to be INR 1,570.5 bn (1.9% of total GDP) in 2011, rising by 8.1% pa to INR 3,414.8 bn (2.0%) in 2021 India is expected to attract 6,179,000 international tourist arrivals in 2011 which is expected to rise to 11,149,000 in 2021 i.e. an increase of 6.1% pa www.coxandkings.com

31

India Tourism - Inbound

Receipts & Arrivals
(in '000 trips)
10000 7768

Composition - 2010
(INR bn)
760

MICE 4%
720

8000

6000

5722

6012

6356

6755

7221 717 689

680

Leisure 61% Business 35%

4000 631 2000 619

666 647

640

600

0
2010 2011E 2012E 2013E 2014E 2015E

560

Arrivals (in '000 trips)

Receipts ( in INR bn)

Over the past years, US and the UK remained the top two largest source countries for India and are expected to continue till 2015 An increased inflow of tourists was seen from South Africa , Malaysia and Brazil, and thus the fastest growth in spending was seen by these countries. Over 2010-2015, inbound tourism is expected to increase by CAGR of 6%, whereas tourism receipts are expected to increase by a constant value CAGR of 3%.

Source: Euromonitor International, India April 2011

32
www.coxandkings.com

India Tourism - Outbound

Expenditure & Departures
(in '000 trips)
565 21,902 19,392 17,253 15,414 13,842 10,000 12,497 300 200 5,000 100 2011E 2012E 2013E 2014E 2015E 2010 0 400 Leisure 68%

Composition - 2010
(INR bn)
700 604

25,000

20,000

452
15,000

475

500

530

600 500

MICE 4%
Business 28%

Departures (in '000 trips)

Expenditure ( in INR bn)

The recovering economy, improved consumer confidence and attractive deals has led to 13% growth in the number of departures from India in 2010 and is expected to increase at a CAGR of 12% by 2015.

In 2010 the most outbound tourists visited Singapore, Malaysia , the United Arab Emirates and Thailand. Apart from these destinations, Egypt, Indonesia and Italy are the emerging outbound destinations.

US and Singapore continued to be the top two destinations in terms of outgoing tourist expenditure in 2010, accounting for a combined share of nearly 20% of total outbound expenditure.
Source: Euromonitor International, India April 2011

33
www.coxandkings.com

India Tourism - Domestic

Business v/s Leisure
(mm trips) 1,200 1,000 946 829 730 645 573 600 400 168 200 189 214 277 318 1,082

Domestic Tourist Expenditure

(in INR billion)

Year 2010 2011E 2012E

Value 2,056 2,199 2,364 2,553 2,771 3,020

% Value Growth 7.0 7.5 8.0 8.5 9.0

800

243

2013E 2014E

2010

2011E

2012E

2013E
Leisure

2014E

2015E

2015E

Business

The number of trips has increased by 14% in 2010 and is expected to increase by a CAGR of 14% in 2015. In 2010 Andhra Pradesh received the largest share of domestic tourists, followed by Uttar Pradesh and Tamil Nadu. Karnataka was the fastest growing domestic destination in 2010, followed by Tamil Nadu and Bihar. In 2010, domestic tourist expenditure increased by 15% and is expected to continue at a CAGR of 8%
Source: Euromonitor International, India April 2011

34
www.coxandkings.com

International Tourism - Growth & Forecasts

International Tourists Arrivals - 2020 Forecasts World Inbound International Tourists Arrival,2010
Average annual growth rate 1995-2020 (%) 5.5 3.8 6.5 3.1 6.7 6.2 4.1
Europe 50% America 16% Asia and the Pacific, 22%

Forecasts 2010 (million) Africa America East Asia & the Pacific Europe Middle East South Asia World 47 190 195 527 36 11 1,006 2020

77 282 397 717 69 19 1,561

Africa 5%
Middle East 7%

International arrivals are expected to reach nearly 1.6 billion by the year 2020.

By 2020 the top three receiving regions will be Europe , East Asia & Pacific and the Americas

East Asia & the Pacific, Asia, the Middle East and Africa are forecasted to record growth at rates of over 5% year, compared to the world average of 4.1%.
Source: World Tourism Organization (UNWTO)

35
www.coxandkings.com

Core Markets
Forecasted Arrivals & Departures ( in million)

Australia
12.0

T & T industry direct contribution is expected to be AUD 47.6 bn in 2011, rising by 2.7% pa to AUD 62.4 bn in 2021 Inbound visitor arrivals are forecast to increase by 3.1% to reach 6.1 million in 2011 and 8.4 million by 2020 Australian resident outbound departures are forecasted to be 7.8 million in 2011 and will reach 10.3 million in 2020 at an annual average growth of 3.7%

10.0 8.0 6.0 4.0

8.8 7.8

9.6

10.3

6.1

6.9

7.7

8.4

2.0
-

Inbound visitor arrivals

Outbound Departures

United Kingdom
17.0

Overseas earnings(GBP bn)

T & T industry is expected to contribute GBP 36.8 bn (2.4% of total GDP) in 2011 Estimated number of visits abroad by UK residents in the three months to March 2011 increased 4 % to 13.5 million compared with the previous three months. During the 12 months ending March 2011,overseas earnings increased 4 per cent to GBP 16.9 bn

16.8 16.6 16.4 16.2 16.0 Apr'10 - Mar '10 16.3

16.9

Apr'09 - Mar '11

United States of America

International Visitor Spending(USD bn)

T & T industry direct contribution to GDP is expected to be US$ 404.0 bn in 2011, and reach US$ 570.3 bn in 2021 With 61 million outbound trips in 2009 , the USA remained the second-largest source market after Germany International Visitor Spending has increased by 9% from USD 32.3 bn in the period Jan-Mar 2010 to USD 35.1 bn in the period Jan-Mar 2011

36.0 35.1 34.0

32.0

32.3

30.0 Jan-Mar 2010 Source: WTTC 2011; Office of Travel and Tourism Industries (U.S);World Travel Trends Report 2010-11; Office for National Statistics UK; Tourism Forecasting 2011 (Australia) Jan-Mar 2011

36

www.coxandkings.com

Thank You

For further details, please contact:

Cox & Kings Ltd, Turner Morrison Building, 16 Bank Street, Fort, Mumbai - 400 001 Website: www.coxandkings.com Email: investors@coxandkings.com

www.coxandkings.com