The proportional partial demerger whereby Autogrill S.p.A. transferred the Travel Retail & Duty Free business to World Duty Free S.p.A. came into effect on 1 October 2013.

On the same date World Duty Free S.p.A.. ordinary shares started trading on the Mercato Telematico Azionario (electronic stock market) organized and operated by Borsa Italiana S.p.A.

The purpose of the demerger is pre-eminently industrial. The formation of two distinct groups focused on their respective Food & Beverage and Travel Retail & Duty Free businesses will enable each of them to more effectively pursue its development strategies and to improve the performance by leveraging its own particular strengths.

The separation of the two businesses may make it easier for the financial markets to understand and assess their respective strategies separately, as well as facilitate any industrial alliances in the two markets.

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