An IRI Report for the VA covering data

An IRI Report for the VA covering data up to Quarter 3, 2006 November 2006 CONFIDENTIAL Copyright © 2006 Information Resources, Inc. Confidential and proprietary.

Report Introduction 1. The data contained in the report present estimates of the size of the Gift Voucher Market. 2. The data have been generated through a “pooling operation”, whereby members of the VA forwarded to IRI data on their individual businesses, which were then aggregated analysed. 3. The market described is a “defined Market”, reflecting input from the following 33 companies – Asda Business Rewards, Boots, Capital Incentives, Comet Business Services, Debenhams, DSG Business Services, Exhilaration, Experience More, The Gift Voucher Shop, Grass Roots, Halfords, HMV UK Ltd, House of Fraser, John Lewis Direct, Kingfisher, Lakeside Shopping Centre, Love 2 reward, Maritz, Marks & Spencer, Marriott Incentives, Next, Red Letter Days plc, Sainsbury, Sodexho Pass, Tesco, Theatre Tokens, Thomson (Corporate Sales only), Thomas Cook, Thresher Group, Treatme. net, Virgin Incentives, Whitbread and WH Smith. The VA and Information Resources aim to continue to recruit further members in the future in order to make the measurement as comprehensive as possible. 4. The data included covers the period Quarter 4, 2003 - Quarter 3, 2006 5. Any queries or comments should be forwarded to Simon Thickett of IRI, Eagle House, The Ring, Bracknell, Berkshire, RG 12 1 HS Telephone: 01344 746000 Fax: 01344 746001 Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Executive Summary Latest Quarter Results The Voucher Association has enjoyed a successful quarter in Q 3 06 with total sales of £ 303, 554, 000 51. 0% of these sales were Store sales YOY Results Year on Year growth of the Total Market was +11. 1% for Q 3 06 This growth was driven by Corporate sales (+18. 9%) Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Total Category Size Value Sales each Quarter, starting quarter 4, 2003. Bars are in £ 000 s. Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Total Category Size Value Sales in the latest year, starting in the year beginning quarter 4, 2003. Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Year On Year Growth of Total Market, by Category Quarter This Year Vs Quarter Last Year on Year percent change, based on Market Sales data Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Category Seasonality: Quarter 4, 2005 Quarter 3, 2006 B 2 C B 2 B Contribution of each quarter to total year sales. Based on latest rolling full year of data Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Category Segmentation Share Trends of Total Market Store & Corporate contribution to total sales each quarter. Value sale shown in the table is in £ 000 s Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Detailed Market Breakdown Where the Market is broken down into the segmentation shown below, it is deemed to be representative of only the businesses that are listed below Total Market - Boots - Capital Incentives B 2 B - Debenhams B 2 C - DSG Business Services - Experience More - Halfords - House of Fraser Reward/Incentive E-commerce Flexible Benefits OTC Legislative Savings (inc. Xmas club) - Marriott Incentives - Red Letter Days plc - Sainsburys Savings (incl Xmas Club) Affinity Groups - The High Street Voucher - WH Smith - Next E-commerce Insurance Replacement - Exhilaration This information is only available to the companies listed above Telephone: 01344 746000 Fax: 01344 746001 Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Market Size, Split by Category B 2 C This data is only available to members submitting this breakdown Quarterly Value Sales, £ 000 s. Market is defined as only the companies who submit the Breakdown. Copyright © 2005 Information Resources, Inc. Confidential and proprietary.

Market Size, Split by Category B 2 B This data is only available to members submitting this breakdown Quarterly Value Sales, £ 000 s. Market is defined as only the companies who submit the Breakdown. Copyright © 2005 Information Resources, Inc. Confidential and proprietary.