Double Digit Growth in Tax Refunded Sales Establishes the Chic Outlet Shopping(R) Villages in Europe as Retail's Most Sustainable Blueprint

LONDON, November 26 - Value Retail's unique retail blueprint, the Collection of 9
Chic Outlet Shopping(R) Villages in Europe, continues to redefine shopping
tourism, allowing shoppers to experience famous international and niche
European brands at prices reduced by up to 60% every day, all year round, not
to mention the tax free savings (up to 15%) available to non-EU residents.

The Chic Outlet Shopping(R) Villages in Europe welcome over 23
million visitors per year, and in Q3 2009 total tax refunded sales show an
increase of 54% compared to Q3 2008, with an impressive 52% growth for the
first three quarters of 2009.

China ranks number one in visiting nationalities, maintaining
poll position as the largest contributing market by volume with a
year-on-year growth of 101% for the first three quarters, representing 22% of
all tax refunded sales. Collectively, the Villages recorded an average spend
per tax refunded transaction of EUR262 in Q3 2009. Brazil ranks as the
highest spending market for the first three quarters (EUR298 average spend)
with Hong Kong the fastest growing market (year-on-year increase of 108% for
the first three quarters) - more than doubling last year's levels, with the
combined markets of China, the Middle East & SE Asia contributing to almost
half of all tax refunded sales.

Building on an increase of 33% in total tax refund sales in Q4
2008 compared to the same period in 2007, subsequent year-on-year quarterly
growth in sales in 2009 has been unequivocal (Q1 +55%, Q2 +47%, Q3 +54%),
demonstrating resilience through a challenging economic climate.

The Chic Outlet Shopping(R) Villages in Europe continue to
substantially outperform their respective major city benchmarks (as defined
by Global Refund), a clear indication that a shopping experience which
combines luxury brands, outstanding savings, a sophisticated ambience and
superior service remains a key consideration for international travellers.

"The successful collaboration between Global Refund and Value
Retail, managers of the nine Chic Outlet Shopping(R) Villages in Europe,
continues to bring tax free sales results that are beyond comparison with
other retailers - full price and outlet - in Europe. In Q3 2009 total tax
free sales recorded by Global Refund for the Collection of Villages grew by
41% compared to the same period in 2008. Similarly, total tax free sales for
the first three quarters of 2009 increased by 46% year on year, whilst over
the same period the benchmark represented by Europe's top shopping
destinations grew by 6% year on year. The calibre of high-end fashion brands
presented in the pleasant atmosphere of the Chic Outlet Shopping(R) Villages
in Europe, with their appealing price levels and tax refund services for
non-EU residents, is evidently not only a successful but also a very
sustainable formula." Pier Francesco Nervini, VP International Key Accounts,
GLOBAL REFUND.

The Collection of Chic Outlet Shopping(R) Villages in Europe
has over 850 outlet boutiques lining picturesque boulevards in charming
open-air village settings and is host to international and niche European,
designer fashion and luxury lifestyle brands such as Armani, Gucci, Polo
Ralph Lauren, Versace, Dior, Joop! and Bulgari to name a few. Indeed 25
luxury brands, including Alexander McQueen, Vivienne Westwood, Anya
Hindmarch, Agent Provocateur, Smythson and Christian Lacroix, have chosen the
Chic Outlet Shopping(R) Villages in Europe as the locations for their only
outlet boutique worldwide. All these exclusive and desirable brands fuelled
with outstanding savings all year round - never has a shopping trip in Europe
been so enticing.

The Chic Outlet Shopping(R) Villages in Europe possess
multiple distinguishing hallmarks of differentiation: exceptional value year
round, an unparalleled selection of brands, five-star services to rival any
world-renowned luxury department store, award-winning Tourist Information
Centres and direct shuttle transport from the nearest city or station. Every
last detail has been considered.

NOTES FOR EDITORS:

Shuttle transfers operate from the nearest station and city
centre. Tickets will be available online from early 2010 at
www.chicoutletshopping.com/shoppingtrips.

The Collection of Chic Outlet Shopping(R) Villages in Europe:

    Bicester Village                                              LONDON
    La Vallée Village                                              PARIS
    Las Rozas Village                                             MADRID
    La Roca Village                                            BARCELONA
    Fidenza Village                                                MILAN
    Maasmechelen
    Village                                    BRUSSELS/ ANTWERP/ COLOGNE
    Wertheim Village                                           FRANKFURT
    Ingolstadt Village                                            MUNICH
    Kildare Village                                               DUBLIN

Chic Outlet Shopping(R) Villages in Europe is a registered
trademark of Value Retail PLC.

                    For further information please contact:
                 pressoffice@chicoutletshoppingvillages.com
                        www.chicoutletshopping.com

Contact: Sarah Bartlett, sbartlett at valueretail.com, T: +44(0)7876-591-126