The Chic Outlet Shopping(R) Villages Operated by Value Retail Achieve Record Double-Digit Growth in Tourist Sales

LONDON, November 23, 2010 - Record double-digit growth achieved in Q3 2010 illustrates the
ongoing success of the nine Chic Outlet Shopping(R) Villages, operated by
Value Retail and the sole beneficiaries of the Value Retail business model,
which achieved an impressive 81% increase in tax refunded sales in Q3 (Jul -
Sep) compared to the same period in 2009, demonstrating the appeal of the
nine luxury outlet Villages to the discerning international visitor to
Europe.

In Q3 2010, increases in tax refunded sales for each of the
nine luxury brand Chic Outlet Shopping(R) Villages are significantly higher
than their respective city benchmarks (as defined by Global Blue) and, for
the second successive quarter, all Villages have achieved growth in excess of
50% in tax refunded sales compared to the same period in 2009.

Across the Collection, tax refunded sales have been dominated
by two contributing markets year to date: China, which showed an increase of
95%, and the Middle East with an increase of 55%, each respective market
representing one quarter of the total of tax refunded sales achieved. The
fastest growing market continues to be Russia, however, which, at +98%, has
almost doubled the figures recorded in 2009.

The average spend per tax refunded transaction in Q3 was
EUR287, an increase of 10% compared to the same period in 2009, with the
highest spend per tax refunded transaction year-to-date attributed to
visitors from the USA who spent an average of EUR318, an increase of 8%
against 2009.

Pier Francesco Nervini, as spokesman for Global Blue,
commented: "With a remarkable 74% increase in tax refunded sales in Q3,
compared to Q3 2009, it stands clear that Chic Outlet Shopping(R) Villages
operated by Value Retail are very worthy of their fine reputation. This
Collection of stylish outlets is becoming increasingly significant within
Europe, as destinations for the sophisticated international traveller."

Strong Q3 results are an indication of Value Retail's
commitment to developing strategic partnerships with the travel industry
through Chic Outlet Shopping(R), the brand that promotes the nine Villages
internationally. Industry partnerships include: Tour Parade and Chaika
operating in Russia, Al Rais Travel and Etihad Airways Holidays operating
within the GCC, Sino America Tours, ASA and CTC Holidays in Singapore and
Holiday Tours & Travel, Mayflower Acme Tours and Golden Tourworld Travel
operating across Malaysia, and Jalpak and Tabi Kobo in Japan.

The Chic Outlet Shopping(R) Villages have some 900 boutiques
of renowned international and niche European offering reductions of up to 60%
off the recommended retail price, all year round, in addition to the tax free
savings (up to 15%) available to non-EU residents. Coveted names include
Bally, Belstaff, Bimba & Lola, Calvin Klein, Desigual, Diane von Furstenberg,
Missoni, Mulberry, Nicole Farhi, Tumi and Vivienne Westwood, with some 50
brands currently selecting the Chic Outlet Shopping(R) Villages as home to
their only outlet boutique worldwide: Loewe, Smythson, Agent Provocateur,
Anya Hindmarch, Matthew Williamson, MCM, and Temperley London.

The Villages take the concept of hospitality seriously, with a
selection of restaurants and cafés serving local cuisine, in addition to
five-star service which includes dedicated Tourism Information Centres,
multilingual personal shoppers and valet parking, not to mention the
family-friendly details such as secure children's play areas.

Serving the international audience,
www.ChicOutletShopping.com is available in 11 languages (English,
French, Spanish, Catalan, Italian, Flemish, German, Japanese, Russian, Arabic
and Simplified Chinese). ChicOutletShopping.com hosts the booking platform
for the Shopping Express shuttle service, delivering customers to the
Villages through a high-quality, consistent service with plans to extend the
service to all nine Villages in 2011. After operating for six months, the
average occupancy of the Shopping Express service now stands at 75%.

Value Retail's Chic Outlet Shopping(R) Villages continue to
make a distinct imprint on the European retail landscape. Tax refunded sales
have increased 81% year-on-year through Q3 2010, with 20 consecutive quarters
of double-digit growth since 2006. Tax refunded sales currently represent
approximately 9% of total sales - figures that serve to endorse the Villages'
appeal to a wide international audience.

Contact: Sarah Bartlett +44(0)1869-323-200, SBartlett at valueretail.com .