2014 -2018 Global Card Market Trends & Forecasts The Next 5 Years? Presented by Al Vrancart [email protected] Industry Advisor/Founder Emeritus

2015 ICMA EXPO – 25th Anniversary Phoenix, AZ – March 30, 2015

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Disclaimer & Copyright ICMA Market Statistics Reports Disclaimer and Copyright The International Card Manufacturers Association (ICMA) produces its Global Market Statistics Reports for the Card Manufacturing and Personalization & Fulfillment sectors of the Card Industry as a convenience to its members. These Market Statistics Reports are also made available at a fee to non members and organizations and others with an interest in the Card Industry. The contents of the Market Statistics reports are derived from a number of public and industry sources. Some industry data is estimated using statistical models. Although ICMA makes efforts to ensure the information in the Market Statistics Reports and related ICMA event presentations is reasonably complete and accurate, ICMA does not warrant it to be so. ICMA and its member companies shall not be considered as having made any covenant, representation or warranty, express or implied, as to the accuracy, completeness, adequacy or appropriateness of the information contained in the Market Statistics Reports or related ICMA event presentations . Use of or reliance on the Market Statistics Report or related event presentations will be at the user's sole risk and ICMA shall have no liability whatsoever with respect to such use or reliance regardless of their fault or negligence. The Market Statistics Reports are available online via the password protected ICMA website for members and by request for a fee for non members. The Market Statistics Reports and related event presentations are the copyright of ICMA. Recipients of the Market Statistics Reports and related event presentations may, however, make use of it as a source for external presentation and other similar purposes with the prior expressed written consent of ICMA, and must refer to the ICMA Market Statistics Reports or related event presentations as the source. ICMA is pleased to respond to inquiries by telephone, e-mail or other forms of communication. The above disclaimer also applies to statistical data and other information provided by ICMA in response to such inquiries.

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Regional Markets

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Contents Section A: Pg 5 to 9

Presentation Contents Global Outlook 2015 and Beyond • • • •

B: Pg 10 to 12

Global Cards Manufactured 2014-2018 •

C: Pg 13 to 49

5 Global Geographic Regions – Units & Dollars 5 Global Geographic Regions – CAGR Summary

Global Personalization & Fulfillment 2014-2018 • •

F: Pg 68 to 69

12 Market Segments – Analysis 12 Market Segments – Rankings US Financial EMV - Forecast

Global Cards Manufactured 2014-2018 • •

E: Pg 63 to 67

Global – Units & Dollars

Global Cards Manufactured 2014-2018 • • •

D: Pg 50 to 62

Environmental Scan Global Growth Rates 2014-2016 Global Generation Demographics Global Payment Preferences

Global – Units & Dollars 5 Global Geographic Regions - 2014

Global Cards and P & F – Total Industry 2014-2018 •

Global - Dollars

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Section A Global Outlook 2015 & Beyond • • • •

Environmental Scan Global Growth Rates 2014-2016 Global Generation Demographics Global Payment Preferences

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Environmental Scan

Frequently Analyze Your Environment…It can Alter Strategy This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Economic Forecast 2014-2016 Growth Rates % Global

2014

2015

2016

World

3.3

3.5

3.7

Advanced Economies

1.8

2.4

2.4

Emerging & Developing Economies

4.4

4.3

4.7

Countries China India Nigeria USA UK Euro Area Russia

7.4 6.9 6.1 2.4 2.6 0.8 0.6

6.8 7.4 4.8 3.6 2.7 1.2 -3.0

6.3 5.2 3.3 2.4 1.4 1.0

Source: IMF 1/20/2015 with India revision added This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Century

List of Generations Chart Generation

21st Century

20th Century

Greatest Generation

Baby Boomers

Generation X

Sub - Generations

G.I Generation Silent Generation Boom Generation / Hippie Baby Busters MTV Generation / Boomerang Generation

Time Table 1901 1924 1925 1945 1946 1964 1965 1980 1975 1985

Notable Occurrences Experienced WWII in adulthood Experienced WWII in childhood, Civil Rights Movement Space Exploration, First Modern "counterculture" Experienced Vietnam War / Cold War

Generation Y

Echo Boom 1978 (Generation McGuire) 1990

Rise of Mass Media / end of the Cold War Rise of the Information Age / Internet / War on Terror / Iraq War / Rising Gas and Food Prices

Generation Z

New Silent Generation

Rise of the Information Age / Internet / dot com bubble Digital Globalization

1995 2007

Pay Attention to Demographics This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Payment Preferences 46% to 82% of all payment transactions are conducted in Cash, depending on country

Countries Australia Austria Canada France Germany Netherlands USA

Cash 65% 82% 53% 56% 82% 52% 46%

Debit 22% 14% 25% 31% 13% 41% 26%

Credit 9% 2% 19% 1% 2% 1% 19%

Total 96% 98% 97% 88% 97% 95% 91%

Source: Boston Fed 2014 Study

Displacing Cash is the Biggest Challenge for the Payments Industry

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Section B Global Cards Manufactured 2014-2018 • Global – Units & Dollars

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Global Cards Manufactured 2014 – 2018 Global Units 40000 35000

34,804

35,750

35,105

36,342

37,021

30000 17,955

25000 23,783

19,590

20,906

22,141

Total Units CAGR 1.2%

20000 15000 10000

Millions

5000

11,021

16,752

14,844

12,964

19,066

0 2014

Rati o

Traditional Smart

2015

2014 68% 32%

2016

2015 63% 37%

2016 58% 42%

2017

2017 54% 46%

2018 48% CAGR 52% CAGR

2018

-5.5% 11.6%

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Global Cards Manufactured 2014 – 2018 Global Dollars 30000

25000

$23,480 2,245

$21,346 $19,191

20000 $16,984

15000

$25,940 2,026

2,378

2,451

2,564 23,914 21,235

10000

18,968

Total Dollars CAGR 8.8%

16,740 14,421

Millions

5000

0 2014 Ratio

Traditional Smart

2015 2014 15% 85%

2016 2015 13% 87%

2016 11% 89%

2017 2017 10% 90%

2018

2018 8% CAGR 92% CAGR

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

-4.7% 10.6%

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Section C Global Cards Manufactured 2014-2018 • 12 Market Segments – Analysis • 12 Market Segments – Rankings • US Financial EMV - Forecast

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Global Cards Manufactured 2014 – 2018 Prepaid Phone Units 9000 7,850

8000

6,950

7000

6,195

6000

5,505 4,855

5000 7,360

4000

6,505

5,795

3000

5,146

4,538

2000

Total Units CAGR -9.2%

Millions

1000 0

490

445

400

349

317

2014

2015

2016

2017

2018

Ratio

Traditional Smart

• • • •

2014 94% 6%

2015 94% 6%

2016 94% 6%

2017 93% 7%

2018 93% CAGR 7% CAGR

-9.2% -8.3%

Applications: Mobile phone, Pay phone, Internet Card Description: Plastic/Paper based, PIN Scratch off or memory chip Largest Geographic Markets: MEA, Asia, Latin America Future Growth: Declining This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Prepaid Phone Dollars 350

$333 $296

300

$265

250

$236 213

$209 184

200

165 146

150

130

Millions

100 50

120

112

100

90

79

2016

2017

2018

Total Dollars CAGR -8.9%

0 2014 Ratio

Traditional Smart

2015 2014 64% 36%

2015 62% 38%

2016 62% 38%

2017 62% 38%

2018 62% CAGR 38% CAGR

-9.4% -8.0%

• A more severe accelerated decline is possible • Several alternative technologies are rapidly displacing cards • Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Sim Mobile Phone Units 7000 6,305

6000

5,585

5,310

5,192

5,925

5000

Total Units CAGR 4.0%

4000 3000 2000 Millions

1000 0 2014 Ratio

Traditional Smart

• • • • • •

2015 2014 0% 100%

2016 2015 0% 100%

2016 0% 100%

2017 2017 0% 100%

2018 0% CAGR 100% CAGR

2018 0.0% 4.0%

Applications: Mobile phone, Tablets, Other SIM devices Card Description: 30 mil. Plastic with chip Largest Geographic Markets: Asia, N. America, Europe Dominant Global Manufacturers: Gemalto, Oberthur, Morpho, G&D also in Asia: Eastcompeace, Watchdata Market Drivers: Fierce MNO competition, Technology, New Devices, Declining chip prices Future Growth: Moderate, Embedded SIM threat This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 SIM Mobile Phone Dollars 9000 8000

$7,628

$7,290

7000

$6,976

$8,010

$7,046

Total Dollars CAGR 2.8%

6000 5000 4000 3000 Millions

2000 1000 2014 Ratio

Traditional Smart

2015 2014 0% 100%

2016 2015 0% 100%

2016 0% 100%

2017 2017 0% 100%

2018

2018 0% CAGR 100% CAGR

0.0% 2.8%

• “75% of smart phones will have an NFC controller chip by 2020” • “NFC offers retailers better customer retention and loyalty opportunities as well as payments. However, most retailers remain unclear as to its’ tangible benefits.” • Rating:

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Global Cards Manufactured 2014 – 2018 Financial Units 7000 6000 5,402

5000

5,781

5,732

5,010

1,520

1,779

5,786 1,164

2,070

4000 2,755

Total Units CAGR 2.9%

3000 2000

3,953

4,261

2016

2017

4,622

3,332 2,255

Millions

1000 0

2014 Ratio

Traditional Smart

2015 2014 55% 45%

2015 38% 62%

2016 30% 70%

2017 26% 74%

2018 20% CAGR 80% CAGR

2018

-15.8% 15.4%

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Global Cards Manufactured 2014 – 2018 Financial Units • • • • • • •

•

•

Major Brands: VISA, MC, Amex, Union Pay, JCB, Discover, Diners Applications: Credit, Debit, Prepaid, ATM/PIN Card Description: Traditional magnetic, Smart contact, contactless, dual interface Card Unit Ratio: Smart accelerating 2014-2018: 45% to 80% for 15.4% CAGR EMV Card Adoption (2014): US>10%, Canada/Caribbean/Latin America: 54.2%, MEA: 38.9%, Asia Pacific 17.4%, Europe Zone 1 81.6%, Europe Zone 2 24.4% Largest Geographic Markets: Asia Pacific, N. America, Europe Market Drivers: Debit/Prepaid Growth, EMV penetration in USA and China, Trend to Contactless and Dual Interface, Declining chip prices, M&A activity, Consumer demand for security and reliability Future Growth: Modest unit growth as traditional magnetic gets displaced by smart chip. Double digit dollar growth as more expensive smart chip cards penetrate Growth Threat: Technology shift where cards are not required

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Financial Dollars 7000 6000

$5,751

$5,489

5000

359

405

$4,815

$6,028 290

454

4000

$3,636 577

3000

4,361

2000

5,084

5,392

5,738

2016

2017

2018

Total Dollars CAGR 10.6%

3,059 Millions

1000 0 2014 Ratio

Traditional Smart

• • • • • • •

2015 2014 16% 84%

2015 9% 91%

2016 7% 93%

2017 6% 94%

2018 5% CAGR 95% CAGR

-12.8% 13.4%

Card Dollar Ratio: Smart accelerating 2014-2018 from 84% to 95% for 13.4% CAGR Opportunity: US EMV conversion chip & pin, contactless, dual interface preferred after initial 2015/16 roll out Several competing new payment technologies most require a “companion card” Everyone does not have a smart phone “Consumers aren’t compelled yet to change how they pay.” “Payment cards have a long ‘good-bye’” Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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US Cards Manufactured 2014 – 2018 Financial EMV Smart Cards Millions 2014 2015 2016 2017 2018 Total

Units 225 600 900 900 875 3,500

Dollars $310 $810 $1,170 $1,150 $1,095 $4,535

• • • •

Initial migration starts with contact cards – 2014, 2015 Issuer inventory build up – 2016, 2017, 2018 Contactless/Dual Interface growth driven by consumer demand – 2016, 2017, 2018 Aggressive marketing campaigns by issuers drives “brand switching”, increasing demand for more cards – 2017, 2018 • Reissue and replacement of expired cards begin – 2017, 2018 • Regular traditional financial magnetic cards continue to be manufactured in declining volumes. (not accounted for in this analysis) Secure Card Manufacturers & Personalisers will be extremely busy! This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Gift Cards Units 5000 4500

4,085

4000

4,521

4,322

4,177

4,723

3500

Total Units CAGR 2.9%

3000 2500 2000 1500

Millions

1000 500 0 2014 Ratio

Traditional Smart

• • • • •

2015 2014 100% 0%

2016 2015 100% 0%

2016 100% 0%

2017 2017 100% 0%

2018

2018 100% CAGR 0% CAGR

2.9% 0.0%

Applications: Retail Gift Cards (closed loop) Card Description: 24-30mil. Plastic with mag stripe or barcode and multi color printing Largest Geographic Markets: N. America, Europe Market Drivers: Adoption/Growth outside N. America and UK Future Growth: Moderate – NA/UK; Strong – Asia Pacific This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Gift Card Dollars 400 $361

350 300

$330

$322

$310

$344

Total Dollars CAGR 3.1%

250 200 150 100 Millions

50 0 2014 Ratio

Traditional Smart

2015 2014 100% 0%

2016 2015 100% 0%

2016 100% 0%

2017 2017 100% 0%

2018

2018 100% CAGR 0% CAGR

3.1% 0.0%

• Asia Pacific is exporting gift cards to other regions • Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Gov’t/Health Units 4000 3,612

3500

3,373 3,149

3000

1,004

2,936

2,750

1,314

2500

1,570 1,697

2000

1,747

1500

2,608 2,059

1000 500 Millions

Total Units CAGR 5.6%

1,003

1,579

1,239

0 2014 Ratio

Traditional Smart

• • • • • • •

2015 2014 63% 37%

2016 2015 58% 42%

2016 50% 50%

2017 2017 39% 61%

2018 28% CAGR 72% CAGR

2018 -10.5% 21.1%

Applications: Government benefits, healthcare, national ID, drivers license, passport card Card Description: 30 mil. Plastic with mag stripe and/or chip, some with photo Card Unit Ratio: Smart accelerating 2014-2018; 37% to 72% for 21.1% CAGR Largest Geographic Markets: Asia Pacific, Europe Issuance: Central from card mfr. Bureau, independent bureau or gov’t bureau Market Drivers: New card technologies, Security & Fraud, ID Standards, Gov’t programs, Economy and Budgets Future Growth: Rapidly Increasing This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Gov’t/Health Dollars 6000 $4,871

5000 $4,044

4000 3000 2000

Millions

1000

523

$3,299 $2,734 $2,325

596

618

Total Dollars CAGR 15.9%

4,451

609

1,717

420

3,521 2,703

2,116

0 2014 Ratio

Traditional Smart

2015 2014 26% 74%

2016 2015 23% 77%

2016 18% 82%

2017 2017 13% 87%

2018

2018 9% CAGR 91% CAGR

-7.2% 21.0%

• Cards are becoming more durable with additional security layers and are increasingly more expensive • Card Dollar Ratio: Smart 2014-2018 moving from 74% to 91% for 21.0% CAGR • Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Retail & Gas Units 3000 2,700

2,601

2500

2,371

2,800

2,493 1,195

2000

1,373 1,546 1,676

1500

1,525

Total Units CAGR 3.4%

1000

Millions

500

695

851

2014

2015

1,327

1,055

1,605

0 Ratio

Traditional Smart

• • • • • •

2014 71% 29%

2016 2015 66% 34%

2016 59% 41%

2017 2017 51% 49%

2018

2018 43% CAGR 57% CAGR

-6.5% 18.2%

Applications: Retail stores, Gas stations Card Description: 30 mil. Plastic with mag stripe and/or chip Card Unit Ratio: Smart card 2014-2018; 29% to 57% for 18.2% CAGR Largest Geographic Markets: N. America, Europe, Asia Pacific Market Drivers: Retail Loyalty rewards, Chip conversion Future Growth: Moderate This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Retail & Gas Dollars 2500

$2,289 $1,993

2000

1000

Millions

500

$1,459 $1,230

Total Dollars CAGR 13.2%

236

$1,686

1500

197

260

277

222

2,092 1,757

1,008

1,426

1,182

0 2014 Ratio

Traditional Smart

• • • • •

2015 2014 18% 82%

2016 2015 19% 81%

2016 15% 85%

2017 2017 12% 88%

2018 9% CAGR 91% CAGR

2018 -2.4% 15.7%

US EMV liability shift for gas pumps not until October 2017 Big Box retail supports EMV with store branded cards “Payment cards have a long ‘good-bye’” Card Dollar Ratio: 2014-2018 Smart cards moving from 82% to 91% for 15.7% CAGR Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Transportation Units 3000 2,731 2,557

2500

2,390 2,238

2,093

1,067

2000

1,272 1,333 1,415

1500

1,472

Total Units CAGR 5.5%

1000 1,664

Millions

500

1,057

823

621

1,322

0 2014 Ratio

Traditional Smart

• • • • • • •

2015 2014 70% 30%

2016 2015 63% 37%

2016 56% 44%

2017 2017 50% 50%

2018 39% CAGR 61% CAGR

2018 -6.2% 21.8%

Applications: Bus, Subway, Train, etc. (closed system) Card Description: 20-30 mil. Plastic with mag stripe and/or chip, some reloadable Card Unit Ratio: Smart Card 2014-2018:30% to 61% for 21.8% CAGR Largest Geographic Markets: N. America, Asia Pacific, Europe Market Drivers: Emerging analytics for loyalty programs. Trend to contactless smart card, Trend to open system-VISA/MC Future Growth: Increasing – Open system threatens card volume Growth Threat: Increasing acceptance of mobile ticketing applications This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Transportation Dollars 2000 $1,813

1800

124

1600

$1,464

1400 1200 1000 800

156

$1,044 $851

179 1,664

185 1,322

600

Millions

400

142

$1,260

Total Dollars CAGR 16.3%

1,104 875 666

200 0 2014 Ratio

Traditional Smart

2015 2014 22% 78%

2016 2015 16% 84%

2016 12% 88%

2017 2017 10% 90%

2018 7% CAGR 93% CAGR

2018

-7.7% 20.1%

• Card Dollar Ratio: Smart Card 2014-2018 growing dollars from 78% to 93% for a 20.1% CAGR • Rating:

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Loyalty & Promo Units 2000 1800

1,747

1,737

1,737

1,738

1,745

1600 1400 1200 1000

1,562

1,525

1,476

1,423

1,367

185

212

261

315

378

2014

2015

2016

2017

2018

Total Units CAGR 0.0%

800 600

Millions

400 200 0

Ratio

Traditional Smart

• • • •

2014 89% 11%

2015 88% 12%

2016 85% 15%

2017 82% 18%

2018 78% CAGR 22% CAGR

-2.6% 15.4%

Applications: Rewards for Loyalty, Airlines, Hotels, Car Rental Card Description: 20-30mil., mag stripe, barcode, chip Market Drivers: Smartphone apps, Virtual cards Future Growth: Declining except in Asia Pacific This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Loyalty & Promo Dollars 700 $609

600

$536

500 400 300

242

$455 222 $352

$361

152

135

186

200 Millions

100

200

226

2014

2015

314

269

Total Dollars CAGR 11.6%

367

0

Ratio

Traditional Smart

2014 43% 57%

2016

2015 41% 59%

2016 41% 59%

2017

2017 41% 59%

2018 40% CAGR 60% CAGR

2018

9.7% 12.9%

• Smart cards and Asia Pacific enhancing dollars in an otherwise lackluster segment which is likely to succumb to various disruptive technologies. • Rating: Asia Rest of World This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

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Global Cards Manufactured 2014 – 2018 Blank Cards Units

Millions

2000 1800 1600 1400 1200 1000 800 600 400 200 0

1,720

1,480

1,527

1,530

1,545

1,480

1,500

27

52

98

178

2015

2016

2017

2018

2014 Ratio

Traditional Smart

• • • • • •

1,643

1,582

2014 100% 0%

2015 98% 2%

2016 97% 3%

2017 94% 6%

2018 90% CAGR 10% CAGR

1,542

Total Units CAGR 3.0%

0.8% 45.8%

Applications: Imaging printers for ID cards and various other cards Card Description: 30mil. White plastic with or without mag stripe and/or chip Card Unit Ratio: In 2018 10% of blank cards will have chips Largest Geographic Markets: N. America, Europe Market Drivers: Instant Issue, One up Printers, Smart chip inlays Future Growth: Modestly Increasing This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

32

Global Cards Manufactured 2014 – 2018 Blank Cards Dollars 160 $142

140 120

$108 64

100 80

$88 $77 64

$61

60

Total Dollars CAGR 18.4%

63 62

40

78

Millions

61 44

20

25

15

0 2014

Ratio

Traditional Smart

2015

2014 100% 0%

2016

2015 80% 20%

2016 72% 28%

2017

2017 59% 41%

2018

2018 45% CAGR 55% CAGR

1.0% 39.1%

• Card Dollar Ratio: 2014-2018 from 0% to 55% • Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

33

Global Cards Manufactured 2014 – 2018 Access Control Units 1800

1,647 1,523

1600

1,404

1400

1,302

539

1,205

1200

651 729

1000

783

800

810

600 872

Millions

400 200

1,055

675

519

395

Total Units CAGR 6.4%

0 2014 Ratio

Traditional Smart

• • • • • • •

2015 2014 67% 33%

2016 2015 60% 40%

2016 52% 48%

2017 2017 43% 57%

2018 33% CAGR 67% CAGR

2018 -7.8% 21.7%

Applications: Company ID Badges, Door Access, Security access Card Description: 30mil. Plastic with mag stripe, some with chip and photo Card Unit Ratio: Smart Card 2014-2018; 33% to 67% for 21.7% CAGR Largest Geographic Markets: N. America, Asia Pacific, Europe Market Drivers: Security demands, New technologies Future Growth: Rapidly Increasing Threat: Mobile apps from large hotel chains This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

34

Global Cards Manufactured 2014 – 2018 Access Control Dollars 1200

$1,135 80

1000

$947

Total Dollars CAGR 15.6%

98 $782

800

107

$654

600

$550

118 1,055

123 849

400 675

Millions

200

536

427

0 2014 Ratio

Traditional Smart

2015 2014 22% 78%

2016 2015 18% 82%

2016 14% 86%

2017 2017 10% 90%

2018

2018 7% CAGR 93% CAGR

-8.2% 19.8%

• Card Dollar Ratio: 2014-2018 Smart Card growing from 78% to 93% for 19.8 CAGR • Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

35

Global Cards Manufactured 2014 – 2018 ID/Membership Units 800

729

731

727

725

734

700 600

Total Units CAGR 0.1%

500 400 300

Millions

200 100 0 2014 Ratio

Traditional Smart

• • • • • •

2015 2014 100% 0%

2016 2015 100% 0%

2016 100% 0%

2017 2017 100% 0%

2018

2018 100% CAGR 0% CAGR

0.1% 0.0%

Applications: Club and Association membership Card Description: 20-30mil. Plastic with or without mag stripe or barcode, some photos Card Type Ratio: 100% Traditional Largest Geographic Markets: N. America, Europe Future Growth: Declining Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

36

Global Cards Manufactured 2014 – 2018 ID/Membership Dollars 100 $85

$86

$84

$85

$88

75

Total Dollars CAGR 0.7%

50

Millions

25

0 2014

Ratio

Traditional Smart

2015

2014 100% 0%

2016

2015 100% 0%

2016 100% 0%

2017

2017 100% 0%

2018

2018 100% CAGR 0% CAGR

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

0.7% 0.0%

37

Global Cards Manufactured 2014 – 2018 Other Units 400

363

350

345

326

308

250

107

Total Units CAGR 4.4%

82

292

300

94 99

102

200 150

Millions

100

185

206

227

2014

2015

2016

281

251

50 0

Ratio

Traditional Smart

• • • • • •

2014 37% 63%

2015 33% 67%

2016 30% 70%

2017 2017 27% 73%

2018

2018 23% CAGR 77% CAGR

-5.2% 8.7%

Applications: Miscellaneous, Non Financial Secure, Pay TV, College Campus, Ticketing Card Description: 30mil. Plastic with mag stripe and/or chip Card Unit Ratio: Smart Card 2014-2018; 63% to 77% for 8.7% CAGR Largest Geographic Markets: N. America, Europe Future Growth: Modest Rating: This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

38

Global Cards Manufactured 2014 – 2018 Other Dollars 400

$363 $343

350

$318 $298

300

$275

23

25

Total Dollars CAGR 5.7%

26

27

27

250 200

352

150

292

271

248

318

100

Millions

50 0 2014

Ratio

Traditional Smart

2015

2014 10% 90%

2016

2015 9% 91%

2016 8% 92%

2017

2017 7% 93%

2018

2018 6% CAGR 94% CAGR

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

-3.2% 7.3%

39

Global Cards Manufactured 2014 Market Segment Analysis Millions of Cards - Units 8000

7850

*34.8 Billion Global Cards Manufactured

7000 6000 5192 5000

1.0% increase from 2013 Access Control 600 million unit increase adjustment over 2013

5010 4085

4000 3000 2000

2750 2371

2093

1747

1480

1205 729

1000

292

0

* This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

40

Global Cards Manufactured 2014 Market Segment Analysis Millions of Dollars $7,000

$6,976

$17.0 Billion Dollar Value Global Cards Manufactured

$6,000

*5.6% increase from 2013 *Access Control $200 million increase adjustment over 2013

$5,000 $4,000 $3,000

$3,636

$2,325

$2,000 $1,230 $851

$1,000

$550

$352

$333

$310

$275

$85

$61

$0

* This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

41

Global Cards Manufactured 2015 Market Segment Analysis Millions of Cards - Units 7,000

6,950

35.1 Billion Global Cards Manufactured

6,000 5,402

5,310

0.09% increase from 2014

5,000 4,177 4,000 3,000 2,000

2,936 2,493

2,238 1,737

1,527

1,302 725

1,000

308

0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

42

Global Cards Manufactured 2015 Market Segment Analysis Millions of Dollars $8,000 $7,000

$19.2 Billion Dollar Value Global Cards Manufactured

$7,046

12.94% increase from 2014

$6,000 $5,000

$4,815

$4,000 $3,000 $2,000

$2,734 $1,459 $1,044

$1,000

$654

$361

$322

$298

$296

$85

$77

$0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

43

Global Cards Manufactured 2016 Market Segment Analysis Millions of Cards - Units 7,000

35.7 Billion Global Cards Manufactured

6,195 6,000

5,732

5,585

1.71% increase from 2015

5,000 4,322 4,000 3,149 3,000 2,000

2,601

2,390 1,737

1,582

1,404 727

1,000

326

0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

44

Global Cards Manufactured 2016 Market Segment Analysis Millions of Dollars $8,000

$21.3 Billion Dollar Value Global Cards Manufactured

$7,290 $7,000 $6,000

10.94% increase from 2015

$5,489

$5,000 $4,000

$3,299

$3,000 $2,000 $1,000

$1,686 $1,260 $782

$455

$330

$318

$265

$88

$84

$0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

45

Global Cards Manufactured 2017 Market Segment Analysis Millions of Cards - Units 6000

5,925

5,781

36.3 Billion Global Cards Manufactured

5,505 5000 4,521

1.68% increase from 2016 4000 3,373 3000

2000

2,700

2,557 1,738

1,643

1,523 731

1000

345 0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

46

Global Cards Manufactured 2017 Market Segment Analysis Millions of Dollars $8,000

$23.5 Billion Dollar Value Global Cards Manufactured

$7,628

$7,000 $6,000

10.33% increase from 2016

$5,751

$5,000 $4,044 $4,000 $3,000 $1,993 $2,000

$1,464 $947

$1,000

$536

$344

$343

$236

$108

$86

$0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

47

Global Cards Manufactured 2018 Market Segment Analysis Millions of Cards - Units 7,000

37.0 Billion Global Cards Manufactured

6,305 6,000 5,000 4,000 3,000 2,000

5,786 4,855

1.93% increase from 2017

4,723 3,612 2,800

2,731 1,745

1,720

1,647 734

1,000

363

0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

48

Global Cards Manufactured 2018 Market Segment Analysis Millions of Dollars $9,000 $8,000

$25.9 Billion Dollar Value Global Cards Manufactured

$8,010

$7,000 $6,000 $5,000

10.21% increase from 2017

$6,028 $4,871

$4,000 $3,000 $2,000 $1,000

$2,299 $1,813 $1,135 $609

$375

$361

$209

$142

$88

$0

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

49

Section D Global Cards Manufactured 2014-2018 • 5 Geographic Regions – Units & Dollars • 5 Geographic Regions – CAGR Summary

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

50

Global Cards Manufactured 2014 Geographic Regions Units 18000 16000 14000

12,850

12000 9,218

10000 7,205

8000 5,763

6000

4,803

8,018 2,936

4000 5,645

4,443

Millions

2000

360

1,181 989

MEA

Latin America

2,827 1,200

0 Asia Pacific Ratio

Traditional Smart

N. America AP 56% 44%

Europe NA 87% 13%

Euro 51% 49%

2,170

MEA 92% 8%

LA 54% 46%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

51

Global Cards Manufactured 2014 Geographic Regions Dollars 14000 12000 10000 8000

$7,640 985

6000 $4,299 359

4000 6,655

$2,651 $1,607

872

2000

3,940

$788

Millions

1,779

87 601

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 15% 85%

Europe

NA 33% 67%

MEA

Euro 8% 92%

MEA 24% 76%

161 1,446

Latin America

LA 10% 90%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

52

Global Cards Manufactured 2015 Geographic Regions Units 18000 16000 14000

13,464

12000 10000

6,625

9,334

8000 5,777

6000 4000

7,679 6,839

2,184 3,933

2000 Millions

4,346

2,795

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 49% 51%

413

1,111 1,073

MEA

Latin America

2,982

1,655

Europe

NA 82% 18%

Euro 48% 52%

MEA 90% 10%

LA 51% 49%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

53

Global Cards Manufactured 2015 Geographic Regions Dollars 14000 12000 10000 $8,905 872

8000 6000

$4,492

4000

8,033

353

$3,253 912

$1,698 4,139

2000 Millions

2,341

0 Asia Pacific Ratio

Traditional Smart

N. America AP 10% 90%

Europe NA 27% 73%

Euro 8% 92%

$843

156

171 672

1,542

MEA

Latin America

MEA 20% 80%

LA 9% 91%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

54

Global Cards Manufactured 2016 Geographic Regions Units 18000 16000

14,244

14000 12000 6,380

10000

9,506

8000 5,821

6000

7,327

4000

3,978

2,659

7,864

2,201

Millions

2000

3,499

3,162

2,179

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 45% 55%

Europe

NA 77% 23%

Euro 46% 54%

1,040

479

1,161

MEA

Latin America

MEA 88% 12%

LA 47% 53%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

55

Global Cards Manufactured 2016 Geographic Regions Dollars 14000 12000 $10,031

10000

823

8000 6000 $4,703 9,208

4000

340

$3,873 867

4,363

2000 Millions

$1,816

3,006

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 8% 92%

Europe

NA 22% 78%

Euro 7% 93%

$923

147

158 765

1,669

MEA

Latin America

MEA 17% 83%

LA 8% 92%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

56

Global Cards Manufactured 2017 Geographic Regions Units 18000 15,125

16000 14000

6,050

12000

9,403

10000 8000

5,916

6000

6,911 2,519

9,075

4000 2000

3,397

2,492 Millions

3,662

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 40% 60%

Europe

NA 73% 27%

Euro 43% 57%

3,120

2,236 964

542

1,272

MEA

Latin America

MEA 85% 15%

LA 43% 57%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

57

Global Cards Manufactured 2017 Geographic Regions Dollars 14000 12000

$11,350 737

10000 8000 6000 10,613

4000

$4,955 $4,209

322

816 $1,962 4,633

Millions

2000

3,393

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 6% 94%

Europe

NA 19% 81%

Euro 6% 94%

$1,001

140

146 855

1,822

MEA

Latin America

MEA 15% 85%

LA 7% 93%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

58

Global Cards Manufactured 2018 Geographic Regions Units 18000 16,065

16000 14000 5,625

12000 9,270

10000 8000

6,033 6,346

6000 10,440

3,379

2,323

4000 2,276

Millions

2000

2,762

3,710

2,924

617

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 35% 65%

Europe

NA 68% 32%

MEA

Euro 38% 62%

MEA 82% 18%

896 1,380

Latin America

LA 39% 61%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

59

Global Cards Manufactured 2018 Geographic Regions Dollars 14000 $12,747 627

12000 10000 8000 6000

$5,374

12,120 $4,622 730

4000

$2,108

5,077

2000 Millions

297

3,892

0 Asia Pacific

Ratio

Traditional Smart

N. America

AP 5% 95%

Europe

NA 16% 84%

Euro 5% 95%

$1,089

131

133 956

1,977

MEA

Latin America

MEA 12% 88%

LA 6% 92%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

60

Global Cards Manufactured 2014-2018 CAGR Geographic Region Dollars

Units

11.8% 4.6%

Asia Pacific

Latin America

Europe

North America

-6.8%

1.0%

0.9%

0.1%

MEA

Global

North America

6.7%

MEA

Latin America

Europe

1.2%

10.8%

Asia Pacific

5.6%

4.6%

Global

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

8.80%

61

Global Cards Manufactured 2014-2018 CAGR Geographic Region REGION Asia Pacific

N. America

Europe

MEA

Latin America

Global

Units / Dollars

Traditional

Smart

TOTAL

Units

-4.8%

13.1%

4.6%

$

-8.6%

12.7%

10.8%

Units

-4.6%

19.5%

0.4%

$

-3.5%

17.0%

11.8%

Units

-4.6%

5.6%

0.9%

$

-3.7%

5.2%

4.6%

Units

-9.1%

11.4%

-6.8%

$

-6.6%

9.7%

6.7%

Units

-5.4%

6.9%

1.0%

$

-4.0%

6.5%

5.6%

Units

-5.5%

11.6%

1.2%

$

-4.7%

10.6%

8.8%

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

62

Section E Global Personalisation & Fulfillment 2014-2018 • Global – Units & Dollars • 5 Global Geographic Regions (2014)

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

63

Global Personalisation & Fulfillment 2014-2018 Units 35000 30,370

30,675

31,250

31,775

32,400

30000

25000

Unit CAGR 1.3%

20000

15000

10000

Millions

5000

0 2014

2015

2016

2017

2018

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

64

Global Personalisation & Fulfillment 2014-2018 Dollars 12000 $10,575

10000

$9,588 $8,677 $7,817

8000

Dollar CAGR 8.9%

$6,918

6000

4000

Millions

2000

0 2014

2015

2016

2017

2018

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

65

Global Personalisation & Fulfillment 2014 Geographic Units 12000 11,140

10000

8000

7,500

6000 5,107

4,745

4000

1,878

Millions

2000

0 Asia Pacific

North America

Europe

MEA

Latin America

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

66

Global Personalisation & Fulfillment 2014 Geographic Regions Dollars 2500 $2,123

$2,150

2000 $1,767

1500

1000

$563

500 Millions

$298

0 Asia Pacific

North America

Europe

MEA

Latin America

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

67

Section F Global Cards and P & F Total Industry 2014-2018 • Global – Dollars

This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

68

Global Cards & Personalisation/Fulfillment 2014-2018 Dollars 40000 $36,515

35000

$33,068 $30,023

30000 25000

$27,008 $23,902 25,940 23,480

20000

21,346 19,191

15000

16,984

Dollar CAGR 8.84%

10000 5000

7817

8677

9588

10575

6918

2014

2015

2016

2017

2018

0

CARDS

Perso/Fulfill

The Card Industry is Alive and Well! This information cannot be reproduced in any way without the expressed written consent of the International Card Manufacturers Association (ICMA). ICMA gives no indemnity as to the correctness of the information or the data given here. ICMA shall not be liable for any loss or damage directly or indirectly from use of the data presented in this report.

69