TRAVEL & HOSPITALITY TECHNOLOGY SECTOR REPORT

Q3 2020

1 EXECUTIVE SUMMARY 2020 - A Year Like No Other for the Industry

» Travel in 2020 has looked nothing like the picture anyone could have predicted at the end of 2019 » After a decade of uninterrupted above-GDP growth since the double impact of the financial crisis and swine flu impacted growth in 2009, the travel sector has been hit harder than almost any other category by the global pandemic ̶ Only 1/3 of global commercial aircraft are in service, and have reported revenue falls of up to 90% ̶ International travel is expected to be down as much as 80% for the year ̶ Worldwide tourism expenditure in 2020 is expected to fall around 50% vs 2019 ̶ The US sector has been hit 4x harder than after the 9/11 terrorist attacks ̶ Governments have been forced to provide unprecedented levels of support, including well over $100Bn for US airlines alone » However, within this bleak picture there have already been bright spots of returning demand in areas where “socially distanced” travel is still possible ̶ Out of city short-term rentals are seeing significant demand – with September occupancy levels in many areas of both North America and Europe as high as a typical August ̶ “” has seen higher demand since July than the corresponding period in 2019 ̶ Volumes for outdoor pursuits such as camping, RV sales and RV rentals are at record levels » Looking ahead, there is significant uncertainty as to the shape of any recovery, but most analysts and commentators expect overall travel and tourism to start on a positive trajectory in 2021 and return to 2019 levels within a 3-4 year timeframe » In the shorter term, the winners will be those companies that can most quickly adapt to the “new normal”, delivering the now-universal requirement for safety while still providing an experience travelers are willing to pay for

2 EXECUTIVE SUMMARY (CONT’D) 2020 YTD Travel & Hospitality Wrap Up » With the ongoing uncertainty impacting most of the global travel sector, Travel & Hospitality Technology M&A volumes by deal value have remained muted. However, deals by number have rebounded close to pre-COVID levels from the multi-year lows seen in Q2 ̶ Q3 2020 has seen 21 M&A transactions, matching the quarterly average over the last four years, compared to only 12 in Q2 2020 ̶ Example transactions include Mondee’s acquisition of loyalty platform Rocketrip, Capital One’s purchase of travel booking and insurance app Freebird, and Travelport’s sale of Locomote back to the company’s founders » Financing volumes have remained robust YTD, as larger players raise war chests in order to survive the crisis and smaller players gear up to take advantage of the current dislocation ̶ Notable financings include ’s $3.2Bn capital raise consisting of $1.2Bn equity from Apollo and Silver Lake and $2Bn debt, and Airbnb’s $2Bn financing including $1Bn equity from Silver Lake and Sixth Street Partners, and $1Bn debt from Silver Lake, Apollo, Sixth Street and others. Travelport also raised $500MM of additional debt to reinforce its financial stability ̶ In Q3, Omio received $100MM in additional funding from existing and new investors including Temasek, Kinnevik, Goldman Sachs, NEA and Kleiner Perkins, and Gett received $100MM in additional funding from undisclosed partners ̶ In addition, multiple smaller growth rounds successfully completed YTD, including Airside Mobile’s $13MM Series B led by Bain Capital, Splyt’s $20MM Series B led by Softbank and Hopper’s $70MM Series E led by Westcap and Inovia » In the public markets, investors have broadly written off 2020 and are looking to 2021 and beyond for valuation metrics, assuming there will at least have been a partial recovery by then. More than half our listed travel universe of companies expect to be EBITDA negative in 2020, compared with just 10% in 2019. OTAs have fared the best, with their market cap weighted average stock price down by only 16% YTD, vs over 50% for airlines and 35% for software providers ̶ Additional companies may be in the public markets soon, with Airbnb making its much publicized confidential filing with the SEC in August as well as recent speculation around a $3Bn IPO in Q4, and the announcement of two special purpose acquisition companies, Go Acquisition Corp. and Altitude Acquisition; raising $500MM and $300MM respectively to acquire a travel related platform

Select Last 12 Months Active Investors Select Last 12 Months Active Acquirers

3 GCA’S RECENT TRAVEL & HOSPITALITY TRANSACTIONS

GCA is one of the most active advisors to the global Travel & Hospitality ecosystem, with 12 Travel & Hospitality deals globally in the past 2 years

Israeli software company sold to

Chinese strategic acquirer Advisor to the sellers Outdoor activities Aircraft maintenance Middle-office software Student travel services Hotel mobile booking rental technology platform ERP for travel agents and payments platform platform September 2020 June 2020 December 2019 November 2019 May 2019 December 2018

High-end experiential Corporate travel Vehicle rental platform Largest OTA in Saudi Leading UK travel OTA for cruise sector OTA services Arabia agent marketplace October 2018 May 2018 July 2018 June 2018 June 2018 May 2018

4 THE LEADING GLOBAL ADVISOR TO THE TRAVEL & HOSPITALITY ECOSYSTEM

Report Authors Global Travel & Hospitality Coverage Team

Rupert Sadler Chris Gough Kevin Walsh Glen Kruger Sascha Pfeiffer Raymond Frojd Christopher Jones Adrian Reed RSadler CGough KWalsh GKruger Sascha.Pfeiffer Raymond.Frojd Christopher.Jones Adrian.Reed @GCAGlobal.com @GCAGlobal.com @GCAGlobal.com @GCAGlobal.com @GCAAltium.com @GCAAltium.com @GCAAltium.com @GCAAltium.com Key Sub-Sector Coverage

Online Travel Training & Maintenance Short Term Rental

Airline & Software Travel Services Corporate Travel

Hotel Management Destination & Experience Management Events Management The Leading Advisor in Travel & Hospitality Tech Ecosystem

5 CASE STUDY: SALE OF BERGFEX TO RUSSMEDIA EQUITY PARTNERS

GCA acted as exclusive financial advisor to bergfex on its sale to Russmedia Equity Partners

Background Transaction Summary » bergfex is the #1 tourism platform for outdoor » GCA supported bergfex on all aspects of the transaction including activities in the Alpine region, monetized through marketing document preparation, due diligence process three attractive revenue channels (Apps, Online coordination and SPA/SHA negotiations Marketing, ) with a founder-led management TRANSACTION DATE team that has outperformed the market for >20 years » Process was almost “fully-digital” during Due Diligence due to September 2020 COVID-19, including expert sessions and management » Most-visited website in Austria and top 20 in Germany presentations DEAL TYPE with >250m yearly visits (100% unpaid traffic), with a M&A strong brand and customer base, >9x more traffic » Having received inbound interest and 6 indicative offers, GCA ran a than the closest competitor thanks to most professional process, which resulted in 5 parties in the second comprehensive and accurate data offering for round and a highly attractive binding offer outdoor sports (ski, tours, weather info) » Giving the bidder the impression of a highly competitive process » Media companies presented themselves as the most was key for a substantial valuation increase in the final negotiation logical buyer given high synergy potential in online rounds marketing and web development (AB-testing and support of developers within the larger group) » Russmedia Equity Partners emerged as the most successful bidder due to higher speed and the clearest vision for the company's » The company was founded in 1999 and is based in future and thus won the process Graz, Austria » In a first step, the buyer acquired a significant majority, with a put/call mechanism for the remainder of the shares in place

6 CASE STUDY: SALE OF FLIGHTDOCS TO AIRCRAFT TECHNICAL PUBLISHERS (ATP)

GCA acted as exclusive financial advisor to Flightdocs on its to sale to Aircraft Technical Publishers (ATP)

Background Transaction Summary » Flightdocs provides maintenance tracking, flight » GCA acted as exclusive advisor throughout the entire process, operations, and inventory management software to helping establish the company’s operating model, forward the business aviation sector, serving leading projections and marketing message, ultimately guiding Flightdocs corporations, air charters, air medical organizations, through all stages of diligence TRANSACTION DATE government agencies, fractional carriers and aircraft June 2020 management companies » After a highly competitive process that produced numerous bids, Aircraft Technical Publishers (ATP), an aircraft technical DEAL TYPE » Founded in 2003, Flightdocs has grown to be the publications and regulatory information provider, was selected on Sell-side M&A second largest provider of aircraft maintenance the strength of its offer and its strategic vision, especially driven by tracking and inventory management solutions within a highly complementary product suite across the aviation business aviation. The company's long-standing maintenance / operations lifecycle reputation for revolutionary software and best-in- class support has made Flightdocs the number one » Having acquired ATP in September 2015, Chicago-based private choice for flight departments around the world equity firm ParkerGale will retain significant ownership in the combined entity; Accel-KKR also invested both equity and debt capital in the transaction

» The combination of ATP and Flightdocs creates one of the largest providers of software solutions and information services within the aviation industry, offering a comprehensive suite of products to airlines, fleet operators, MROs, and FBOs

» The new company now supports 75,000 maintenance professionals across more than 7,500 customers in 137 countries

7 CASE STUDY: SALE OF MIDOCO TO LEA PARTNERS

GCA acted as exclusive financial advisor to the shareholders on the sale of Midoco to LEA Partners

Background Transaction Summary » Midoco is the DACH champion in mid-office » GCA was retained as exclusive sell-side advisor based on an automation and profile management software extensive sell-side track-record in the B2B software and travel solutions for the travel sector technology spaces

TRANSACTION DATE » The Company serves a broad blue-chip client base of » GCA supported Midoco and its shareholders on all aspects of the December 2019 major online and offline travel agencies as well as tour transaction, including the creation of all marketing documents, operators, including the likes of TUI, DER and managing an extensive due diligence process as well as offering DEAL TYPE Lufthansa City Center, in both the DACH region and strategic guidance through SPA negotiations Sell-side M&A globally » LEA Partners emerged as the most motivated bidder and was able » In 2018, Midoco acquired Swiss mid-office competitor to position itself favorably with both the management team and and leading global travel profile management the remaining BID Equity shareholders as a strong and software- software player Umbrella Organisation U+O AG savvy partner for the Company’s next growth phase (“Umbrella”), bolstering the Group’s comprehensive offering and market positioning » LEA Partners acquired a majority stake in Midoco as well as its subsidiary Umbrella » The Company employs around 70 people in Germany and Switzerland and enjoys solid topline growth at high margins

8 CASE STUDY: DIVESTMENT OF TRAVELOPIA’S N.A. EXPERIENCE EDUCATION BRANDS

GCA acted as exclusive financial advisor to Travelopia, one of the world's leading specialist travel groups, on the sale of its North American Experience Education brands to WorldStrides

Background Transaction Summary » Headquartered in the UK, Travelopia is a travel group » GCA originally ran a process to divest the UK and North American providing customers with specialized tours and Experience Education brands as one group. However, during the holidays globally across 50+ brands process WorldStrides showed significant interest in acquiring the North American brands at a compelling strategic premium, TRANSACTION DATE » Travelopia’s North American Experience Education resulting in a decision to split the UK and North American November 2019 (“NAEE”) brands provide once-in-a-lifetime Experience Education brands educational and performance-based tours to students DEAL TYPE across the United States and Canada » During conversations GCA successfully negotiated the removal of Sell-side M&A one NAEE brand from the transaction at the 11th hour, with no » WorldStrides (backed by Eurazeo) is the leading US change to the headline price. This represented a significant provider for educational and performance-based increase to the already premium price being paid for the acquired tours and the acquisition of the NAEE brands further brands strengthens this market leading position » This resulted in the need to negotiate two Transitional Service » GCA was appointed to advise Travelopia due to its Agreements (“TSA”) – one to cover the services/systems required expertise in the travel sector and its existing as part of the NAEE brand carve-out from Travelopia, and another, relationship with Travelopia, having previously reverse TSA, to cover the local support and system services advised the management team of Travelopia on its required for the NAEE brand retained by Travelopia post sale 2017 acquisition by KKR from TUI plc » The divestment of the NAEE business will help Travelopia to re- focus its strategy on its core brands, as part of its vision to become the leading company globally

9 CASE STUDY: SALE OF TABLET TO MICHELIN

GCA acted as exclusive financial advisor to shareholders of Tablet, securing a highly attractive valuation and transaction terms for the sellers

Background Transaction Summary » Founded in 2000 and owned by its founders and angel » Tablet offers an attractive equity story based on its strong growth investors, Tablet is the leading high-end online travel fundamentals, long-standing experience as innovator of hotel agency (OTA) specialized in experiential hotels curation, pioneered combination of editorial content, and e- commerce in Travel TRANSACTION DATE » Portfolio comprises 3,500+ hand-picked hotels in 120+ October 2018 countries and is trusted by 40,000 active customers » Michelin envisages to integrate Tablet into its Food & Travel p.a., totaling more than 4MM visits p.a. division (comprising the world famous Guide Michelin with the DEAL TYPE Michelin starred ) creating a globally leading provider Sell-side M&A » Industry-leading travel club: Tablet Plus, a paid loyalty of high-end food, travel, and hotel guides / offerings program with currently 8,500+ members, which provides perks such as room upgrades, free breakfast, » GCA supported Tablet on all aspects of the transaction while airport transfers, or spa credits in 1,400+ hotels running a structured auction process, approaching a small number of strategic trade parties and financial investors » One of the few OTAs with an in-house developed state-of-the-art Central Reservation System enabling optimal access to rates / availability and highly scalable real-time pricing

10 COVID-19 TRAVEL UPDATE

Travel has been one of the industries most impacted by COVID, across all geographies and categories. However, there are already signs of recovery, and domestic travel in particular is returning.

Travel Activity Index

120 Global United States China Germany India Other (1)

100 Global travel activity continues 80 to recover slowly, reaching 43% of its pre-COVID levels 60

40 In early April, travel 20 activity was down 80% from its pre-COVID levels 0 Jan - 20 Feb - 20 Mar - 20 Apr - 20 May - 20 Jun - 20 Jul - 20 Aug - 20 Sep - 20 YoY United States Travel Activity by Type YoY Travel Activity by Country (2)

(1) 140% United States China Germany India Other Driving Flights Lodging Macroeconomy 82%

120% Driving has returned strongest 66% in Germany, while lodging is 100% 60% 57% strongest in China

80% 47% 45%

60% 33% 35% 35% 30% 30% 25% 40% Driving has rebounded 22% 21% 21% strongly, up to 66% of 20% July 2019 levels 0% Jan - 20 Feb - 20 Mar - 20 Apr - 20 May - 20 Jun - 20 Jul - 20 Lodging Flight Driving Source: Skift Travel Activity Index Analysis. 1) Other countries consist of: Australia, Brazil, Canada, France, Italy, Mexico, 2) Represents YoY activity for the week of August 27th. 11 Singapore, Spain, Thailand, UAE and UK. PRIVATE FINANCING DASHBOARD

Quarterly Private Financing Activity Select Q3 2020 Financing Transactions ($MM) ($MM) Post- Ann. Lead / Selected Amount Funding to Money Airbnb Financing Total Raised # of Deals Date Company Investor Invested Date Valuation $3,187 9/29 $75 $108 NA

9/18 $6(1) $81 $102 72 Kees Koolen $2,485 9/8 $6 $15 $38 62 8/26 $25 $34 ~$126 54 $1,852 48 8/19 $100 ~$400 NA 44

$1,400 8/17 $11 $17 $43

39 $1,180 37 8/3 $200 >$10,000 $14,300 (1) $945 30 7/28 $250 $1,170 ~$2,750

7/27 $36 $69 $89(2) $367 $297 7/21 Undisclosed $100 >$750 $1,500(2)

7/13 $3 $8 NA Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Avg. Equity Investment: 7/1 $13 $26 NA $25.6 $23.8 $38.7 $25.3 $9.9 $7.6 $68.2 $22.4

Source: Pitchbook and press releases. Chart represents private capital deals across travel and hospitality technology with a deal size of at least $0.5MM. 12 1) Series C extension bringing total Series C to $53MM. 2) 2019 Valuation. PRIVATE FINANCING DASHBOARD (CONT’D)

Select Q2 2020 Financing Transactions Select Q1 2020 Financing Transactions ($MM) ($MM) Post- Post- Ann. Lead / Selected Amount Funding to Money Ann. Lead / Selected Amount Funding to Money Date Company Investor Invested Date Valuation Date Company Investor Invested Date Valuation

6/24 $170 $560 $1,300 3/23 $10 NA NA

6/23 NA NA NA 3/10 $11 $14 $29

6/18 $20 $34 NA 3/9 $82 >$103 $185

6/16 $125 $1,107 NA 2/27 $10 $12 NA

(1) 6/5 $500 NA NA 2/25 $10 $10 ~$20

6/2 $108 $635 $1,000(2) 2/19(7) $12 $28 $45

5/18 $43 $71 NA 2/12 $5 $9 NA

5/14 $70 $254 NA 2/10 $20 $33 $74

Up to 5/11 NA NA 2/7 $23 $29 NA $225(3)

4/23 $3,200(3)(4) NA NA 2/5 $3 NA NA

4/16 $14(5) $51 NA 2/3 $7 $18 NA (VC Arm)

4/6 $2,000(6) $6,403 $18,000 1/13 $11(8) $43 NA

Source: Pitchbook and press releases. 1) Secured debt financing; later refinanced by lender group. 5) Series B extension bringing total Series B to $43MM. 2) 2019 Valuation. 6) Includes $1Bn equity investment from Sixth St. and Silver Lake & $1Bn debt 3) PIPE Transaction, not included in graph. financing. 13 4) Includes $1.2Bn equity investment from Apollo and Silver Lake & $2Bn debt 7) Closed in Q2 2020. financing. 8) Series B extension bringing total Series B to $35MM. PRIVATE COMPANY FUNDING LEADERS

Other Mega Funding Leaders Raised to Date:

$500MM - $1Bn 1 (>$10Bn) ($6.4Bn) ($1.2Bn) ($1.1Bn) $150MM - $499MM 1 $100MM - $149MM 1

$50MM - $99MM

$25MM - $49MM

Source: Pitchbook, company filings, company websites, press releases as of 9/30/20. 14 M&A DEAL DASHBOARD

Quarterly Significant M&A Activity Select Q3 M&A Transactions ($MM)

Ann. Date Target Acquirer Enterprise Value

38 9/28 $200

9/9 -

9/3 -

26 8/26 - 23 22 21 20 20 8/26 -

8/25 -

12 8/11 -

8/5 $6

8/5 $12

8/1 - Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

7/16 -

Company 7/2 - Founders

Source: Capital IQ , Pitchbook, 451 Research, press releases. Represents data across travel and hospitality technology. 15 PUBLIC COMPANY PERFORMANCE

5 Year Share Price Performance YTD Share Price Performance

280% 130% 263% 240% 200% 80% 160% 120% 80% 30% 29% 40% 11% 0% 10% (16%) (40%) (46%)(20%) (80%) (35%) (120%) (52%) (70%) Jan- 20 Apr- 20 Jul- 20 Oct- 20

Airlines Airline SW & IT Broader Software OTA Public Travel & Hospitality Technology Ecosystem

Airlines Airline SW & IT Broader OTA Software

(52.1%) (34.5%) 29.1% (16.4%) YTD Share Price Performance

Source: Capital IQ as of 9/30/20. 16 PUBLIC COMPANY VALUATION

5 Year EV / NTM EBITDA Valuation YTD EV / NTM EBITDA Valuation

40.0x 40.0x

35.0x 35.0x

30.0x 30.0x 31.5x

25.0x 25.0x

20.0x 20.0x 19.4x 16.1x 15.0x 15.0x 15.2x

10.0x 10.0x

5.0x 5.0x

- -

Airlines Airline SW & IT Broader Software OTA Public Travel & Hospitality Technology Ecosystem

Airlines Airline SW & IT Broader OTA Software

22.4x 18.8x 16.5x 21.5x YTD Average EV / NTM EBITDA

Source: Capital IQ as of 9/30/20, company filings. Graphs represent 7-day average EV / NTM EBITDA figures. Multiples >50 considered “NM”. 17 APPENDIX

18 APPENDIX: SELECTED M&A ACTIVITY

($MM) Data In Use Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provider of travel management services intended to build a travel program 9/28/2020 $200 - - - - for businesses.

9/28/2020 - - - - - Developer of an outdoor activities and tourism platform.

9/10/2020 - - - - - Provider of event management services.

Operator of vacation properties and provider of vacation rental 9/9/2020 - - - - - management services.

9/9/2020 - - - - - Provider of private car rental service intended to be offered to tourists.

Developer of an employee loyalty platform designed to inspire team 9/9/2020 - - - - - members to travel smart and earn rewards while doing it.

Developer of a cloud-based sales and event management software 9/3/2020 - - - - - designed to simplify the process of meetings and events for hotels.

Developer of an open publishing platform intended to serve the needs of 9/1/2020 - - - - - today's travel photographers and writers.

Developer of a SaaS-based online event booking platform designed to build 8/28/2020 - - - - - a better event booking experience for all.

Developer of an online platform to rent private land for camping and 8/27/2020 - - - - - recreational purposes.

Provider of a channel manager and technology platform intended to offer 8/26/2020 - - - - - hotel inventory distribution services.

Developer of a travel rebooking platform intended to empower travelers to 8/26/2020 - - - - - skip the line and instantly book a new ticket.

Developer of an enterprise event management and digital engagement 8/25/2020 - - - - - platform designed to bring a compelling environment for consumers to engage with the brand at events.

Source: Capital IQ , 451 Research, Pitchbook and company filings. Indicates GCA participation in transaction. 19 APPENDIX: SELECTED M&A ACTIVITY (CONT’D)

($MM) Data In Use Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Developer of a reservation management tool designed for the full-service 8/11/2020 - - - - - industry.

Developer of guest retention platform intended to deliver a convenient and 8/5/2020 $6 - - - - personalized dining experience.

Provider of an AI-based corporate travel platform designed to help users 8/5/2020 $12 - - - - search across dozens of channels for the best prices.

Developer and provider of software intended for transforming the way air 8/1/2020 - - - - - and cruise lines manage operations by helping them make smarter and data-driven decisions.

7/16/2020 - - - - - Operator of a corporate travel management company.

Operator of an online marketplace and booking service intended to allow 7/6/2020 - - - - - people to buy and sell travel experiences.

Company Developer of a corporate travel platform that empowers travel managers 7/2/2020 - - - - - Founders to drive change and achieve a quantum leap in program efficiencies.

Developer of an online hotel booking platform designed to make lodging 7/1/2020 - - - - - and accommodation easily available throughout Africa.

6/23/2020 - - - - - Operator of an online platform intended to offer travel services.

6/18/2020 - - - - - Developer of comprehensive airplane maintenance tracking software.

Provider of distribution technology and services intended to modernize the 6/16/2020 - - - - - airline commerce and distribution landscape.

6/16/2020 - - - - - Provider of products and services.

5/26/2020 $109 0.5x - - - Developer of a SaaS-based B2B and B2C travel technology platform.

Source: Capital IQ , 451 Research, Pitchbook and company filings. Indicates GCA participation in transaction. 20 APPENDIX: SELECTED M&A ACTIVITY (CONT’D)

($MM) Data In Use Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Developer of a blockchain-based travel booking platform intended to make 5/20/2020 - - - - - bookings for hotels using cryptocurrency.

Developer of a hotel revenue management platform designed to deliver 5/15/2020 $11 - - NM - friendly information technology to hoteliers.

Developer of an online meal sharing platform designed to share meals 5/7/2020 - - - - - with anonymous travelers.

4/30/2020 $15 - - - - Developer of an event management software platform.

4/29/2020 - - - - - Provider of travel booking services application.

4/21/2020 - - - - - Operator of an online .

3/25/2020 - - - - - Developer of hospitality software serving the catering industry.

Developer of airline management software designed to provide software, 2/20/2020 - - - - - communications and services to the airline industry.

2/20/2020 - - - - - Operator of an online travel agency specializing in cruise products.

2/18/2020 - - - - - Provider of an online cruise package platform.

Provider of a restaurant search platform designed to transform the 2/11/2020 - - - - - restaurant search and online booking services.

Developer of transportation management software systems designed to 2/3/2020 $36 - - - - optimize the process of scheduling flights, trucks and railroads.

Provider of information technology services intended for travel industries 1/29/2020 - - - - - to reach end customers directly.

Source: Capital IQ , 451 Research, Pitchbook and company filings. 21 APPENDIX: SELECTED M&A ACTIVITY (CONT’D)

($MM) Data In Use Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provider of an online hotel booking platform intended to offer 1/28/2020 $7 - - - - standardized stay experiences in different destinations.

1/27/2020 $77 0.5x - 9.6x - Provider of an online travel services platform in Mexico.

Provider of online food ordering service technology committed to offering 1/27/2020 - - - - - specialized order integration and management solutions to restaurant clients.

Developer of industry-disrupting airline web and mobile applications 1/21/2020 - - - - - designed to service tens of thousands of travelers each day.

1/14/2020 $448 - - - - Provider of corporate travel management services.

Operator of a travel agency offering corporate travel, higher education 1/13/2020 $36 - - - - travel, group travel, vacation travel, and event management services.

1/10/2020 - - - - - Operator of an online platform intended for direct hotel distribution.

Developer of an airfare and hotel price tracking platform for corporate 1/7/2020 $111 - - - - and personal travel.

Provider of an online holiday information portal intended to make holiday 1/1/2020 - - - - - planning simple and smart.

12/26/2019 $255 - - - - Operator of an accommodation booking software.

12/12/2019 - - - - - Operator of an online travel company specializing in cruise .

Developer of SaaS-based mid-office and enterprise resource planning 12/5/2019 - - - - - software for the travel industry.

Developer of an online platform intended to optimize hotel booking 12/3/2019 - - - - - management.

Source: Capital IQ , 451 Research, Pitchbook and company filings. Indicates GCA participation in transaction. 22 APPENDIX: SELECTED M&A ACTIVITY (CONT’D)

($MM) Data In Use Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provider of telecoms and information technology related facilities 11/22/2019 - - - - - intended to be used for the .

11/21/2019 - - - - - Provider of travel agency services.

Provider of performance benchmarking and analytical services for the 10/19/2019 $450 7.0x - 28.1x - global hospitality sector.

Developer of a cloud-based passenger services system software for 10/15/2019 $110 5.5x - - - airlines.

Developer of hospitality POS systems intended to provide a complete suite 10/15/2019 - - - - - of integrated software for managing your entire business from one place Australia and one system.

10/11/2019 - - - - - Provider of leisure travel services in Belgium. Belgium

Provider of travel agency services catering to both leisure and corporate 10/10/2019 $207 - - - - travelers.

10/3/2019 - - - - - Operator of an online boutique leisure and corporate travel agency.

Provider of digital marketing and operational services in the travel 10/1/2019 $28 - - - - industry.

10/1/2019 $110 - - - - Provider of airline and workforce lodging logistics services.

75th Percentile 5.9x NM 23.5x NM Mean 3.4x NM 18.8x NM Median 3.0x NM 18.8x NM 25th Percentile 0.5x NM 14.2x NM

Source: Capital IQ , 451 Research, Pitchbook and company filings. 23 APPENDIX: TRAVEL & HOSPITALITY TECHNOLOGY ECOSYSTEM ($MM, except per share data) Stock Trading Metrics Operating Metrics Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA CY Rev. Growth EBITDA Margin Company 09/30/20 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 19A/20E 20E/21E CY20E CY21E

Airlines Southwest Airlines Co. $37.50 $22,120 ($2,963) $19,157 $9,537 $16,702 2.0x 1.1x NM 7.8x (54.5%) 75.1% (35.2%) 14.7% Delta Air Lines, Inc. $30.58 19,426 18,713 38,139 17,998 30,681 2.1x 1.2x NM 6.9x (58.2%) 70.5% (24.0%) 18.1% United Airlines Holdings, Inc. $34.75 10,112 17,429 27,541 16,591 27,506 1.7x 1.0x NM 7.1x (59.3%) 65.8% (30.4%) 14.2% American Airlines Group Inc. $12.29 6,250 30,236 36,486 17,387 29,722 2.1x 1.2x NM 14.1x (59.4%) 70.9% (42.8%) 8.7% Alaska Air Group, Inc. $36.63 4,529 1,482 6,011 3,845 6,290 1.6x 1.0x NM 5.1x (56.2%) 63.6% (18.4%) 18.8% JetBlue Airways Corporation $11.33 3,087 2,655 5,742 3,113 5,936 1.8x 1.0x NM 6.3x (60.0%) 90.7% (45.4%) 15.4% easyJet plc $6.49 2,948 581 3,529 4,091 5,504 0.9x 0.6x NM 3.8x (38.4%) 34.5% (0.1%) 16.9% International Consolidated Airlines Group, S.A. $1.23 2,438 11,820 14,258 11,817 19,941 1.2x 0.7x NM 4.2x (55.4%) 68.7% (7.7%) 17.2% Airlines Mean 1.7x 1.0x NM 6.9x (55%) 67% (25%) 16% Median 1.8x 1.0x NM 6.6x (57%) 70% (27%) 16%

Airline Software & IT Amadeus IT Group, S.A. $55.88 $25,135 $3,026 $28,161 $3,155 $4,907 8.9x 5.7x 45.7x 15.6x (49.5%) 55.5% 19.5% 36.7% TravelSky Technology Limited $2.13 6,245 (1,049) 5,196 839 1,204 6.2x 4.3x 25.8x 10.6x (13.7%) 43.5% 24.0% 40.8% Corporation $6.51 2,029 3,502 5,531 1,474 2,656 3.8x 2.1x NM 16.1x (62.9%) 80.1% (16.7%) 13.0% PROS Holdings, Inc. $31.94 1,384 (75) 1,310 252 271 5.2x 4.8x NM NM 0.8% 7.3% (13.3%) (5.8%) Airline Software & IT Mean 6.0x 4.2x 35.7x 14.1x (31%) 47% 3% 21% Median 5.7x 4.6x 35.7x 15.6x (32%) 50% 3% 25%

Broader Software Microsoft Corporation $210.33 $1,591,704 ($54,382) $1,537,322 $149,162 $164,174 10.3x 9.4x 22.4x 19.9x 25.9% 10.1% 46.0% 47.0% SAP SE $155.89 185,643 10,638 196,281 33,134 35,658 5.9x 5.5x 16.7x 15.0x 17.1% 7.6% 35.5% 36.7% Oracle Corporation $59.70 179,750 28,463 208,213 39,392 40,355 5.3x 5.2x 10.7x 10.6x (0.1%) 2.4% 49.4% 48.7% Broader Software Mean 7.2x 6.7x 16.6x 15.2x 14% 7% 44% 44% Median 5.9x 5.5x 16.7x 15.0x 17% 8% 46% 47%

OTA Booking Holdings Inc. $1,710.68 $70,050 $1,908 $71,958 $7,649 $11,524 9.4x 6.2x 48.5x 17.5x (47.3%) 50.6% 19.4% 35.6% Trip.com Group Limited $31.14 18,323 3,952 22,275 2,678 4,426 8.3x 5.0x NM 23.4x (40.5%) 65.2% 8.2% 21.5% Expedia Group, Inc. $91.69 12,949 4,621 17,570 5,597 8,362 3.1x 2.1x NM 12.6x (50.1%) 49.4% (2.2%) 16.7% TripAdvisor, Inc. $19.59 2,634 27 2,661 665 1,064 4.0x 2.5x NM 11.6x (58.8%) 60.1% (3.9%) 21.5% trivago N.V. $1.55 548 (151) 397 353 581 1.1x 0.7x NM 18.4x (66.3%) 64.4% (10.8%) 3.7% On the Beach Group plc $3.16 497 22 518 93 180 5.5x 2.9x NM 10.1x (35.4%) 92.2% 6.0% 28.5% Despegar.com, Corp. $6.36 445 (183) 262 144 485 1.8x 0.5x NM 11.2x (72.8%) 235.5% (77.6%) 4.8% eDreams ODIGEO S.A. $2.71 319 531 850 367 401 2.3x 2.1x 16.4x 12.7x (40.1%) 9.3% 14.1% 16.7% OTA Mean 4.5x 2.8x 32.5x 14.7x (51%) 78% (6%) 19% Median 3.6x 2.3x 32.5x 12.6x (49%) 62% 2% 19%

Source: Capital IQ as of 9/30/20. “NM” signifies multiple >50x. 24 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders

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