Creating value across the global travel ecosystem Travelport Redefining travel commerce 03

Welcome to Travelport We are the world’s only true Travel Commerce Platform, focused on providing distribution, technology, payment, mobile and other solutions for the $8tn global travel and industry.

Who we are Our vision With a presence in approximately 180 countries, over 3,700 Our vision is to redefine travel commerce by transforming employees (and an additional 1,200 employees at IGT Solutions the way travel is searched, shared, bought and sold. To do this, Private Ltd. who provide us with application development services) we have developed a Travel Commerce Platform, through and 2015 net revenue of over $2.2bn, Travelport connects the world’s which we are answering the unmet needs of the world’s leading travel providers with online and offline travel buyers in a travel industry, which is undergoing a fundamental shift as proprietary business-to-business (B2B) travel marketplace. technology, consumer behavior and travel options all evolve. Travelport is ahead of the curve thanks to decades of domain We have leadership positions in airline merchandising, hotel content expertise, our leadership in technology and content, and our distribution, B2B payments and mobile travel commerce. unrivaled ability to connect with customers – at any time and any place. We believe that there is no technology or scalable alternative to our Travel Commerce Platform offering the same depth and breadth of Redefining is a powerful word – it is about creating more travel inventory, functionality and global reach. choice, creating value, transforming and reinventing, taking new directions and leading from the front. And that is exactly what we are doing.

Our approach and value proposition are unique – and so are the results.

www.travelport.com Travelport Redefining travel commerce 01

Airline merchandising See pages 10–11

Hospitality See pages 12–13

2015 Net revenue $2,221m

Air International $ m $ m Travel Commerce 1,603 1,482 Platform – 94% 77% 71% $2,095m

United States Beyond Air $492m $613m Technology Services – 6% 23% 29% $126m

Contents Payments 02 Why travel matters See pages 14–15 04 How the Travelport Platform has evolved from a traditional GDS 06 Integral to the global travel ecosystem 08 Chairman’s statement 09 Q&A with the Chief Executive Mobile commerce 10 Airline merchandising See pages 16–17 12 Hospitality 14 Payments 16 Mobile commerce 18 Financial review and Q&A with the Chief Financial Officer 20 Executive management team 21 Board of Directors

www.travelport.com Travelport Redefining travel commerce Creating long-term shareholder value

Travelport is a unique business. Our focus on innovations and content leadership we are travel commerce makes us fundamentally continually redefining the way our customers different to our competitors and we offer buy and sell travel. distinct advantages to our various stakeholders. We are, and will continue to be, the Platform that Our competitive strengths set us apart, our is redefining travel commerce for our customers. pillars focus us, and through our technological All of which allows us to create long-term and sustainable value for our shareholders.

Strong Differentiated Leading Truly core focus technology global

We operate within a strong We have leveraged our Over the last five years we have With a presence in and structurally growing core competencies with invested in and significantly approximately 180 countries, travel and tourism industry. a differentiated ‘platform’ upgraded our technology we have the broadest Our core travel distribution approach to address the platform so that we can international presence in business model is resilient, evolving travel commerce maximize connectivity and our industry, allowing us to recurring and transaction- ecosystem. We are focused on, distribution options for travel leverage the international based with strong and have leadership positions in, content providers, while also focus of our customers. competitive advantages. airline merchandising, hotel and enabling value creation at the other distribution, B2B payments selling end of the Platform and mobile commerce. through our industry-leading point-of-sale solutions.

Focused on the Compelling Disciplined capital markets that financials allocation need us

We are strongly focused on We have entered into a clear Relative to our peers, corporate and service-premium growth phase with multiple, Travelport is a capital-light travel where choice, flexibility compelling drivers. model with strong free cash and itinerary management are flow generation – with a clear key customer requirements. and disciplined approach to capital allocation. Travelport Redefining travel commerce

Highlights 2015

Operational highlights

}}Strong underlying performance in Air as our merchandising innovations continued to facilitate commercial success, helping to overcome nearly all of the headwinds from our legacy contract }}Competitive advantage in airline merchandising strengthened with over 100 airlines added since start of 2015 }}Continued growth in higher value ‘Away’ bookings for airlines; 65% of Air segment revenue was generated from such bookings in 2015 (up from 62% in 2014) }}Strengthened our leadership position in hotel and car distribution, growing hospitality attachment rates to 47% in 2015 (up from 43% in 2014) }}Strong growth momentum in payments; eNett revenue of $92m in 2015, up 36% }}Strengthened our mobile commerce solutions through acquisition of best-in-class mobile travel app developer Mobile Travel Technologies (MTT) and further investment in the corporate booking platform Locomote

See pages 08–09

Financial highlights

Net Travel Commerce Platform Adjusted Adjusted revenue 2,221 RevPas 6.13 EBITDA Free Cash Flow 540 $m 2,148 $ $m 535 $m 134 2,076 517 5.70 104 2,002 5.60 494 5.40 20

2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015 (39) }}Net revenue up 3%, Adjusted EBITDA down 1% and Adjusted Income per Share (diluted) of $1.00, up $1.12 }}RevPas up 8% to $6.13 with growth in every geographic region }}Strong International revenue momentum; double-digit revenue and segment volume growth in Asia Pacific and Latin America & Canada }}Air revenue flat at $1,603m; impact of legacy Orbitz contract largely overcome by volume and rate improvements across International regions }}Beyond Air revenue up 16% to $492m, driven largely by hospitality and payments }}Technology Services revenue up 7%, inclusive of the impact of renegotiated Delta contract }}Adjusted Free Cash Flow generation of $134m, up $173m

See pages 18–19

Travelport Redefining travel commerce 02

Why travel matters At the heart of one of the world’s largest industries

The Travel & Tourism sector is a critical driver of the global economy 10% 1/11 $1.5tn 6% 30% GDP Jobs Exports of world of services exports exports

Source: World Tourism Organization (UNWTO)

Passenger journeys reached a record high of around 3bn in 2014… 910m 1,100m Americas 850m Asia Pacific Europe 150m m Middle East 120 Africa ...and is forecast to grow strongly through to 2034 +3.2bn 4% 2.2x Source: Passenger Forecasts – Global Incremental passenger Annual average Passenger journeys Report by IATA journeys by 2034 growth 2014–34 in 2034 compared with 2014 Travelport Redefining travel commerce 03

Air travel is likely to double in the next 20 years

Travel and tourism is one of the world’s largest The truly global nature of this expected As the most geographically diverse travel industries and it is rapidly expanding. In 2014, boom in travel will play to our strengths. distribution business, Travelport can deliver international tourism arrivals or overnight Between 2014 and 2034, Asia Pacific alone service and reach virtually anywhere in the visitors hit a record of over 1.1bn worldwide, is expected to see 4.9% annual average world at scale, whether serving our travel 46m more than the previous year and the fifth growth in passenger journeys, equating to content provider customers or our online and consecutive year of growth since the 2009 an incremental 1.75bn passenger journeys. offline travel agencies, travel management financial crisis. Asia Pacific is now the largest travel region in companies (TMCs), corporations or meta- the world and its importance to our industry search customers around the globe. Perhaps more importantly, air travel is will only increase. North American passenger predicted to double in the next 20 years journeys are expected to grow at an average Travelport’s investments in unique airline with growth coming from all regions. Indeed of 3.3% per annum, picking up 650m extra merchandising capabilities, the most diverse in 2016, the International Air Transport passenger journeys. While growth in Europe hotel and car portfolio, innovative mobile and Association (IATA) has forecast that global is expected to be lower at 2.6% through corporate travel technology, and a pioneering air travel will grow by around 7%, a five-year 2034, it still means an extra 580m payments solution position us perfectly to high – which is a welcome trend for Travelport passenger journeys. service this rapidly growing demand with our since we enable airlines to fill planes for routes industry-leading Travel Commerce Platform. and journeys all over the world.

Passenger journeys reached a record high of around 3bn in 2014… Consumer spending driving the globalization of travel

Middle class consumer spending $ Outer ring: 2030 in $tn (projected) 11.1 Inner ring: 2009 in $tn $ One of the key factors driving the 32.9 ‘globalization’ of travel is the growth in Europe consumer spending. Global middle class spend is expected to grow from around $ $ % $21tn in 2009 to over $55tn in 2030. 5.6 8.1 Moreover, emerging economies around North +571 the world (such as India, China and America Growth Indonesia) are expected to account for around 80% of that growth, compared to $ $ 40% today. With this growing middle class 5.5 4.9 purchase power comes the increased demand for travel noted above. And, importantly for Travelport, the growth Source: OECD is coming from some of our strongest $ 0.4 $1.5 regions, like Asia Pacific. Travelport is $ preparing for the needs of this next 0.6 $ generation of corporate and leisure Sub-Saharan 0.9 traveler and we are already helping our $3.3 Central and South America customers – airlines, hotels and travel Africa agencies alike – to attract this burgeoning $2.2 and mobile-savvy group of travel buyers.

Middle East and North Africa

www.travelport.com Travelport Redefining travel commerce 04

How the Travelport Platform has evolved from a traditional GDS Much more than a GDS

Our Travel Commerce Platform goes beyond the traditional GDS model Through meta-technology and our corporate hotel extranet of simple distribution for network carriers and chain hotels. We focus on (Hotelzon), we have added over 550,000 independent hotel driving value creation through unrivaled content and industry-leading properties – meaning that we offer approximately 650,000 bookable front-end capabilities, rather than on back-end IT solutions. unique properties on our Platform, which we estimate is at least 50% more the number of any of our competitors. We have added car, cruise How have we moved beyond a traditional GDS model? We began by and rail content too. All this gives Travelport a depth and breadth of transforming the technology set that underpins our Platform. We vastly travel content that is unmatched in our industry. Our strategy is to expanded the content available to travel buyers while enhancing the continue adding relevant content to ensure that leisure and corporate functionality and effectiveness of our point-of-sale technology. Through travelers alike have maximum choice and flexibility. our cutting-edge XML-based technology we have connected and fully integrated over 120 low cost carriers (LCCs) into our Platform, alongside network carriers, thereby expanding the choice travelers have and making travel consumption more efficient for travel buyers.

In Hospitality, we have invested in meta-technology so that our travel Airline merchandising agency customers can compare and book hotel content offered by major hotel distributors moving beyond the distribution of just – Ancillaries and branded fares chain hotels within the hugely fragmented global hotel sector. Airline content – Tailored o ers – Network carriers – Aggregated shopping – Low cost carriers

ditional GD Hotels Hospitality Tra S

– ~650,000 chain and – Hotels F

independent hotel r C – Rental car and ground transport

o

properties o

– B2B travel industry digital media n

Travel n

t t

Commerce - E e n

Platform n Other distribution t

Payments d – ~60 cruise lines – eNett and tour operators – 13 major rail networks

Mobile commerce Car rental – MTT Back-end – ~36,000 car – Locomote rental locations – IT solutions Travelport Redefining travel commerce 05

Our capabilities are difficult to replicate 1tn 10bn 4.7bn 450m transactions fares loaded Itineraries priced changes made processed in our system every day to segments in 2015 per year

Airline merchandising – Ancillaries and branded fares Airline content – Tailored o ers – Network carriers – Aggregated shopping – Low cost carriers

ditional GD Hotels Hospitality Tra S

– ~650,000 chain and – Hotels F independent hotel r C – Rental car and ground transport

o properties o

– B2B travel industry digital media n

Travel n

t t

Commerce - E

e Driving value creation at the front-end n

Platform n Other distribution t Payments d Through our diversified and differentiated product and technology – ~60 cruise lines – eNett innovations, Travelport leads the industry in four key areas of and tour operators front-end value creation. – 13 major rail Our optimized and award-winning point-of-sale application Travelport Smartpoint and cutting edge universal Application Programming networks Interface (uAPI) deliver proprietary airline merchandising solutions that let airlines sell their full value proposition – including all of their branded fares, ancillaries and tailored content – and market them through the Mobile commerce indirect channel as they choose. Car rental – MTT – ~36,000 car In Hospitality, we have built a clear leadership position with our direct Back-end – Locomote corporate hotel booking capabilities and have the highest attachment rental locations – IT solutions rates of hotel room nights to airline tickets in the industry. Travelport offers the ability for travel agencies to make B2B payments through our Platform with eNett’s innovative virtual cards. eNett replaces inefficient payment methods, and facilitates safer and more cost effective payments to travel providers.

Finally, our acquisition of MTT and further investment in Locomote have strengthened our approach to digital and mobile driven travel commerce. As demand for mobile commerce and services rise, we are exceptionally well positioned to capitalize on this major consumption trend.

www.travelport.com Travelport Redefining travel commerce 06

Integral to the global travel ecosystem Our unique Platform is redefining travel commerce Shop

The travel industry has experienced transformational changes in the last Travel buyers Book Travel providers 10 years, driven by breakthroughs in mobile technology and large-scale data and content management, as well as macroeconomic and financial Modify pressures. This in turn has reset the expectations of travel buyers and ~ 400 airlines travel providers as well as those of travelers themselves, who are Online travel agencies increasingly seeking to book all aspects of a travel experience in one Cancel (including >120 LCCs) place and at one time. ~ 650k hotels Travelport has successfully responded to these challenges by building the O line travel agencies world’s only true Travel Commerce Platform. Our Platform facilitates travel – >90k chain commerce by connecting the world’s leading travel providers with online – >550k independent and offline travel buyers in a proprietary B2B travel marketplace. We are at the very heart of the travel industry, the glue that binds it together. Travel management companies ~36k car rental locations Corporations Unrivaled travel content ~ 60 cruise lines and Flexibility for changing itineraries tour operators Tour operators Ticketing, payment and fulfillment Workflow integration 13 major rail Meta-search System integration networks

Our technology is complex and hard to replicate, leveraging over Payments to travel providers 40 years of domain expertise to aggregate and distribute billions of travel options from hundreds of thousands of travel providers, including Travel policy compliance and duty of care network and low cost airlines, chain and independent hotels, car rental agencies, cruise liners, rail companies, and much more. Relevant options are then made available to Travelport-connected online and offline travel agencies in a format that allows them to select the optimal options for business and leisure travelers worldwide, and create complex integrated itineraries. Much more than simple search and book We have invested heavily to deliver the systems and technologies needed for travel agencies to attract and service higher-yield customers. Unrivaled travel content Our Platform handles post-booking processes and services, such as The sheer breadth of content available within our Platform means fulfillment and processing of the travel transactions, passenger tracking that itineraries can be created from billions of different options, all and services, in-trip change services and post-trip reconciliation. in real-time. Our innovative technology enables access to branded For corporations, Travelport also provides reservation tracking services fares and ancillary products from hundreds of different airlines and other tools that ensure corporate travel programme compliance. (including LCCs), approximately 650,000 unique hotel properties, Travel providers continue to choose to use our Platform because we car rental products from approximately 36,000 locations, and much more offer superior distribution efficiencies as compared to their own direct – all fully bookable through our award-winning point-of-sale. channels, being a cost-effective means of accessing geographies where a travel provider’s market penetration and brand awareness is Flexibility for changing itineraries low (for example, outside its ‘Home’ market) by using local travel Travelport enables much more than just a simple search and agencies to reach end consumers. book. Utilizing our point-of-sale innovations (which are browser or app-based, or available via our uAPI technology), travel buyers have We believe that there is no technology or scalable alternative to our the ability to shop, reserve, book, modify, cancel and rebook from Platform which offers the same depth and breadth of travel inventory, our extensive and unrivaled travel content portfolio. Our ability to functionality and reach – with access to high-end leisure and corporate seamlessly support complex corporate and leisure itinerary travelers across a broad international geographic footprint. creation is a critical feature of our technology.

Travelport is critical to today’s new travel ecosystem and through our continual innovation and evolution, we are positioned to remain essential moving forward. Travelport Redefining travel commerce 07

Shop

Travel buyers Book Travel providers

Modify ~ 400 airlines Online travel agencies Cancel (including >120 LCCs)

~ 650k hotels O line travel agencies – >90k chain – >550k independent Travel management companies ~36k car rental locations Corporations Unrivaled travel content ~ 60 cruise lines and Flexibility for changing itineraries tour operators Tour operators Ticketing, payment and fulfillment Workflow integration 13 major rail Meta-search System integration networks Payments to travel providers Travel policy compliance and duty of care

Ticketing, payment and fulfillment Payments to travel providers There are multiple complexities in the world of air travel ticket processing, Our pioneering B2B payments solution, eNett, which is fully integrated including airline partnerships, code-shares and product unbundling. A core into our Platform, has a range of innovative solutions to address multiple benefit of Travelport is that it facilitates and simplifies ticketing, payment and challenges for travel agencies. eNett replaces cash and other traditional fulfillment. As the system of record for travel bookings, we collect all related payment methods with secure, virtual and pre-funded payment cards, travel data and supply the traveler with the ticket for travel while facilitating which eliminate credit or bankruptcy risk, lower administrative costs the allocation of booking revenue, including payments to travel providers. (due to significantly reduced time spent on reconciliation), and lower the spread for foreign currency payments. Workflow integration Our entire travel content portfolio is available to book within a single and Travel policy compliance and duty of care integrated workflow, meaning that agents avoid switching to different travel Our innovative Platform gives corporations and corporate travel websites or systems in order to fulfill a traveler’s requirements. This enables agencies the ability to administer travel policies, maintain policy efficient and productive booking and itinerary creation, reduced training time compliance, preferences and travel authorization parameters. for agents, and significant upsell and cross-sell revenue opportunities. As the system of record for travelers we are able to fulfill duty of care requirements that corporations have for its employees. We also enable the integration of corporate-negotiated and tailored travel content and System integration rates into our booking workflow, which is a clear differentiated capability Our Platform is also fully integrated within our travel buyers’ mid and compared to our competitors. back-office systems. The sophistication of this integration ensures that our customers can manage transaction data all the way from booking (which includes all elements of the traveler’s itinerary, data about the booking, and the personal preferences of the travelers) all the way through to billing, collection, payment, reconciliation and management reporting.

www.travelport.com Travelport Redefining travel commerce 08

Chairman’s statement

Travelport is well positioned to deliver value across the travel industry and to our shareholders. We have a strong financial profile, clear capital allocation priorities, and a world-class management team executing our strategy to redefine travel commerce.”

Dear fellow shareholders, World-class management team Our people The Board is grateful to Gordon Wilson and On behalf of the Board, I would like As I reflect on Travelport’s first full year the team he leads. Gordon has executed a to thank Travelport’s employees for as a , I am pleased to successful transformation of the business and their role in delivering the Company’s report that Travelport has delivered on, or continues to deliver strong performance. results. The commitment and talent of exceeded, all of its commitments to you. our employees is critical in our journey We’ve made strong progress across the The Company recently has made several to redefine travel commerce. entire spectrum of our business, delivering changes to its senior management team. financial performance ahead of guidance We are delighted to welcome our new Our future: 2016 and beyond and building momentum into 2016. Chief Financial Officer, Bernard Bot, who Travelport’s financial profile is now joined in January, 2016. Bernard brings substantially stronger with a robust core Unique go-to-market approach significant public company experience business that is transaction-based, recurring Travelport’s approach is unique. We have to Travelport, most recently as the CFO and cash generative. The accomplishments moved beyond the model of a traditional at Aer Lingus, and will be a terrific asset of 2015 – a steadily increasing RevPas, record GDS and are executing a strategy that is as we enter a new phase of growth. hotel and car attachment rates, an industry- attuned to the evolution of the travel industry, leading position in airline merchandising and to the current and future needs of our Also joining in January was Stephen and a very solid performance by eNett, customers. Travelport has solidified and Shurrock as Chief Commercial Officer. our B2B payments business – generated a expanded its leadership positions in four key Stephen previously served as the CEO of strong financial performance despite the areas of our Travel Commerce Platform: airline Telefonica’s Consumer division. Stephen’s well-publicized headwinds we faced entering merchandising, hospitality distribution, B2B deep knowledge of the digital economy the year. Such results are a testament to the payments and mobile commerce. Moreover, and wide commercial experience is caliber of our unique offering and the value we are focused on customer segments and ideally suited to ensuring that Travelport we provide to travel buyers and providers. geographies where our solutions can create meets the needs of its customers. or add the most value, such as corporate Thank you for your ongoing support and international travel markets, and which On behalf of the Board I also would like of Travelport. We look forward to offer further growth opportunities. to express my thanks to our former CFO, building on the success of this year and Philip Emery, who elected to leave the continuing to deliver value to the travel We are confident that the continued Company effective April, 2016. Philip made a industry and to our shareholders. successful execution of this strategy will significant contribution to our business over allow Travelport to deliver sustainable the past decade and played a key role in growth in the coming years. our September, 2014 . Douglas Steenland Experienced Board of Directors Dividend Chairman We have a well-qualified Board. Our Board Travelport’s current dividend policy has diverse expertise in technology, travel, will continue in 2016, with the payments, finance and risk management and intention to pay $0.30 per common is focused on overseeing Travelport’s strategy share on an annualized basis. and performance. My fellow Board members and I are honored by the trust you have placed in us to oversee the Company on your behalf and we welcome the responsibility. Travelport Redefining travel commerce 09

Q&A with the Chief Executive Gordon Wilson

several enhancements to our travel agency reconciliation processes and removing costs point-of-sale, drove up attachment rates to a from the B2B payments world, Travelport is record level, while revenue from our payments building a future of growth. business eNett grew by 36% in the year. The management systems we provide travel In the middle of 2015 we acquired the leading agencies with are vital to their very existence, mobile travel applications developer, MTT, and our ability to handle multiple interfaces while in October we became majority owners into our systems, together with our innovative of Locomote, our next generation corporate merchandising solutions, has attracted self-booking application. Both are illustrative of numerous leading LCCs to our Platform for the our focus on the mobile and digital travel first time. Moreover, our attachment rates in economy as sources of future growth, and hospitality evidence a situation which is far both businesses are performing well. removed from disintermediation. We do all of this on a scale that is industrial strength, Finally, you can see the full extent of our capital managing complexity and change across a structure transformation from our bottom line global footprint which is broader than many performance and free cash flows. We are now multinational consumer brands. poised to build on our momentum in 2016. Q – eNett had a great year in 2015. Q – What are the key objectives for Travelport Where does it go from here? in 2016 and over the longer term? A – I would characterize 2015 as a solid year A – Continuing to build momentum with for eNett, with 36% growth in revenue. More continued execution against our strategy. We importantly, eNett will continue to grow plan to build on the lead we now have in areas and in 2016 we expect growth to be at least that really matter for our travel provider and at the same rate as 2015 – and remember travel agency/corporate customers – better this is on a business which is now almost content, better point-of-sale applications, better $100m in size. The eNett value proposition payments capabilities and much greater to take cost, risk and complexity out of B2B mobile travel commerce capabilities. All of payments is resonating well with not only Q&A these should demonstrate absolute growth at new customers lined up to come on board, the top and bottom line of the Company as we but also existing customers who are placing continue to win business and new customers. more of their payment potential on eNett. Q – How would you summarize 2015 for Travelport and what were the key Q – Air is some $1.6bn of revenue – so still the Q – What is your outlook for the industry in accomplishments? biggest part of your business. What can you 2016 – your top trends or predictions? A – A good year – we did what we said we do to protect this and grow it? A – This is a structural growth industry and, would do in terms of performance, we proved A – The dialogue with our airline customers is going into 2016, we have the combined the underlying strength of our business and changing to one in which we are helping them benefits of both airline capacity forecast to we moved further forward in our key areas raise their average revenue per seat through grow at 7% matched to relatively low oil prices. of differentiation and focus – airline selling considerably more of their product and Despite a potential slowdown in growth in merchandising, hospitality distribution, B2B value proposition than has ever been possible some economies, the propensity to travel payments and mobile travel commerce. through the traditional ‘green screen’ GDS. amongst the burgeoning middle classes in many countries, together with the ever- The headwinds we clearly told the market In turn, our travel agency, travel management increasing globalization of business and the about in terms of two re-set legacy contracts and corporate customers are now keen to have ever-present needs of airlines and hotels to fill are now substantially behind us and the the ability to offer the end user client a more their seats and beds, bodes well for a business results we delivered in each quarter of 2015 complete range of choice with the potential such as ours. We are primarily a flat rate show the increasing momentum we have to upsell or ad-sell to the next product up or fee-for-booking business and are therefore less built in the business. provide a desired ancillary. This is all part of exposed to the price of a ticket or room sold. the service that the traveler demands from the We have a balanced and truly global footprint RevPas, one of our key metrics showing professional travel expert and for which there such that we are not overweight in any one the average revenue we earn per billable is no better provider than Travelport today. geography and we have invested in, built and segment, grew very nicely over the course differentiated our Platform to be at the right of the year with growth from both our Air Q – How do you think about the risk of place at the right time around airline and Beyond Air channels. In Air we are disintermediation of the GDS in the industry? merchandising, hospitality distribution, B2B benefiting from the industry-leading position A – Any industry that stands still runs the risk of payments and mobile travel commerce. we hold in Rich Content and Branding (or being disintermediated or becoming irrelevant. fares families) merchandised content, which Travelport is tangibly developing and iterating There is absolutely no question that I am we now provide to over 150 airlines. The its value proposition to our customers by excited about what lies ahead for Travelport benefits of improved pricing and mix also listening to them and meeting their needs. and for the travel industry more broadly. came through as a result of our geographical We are far from standing still. From enabling footprint, with over 70% of our revenues airlines to make tailored personalized offers, now coming from outside the United States, to enabling the sale of the broadest range of and continued growth in many international independent and chain hotel content including markets including Asia, Latin America and negotiated or private rates, to enabling our Africa. In Beyond Air, the breadth and depth of clients to realize their mobile travel commerce our hotel and car rental content together with potential, to taking risky and inefficient

www.travelport.com Travelport Redefining travel commerce 10

Airline merchandising

Our airline customers are essentially transforming into retailers with merchandising Enabling value creation strategies – this approach has become critical to their ongoing commercial success.

Re-engineering our technologies for airlines Travelport has responded to this opportunity by redefining our technology set both on the front- and back-ends. Our Platform has XML connectivity at its core that enables LCCs to connect into our open platform and display Travelport is answering the needs of airlines – low their fares and products alongside the offers cost carriers and network carriers alike – to redefine of the network carriers. In turn, this provides access to higher-value corporate and high-end the way in which their value proposition is delivered leisure travelers in the indirect channel. through the indirect channel. Furthermore, by re-engineering our Platform in terms of how we connect to airline inventory from a technical perspective, how we integrate the content into more traditionally sourced data and how we enable their sale of ancillary products we are able to capture not only more LCC participation but also enable all of our airline customers to distribute their full range of products and offers.

We have combined our back-end innovation with investment in our ground-breaking front-end capabilities. Travelport Smartpoint is redefining point-of-sale technology, combining an intuitive graphical user interface, incorporating the capabilities and functionality of our full merchandising suite with all the benefits of efficiency and integration of the traditional GDS.

Not only are our merchandising solutions available through our award-winning point-of- sale applications. We do far more than that. Travelport uAPI allows other third parties, such as online travel agencies who want to create their own front-end user experience, access to our content and functionality with ease. Our uAPI opens up all of Travelport’s content, regardless of whether the point-of-sale is an internet booking engine, a customized agency desktop, or a corporate booking tool, delivering our airline partner’s full value proposition and product offering to approximately 68,000 travel agency locations in approximately 180 countries across the globe.

For nearly 40 years the traditional GDS screen Merchandising effectively reduced the airline’s product offering Through our industry-leading technology, to a line of alpha numeric text detailing the flight Travelport focuses on helping airlines to schedule, availability by booking or fare class differentiate their brand and to increase the and the type of airplane used. This worked well revenue they earn per seat sold. How? Airlines for booking, pricing, amending itineraries, billing need their customers to understand the and invoicing. It enabled agencies to track their attributes of different fares, the value of ancillary sales and was integral to the daily workflow of products, and their wider brand equity. We the travel agency. However, the advent of the listened to the airlines and redefined our role LCC model has driven a revolution within by moving far beyond just selling seats. the industry whereby the basic airfare has We now provide a suite of merchandising been unbundled from all other ancillary solutions for airlines that includes Rich Content services offered. and Branding, ancillary services, aggregated shopping and tailored offers. Travelport Redefining travel commerce 11

These solutions enable airlines to not just maintain, but also differentiate their brand Case study through the indirect channel – sometimes with even greater capabilities than on their own websites. We make these solutions Delivering innovation available regardless of which point-of-sale for Delta Air Lines our travel buyers use when they serve corporate customers and end travelers through the indirect channel. Differentiating Delta’s services and brand in the indirect channel Travelport is redefining the way in which Delta has invested $8bn to fundamentally the airline’s value proposition is delivered differentiate the quality of its customer experience. to online and offline travel agencies and the Within the third-party channel, the airline did not corporate travel channel through which want that investment simply to run through the they seek to sell, enabling travel buyers to traditional ‘green screen’ GDS, where the Delta upsell and add-sell. We deliver all of these brand and value proposition would be lost. benefits for a cost to airlines of around 2% of ticket value. We believe there is no other Travelport enables merchandising and industry that provides this level of value for retailing of the full value proposition such a low cost. As a launch partner to Travelport Smartpoint, Delta welcomed the step change from commoditized displays to a richer and more engaging travel buying experience. The airline participates in our Rich Content and Branding merchandising capability through Travelport Smartpoint, which illustrates Delta’s product offering in detail with imagery and marketing text, retaining Delta’s brand in the third-party channel. With Rich Content and Branding, Delta can communicate the specific features of its products or fare families to travel agencies, such as Delta Comfort+ being introduced in May 2016, and also benefits from upselling opportunities that our technology facilitates.

Key differentiators Key statistics }}Critical mass of airline participation in merchandising solutions Travelport gets it. }}Tailored content and offers >150 The reason we are as for corporations Airlines actively merchandising their enriched product content through Travelport including committed as we are }}Rich media and sales messaging branded fares and ancillaries as partners to Travelport }}Unique omni-channel delivery of content is because of the }}Unrivaled access to high-yield orientation to redefine corporate and leisure customers % travel commerce.” }}Broadest geographic coverage >60 Of our segment volume in 2015 was Tim Mapes, Senior Vice President generated by airline customers upgraded to our merchandising capabilities of Marketing, Delta Air Lines, Inc. $59.2bn Global airline ancillary revenue for 2015 which have grown at a compound annual rate of 21% since 20101 1 Idea Works Company 2015 survey

www.travelport.com

Travelport Redefining travel commerce 12

Hospitality

is booked by corporate travelers directly. Our aim is twofold: increase the hotel attachments rates Redefining hospitality when air bookings are handled by TMCs; and, attract the large proportion of corporate hotel spend that is booked directly by travelers into the indirect channel. Our acquisition of Hotelzon, an distribution extranet for hotel bookings and hotel distribution technology to business travelers, has significantly enhanced our ability to do just that.

Hotel and car distribution is a $610bn industry and Our second key growth area is Online Travel growing at around 8% each year. As the fourth largest Agency (OTA) hotel spend. OTAs account for around 40% of leisure hotel spend that occurs third-party distributor of hotel room nights globally, online through this channel. By building a we are a major force in hospitality distribution. Platform that can aggregate content from approximately 650,000 hotels, across all three hotel room rate categories and utilizing our The hospitality line of business enables our travel agency partners to sell hotel, advanced search capabilities returning relevant car rental and other non-air content. We also offer digital advertising to travel choice enables us to deliver unmatched efficiency content providers through our browser and app-based point-of-sale applications. that means the Travel Commerce Platform is the This section focuses on hotel distribution. platform of choice for hotel bookings for OTAs.

Delivering value across the travel supply chain Our approach drives a high ADR and high value customers – the corporate business – to our hotel partners at a relatively low distribution cost. On average, we deliver an approximately 10% to 15% premium for ADR over the hotels’ direct channel. In 2015, we delivered 65m room nights in 2015 up from 63m in 2014 and making us the fourth largest distributor of hotel room nights in the indirect channel.

We focus on content too – offering buyers more choice in hotels. We’ve moved beyond chain hotels and now have ~650,000 unique properties bookable in our system – significantly more than any of our nearest competitors. Our access to higher-value corporate and leisure travelers, scale and global reach which results in some of our own customers – like Expedia and Priceline – are content providers to us. Hotel distribution Car rental distribution B2B travel industry digital media Our acquisition of Hotelzon helps us make bn bn bookings at these independent hotels easier $552 $58 for business travelers and the agencies that serve $ bn them. With Hotelzon, we can take the corporate Global revenues, growing at 8% Global revenues, growing at 7% 7.2 negotiated rates of small independent hotels and Global hotel ad spend make them available to travel agencies or publish % % that content in Hotelzon for travelers who wish 52 95 to book hotels independently. Independents account for 52% Top five providers at 95% in the US (approximately 80% of US demand and just 22% We also have the ability to capture different for the rest of the world) in Asia rates – negotiated corporate rates, retail rates Source: Euromonitor and merchant/wholesale rates. So we have the three key components for success – the content, Corporate travel is rapidly growing and Moreover, independent hotel content has the rates and we have built in to our Travel represents high-value business for our hotel historically had limited availability through Commerce Platform the technology capability customers – with corporate travelers driving the traditional GDS channel. that allows our customers sell the products the higher average daily rates (ADRs). way they want to. Sector growth and opportunity Therefore, for independent hotels, a key In the hotel space we are focused in two key success factor is their ability to capture share of segments, firstly corporates where our goal is the corporate travel industry. Their challenge is capturing high-yield, high-value corporate competing with major chains with negotiated business. Some 20% of this corporate business corporate rates and global brand recognition. is transacted by TMCs and the remaining 80% Travelport Redefining travel commerce 13

Key statistics #4 Travelport is the fourth largest third-party distributor of hotel room nights

+60% Travelport powers over 60% of US OTA car rental bookings 7bn Travelport generated 7bn ad impressions in 2015

Case study Travelport Hotelzon captures independent hotel bookings

An attractive opportunity The corporate travel sector is a highly-valuable one for hoteliers. Traditionally, mega-chains have been most successful in attracting this business. However, with 80% of the world’s hotel properties outside of the US being non-chain, there is a growing opportunity to attract corporate hotel bookings to this large independent – or non-chain – hotel sector.

Travelport’s innovative solution Travelport Hotelzon’s Hotel Extranet allows We have the content, an independent hotel property to load rates for a specific corporate client and then we have the rates and we manage and distribute these with any other hotel rates to the corporation or the have built the intelligence TMC serving that corporation. In addition, to provide relevant Travelport Hotelzon’s self-booking tool – hotelzon.com – provides corporations and choice. We’ve built the TMCs with the tools to simplify the corporate hotel booking process both in mobile and in technology stack to allow desktop, implement comprehensive company our customers to sell travel policies, utilize company preferred payment method and benefit from extensive their products the way and real-time reporting. At the same time, Travelport distributes Hotelzon-contracted they want to.” hotels, including the special rates negotiated Niklas Andreen, Managing Director, for corporations, through the existing Hospitality, Travelport Travelport hotel booking system used by our TMC clients. All of these innovations enable our independent hotel customers to win business from high-value corporate travelers.

www.travelport.com Travelport Redefining travel commerce 14

Payments

eNett is a key component of our vision to redefine travel commerce. Invested in and The world’s leading developed by Travelport since 2009 in tandem with Optal, one of the largest commercial card issuers in Europe, eNett is a proprietary platform for B2B payment transactions that B2B travel payments addresses major inefficiencies within the travel payments ecosystem. solution B2B payment opportunity eNett operates in a $2tn travel industry that is fast-growing. eNett’s ‘sweet spot’ within this market is where the travel agency is the merchant of record – i.e. where consumers buy Leveraging over 40 years of domain expertise, Travelport has travel from a travel agency, who receive cash developed a unique and pioneering B2B payments business or card payment from the traveler and then onward pay travel providers such as airlines, called eNett in order to address significant unmet needs in the hotels and car rental companies. We estimate travel industry. With a proven business model and revenue that such transactions account for over approaching $100m, eNett has a clear first mover advantage $800bn of the $2tn industry. within an addressable market of over $800bn. The traditional payment methods of travel agencies involve either bank wire transfers, the use of the travel agency’s own credit card or, in the case of flights, an airline-industry managed clearing system. These various methods have a number of drawbacks such as the risks of travel provider default and fraudulent credit card use, as well as the significant time and resources devoted to manual processing and reconciliation.

eNett is positioned to win eNett has been designed to replace these outmoded forms of payment with their inefficiencies and risks, and convert the travel business to the use of Virtual Account Numbers (VANs). These are single use virtual cards – which are pre-funded so there is no credit risk – which run over the MasterCard global acceptance network and can be set up to pay a specified supplier on a specified date, for a specified amount of money.

As VANs are primarily single use, each number issued can be reconciled back in an automated manner to the element on each individual customer’s itinerary the payment was made for. Moreover, the payments made by travel agency fall under the MasterCard Guarantee which gives a much higher degree of protection to the paying travel agency should the travel provider default.

The eNett system is fully integrated both into the Travelport Travel Commerce Platform and can also be written to an API which enables further integration into back-office and other systems that travel agencies use.

eNett makes money through being the recipient of interchange fees, some of which it then shares with its travel agency customers. Travel agencies are effectively turning what was an administrative, inefficient and costly part of their operation into an efficient area of revenue and profit generation. Travelport Redefining travel commerce 15

Strategic priorities In 2015, eNett generated revenue of Case study $92m, an increase of 36% on 2014. eNett is already generating profits and we believe the model is highly scalable as we expand eNett payment model in beyond the core hospitality sector into air partnership with AirAsia travel, including LCCs, as well as other sectors of the travel industry. Travel agency challenge The immediate focus of eNett is to increase Traditional credit card surcharges penetration in the OTA space. Furthermore, impacted AirAsia’s ability to offer the most eNett is looking to significantly speed up competitive all-inclusive fares in the market. payments in scheduled air ticket payables and see a major opportunity in the LCC eNett’s solution market (see adjacent case study). Our Using eNett VANs, travel agencies are able estimates suggest that these markets, to save up to 70% on card fees when booking combined, represent around half of our AirAsia’s fares. This is based on a 1% maximum total addressable market. surcharge to the overall fare price that is applied exclusively to eNett VANs. It also lets eNett is also constantly increasing the range agencies use the savings to offer the lowest of currencies that it can manage its solutions prices to their customers, improving their around, and continues to build scale in people, competitiveness in the marketplace. systems and processes. In addition, eNett’s innovative fund-as-you-go model enables travel agencies to make AirAsia bookings and pay for them without tying up their cash with bonding requirements that AirAsia would otherwise request. Also, by using eNett VANs to make supplier payments, agents mitigate the risk of supplier default, credit card fraud, improve automatic reconciliation and generate financial, data and efficiency rewards.

Key statistics >$800bn Total addressable market where eNett has first mover advantage eNett is accessible to m agencies of any size, $92 in 71 countries, where we eNett’s 2015 revenue which grew at 36% in 2015 can on-board customers and has more than doubled over the last 2 years in less than three days.” eNett is available in Travelport Smartpoint, or via Anthony Hynes, Chief Executive Officer, eNett a direct API connection, or via Conferma, a payments 71 switch into other GDSs Countries where eNett is available to agencies of any size

www.travelport.com Travelport Redefining travel commerce 16

Mobile commerce

MTT is one of the key elements in Travelport’s wider digital and mobile commerce strategy Mobile travel which includes recent investments made in Travel IT (tour distribution), Hotelzon (hotel distribution), Locomote (corporate travel consumption – a key management apps) and eNett (payments). What is the opportunity? Mobile travel commerce is growing element of digital exponentially and transforming how travel companies interact with travelers and generate revenue. For example, it is expected that more than 500m air tickets will be travel commerce purchased by mobile by 2018 (from ~200m in 2014), with the corresponding transaction value expected to grow from $52bn in 2014 to $145bn in 20181. In the hotel space, in the US Mobile is fast becoming the key channel for travel alone, it is expected that hotel bookings via mobile will grow from $2.7bn in 2014 to commerce and services. Our recently acquired $5.4bn in 20161. All this means that travel specialist business Mobile Travel Technologies (MTT) agencies and providers alike are focusing heavily on implementing competitive has built a leading position in the development and mobile strategies that deliver engaging running of mobile apps for the travel industry. services via smartphones and tablets.

Enhancing the Travel Commerce Platform’s capabilities within the mobile channel Through MTT, Travelport is building its mobile capabilities to be a part of this transformation. MTT enables airlines, corporate travel agencies and hotels to deliver sophisticated mobile travel applications. Its comprehensive and innovative product set supports the entire journey end to end, from travel research and booking, to planning and preparation, to in-airport, in-flight and at-destination services.

MTT has a unique focus on mobile travel apps, with an expertise in ‘B2B2C’ applications and mobile development that is hard to replicate. We believe that MTT is the largest specialized company in the world in this Mobile apps by Mobile ancillaries Mobile growth New revenue area. Its revenue comprises professional the end of 2017 by end of 2017 across corporate opportunities services and license fees for its products travel market and platform, as well as monthly fees for 92% 93% support, maintenance and hosting. Our strategy of airlines will enable of airlines will enable % 25 MTT is continuing to build its leadership in flight bookings via apps retail promotions and o ers via mobile of corporate travel mobile travel with travel companies bookings to be made worldwide, combining expert app engineering % via mobile by 2017, with creativity and a strong traveler end-focus, 96 compared to 7% while increasing scale, building market share, of airlines will provide in 2014 Mobile booking and exploiting new mobile opportunities. flight status updates transactions will more than double between 2014 and 2016 in the We estimate that approximately 500m % three main travel travelers worldwide use MTT’s airline and 72 categories (air, hotel other travel apps every day. A key focus at of airlines will o er and car rental) Travelport is to leverage this position in order self-service tools for to connect MTT apps to the full breadth of rebooking (up from content on Travelport’s Travel Commerce 11% in 2014) Platform – including its extensive hotel and car Sources: CWT Insights, 2015; SITA Airline IT Trends Survey, 2014 content, and payments capability – and drive higher transaction fees by merchandising airline ancillaries to the end traveler.

1 Juniper Research Travelport Redefining travel commerce 17

Mobile is front and center of the strategy of our clients. It’s vital competitively for them to offer engaging services via smartphones and tablets.” David Moran, Chief Executive Officer, MTT

Case study MTT partners with easyJet to deliver award-winning mobile services

A better way to interact with customers In 2011, easyJet commenced a search for a technology partner who could build a The new combination cross-platform app capable of communicating with customers at all times and places, while of Travelport and MTT facilitating booking and self-management of travel by end travelers, particularly in times is going to drive of flight delay and cancellation. unbelievable things for MTT delivers award-winning our TripSource mobile application for easyJet MTT has worked with easyJet since 2011, app, which really is the delivering a beautifully designed, intuitive future of our business.” and easy to use app that has evolved from booking and check-in functionality to include John Snyder, President and CEO, passport scanning, live flight tracking, mobile BCD Travel boarding passes, Touch ID and sophisticated ‘day of travel’ guidance at the airport with MTT’s Concierge Live product. This flagship relationship is synonymous with innovation and in 2015, MTT and easyJet launched one of the first bespoke airline apps for the Apple Watch, which was soon followed by an entire revamp of the airline’s award-winning iPhone app. The app, powered by MTT, provides easyJet with a bespoke, sophisticated mobile channel that provides significant brand and product differentiation as well as an important source of revenue for easyJet.

1 Juniper Research

www.travelport.com Travelport Redefining travel commerce 18

Financial review with the Chief Financial OfficerBernard Bot A diverse value proposition

Focused on higher value Away and International markets

Airline Mobile Travel buyers merchandising commerce Hospitality Payments

Travel Segment Commerce RevPas volume X = Platform revenue

Our Travel Commerce Platform has a distinct Growth across all channels a much wider focus on value creation across set of financial attributes which we believe Travelport generates revenue from its industry- the global travel ecosystem. Our Platform make it a highly attractive proposition. leading Travel Commerce Platform – comprised approach to travel commerce is designed to of Air and Beyond Air – and from Technology generate higher revenue per booking by Highly attractive financial profile Services, which provides essential IT services to focusing on higher value customer groups and Travelport’s unique Platform model is the companies like Delta and Emirates. geographies, the attachment of added-value to most flexible and diversified in the industry, air bookings – such as a hotel stay, car rental or generating revenue in a number of different Air revenue in 2015 was flat despite legacy airline ancillary – and by facilitating the ways. Travelport benefits from a transaction contract-related headwinds. Our underlying corresponding payments by the travel agency fee model with good visibility of performance, performance was in part driven by continued to the travel providers. giving the business resilience in all market growth in higher value ‘Away’ bookings, which conditions. Travelport’s unmatched geographic now make up 65% of Air booking revenue. In Metrics used by traditional GDSs such as air diversity – with 71% of revenues coming from addition, our leading airline merchandising market share do not, in isolation, adequately International regions in 2015 (i.e. outside the US) solutions – including Rich Content and capture the full spectrum of value created by – ensures continued growth as we capitalize on Branding, and tailored offers for corporations – Travelport’s Platform. Our success in this regard the globalization of travel growth in regions like drove strong performance particularly in the is measured through RevPas – the average Asia Pacific, Africa and Latin America. second half of 2015. revenue we generate per available segment from air, hotel and car bookings, as well as Building performance momentum In Beyond Air, which covers hotel and car rental merchandising, payments and mobile. Building on these fundamental strengths, distribution as well as our payment and mobile we have delivered a year of strong results as solutions, Travelport’s investments secured Growing RevPas we enter 2016 with impressive momentum. growth of 16% in revenue year over year. Our The strength in Travelport’s holistic approach to Travelport delivered on its revenue and profit hospitality attachment rate (i.e. hospitality travel commerce is evident in our steadily promises, despite the impact of two segments sold per 100 airline tickets issued) growing RevPas – which grew by 8% in 2015. renegotiated legacy contracts in 2015. In reached 47 in 2015, hitting a record high of 50 This demonstrates the value in our calculated addition, Travelport continues to benefit from in the fourth quarter of 2015. focus on capturing higher value bookings – a capital structure transformation in 2014, from corporate, high-end leisure and Away/ which has provided a strong foundation to Travelport’s Platform approach drives International markets – and delivering further enhance and improve the company’s value creation added-value to all aspects of the travel free cash flow generation. Our evolution from a traditional GDS involved commerce ecosystem. In short, Travelport aims expanding what was a narrow focus on simple to generate more revenue per segment distribution of air and chain hotel segments to through our unique Travel Commerce Platform offering – and we are doing just that. Travelport Redefining travel commerce 19

Key financials We also have diversification through our Year ended December 31, fast growing Beyond Air portfolio, which 2015 2014 2013 2012 represents nearly one-quarter of Travel Net revenue ($m, unless otherwise stated) Commerce Platform revenue. Our innovations Air 1,603 1,607 1,588 1,548 and leadership in hospitality, payments and Beyond Air 492 424 371 326 mobile commerce position us strongly for the Travel Commerce Platform 2,095 2,031 1,959 1,874 evolution in travel commerce. Technology Services 126 117 117 128 Net revenue 2,221 2,148 2,076 2,002 With these features which all translate into sustainable volume and RevPas growth, we Travel Commerce Platform revenue as a are well placed to deliver attractive revenue, % of Net revenue 94% 95% 94% 94% profit and free cash flow growth in both the % of Air segment revenue from Away bookings 65% 62% 62% 60% near and longer term. Beyond Air revenue as a % of Travel Commerce Platform revenue 23% 21% 19% 17% Q – What are your priorities for Travelport? Hospitality segments per 100 airline tickets issued 47 43 41 40 A – It is important that we build on our International revenue as a % of Travel Commerce successes from last year by continuing to Platform revenue 71% 68% 68% 66% deliver on our promises. eNett revenue 92 67 45 19 This means that we must continue to Travel Commerce Platform Reported Segments and RevPas drive strong growth across our Air and Reported Segments (millions) 342 356 350 347 Beyond Air portfolios. This means, amongst International RevPas $7.40 $6.98 $6.81 $6.55 others, maintaining our technology United States RevPas $4.34 $4.10 $4.07 $4.03 lead, and making sure we integrate and Travel Commerce Platform RevPas $6.13 $5.70 $5.60 $5.40 benefit from our acquisitions. Another Other key metrics ($m) priority is ensuring a strong cash flow, Adjusted EBITDA 535 540 517 494 through efficient processes and disciplined Adjusted Net Income/(Loss) 122 (11) (48) (80) investments in high return areas. Capital Expenditure 142 144 127 108 Q – And what are your priorities for Adjusted Free Cash Flow 134 (39) 20 104 capital allocation? A – I believe that we can achieve our business objectives while continuing to build on our track record of balanced and disciplined capital allocation.

Bernard Bot, our CFO, answers Our capital allocation strategy centers around some frequently asked questions debt reduction with a view to reducing our Q&A net leverage to around three times Adjusted EBITDA by the end of 2018. Obviously this shouldn’t impede investing in the profitable Q – Can you tell us about your background Q – What do you think investors will find growth of the Company, but should be central and what attracted you to Travelport? attractive about Travelport? in our decision-making. Pre-empting a A – Having been active in the travel, transport A – One of the most attractive features of our question investors may have: we intend to and logistics industry for over 20 years in a business is that the core travel distribution maintain our dividend policy at the current combination of consulting and finance roles, model is resilient, recurring, transaction-based level until our net leverage target is achieved. I am truly invested in the sector and see and highly cash-generative. Relative to our We may also pursue strategic ‘tuck-in’ strong growth ahead for global travel. I am peers it is also fairly capital-light, given our acquisitions that meet our stringent very pleased to have joined Travelport, whose focus on ‘front-end’ value creation rather investment criteria, should the opportunity differentiated approach to travel commerce than ‘back-end’ IT solutions. or need arise. was a big draw for me. The Company has positioned itself very well to capitalize on the Another attractive feature is that we operate Q – What type of relationship are you trends driving growth in this industry. within a structural growth industry, especially looking to build with Travelport’s in International (or non-US) regions. For stakeholders? Q – What has impressed you so far in your example, International GDS air volumes A – Communication is absolutely key to time at Travelport? have grown at a CAGR of 3.8% since 2011 ensuring investors fully understand what A – The most impressive aspect is that we (compared to 1.2% for the US over the same we do, how we are differentiated, and what keep travel commerce needs at the center of period). Our air share in International markets growth opportunities we are capitalizing on. everything we do. We are completely focused has been very stable over the last four years, Travelport has a fantastic story to tell; not on developing solutions that serve the travel which is key, also because International only in terms of the financial returns we can industry in a rapidly changing environment. markets are higher yielding as well as generate but more widely in terms of our We have built a strong track record of early faster growing. leadership in innovation and travel content. investment in, and adoption of, cutting-edge I look forward to getting out on the road technologies – for example in payments, and meeting with investors to share our mobile and digital commerce – while growth story. continuing to invest and build more advanced capabilities across our core Platform.

www.travelport.com Travelport Redefining travel commerce 20

Executive management team

L–R: Bernard Bot, Thomas Murphy, Gordon Wilson (standing), Matthew Minetola, Terry Conley, Stephen Shurrock

1 / Gordon Wilson 4 / Matthew Minetola 6 / Stephen Shurrock Chief Executive Officer Chief Information Officer Chief Commercial Officer See page 21. Mr. Minetola holds global responsibility Mr. Shurrock joined Travelport in January for leading Travelport’s technology 2016 and leads Travelport’s customer-focused 2 / Bernard Bot organization. Before joining Travelport in teams in Air, Agency, Hospitality and Digital Chief Financial Officer December 2014, Mr. Minetola gained over Media, as well as having global responsibility Mr. Bot is responsible for leading Travelport’s 30 years’ experience through a number of for customer engagement, product strategy, finance function which includes investor senior, IT leadership roles in various high marketing and market research. Prior to this, relations, M&A, treasury, tax, financial profile global organizations. Most recently, Mr. Shurrock was CEO for the Consumer planning and analysis, audit, controllership he spent over 14 years working for HP in Division of Telefonica. His prior roles with and procurement. Prior to joining Travelport various global roles including CIO for their Telefonica included CEO of O2 Ireland and in January 2016, Mr. Bot was CFO for Aer Financial Services business. CEO of Telefonica’s New Digital Business Lingus Plc, Ireland’s national airline and before and Innovation division. that he held the same role for TNT Express 5 / Terry Conley N.V., the international courier company listed Capability and Performance on NYSE Euronext Amsterdam. Mr. Conley is responsible for Human Resources and Corporate Services. 3 / Thomas Murphy Prior to this, Mr. Conley served as Travelport’s General Counsel Executive Vice President of Integration, Mr. Murphy joined Travelport in January 2015 leading the integration of Worldspan into and has overall responsibility for Travelport’s Travelport, and as Travelport’s Chief legal function. Prior to this, Mr. Murphy was Administrative Officer, responsible for General Counsel and Company Secretary for communications, corporate IT, real estate William Hill PLC. During his eight year tenure, and contact centers. Mr. Conley has also Mr. Murphy also served as Head of Business held a number of senior roles at Systems and was Managing Director of the Corporation and PepsiCo, Inc. Americas. Before this, Mr. Murphy served as General Counsel for RHM plc.

Travelport Redefining travel commerce 21

Board of Directors

1 / Douglas Steenland 5 / Gavin Baiera Chairman Director Appointed to the Board August 2011 Appointed to the Board October 2011 Chairman of the Nominating and Corporate Mr. Baiera is currently a Managing Director Governance Committee at Angelo, Gordon & Co, L.P., a privately-held Mr. Steenland is the retired CEO of registered investment advisor currently Northwest Airlines. He became the managing approximately $25bn. Prior to President of Northwest in 2001 and the joining Angelo Gordon, Mr. Baiera was co-head CEO in 2004, and led Northwest’s industry of the Strategic Finance Group at Morgan changing merger with Delta Air Lines in Stanley. Prior to that, he was a Vice President October, 2008. Mr. Steenland presently at General Electric Capital Corporation. serves as the Chairman of the Board of American International Group, Inc. and 6 / Gregory Blank on the board of , Inc. Director Appointed to the Board May 2013 2 / Gordon Wilson Mr. Blank is currently a Managing Director in President and Chief Executive Officer the Corporate Private Equity Group of The Appointed to the Board June 2011 Blackstone Group. Prior to joining Blackstone Mr. Wilson was appointed to his current post in 2009, Mr. Blank was an Associate at Texas in June 2011, having previously served as Pacific Group in San Francisco. Prior to that, Travelport’s Deputy CEO since November Mr. Blank worked in investment banking at 2009 and as President and CEO of Travelport’s Goldman, Sachs & Co. focused on technology, GDS division since January 2007. Mr. Wilson media and telecommunications clients. has 25 years’ experience in global electronic travel distribution, in various senior positions, 7 / Douglas Hacker including CEO roles with Galileo and Cendant Director Travel Distribution Services. Appointed to the Board September 2014 Chairman of the Compensation Committee 3 / Michael Durham Mr. Hacker previously held several senior Director roles with UAL Corporation, most recently Appointed to the Board September 2014 as Executive Vice President for Strategy, Chairman of the Audit Committee and President of UAL Loyalty Services. He Mr. Durham currently serves on the Boards also held a number of roles with United of Hertz Global Holdings and Cambridge Airlines from 1993 to 2001, including as CFO. Capital Acquisition Corporation. Mr. Durham Mr. Hacker currently serves on the boards of served as Director, President and CEO of the Aircastle Ltd., Columbia Funds, NES Rentals Group, positions he held from 1996 Holdings, and SpartanNash Company. to 1999. For the 16 years prior to joining Sabre, he worked at American Airlines 8 / Steven Chambers where he was CFO from 1989 to 1995. Director Appointed to the Board April 2015 4 / Elizabeth Buse Mr. Chambers has spent most of his Director professional career in the technology and Appointed to the Board September 2014 payments industries and, from 2005 to Ms. Buse most recently served as CEO of 2014, served as Executive Vice President Monitise plc, a global technology services and CIO of Visa Europe Ltd. Prior to this, provider of mobile banking, payments and Mr. Chambers held various leadership commerce solutions. Prior to this, she served positions with ACI Worldwide, Inc. and in a number of roles with Visa, Inc. from 1998 First Data Resources. He also previously to 2014, including Executive Vice President, served as a director of Monitise plc. Global Solutions. Ms. Buse also serves on the Board of eNett International (Jersey) Limited.

www.travelport.com Corporate headquarters Axis One, Axis Park Langley SL3 8AG United Kingdom T: +44 (0)1753 288 000 F: +44 (0)1753 288 001 www.travelport.com NYSE: TVPT