A Platform for growth

How ’s Platform is redefining travel commerce Travelport is...

…the world’s only true Travel Commerce Platform, focused on providing distribution, technology, payment and other solutions for the $8 trillion global travel and industry. Our Platform facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel marketplace. In addition, we have leveraged over 40 years of expertise in the travel industry to design a pioneering B2B payment solution that addresses the needs of travel intermediaries to efficiently and securely settle travel transactions. We believe that there is no technology or scalable alternative to our Travel Commerce Platform which offers the samedepth and breadth of travel inventory, functionality and global reach. 400 $810bn Number of airlines to which Our estimate of the addressable we provide air distribution market for eNett, as measured services globally, including by the total transaction value around 100 low-cost carriers. of payments made by travel See p14 agencies to travel providers. See p24

170 Number of countries we serve, through our extensive global network of approximately 60 sales and marketing organisation offices and a diverse workforce of approximately 3,400 full-time 50+ 650,000 employees. Types of ancillary services – Industry-leading number of unique See p12 including seat assignment, hotel properties fully bookable in our extra baggage, wi-fi, priority Platform (of which over 550,000 are boarding and lounge access – independent hotel properties). Based that we currently distribute on on our internal estimates, this is the behalf of our airline customers. largest inventory of hotel properties See p16 on any travel platform in the world. See p20

67,000 Number of locations across the world to which we provide the services of our Travel Commerce Platform, who in turn serve hundreds of millions of business and leisure 35,000 travellers globally. Number of car rental locations See p28 fully bookable on our Platform. See p21 100+ Airlines signed for Rich Content $90bn and Branding, our unique Transaction value processed on merchandising solution enabling our Travel Commerce Platform airlines to fully display all of their in 2014. As a comparison, eBay products and brand propositioning. transacted $83bn of gross As of April 2015, over 60 of these merchandise volume over airlines are already live with this the same period. industry-leading capability within our point-of-sale applications. See p04 See p15 01 Travelport: CaseAbout studies us

Redefining Travel Commerce After listening to our customers we began, four years ago, to deliver specific solutions with a sharp focus on previously unmet needs within our industry.

And today we are enjoying the benefits of this investment in time and technology. Our unrivalled access to global travel provider content helps attract more travel buyers onto our Platform, which in turn drives greater value for travel providers, increasing their addressable customer base. We’re also now leading the industry with our empowered selling tools, our transformative B2B payments solutions and our innovative travel technology. In addition, we have the scale that the industry needs – with a diverse global footprint to match.

Our approach and value proposition are unique and so are the results. We call it redefining travel commerce.

About us Driving value creation in the travel industry 02 Truly differentiated from our competitors 04 A highly attractive financial profile 06 Our journey to redefine travel commerce 08 Air Unrivalled geographic coverage 12 Transforming air merchandising 14 Enabling a revolution in airline ancillary distribution 16 Creating value for airlines 18 Beyond Air Extending the Platform beyond air 20 Hotelzon – innovative solutions for corporate hotel bookings 22 Creating value for corporate customers 23 Redefining B2B payments 24 eNett – customer case studies 26 Creating value for travel agencies 28 A proven and motivated management team 30 A strong and experienced Board 31 Contacts and Glossary of terms 32 02 Travelport | A Platform for growth 03 Travelport: CaseAbout studies us

Our differentiated approach We have developed a unique platform-based Driving value creation approach to enable value creation for our travel provider customers, and widespread availability for travel buyers. By investing in the technology that underpins our Platform, we have vastly expanded the in the travel industry content available to travel buyers, while at the same time enhancing the functionality and effectiveness of our point-of-sale applications. Travelport has a clear focus on its Travel Commerce Platform – Our approach enables travel providers to benefit from the distribution of their entire value proposition, which does all the things that traditional global distribution systems for travel agencies to attract more consumers onto (GDSs) do but more – by responding to previously unmet customer their websites and through their doors, as well as cross-selling higher value-adding hospitality products. needs in order to drive value creation in the travel industry. And, of course, we benefit ourselves from the growth of ‘same-store sales’, or ‘RevPas’ as we call it – that is, the average amount of revenue we earn from each The traditional GDS model With very few exceptions, travel providers continue to segment sold through our Platform. GDSs are a complex, technology-based distribution choose to use GDSs because they provide superior The extensibility of our Platform means that, with relative network used in the travel industry to aggregate efficiencies and have invested heavily to deliver the ease, we are able to address other unmet customer millions of travel options from hundreds of thousands systems and technologies needed for travel agencies needs – for example our pioneering payment solution, of travel providers, including airlines, hotels, cruise- to attract and service high-yield customers. eNett Virtual Account Numbers (VANs), which enables lines, and car rental agencies. These options are then A GDS platform also offers a cost-effective means of automated and safe payments between travel agencies made available to GDS-connected online and offline accessing geographies where a travel provider’s market and travel providers. travel agencies in a format that allows them to select Travelport Smartpoint – our proprietary state of the art point-of-sale penetration is low (for example, outside its Home market) The diagram below illustrates our role in global application for travel agencies and travel management companies the optimal options for business and leisure travellers by using local travel agencies to reach end consumers. worldwide, and create integrated itineraries. travel commerce as a provider of high value, Evolving needs of our industry real-time distribution services: In addition, a GDS handles post-booking processes Globalisation and technology are shifting the needs of and services, such as fulfilment and processing of the the travel industry, redefining their requirements of GDSs. travel transactions, passenger tracking and services, Travellers Travel buyers Travelport Travel providers in-trip change services and post-trip reconciliation. For While traditional GDSs often fall short in addressing these Value to travel Value to travel corporations, a GDS also provides reservation tracking evolving needs, Travelport is redefining travel commerce Online travel agencies Airlines services and other tools that ensure corporate travel through its Travel Commerce Platform – unique in the buyers providers programme compliance. GDS space. It uses the merits of the traditional GDS as Expanded addressable customer Extended distribution reach Offline travel agencies base and customer offering beyond Home markets Hotels a base but offers enhanced functionality to address the Efficient workflow automation Higher yielding ticket prices new and changing needs of travel providers and travel Leisure Travel management and improved sales productivity Innovative ancillary products/ Car rental buyers. Such needs include: companies Reduced operating costs services distribution and marketing channel • enabling all airlines to distribute all of their fares Improved operational efficiency Corporations of highly complex/high volume Improved operations efficiency Rail and ancillary services, and market them through Business operations of highly complex/high volume the travel agency channel, as they choose; Tour operators Real-time access to content operations Cruise • expanding the number of hotel properties bookable and ancillaries Significant value for money Meta-search Secure and efficient B2B Secure and efficient B2B through our Platform; and payment solutions payment solutions Tour operators • building an improved corporate travel proposition based on empowering technology and tailored corporate travel content. We also enable automated and safe payments between travel agencies and travel content providers using We’re redefining travel commerce DID YOU KNOW... Virtual Account Numbers (VANs), providing an i alternative to previous manual payment methods. and, in so doing, driving value Our travel agency customers include online, offline, corporate Supported by the sheer scale of our business and its creation in the travel industry.” and leisure travel agencies. In our 2014 financial year, around geographic coverage, we have brought the historical 20% of our revenue was derived from online travel agencies A typical agency user interface (OTAs) and we estimate the remaining revenue was split GDS model and value chain well and truly into the for a traditional GDS system evenly between leisure and business. Two of our largest OTA 21st century. customers, by revenue, in 2014 were Priceline and Expedia 04 Travelport | A Platform for growth 05 Travelport: CaseAbout studies us

3. We have industry-leading hospitality content 5. We have designed a pioneering B2B payment solution, eNett Virtual Account Numbers (VANs) Truly differentiated from Based on our internal estimates, we offer the largest inventory of hotel properties of any travel distribution eNett is an automated B2B payments solution for travel business in the world, including both chain and agencies and providers, replacing cash and other independent hotels. Until now, independent hotels payment methods with secure, virtual and pre-funded our competitors were largely unaddressed by the GDS industry. payment cards. It offers a strong value proposition to travel agencies and travel providers, including full Our B2B solution for independent hotels, Travelport flexibility, elimination of credit or bankruptcy risk, lower Rooms and More, is a single-user interface that administrative costs due to significantly reduced time We believe that several aspects of our approach to travel captures highly fragmented content and includes spent on reconciliation, and a lower spread for foreign over 550,000 unique hotel properties. We are also currency payments. commerce fundamentally differentiate us from our competitors. well positioned to address the corporate hotel booking channel through our acquisition of Hotelzon in May We estimate that there is over $2 trillion of direct spending These include: 2014. In addition, we serve approximately 35,000 car on travel annually, around $810bn of which is booked rental locations and 61 cruise-line and tour operators. through the indirect channel, and payment is made Its global reach allows travel providers to display and from travel agencies to travel providers. This is the • our focus on redefining air distribution 4. We have the most balanced global footprint, sell products in over 170 countries and across over opportunity that eNett is addressing. and commerce, enabling our airline aligned with global growth areas 67,000 travel agency locations. customers to distribute all of their fares 6. We have developed an innovative, flexible and ancillary services, and market them Furthermore, as travel industry needs have evolved, we We believe that we are the most geographically and scalable open technology Platform have utilised our Travel Commerce Platform to extend balanced participant in the travel distribution industry. through the travel agency channel, our reach into the growing world of travel commerce In 2014, we generated more than $2bn in revenue, of We have made significant strategic investments in exactly the way they choose; beyond air, including to hotel, car rental, rail, cruise-line which 68% was international – 20% from Asia Pacific, innovative technology over the last four years, and and tour operators. We have also designed a unique 30% from Europe, 4% from Latin America & Canada we continue to invest in developing new technologies, • our fast-growing Beyond Air portfolio, and pioneering B2B payment solution that addresses and 14% from the Middle East & Africa – and 32% platforms and ideas. including our industry-leading hotel content the need of travel agencies to efficiently and securely from the United States, closely mirroring the total Our open and accessible Platform allows us to pull and our automated B2B payments solution make payments to travel providers globally. GDS-processed air segments globally. together content delivered from multiple sources with a large addressable market; and 2. We are the partner of choice for low-cost carriers This geographically dispersed footprint helps insulate into a cohesive display for the travel buyer, enabling • (LCCs) and the distribution of airlines’ ancillaries us from country or regional instability, and enhances search, comparison, reservation and payment across our emphasis on a value-based our value proposition to travel providers as we are able multiple providers. partnership approach with travel Over the past three decades, LCCs have become a to capture higher value business from travel providers providers and travel buyers alike, that operating in Away markets. We deliver our expansive content and functionality substantial part of the air travel industry. Their share through our multi award-winning Travelport Smartpoint allows us to increase the revenue and of global air capacity has risen from 13% in 2004 to and Travelport Universal Desktop point-of-sale profitability of every segment sold. 26% in 2014. applications, and via Travelport Universal API, which enables flexibility for travel agencies and intermediaries 1. We operate a differentiated Travel Commerce LCCs have traditionally relied on direct distribution, but are increasingly targeting the indirect channel to grow their to design customised user interfaces. Our point-of-sale Platform approach to address the evolving needs tools are device agnostic, allowing our customers to of the travel industry Away bookings, reach leisure travellers seeking complex itineraries booked through travel agencies, and – most access our Platform via an internet connection on importantly – increase their access to business travellers a desktop or a variety of mobile devices, such as Our Travel Commerce Platform simplifies highly who use corporate booking tools accessible through smartphones and tablets. complex, high-volume operations, offering travel GDSs. This has attracted and allowed for the full integration providers a flexible way to: Our Platform of several LCCs such as AirAsia, easyJet, Ryanair and Spirit Our Travel Commerce (i) extend their distribution by broadening their Airlines into our Travel Commerce Platform. Platform aggregates geographic reach to Away markets; content from the world’s AGENCY Unlike a traditional GDS, we provide XML connectivity and leading travel providers (ii) access higher yielding ticket prices from long-haul full merchandising capabilities so that LCCs – and network and delivers it to travel agencies, corporations segments, room rates, complex itineraries and carriers alike – are able to distribute their entire value INDUSTRY CORPORATE and third-party developers STANDARD business travellers; and proposition via the indirect channel. This is especially who write consumer- valuable given the increasing importance of ancillary facing applications Travel (iii) encourage travellers to purchase ancillary services DIRECT CONNECT revenue for airline profitability. Commerce MOBILE and/or upgrade or upsell travellers through our Platform highly-differentiated merchandising platform. XML

DEVELOPER

Priority 06 Travelport | A Platform for growth 07 Travelport: CaseAbout studies us

Momentum in our core area of focus including car and hotel segments as well as air – Travelport’s Travel Commerce Platform generated but also the impact of geographical mix, as well as A highly attractive revenue of over $2bn in 2014, of which 68% was from the growth of the rest of our Beyond Air portfolio, outside the US, making us the world’s second largest which includes payments. travel distribution business by revenue. In fact, we were some 9% larger than the number three GDS on 2014 Net revenue by channel: financial profile this metric (compared to 4% larger in 2012). The Travel Commerce Platform represents 95% of our total revenue. $2,031m Travel Commerce We also have a small Technology Services (or what Platform: 95% The Travelport Travel Commerce Platform has a distinct some people call an IT Solutions) channel, which in $117m set of financial attributes which we believe make it a highly 2014 generated a further $117m in revenue. A significant Technology element of this operation is the service we provide to Services: 5% attractive proposition. to operate and run, in our data centre, their mission-critical reservations, inventory and Travel Commerce Platform comprises: operational systems – without which no Delta flight could operate. We signed a new long-term contract $1,607m: It is a transaction-based model – not linked 10% of our revenue. Similarly, no single travel agency Air: 79% to the selling price… accounted for more than 10% of the segments which with Delta for these services in the first half of 2014. underpin our revenue, meaning our customer base is $424m: Travel providers generally pay us only when we provide Our strategic focus, however, is on our Travel Commerce Beyond Air: 21% them with an air booking, a hotel reservation or a car highly diversified. Platform which enables the sale of traditional airline rental booking – so this is a classic transaction-based Our Platform is truly global and balanced regionally tickets as well as their ancillary and merchandised 2014 Travelport Commerce Platform model where we are not exposed to the selling price products and offers. But it also includes what we call With a distribution network of 67,000 travel agencies revenue by geography: of the air ticket or hotel room sold. Beyond Air which represents a considerable opportunity, across over 170 countries, we are the most geographically in particular in hotel and car hire distribution, B2B digital 20% …which means we are protected against diverse and balanced travel distribution business in the Asia Pacific media advertising and B2B payments. economic downturns world. Our global footprint provides a natural mitigation 30% Hence, Travelport delivers a consistent performance against region-specific factors which may impact the Today 79% of our Travel Commerce Platform revenue Europe even when there is a challenging macroeconomic supply of and demand for travel. comes from Air and 21% from Beyond Air (up from 4% 19% in 2013). Beyond Air is our fastest growth area – Latin America backdrop or downturn. We continue to invest in our Platform’s capabilities growing at 14% in 2014. & Canada We enable a higher quality of booking compared We target 7% of our annual revenue invested in capital 14% to direct channels… expenditure – around half of that is investment for Up to the end of 2014, Travelport achieved 10 consecutive Middle East & Africa quarters of total revenue growth, 10 consecutive quarters Travelport’s focus on corporate travel, high-end leisure growth as we accelerate our development of new 68% of Adjusted EBITDA growth and 12 consecutive quarters travel and international bookings means that the average capabilities, features and functionality to enhance International of growth in what we call RevPas – the average revenue transaction value received through the Platform by the Platform further to support new trends in we earn per segment booked in our system. This measure our airline, hotel and car rental customers is generally merchandising and to grow our RevPas. 32% takes into account not only the volume of transactions – United States higher than their own direct channels. We have a strong and secure capital structure… …at a fraction of the cost We have established a long-term sustainable capital Key financials Year ended December 31, As a cost of sale, the fees Travelport receives from structure, with a significantly reduced interest bill following a $1bn reduction in net debt in 2014. 2014 2013 2012 2011 the travel product provider are at an average cost of Net Revenue ($m, unless stated otherwise) approximately 2% of the ticket or room night value. Our term loan debt does not mature until 2021, Air 1,607 1,588 1,548 1,577 which means that our balance sheet is stronger Beyond Air 424 371 326 283 Our revenues are highly recurring and predictable and more secure. Travel Commerce Platform 2,031 1,959 1,874 1,860 We have a highly visible revenue stream as some Technology Services 117 117 128 175 …and excellent free cash flow generation 70% of our travel providers and travel agencies are Net Revenue 2,148 2,076 2,002 2,035 contracted for more than one year ahead. With low capital intensity and a much reduced Travel Commerce Platform revenue as a % of net revenue 95% 94% 94% 91% debt burden, we are well placed to generate % of Air segment revenue from Away bookings 62% 62% 60% 58% No customer accounts for more than 10% significant free cash flows as we move forward. Beyond Air revenue as a % of Travel Commerce Platform revenue 21% 19% 17% 15% We have thousands of travel providers providing International revenue as a % of Travel Commerce Platform revenue 68% 68% 66% 64% content to our Platform, yet none is greater than eNett revenue 67 45 19 2 Travel Commerce Platform Reported Segments and RevPas Reported Segments (millions) 356 350 347 355 International RevPas $6.98 $6.81 $6.55 $6.32 United States RevPas $4.10 $4.07 $4.03 $4.02 Travel Commerce Platform RevPas $5.70 $5.60 $5.40 $5.24 $5.70 356m $2,031m Other Key Metrics ($m, unless stated otherwise) RevPas – the average revenue Reported Segments – the number Total net revenue generated by our Adjusted EBITDA 540 517 494 501 earned per Reported Segment of travel provider air and hospitality Travel Commerce Platform in 2014 Adjusted Net Loss (11) (48) (80) (96) sold through our Platform in 2014 segments sold through our Platform Unlevered Adjusted Free Cash Flow 255 293 336 305 by our travel agency network in 2014 Capital Expenditure 144 127 108 91 Adjusted EBITDA margin % 25.1% 24.9% 24.7% 24.6% Capital Expenditure as % of net revenue 6.7% 6.1% 5.4% 4.5% 08 Travelport | A Platform for growth 09 Travelport: CaseAbout studies us

Our journey to redefine

Travelport has undergone a travel commerce tremendous transformation, with a For the past several years at Travelport, we have In particular, we knew that as competition within the substantively strengthened Travel observed a few core trends within the travel and airline industry increased, the best travel platform would Commerce Platform able to truly tourism industry: require a robust offering of low-cost carriers (LCCs). make travel merchandising real. • First , it remains clear the degree to which travel By deeply integrating these traditionally consumer and tourism will remain one of the world’s largest focused businesses into a distribution platform With nearly $90bn transacted across industries, with well over $8 trillion in spending in tailored to maximise reach within the business travel our Platform in 2014, teamed with 2014 helping to support approximately 1 in 11 jobs community, we have done just that with leading LCCs globally and nearly 10% of global GDP. Further, this including AirAsia, easyJet, Ryanair and Tigerair already a significantly improved financial industry is expected to grow at a 4% CAGR through signed up on the Platform. 2025, which given its size translates to an $11 trillion structure, it is clear we have the Our reach extends even further when looking at market and presents attractive growth opportunities Beyond Air – the services we provide to non-airline foundation necessary to continue for a company like Travelport. travel providers such as hotels, car rental services, rail growing our business.” • Second , while the industry is growing at a respectable and cruise-lines. As of the end of 2014, we boast over rate, there is also intensifying competition among 650,000 unique hotel properties bookable on our Gordon Wilson travel providers. To fully appreciate the impact of this Platform, a number that is broadly triple the size of President and CEO competition, it is important to understand a few of our main competitors. the drivers for this. Namely, as customer demands The power of our Travel Commerce Platform is best and expectations trend higher, so too do the travel seen in two important areas: providers’ need to expand beyond simply booking singular itineraries, with only one airline seat or • First, this large collection of content is not just hotel room. In contrast, providers have sought to impressive in isolation. The key is the way our Platform sell better, more powerful experiences in an effort enables these parts of an individual’s itinerary, which to expand their value proposition to increasingly were previously considered as seperate silos, to be global customers. As a tremendous illustration of this booked at once, in one place. A vacation, for instance, dynamic, Delta Air Lines alone has recently indicated is not only your airplane seat, but also your hotel room a goal to seek a further $1.5bn by 2018 from new and rental car, among others. This approach aligns us product sales, including from ancillary services such closely with our travel provider customers’ vision of as seat upgrades, in-flight internet, etc. ‘selling an experience’. These two dynamics translate to a conclusion that a • Second , to fully realise this value proposition requires traditional GDS is nearly incompatible within this evolving a Platform that allows travel providers to cross- and marketplace. With a linear focus on distributing airline up-sell in a way that aligns with their brand and seats in isolation, a traditional GDS is unable to readily approach. Truly realising this vision can only be done and easily build a traveller’s itinerary, including the nearly by enabling airlines to sell their content, their way – dozens of items a modern-day trip now comprises. including raising their value proposition from a single alphanumeric line of text, which is how our industry Platform and Strategy had shown flights for over 40 years. By understanding these broad developments, Travelport has been busy at work redefining travel commerce with a significantly improved Travel Commerce Platform. This Platform does not just $580m provide industry-leading content, but also directly Strategically invested in our Platform enables travel providers to present their unique since 2012, with a clear focus on value propositions to customers. redefining travel commerce 10 Travelport | A Platform for growth 11 Travelport: CaseAbout studies us

Furthermore, all indications are that the growing trend for Of course, in addition to our solid operating Our journey to redefine travel commerce experiential travel, especially on a short break basis, will performance, during the year we were also able cause consumers to book more of the type of hotel and to realise substantial improvements to our capital continued other products which lend themselves well to the eNett structure and balance sheet. In particular, our model in terms of how the retailer of the travel product completed , divestiture of our onward pays the hotel or other product supplier. ownership in Worldwide and various debt-for- Since 2011, by listening to our customers and having Examples of such clients include online travel agencies equity exchanges, have significantly improved our Performance and Growth a fundamental understanding of the industry, we (or OTAs as they are known), the providers of corporate leverage – by more than two full turns of Adjusted have sharpened our strategic focus to ensure that our self-booking tools, and a myriad of other ‘app’ developers Given these significant improvements to our EBITDA from 6.5 times at the end of 2013 to 4.2 times, Platform is developed within this modern travel reality. seeking to offer real-time travel capabilities. Travelport Platform, there have been meaningful advances with net debt down 32% to $2.3bn at the end of 2014. Rooms and More provides multiple rates from multiple in our financial performance. In 2014, I am proud to say that we took the biggest The confluence of these trends translates to providers at independent hotel properties around the step to date in achieving our goals. For the past ten consecutive quarters, we have been substantively improved free cash flow generation, world. Adding this capability to Travelport Universal able to grow both top line revenues and our bottom allowing us to further invest in and grow our business. In particular, we have significantly expanded the breadth API means that, through one source, our customers line Adjusted EBITDA, with over $2.1bn in net revenue and depth of our offering. We have done this through can now access and book – in real time – an industry- and $540m in Adjusted EBITDA for full year 2014. Looking ahead a series of very important and notable additions and leading over 650,000 individual hotel properties There are a number of other milestones I could But beyond these headline figures, we have also been improvements to our Travel Commerce Platform. with multiple offers of rates and prices. mention but when you add all this up, Travelport has able to make substantive progress in the figures we entered into 2015 in a fundamentally better position Most recently in November, we launched the latest Finally, we also made a few notable investments watch most closely, which clearly show how the than it entered 2014. We have the substance to truly version of our leading point-of-sale application, to further strengthen our Platform: advancements we are making to our Platform are Travelport Smartpoint, which tightly integrates our redefine travel commerce. We are on the front foot • First , we acquired Hotelzon, whose technology translating into financial performance. Rich Content and Branding capabilities. This multi and being recognised by our customers, our investors enables individual hotel properties to load rates award-winning application enables our airline For instance, we have seen notable increases in our and our industry as being the leading innovator in for a specific corporate client and then distribute customers to not only sell their ancillary services, customer attachment rates. That is, the average number travel technology and distribution. these rates to the corporation, or TMC serving that of hospitality bookings made per airline tickets issued. but to promote their entire product value and brand None of this would have been achieved without a corporation. Since its acquisition in May 2014, we These grew from 41 such bookings per 100 airline propositions, with over 100 airlines already signed massive amount of hard work, dedication and focus have been diligent in expanding this business to tickets issued in 2013 to 43 per 100 airline tickets issued up to date. across the entire organisation. I thank our entire team additional locations, including Denmark, Norway, in 2014. This in turn is driving more value to the travel sincerely for the contribution that has been made. We As our customers increasingly improve their product Portugal and Ireland. And we will continue to bring providers we serve – almost $90bn in the year, more are at the forefront of a fascinating era for our industry portfolios and seek to push that content out to their this capability into a number of other countries in than many leading global e-commerce marketplaces, and I look forward to continued and sustainable success own websites, with Travelport Smartpoint we enable 2015 as we drive up the customer base. including eBay. our customers to activate that same content in their as we put further momentum under everything we have • Second , we acquired leading German tour operator indirect selling channels. Travelport is now one of With this level of commerce being transacted across built together and deliver to our full potential. distribution company, travel-IT. This business enables the only partners that enable a new set of product the length of the Platform, we saw a 2% increase in 2014 the real-time search and booking of both static and offerings to be shown, explained and transacted to in RevPas, or revenue per segment. This increase in dynamically-packaged tours from all the key tour any travel agency customer around the world. This ‘same store sales’ demonstrates how we are not only operators servicing the German leisure travel industry, is truly merchandising made real that aligns with our growing new customers, but also the traction we are which we believe is the largest outbound leisure customers’ strategic goals. It is a reality today – but gaining with all customers through our leading Air and industry in Europe. To give an idea of scale, travel-IT only with Travelport. Beyond Air offering. is populated with some 50 billion records of tour Gordon Wilson President and CEO Along similar lines, we have also made meaningful operator-offered content – a record being a dedicated progress in Beyond Air, the fastest-growing part of offer of either a hotel room or a dedicated flight or our business. During the latter half of last year, we a dedicated package. integrated our Travelport Rooms and More shopping Of course, a core component of our business and booking engine into Travelport Universal API, that substantively differentiates Travelport is our the vehicle through which third parties who want business-to-business payments operation, eNett to write their own front-end user experience can International. There continues to be an extremely access our content and functionality. positive outlook for continued growth here as signed customers are on-boarded and existing customers, especially the large online travel agencies, ramp up their usage of eNett’s Virtual Account Numbers (VANs) 122 million as a means to pay their hotel suppliers, in particular. $1bn Number of airline tickets issued in 2014, Reduction in net debt to $2.3bn at the end of up 2% from 2013 2014, representing a multiple of 4.2 times our Adjusted EBITDA for 2014 12 Travelport | A Platform for growth 13 Travelport: Air

Unrivalled geographic Leading exposure to high growth international regions... At present, the largest increase in passenger fleets The geographical origin of an air booking also has around the world is coming from international airlines a major impact on revenue. To illustrate this, our air in Asia Pacific and the Middle East. Travelport’s balanced business originating in the US represents 39% of coverage global footprint and strong presence in these regions our total air segment volumes. Yet in revenue terms, therefore perfectly aligns us to geographies where the US represents only 25% of our total air segment growth will be the strongest. revenue. The key reason for this is a feature of our price and value equation which we characterise as The majority of Travelport’s Travel Commerce Platform Historically, our industry has used the volume of air ‘Home and Away’. revenue is generated from outside the United States bookings made in GDS systems as the key measure and that proportion is increasing. In 2014, 68% of our revenue was generated from ‘international’ transactions of success. – that is, they originated in countries other than the US. This is up from 64% in 2011 as we have expanded our global footprint – and indeed our revenue from 68% 170 international bookings has grown at a compound of our Travel Commerce We serve over 170 This is outdated for two core reasons. annual rate of over 5% since 2011. Platform revenue is from countries globally Total GDS industry air bookings by geography international bookings First, while the volume of air segments is important, (in 2014) so is the volume of hotel and car rental bookings and other services. In recent years, as the value to travel 31% United States providers and travel buyers of non-air bookings has increased vastly, Travelport has been a clear winner 31% Europe in this space, growing its non-air segments at a compound annual growth rate of 4.3% between 11% ...and a focus on higher value ‘Away’ sales in Air 2011 and 2014 (compared to our competitors who Latin America & Canada have either been flat or negative). 17% In the Home market of an airline, where their brand is Second, not all air segments have the same value. The Asia Pacific strong, the level of direct booking by customers (for Travelport Away Segments in 2014 value of a segment can depend – quite significantly in 10% example, via the airline’s website) is higher than it is many cases – on the geographic origin of the booking. Middle East outside the airline’s Home market – particularly for leisure By volume & Africa customers. But in countries outside the Home market % of total Air Segments As you can see from the chart to the right, across all of the airline, carriers need relatively more help with the major global GDSs, 31% of air segments are booked their distribution. We call these Away markets and they 42% Travelport air bookings by geography by travel agencies located in Europe, 31% in the United include countries that are at the other end of the routes By value States and 17% in Asia Pacific. (in 2014) to which a carrier flies and/or countries that it doesn’t % of Air Segment revenue 39% fly to but in which it seeks to develop business. The second chart demonstrates that Travelport’s air United States 62% bookings are closely aligned to this global travel landscape. Travelport is able to price transactions in Away markets 26% The graphic above illustrates our focus on high-yielding Away segments The point is, we are meaningful in all major geographies Europe at more of a premium than bookings made in Home – whilst only 42% of our Air segments sold are in Away markets, they – not just in one or two of them. For example, even using 5% markets reflective of their value to the airline. Last generate 62% of our Air segment revenues the simple measure of GDS air bookings, Travelport is the Latin America year, some 42% of all the airline bookings we made second largest GDS in the United States, Europe, and the & Canada for our airline customers were for Away segments. Middle East & Africa. Indeed in the two largest regions by 19% But these Away segments represented 62% of our bookings, the United States and Europe, we are at least Asia Pacific total air segment revenue. 75% bigger than the third player GDS in each region. 11% The depth and balance of the global footprint that Middle East we have provides us with a greater ability than some Our geographic coverage is unrivalled in our space. & Africa JARGON BUSTER This means that when we work with either our travel of our competitors to efficiently deliver more of these ? content provider customers or our global travel agency Source (both charts above): Travelport Marketing Information higher-yielding Away segments to our airline customers. What are Away bookings? customers, Travelport can deliver service and reach to Data Tapes (MIDT), based on GDS air segments processed For example, two of the biggest contributors to the Away bookings are bookings made by travel buyers in 2014. GDS industry data includes Abacus, but excludes increase in global airline capacity, Etihad Airways and them virtually anywhere in the world – at scale. Travelsky and other regional GDSs. located outside the travel provider’s home country. Travel Qatar Airways, have two-thirds of their passengers providers, such as airlines, value Away bookings because connecting through (rather than originating in) their we provide access to demand in regions where the home countries, which have small Home markets. So, airlines’ brands are weaker they fill their existing and planned capacity increases largely from the Away markets they serve or seek to be sold in. 14 Travelport | A Platform for growth 15 Travelport: Air

...to an intuitive Transforming air merchandising platform

This, on the other hand, is Travelport’s latest travel merchandising agency point-of-sale application, Travelport Smartpoint. It enables airlines who subscribe to our Rich Content and Branding to detail what the traveller will get for their money, what optional extras such as seat assignments Our focus is on enabling our airline customers to increase or checked bags they could add, and what an upgrade the revenue they earn per seat sold. We have done this by might cost. The difference between Travelport Smartpoint and the standard GDS is night and day. listening to these customers and redefining this piece of the To date, over 100 carriers have signed up to travel commerce equation as a result of the investments Travelport’s Rich Content and Branding including airlines such as United Airlines, British Airways, we have made. Air China, Ryanair and easyJet.

A smarter choice! Travelport has responded to the needs of airlines – • Travelport Smartpoint is intuitive and easy to both LCCs and network carriers – to redefine the way use. This means less time training, and more in which their value proposition is delivered to the travel 100+ time selling for agents agency and corporate travel channel through which Airlines signed for Rich Content and Branding, • Travel agencies can offer customers more travel they seek to sell. The content, devices through which with over 60 airlines’ content already live choices, convert more sales opportunities, and can it is sold, and the airline needs, have all evolved – and in Travelport’s point-of-sale applications sell more airline products and services more often Travelport has evolved with them and for them. (as of April 2015) • Travel agents can book full service airlines and low-cost carriers side-by-side, and sell hotel rooms and car hire with ease • It is available in more than 170 countries

Furthermore, third parties can write to the Travelport Universal API in order to obtain all of From legacy desktops... Travelport’s travel content and functionality which they can then incorporate into their own applications. This is a traditional GDS screen – showing how This is, essentially, how we interface into our major the industry has presented airline products for online travel customers – as well as the world’s well over 30 years. This worked well for booking, leading corporate travel self-booking tools alongside pricing, amending itineraries, billing and invoicing. thousands of Android and iOS-based applications It is somewhat similar to a Bloomberg terminal and focused on the end consumer. just as fast. However, effectively the screens reduced the airline’s product offering to a line of alphanumeric text detailing the flight schedule, availability by booking or fare class and the type of airplane used.

JARGON BUSTER The image above shows Travelport Smartpoint’s ? innovative point-of-sale application, with an intuitive What is Rich Content and Branding? Graphical User Interface (GUI) and interactive seat Travelport Rich Content and Branding is a solution within map displaying choices for a flight between Sydney Travelport’s point-of-sale applications which allows airlines to and London more effectively control how their flights and ancillaries are visually presented and described on travel agency screens, aligning to the airlines’ value proposition and bringing the The image above is a traditional GDS cryptic, alphanumeric display more in line with airlines’ own websites screen displaying airfare and seat assignment choices for a flight between Sydney and London 16 Travelport | A Platform for growth 17 Travelport: Air

Travelport gets paid by the airlines whose products it Focused on value creation distributes on a fee per transaction basis. But the size Enabling a revolution in of the fee depends on factors such as the geographical It is for this reason that Travelport has invested in origin of the booking and the ancillary services merchandising capabilities that include the sale attached to the base flight reservation. of ancillary services as well as Rich Content and airline ancillary distribution Branding to enhance the airline value proposition. Our merchandising capabilities create value Travelport Ancillary Services allow travel agencies for airlines through: to sell airline ancillaries, such as checked baggage, • differentiating their products and services Airline ancillaries are a key area of focus and value creation premium seats and lounge passes, directly through from their competitors their existing interface rather than needing to book for our airline customers. This is a major growth opportunity separately on an airline’s website. This is especially • building awareness of their brand and valuable to airlines given the increasing importance product offerings for airlines, with some already generating over 20% of their of ancillaries to revenues and profitability. • maximising their ability to realise the full revenue potential of the ancillaries opportunity revenue from selling these services. Most airlines, however, It was LCCs who first developed the ancillary revenue model, and they attribute a far greater proportion of have barely scratched the surface of the potential in this area. their overall revenue to this aspect of their business. They therefore see Travelport as an attractive distribution partner to them because of our capabilities in this area. 50+ Ancillaries are services such as seat assignment, extra Types of ancillary services that we currently baggage, change requests, wi-fi, and lounge access. distribute on behalf of our airline customers It is estimated that fees for such ancillaries generated $50bn some $50bn in revenue for the world’s airlines in 2014. Generated in revenue, through sale of This is predicted to increase to $67bn by 2016. ancillaries by the world’s airlines in 2014 The images to the right show a split-screen of Several of the world’s leading airlines – network carriers Travelport’s industry- and LCCs alike – have already laid out ambitious goals leading Travelport Smartpoint and Travelport to capitalise on the full value of this opportunity. Universal Desktop point- of-sale applications. The 400% image from Travelport Growth in revenue from the sale of ancillaries Smartpoint (left-hand by the world’s airlines, between 2008 and 2014 side) displays Delta’s new ‘Delta One’ branded fare with Rich Content and Branding applied, which The image to the left is a enables airlines such graphical matrix indicating as Delta to differentiate ancillary options for a selected their product offerings air fare. The matrix displays from the competition, as ancillaries included within the they would on their own fare, plus those as chargeable websites. The Travelport additional services. These Universal Desktop image ancillaries appear within the (right-hand side) shows agents’ workflow fare options for a flight search, with a ‘hover-over’ pop-up box displaying the benefits and price associated with an up-sell 18 Travelport | A Platform for growth 19 Travelport: Case studies

Our experience working with Travelport and Managing the the TMC community has been very positive. Creating value business traveller We engaged with global distribution systems in order to reach the corporate managed traveller and Travelport has enabled us to do for airlines this, while increasing our yield per seat. Our strategy going forward is to build and grow this relationship.”

Anthony Drury Head of Business, easyJet One of the main strategic priorities for easyJet, one of the world’s top 10 airlines by passengers boarded, is to significantly increase its share of the business travel industry, specifically the managed business traveller sector where travel requirements are coordinated through retained corporate Extending our product travel agencies. As a new sector for easyJet, it offers both strong offering and reach growth potential and the opportunity to realise higher average ticket prices. But to realise these Delta Air Lines provides more than 5,400 travel agencies worldwide in the same way it is sold benefits, easyJet required visibility on industry-wide booking platforms. flights a day in 64 countries on six continents on Delta.com. Travelport’s unique Rich Content and Branding and Graphical Seat Map functionality allows and serves around 170 million customers Travelport’s strong presence in key easyJet geographies, agents to experience the cabin in its entirety, in exactly exposure to the corporate channel, and its industry- each year. Delta is also a long-term strategic the same way as travellers would on Delta’s own website. leading commerce platform were a perfect match partner of Travelport, with ticket sales of In contrast to legacy GDS operators, Travelport enables to enable easyJet to achieve its goals. $8.4bn through our Platform last year. the value proposition behind each of Delta’s products to merchandise themselves right at the point of booking. Travelport’s Travel Aggregated Shopping solution meant that easyJet could be inserted into travel In 2012, Delta made a strategic decision to compete This results in agencies being able to: agents’ availability screens, allowing easyJet to with low-cost carriers and introduced a new Basic • Illustrate Delta’s product offering in detail with effectively compete for managed business traffic for Economy branded fare – offering cheaper flights, imagery and marketing text, replicating Delta’s the first time. Travelport’s innovative API connectivity but with fewer flexibility options – in order to attract own website for brand consistency. and Rich Content and Branding functionality enabled customers that had flocked to increasingly popular easyJet to tailor their content to be agent-specific and discount airlines. In December 2013, they also • Differentiate the product offering based on sales truly convey their value proposition to agents. introduced a new (ancillary) product called needs. Rich Content and Branding enables Delta Economy Comfort (recently rebranded as Delta to effectively communicate the features of their With this new access to the managed business Comfort+), reflecting changing consumer behaviour. products to travel agencies all over the world. traveller sector, empowered by Travelport, easyJet is enjoying significant growth in booking volumes Travelport combined standard fare distribution with • Facilitate upselling opportunities, whereby agents from the indirect channel, whilst also benefiting our innovative API through Travelport’s Smartpoint can easily compare Delta’s products and their from higher yields per seat. point-of-sale application. This enables Delta to sell its attributes, alongside price options, to better Economy Comfort (now Delta Comfort+) product via inform travellers and help meet their needs. Travelport and Delta are continuing to closely collaborate. Delta’s newest branded fares – Delta One/ Delta Delta One/First Class, Delta Comfort+, Main Cabin First Class Comfort + Main Cabin/Basic Economy and Basic Economy – have just been launched into 74% DID YOU KNOW... the marketplace via Delta’s direct channels and, Growth in easyJet’s booking volumes through i at the same time, with Rich Content and Branding the Travel Commerce Platform (over the We were the first travel distribution business to service all via Travelport Smartpoint. This is truly merchandising 12 month period ended September 30, 2014) of the world’s top 10 airlines (by passengers boarded) made real today – but only with Travelport. 20 Travelport | A Platform for growth 21 Travelport: Beyond Air

Independent hotels further details). We plan to significantly grow this Outside of North America, chain hotels account travel commerce capability, particularly in international Extending the for less than 20% of all hotel properties, and in regions where there is much more hotel fragmentation Europe and Asia in particular there is a much than in the United States. larger independent – or non-chain – hotel industry. Car rental, cruise-lines, rail networks Platform beyond air Travelport has therefore invested in meta-search and tour operators technology, so that our travel agency customers can Our relationships with travel providers extend significantly now see, compare and book all the hotel content beyond airlines and hotels. We distribute car rental offered by major hotel distributors such as Priceline products for brands such as Avis, Dollar, Enterprise, Alongside our industry-leading air distribution and and Expedia in addition to the chain hotels traditionally Hertz and National from around 35,000 car rental offered by the GDS. What we have created – which is locations, with 85 million car rental days sold through merchandising solutions for our airline partners, our unique to our industry – is the equivalent to a Kayak our Platform in 2014. We also serve 61 cruise-lines and Travel Commerce Platform also has a distinct and or Trivago, but for the B2B space that we specialise in. tour operators, and 12 major rail networks worldwide. The result is that we have increased the number of Furthermore, at the end of 2014 we acquired a majority differentiated focus on travel commerce beyond air, individual hotel properties available on our Platform stake in a leading German tour operator distribution including hotel and car rental distribution, B2B digital from around 100,000 in 2011 to over 650,000 in 2014. company, travel-IT. This business enables real-time We believe this figure is the largest in the B2B sector by search and booking of static and dynamically-packaged media advertising, and our pioneering B2B payment some considerable margin. Each travel agent now has a tours from the key tour operators servicing the German comprehensive range of choices for his or her customer. leisure travel industry, which is delivered into travel agency retail outlets in Germany as well as through API solution (which we cover in detail on pages 24 and 25). In addition, we have also been able to integrate into connections for online agencies. our system independent hotels which offer private negotiated rates to corporations who book regularly These are further examples of how the content, with them. Our acquisition of Hotelzon in May 2014 geographic reach and extensibility of our Platform enables us to offer corporate hotel bookings in the is driving significant value for our travel provider and Extending the platform to hotels and car rental... independent hotel sector (see pages 22 and 23 for travel agency partners. ...accessed through the same intuitive Platform, Hotel chains offering advertising opportunities There are some 27 million hotel rooms to be filled 63 million every night across the world. Around a quarter of Digital media advertising Number of hotel room nights sold through our these rooms go unsold – with even the big chains We operate across 170 countries, with our proprietary Platform in 2014, up 4% from 2013 only managing occupancy of around 65%. browser and app-based point-of-sale applications linked While big hotel chains possess the size and scale to some 259,000 travel consultant desktops. This to market and sell their rooms to potential guests creates an opportunity for travel content providers to worldwide via direct channels, Travelport’s global advertise their products on our prime digital real estate. reach through 67,000 travel agency customers, can 85 million Our technology can ensure that advertisements for add significant incremental value when it comes to Number of car rental days sold through our a particular hotel can appear on screen when a travel increasing occupancy rates. And a fee is only payable Platform in 2014, up 12% from 2013 agent conducts a flight search for the destination city to us when a booking is made. of the hotel property. Similarly, where an airline is keen More importantly, the Average Daily Rate (ADR) that to promote a particular routing, or to announce a new * A hospitality segment hotels achieve through our Platform is on a par with route or service, we can serve up an advertisement refers to one complete bookings from hotel call centres – the highest type of detailing that airline’s alternative service, product or price. hospitality booking. For 43 revenue-generating bookings that hotels achieve today. example, a five night We have some 5,000 advertisers on any given day, hotel stay equals one Number of hospitality (or non-air) segments* sold The difference is that bookings via Travelport come hospitality segment. for every 100 air tickets issued in 2014 (which has seeking to influence our global network of travel agencies. Hospitality includes grown from 34, in 2010) at a significantly lower cost. hotel, car, rail and other non-air bookings. We have around 100,000 chain hotel properties fully bookable on our Platform, and last year we delivered over 63 million room nights to our hotel customers, DID YOU KNOW... i 14% up 4% from 2013. While this is good, we see enormous scope for With over 650,000 unique hotel properties bookable through Beyond Air revenue growth in 2014. Beyond Air our Platform, this represents more bookable properties than revenue in 2014 of $424m included $67m related further growth. either of Expedia and Booking.com to eNett, whose revenues grew by 49% in 2014 22 Travelport | A Platform for growth 23 Travelport: Case studies

Hotelzon – innovative Creating value for solutions for corporate corporate customers hotel bookings Travelport has addressed how independent hotels which offer private negotiated rates can sell to corporations and the Travel Management Companies (TMCs) that those corporations might use.

Via the Hotelzon Extranet solution, independent hotels and small hotel chains that are normally unable to For years, Travelport has distributed the rooms of large multiple European locations, including the UK, Finland, connect to distribution systems now have an efficient hotel chains to corporations and TMCs. However, the Sweden, Romania, France, Poland, Ireland, Denmark, distribution option to reach specific corporate customers independent hotel sector – which in our estimation Norway and Portugal. The business already has an as well as a broader global distribution. Anne Moberg makes up over 80% of all hotel properties outside of extensive corporate customer base all around the explains: “Hotelzon has very strong hotel content – but the United States – was largely unserved in this regard, world, and several of the world’s largest TMCs. the ability to have specific hotel properties added, for often resorting to handling phone calls and/or email instance a smaller hotel near an ABB location or key bookings for their key corporate clients. This has led to Hotelzon Online – customer, makes the Hotelzon solution extra relevant”. inefficient, time-consuming and highly administrative booking processes for both the hotels and the ABB’s global choice The partnership between ABB and Hotelzon also corporations and TMCs. extends to system and process innovation. For Hotelzon Online example, ABB’s internal city guides are available Travelport has solved this unmet industry need through Hotelzon Online is a self-booking tool for any ABB is one of the largest engineering companies within the Hotelzon system, and ABB travellers our acquisition in May 2014 of Hotelzon, a Nordic-based corporation looking to save on hotel costs. It in the world, specialising in power and automation can make bookings via mobile devices. company specialising in corporate hotel bookings in has 24/7 availability and easy integration with technologies. The company operates in more than the independent hotel sector. Hotelzon’s Hotel Extranet Hotelzon continues to demonstrate its agile and corporate reporting systems. Hotelzon Online has 100 countries and employs over 140,000 people – enables an individual hotel property to load rates for a innovative approach, as well as its responsiveness to been developed in consultation with Hotelzon’s of which around 50,000 employees’ hotel bookings specific corporate client and then distribute these rates ABB’s every need – both in terms of development and corporate customers, with compelling benefits: for business trips are made through Hotelzon. to the corporation, or TMC serving that corporation. service. Through simple integration with ABB’s various travel procurement and back-office systems, Hotelzon’s • Saves time and resource – via an easy-to-use ABB has worked with Hotelzon since 2004, and in In addition, its new and state of the art self-booking tool self-booking tool 2010 chose it as the group’s global hotel booking tool. solutions and reporting tools enable ABB travellers to – Hotelzon Online – provides corporations and TMCs “As many of our travellers book their travel themselves, fully comply with ABB’s travel policies and procedures, with the tools to simplify its corporate hotel booking • Significant savings in hotel spend – through the user-friendliness of Hotelzon is a key criterion,” says while providing the most cost-efficient travel options. process, implement company travel policies, and corporation-negotiated, Hotelzon-negotiated, or Anne Moberg, Global Category Leader for hotels in provide control functions with real-time reporting. ‘Best Available’ rates, with no transaction fees ABB. “The reliability of the system and global customer At the same time, Travelport onward distributes • Control and transparency on spend – tailored service proposition are also vital for us.” Hotelzon-contracted hotels including the special to hotel and/or rate policies of the corporation, Hotelzon’s solutions allow ABB to apply their travel rates negotiated for corporations through the existing with real-time automated reports providing policy across its many locations around the globe in a Travelport hotel booking system used by our TMC visibility on hotel spend simple and intuitive way. This has enabled ABB to not DID YOU KNOW... clients. This means that they can now be booked i only increase the efficiency of its hotel spend, but also seamlessly and with no process flow changes required • More choice – over 175,000 unique hotel to significantly reduce costs within the organisation. 63 million hotel nights were booked through the Travel by the corporate travel agencies who work with us. properties, fully available online Services such as rate audits, hotel programme updates Commerce Platform last year – enough to fill every room in one of the world’s largest hotels, the MGM Grand in • Fulfils duty of care obligations – corporations and travel profile uploads are automated in Hotelzon, and We plan to significantly grow this travel commerce Las Vegas, every night for over 34 years capability, particularly in international regions where can track the whereabouts of their employees so routine tasks can be processed quickly and efficiently. there is so much more hotel fragmentation than in in case of an emergency the United States. Hotelzon currently operates across 24 Travelport | A Platform for growth 25 Travelport: Beyond Air

Redefining B2B payments eNett payment model TRAVELLERS ONLINE AND TRAVEL OFFLINE TRAVEL 2 PROVIDERS Leveraging over 40 years of domain expertise, Travelport has AGENCIES developed a unique and pioneering B2B payments business called eNett International in order to address significant unmet needs in the travel industry. With a proven business model, eNett has a clear first mover advantage within an addressable market of over $800bn. 1 4 3 5 What are the unmet needs of the industry? • Time and resources: travel consultants at large Where consumers buy travel from a travel agency, the agencies can typically spend up to 10% of their time 1. Traveller books and can pay with multiple forms of payment travel agent is the merchant of record. A travel agency manually reconciling the aggregated payments they 2. Agent funds ‘Pay In’ account will create an itinerary for the customer, the customer have made to a travel supplier to each individual 3. eNett VAN is generated according to booking criteria and accepted by travel provider will pay the agency by card or cash, and then the travel customer booking. Based on our estimates, some 4. Agent receives real-time, automated reconciliation data agency will onward pay the airlines, hotels, car rental $1.5bn is wasted by the industry each year on manual processing and reconciliation. 5. Provider processes as any Card-Not-Present (CNP) companies or other travel providers involved. MasterCard transaction The traditional payment methods involve either bank • Default risk: where the travel agency uses cash or wire transfers, the use of the travel agency’s own electronic fund transfers to make a payment, they are credit card or, in the case of flights, an airline-industry exposed to risk should the travel provider default. managed clearing system. These various methods • Fraud: travel agents often utilise an agency-wide World of opportunity have a number of drawbacks. credit card – or ‘lodge card’ as they are called – to secure hotel reservations and make payments Uniquely positioned Strategic partnership with MasterCard to suppliers, which is susceptible to fraud at both eNett’s revenue comes from a percentage of eNett has a long-term agreement with MasterCard, the agent and supplier end of the transaction. interchange, as well as from monthly product that essentially joins the global payments network of subscriptions and foreign exchange. MasterCard with the global travel distribution network of Travelport giving access to the payment systems eNett is already generating profits and we believe eNett’s unique value proposition – ‘the three Rs’ of virtually all the world’s travel providers who accept the model is highly scalable as we expand beyond Travelport has invested in and developed eNett to replace these outmoded forms of payment with their MasterCard as a form of payment. the core hospitality sector into air travel, including inefficiencies and risks, and convert the travel business to the use of Virtual Account Numbers or VANs. LCCs, as well as other sectors of the travel industry. eNett is not just for Travelport Smartpoint users eNett is focused on delivering what we call ‘the three Rs’. In 2014, eNett generated revenue of $67m, an Of course, eNett is seamlessly integrated within increase of approximately 50% on 2013, and Travelport Smartpoint. However it is also available 1. Reduced Risk 2. Reconciliation 3. Reward more than doubled its customer base. through an API connection for customers who do not use our point-of-sale applications. eNett VANs are single-use virtual Each individual VAN can be eNett receives a percentage of eNett is positioned for significant further growth as cards, and are pre-funded by automatically reconciled back interchange every time a VAN is it approaches more of its addressable market, which And, via the technology of Conferma – a leading the travel agency so there is no to the individual element of the used to make payment, some of we estimate to be around $810bn (as measured by global technology provider for Virtual Card Numbers credit risk. The payments run over customer itinerary for which it which is then shared with agency the total transaction value of payments made by – eNett VANs are also available to customers of our MasterCard’s global acceptance has been paid. customers in the form of a rebate. travel agencies to travel providers in 2014). traditional GDS competitors. network and can be set up to pay Travel agencies can therefore turn This compares well to traditional High barriers to entry a specified supplier on a specified what is an administrative, inefficient debit and credit card statements date, for a specified amount of and costly part of their operation eNett has a set of capabilities which are hugely which do not have specific money. Being single-use, fraud into an efficient area of revenue and challenging for others to replicate. Because it is the transaction descriptions. risk is significantly reduced. profit generation. Moreover, with cardholder, eNett can ‘on-board’ new travel agency customers within days and, at present, in over 65 JARGON BUSTER eNett therefore frees up 29 payment currencies (15 of which ? Moreover, the payments made countries worldwide. It has an operating cost model significant time and resources with local settlement capabilities), What is an ‘eNett VAN’? fall under the MasterCard which is significantly lower than entities which issue for travel agencies. eNett can enable a different currency An eNett Virtual Account Number (VAN) is an automatically Guarantee which gives a much for each VAN which means that virtual cards via banks – eNett does not issue plastic, nor generated MasterCard number that travel intermediaries higher degree of protection to significantly fewer transactions are paper statements, and is not subject to the credit risks can use to make supplier payments. 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26 27 Case studies Case Travelport: Travelport: Travelport | A Platform for growth for Platform A | Travelport 28 Travelport | A Platform for growth 29 Travelport: Case studies

Redefining agent efficiency Creating value for and customer service

World Travel, Inc. is the fourth largest To help agents fulfil their clients’ needs, World Travel, Inc. travel agencies independently-owned travel management made the decision to deploy Travelport Smartpoint’s innovative point-of-sale application across its entire company in the US, providing customised business. With its intuitive point-and-click tools and travel management services for its corporate the ability to book differentiated content, Travelport (and their travelling customers that generally spend between Smartpoint can speed up and enhance the booking $1m and $50m per annum on travel. process for agents and travellers, while empowering agents to maximise their revenue opportunities from More than ever before, World Travel, Inc. customers are up-selling and cross-selling. customers) demanding access to a broader range of travel content Travelport supported World Travel, Inc. in its deployment – from airfares and hotels, to ancillary services such as of Travelport Smartpoint with comprehensive on-site extra baggage and additional legroom. In addition, they training for agents, providing them with the knowledge are demanding detailed and instant information about and confidence they needed to begin working with the travel products at the point of booking, with an overall new application. World Travel, Inc. agents are now able to expectation that the reservation process will be fast, service their customers with differentiated travel content, efficient, flexible and full of choice. including low-cost fares and ancillary services such as Partnering with Travelport, HRG has reduced staff seats and bags, wi-fi, priority boarding and more. This Partnering HRG’s vision for training needs, as well as the time that its agents competitive advantage has attracted new customers spend on bookings. This has allowed HRG to increase while at the same time vastly improving the booking business transformation its transactions through Travelport by 22% over the experience for existing customers. last 18 months (with a lower uplift in associated costs Travelport ran us through a demo of Travelport Leveraging Travelport Smartpoint’s integrated booking and overheads), making Travelport HRG’s number one Smartpoint and it blew our minds. We saw how we process, agents are better informed to answer customers’ distribution partner by volume. With the support of queries faster, meaning they can minimise routine Travelport’s dedicated account management team, could save time with the graphical user interface (GUI), administration tasks and maximise the time they spend Travelport Smartpoint’s automated workflows and point-and-click controls and automation features. We selling and serving customers. World Travel, Inc. was also ‘point and click’ functionality, HRG agents have vastly also immediately saw the benefits of being able to pull able to reduce training time, as Travelport Smartpoint’s HRG is the global travel management improved their productivity. ancillaries and other content into our normal booking intuitive graphical user interface streamlined its agent training curriculum for new staff. division of UK-based Hogg Robinson Group process, which will eliminate the need to interrupt the Plc. HRG is one of the most successful travel Travelport has enabled our agents to provide workflow to access third-party supplier sites.” The company intends to keep pace with Travelport’s release schedule of enhancements to Travelport companies in the world, reporting total the first-class service our clients expect from revenues in 2014 of £341m from over Monet Raths Smartpoint, resulting in further efficiencies for agents HRG. Travelport Smartpoint provides us with Training and Development Manager, World Travel, Inc. and complete satisfaction for its customers. 120 selling locations. a wealth of relevant information and content, HRG continually reshapes its worldwide business to align which gives our clients the flexibility and to the evolving needs of the travel industry, while finding choice that they require. This has helped ways to increase agent productivity and workflow our volumes on Travelport grow by 22% in efficiencies, in order to drive sustainable revenue and earnings growth. Already a major customer of the the past 18 months. Travelport Smartpoint Travel Commerce Platform and a technology partner has also enabled us to achieve this in an to Travelport for over 40 years, HRG is familiar with efficient manner, through the productivity the benefits of Travelport’s product offering. In 2014, and workflow benefits attached to the HRG adopted Travelport’s ground-breaking Travelport Smartpoint point-of-sale application to help achieve its application. Travelport has a solid track business objectives and to meet its corporate clients’ record with forward-looking plans and requirements. Travelport Smartpoint, with its multisource they are absolutely the type of partner we content capabilities and rich graphics, has enabled HRG to need to ensure our continued success.” capture additional productivity and workflow efficiencies. In addition, HRG is servicing new online revenue streams David Radcliffe by integrating to Travelport’s Universal API. Chief Executive, Hogg Robinson Group Plc 30 Travelport | A Platform for growth 31 Travelport: Our team

A proven and motivated management team A strong and experienced Board

Douglas Steenland – Chairman Elizabeth Buse – Director Appointed to the Board August 2011 Appointed to the Board September 2014 Chairman of the Nominating and Corporate Governance Committee Ms. Buse is Chief Executive Officer of Monitise Plc, a global Mr. Steenland is Chairman of the board of directors at Performance technology services provider of mobile banking, payments and Food Group, Inc. In addition, he holds a portfolio of board directorships, commerce solutions. Prior to this, she served in a number of roles including RGIS, Inc., , Inc. and American International with Visa, Inc. from 1998 to 2014, most recently as Executive Vice Group (AIG), Inc. where, effective July 1, 2015, Mr. Steenland will also President, Global Solutions, and from 2010 to 2013 as Visa’s Group serve as Chairman of the board of directors. Mr. Steenland held President for Asia Pacific, Central Europe, Middle East and Africa. numerous executive roles during 17 years with Corporation, most latterly as President and Chief Executive Officer. Gavin Baiera – Director Appointed to the Board October 2011 Gordon Wilson – President and Chief Executive Officer Mr. Baiera is currently a Managing Director at Angelo, Gordon Appointed to the Board June 2011 & Co, L.P., a privately-held registered investment advisor currently Mr. Wilson was appointed to his current post in June 2011, having managing approximately $23bn. Prior to joining Angelo Gordon, previously served as Travelport’s Deputy CEO since November Mr. Baiera was co-head of the Strategic Finance Group at Morgan 2009 and as President and CEO of Travelport’s GDS division since Stanley. Prior to that, he was a Vice President at General Electric January 2007. Mr. Wilson has over 20 years’ experience in global Capital Corporation. electronic travel distribution, in various senior positions, including CEO roles with Galileo and Travel Distribution Services. Gregory Blank – Director During his career, Mr. Wilson has lived and worked in the United Appointed to the Board May 2013 Kingdom, the United States, South Africa and Portugal. Mr. Blank is currently a Principal in the Corporate Private Equity Left to right: Christopher Roberts, Kurt Ekert, Gordon Wilson, Philip Emery, Thomas Murphy, Matthew Minetola, Terry Conley Group of . Prior to joining Blackstone in Michael Durham – Director 2009, Mr. Blank was an Associate at Texas Pacific Group (TPG) Appointed to the Board September 2014 in San Francisco. Prior to that, Mr. Blank worked in investment Chairman of the Audit Committee 1. Gordon Wilson – President and Chief Executive Officer 5. Christopher Roberts – Group Vice President, banking at Goldman, Sachs & Co. focused on technology, media See page 31. Corporate Strategy and Development Mr. Durham currently serves on the boards of directors of Hertz and telecommunications clients. Global Holdings and Cambridge Capital Acquisition Corporation. Mr. Roberts joined Travelport in January 2014 and assists in the 2. Philip Emery – Executive Vice President, Chief Financial Officer Mr. Durham served as Director, President and Chief Executive Douglas Hacker – Director development of corporate strategy, including mergers & acquisitions, Officer of The Group, positions he held from 1996 to 1999. Appointed to the Board September 2014 Mr. Emery was appointed to his current role in October 2009. strategic alliances, and the development of new business initiatives. For the 16 years prior to joining Sabre, he worked at American Chairman of the Compensation Committee Prior to this, since September 2006, Mr. Emery was CFO of Prior to this, Mr. Roberts held various senior positions at Regus Airlines where he was Chief Financial Officer from 1989 to 1995. Mr. Hacker previously held several senior roles with UAL Corporation, Travelport’s GDS division. Before joining Travelport, Mr. Emery held Group Services, most recently as Global Director for New Business a number of global and European financial roles at UK and US-listed most recently as Executive Vice President for Strategy, and President Commercialisation. Before this, he was an executive of British of UAL Loyalty Services. He also held a number of roles with United companies, including Radianz, Rexam Plc, CoSine Communications Telecommunications Alliance for Hewlett Packard UK. and 3Com, Inc. He has over 20 years’ experience as a qualified Airlines from 1993 to 2001, including as Chief Financial Officer. chartered accountant. 6. Matthew Minetola – Executive Vice President, Mr. Hacker currently serves on the boards of Aircastle Ltd., Columbia Chief Information Officer Funds, NES Rentals Holdings, and SpartanNash Company. 3. Kurt Ekert – Executive Vice President, Chief Commercial Officer Mr. Minetola holds global responsibility for leading Travelport’s Steven Chambers – Director (not pictured) Mr. Ekert holds global responsibility for sales, customer engagement, technology organisation. Before joining Travelport in December New Appointment to the Board April 2015 product, marketing, pricing, supplier services/content and operations. 2014, Mr. Minetola gained over 30 years’ experience through a Previously, Mr. Ekert was Chief Operating Officer at GTA, a former Mr. Chambers most recently served as Executive Vice President number of senior, IT leadership roles in various high profile global and Chief Information Officer of Visa Europe Ltd. Prior to Visa Europe, Travelport-owned multi-channel travel intermediary, and Chief organisations. Most recently, he spent over 14 years working Operating Officer for Travelport/Orbitz for Business. Prior to joining Mr. Chambers held various leadership positions with ACI Worldwide, for HP in various global roles including CIO for their Financial Inc. and First Data Resources. He also previously served as a director Travelport, Mr. Ekert’s experience included a number of senior Services business. finance roles at Continental Airlines. of Monitise Plc. 7. Thomas Murphy – Executive Vice President, General Counsel  Gordon Wilson 4. Terry Conley – Executive Vice President, Capability and Performance Mr. Murphy joined Travelport in January 2015 and has overall responsibility for Travelport’s legal function. Prior to this, Mr. Murphy Mr. Conley is responsible for the Human Resources and Corporate was General Counsel and Company Secretary for William Hill Plc. Services functions, and was formerly Travelport’s Executive Vice During his eight year tenure, Mr. Murphy also served as Head of President of Integration, leading the integration of Worldspan into Business Systems and was Managing Director of the Americas. Travelport GDS. Prior to this role, Mr. Conley was Travelport’s Chief Before this, Mr. Murphy served as General Counsel for RHM Plc. Administrative Officer, responsible for communications, corporate IT, real estate and contact centres. Mr. Conley also held a number of senior roles at Cendant Corporation and PepsiCo, Inc.

Michael Durham Elizabeth Buse Gavin Baiera Gregory Blank Douglas Hacker 32 Travelport | A Platform for growth

Contacts

With representation in over 170 countries, Travelport’s Platform Corporate Headquarters is truly global. Langley, United Kingdom Europe 30%

Asia Pacific United States Latin America & Canada 20% 32% 4%

Data Centre Atlanta, United States

Middle East & Africa 14%

International Key 68% Corporate Headquarters Percentage of revenue Data Centre from international bookings (i.e. outside the US) Countries we operate in

Stay informed Contacts

Go online Corporate Headquarters Investor Relations Media Stay informed about Travelport, its Axis One, Axis Park Majid Nazir Kate Aldridge products, operations and investor relations, Langley Vice President, Investor Vice President, Corporate and access a full PDF download of this SL3 8AG Relations Communications brochure at: www.travelport.com United Kingdom T: +44 (0)1753 288 000 T: +44 (0)1753 288 857 T: +44 (0)1753 288 720 F: +44 (0)1753 288 001 [email protected] [email protected] www.travelport.com ir.travelport.com www.travelport.com/ media-centre Glossary of terms

Air: refers to our air distribution products Hospitality Segment: refers to one complete Travel Commerce Platform (or ‘Platform’): and services hospitality booking. For example, a five night refers to our proprietary B2B travel marketplace, Airline Ancillaries: refers to chargeable hotel stay equals one hospitality segment. made up of our Air and Beyond Air products services from non-ticket sources, such as Hospitality includes hotel, car, rail and other and services. Our Travel Commerce Platform seat assignment, extra baggage, wi-fi, priority non-air bookings accounted for 95% of Travelport’s net revenue boarding and lounge access IATA: International Air Transport Association – in 2014 API: Application Programming Interface – a trade association representing and serving Travelport Rooms and More: refers to our B2B specifies how software components interact the airline industry worldwide solution for independent hotels; a single-user with each other Interchange Fee: refers to a fee paid between interface that captures highly fragmented content and includes over 550,000 unique hotel properties Away Segment: refers to a booking made banks for the acceptance of card-based transactions by travel buyers located outside the travel LCCs: Low-Cost Carriers – airlines that generally Travelport Smartpoint: refers to our state of the provider’s home country have lower fares and fewer flexibility options. art point-of-sale application for travel agencies LCCs may charge for Airline Ancillaries and TMCs. This is available as a browser-based B2B: Business-to-Business or downloadable desktop application OTA: Online Travel Agency Beyond Air: refers to our non-air products Travelport Universal API: Travelport Universal and services, which include distribution and Reported Segments: refers to travel Application Programming Interface – the vehicle merchandising solutions for hotel, car rental, provider revenue generating units (net of through which third parties who want to write rail, cruise-line and tour operators, B2B travel cancellations) sold by our travel agency their own front-end user experience can access payments and digital media advertising network, geographically presented by our content and functionality region based upon the point-of-sale location CBT: Corporate Booking Tool – a tool used Travelport Universal Desktop: refers to our by organisations to manage their business RevPas: refers to a dollar-based measurement innovative booking solution that unifies selling travel online of ‘same-store sales’, which represents the and merchandising into a single platform average amount of revenue we earn from GDP: Gross Domestic Product – the monetary VANs: Virtual Account Numbers – single-use and value of all the finished goods and services each segment sold. Computed by dividing Travel Commerce Platform revenue by pre-funded eNett virtual cards, which run over produced within a country’s borders on an the MasterCard global acceptance network annual basis the total number of Reported Segments Technology Services: refers to our critical IT XML: eXtensible Markup Language – an open GDS: Global Distribution System – a standard used for encoding documents in a technology-based network that enables services to airlines, such as shopping, ticketing, departure control and other solutions. Technology specific format that is both human-readable automated transactions between travel and machine-readable providers and travel buyers Services represented 5% of Travelport’s net revenue in 2014 Home Segment: refers to a booking made by travel buyers located within TMC: Travel Management Company – a business the travel provider’s home country travel agency that manages an organisation’s business travel requirements

Financial definitions Disclaimers Adjusted EBITDA: defined as Adjusted Net Income/(Loss) excluding Forward-looking statements depreciation and amortisation of property and equipment, amortisation Certain items in this document, including matters relating to revenue, of customer loyalty payments, interest, and income taxes net income and earnings, and percentages or calculations using these Adjusted Net Income/(Loss): defined as net income/(loss) from continuing measures, capital structure, future business opportunities, plans, prospects operations excluding amortisation of acquired intangible assets, gain/(loss) or growth rates and other financial measurements and non-financial on early extinguishment of debt, share of earnings/(losses) in equity method statements in future periods, constitute forward-looking statements. These investments, the contribution from the terminated master services agreement forward-looking statements are based on management’s current views with with United Airlines, and items that are excluded under our debt covenants, respect to future results and are subject to risks and uncertainties. These such as gain on sale of shares of Orbitz Worldwide, non-cash equity-based statements are not guarantees of future performance. Actual results may compensation, certain corporate and restructuring costs, certain litigation and differ materially from those contemplated by forward-looking statements. related costs, and other non-cash items such as foreign currency gains/(losses) Travelport Worldwide Limited (the ‘Company’ or ‘Travelport’) refers you to on euro denominated debt, and earnings hedges along with any income tax our filings with the Securities and Exchange Commission (SEC), including related to these exclusions our Annual Report on Form 10-K filed with the SEC on February 27, 2015, for additional discussion of these risks and uncertainties, as well as a cautionary Unlevered Adjusted Free Cash Flow: defined as net cash provided by/ statement regarding forward-looking statements. Travelport expressly disclaims (used in) operating activities of continuing operations, adjusted to remove any obligation to update or revise any forward-looking statements, whether the impact of interest payments and cash paid for other adjusting items as a result of new information, future events or otherwise. which we believe are unrelated to our ongoing operations and to deduct Capital Expenditures Non-GAAP financial information Travelport analyses its performance using Adjusted EBITDA, Adjusted Capital Expenditures: defined as cash paid for property and equipment Net Income/(Loss), Adjusted Earnings/(Loss) per Share, Adjusted Free plus the repayment of capital lease obligations Cash Flow, Capital Expenditures, Net Debt, Trading Working Capital and Net Debt: defined as total debt comprising of current and non-current Unlevered Adjusted Free Cash Flow, which are non-GAAP measures. portion of long-term debt minus cash and cash equivalents, and cash Such measures may not be comparable to similarly named measures held as collateral used by other companies. The Company believes these measures provide management with a more complete understanding of underlying results, trends and the liquidity of the core operating business, along with the Company’s ability to meet its current and future financing and investing needs. Travelport refers you to our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K filed with the SEC on February 27, 2015, for additional discussion of such measures.

Corporate Headquarters Axis One, Axis Park Langley SL3 8AG United Kingdom T: +44 (0)1753 288 000 Designed and produced F: +44 (0)1753 288 001 by MerchantCantos www.merchantcantos.com www.travelport.com NYSE: TVPT