January 2016

Investors Presentation

AGENDA

Overview

Key Post IPO events & actions taken

Strategy

H1 Results Highlights

Outlook

1 H1 2015-16 Results Roadshow eDreams ODIGEO has built a highly successful travel business over the past 15 years BRANDS #1 Flight retailer in Europe 325M monthly searches 16M customers served last year 139 Web sites1 44 countries where we operate

1 Includes sites across all markets, brands, and devices

2 H1 2015-16 Results Roadshow Online travel is a large and growing market with untapped opportunities

1 Online Leisure Travel is the 2 Improving world economy, with 3 Online travel gaining share from largest eCommerce category with air travel historically growing offline, with OTAs gaining share untapped segments faster than GDP vs. supplier direct

Worldwide Business to consumer Passenger traffic growth vs. world eCommerce spending (US$bn, 14-15E) GDP growth Online travel penetration of total travel

1 4 2014 A Passenger traffic growth 2013A 2015E 2015E World GDP growth 2 45% 43% 45% Travel/GDP Ratio 3 42% 600 3.0x 31% 2.8x 25% 23% 20% 324 329 500 2.6x

Last 10 years 2.4x average ratio EU APAC LatAm US 400 of 1.9x2 2.2x 1.9x OTA share of online travel evolution 2.2x 2.0x 174 5 152 151 300 1.8x 2013A 2015E 134 41% 39% 40% 41% 40% 1.6x 37% 35% 36%

200 1.4x

1.2x

100 1.0x Leisure Apparel Consumer 1980 1985 1990 1995 2000 2005 2010 2015 EU APAC LatAm US Source: PhoCusWright European Online Travel Overview 10th Edition (2015), Travel electronics PhoCusWright U.S. Online Travel Overview 14th Edition (2015), PhoCusWright Asia Source: Euromonitor Source: IATA 2010, Economist Intelligence Unit (EIU), ICAO Pacific Online Travel Overview 8th Edition (2015); PhoCusWright Latin America Second Edition Online Travel Overview (2014) 1 ICAO/IATA for scheduled passenger traffic figures indexed to 1980 (IATA forecast for 2015); 2 Economist Intelligence Unit GDP in constant US$ (2005) indexed to 1980; 3 Calculated as passenger traffic growth index divided by World GDP growth index; 4 2015E for LatAm; 5 2015E for US and LatAm

3 H1 2015-16 Results Roadshow eDreams ODIGEO has a strong presence in the most attractive geographic markets worldwide

eDreams ODIGEO has strong presence in the fragmented and eDreams ODIGEO is present & growing in 15 out of 16 complex European travel market which is highly attractive to OTAs largest online travel markets identified by PhoCusWright

Europe US Online travel gross bookings 2013 growth by market in increasing order of 2015 gross bookings8 c. 120 Number of c. 60 eDreams ODIGEO

airlines1 presence China 110% Market share of 75% 29% top 4 airlines1 Supply  Colombia 50% Airline brand Low High recognition Peru  47%

Proportion of Domestic 20% Int’l India 36% domestic vs. 23% Int’l  International 80% 1 Domestic Brazil 36% travel 77%  Fragmentation of c. 24% c. 6% Mexico 33% flight routes1,2 

Multi-legged Spain

Customer habits Customer Many Fewer segments  25% Chile 25% Other  20% OTA market Other Top 3 Italy 25% 3  concentration 37% players Top 3 63% players4 Japan 20% 80%  Service fee by

airlines/OTAs  /   /   US 20% Distribution # of affiliates Large Large  Germany 16%

Number of  ANZ 13% 50 1 countries

UK 13% Languages 235 26  Scandinavia 9% 7  Other Currencies 11 1 Legal, Tax,  France 8% Payment methods Many Fewer 1 Industry research; 2 Top 10 from-to city pairs - % of total passengers; 3 Priceline, Expedia and eDreams ODIGEO, based on gross bookings as reported and defined in PhoCusWright reports; 4 Expedia, Orbitz and Travelocity, based on gross bookings as reported and defined in PhoCusWright reports; 5 European Union designated by agreement with member states; 6 English and Spanish taken into account; 7 Includes Norway, Switzerland and 9 countries belonging to the EU but not to the Eurozone; 8 Asia Pacific Online Travel Overview Eighth Edition, European Online Travel Overview Tenth Edition, Latin America Online Travel Overview Second Edition, U.S. Online Travel Overview Fourteenth Edition 4 H1 2015-16 Results Roadshow Online intermediary players successfully link customers to products and thereby capturing above market-average value

Average ROC, FY’95-’14, Percent

Average EBIT margin, FY’95-’14, %

12  15-25% Typical OTA 11 commission per 15 Hotels Online Travel booking charged to 10 Agencies hotels 9  Priceline has a 8 Cruise Ships 55 current market 7 capitalization of $66 15 billion. This is more 6 18 than the three largest 5 Motor Vehicle Rental and Leasing hotel chains combined: 4 Hilton ($26b), Marriott 3 15 Airlines ($19b), Starwood 25 2 ($13b) 1 Tour Operators 0 0 5 10 15 20 25 30 35 40 45 50 55 Revenue CAGR, NOTE: ROC = EBIT/Ave (FY, FY-1) FY’95-’14, %

SOURCE: Capital IQ 5 H1 2015-16 Results Roadshow AGENDA

Overview

Key Post IPO events & actions taken

Strategy

H1 Results Highlights

Outlook

6 H1 2015-16 Results Roadshow

Key Post IPO Events: Changes in business environment and PR by suppliers

1 Disappointed the market in two occasions last year: FY 2013-14 Results (20th of June 2014) and Q1 2014-15 Results (29th of August 2014), with changes in the Outlook for 2014-15 fiscal year, driven by a change in Google Algorithm and higher competition from smaller players in France & Italy:

 From: Business to grow revenue margin close to 10% and stable Adjusted EBITDA margins (last fiscal year 27%)

 To: Flat revenue margin and €90 million of Adjusted EBITDA (21% margin)

2 BA/Iberia Announcement (24th of October 2014) to remove their fares from 3 out of our 67 branded websites:

 Huge overreaction by the market on something that it was really small for the company – only 3 out of 67 websites were fares removed. We sell over 400 other airlines so saw no impact on our bookings. Bookings theoretically at risk at the time only represented 1,4% of our total flight bookings, and in less than 24 hours represented only 0,2% as BA/IB reassumed fares in most of our websites.

7 H1 2015-16 Results Roadshow Actions Taken: Change in Management, New Strategy and New Organisation

 Change in Management (26th of Top line growth trend improving January 2015) - The Board of Directors YoY variation of eDreams ODIGEO announced the +15% Bookings growth +13% appointment of Dana Dunne as New Chief Revenue Margin growth Executive Officer +10% +5% +6% +5% +2% +2% +6%  NEW STRATEGY AND ORGANISATION (2)% +4% +2% − New strategy – More customer focus +2% − Management reorganization to (5)% (4)% (3)% June-14 Sep-14 Dec-14 Mar-15 Jun-15 Sept-15 become more lean and nimble Old Old Old Old

 EARLY RESULTS Positive trends in Adjusted EBITDA − 4 earnings releases meeting or YoY variation 1.4% exceeding guidance +5% 0.7% − Return to growth in (5)% (10.8)% • Bookings (15)% • Revenue margin (25)% (29.2)% (29.5)% • and Adjusted EBITDA (21.5)% (35)% June-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Old Old Old Old Restated Restated

Note: Following a change in revenue recognition in Q4 of fiscal year ending March 2015, from departure date to booking date for hotels, cars and dynamic packages, figures of fiscal year ending March 2015 have been restated 8 H1 2015-16 Results Roadshow AGENDA

Overview

Key Post IPO events & actions taken

Strategy

H1 Results Highlights

Outlook

9 H1 2015-16 Results Roadshow Management reorganisation, team in place to significantly improve the business

New CEO Dana Philip Dunne

New New New New Strong senior Chief Chief management Operating Chief Chief Chief Chief Customer Chief People Office & Chief Marketing Vacation Revenue team with Financial Services Officer Technology Officer Products Officer Officer Officer Blandine diverse Officer Jerome Officer Sophie David Elizaga Gerrit Kouyaté Philippe Laurent Juan Uribe Bernard industry Goedkoop Vimard experience

Review of  Building one “eDreams ODIGEO” (brand agnosticism) employee engagement  Focus on empowerment and aligning incentives

10 H1 2015-16 Results Roadshow New Strategy – Strategic progress – Overview

1 Traffic source (channel mix)  Successful shift in mix to less expensive traffic sources  Improved individual channel performance

2 Mobile  Mobile bookings now accounting for 24% of total eDreams ODIGEO bookings  Mobile bookings increased 55% y-o-y; Quarterly mobile downloads increased 44% y-o-y

3 Customer experience  One Front roll-out completed for all our brands (except Travellink)  Customer satisfaction significantly increasing

4 Lean and nimble, with enhanced product quality  36% of our engineers already in the new agile product development methodology  Faster product development - Significant number of new functionalities launched for both Mobile and Desktop

5 Revenue diversification  Meta business growing 54%  The proportion of bookings with service options growing by 64% in calendar year

6 Culture and talent  Skills level in Middle management increasing  Empowering management in the organization to deliver results in a more agile way

11 H1 2015-16 Results Roadshow Channel Mix Optimization

 Successful shift in mix to less expensive Variable cost per booking In Euros traffic sources 35  Focus on lower cost channels and 30 2.6 customer retention 25  Change in mix to less expensive traffic -8% 20 sources and improved individual channel 30.6 15 28.0 performance 10

 15% growth in bookings in Q2 in our flight 5

business coupled with reduction of our - Sep.15 Reduction Sep-16 variable costs per booking

 Variable costs per booking lower compared to last year as strategic initiatives start to pay off on our marketing costs

12 H1 2015-16 Results Roadshow

Mobile development program: Strong growth in Mobile Bookings Flight Mobile bookings BRANDS As a % of flight bookings Android launch across One Front + New Functionalities all brands 25% eDreams 24% Opodo

Go Voyages 20%

20% iOS Apps Live 18% 18% 18%

15% 15%

10% Q1 Q2 Q3 Q4 Q1 Q2 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 +55% +44% y-o-y increase of Flight mobile quarterly Mobile bookings increase downloads, reaching y-o-y 5.3 million

Note: On previous presentations, data was based on flight orders since past data were not available for bookings. Information is now available for the quarters mentioned. Note that the difference between an order and a booking is the fact that a booking has tickets issued and is invoiced to the customers whereas the orders, due to different reasons, may not finalize into a booking. Source: Management information. unaudited. 13 H1 2015-16 Results Roadshow Mobile New Product & Services - Increase focus on mobile, continues to attract a large share of our customers New search and flightBRANDS notifications

Search Latest searches Filters Flight status notifications My trips

14 H1 2015-16 Results Roadshow New Product and Services - One Front faster product development, customer experience improving  100% of the bookings via One Front (excluding Travelink)

 Completely redesigned start to finish booking experience

 For the first time ever persuasive messages through booking process that help the customers in their purchase decision

 Fully re-designed checkout path has been deployed across our mobile web

15 H1 2015-16 Results Roadshow New Product and Services - One Front faster product development, customer experience improving With One Front implemented, rate of innovation accelerating and conversion rates improving

Latest searches Functionality

Fastest Flights Elapse Time Functionality

16 H1 2015-16 Results Roadshow Significant improvement in Customer Experience and client satisfaction

Trustpilot average scores continues Recent awards

to improve  Best customer service company Ranking Nov-14 Ranking Nov-15 award voted by Die Welt (one of the biggest daily German newspapers) 1 Ebookers 8.1 1 eDreams 8.2  In the category “OTAs”, Opodo.de 2 Bravofly 7.6 2 Ebookers 8.1 came #1 for 2015/16 3 eDreams 7.1 3 Go Voyages 8.0  A large-scale customer survey, with 4 Go Voyages 6.9 4 Lastminute 7.9 approximately one million 5 Travelgenio 6.3 5 Travelgenio 5.8 participants, took into account 6 Opodo 5.6 6 Bravofly 5.0 1,998 companies in Germany 7 Lastminute 4.6 7 Opodo 4.8 8 AirFrance 4.1 8 Ryanair 4.3  Best Online Travel Partner (global 9 easyJet 3.5 9 Lufthasa 4.0 award for eDreams ODIGEO). 10 Expedia 3.4 10 AirFrance 3.7  CFI has more than 110,000 readers 11 Ryanair 3.3 11 Norwegian 3.4 and provides insights into some areas 12 BA 3.2 12 Expedia 3.0 of international finance and 13 Vueling 2.4 13 BA 2.7 development issues both in print and 14 Alitalia n.a 14 easyJet 2.5 online 15 Air Berlin n.a 15 Alitalia 2.1 16 Lufthasa n.a 16 Vueling 2.0  Opodo.co.uk won 2 British Travel Awards 17 Norwegian n.a 17 Air Berlin 1.6  1st Price Best Flight Booking Source: Trustpilot, average scores France, Italy, Spain, Germany & UK Note: Not weighted by country Website n.a: Not available  3rd Place Best Online/Call Centre Travel Agent  The most prestigious consumer-voted travel awards in the UK  Over 300K people voting

17 H1 2015-16 Results Roadshow AGENDA

Overview

Key Post IPO events & actions taken

Strategy

H1 Results Highlights

Outlook

18 H1 2015-16 Results Roadshow

First Half Results Highlights

Good results in line with guidance

Bookings trend continues to improve (+8%) and revenue margin growth stabilizing at (+6%)

Adjusted EBITDA, up +1%

Cash Flow in line with historical seasonality pattern; cash at €106.9* million

Strategic initiatives on track

Guidance maintained for the full year

Note: Cash and cash equivalent net of overdrafts 19 H1 2015-16 Results Roadshow Optimization strategy around traffic mix delivering positive results

Bookings Revenue Margin Adjusted EBITDA In € thousands In € million In € million +8% +6% +1% 230.8 44.4 4,963 5,381 217.6 43.9

H1 Sep-14 H1 Sep-15 H1 Sep-14 H1 Sep-15 H1 Sep-14 H1 Sep-15 Restated Restated Restated

Positive trends in Adjusted EBITDA quarterly  Competitive landscape stabilising evolution continue… YoY variation  Mobile channel bookings growing 1.4% +5% 0.7%

 Successful shift in mix to less (5)% (10.8)% expensive traffic sources (15)% (21.5)%  Individual channel improvement and (25)% micro pricing actions paying off (35)% (29.5)%  Growing market share Q2 Q3 Q4 Q1 Q2 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Old Old Old Restated Restated

Note: Following a change in revenue recognition in Q4 of fiscal year ending March 2015, from departure date to booking date for hotels, cars and dynamic packages, figures of fiscal year ending March 2015 have been restated Source: Consolidated financial statements. unaudited. 20 H1 2015-16 Results Roadshow Positive results in the flight business

Flight - Revenue Margin Flight In € million +7%  Progress in strategic initiatives delivering very strong 171.8 183.5 growth in bookings, +15% in Q2. First time in 7 quarters of double-digit growth +8%  Revenue margin per booking decreasing as a result of 86.0 92.7 channel mix being optimized for profitability

Non-Flight

 Growth in Dynamic Packages does not offset the decline in packaged tours and relative stability in other Q2 Q2 H1 H1 products Sep-14 Sep-15 Sep-14 Sep-15  Packaged tours business starting fundamental Restated Restated transformation

Non Flight - Revenue Margin Flight bookings trend continues improving In € million +3% YoY variation

45.8 47.2 +20% Flight bookings growth +15% Non-Flight bookings growth +0% +15% +10% +5% 24.3 24.3 +3% +5% +2% (3)% (5)% (4)% (4)% (4)% (10)% (9)% (8)% Q2 Q2 H1 H1 (15)% Sep-14 Sep-15 Sep-14 Sep-15 Sep-14 Dec-14 Mar-15 Jun-15 Sept-15 Restated Restated Restated Restated Restated

Note: Following a change in revenue recognition in Q4 of fiscal year ending March 2015, from departure date to booking date for hotels, cars and dynamic packages, figures of fiscal year ending March 2015 have been restated Source: Consolidated financial statements. unaudited. 21 H1 2015-16 Results Roadshow Expansion markets drive overall growth with Core back to positive growth in bookings Core Markets - Revenue Margin In € million  Expansion markets continue to drive overall -4% growth, both in bookings and in revenue margin 132.9 127.6  Core markets back to positive booking growth for -5% 66.8 63.4 first time since December 2013 − All 3 markets within Core growing in bookings

 With volume growth and market share growing, Q2 Q2 H1 H1 focus is on improving revenue trajectory Sep-14 Sep-15 Sep-14 Sep-15 Restated Restated Core markets booking trend continue Expansion Markets - Revenue Margin improving In € million +22% YoY variation 103.2 Core bookings growth 84.7 Expansion bookings growth +26% +30% +25% +21% +23% +20% +14% 43.5 53.5 +10% +10% +3%

(10)% (13)% (12)% (10)% (15)%

Q2 Q2 H1 H1 (20)% Sep-14 Sep-15 Sep-14 Sep-15 Sep-14 Dec-14 Mar-15 Jun-15 Sept-15 Restated Restated Restated Restated Restated

Note: Following a change in revenue recognition in Q4 of fiscal year ending March 2015, from departure date to booking date for hotels, cars and dynamic packages, figures of fiscal year ending March 2015 have been restated Source: Consolidated financial statements. unaudited. 22 H1 2015-16 Results Roadshow Debt cover ratio leave us plenty of headroom, debt reduced and stable interest coverage ratio

Total Debt Coverage Ratio Debt and Financial Expenses evolution (Total Net Debt (1) / LTM EBITDA) Comparison Pre and Post IPO

6 (million March 14 March 15 euros) Pre-IPO Post-IPO Change 5 1.73x Financial Debt 499.4 457.5 (-41.9) 4

3 5.50x Net Financial 353.3 335.7 (-17.6) Debt 2 3.77x Financial 44.9 43.1 (-1.8) x LTM Adj. EBITDA LTM x 1 Expenses - paid Sep.15 Headroom Ratio cap Note : Covenants figures presented above are unaudited and at GEO Travel Finance level 1 IFRS net debt is calculated after deducting the financing fees capitalized

Robust and steady interest coverage ratio

3.0 2.6 2.4 2.2 2.2 2.1 2.2 2.2 2.0 1.0 0.0 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16

23 AGENDA

Overview

Key Post IPO events & actions taken

Strategy

H1 Results Highlights

Outlook

24 H1 2015-16 Results Roadshow OUTLOOK 2015-16

 Q2 results in line with guidance

 European OTAs Online flight business forecast* to be flat in 2015 and to grow by 2.2% in 2016

 Strategic initiatives on track and delivering results

 Profits generated by strategic optimization reinvested to drive market share and revenue growth

 Guidance maintained for the year as a whole: − Bookings: >9.7 million − Revenue Margin: >€436 million − Adjusted Ebitda: €91-94 million

(*) Source: Phocuswright European Online Overview 10th Edition, December 2014 25 H1 2015-16 Results Roadshow Next Important Dates

 25th of February – Q3 results

− Outlook Update for the FY 2015-16

 20th of June – Full Year 2015-16 Results

− Outlook 2016-17

(*) Source: Phocuswright European Online Overview 10th Edition, December 2014 26 H1 2015-16 Results Roadshow