2021 AGM Chairman’s Address and MD Presentation

ASX Announcement

28 October 2021

2021 AGM - Chairman & Managing Director Address and

Presentation

Please find attached the following documents to be presented at Corporate Travel Management Limited's 2021 Annual General Meeting being held today:

1. Chairman's address; and
2. AGM Presentation Slides.

Shareholders will be able to view the AGM virtually at https://web.lumiagm.com/348373165from 11:00am (AEST) / 12:00pm (AEDT).

Authorised for release by the Board.

Contact details

Media enquiries: Alasdair Jeffrey - Rowland - [e-mail]/ [phone]

Investor enquiries: Allison Dodd - [e-mail]/ [phone]

CORPORATE TRAVEL MANAGEMENT LIMITED

2021 ANNUAL GENERAL MEETING

Chairman's Address: Ewen Crouch AM

Before we get to the formal items of business, I would like to provide some brief observations about the Group and the operating environment. As we meet today there are good grounds for rising optimism in the outlook as vaccination levels in our major markets have resulted in definitive timetables enabling broader travel activity. Widespread use of rapid antigen testing and the successful development of anti-viral medications to combat COVID-19 further support pent-up demand for travel now becoming the reality.

FY21 RESULTS

The last financial year again presented difficult trading conditions as the travel industry continued to experience major disruption because of government-mandated travel restrictions, border closures and quarantine requirements.

The financial performance of CTM in FY21 was significantly impacted by the COVID-19 operating environment and the Group reported a statutory Net Loss After Tax of $(57.8) million. Excluding one-off or non-recurring items, the Group's underlying Net Loss After Tax was $(32.3) million.

This was a resilient performance in all the circumstances, underpinned by a combination of prudent cost management, technology development and consistency of the revenue stream from essential service industries such as government, healthcare and mining. We were grateful for government assistance received for our operations in Australia, New Zealand, Singapore, Hong Kong and the UK which enabled us to maintain employment of a greater number of staff than would otherwise have been the case.

Our ability to respond to changing client needs during the pandemic has been an important factor in winning and retaining clients. We have continued to invest in our technology solutions, with a focus on risk management, safety and hygiene information, budget optimisation tools, traveller wellbeing and sustainability. Our teams are committed to driving innovation and excellence in customer service.

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We are extremely proud to have been acknowledged across our global markets, with awards for excellence in travel management and technology innovation, as well as for our specialist events and leisure services. These included CTM being named the 'Leading Travel Management Company' in both Australia and North America in the World Travel Awards, and our Lightning online booking tool being named 'Best Corporate Booking Platform' at the Business Travel Awards Europe.

Our revenues grew through the year, particularly in the second half as vaccination rates in North America, the UK and Europe allowed travel activity to pick-up in those regions. Following the acquisition of Travel & Transport one year ago, our enhanced scale in North America, the UK and Europe provides us with a strong platform for the future. This was demonstrated in the fourth quarter of FY21, with approximately 80% of our revenues derived from these regions.

Unfortunately, in Australia and New Zealand, lockdowns and border closures which commenced late in the second half of FY21, have impacted recovery in those regions. We expect recent announcements in Australia and New Zealand to open borders because of high vaccination rates will allow for a more predictable domestic environment in the second half of FY22.

We have zero debt and sufficient cash to manage recovery. Our healthy cash position supported our decision to reduce our credit facility earlier this year. In August, we announced that there would be no final dividend for FY21 - given the continued uncertainty around travel, cash conservation remains critical. However, our dividend policy of returning approximately 50% of after-tax profits to shareholders remains unchanged.

Our Managing Director Jamie Pherous will provide an update on our trading performance over the first quarter and our outlook for FY22 during his address. We are not in a position to provide guidance on our financial outcomes. Subject to remaining travel restrictions lifting in accordance with announced timetables and our key travel markets remaining open, we are targeting continued improving profitability over FY22 enabling dividends to resume following the release of FY22 results.

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SUSTAINABILITY

This year we released a more detailed Sustainability Report, which can be found in our 2021 Annual Report. The report focuses on the material risks and opportunities that we believe will determine CTM's sustainability over the longer term. We have broadly aligned our reporting framework with the World Economic Forum's four reporting pillars. We chose this approach because of its applicability to our business and the commitments from a number of relevant bodies to the World Economic Forum's process to develop a globally consistent reporting framework.

CTM recognises the importance of good corporate governance practices which assist in ensuring the accountability of the Board and management of CTM to our stakeholders. The Board regularly reviews our governance practices in light of corporate governance developments, applicable legislation and standards, stakeholder expectations, and responsibilities such as monitoring our supply chain and completing Modern Slavery reporting requirements.

CTM continues to offset 100% of the carbon-emissions created by our own employees' travel. We support our clients to achieve their own carbon neutrality goals through the CTM Climate+ program and to make more informed travel choices through our ongoing investment in developing new sustainability features within our proprietary technology tools. Other exciting initiatives delivered in FY21 include being the first Travel Management Company to sign a multi-year sustainable aviation fuel agreement with Delta Airlines, which will reduce lifecycle emissions by 209 metric tons of carbon dioxide - equivalent to the amount of carbon sequestered by 256 acres of U.S. forests.

Locally, each CTM team has taken practical steps to have a positive impact on the environment, which includes initiatives to reduce waste, recycling - including recycling e- waste - and participating in Earth Hour.

CTM's People initiatives focus on diversity, health and safety, and training and development. Our teams are made up of employees who bring a diverse range of skills, experiences, backgrounds, thoughts and beliefs. We continue to have gender diversity at the leadership level, with 68% of our team leaders and managers being female, and 46% of senior leaders being female. During the year we introduced new and enhanced training relating to Diversity and Inclusion, Equal Opportunity, Unconscious Bias, and becoming a Diversity, Equity and Inclusion Ally and Agent for Change. In Australia we completed Indigenous Engagement Plan initiatives which included our continued partnership with NRL

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Cowboys House in North Queensland. During these challenging times, the health and safety of our people continued to be paramount, we have supported our employees with a variety of initiatives promoting health and mental wellbeing locally in each region. We launched a new Global Learning Management system to support our people with flexible learning to suit everyone's different learning needs.

We are focused on working and collaborating with our clients and suppliers to reduce our collective environmental footprint. We are committed to developing and supporting initiatives that provide practical and sustainable benefits to businesses today and into the future. While we have made good progress, we recognise that we need to continue to enhance our sustainability reporting and work will continue in FY22 to refine data capture, measurement and goal setting.

REMUNERATION

The continued impact of COVID-19 on CTM's FY21 earnings meant that many of the remuneration related measures we put in place in response to COVID-19 during FY20, remained in place in FY21. These measures included no increases to fixed annual remuneration or to the fees paid to Non-executive Directors, no short-term incentives for key management personnel and, for many of our people, reduced working hours and pay.

We also made some temporary adjustments to our share-based incentive program for the grants of Share Appreciation Rights last year and this year. On 1 July 2020 we made one- and two-year equity incentive grants, the details of which are described in our 2021 Remuneration Report. We acknowledge the performance periods for these grants were shorter than those traditionally offered but they were aimed directly at retaining our leaders and incentivising actions and behaviours that are consistent with the immediate priorities of the Group and which your Board judged will drive future shareholder returns. The outcome has been strong cost control, cash management and client retention, the successful acquisitions of Tramada and Travel & Transport, including delivery of key integration objectives in line with our integration plan, and an excellent retention rate among our senior leaders.

Since March 2020 and continuing throughout FY21, there has been continuing uncertainty for staff in the travel sector. Talent retention and motivation are critical for CTM's business performance and to create wealth for shareholders. Employees in the travel industry with transferable skills who are experiencing uncertain future prospects continue to be targeted by other industries.

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