EDreams ODIGEO S A : 2Q FY 2021 Results Presentation

RESULTS

PRESENTATION

2Q FY 2021

19th November 2020

Disclaimer

1 This presentation is to be read as an introduction to the unaudited condensed consolidated interim financial statements of the Group and contains key information presented in a concise manner on the Group and its financial condition. The information contained in this presentations is extracted from the unaudited condensed consolidated interim financial statements of the Group and is qualified in its entirety by the additional information contained in the unaudited condensed consolidated interim financial statements of the Group. This presentation should only be read in conjunction with the condensed consolidated interim financial statements of the Group. Copies of the condensed consolidated interim financial statements of the Group are available under http://www.edreamsodigeo.com/category/investors/quarterly-edreams-odigeo/.

2 Certain statements included or incorporated by reference within this presentation may constitute "forward-looking statements" in respect of the Group's operations, performance, prospects and/or financial condition, the industry in which the Group operates and the Group's intentions as to its financial policy. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Statements in this presentation reflect the knowledge and information available at the time of its preparation. The Group does not undertake any responsibility or obligation to update the information in this presentation, including any forward-looking statement resulting from new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast.

3 This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to sell, or a solicitation of any offer to purchase or acquire any securities or related financial instruments of the company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the securities of the company. No securities of eDreams ODIGEO have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser.

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In the United Kingdom, this presentation is directed only at persons who (i) fall within Article 43(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as

5 amended (the "Order"), (ii) are persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Order, or (iii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may lawfully be communicated (together "Relevant Persons"). Under no circumstances should persons who are not Relevant Persons rely or act upon the contents of this presentation. Any investment or investment activity to

which this presentation relates in the United Kingdom is available only to, and will be engaged only with, Relevant Persons.

6 The financial information included in this presentation includes certain non-GAAP measures, including "Bookings", "Gross Bookings", "EBITDA", "Adjusted EBITDA", "Revenue Margin" and "Variable Costs", which are not accounting measures as defined by IFRS. We have presented these measures because we believe that they are useful indicators of our financial performance and our ability to incur and service our indebtedness and can assist analysts, investors and other parties to evaluate our business. However, these measures should not be used instead of, or considered as alternatives to, the condensed consolidated interim financial statements for the Group based on IFRS. Further, these measures may not be comparable to similarly titled measures disclosed by other companies.

2

1. Results highlights

Current trading & strategy update

2Q FY21 results update

Closing remarks

Appendix

1	RESULTS HIGHLIGHTS
Improved performance as market picked up significantly in 2Q, yet renewed softening towards the end of the quarter

SHORT TERM TRADING AFFECTED BY TRAVEL RESTRICTIONS

• €34.4 million of Revenue Margin(decrease of 75% vs. 2Q FY20), but 2.1x the amount of 1Q FY21
• Marginal Profit(Revenue Margin minus Variable Cost), stood at €11.5 million positive, 10x the amount of 1Q
• Adjusted EBITDAloss of €2.1 million, 86% better than in 1Q FY21

STRONG LIQUIDITY DESPITE SHORT TERM TRADING & ACCELERATION OF REIMBURSEMENT TO CUSTOMERS

• Cashperformance better than 2Q FY20
• Liquidityposition of €115-117 million at the end of September and October, respectively, higher than March and June excluding acceleration of reimbursements
• Strong liquidity reserve: No Action Stress Test suggest we can run business at minus 70% through the end of calendar 2021

IMPROVED STRATEGIC POSITIONING

• Prime subscriptions and share of total Bookings continue to grow.
• • Prime members 2Q FY21 reached 664k (+71% vs 2Q FY20)
  • Share of total Bookings reached 26% in 2Q FY21 vs 7% in 2Q FY20
  • Prime is proving to be a successful proposition to customers even in current market with 100k new subscribers in 2Q FY21 vs 1Q FY21
  • On track to reach 2 million subscribers by 2023

SHORT TERM OUTLOOK LARGELY DRIVEN BY TRAVEL RESTRICTIONS

• October/November at around -67 to 73% year-on-year

4

1 REVENUE DIVERSIFICATION CONTINUES TO IMPROVE AND THE LARGEST CONTRIBUTOR TO REVENUES

REVENUE DIVERSIFICATION RATIO (**)

REVENUE EVOLUTION (**)

41%

+8

pp

48%56%

5% 48%

15%		Diversification
		Classic customer
2Q FY20		Classic supplier
	Advertising & Meta
32%

2Q FY19

2Q FY20

2Q FY21

PRODUCT DIVERSIFICATION RATIO

+7

pp

80%87%

64%

2Q FY19

2Q FY20

2Q FY21

	2%
	13%
Diversification		56%
Classic customer	2Q FY21
Classic supplier	29%

Advertising & Meta

(*) Definitions of Non-GAAP measures on page 23-25 (**) Note: Ratios are calculated on last twelve month basis ending on the displayed quarter

5

1 CONTINUED STRATEGIC PROGRESS AS EVIDENCED BY OUR KPIS

MOBILE BOOKINGS AS SHARE OF FLIGHT BOOKINGS (*)

ACQUISITION COST PER BOOKING INDEX (*)

		+12
		pp	57%
	45%
42%		-48pp
			100
2Q FY19	2Q FY20		2Q FY21

						75
CUSTOMER REPEAT BOOKING RATE (ANNUALISED)
		+3	(**)
						52
		pp	49%
44%	46%
			22%
2Q FY19	2Q FY20	2Q FY21		FY15	2Q FY20		2Q FY21

(*) Definitions of Non-GAAP measures on page 23-25 (**) If we exclude COVID-19 data, staring since last week of February, and we follow the trend from that point until the end of the quarter, 2Q FY21 results in a 49% customer repeat rate. (***) Ratio disclosure discontinued from now on given COVID-19 situation distorting its relevance

6

Results highlights

2. Current trading & strategy update

2Q FY21 results update

Closing remarks

Appendix

2 TRADING SHOWS STRONG AND RAPID REBOUND AS TRAVEL RESTRICTIONS LIFTED

KEY HIGHLIGHTS ON TRADING POST COVID-19

• Rapid rebound in Bookings during the summer, from April trough at minus 96% to minus 59% in
  August.
• Increasing COVID-19 cases with further travel restrictions imposed by some governments has reduced Bookings to minus 73%, which has stabilized.
• Our trading suggests outperformance against airline industry, gaining market share vs supplier direct due to better quality, more comprehensive content and flexibility

GRADUAL IMPROVEMENTS IN YEAR-ON-YEAR TRADING & AHEAD OF AIRLINE INDUSTRY

REGION	April	May	June	July	August	Sept	Oct	Nov
(*)	(**)
eDO Total	-96%	-92%	-76%	-63%	-59%	-63%	-67%	-73%
IATA Europe	-98%	-98%	-94%	-81%	-73%	-76%	N.A	N.A
eDO vs IATA	+2pp	+5pp	+19pp	+22pp	+22pp	+13pp	N.A	N.A

1. IATA Europe passenger data in August and September positively impacted by Russia (a market in which we are not present). Russia grew in annual terms.

(**) Average Bookings growth until the 15th of November

8

2 LEISURE CUSTOMER IS WILLING TO TRAVEL IF ALLOWED

INTRODUCTION OF A VACCINE LIKELY TO RESULT IN A SHARP REBOUND AGAIN

• Analysis from IATA Economics on the 29th of September suggest:
• • Over 80% passengers will return to air travel between now and 6 months
  • Russia recovered pre-crisis levels, and
  • China is only 20% below pre-COVID-19 due to strong domestic demand
• Experiences of leisure travel like sandy beach, mountains, can't be replaced (unlike with corporate travel)

THERE IS WILLINGNESS TO FLY BETWEEN 0 & 6 MONTHS

Survey question: When will you return to air travel?

Source: IATA Passenger survey

Pfizer announcement brings forward scenarios of travel returning sooner in 2021

9

2 STRONG LIQUIDITY IS A CONSEQUENCE OF STRONG BUSINESS MODEL AND ACTIVE MANAGEMENT OF THE SITUATION

KEY HIGHLIGHTS ON LIQUIDITY PERFORMANCE

• Strong liquidity despite increasing travel restrictions and acceleration of reimbursements to customers vs inflows received from airlines (€40 million)
• Active management of the situation resulted in:

1. High variability of the majority of our costs o Fixed Costs and Capex reduced
   o Additional financial resources of €15 million from
   Government-sponsored loan due 2023
   o Reduction of average monthly cash burn (excl. WC and tax) from €13 million to €6 million
   o No Action Stress test shows we can run business through the end of calendar 2021 at -70%(*) Bookings YoY (average performance from March to October). This calculation assumes no further action on fixed or variable costs, no improvement made to WC, nor any improvement in our business

	IMPROVED LIQUIDITY EVOLUTION
144	132
	115	117
61
61
		106	113
83	71
		9	4
March	June	September	October
	Cash at Bank	Undrawn SSRCF

(*) Bookings growth measured vs Pre-COVID 19 Booking levels

10

2 PRIME IS PERFORMING STRONGLY IN A WEAK MARKET

KEY HIGHLIGHTS OF PRIME PERFORMANCE

• Prime subscription and share of Prime continue to grow
  o Prime members 2Q FY21: 664k vs 389k in 2Q FY20 (+71%)
  o Prime share of total Bookings 2Q FY21: 26% vs 7% in 2Q FY20
  o Added 100k subscribers in just 3 months
• New markets and products

1. UK launched in November 2020

• 1. Prime Hotels launched in France, Italy, Spain and Germany
• Prime customers showing good levels of customer satisfaction equal or higher than Pre- COVID 19

EVOLUTION OF PRIME MEMBERS AND SHARE OF TOTAL BOOKINGS

	700									664	35%
	600					556	564	26%	30%
MembersPrime'000	500			490						25%
									SharePrime(%)
400		389						18%		20%
	300	275									15%
	200		7%	9%	8%				10%
		6%
	100										5%
	0										0%
	1Q FY20	2Q FY20	3Q FY20	4Q FY20	1Q FY21	2Q FY21
					Members			Share

11

2 DURING THESE TIMES OF HIGH AIRLINE CANCELLATIONS WE HAVE FOCUSED ON THE CUSTOMER

KEY HIGHLIGHTS ON CANCELLED FLIGHTS MANAGEMENT

• 92% of cancelled flights have been resolved and/or processed
• We have invested in significantly increasing our contact centre capacity
• We have developed automated flight cancellation identifier, which automatically identifies cancelled flights and informs customers through all possible touch points proactively, and proposes options to the customer
• We contact all customers who apparently have a solution (e.g. they have gone directly to the airline) to ensure the customer really has a solution
• We inform customers of long lead times by airlines and where possible propose a voucher as an alternative but always allow customers to choose between cash refund and voucher. We want to be on the side of the customer, as their advocate and agent
• Implemented automated processes that provide our customers near real time updates on the status of their refund requests
• We have accelerated the reimbursements to customers vs inflows we receive from airlines, for those cases where we know future cash reception from airline is guaranteed

12

2 OUR TOP 3 PRIORITIES

PRIME	CONNECTIVITY
Introduce Prime in more of	Improve the quality of the
our markets, expand to other	content by building a content
travel services and improve	agnostic platform which will
its effectiveness	facilitate taking content from
	many providers, and taking
	even different content (e.g.
	trains, new air content, etc).

CS AUTOMATION

Implement an automated customer service system, which is volume agnostic so if there were much higher level of customer demand, the system can automatically handle

13

Overview

Current trading & strategy update

3. 2Q FY21 results update

Closing remarks

Appendix

3 INCOME STATEMENT

	2Q	VAR	2Q	6M	VAR	6M
(IN EUROS MILLION)	FY21	FY21
FY21	FY20	FY21	FY20
	VS FY20	VS FY20
REVENUE MARGIN	34.4	-75%	139.7	51.0	-82%	281.2
VARIABLE COSTS (**)	-22.9	-75%	-91.0	-38.4	-79%	-186.7
FIXED COSTS (**)	-13.6	-31%	-19.6	-29.5	-21%	-37.3
ADJUSTED EBITDA (*)	-2.1	N.A	29.1	-16.8	N.A	57.2
ADJUSTED ITEMS	-1.5	1%	-1.5	-2.4	-76%	-10.2
EBITDA	-3.6	N.A	27.6	-19.3	N.A	47.0
D&A INCL. IMPAIRMENT &
RESULTS ON ASSET	-9.5	29%	-7.4	-18.3	21%	-15.1
DISPOSALS
EBIT	-13.1	N.A	20.2	-37.6	N.A	31.9
FINANCIAL LOSS	-6.3	-10%	-7.0	-12.3	-14%	-14.3
INCOME TAX	-1.3	N.A	-3.3	4.7	N.A	-6.1
NET INCOME	-20.7	N.A	9.9	-45.2	N.A	11.5
ADJUSTED NET INCOME	-19.3	N.A	11.1	-42.8	N.A	20.1

Highlights 2Q FY21

1. Revenue Margin decreased by 75% mainly due to the volume effect (62% decrease in Bookings) and lower RM/Booking, driven by lower average basket value of Bookings due to COVID-19, which results in lower classic revenue from customers and lower revenue from providers.
2. Variable costs decreased by 75%, mainly due to the adaptability of our business model to the new mix of Bookings made by customers during COVID-19.
3. Fixed costs decreased by 31% driven by a decrease in personnel costs (temporary employment reduction) as well as IT and external fees IT savings.
4. Adjusted items in line with same period of last year.
5. D&A and impairment increased by 29%, relating to the increase of the capitalized software finalized in March 2020.
6. Financial loss decreased by 10% mainly due to the foreign exchange differences (the FX fluctuations), partially offset by the increase in interest expenses related to the use of the SSRCF and the new Government sponsored loan due 2023.
7. The income tax expense amounts to €1.3 million in 2Q FY21, which compares with an expense of €3.3 million in 2Q FY20, due to lower taxable profits, the write-off of certain deferred tax assets relating to tax losses carried forward in the UK, no movement of the provision for income tax risks, and the no recognition of a deferred tax asset for part of the 2Q FY21 tax losses.

(*) Definitions of Non-GAAP measures on page 23-25

(**) FY20 Variable and Fixed costs have been restated to reflect a reclassification of €2.9 million.

Source: Condensed consolidated interim financial statements, unaudited	15

3 CASH FLOW STATEMENT

(IN EUROS MILLION)	2Q	2Q	6M	6M
FY21	FY20	FY21	FY20
ADJUSTED EBITDA (*)	-2.1	29.1	-16.8	57.2
ADJUSTED ITEMS	-1.5	-1.5	-2.4	-10.2
NON CASH ITEMS	-3.3	-2.7	-17.2	5.0
CHANGE IN WORKING CAPITAL	-1.8	-49.9	19.8	-74.4
INCOME TAX PAID	-5.1	-0.9	-5.1	-5.6
CASH FLOW FROM OPERATING	-13.9	-25.9	-21.8	-28.0
ACTIVITIES
CASH FLOW FROM INVESTING	-4.4	-6.9	-8.8	-14.1
ACTIVITIES
CASH FLOW BEFORE FINANCING	-18.3	-32.8	-30.6	-42.1
ACQUISITION OF TREASURY SHARES	0.0	0.1	0.0	-0.1
OTHER DEBT ISSUANCE/ (REPAYMENT)	-40.2	-0.8	-40.8	-1.7
FINANCIAL EXPENSES (NET)	-12.9	-12.2	-14.1	-12.9
CASH FLOW FROM FINANCING	-53.2	-12.9	-54.9	-14.6
NET INCREASE / (DECREASE) IN CASH	-71.4	-45.7	-85.4	-56.7
CASH (NET OF BANK OVERDRAFTS)	0.5	91.4	0.5	91.4
(*) Definitions of Non-GAAP measures on page 23-25

Source: Condensed consolidated interim financial statements, unaudited

Highlights 2Q FY21

1. Net cash from operating activities improved by €12 million. mainly reflecting:
   Working capital outflow of €1.8 million due to acceleration of reimbursements to customers by €40 million vs inflows received from airlines, partially mitigated by higher volumes in September vs June.
   Income tax paid increased by €4.2 million, from €0.9 million to €5.1 million mainly due the fact that there were no income tax payments on taxable profits and we had an advance payment of income in respect of the administrative procedure against the Portuguese tax authorities. There was no income tax payment on taxable profits.
   Decrease in Adj. EBITDA by €31.2 million following the decrease in
   Bookings.
   Worse non-cash items: items accrued but not yet paid, decreased by €0.6 million mainly due to the variation of provisions.
2. We have decreased cash used for investments by €2.5 million from €6.9 million to €4.4 million due to the implementation of cost-saving measures to minimize the temporary impact of COVID- 19.
3. Cash used in financing increased by€40.3 million, from €12.9 million to €53.2 million, mainly as a result of the repayment of €54.5 million of the SSRCF, offset by the drawdown of the new €15 million Government sponsored loan.

16

Results highlights

Current trading & strategy update

2Q FY21 results update

4. Closing remarks

Appendix

4 IN SUMMARY

Our business is strong and we are positioning to be a winner from the crisis.

We have a good liquidity position. Our liquidity position of €117 million at the end of October, no short term financial debt payments and our Senior Notes, new Government Sponsored loan and bank facilities are due in 2023.

Prime subscription program is growing well. Even in poor market conditions we have added 100k new subscribers just in the quarter and 26% of our Bookings are Prime.

Our business remains financially strong. We maintain marginal profit positive and we have kept our teams intact and motivated so we build for the future and address current needs.

eDreams ODIGEO is agile and nimble, which allows to adapt quickly as necessary. We continue to lead through product development and innovation, such as Prime, to lead the transformation of the travel

industry.

18

4

#1 Winner in Europe

Pioneer in travel

32%

European OTA flight market share

2

subscription

Significant revenue

diversification

World leading capabilities

Why eDreams ODIGEO?

Source: Internal analysis; Amadeus bookings data; Phocuswright European Travel Overview 2019

2

1

1 1

1

1

2

1

RoW

Top 6

Market position

19

Results Highlights

Current trading & strategy update

2Q FY21 results update

Closing remarks

5. Appendix

5 DIVERSIFICATION REVENUE IS MORE RESILIENT THAN CLASSIC CUSTOMER REVENUE

REVENUE MARGIN (IN € MILLION)

DIVERSIFICATION

(IN EUROS MILLION)	2Q FY21	Var	2Q FY20
FY21 vs FY20
DIVERSIFICATION	20.6	-70%	69.9
CLASSIC CUSTOMER	10.6	-72%	38.3
CLASSIC SUPPLIER	1.7	-93%	24.8
ADVERTISING & META	1.5	-78%	6.6
TOTAL

69.9

-70%

20.6

34.4

-75%

139.7

14%	5%	5%	7%4%
29%	15%

1H		1H		27%	1H
FY15		FY20	51%	FY21
	30%							61%
52%
Diversification		Classic Customer		Classic Supplier			Advertising & Meta

(*) Definitions of Non-GAAP measures on page 23-25

2Q FY20

2Q FY21

CLASSIC CUSTOMER

-72%

38.3

10.6

2Q FY20

2Q FY21

21

5 REVENUE DIVERSIFICATION BY GEOGRAPHY REMAINS STABLE

REVENUE MARGIN (IN € MILLION)

TOP 6

(IN EUROS MILLION)	2Q FY21	Var	2Q FY20
FY21 vs FY20
FRANCE	11.8	-67%	36.1
SPAIN + ITALY	6.4	-78%	29.5
GERMANY, NORDICS & UK	9.6	-76%	40.5
TOP 6	27.8	-74%	106.0
REST OF THE WORLD	6.7	-80%	33.7

106.0

-74%

27.8

TOTAL

34.4

-75%

139.7

11%	24%	20%

1H	1H	1H
FY15	FY20	FY21

89%	76%	80%
		Top 6		Rest of the world
(*) Definitions of Non-GAAP measures on page 23-25

2Q FY20

2Q FY21

REST OF THE WORLD

33.7 -80%

6.7

2Q FY20

2Q FY21

22

Glossary of Definitions

Non-reconcilable to GAAP measures

1. Acquisition Cost per Booking Index refers to the most relevant marketing expenses incurred to acquire new customers (encompassing Paid search, Metasearch and Affiliates), divided by the total number of Bookings. For any given period, the ratio is expressed as an index 100, in which 100 is the value of Acquisition Cost per Booking for the 3 months ended on December 2015. The acquisition cost per booking index provides to the reader a view of the trend of one of the main variable cost (marketing cost) of the business.
2. Gross Bookings refers to the total amount paid by our customers for travel products and services booked through or with us (including the part that is passed on to, or transacted by, the travel supplier), including taxes, service fees and other charges and excluding VAT. Gross Bookings include the gross value of transactions booked under both agency and principal models as well as transactions made under white label arrangements and transactions where we act as a ''pure'' intermediary whereby we serve as a click-through and pass the reservations made by the customer to the relevant travel supplier. Gross Bookings provide to the reader a view about the economic value of the services that the Group mediates.

Reconcilable to GAAP measure

1. Adjusted EBITDA means operating profit/loss before depreciation and amortization, impairment and profit/(loss) on disposals of non-current assets, certain share-based compensation, restructuring expenses and other income and expense items which are considered by management to not be reflective of our ongoing operations. Adjusted EBITDA provides to the reader a better view about the ongoing EBITDA generated by the Group.
2. Adjusted Net Income means our IFRS net income less certain share-based compensation, restructuring expenses and other income and expense items which are considered by management to not be reflective of our ongoing operations. Adjusted Net Income provides to the reader a better view about the ongoing results generated by the Group.
3. EBIT means operating profit/loss. This measure, although it is not specifically defined in IFRS, is generally used in the financial markets and is intended to facilitate analysis and comparability.
4. EBITDA means operating profit/loss before depreciation and amortization, impairment and profit/loss on disposals of non-current assets. This measure, although it is not specifically defined in IFRS, is generally used in the financial markets and is intended to facilitate analysis and comparability.
5. (Free) Cash Flow before financing means cash flow from operating activities plus cash flow from investing activities.
6. Gross Financial Debt means total financial liabilities considering financing cost capitalized plus accrued interests and overdraft. It includes both non-current and current financial liabilities. This measure offers to the reader a global view of the Financial Debt without considering the payment terms.
7. Gross Leverage Ratio means the total amount of outstanding Gross Financial Debt on a consolidated basis divided by "Adjusted EBITDA". This measure offers to the reader a view about the capacity of the Group to generate enough resources to repay the Gross Financial Debt.

10.Net Financial Debt means "Gross Financial Debt" less "cash and cash equivalents". This measure offers to the reader a global view of the Financial Debt without considering the payment terms and reduced by the effects of the available cash and cash equivalents to face these future payments.

11.Net Income means Consolidated profit/loss for the year.

12.Net Leverage Ratio means the total amount of outstanding Net Financial Debt on a consolidated basis divided by "Adjusted EBITDA". This measure offers to the reader a view about the capacity of the Group to generate enough resources to repay the Gross Financial Debt, also considering the available cash in the Group.

13.Revenue Diversification Ratio is a ratio representing the amount of Diversification Revenue earned in a twelve-month period as a percentage of our total revenue. Our management believes that the presentation of the Revenue Diversification Ratio measure may be useful to readers to help understand the results of our revenue diversification strategy.

14. Revenue Margin means our IFRS revenue less cost of supplies. Our management uses Revenue Margin to provide a measure of our revenue after reflecting the deduction of amounts we pay to our suppliers in connection with the revenue recognition criteria used for products sold under the principal model (gross value basis). Accordingly, Revenue Margin provides a comparable revenue measure for products, whether sold under the agency or principal model.

23

Glossary of Definitions

Other Defined Terms

15. Advertising and Metasearch Revenue represents revenue from other ancillary sources, such as advertising on our websites and revenue from our metasearch activities. Our management believes that the presentation of the Advertising and Metasearch Revenue measure may be useful to readers to help understand the results of our revenue diversification strategy.

16.Booking refers to the number of transactions under the agency model and the principal model as well as transactions made under white label arrangements. One Booking can encompass one or more products and one or more passengers.

17.Classic Customer Revenue represents customer revenue other than Diversification Revenues earned through flight service fees, cancellation and modification fees, tax refunds and mobile application revenue. Our management believes that the presentation of the Classic Customer Revenues measure may be useful to readers to help understand the results of our revenue diversification strategy.

18.Classic Supplier Revenue represents supplier revenue earned through GDS incentives for Bookings mediated by us through GDSs and incentives received from payment service providers. Our management believes that the presentation of the Classic Supplier Revenues measure may be useful to readers to help understand the results of our revenue diversification strategy.

19.Top 6 Markets and Top 6 Segments refers to our operations in France, Spain, Italy Germany, UK and Nordics.

20.Customer Repeat Booking Rate (%) refers to the ratio, expressed on a percentage basis, of Bookings made in a quarter by customers who made a prior Booking in the 12 months prior to that quarter divided by the total number of Bookings. The ratio is annualized, multiplying by four and by the ratio of the quarter over the average of last 4 quarters, to eliminate seasonality effects

21.Customer Relationship Management (CRM) represents the set of activities that will encourage our customers to repeat business with us: visit our site again and make another booking. To be successful we need to understand our customers' behaviours and needs: we collect, analyse and use data to make each of those interactions with customers as personalised and relevant as possible.

22.Diversification Revenue represents revenue other than Classic Customer Revenue, Classic Supplier Revenues or Advertising and Metasearch Revenue, earned through vacation products (including car rentals, hotels and Dynamic Packages), flight ancillaries (including reserved seats, additional check-in luggage, travel insurance and additional service options), travel insurance, as well as certain commissions, over-commissions and incentives directly received from airlines. Our management believes that the presentation of the Diversification Revenues measure may be useful to readers to help understand the results of our revenue diversification strategy.

23.Rest of the World Markets and RoW segment refers to other countries in which we operate.

24.Fixed Costs includes IT expenses net of capitalization write-off, personnel expenses which are not Variable Costs, external fees, building rentals and other expenses of fixed nature. Our management believes the presentation of Fixed Costs may be useful to readers to help understand our cost structure and the magnitude of certain costs we have the ability to reduce in response to changes affecting the number of transactions processed.

24

Glossary of Definitions

Other Defined Terms

1. Fixed Costs per Booking means fixed costs divided by the number of bookings. See definitions of "Fixed costs" and "Bookings".
2. Adjusted Items refers to share-based compensation, restructuring expenses and other income and expense items which are considered by management to not be reflective of our ongoing operations.

27.Product Diversification Ratio (%) is a ratio expressed on a percentage basis and calculated by dividing the number of flight ancillary products and non-flight products linked to a Booking (such as insurance, additional check-in luggage, reserved seats, certain additional service options, Dynamic Packages and car rental) by the total number of Bookings for a given period.

28.Variable Costs includes all expenses which depend on the number of transactions processed. These include acquisition costs, merchant costs and other costs of a variable nature, as well as personnel costs related to call centers as well as corporate sales personnel. Our management believes the presentation of Variable Costs may be useful to readers to help understand our cost structure and the magnitude of certain costs. We have the ability to reduce certain costs in response to changes affecting the number of transactions processed.

29.Variable Costs per Booking means variable costs divided by the number of bookings. See definitions of "Variable costs" and "Bookings".

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