creating value across the global travel ecosystem

Creating value across the global travel ecosystem

TravelportRedefining travel commerce 03

www.travelport.com

Welcome to Travelport

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

Who we areWith a presence in approximately 180 countries, over 3,700 employees (and an additional 1,200 employees at IGT Solutions Private Ltd. who provide us with application development services) and 2015 net revenue of over $2.2bn, Travelport connects the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel marketplace.

We have leadership positions in airline merchandising, hotel content distribution, B2B payments and mobile travel commerce.

We believe that there is no technology or scalable alternative to our Travel Commerce Platform offering the same depth and breadth of travel inventory, functionality and global reach.

Our visionOur vision is to redefine travel commerce by transforming the way travel is searched, shared, bought and sold. To do this, we have developed a Travel Commerce Platform, through which we are answering the unmet needs of the world’s travel industry, which is undergoing a fundamental shift as technology, consumer behavior and travel options all evolve. Travelport is ahead of the curve thanks to decades of domain expertise, our leadership in technology and content, and our unrivaled ability to connect with customers – at any time and any place.

Redefining is a powerful word – it is about creating more choice, creating value, transforming and reinventing, taking new directions and leading from the front. And that is exactly what we are doing.

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

01

www.travelport.com

TravelportRedefining travel commerce

Payments

Hospitality

Airline merchandising

Mobile commerce

2015 Net revenue

$2,221m

Technology Services – 6%

$126m

Air

$1,603m

77%

International

$1,482m

71%

Beyond Air$492 m

Travel Commerce Platform – 94%

$2,095m

United States

$613 m

29%23%

Contents

02 Why travel matters

04 How the Travelport Platform has evolved from a traditional GDS

06 Integral to the global travel ecosystem

08 Chairman’s statement

09 Q&A with the Chief Executive

10 Airline merchandising

12 Hospitality

14 Payments

16 Mobile commerce

18 Financial review and Q&A with the Chief Financial Officer

20 Executive management team

21 Board of Directors

See pages 12–13

See pages 10–11

See pages 14–15

See pages 16–17


Creating long-term shareholder value

Strong core

We operate within a strong and structurally growing travel and tourism industry. Our core travel distribution business model is resilient, recurring and transaction-based with strong competitive advantages.

Focused on the markets that need us

We are strongly focused on corporate and service-premium travel where choice, flexibility and itinerary management are key customer requirements.

Differentiated focus

We have leveraged our core competencies with a differentiated ‘platform’ approach to address the evolving travel commerce ecosystem. We are focused on, and have leadership positions in, airline merchandising, hotel and other distribution, B2B payments and mobile commerce.

Compelling financials

We have entered into a clear growth phase with multiple, compelling drivers.

Leading technology

Over the last five years we have invested in and significantly upgraded our technology platform so that we can maximize connectivity and distribution options for travel content providers, while also enabling value creation at the selling end of the Platform through our industry-leading point-of-sale solutions.

Disciplined capital allocation

Relative to our peers, Travelport is a capital-light model with strong free cash flow generation – with a clear and disciplined approach to capital allocation.

Truly global

With a presence in approximately 180 countries, we have the broadest international presence in our industry, allowing us to leverage the international focus of our customers.

Travelport is a unique business. Our focus on travel commerce makes us fundamentally different to our competitors and we offer distinct advantages to our various stakeholders.

Our competitive strengths set us apart, our pillars focus us, and through our technological

innovations and content leadership we are continually redefining the way our customers buy and sell travel.

We are, and will continue to be, the Platform that is redefining travel commerce for our customers. All of which allows us to create long-term and sustainable value for our shareholders.


104

5.405.60

5.70

6.13

2012 2013 2014 2015

Travel Commerce PlatformRevPas$

2,002

2,221

2012 2015

2,0762,148

2013 2014

Netrevenue$m

494

517

540 535

2012 2013 2014 2015

Adjusted EBITDA$m

20

(39)

134

2012 2013 20152014

Adjusted Free Cash Flow$m

Highlights 2015

Financial highlights

}} Net revenue up 3%, Adjusted EBITDA down 1% and Adjusted Income per Share (diluted) of $1.00, up $1.12

}} RevPas up 8% to $6.13 with growth in every geographic region

}} Strong International revenue momentum; double-digit revenue and segment volume growth in Asia Pacific and Latin America & Canada

}} Air revenue flat at $1,603m; impact of legacy Orbitz contract largely overcome by volume and rate improvements across International regions

}} Beyond Air revenue up 16% to $492m, driven largely by hospitality and payments

}} Technology Services revenue up 7%, inclusive of the impact of renegotiated Delta contract

}} Adjusted Free Cash Flow generation of $134m, up $173m

See pages 18–19

Operational highlights}} Strong underlying performance in Air as our merchandising innovations

continued to facilitate commercial success, helping to overcome nearly all of the headwinds from our legacy Orbitz contract

}} Competitive advantage in airline merchandising strengthened with over 100 airlines added since start of 2015

}} Continued growth in higher value ‘Away’ bookings for airlines; 65% of Air segment revenue was generated from such bookings in 2015 (up from 62% in 2014)

}} Strengthened our leadership position in hotel and car distribution, growing hospitality attachment rates to 47% in 2015 (up from 43% in 2014)

}} Strong growth momentum in payments; eNett revenue of $92m in 2015, up 36%

}} Strengthened our mobile commerce solutions through acquisition of best-in-class mobile travel app developer Mobile Travel Technologies (MTT) and further investment in the corporate booking platform Locomote

See pages 08–09


120mAfrica

Why travel matters

Passenger journeys reached a record high of around 3bn in 2014…

At the heart of one of the world’s largest industries

Source: Passenger Forecasts – Global Report by IATA

Source: World Tourism Organization (UNWTO)

10% GDP

910mAmericas

1,100mAsia Pacific

1/ 11 Jobs

6% of world

exports

30%of services exports

$1.5tnExports

+3.2bnIncremental passenger journeys by 2034

4%Annual average growth 2014–34

2.2xPassenger journeys in 2034 compared with 2014

The Travel & Tourism sector is a critical driver of the global economy

150mMiddle East

850mEurope

...and is forecast to grow strongly through to 2034


www.travelport.com

$1.5$0.9

$2.2

$3.3

$32.9$11.1

$ 0.4$0.6

$5.6

$4.9

$8.1

$5.5

Europe

North America

Middle East and North Africa

Central and South AmericaSub-Saharan Africa

+571% Growth

Source: OECD

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

Air travel is likely to double in the next 20 years Travel and tourism is one of the world’s largest industries and it is rapidly expanding. In 2014, international tourism arrivals or overnight visitors hit a record of over 1.1bn worldwide, 46m more than the previous year and the fifth consecutive year of growth since the 2009 financial crisis.

Perhaps more importantly, air travel is predicted to double in the next 20 years with growth coming from all regions. Indeed in 2016, the International Air Transport Association (IATA) has forecast that global air travel will grow by around 7%, a five-year high – which is a welcome trend for Travelport since we enable airlines to fill planes for routes and journeys all over the world.

The truly global nature of this expected boom in travel will play to our strengths. Between 2014 and 2034, Asia Pacific alone is expected to see 4.9% annual average growth in passenger journeys, equating to an incremental 1.75bn passenger journeys. Asia Pacific is now the largest travel region in the world and its importance to our industry will only increase. North American passenger journeys are expected to grow at an average of 3.3% per annum, picking up 650m extra passenger journeys. While growth in Europe is expected to be lower at 2.6% through 2034, it still means an extra 580m passenger journeys.

As the most geographically diverse travel distribution business, Travelport can deliver service and reach virtually anywhere in the world at scale, whether serving our travel content provider customers or our online and offline travel agencies, travel management companies (TMCs), corporations or meta-search customers around the globe.

Travelport’s investments in unique airline merchandising capabilities, the most diverse hotel and car portfolio, innovative mobile and corporate travel technology, and a pioneering payments solution position us perfectly to service this rapidly growing demand with our industry-leading Travel Commerce Platform.

One of the key factors driving the ‘globalization’ of travel is the growth in consumer spending. Global middle class spend is expected to grow from around $21tn in 2009 to over $55tn in 2030. Moreover, emerging economies around the world (such as India, China and Indonesia) are expected to account for around 80% of that growth, compared to 40% today. With this growing middle class purchase power comes the increased demand for travel noted above. And, importantly for Travelport, the growth is coming from some of our strongest regions, like Asia Pacific. Travelport is preparing for the needs of this next generation of corporate and leisure traveler and we are already helping our customers – airlines, hotels and travel agencies alike – to attract this burgeoning and mobile-savvy group of travel buyers.

Middle class consumer spendingOuter ring: 2030 in $tn (projected)Inner ring: 2009 in $tn


Airline content– Network carriers– Low cost carriers

Airline merchandising– Ancillaries and branded fares

Hospitality– Hotels– Rental car and ground transport– B2B travel industry digital media

Mobile commerce– MTT– Locomote

Hotels– ~650,000 chain and

independent hotel properties

Other distribution– ~60 cruise lines and tour operators

– 13 major rail networks

Payments– eNett

Back-end– IT solutions

Traditional GDS

TravelCommerce

Platform

Co

nte

nt

Fro

nt-E

nd

– Tailored o�ers– Aggregated shopping

Car rental– ~36,000 car

rental locations

How the Travelport Platform has evolved from a traditional GDS

Our Travel Commerce Platform goes beyond the traditional GDS model of simple distribution for network carriers and chain hotels. We focus on driving value creation through unrivaled content and industry-leading front-end capabilities, rather than on back-end IT solutions.

How have we moved beyond a traditional GDS model? We began by transforming the technology set that underpins our Platform. We vastly expanded the content available to travel buyers while enhancing the functionality and effectiveness of our point-of-sale technology. Through our cutting-edge XML-based technology we have connected and fully integrated over 120 low cost carriers (LCCs) into our Platform, alongside network carriers, thereby expanding the choice travelers have and making travel consumption more efficient for travel buyers.

In Hospitality, we have invested in meta-technology so that our travel agency customers can compare and book hotel content offered by major hotel distributors moving beyond the distribution of just chain hotels within the hugely fragmented global hotel sector.

Through meta-technology and our corporate hotel extranet (Hotelzon), we have added over 550,000 independent hotel properties – meaning that we offer approximately 650,000 bookable unique properties on our Platform, which we estimate is at least 50% more the number of any of our competitors. We have added car, cruise and rail content too. All this gives Travelport a depth and breadth of travel content that is unmatched in our industry. Our strategy is to continue adding relevant content to ensure that leisure and corporate travelers alike have maximum choice and flexibility.

Much more than a GDS


www.travelport.com

Airline content– Network carriers– Low cost carriers

Airline merchandising– Ancillaries and branded fares

Hospitality– Hotels– Rental car and ground transport– B2B travel industry digital media

Mobile commerce– MTT– Locomote

Hotels– ~650,000 chain and

independent hotel properties

Other distribution– ~60 cruise lines and tour operators

– 13 major rail networks

Payments– eNett

Back-end– IT solutions

Traditional GDS

TravelCommerce

Platform

Co

nte

nt

Fro

nt-E

nd

– Tailored o�ers– Aggregated shopping

Car rental– ~36,000 car

rental locations

Our capabilities are difficult to replicate

Driving value creation at the front-end

Through our diversified and differentiated product and technology innovations, Travelport leads the industry in four key areas of front-end value creation.

Our optimized and award-winning point-of-sale application Travelport Smartpoint and cutting edge universal Application Programming Interface (uAPI) deliver proprietary airline merchandising solutions that let airlines sell their full value proposition – including all of their branded fares, ancillaries and tailored content – and market them through the indirect channel as they choose.

In Hospitality, we have built a clear leadership position with our direct corporate hotel booking capabilities and have the highest attachment rates of hotel room nights to airline tickets in the industry.

Travelport offers the ability for travel agencies to make B2B payments through our Platform with eNett’s innovative virtual cards. eNett replaces inefficient payment methods, and facilitates safer and more cost effective payments to travel providers.

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

1tn transactions

processed per year

fares loaded in our system

Itineraries priced every day

changes made to segments in 2015

10bn 450m4.7bn


Travel policy compliance and duty of care

Shop

Book

Modify

Cancel

Unrivaled travel content

Flexibility for changing itineraries

Ticketing, payment and fulfillment

System integration

Workflow integration

Payments to travel providers

Travel buyers

Online travel agencies

Meta-search

Travel management companies

Corporations

Tour operators

Travel providers

~ 400 airlines (including >120 LCCs)

13 major rail networks

~ 650k hotels – >90k chain – >550k independent

~36k car rental locations

~ 60 cruise lines and tour operators

O�line travel agencies

Integral to the global travel ecosystem

Our unique Platform is redefining travel commerceThe travel industry has experienced transformational changes in the last 10 years, driven by breakthroughs in mobile technology and large-scale data and content management, as well as macroeconomic and financial pressures. This in turn has reset the expectations of travel buyers and travel providers as well as those of travelers themselves, who are increasingly seeking to book all aspects of a travel experience in one place and at one time.

Travelport has successfully responded to these challenges by building the world’s only true Travel Commerce Platform. Our Platform facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary B2B travel marketplace. We are at the very heart of the travel industry, the glue that binds it together.

Much more than simple search and book Unrivaled travel contentThe sheer breadth of content available within our Platform means that itineraries can be created from billions of different options, all in real-time. Our innovative technology enables access to branded fares and ancillary products from hundreds of different airlines (including LCCs), approximately 650,000 unique hotel properties, car rental products from approximately 36,000 locations, and much more – all fully bookable through our award-winning point-of-sale.

Flexibility for changing itinerariesTravelport enables much more than just a simple search and book. Utilizing our point-of-sale innovations (which are browser or app-based, or available via our uAPI technology), travel buyers have the ability to shop, reserve, book, modify, cancel and rebook from our extensive and unrivaled travel content portfolio. Our ability to seamlessly support complex corporate and leisure itinerary creation is a critical feature of our technology.

Our technology is complex and hard to replicate, leveraging over 40 years of domain expertise to aggregate and distribute billions of travel options from hundreds of thousands of travel providers, including network and low cost airlines, chain and independent hotels, car rental agencies, cruise liners, rail companies, and much more. Relevant options are then made available to Travelport-connected online and offline travel agencies in a format that allows them to select the optimal options for business and leisure travelers worldwide, and create complex integrated itineraries.

We have invested heavily to deliver the systems and technologies needed for travel agencies to attract and service higher-yield customers. Our Platform handles post-booking processes and services, such as fulfillment and processing of the travel transactions, passenger tracking and services, in-trip change services and post-trip reconciliation. For corporations, Travelport also provides reservation tracking services and other tools that ensure corporate travel programme compliance. Travel providers continue to choose to use our Platform because we offer superior distribution efficiencies as compared to their own direct channels, being a cost-effective means of accessing geographies where a travel provider’s market penetration and brand awareness is low (for example, outside its ‘Home’ market) by using local travel agencies to reach end consumers.

We believe that there is no technology or scalable alternative to our Platform which offers the same depth and breadth of travel inventory, functionality and reach – with access to high-end leisure and corporate travelers across a broad international geographic footprint.

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


www.travelport.com

Travel policy compliance and duty of care

Shop

Book

Modify

Cancel

Unrivaled travel content

Flexibility for changing itineraries

Ticketing, payment and fulfillment

System integration

Workflow integration

Payments to travel providers

Travel buyers

Online travel agencies

Meta-search

Travel management companies

Corporations

Tour operators

Travel providers

~ 400 airlines (including >120 LCCs)

13 major rail networks

~ 650k hotels – >90k chain – >550k independent

~36k car rental locations

~ 60 cruise lines and tour operators

O�line travel agencies

Ticketing, payment and fulfillment There are multiple complexities in the world of air travel ticket processing, including airline partnerships, code-shares and product unbundling. A core benefit of Travelport is that it facilitates and simplifies ticketing, payment and fulfillment. As the system of record for travel bookings, we collect all related travel data and supply the traveler with the ticket for travel while facilitating the allocation of booking revenue, including payments to travel providers.

Workflow integrationOur entire travel content portfolio is available to book within a single and integrated workflow, meaning that agents avoid switching to different travel websites or systems in order to fulfill a traveler’s requirements. This enables efficient and productive booking and itinerary creation, reduced training time for agents, and significant upsell and cross-sell revenue opportunities.

System integrationOur Platform is also fully integrated within our travel buyers’ mid and back-office systems. The sophistication of this integration ensures that our travel agency customers can manage transaction data all the way from booking (which includes all elements of the traveler’s itinerary, data about the booking, and the personal preferences of the travelers) all the way through to billing, collection, payment, reconciliation and management reporting.

Payments to travel providersOur pioneering B2B payments solution, eNett, which is fully integrated into our Platform, has a range of innovative solutions to address multiple challenges for travel agencies. eNett replaces cash and other traditional payment methods with secure, virtual and pre-funded payment cards, which eliminate credit or bankruptcy risk, lower administrative costs (due to significantly reduced time spent on reconciliation), and lower the spread for foreign currency payments.

Travel policy compliance and duty of careOur innovative Platform gives corporations and corporate travel agencies the ability to administer travel policies, maintain policy compliance, preferences and travel authorization parameters. As the system of record for travelers we are able to fulfill duty of care requirements that corporations have for its employees. We also enable the integration of corporate-negotiated and tailored travel content and rates into our booking workflow, which is a clear differentiated capability compared to our competitors.


Chairman’s statement Douglas Steenland

Dear fellow shareholders,

As I reflect on Travelport’s first full year as a public company, I am pleased to report that Travelport has delivered on, or exceeded, all of its commitments to you. We’ve made strong progress across the entire spectrum of our business, delivering financial performance ahead of guidance and building momentum into 2016.

Unique go-to-market approachTravelport’s approach is unique. We have moved beyond the model of a traditional GDS and are executing a strategy that is attuned to the evolution of the travel industry, and to the current and future needs of our customers. Travelport has solidified and expanded its leadership positions in four key areas of our Travel Commerce Platform: airline merchandising, hospitality distribution, B2B payments and mobile commerce. Moreover, we are focused on customer segments and geographies where our solutions can create or add the most value, such as corporate and international travel markets, and which offer further growth opportunities.

We are confident that the continued successful execution of this strategy will allow Travelport to deliver sustainable growth in the coming years.

Experienced Board of DirectorsWe have a well-qualified Board. Our Board has diverse expertise in technology, travel, payments, finance and risk management and is focused on overseeing Travelport’s strategy and performance. My fellow Board members and I are honored by the trust you have placed in us to oversee the Company on your behalf and we welcome the responsibility.

World-class management team The Board is grateful to Gordon Wilson and the team he leads. Gordon has executed a successful transformation of the business and continues to deliver strong performance.

The Company recently has made several changes to its senior management team. We are delighted to welcome our new Chief Financial Officer, Bernard Bot, who joined in January, 2016. Bernard brings significant public company experience to Travelport, most recently as the CFO at Aer Lingus, and will be a terrific asset as we enter a new phase of growth.

Also joining in January was Stephen Shurrock as Chief Commercial Officer. Stephen previously served as the CEO of Telefonica’s Consumer division. Stephen’s deep knowledge of the digital economy and wide commercial experience is ideally suited to ensuring that Travelport meets the needs of its customers.

On behalf of the Board I also would like to express my thanks to our former CFO, Philip Emery, who elected to leave the Company effective April, 2016. Philip made a significant contribution to our business over the past decade and played a key role in our September, 2014 initial public offering.

DividendTravelport’s current dividend policy will continue in 2016, with the intention to pay $0.30 per common share on an annualized basis.

Our people On behalf of the Board, I would like to thank Travelport’s employees for their role in delivering the Company’s results. The commitment and talent of our employees is critical in our journey to redefine travel commerce.

Our future: 2016 and beyondTravelport’s financial profile is now substantially stronger with a robust core business that is transaction-based, recurring and cash generative. The accomplishments of 2015 – a steadily increasing RevPas, record hotel and car attachment rates, an industry-leading position in airline merchandising and a very solid performance by eNett, our B2B payments business – generated a strong financial performance despite the well-publicized headwinds we faced entering the year. Such results are a testament to the caliber of our unique offering and the value we provide to travel buyers and providers.

Thank you for your ongoing support of Travelport. We look forward to building on the success of this year and continuing to deliver value to the travel industry and to our shareholders.

Douglas SteenlandChairman

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


www.travelport.com

Q&A with the Chief Executive Gordon Wilson

Q&AQ – How would you summarize 2015 for Travelport and what were the key accomplishments?A – A good year – we did what we said we would do in terms of performance, we proved the underlying strength of our business and we moved further forward in our key areas of differentiation and focus – airline merchandising, hospitality distribution, B2B payments and mobile travel commerce.

The headwinds we clearly told the market about in terms of two re-set legacy contracts are now substantially behind us and the results we delivered in each quarter of 2015 show the increasing momentum we have built in the business.

RevPas, one of our key metrics showing the average revenue we earn per billable segment, grew very nicely over the course of the year with growth from both our Air and Beyond Air channels. In Air we are benefiting from the industry-leading position we hold in Rich Content and Branding (or fares families) merchandised content, which we now provide to over 150 airlines. The benefits of improved pricing and mix also came through as a result of our geographical footprint, with over 70% of our revenues now coming from outside the United States, and continued growth in many international markets including Asia, Latin America and Africa. In Beyond Air, the breadth and depth of our hotel and car rental content together with

several enhancements to our travel agency point-of-sale, drove up attachment rates to a record level, while revenue from our payments business eNett grew by 36% in the year.

In the middle of 2015 we acquired the leading mobile travel applications developer, MTT, while in October we became majority owners of Locomote, our next generation corporate self-booking application. Both are illustrative of our focus on the mobile and digital travel economy as sources of future growth, and both businesses are performing well.

Finally, you can see the full extent of our capital structure transformation from our bottom line performance and free cash flows. We are now poised to build on our momentum in 2016.

Q – What are the key objectives for Travelport in 2016 and over the longer term?A – Continuing to build momentum with continued execution against our strategy. We plan to build on the lead we now have in areas that really matter for our travel provider and travel agency/corporate customers – better content, better point-of-sale applications, better payments capabilities and much greater mobile travel commerce capabilities. All of these should demonstrate absolute growth at the top and bottom line of the Company as we continue to win business and new customers.

Q – Air is some $1.6bn of revenue – so still the biggest part of your business. What can you do to protect this and grow it?A – The dialogue with our airline customers is changing to one in which we are helping them raise their average revenue per seat through selling considerably more of their product and value proposition than has ever been possible through the traditional ‘green screen’ GDS.

In turn, our travel agency, travel management and corporate customers are now keen to have the ability to offer the end user client a more complete range of choice with the potential to upsell or ad-sell to the next product up or provide a desired ancillary. This is all part of the service that the traveler demands from the professional travel expert and for which there is no better provider than Travelport today.

Q – How do you think about the risk of disintermediation of the GDS in the industry?A – Any industry that stands still runs the risk of being disintermediated or becoming irrelevant. Travelport is tangibly developing and iterating its value proposition to our customers by listening to them and meeting their needs. We are far from standing still. From enabling airlines to make tailored personalized offers, to enabling the sale of the broadest range of independent and chain hotel content including negotiated or private rates, to enabling our clients to realize their mobile travel commerce potential, to taking risky and inefficient

reconciliation processes and removing costs from the B2B payments world, Travelport is building a future of growth.

The management systems we provide travel agencies with are vital to their very existence, and our ability to handle multiple interfaces into our systems, together with our innovative merchandising solutions, has attracted numerous leading LCCs to our Platform for the first time. Moreover, our attachment rates in hospitality evidence a situation which is far removed from disintermediation. We do all of this on a scale that is industrial strength, managing complexity and change across a global footprint which is broader than many multinational consumer brands.

Q – eNett had a great year in 2015. Where does it go from here?A – I would characterize 2015 as a solid year for eNett, with 36% growth in revenue. More importantly, eNett will continue to grow and in 2016 we expect growth to be at least at the same rate as 2015 – and remember this is on a business which is now almost $100m in size. The eNett value proposition to take cost, risk and complexity out of B2B payments is resonating well with not only new customers lined up to come on board, but also existing customers who are placing more of their payment potential on eNett.

Q – What is your outlook for the industry in 2016 – your top trends or predictions?A – This is a structural growth industry and, going into 2016, we have the combined benefits of both airline capacity forecast to grow at 7% matched to relatively low oil prices. Despite a potential slowdown in growth in some economies, the propensity to travel amongst the burgeoning middle classes in many countries, together with the ever-increasing globalization of business and the ever-present needs of airlines and hotels to fill their seats and beds, bodes well for a business such as ours. We are primarily a flat rate fee-for-booking business and are therefore less exposed to the price of a ticket or room sold. We have a balanced and truly global footprint such that we are not overweight in any one geography and we have invested in, built and differentiated our Platform to be at the right place at the right time around airline merchandising, hospitality distribution, B2B payments and mobile travel commerce.

There is absolutely no question that I am excited about what lies ahead for Travelport and for the travel industry more broadly.

10TravelportRedefining travel commerce 10


Enabling value creation for airlines Travelport is answering the needs of airlines – low cost carriers and network carriers alike – to redefine the way in which their value proposition is delivered through the indirect channel.

For nearly 40 years the traditional GDS screen effectively reduced the airline’s product offering to a line of alpha numeric text detailing the flight schedule, availability by booking or fare class and the type of airplane used. This worked well for booking, pricing, amending itineraries, billing and invoicing. It enabled agencies to track their sales and was integral to the daily workflow of the travel agency. However, the advent of the LCC model has driven a revolution within the industry whereby the basic airfare has been unbundled from all other ancillary services offered.

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

Re-engineering our technologiesTravelport has responded to this opportunity by redefining our technology set both on the front- and back-ends. Our Platform has XML connectivity at its core that enables LCCs to connect into our open platform and display their fares and products alongside the offers of the network carriers. In turn, this provides access to higher-value corporate and high-end leisure travelers in the indirect channel.

Furthermore, by re-engineering our Platform in terms of how we connect to airline inventory from a technical perspective, how we integrate the content into more traditionally sourced data and how we enable their sale of ancillary products we are able to capture not only more LCC participation but also enable all of our airline customers to distribute their full range of products and offers.

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

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

MerchandisingThrough our industry-leading technology, Travelport focuses on helping airlines to differentiate their brand and to increase the revenue they earn per seat sold. How? Airlines need their customers to understand the attributes of different fares, the value of ancillary products, and their wider brand equity. We listened to the airlines and redefined our role by moving far beyond just selling seats. We now provide a suite of merchandising solutions for airlines that includes Rich Content and Branding, ancillary services, aggregated shopping and tailored offers.

11

www.travelport.com


Differentiating Delta’s services and brand in the indirect channelDelta has invested $8bn to fundamentally differentiate the quality of its customer experience. Within the third-party channel, the airline did not want that investment simply to run through the traditional ‘green screen’ GDS, where the Delta brand and value proposition would be lost.

Travelport enables merchandising and retailing of the full value propositionAs a launch partner to Travelport Smartpoint, Delta welcomed the step change from commoditized displays to a richer and more engaging travel buying experience. The airline participates in our Rich Content and Branding merchandising capability through Travelport Smartpoint, which illustrates Delta’s product offering in detail with imagery and marketing text, retaining Delta’s brand in the third-party channel. With Rich Content and Branding, Delta can communicate the specific features of its products or fare families to travel agencies, such as Delta Comfort+ being introduced in May 2016, and also benefits from upselling opportunities that our technology facilitates.

These solutions enable airlines to not just maintain, but also differentiate their brand through the indirect channel – sometimes with even greater capabilities than on their own websites. We make these solutions available regardless of which point-of-sale our travel buyers use when they serve corporate customers and end travelers through the indirect channel.

Travelport is redefining the way in which the airline’s value proposition is delivered to online and offline travel agencies and the corporate travel channel through which they seek to sell, enabling travel buyers to upsell and add-sell. We deliver all of these benefits for a cost to airlines of around 2% of ticket value. We believe there is no other industry that provides this level of value for such a low cost.

Travelport gets it. The reason we are as committed as we are as partners to Travelport is because of the orientation to redefine travel commerce.”Tim Mapes, Senior Vice President of Marketing, Delta Air Lines, Inc.

Delivering innovation for Delta Air Lines

Key statistics

>150Airlines actively merchandising their enriched product content through Travelport including branded fares and ancillaries

>60%Of our segment volume in 2015 was generated by airline customers upgraded to our merchandising capabilities

$59.2bnGlobal airline ancillary revenue for 2015 which have grown at a compound annual rate of 21% since 20101

Key differentiators}} Critical mass of airline

participation in merchandising solutions

}} Tailored content and offers for corporations

}} Rich media and sales messaging }} Unique omni-channel delivery

of content}} Unrivaled access to high-yield

corporate and leisure customers}} Broadest geographic coverage

1 Idea Works Company 2015 survey

Case study

12TravelportRedefining travel commerce 12

Hotel distribution

$552bnGlobal revenues, growing at 8%

52%Independents account for 52%in the US (approximately 80% for the rest of the world)

Car rental distribution

$58bnGlobal revenues, growing at 7%

95%Top five providers at 95% of US demand and just 22% in Asia

B2B travel industrydigital media

$7.2bnGlobal hotel ad spend

Hospitality

Redefining hospitality distributionHotel and car distribution is a $610bn industry and growing at around 8% each year. As the fourth largest third-party distributor of hotel room nights globally, we are a major force in hospitality distribution.

The hospitality line of business enables our travel agency partners to sell hotel, car rental and other non-air content. We also offer digital advertising to travel content providers through our browser and app-based point-of-sale applications. This section focuses on hotel distribution.

Corporate travel is rapidly growing and represents high-value business for our hotel customers – with corporate travelers driving higher average daily rates (ADRs).

Therefore, for independent hotels, a key success factor is their ability to capture share of the corporate travel industry. Their challenge is competing with major chains with negotiated corporate rates and global brand recognition.

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

Our second key growth area is Online Travel Agency (OTA) hotel spend. OTAs account for around 40% of leisure hotel spend that occurs online through this channel. By building a Platform that can aggregate content from approximately 650,000 hotels, across all three hotel room rate categories and utilizing our advanced search capabilities returning relevant choice enables us to deliver unmatched efficiency that means the Travel Commerce Platform is the platform of choice for hotel bookings for OTAs.

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

We focus on content too – offering buyers more choice in hotels. We’ve moved beyond chain hotels and now have ~650,000 unique properties bookable in our system – significantly more than any of our nearest competitors. Our access to higher-value corporate and leisure travelers, scale and global reach which results in some of our own customers – like Expedia and Priceline – are content providers to us.

Our acquisition of Hotelzon helps us make bookings at these independent hotels easier for business travelers and the agencies that serve them. With Hotelzon, we can take the corporate negotiated rates of small independent hotels and make them available to travel agencies or publish that content in Hotelzon for travelers who wish to book hotels independently.

We also have the ability to capture different rates – negotiated corporate rates, retail rates and merchant/wholesale rates. So we have the three key components for success – the content, the rates and we have built in to our Travel Commerce Platform the technology capability that allows our customers sell the products the way they want to.

Moreover, independent hotel content has historically had limited availability through the traditional GDS channel.

Sector growth and opportunityIn the hotel space we are focused in two key segments, firstly corporates where our goal is capturing high-yield, high-value corporate business. Some 20% of this corporate business is transacted by TMCs and the remaining 80%

Source: Euromonitor

13

www.travelport.com


We have the content, we have the rates and we have built the intelligence to provide relevant choice. We’ve built the technology stack to allow our customers to sell their products the way they want to.”Niklas Andreen, Managing Director, Hospitality, Travelport

Key statistics

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

+60%Travelport powers over 60% of US OTA car rental bookings

7bnTravelport generated 7bn ad impressions in 2015

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

Travelport’s innovative solutionTravelport Hotelzon’s Hotel Extranet allows an independent hotel property to load rates for a specific corporate client and then manage and distribute these with any other hotel rates to the corporation or the TMC serving that corporation. In addition, Travelport Hotelzon’s self-booking tool – hotelzon.com – provides corporations and TMCs with the tools to simplify the corporate hotel booking process both in mobile and in desktop, implement comprehensive company travel policies, utilize company preferred payment method and benefit from extensive and real-time reporting. At the same time, Travelport distributes Hotelzon-contracted hotels, including the special rates negotiated for corporations, through the existing Travelport hotel booking system used by our TMC clients. All of these innovations enable our independent hotel customers to win business from high-value corporate travelers.

Travelport Hotelzon captures independent hotel bookings

Case study

TravelportRedefining travel commerce 14TravelportRedefining travel commerce 14

Payments

The world’s leading B2B travel payments solution

eNett is a key component of our vision to redefine travel commerce. Invested in and developed by Travelport since 2009 in tandem with Optal, one of the largest commercial card issuers in Europe, eNett is a proprietary platform for B2B payment transactions that addresses major inefficiencies within the travel payments ecosystem.

B2B payment opportunityeNett operates in a $2tn travel industry that is fast-growing. eNett’s ‘sweet spot’ within this market is where the travel agency is the merchant of record – i.e. where consumers buy travel from a travel agency, who receive cash or card payment from the traveler and then onward pay travel providers such as airlines, hotels and car rental companies. We estimate that such transactions account for over $800bn of the $2tn industry.

The traditional payment methods of travel agencies involve either bank wire transfers, the use of the travel agency’s own credit card or, in the case of flights, an airline-industry managed clearing system. These various methods have a number of drawbacks such as the risks of travel provider default and fraudulent credit card use, as well as the significant time and resources devoted to manual processing and reconciliation.

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

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

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

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

Leveraging over 40 years of domain expertise, Travelport has developed a unique and pioneering B2B payments business called eNett in order to address significant unmet needs in the travel industry. With a proven business model and revenue approaching $100m, eNett has a clear first mover advantage within an addressable market of over $800bn.


www.travelport.com

Travel agency challengeTraditional credit card surcharges impacted AirAsia’s ability to offer the most competitive all-inclusive fares in the market.

eNett’s solutionUsing eNett VANs, travel agencies are able to save up to 70% on card fees when booking AirAsia’s fares. This is based on a 1% maximum surcharge to the overall fare price that is applied exclusively to eNett VANs. It also lets agencies use the savings to offer the lowest prices to their customers, improving their competitiveness in the marketplace.

In addition, eNett’s innovative fund-as-you-go model enables travel agencies to make AirAsia bookings and pay for them without tying up their cash with bonding requirements that AirAsia would otherwise request. Also, by using eNett VANs to make supplier payments, agents mitigate the risk of supplier default, credit card fraud, improve automatic reconciliation and generate financial, data and efficiency rewards.

eNett is accessible to agencies of any size, in 71 countries, where we can on-board customers in less than three days.”Anthony Hynes, Chief Executive Officer, eNett

eNett payment model in partnership with AirAsia

Key statistics

>$800bnTotal addressable market where eNett has first mover advantage

$92meNett’s 2015 revenue which grew at 36% in 2015 and has more than doubled over the last 2 years

71Countries where eNett is available to agencies of any size

eNett is available in Travelport Smartpoint, or via a direct API connection, or via Conferma, a payments switch into other GDSs

Case studyStrategic priorities In 2015, eNett generated revenue of $92m, an increase of 36% on 2014. eNett is already generating profits and we believe the model is highly scalable as we expand beyond the core hospitality sector into air travel, including LCCs, as well as other sectors of the travel industry.

The immediate focus of eNett is to increase penetration in the OTA space. Furthermore, eNett is looking to significantly speed up payments in scheduled air ticket payables and see a major opportunity in the LCC market (see adjacent case study). Our estimates suggest that these markets, combined, represent around half of our total addressable market.

eNett is also constantly increasing the range of currencies that it can manage its solutions around, and continues to build scale in people, systems and processes.

TravelportRedefining travel commerce 16TravelportRedefining travel commerce 16

Mobile apps bythe end of 2017

92%

96%

72%

Mobile ancillaries by end of 2017

93%

Mobile growth across corporate travel market

25%of corporate travel bookings to be made via mobile by 2017, compared to 7%in 2014

New revenue opportunities

Mobile booking transactions will more than double between 2014 and 2016 in the three main travel categories (air, hotel and car rental)

of airlines will enable retail promotions and o�ers via mobile

of airlines will o�erself-service tools forrebooking (up from11% in 2014)

of airlines will enable flight bookings via apps

of airlines will provide flight status updates

Mobile commerce

Mobile travel consumption – a key element of digital travel commerce

MTT is one of the key elements in Travelport’s wider digital and mobile commerce strategy which includes recent investments made in Travel IT (tour distribution), Hotelzon (hotel distribution), Locomote (corporate travel management apps) and eNett (payments).

What is the opportunity?Mobile travel commerce is growing exponentially and transforming how travel companies interact with travelers and generate revenue. For example, it is expected that more than 500m air tickets will be purchased by mobile by 2018 (from ~200m in 2014), with the corresponding transaction value expected to grow from $52bn in 2014 to $145bn in 20181. In the hotel space, in the US alone, it is expected that hotel bookings via mobile will grow from $2.7bn in 2014 to $5.4bn in 20161. All this means that travel agencies and providers alike are focusing heavily on implementing competitive mobile strategies that deliver engaging services via smartphones and tablets.

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

MTT has a unique focus on mobile travel apps, with an expertise in ‘B2B2C’ applications and mobile development that is hard to replicate. We believe that MTT is the largest specialized company in the world in this area. Its revenue comprises professional services and license fees for its products and platform, as well as monthly fees for support, maintenance and hosting.

Our strategy MTT is continuing to build its leadership in mobile travel with travel companies worldwide, combining expert app engineering with creativity and a strong traveler end-focus, while increasing scale, building market share, and exploiting new mobile opportunities.

We estimate that approximately 500m travelers worldwide use MTT’s airline and other travel apps every day. A key focus at Travelport is to leverage this position in order to connect MTT apps to the full breadth of content on Travelport’s Travel Commerce Platform – including its extensive hotel and car content, and payments capability – and drive higher transaction fees by merchandising airline ancillaries to the end traveler.

1 Juniper Research

Mobile is fast becoming the key channel for travel commerce and services. Our recently acquired specialist business Mobile Travel Technologies (MTT) has built a leading position in the development and running of mobile apps for the travel industry.

Sources: CWT Insights, 2015; SITA Airline IT Trends Survey, 2014


www.travelport.com

1 Juniper Research

A better way to interact with customersIn 2011, easyJet commenced a search for a technology partner who could build a cross-platform app capable of communicating with customers at all times and places, while facilitating booking and self-management of travel by end travelers, particularly in times of flight delay and cancellation.

MTT delivers award-winning application for easyJet MTT has worked with easyJet since 2011, delivering a beautifully designed, intuitive and easy to use app that has evolved from booking and check-in functionality to include passport scanning, live flight tracking, mobile boarding passes, Touch ID and sophisticated ‘day of travel’ guidance at the airport with MTT’s Concierge Live product. This flagship relationship is synonymous with innovation and in 2015, MTT and easyJet launched one of the first bespoke airline apps for the Apple Watch, which was soon followed by an entire revamp of the airline’s award-winning iPhone app. The app, powered by MTT, provides easyJet with a bespoke, sophisticated mobile channel that provides significant brand and product differentiation as well as an important source of revenue for easyJet.

MTT partners with easyJet to deliver award-winning mobile services

Case study

The new combination of Travelport and MTT is going to drive unbelievable things for our TripSource mobile app, which really is the future of our business.”John Snyder, President and CEO, BCD Travel

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


Travel Commerce

Platform revenue

RevPas


Mobile commerce

PaymentsHospitality

X =Segment volume

Travel buyers

Focused on higher value Away and International markets

Financial review with the Chief Financial Officer Bernard Bot

A diverse value proposition

Our Travel Commerce Platform has a distinct set of financial attributes which we believe make it a highly attractive proposition.

Highly attractive financial profile Travelport’s unique Platform model is the most flexible and diversified in the industry, generating revenue in a number of different ways. Travelport benefits from a transaction fee model with good visibility of performance, giving the business resilience in all market conditions. Travelport’s unmatched geographic diversity – with 71% of revenues coming from International regions in 2015 (i.e. outside the US) – ensures continued growth as we capitalize on the globalization of travel growth in regions like Asia Pacific, Africa and Latin America.

Building performance momentumBuilding on these fundamental strengths, we have delivered a year of strong results as we enter 2016 with impressive momentum. Travelport delivered on its revenue and profit promises, despite the impact of two renegotiated legacy contracts in 2015. In addition, Travelport continues to benefit from a capital structure transformation in 2014, which has provided a strong foundation to further enhance and improve the company’s free cash flow generation.

Growth across all channelsTravelport generates revenue from its industry- leading Travel Commerce Platform – comprised of Air and Beyond Air – and from Technology Services, which provides essential IT services to companies like Delta and Emirates.

Air revenue in 2015 was flat despite legacy contract-related headwinds. Our underlying performance was in part driven by continued growth in higher value ‘Away’ bookings, which now make up 65% of Air booking revenue. In addition, our leading airline merchandising solutions – including Rich Content and Branding, and tailored offers for corporations – drove strong performance particularly in the second half of 2015.

In Beyond Air, which covers hotel and car rental distribution as well as our payment and mobile solutions, Travelport’s investments secured growth of 16% in revenue year over year. Our hospitality attachment rate (i.e. hospitality segments sold per 100 airline tickets issued) reached 47 in 2015, hitting a record high of 50 in the fourth quarter of 2015.

Travelport’s Platform approach drives value creationOur evolution from a traditional GDS involved expanding what was a narrow focus on simple distribution of air and chain hotel segments to

a much wider focus on value creation across the global travel ecosystem. Our Platform approach to travel commerce is designed to generate higher revenue per booking by focusing on higher value customer groups and geographies, the attachment of added-value to air bookings – such as a hotel stay, car rental or airline ancillary – and by facilitating the corresponding payments by the travel agency to the travel providers.

Metrics used by traditional GDSs such as air market share do not, in isolation, adequately capture the full spectrum of value created by Travelport’s Platform. Our success in this regard is measured through RevPas – the average revenue we generate per available segment from air, hotel and car bookings, as well as merchandising, payments and mobile.

Growing RevPasThe strength in Travelport’s holistic approach to travel commerce is evident in our steadily growing RevPas – which grew by 8% in 2015. This demonstrates the value in our calculated focus on capturing higher value bookings – from corporate, high-end leisure and Away/International markets – and delivering added-value to all aspects of the travel commerce ecosystem. In short, Travelport aims to generate more revenue per segment through our unique Travel Commerce Platform offering – and we are doing just that.


www.travelport.com

}

Q&AQ – Can you tell us about your background and what attracted you to Travelport?A – Having been active in the travel, transport and logistics industry for over 20 years in a combination of consulting and finance roles, I am truly invested in the sector and see strong growth ahead for global travel. I am very pleased to have joined Travelport, whose differentiated approach to travel commerce was a big draw for me. The Company has positioned itself very well to capitalize on the trends driving growth in this industry.

Q – What has impressed you so far in your time at Travelport?A – The most impressive aspect is that we keep travel commerce needs at the center of everything we do. We are completely focused on developing solutions that serve the travel industry in a rapidly changing environment. We have built a strong track record of early investment in, and adoption of, cutting-edge technologies – for example in payments, mobile and digital commerce – while continuing to invest and build more advanced capabilities across our core Platform.

Bernard Bot, our CFO, answers some frequently asked questions

Q – What do you think investors will find attractive about Travelport?A – One of the most attractive features of our business is that the core travel distribution model is resilient, recurring, transaction-based and highly cash-generative. Relative to our peers it is also fairly capital-light, given our focus on ‘front-end’ value creation rather than ‘back-end’ IT solutions.

Another attractive feature is that we operate within a structural growth industry, especially in International (or non-US) regions. For example, International GDS air volumes have grown at a CAGR of 3.8% since 2011 (compared to 1.2% for the US over the same period). Our air share in International markets has been very stable over the last four years, which is key, also because International markets are higher yielding as well as faster growing.

Key financialsYear ended December 31,

2015 2014 2013 2012

Net revenue ($m, unless otherwise stated) Air 1,603 1,607 1,588 1,548 Beyond Air 492 424 371 326Travel Commerce Platform 2,095 2,031 1,959 1,874Technology Services 126 117 117 128Net revenue 2,221 2,148 2,076 2,002Travel Commerce Platform revenue as a

% of Net revenue 94% 95% 94% 94%% of Air segment revenue from Away bookings 65% 62% 62% 60%Beyond Air revenue as a % of Travel Commerce

Platform revenue 23% 21% 19% 17%Hospitality segments per 100 airline tickets issued 47 43 41 40International revenue as a % of Travel Commerce

Platform revenue 71% 68% 68% 66%eNett revenue 92 67 45 19

Travel Commerce Platform Reported Segments and RevPasReported Segments (millions) 342 356 350 347 International RevPas $7.40 $6.98 $6.81 $6.55 United States RevPas $4.34 $4.10 $4.07 $4.03Travel Commerce Platform RevPas $6.13 $5.70 $5.60 $5.40

Other key metrics ($m)Adjusted EBITDA 535 540 517 494Adjusted Net Income/(Loss) 122 (11) (48) (80)Capital Expenditure 142 144 127 108Adjusted Free Cash Flow 134 (39) 20 104

We also have diversification through our fast growing Beyond Air portfolio, which represents nearly one-quarter of Travel Commerce Platform revenue. Our innovations and leadership in hospitality, payments and mobile commerce position us strongly for the evolution in travel commerce.

With these features which all translate into sustainable volume and RevPas growth, we are well placed to deliver attractive revenue, profit and free cash flow growth in both the near and longer term.

Q – What are your priorities for Travelport? A – It is important that we build on our successes from last year by continuing to deliver on our promises.

This means that we must continue to drive strong growth across our Air and Beyond Air portfolios. This means, amongst others, maintaining our technology lead, and making sure we integrate and benefit from our acquisitions. Another priority is ensuring a strong cash flow, through efficient processes and disciplined investments in high return areas.

Q – And what are your priorities for capital allocation?A – I believe that we can achieve our business objectives while continuing to build on our track record of balanced and disciplined capital allocation.

Our capital allocation strategy centers around debt reduction with a view to reducing our net leverage to around three times Adjusted EBITDA by the end of 2018. Obviously this shouldn’t impede investing in the profitable growth of the Company, but should be central in our decision-making. Pre-empting a question investors may have: we intend to maintain our dividend policy at the current level until our net leverage target is achieved. We may also pursue strategic ‘tuck-in’ acquisitions that meet our stringent investment criteria, should the opportunity or need arise.

Q – What type of relationship are you looking to build with Travelport’s stakeholders?A – Communication is absolutely key to ensuring investors fully understand what we do, how we are differentiated, and what growth opportunities we are capitalizing on. Travelport has a fantastic story to tell; not only in terms of the financial returns we can generate but more widely in terms of our leadership in innovation and travel content. I look forward to getting out on the road and meeting with investors to share our growth story.


Executive management team

1 / Gordon Wilson Chief Executive OfficerSee page 21.

2 / Bernard BotChief Financial OfficerMr. Bot is responsible for leading Travelport’s finance function which includes investor relations, M&A, treasury, tax, financial planning and analysis, audit, controllership and procurement. Prior to joining Travelport in January 2016, Mr. Bot was CFO for Aer Lingus Plc, Ireland’s national airline and before that he held the same role for TNT Express N.V., the international courier company listed on NYSE Euronext Amsterdam.

3 / Thomas MurphyGeneral CounselMr. Murphy joined Travelport in January 2015 and has overall responsibility for Travelport’s legal function. Prior to this, Mr. Murphy was General Counsel and Company Secretary for William Hill PLC. During his eight year tenure, Mr. Murphy also served as Head of Business Systems and was Managing Director of the Americas. Before this, Mr. Murphy served as General Counsel for RHM plc.

4 / Matthew MinetolaChief Information OfficerMr. Minetola holds global responsibility for leading Travelport’s technology organization. Before joining Travelport in December 2014, Mr. Minetola gained over 30 years’ experience through a number of senior, IT leadership roles in various high profile global organizations. Most recently, he spent over 14 years working for HP in various global roles including CIO for their Financial Services business.

5 / Terry ConleyCapability and PerformanceMr. Conley is responsible for Human Resources and Corporate Services. Prior to this, Mr. Conley served as Travelport’s Executive Vice President of Integration, leading the integration of Worldspan into Travelport, and as Travelport’s Chief Administrative Officer, responsible for communications, corporate IT, real estate and contact centers. Mr. Conley has also held a number of senior roles at Cendant Corporation and PepsiCo, Inc.

6 / Stephen ShurrockChief Commercial OfficerMr. Shurrock joined Travelport in January 2016 and leads Travelport’s customer-focused teams in Air, Agency, Hospitality and Digital Media, as well as having global responsibility for customer engagement, product strategy, marketing and market research. Prior to this, Mr. Shurrock was CEO for the Consumer Division of Telefonica. His prior roles with Telefonica included CEO of O2 Ireland and CEO of Telefonica’s New Digital Business and Innovation division.

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


www.travelport.comwww.travelport.com

Board of Directors1 / Douglas Steenland ChairmanAppointed to the Board August 2011 Chairman of the Nominating and Corporate Governance Committee Mr. Steenland is the retired CEO of Northwest Airlines. He became the President of Northwest in 2001 and the CEO in 2004, and led Northwest’s industry changing merger with Delta Air Lines in October, 2008. Mr. Steenland presently serves as the Chairman of the Board of American International Group, Inc. and on the board of Hilton Worldwide, Inc. 2 / Gordon WilsonPresident and Chief Executive OfficerAppointed to the Board June 2011 Mr. Wilson was appointed to his current post in June 2011, having previously served as Travelport’s Deputy CEO since November 2009 and as President and CEO of Travelport’s GDS division since January 2007. Mr. Wilson has 25 years’ experience in global electronic travel distribution, in various senior positions, including CEO roles with Galileo and Cendant Travel Distribution Services.

3 / Michael DurhamDirectorAppointed to the Board September 2014 Chairman of the Audit Committee Mr. Durham currently serves on the Boards of Hertz Global Holdings and Cambridge Capital Acquisition Corporation. Mr. Durham served as Director, President and CEO of the Sabre Group, positions he held from 1996 to 1999. For the 16 years prior to joining Sabre, he worked at American Airlines where he was CFO from 1989 to 1995.

4 / Elizabeth BuseDirectorAppointed to the Board September 2014 Ms. Buse most recently served as CEO of Monitise plc, a global technology services provider of mobile banking, payments and commerce solutions. Prior to this, she served in a number of roles with Visa, Inc. from 1998 to 2014, including Executive Vice President, Global Solutions. Ms. Buse also serves on the Board of eNett International (Jersey) Limited.

5 / Gavin BaieraDirectorAppointed to the Board October 2011 Mr. Baiera is currently a Managing Director at Angelo, Gordon & Co, L.P., a privately-held registered investment advisor currently managing approximately $25bn. Prior to joining Angelo Gordon, Mr. Baiera was co-head of the Strategic Finance Group at Morgan Stanley. Prior to that, he was a Vice President at General Electric Capital Corporation.

6 / Gregory BlankDirectorAppointed to the Board May 2013 Mr. Blank is currently a Managing Director in the Corporate Private Equity Group of The Blackstone Group. Prior to joining Blackstone in 2009, Mr. Blank was an Associate at Texas Pacific Group in San Francisco. Prior to that, Mr. Blank worked in investment banking at Goldman, Sachs & Co. focused on technology, media and telecommunications clients.

7 / Douglas HackerDirectorAppointed to the Board September 2014 Chairman of the Compensation Committee Mr. Hacker previously held several senior roles with UAL Corporation, most recently as Executive Vice President for Strategy, and President of UAL Loyalty Services. He also held a number of roles with United Airlines from 1993 to 2001, including as CFO. Mr. Hacker currently serves on the boards of Aircastle Ltd., Columbia Funds, NES Rentals Holdings, and SpartanNash Company.

8 / Steven ChambersDirectorAppointed to the Board April 2015 Mr. Chambers has spent most of his professional career in the technology and payments industries and, from 2005 to 2014, served as Executive Vice President and CIO of Visa Europe Ltd. Prior to this, Mr. Chambers held various leadership positions with ACI Worldwide, Inc. and First Data Resources. He also previously served as a director of Monitise plc.

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Corporate headquartersAxis One, Axis ParkLangleySL3 8AGUnited Kingdom

T: +44 (0)1753 288 000F: +44 (0)1753 288 001

www.travelport.com NYSE: TVPT

creating value across the global travel ecosystem

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