Q4 and FY 2016 Earnings

Q4 and FY 2016 Earnings

Disclaimers Related to Forward-Looking Statements Certain items in this presentation and in today s discussion, including matters relating to revenue, net income (loss), and percentages or calculations using these measures, capital structure, future business opportunities, plans, prospects or growth rates and other financial measurements and non-financial statements relating to future periods, constitute forward-looking statements. These forward-looking statements are based on management s current views with respect to future results and are subject to risks and uncertainties. These statements are not guarantees of future performance. Actual results may differ materially from those contemplated by forward-looking statements. Travelport Worldwide Limited (the Company or Travelport ) refers you to our periodic reports and filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2016, to be filed with the SEC on February 21, 2017 for additional discussion of these risks and uncertainties, as well as a cautionary statement regarding forward-looking statements. Forward-looking statements made during this presentation speak only as of today s date. Travelport expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Related to Non-GAAP Financial Information Travelport analyzes its performance using Adjusted EBITDA, Adjusted Operating Income/(Loss), Adjusted Net Income/(Loss), Adjusted Income/(Loss) per Share, Capital Expenditures, Net Debt, Free Cash Flow and Adjusted Free Cash Flow, which are non-gaap financial measures. Such measures may not be comparable to similarly named measures used by other companies. We utilize these measures to provide useful supplemental information to assist investors in understanding and assessing our performance and financial results on the same basis that management uses internally. These adjusted financial measures provide investors greater transparency with respect to key metrics used by management to evaluate our core operations, forecast future results, determine future capital investment allocations and understand business trends within the industry. Management believes the adjusted financial measures assist investors in the comparison of financial results between periods as such measures exclude certain items that management believes are not reflective of our core operating performance consistent with how management reviews the business. Adjusted EBITDA is the primary metric used to evaluate and understand our underlying operations and business trends, forecasting and determining future capital investment allocations. Adjusted EBITDA, Adjusted Net Income/(Loss), Adjusted Income/(Loss) per Share and Adjusted Operating Income/(Loss) are also used by the Board of Directors to determine incentive compensation for future periods. Capital Expenditures, which impact depreciation and amortization, interest expense and income tax expense, are reviewed separately by management. These non-gaap measures are defined in the Definitions appendix of this presentation and discussed and reconciled to GAAP measures in our quarterly and annual filings with the SEC. 2 This document supports the Company s Q4 and FY 2016 Results Presentation, a recording of which will be available on Travelport s investor relations website shortly after the live presentation on February 21, 2017

Gordon Wilson President and Chief Executive Officer

FY 2016 key point summary % Net revenue up 6%, Adjusted EBITDA up 7% and Adjusted EPS (diluted) up 23% - best performance in 5 years Continued leadership in Beyond Air, up 18%; enett net revenue up 64% Strong Free Cash Flow generation, up 23% Net leverage down to 3.8x Adjusted EBITDA 4

FY 2016 summary: Executing against our strategy Expanded leadership in airline retailing and merchandising 67% of Air segment revenue in FY 16 from away bookings (FY 11: 58%) >210 airlines 1 live with merchandising, including fares families, branded fares, ancillaries and tailored offers Expanded our platform; Beyond Air net revenue now ~$580m 600 400 200 0 326 $ millions; CAGR FY 2012 FY 2016 371 424 492 579 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Beyond Air ex. enett enett CAGR +68% CAGR +9% Leading in mobile commerce Continued to de-lever and reduce interest expense Net leverage down to 3.8x Adjusted EBITDA Reduced interest rate on term loans by 150bps 5 1 As of February 21, 2017

Revenue and Reported Segments 6 Travel Commerce Platform Revenue (YoY growth) Air YoY 6% (1)% 3% Beyond Air YoY +5% +4% 2% 22% 21% 10% RevPas progression (YoY growth) +2% +7% +3% $452m $470m $503m $518m Q4 2013 Q4 2014 Q4 2015 Q4 2016 +1% +15% +1% $5.68 $5.78 $6.63 $6.67 Q4 2013 Q4 2014 Q4 2015 Q4 2016 1 Represents International Travel Commerce Platform revenue as a percentage of total Travel Commerce Platform revenue 2 Represents International Reported Segments as a percentage of total Reported Segments CAGR +5% CAGR +6% Q4 2016 Travel Commerce Platform Reported Segments & Revenue (YoY growth) Regions (% growth) Reported Segments Revenue International +2% +4% US +3% (1)% All Regions +2% +3% International % 61% 2 73% 1 US Reported Segments (YoY growth) +3% (3)% Q1 2015 (8)% Q2 2015 (13)% Q3 2015 (19)% Q4 2015 (12)% Q1 2016 (6)% Q2 2016 (2)% Q3 2016 Q4 2016

Recent developments Air Air revenue (YoY growth) +3% Flat +6% (1)% $363m $362m $372m $374m Q4 2013 Q4 2014 Q4 2015 Q4 2016 CAGR +1% Above-market growth of US air segments in Q4. Resulting negative mix impact on revenue offset by growth from APAC and Europe Continue to lead the industry for airline merchandising with >230 airlines signed and >210 implemented, including renewal with Air Canada Q4 2016 Away 1 Air revenue Away Air segments Airline merchandising Investing to add further capabilities, such as data-enabled insights and personalised offers 66% 2 47% 3 >210 airlines live 4 Extended hosting agreement with Delta; now includes Virgin Atlantic 7 1 Away bookings are defined as bookings made by travel buyers located outside the travel provider s home country 2 Represents % of total air segment revenue from Away bookings 3 Represents % of total air segments from Away bookings 4 Airlines live with merchandising including fares families, branded fares, ancillaries and tailored offers as of February 21, 2017

Recent developments Beyond Air Beyond Air revenue (YoY growth) 48 Hospitality attachment 1 Q4 2016 Down 4% YoY +2% enett revenue (YoY growth) $89m $108m $131m $144m Q4 2013 Q4 2014 Q4 2015 Q4 2016 +30% +22% 16m Hotel room nights sold Q4 2016 Down 1% YoY +59% +21% +43% +10% CAGR +17% 22m Car rental days sold +43% $11m $18m $26m $37m Q4 2016 Up 5% YoY CAGR +50% Beyond Air revenue up 10% with growth across payments, mobile and hospitality Airline tickets issued up, outpacing hotel and car bookings growth, leading to slight decline in attachment rate Bespoke apps designed, developed and run by Travelport Digital for airline customers available to >210 million travellers enett revenue up 43% (FY16: up 64%). Strong performance with recently implemented customers and share of wallet expansion with other key customers 8 1 Hospitality segments per 100 airline tickets issued Q4 2013 Q4 2014 Q4 2015 Q4 2016

Bernard Bot Chief Financial Officer

Summarized income statement (1 of 2) $ millions Q4 2016 Q4 2015 Better / (Worse) Net revenue 545 535 2% Commissions (256) (239) (7)% Add back: Amortization of CLPs 16 16 (2)% Subtotal 306 312 (2)% % of Net revenue 56.1% 58.3% (2.2)ppts Technology costs (84) (81) (4)% SG&A 1 (91) (101) 10% Adjusted EBITDA 131 130 1% % of Net revenue 24.0% 24.2% (0.3)ppts Depreciation on property and equipment (41) (43) 6% Amortization of CLPs (16) (16) (2)% Adjusted Operating Income 74 70 6% % of Net revenue 13.5% 13.1% 0.5ppts Adjustments (to U.S. GAAP Operating Income) 2 (53) (30) (74)% U.S. GAAP Operating Income 21 40 (48)% 10 1 SG&A excluding Non-core corporate costs 2 Adjustments relate to Non-core corporate costs and amortization of intangible assets

Summarized income statement (2 of 2) $ millions Q4 2016 Q4 2015 Better / (Worse) Adjusted Operating Income 74 70 6% Interest expense, net 1 (33) (39) 15% Subtotal 41 31 32% Remaining provision for income taxes 2 (13) (4) n/m Adjusted Net Income 28 27 4% Amortization of acquired intangible assets (10) (16) 34% Other adjustments (to U.S. GAAP Net (Loss)/Income) 3 (27) (5) n/m U.S. GAAP Net (Loss)/Income (9) 6 n/m Adjusted Income Per Share diluted $0.23 $0.22 5% U.S. GAAP (Loss)/Income Per Share diluted $(0.05) $0.04 n/m 11 n/m = percentage calculated not meaningful 1 Interest expense, net excludes $11m and $9m of unrealized gains on interest rate derivative contracts for Q4 2016 and Q4 2015, respectively, which is included within U.S. GAAP interest expense, net 2 Remaining provision for income taxes excludes the tax impact of items excluded from Adjusted Net Income 3 Other adjustments relate to Non-core corporate costs, unrealized gains and losses on interest rate derivate contracts, loss on early extinguishment of debt, and tax impact of items excluded from Adjusted Net Income

Summary cash flows $ millions Q4 2016 Q4 2015 Better / (Worse) Adjusted EBITDA 131 130 1% Interest payments (25) (36) 30% Tax payments (6) (7) 14% Customer loyalty payments (28) (19) (47)% Changes in working capital and other related items 20 44 (54)% Pension liability contribution (1) (0) (48)% Other adjusting items 1 (6) (2) n/m Net cash provided by operating activities 85 108 (22)% Capital expenditures on property and equipment additions (37) (30) (26)% Free Cash Flow 48 79 (39)% Repayment of capital lease obligations and other indebtedness (28) (11) n/m Dividend to shareholders (9) (9) Repayment of term loans (6) (6) Acquisitions (6) n/m Other (3) 7 n/m Net increase in cash and cash equivalents 2 54 (97)% 12 n/m = percentage calculated not meaningful 1 Other adjusting items relate to payments for corporate and restructuring costs included within Non-core corporate costs in the income statement

Net Debt and Leverage $ millions December 31, 2016 September 30, 2016 December 31, 2015 Term loans 1 2,236 2,240 2,303 Capital leases and other indebtedness 109 119 134 Cash and cash equivalents (140) (138) (155) Net Debt 2,205 2,220 2,282 LTM Adjusted EBITDA 2 574 573 535 Net leverage multiple 3.8x 3.9x 4.3x Net Debt down to $2.2bn Net leverage falls to 3.8x Adjusted EBITDA Further debt repayment Repaid $74m of term loans in 2016, and accelerated repayment of capital lease and other indebtedness Further debt re-price in January 2017 Now paying LIBOR +325bps on term loans (with 1% LIBOR floor) Interest rate swaps effective February 2017 Interest rate swaps (fixed at 1.4%) on notional $1.4 billion 13 1 Net of unamortized debt discount and unamortized debt issuance costs 2 Adjusted EBITDA on a last twelve months (LTM) basis

Gordon Wilson President and Chief Executive Officer

Strategic update Stabilized air market share and enhanced leadership in Beyond Air Supported by broad and rich supply of content New business agreed with several key strategic partners ~125 low cost carriers >210 airlines with Rich Content and Branding + industry-leading hotel and car rental content Rationalizing our technology operations Consolidating third party development vendors Investing to capture growth opportunities Focus US product development and infrastructure services into two centres of excellence, Atlanta and Denver Closure of Kansas City development centre towards end of 2017 Announced strategic sourcing partnership agreement with Tata Consultancy Services (TCS) Signed agreement to divest 51% stake in technology development business IGT Solutions (IGTS) Mobile solutions Payments Data and analytics Platform performance Technology Services 15

Full year 2017 guidance (in $ millions, except per share amounts) FY 2017 Guidance* Growth Net revenue 2,425 2,475 3 5% Adjusted EBITDA 585 595 2 4% Adjusted Net Income 165 175 7 13% Adjusted Income per Share diluted** 1.29 1.37 5 12% Free Cash Flow 165 185 (14) (3)% * Guidance assumes spot foreign exchange rates as of February 14, 2017 ** Based on expected FY fully diluted shares outstanding of 127.5m 16 The information presented here represent forward-looking statements and reflect our expectations as of February 21, 2017. We assume no obligation to update these statements. Actual results may be materially different and are affected by many factors detailed in this presentation and in our Annual Report on Form 10-K for the year ended December 31, 2016, to be filed with the SEC on February 21, 2017

2016 summary cash flows and 2017 outlook $ millions FY 2016 FY 2017 Outlook Adjusted EBITDA 574 Adjusted EBITDA of $585-595m after incremental strategic expenditure Interest payments (136) Down reflecting re-pricing of debt, net of LIBOR rises Tax payments (21) Up with pre-tax income growth and territorial mix of taxable income Customer loyalty payments (85) Up reflecting new business wins Changes in working capital/other, and pension contribution (7) Expect to run neutral Corporate and restructuring costs (27) Net cash provided by operating activities 299 Between $295-325m c. $45-50m reflecting program costs (severance and implementation) and other strategic efficiency initiatives Capital expenditures on property and equipment additions (107) c. $130-140m reflecting increased investment in growth initiatives Free Cash Flow 192 Free Cash Flow of $165-185m Repayment of capital lease obligations and other indebtedness (62) c. $50m Dividend (37) Stable 17

Appendices Financial Statistics Operating Statistics Key Financials Definitions

Financial statistics Net Revenue ($ thousands) Q4 2016 Q4 2015 Better / (Worse) FY 2016 FY 2015 Better / (Worse) Air 373,645 372,026 1,651,316 1,603,302 3% Beyond Air 144,077 130,852 10% 579,133 491,855 18% Travel Commerce Platform 517,722 502,878 3% 2,230,449 2,095,157 6% Technology Services 27,710 31,975 (13)% 120,907 125,863 (4)% Net Revenue 545,432 534,853 2% 2,351,356 2,221,020 6% Travel Commerce Platform revenue as a % of Net revenue 95% 94% 0.9ppts 95% 94% 0.5ppts Beyond Air revenue as a % of Travel Commerce Platform revenue 28% 26% 1.8ppts 26% 23% 2.5ppts % of Air segment revenue from away bookings 66% 66% 0.4ppts 67% 65% 1.5ppts Travel Commerce Platform Revenue by Region ($ thousands) Q4 2016 Q4 2015 Better / (Worse) FY 2016 FY 2015 Better / (Worse) Asia Pacific 124,191 109,242 14% 512,521 459,557 12% Europe 163,755 159,405 3% 722,058 634,238 14% Latin America & Canada 24,217 24,146 106,834 99,228 8% Middle East & Africa 66,439 69,948 (5)% 290,068 289,477 International 378,602 362,741 4% 1,631,481 1,482,500 10% % of Travel Commerce Platform revenue 73% 72% 1.0ppts 73% 71% 2.4ppts United States 139,120 140,137 (1)% 598,968 612,657 (2)% Travel Commerce Platform revenue 517,722 502,878 3% 2,230,449 2,095,157 6% 19

Operating statistics Reported Segments by Region (thousands) Q4 2016 Q4 2015 Better / (Worse) FY 2016 FY 2015 Better / (Worse) Asia Pacific 15,941 14,774 8% 66,674 63,537 5% Europe 19,233 18,874 2% 82,515 81,350 1% Latin America & Canada 4,024 4,131 (3)% 17,377 16,881 3% Middle East & Africa 8,511 9,099 (6)% 37,387 38,550 (3)% International 47,709 46,878 2% 203,953 200,318 2% United States 29,910 29,025 3% 134,391 141,234 (5)% Reported Segments 77,619 75,903 2% 338,344 341,552 (1)% Travel Commerce Platform RevPas ($) Q4 2016 Q4 2015 Better / (Worse) FY 2016 FY 2015 Better / (Worse) International RevPas $7.94 $7.74 3% $8.00 $7.40 8% United States RevPas $4.65 $4.82 (4)% $4.46 $4.34 3% Travel Commerce Platform RevPas $6.67 $6.63 1% $6.59 $6.13 7% 20 Selected Travel Commerce Platform metrics Q4 2016 Q4 2015 Better / (Worse) FY 2016 FY 2015 Better / (Worse) Transaction value processed on the Travel Commerce Platform ($m) 17,917 18,185 (1)% 78,751 82,430 (4)% Hotel room nights sold (thousands) 15,726 15,931 (1)% 65,767 65,065 1% Car rental days sold (thousands) 22,396 21,428 5% 94,228 91,393 3% Hospitality segments per 100 airline tickets issued (1) 48 50 (4)% 47 47 1 A hospitality segment refers to one complete hospitality booking. For example, a five night hotel stay equals one hospitality segment. Hospitality includes hotel, car, rail and other non-air bookings

Summarized income statement ($ thousands) Q4 2016 Q4 2015 Better / (Worse) FY 2016 FY 2015 Better / (Worse) Net Revenue 545,432 534,853 2% 2,351,356 2,221,020 6% Adjusted EBITDA 130,764 129,606 1% 574,349 535,027 7% Depreciation on property and equipment (40,939) (43,328) 6% (162,314) (162,661) Amortization of customer loyalty payments (15,944) (16,250) 2% (71,137) (67,047) (6)% Adjusted Operating Income 73,881 70,028 6% 340,898 305,319 12% Interest expense, net 1 (32,963) (38,956) 15% (145,313) (157,442) 8% Remaining provision for income taxes (12,661) (3,878) n/m (41,091) (25,532) (61)% Adjusted Net Income 28,257 27,194 4% 154,494 122,345 26% Amortization of acquired intangible assets (10,402) (15,755) 34% (47,095) (71,567) 34% Non-core corporate costs (42,729) (14,736) n/m (93,190) (43,229) n/m Unrealized gains and losses on interest rate derivative contracts 11,303 8,655 31% (6,168) 8,655 n/m Tax impact of adjustments 5,168 755 n/m 11,338 (1,594) n/m Share of losses in equity method investments (154) n/m (671) n/m Gain on sale of share of Orbitz Worldwide n/m 6,271 n/m Loss on early extinguishment of debt (707) n/m (4,333) n/m Net (Loss)/Income (9,110) 5,959 n/m 15,046 20,210 (26)% 21 n/m = percentage calculated not meaningful 1 Interest expense, net excludes unrealized gains and losses on interest rate derivative contracts

Net revenue and Adjusted EBITDA Net Revenue ($ thousands) Q4 2016 Q4 2015 Better / (Worse) Net Revenue ($ thousands) FY 2016 FY 2015 Better / (Worse) Air 373,645 372,026 Beyond Air 144,077 130,852 10% Travel Commerce Platform 517,722 502,878 3% Technology Services 27,710 31,975 (13)% Net Revenue 545,432 534,853 2% Air 1,651,316 1,603,302 3% Beyond Air 579,133 491,855 18% Travel Commerce Platform 2,230,449 2,095,157 6% Technology Services 120,907 125,863 (4)% Net Revenue 2,351,356 2,221,020 6% Adjusted EBITDA ($ thousands) Q4 2016 Q4 2015 Better / (Worse) Adjusted EBITDA ($ thousands) FY 2016 FY 2015 Better / (Worse) Net Revenue 545,432 534,853 2% Commissions (255,547) (239,297) (7)% Add back: Amortization of CLPs 15,944 16,250 (2)% Technology costs (84,283) (81,103) (4)% SG&A* (90,782) (101,097) 10% Adjusted EBITDA 130,764 129,606 1% Adjusted EBITDA Margin 24.0% 24.2% (0.3)ppts Net Revenue 2,351,356 2,221,020 6% Commissions (1,104,005) (1,029,002) (7)% Add back: Amortization of CLPs 71,137 67,047 6% Technology costs (326,641) (311,403) (5)% SG&A* (417,498) (412,635) (1)% Adjusted EBITDA 574,349 535,027 7% Adjusted EBITDA Margin 24.4% 24.1% 0.3ppts 22 * SG&A excluding Non-core corporate costs

Income per share Income per share ($) Q4 2016 Q4 2015 FY 2016 FY 2015 (Loss)/Income per share Diluted $(0.05) $0.04 0.13 0.13 Adjusted Income per Share Diluted $0.23 $0.22 1.23 1.00 Weighted average shares (millions) Q4 2016 Q4 2015 FY 2016 FY 2015 Weighted average common shares outstanding Basic 124.0 123.2 123.9 122.3 Weighted average common shares outstanding Diluted 124.0 123.3 125.4 122.5 23

Summary cash flows, Capital Expenditures and Net Debt Free Cash Flow ($ thousands) Q4 2016 Q4 2015 FY 2016 FY 2015 Adjusted EBITDA 130,764 129,606 574,349 535,027 Interest payments (25,470) (36,354) (136,458) (145,522) Tax payments (5,707) (6,628) (20,776) (24,673) Customer loyalty payments (28,029) (19,033) (84,562) (74,712) Changes in working capital and other related items 19,990 43,827 (3,786) (10,656) Pensions liability contribution (717) (483) (3,157) (2,759) Capital expenditures on property and equipment additions (37,330) (29,710) (107,460) (106,095) Other adjusting items 1 (5,670) (2,447) (26,591) (14,482) Free Cash Flow 47,831 78,778 191,559 156,128 Capital Expenditures ($ thousands) Q4 2016 Q4 2015 FY 2016 FY 2015 Capital expenditures on property and equipment additions 37,330 29,710 107,460 106,095 Repayment of capital lease obligations and other indebtedness 28,104 10,894 62,310 36,483 Capital Expenditures 65,434 40,604 169,770 142,578 Total Capital Expenditures as % of Net revenue 12.0% 7.6% 7.2% 6.4% Net Debt ($ thousands) December 31, 2016 September 30, 2016 December 31, 2015 Term loans 2 2,236,157 2,239,832 2,303,315 Capital leases and other indebtedness 108,611 118,557 133,883 Cash and cash equivalents (139,938) (138,400) (154,841) Net Debt 2,204,830 2,219,989 2,282,357 24 1 Other adjusting items relate to payments for corporate and restructuring costs, and litigation and related costs 2 Net of unamortized debt discount and unamortized debt issuance costs

Full year 2017 guidance With respect to our full year 2017 guidance: Adjusted EBITDA guidance consists of Adjusted Net Income guidance excluding expected depreciation and amortization of property and equipment and expected amortization of customer loyalty payments of $240 million to $250 million, expected interest expense, net (excluding the impact of unrealized gain (loss) on interest rate derivative instruments) of $120 million to $125 million and expected related income taxes of $50 million to $55 million. Adjusted Net Income guidance excludes the expected impact of amortization of intangible assets of approximately $40 million, expected equity-based compensation and related taxes and corporate and restructuring costs of $55 million to $65 million and expected income tax benefit related to these adjustments of $5 million to $10 million. We are unable to reconcile Adjusted EBITDA and Adjusted Net Income to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as loss on early extinguishment of debt, impairment of long-lived assets, unrealized gains or losses on foreign currency and interest rate derivative instruments, and the related tax impact of these adjustments. Adjusted Income per Share - diluted guidance consists of Adjusted Net Income divided by our expected weighted-average diluted common share count for the full year of approximately 127.5 million. Free Cash Flow guidance reflects expected net cash provided by operating activities for 2017 of $295 million to $325 million less cash additions to property and equipment of $130 million to $140 million. 25

Definitions Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding depreciation and amortization of property and equipment, amortization of customer loyalty payments, interest expense, net (excluding unrealized gains (losses) on interest rate derivative instruments), and related income taxes. Adjusted Income (Loss) per Share Diluted is defined as Adjusted Net Income (Loss) for the period divided by the weighted average number of dilutive common shares. Adjusted Net Income (Loss) is defined as net income (loss) from continuing operations excluding amortization of acquired intangible assets, gain (loss) on early extinguishment of debt, share of earnings (losses) in equity method investments, and items that are excluded under our debt covenants, such as gain on sale of shares of Orbitz Worldwide, non-cash equity-based compensation, certain corporate and restructuring costs, non-cash impairment of long-lived assets, certain litigation and related costs, and other non-cash items such as unrealized foreign currency gains (losses) on earnings hedges, and unrealized gains (losses) on interest rate derivative instruments, along with any income tax related to these exclusions. Adjusted Operating Income (Loss) is defined as Adjusted EBITDA less depreciation and amortization of property and equipment and amortization of customer loyalty payments. Capital Expenditures is defined as cash paid for property and equipment plus repayments in relation to capital leases and other indebtedness. Customer Loyalty Payments are payments made to travel agencies or travel providers with an objective of increasing the number of travel bookings using the Company s Travel Commerce Platform and to improve the travel agencies or travel providers loyalty, which are instrumented through agreements with a term over a year. Under the contractual terms, the travel agency or travel provider commits to achieve certain economic objectives for the Company. Such costs are specifically identifiable to individual contracts with travel agencies or travel providers, which have determinable contractual lives. Due to the contractual nature of the payments, the Company believes that such assets are appropriately classified as intangible assets. Free Cash Flow is defined as net cash provided by (used in) operating activities of continuing operations, less cash used for additions to property and equipment. Net Debt is defined as total debt comprising of current and non-current portion of long-term debt minus cash and cash equivalents. Reported Segments means travel provider revenue generating units (net of cancellations) sold by the Company s travel agency network, geographically presented by region based upon the point of sale location. Travel Commerce Platform RevPas ( RevPas ) represents Travel Commerce Platform revenue per segment and is computed by dividing Travel Commerce Platform revenue by the total number of Reported Segments. 26

Q4 and FY 2016 Earnings