SAGA Investor Update

Cruise transformation programme well advanced, despite the recent impact of Coronavirus Launch of Spirit of Discovery • Customer feedback is excellent • EBITDA generation of £20m in H2, supports the run-rate of £40m of EBITDA per ship per year Cruise NPS 59 £40m run-rate EBITDA Despite short-term impact, future demand is healthy Prior to Government shutdown load factors of over 80% • 58% load factors for September to January 66% booked for Sep-Jan targets* * % booked of our revenue targets for the stated period SAGA Investor update 2 April 2020 16% booked for 2021/22 targets* 5

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