Investor Presentaiton

UI SUBSTANTIAL GROWTH UPSIDE AND OPTIONALITY TO BASE CASE Bookings OUR PLAN DRIVERS Taking advantage of a growing market. Strong position in Metas. Virtual interlining (VIN) development with in-house resources. Investments in cheap channels materialising Continuous investments in reduction of Classical Customer Revenues to keep driving value for both customers and eDO and increasing competitive pressure to sub-scale competitors OPTIONALITY Increase in offer of in-destination services Further VIN investment Further technical conversion improvements M&A Revenue margin EBITDA Revenue diversification keeps being a key driver. Current Prime model further penetration in Spain and Germany, and rollout in the UK. Continuous investments in reduction of Classical Customer Revenues to keep driving value for both customers and eDO and increasing competitive pressure to sub-scale competitors. Doubling Dynamic Packages (DP) attachment rate Improvement of acquisition cost per booking index following cheap channels focus and effect of Prime. Decrease of other variable costs following cost optimisation measures (e.g. CS outsourcing). Fixed cost control. New Prime features launched in all markets. Further DP and other product developments M&A All of the above will have a positive impact on EBITDA Recurring FCF Given our business model, most improvements at EBITDA level drop straight to Free Cash Flow as relevant cash out flows grow less (CapEx) or have room to decrease depending on market conditions (Interest) New refinancing if market conditions are favourable M&A eDreams ODIGEO 41 INVESTOR PRESENTATION

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