SAGA Investor Update

Strong starting point enables the group to absorb additional short-term liquidity requirements Shareholder cash resources of £92m at 31 March 2020 • • This includes the £14m cash received from sale of healthcare companies Precautionary £50m drawdown on RCF in March • Less £7m cash injection to ST&H ring fenced Further £55m of cash resources in ST&H ring fenced fund at 31 March 2020 • £55m of cash supporting £69m of advance receipts • Voluntarily holding cash to 80% collateral level, higher than regulatory requirement Prudent approach to planning short-term liquidity needs • • • • Working capital requirements expected to peak in next 3-4 months We assume circa 20% of cruise customers defer bookings: in practice >50% customers are rebooking No allowance included for Tour Ops customers rebooking to later departures: in practice >20% are rebooking; no allowance made for potential introduction of a voucher scheme No allowance for any provision of government support outside of the potential to furlough Travel colleagues SAGA Investor update 2 April 2020 18

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