SAGA Investor Update

Opportunity to refocus and reposition the Saga Tour Operations business Saga Tour Operations • • Tour Ops impacted by a challenging environment Gross margins impacted by competitive markets and fixed cost commitments in the first half. Total passenger number down by 8.5% but with more resilient performance in Tours and River • Good performance from Titan Relaunch of the business in Autumn when restrictions lifted • Aligned with Cruise proposition • Smaller HQ, higher quality in field Great value for customer, differentiated and direct control of experience SAGA Investor update 2 April 2020 Tour passengers by product mix 10k 8k 22k 25k 64k 62k 66k 2019/20 Stays Tours River 80k 2018/19 Third-party cruise 6

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