SAGA Investor Update

Continued strong cash generation Movement in net debt February 2019 to January 2020 1 £391.3m £4.5m £19.8m £25.8m £10.4m £17.2m (£15.0m) (£22.7m) £9.5m (£181.7m) £100.0m 1 2 3 £359.1m Available operating cash flow £92.7m Opening net Trading debt EBITDA Restricted Transfers Working Capital businesses from capital expenditure EBITDA restricted businesses Cruise carve Dividends Tax out Debt service Non-trading Closing net items & other debt Group net bank debt reduced by £32m over the year. This includes £40m of dividends from AICL offset by a £25m subordinated loan to the Travel business to fund the final instalments for Spirit of Adventure 2 Reversal of a £15m positive working capital inflow from the prior year 3 ③ Removal of the Cruise business from the CAA ringfenced group released £23m of available cash Adjusted for capital and interest payments on the Spirit of Discovery, underlying operating cash flow was around 60% of Trading EBITDA Note: Closing net debt stated above excludes the Spirit of Discovery ship loan (£234.8m was outstanding at 31 January 2020) SAGA Investor update 2 April 2020 15

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