IfImay,though,I dliketostartthedaybygoingbacktobasics.

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1 Good morning everyone. I amanade Pro, CFO at Amadeus. We are delighted to welcome you to our 2016 Investor Day here in London. Thank you for joining us. Throughout the day you ll be hearing in-depth views on our business areas from Senior Amadeus executives, as well as from some of our customers with their own perspectives and testimonials. We hope you find the agenda varied, informative and productive. Asyouwillseeonyourprintedagenda,wehaveassignedspecifictime slots for Q&As throughout the day so there will be plenty of opportunity for interactive discussion. We will have regular breaks for coffee, with a one-hour lunch at We have handed you paper copiesoftheslides,whichhavebeenpostedonourwebsite.wewill complement these with accompanying illustrative speaker notes, which willbepostedonourwebsiteattheendoftoday. Before kicking off, please note we will be making forward-looking statements today which may differ materially from actual results. Please review our legal disclaimer included in all our presentations carefully. 1

2 Todaywewilldiscussourcorporatestrategyandkeyareasoffocusin Technology. We will also provide you with an overview of what is happening in Distribution and Airline IT, as well as an update on our progress in all of our New Businesses, with particular focus on Hospitality IT, Airport IT and Payments. I will wrap up the day s presentations with a financial review. However,ourprimaryfocustodayisonthefuture.Weareandalways have been, an innovation-led, future-focused technology company. We relookingforwardtosettingoutthecaseforamadeusasastrong growth investment opportunity for the future. Onthatnote,I dliketohandovertoluismarotoceo. 1

3 Goodmorning,everyone.AsCEO,onbehalfofallofmyteamI dlike to extend our thanks to you for attending today. We appreciate your timeandwehopethatyouhaveaproductiveandinformativeday. Ihaveknownmanyofyouforsomeyears,someofyougoingbackto thetimeoftheamadeusipo.duringthattime,we vedebatedmany times on the Amadeus story, the travel industry and the role of technology.i mveryconsciousthatiamtalkingtoaroomof experts. We feel that these are exciting times for Amadeus. Having been through a period of robust growth and profitability, we see very attractive growth opportunities ahead and we are laying the foundations to become ever more relevant and to continue to extend our reach throughout the travel ecosystem. IfImay,though,I dliketostartthedaybygoingbacktobasics. 2

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5 We at Amadeus, are convinced we are positioned very strongly to continue our record of success. We have, I believe, 4 core strengths: _ Our deep global footprint. We are the leading travel technology player with the most extensive local presence. This allows us to serve our customers more effectively and to anticipate market trends better. We also have the best talent in the sector, with vast experience, committed to our vision, as you will be able to see today. Close to 15,000 Amadeus employees work every day to make our vision a reality. _ Innovation and technology. Technology is a means to improve quality, productivity and profitability, but technology and its root, innovation - is worthless without a market to serve. Amadeus has pioneered many technologies, from early on being the first to offer neutral flight availability to being the precursor of cloud-based solutions, but also driving industry trends, such as our value-based pricing model. Our investment focus has always been and remains to lead the industry in our ambition to be an end-to-end provider 4

6 of the best travel solutions. _ Robust commercial relationships. We have long established lasting commercial relationships with the most relevant global players in travel, from global operators to niche players. This gives us unrivalled breadth and depth in our understanding of the world s travel industry. _ Long-term focus and proven executional capability. We have demonstrated time and time again over three decades, our ability to deliver on complex needs. These have included some of the most ambitious technology developments and migrations ever carried out, while delivering on our commitments to our shareholders, creating value year-on-year in terms of revenue growth and EPS enhancement. What has enabled this is our relentless focus on the long-term. Letmeexpandonthesetopics,asthesearestrengthsthatwillsupport oursuccessinwhat scomingnextintheindustry,whichiwillcoverin the final part of this presentation. 4

7 Oursisaglobalindustry,andweareunrivalledinourregionalspread and penetration. Throughout the day, you will be hearing from my colleagues about specific developments, so I shall just provide a brief overview. In Europe, we have achieved clear market leadership. This is demonstrated by the key data on the slide. We have developed strongly in the North American region in recent years. In particular, we are building significantly in Airport IT and Hospitality IT. Middle East and Africa are regions offering great long-term opportunities. We enjoy a comprehensive local presence in all of the key markets and longterm partnerships with major travel associations. In Asia Pacific, we have also grown strongly with some of our best technological innovations happening with local partners. This region is obviously critical as we look to the future. Recent highlights include Singapore Airlines contracting for our full suite of Revenue Management solutions and our provision of meta-booking technology to Qunar, a Chinese metasearch engine. We have grown to have an unparalleled local presence with close to 5

8 161 offices spread globally (including more than 70 commercial offices), enabling us to be close to our customers and provide them with effective customer support. By doing this, we are able to understand local market needs. We respond to country level local requirements, through product adaptation and customisation allowing us to serve our customers better. 5

9 Today we are going to focus on technology. You will see how everything we do at Amadeus is connected through our vision and technology. Emerging technologies can support and help grow new revenue sources, improve operational efficiency, and enhance customer service standards. Our customers want to sell as much as possible, as efficiently as possible.wearefocusedonourcustomers needs,whichmakesusa B2B company. However, to be successful we must intimately understand the C, i.e. our customers customer: the traveller. Our deep and diversified presence across the travel industry enables us to collect data from multiple sources. With our advanced technology, we can transform that data into truly actionable insights for our customers. Insights that will enable them to serve their customers better, personalise their travel offer and market themselves in more precise and targeted ways. Increasing connectivity between people and objects, advances in cloud computing, big data, the ubiquity of the Internet and social media, all 6

10 combine to enable Amadeus to develop new, efficient, affordable, safe, secure and accessible solutions. We have invested billions over many years to have a uniquely robust hardware and software offering. To give you an order of magnitude, Amadeushasdevotedover 4billiontoR&Dduringthelast12years. Having market leading and cutting-edge technology allows us to serve our customers better, to customise more efficiently and to continue innovating. Later today, you will hear from our Management Team on specific developments in technological capabilities and strategy. In addition to our ongoing tech innovation at Amadeus, we have successfully created a Venture Capital Fund which we initiated a few years ago for investing in early stage businesses, to complement our efforts to drive innovation in the travel industry. 6

11 Amadeus serves the largest addressable market for travel technology. We have created an ecosystem of solid long-term commercial relationships, with a loyal customer base composed of large and small players across verticals and geographies. It all enhances our understanding of the travel space. With airlines, we have built robust relationships over the years in both IT Solutions and Distribution, supported by stable contractual relationships with a very high renewal rates. Inthetravelagencysegment,wearemarketleadersandserveallthe different players in the industry. In many regions, we are the preferred provider for TMCs, we are the leading player globally with Online TravelAgencies(OTAs),andwehavethelargestshareofthetop100 off-line travel agencies. We are also successfully growing within the meta-search engine segment, and beyond that, we serve more than 11,000 corporations directly. Through strategic acquisitions, our customer base in the hospitality industry includes 16 of the top 20 hotel companies globally, and roughly 25,000 properties ranging from top chain properties to 7

12 independent hotels, as well as relationships with casinos, restaurants, chains, management companies and properties. As you know, we have a partnership with IHG to develop the next-generation CRS for the hotel industry. More on that later. Inthe AirportITmarket, weexpect tobe atop 2Airport ITprovider withinthenext5years,havinggrownfrom1to230customersinthe last 5 years. This has been accomplished through organic growth as well as acquisitions. Airport IT provides us with enormous potential as a business in itself, and also through the synergies it creates for the rest of our business portfolio. Our Payments business has also delivered significant growth in the last 3 years, and now counts with over 500 customers across 192 countries. I could continue for some time here if I were to talk about travel intelligence customers, or corporate customers or customers in car rental, cruise companies,etc. You cansee we are at theheartofthe travel ecosystem. We are a truly global player, with presence in every vertical, segment and market, across the industry. 7

13 Our financial performance has been supported by business success and our business success is supported by our focus on the long-term. A few years back we targeted global leadership. We have not only reinforced our position across our Distribution and IT Solutions businesses, but we have also launched new business lines - such as HospitalityIT,AirportIT,RailIT,Mobile-andrevampedothers-such as Hospitality and Rail Distribution, Payments and Travel IntelligencewhatwecallNBU(NewBusinesses),asyouknow. In Travel Distribution, we will explain later how what we have achieved as of today is just the tip of the iceberg. We believe, the future is going to be much more complex and will require richer technology. Amadeus will be leading the changes for this to happen and fuelling growth in the industry. In Airline IT, we have significantly expanded our Altéa customer base, expanded our solutions portfolio (through Merchandising, Revenue Management and Revenue Accounting), and we have recently expanded into the LCC/Hybrid segment with the acquisition of Navitaire. We are in a great position to serve airlines needs across segments. As in the Distribution business, many new technologies 8

14 enrich the way we serve our customers, and our unique positioning and theclearstrategyandvisionwehave,willenableustofurthergrowin this domain. IdonotwanttoelaboratetoomuchonourNewBusinessesnowasyou willhaveseveralpresentationson thetopictoday.iwilljustsaythat we are very satisfied with how we have kicked things off since 2013, both organically and inorganically. We can confirm that we are on track todeliver 1bninrevenues,fromournewbusinessesfor2022,aswe announcedtoyouatourpreviousinvestordayinjune2013.anade Pro,ourCFOwillelaborateonthefiguresattheendoftheday. 8

15 Allofthishasallowedustodeliverconsiderablevaluecreationtoour shareholders, consistently year on year since our IPO. Total shareholder return since our IPO has averaged 26.3% per year, outperforming our markets. Whatwehaveachievedinthepastissomethingweallfeelproudof, butnowwhatisrelevantisthefuture.whatdoesthefuturelooklike for Amadeus? How are we going to continue delivering value to our customers, to the travellers, to the industry, so that it will convert into shareholder value in the coming years? Let stakealookintothefuture. 9

16 Allofustravel.Forbusiness,forleisure,toseefriendsandfamily. A world on the move presents huge logistical challenges. Travel is more accessible than ever, but the travel experience can be frustrating. All of us have had many wonderful experiences travelling, but also frustrations; delays, bad weather, congestion, poor or no information. They can all contribute negatively to our trip experience. The complexity in the travel space is increasing, for many reasons: increasing number of participants in the industry, both from the supply and demand channels; higher expectations from travellers demanding a much more personalised service; a need to increase brand differentiation and customer satisfaction levels among a wide range of providers that compete in a global market; while improving business sustainability and profitability of players. These challenges will only increase in the coming years: the new middle classes from countries such as China, senior travellers from the West, and the millennial generation are increasingly accessing travel and tourism globally; payment methods will evolve; the Internet of Things (IoT) and wearables will become more present in our daily 10

17 lives; crowd-funded businesses will increasingly emerge. Technology is the key to resolving many of the issues faced by the travel industry and travellers. 10

18 Travel is one of the world s largest industries, representing almost 10% of global GDP. It is also a growing industry, with Euromonitor predicting4%growthperyearto2019.wefeelthat itisafantastic industrytobeinandamadeusisattheheartofit. Travel volumes are massive. IATA has forecast 3.8bn air passengers for Market sources estimate over 2.7bn business trips per year with 14+ million hotel rooms available each day during To support higher demand and a greater volume of tourists, infrastructure investment is required to build more visitor accommodation, increase airport capacity and expand tourist facilities. However, IT investment can allow for more efficient processes with a much lower investment. An example of this is Copenhagen Airport, which has selected the complete Amadeus suite of Airport IT solutions to increase its capacity significantly. Technology is the enabler of this fastunderlyinggrowthintravelandwelieattheintersectionofboth. We size the overall addressable market of travel technology at approximately 72 billion euros in Market sources see the spend intraveltechgrowingatcloseto4%throughto

19 Asyouwillseetoday,wealsoseestrongpotentialinourapproachto serve an unmatched number of participant segments right across the travel value chain. 11

20 In this fast growing environment, another challenging reality is connectivity. The world is more connected than ever and it is our customers-airlines, railways, hotels, ferry, car rental, cruise providers, OTAs, metasearch engines, etc.- who are enabling that connected travel. We in turn at Amadeus are their partners in providing the technology that enables them to connect with, and serve their customers effectively while at the same time, managing their own businesses effectively. Travel is an ecosystem made up of many players. They are all connected in different ways: travel sellers with buyers directly; with travel agencies and large scale corporate Travel Management Companies; airports with airlines and ground handlers; hotels with car rental provider partners and airport taxi transfer services. The list of business relationships, partnerships and dependencies, goes on and on.allplayerswanttoestablishandgrowtheirownplaceinthetravel value chain by offering more and better connected services to their customers. The way these connections are made is changing every day and will continuetodoso.today,8%oftotalinternetusersusesocialmediato 12

21 researchandplantravel,butthatnumberrisesto44%among16-to 24-year-olds, who focus on social media more than any other age group. But even that will change as social media also evolves. Three years ago it was about Facebook,- today it s Instagram, Snapchat, and tomorrow it will be something else. And of course there is exponential growth in mobile adoption. 88% of 16-to-24-year-old internet users had used apc orlaptoptobooktravelinthe 12monthsending July 2014 the smallest proportion across all age groups. 35% of Millennials had used a mobile phone to book travel the highest percentage across all age brackets (source: ABTA, Consumer Holiday Trends Report, September 2014). ThisistheterritorywhereAmadeusisplayingavitalrole;arolethat we believe promises a great future with huge growth opportunities. Amadeuslaysattheheartoftravelandthusweareinanunparalleled position to connect all travel participants, based on our expertise, our technology, our commitment to innovation, our scale and local presence, as well as our financial strength. 12

22 Our purpose as a company is to shape the future of travel. Walk into any Amadeus office in any one of the 195 countries where we are present, and you will find people who love to travel and people excited about how the travel experience can be improved through technology. We believe that there are key trends that will define the future of travel. _ Today s traveller is hyper-connected and informed. They expect a travel world without barriers. Airlines, airports, railways, ferries, hotels, as well as many players in the new sharing economy such as Uber and Airbnb, will need to be joined seamlessly, so that each journey becomes a single, smooth experience from door to door. When disruptions occur, the traveller will expect to be wellinformed about the consequences, and for re-scheduling and rerouting to be as easy as possible. This connectivity is critical for travellers. It is also vital for travel providers and travel sellers if they are to truly offer comprehensive services and collaborate effectively with partners. _ The travel industry has been very successful in managing 13

23 complexity effectively on a massive scale in the past. Millions of passenger journeys are made every day. It has been about moving masses. The future however will be about personalisation on an enormous and unprecedented scale. _ Today s demanding travellers expect a better kind of travel experience, an experience that is unique to them shaped by personal preferences and tastes. From the initial moment of searching for information and seeking inspiration for a trip, right throughtoarrivalandbeyond. Customerswanttobeabletolook and book on their chosen device. The possibilities are vast; selecting preferred seats, choosing baggage allocations, setting preferences such as meals, access to airport lounges, in-flight Wi-Fi, transfer services to and from the airport, hotel preferences, adding a spa treatment, museum entry tickets, on-bound train and bus services. The options are endless, and it all needs to be delivered withjustaswipeonamobiledevice. Soweseethetravelandtechnology industriesasaspaceofgrowth, complexity and connectivity with the need to better service the traveller in a far more personalised manner. Our uniquely collaborative and inclusive development model is ideally suited to capture these opportunities. Many of our existing solutions and all of our developing ones are designed precisely for delivering this goal, of a more connected and personalised travel experience. 13

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