Good afternoon.

My name is Paco Pérez-Lozao. I am responsible for the Amadeus NewBusinesses Unit.

It was clear some years ago that we had done an excellent job inserving the airline industry. It was also clear to us that there was ahuge business opportunity in the travel industry beyond air. It wasthen that we took the strategic decision to develop New Businessesfocused on providing cutting-edge technology to other key sectorsacross the rest of the industry.

We set our objectives on diversifying our business into airports,hospitality and rail, as well as some additional areas that aretransversal and relevant to all travel industry players: Payments,Mobile and Travel Intelligence.

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Since we began in 2012, we have consolidated all of these businessesas viable stand-alone pieces within our overall offering. As well asbeing strong businesses in their own right, they complement oursolutions offering to customers wherever they are in the travelecosystem. We believe that we stand out in our broad vision for traveland in our executional capability today.

Amadeus is unique in this respect. We provide technology at all stagesthroughout the traveller journey, technology that is based on the mostadvanced architecture and standards, enabling seamless integrationacross touch points and verticals. Amadeus connects the dots betweenplayers right through the travel ecosystem addressing increasingdemands from travellers, enabling our customers to serve theircustomers better.

Let me give you an example: airport systems are highly interlinked toairline Departure Control Systems (DCS). Currently these systems arenot well integrated. We are making that connection possible, meaningthat all players at the airport will have access to real-time flight data.This makes passenger management within the airport much easier. Forexample, travellers will be able to check flight status by scanning their

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boarding cards at different scanning points, installed across the airportterminal, which perform automated verifications against airlines’ DCSs.The information collected in the scanners can also be sent to theairlines to help them locate travellers and know if they will be late forboarding, helping the airline to reduce delays and to maximise last-minute seat allocations. It will also mean that flights with connectingpassengers can be allocated to nearby boarding gates with ground staffin the right place to deal with baggage faster.

Our technology is offered to our customers on a flexible and scalable‘pay-as-you-use’ model. Our cloud based systems eliminate the needfor local hosting operations and make it easy to evolve and upgradesystems. Our economies of scale enable us to reinvest in our platformsensuring they remain at the technological cutting edge. Thiscombination of ’pay as you use’, scalability, flexibility and investmentcreates a very attractive offer to our customers.

M&A has formed an important part of our strategy. We monitor themarket for potential opportunities regularly and may performacquisitions in the future, if they support the delivery of our strategyand accelerate our time to market.

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At the last Investor Day we called our presentation “Framing theOpportunity”. It was the first time that we had focused our attentionon these New Businesses. At that time, we calculated an addressablemarket estimated at €9.6 billion in 2022.

We now calculate our estimated addressable market at €11.7 billion in2018. Our knowledge and understanding of the market is todaybroader and deeper by segment than it was in 2012. As we advance,we discover more and more synergies between our various businessesthat will drive incremental opportunities in the future.

I can give a clear example of how this deeper segment penetration isincreasing our addressable market. We no longer talk about Hotels. Wehave seen that the market opportunity is much broader. Our solutionsare used extensively by other customer groups such as casinos,stadiums, restaurants and amusement parks. We now call thisbusiness ‘Hospitality’ to better reflect the breadth of our customerbase.

Another example, as you will see later, beyond the synergies we sawbetween Airport IT and Airline IT from the beginning, airports can now

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sell services (such as parking space, access to VIP lounges or fasttrack) through the travel agency channel.

In Payments we have seen enormous leaps forward in what is a verydynamic business. Later, my colleague Celia Pereiro will give a detailedupdate on the significant advances that we have made in this business.

It is important to underline that our New Businesses are no longerabout the future. They are successful today. We have a growingcustomer base, and we are delivering value-adding solutions to ourcustomers now. We face competition of course but we are seeing thatour offer is clearly differentiated. Our cloud-based technology, flexible‘pay as you use’ model coupled with Amadeus’ reach and connectivityto all players in the travel industry is proving to be an attractivecombination to customers.

So, let´s talk now about how we are executing on our strategy in ourkey businesses.

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Let’s turn to Hospitality.

Hospitality represents the largest of all of our addressable markets. Itis however, a fragmented and complex ecosystem.

We are building a very strong portfolio of next gen IT solutions,including a Guest Reservation System (GRS), Property ManagementSystem (PMS), Sales and Catering (S&C) solutions and ServiceOptimisation. We serve today roughly 25,000 properties through ourIT solutions, positioning us already in the top 3-4 players in this space.As I mentioned earlier, we have moved beyond just the Hotel market,broadening our customer reach. We are now able to service playerssuch as stadiums, restaurants, golf clubs and amusement parks.

Our vision in Hospitality is similar to our other Amadeus businesses.We see time and time again how we are able to cross-fertilise ideasand technology from one travel vertical to another. Our capacity todeploy advanced modular technology enables us to benefit fromsynergies and increased efficiency. It makes Amadeus unique.

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_ We offer cloud based systems that customers can buy as modules ina ‘plug and play’ mode.

_ We are offering best-of-breed, with each solution competing on itsown merits.

_ We see significant synergies when integrating Property ManagementSystems and Guest Reservation Systems, both designed on cloudbased and customer centricity principles. In the market there is notsuch an integrated solution.

_ We want to offer hoteliers attribute-based selling capacity similar tothe airline ancillary model. This enables them to break their offerdown into pieces upselling services such as larger beds, views,jacuzzis, spa treatments, room service and so on. We aredeveloping our solutions to accommodate that richer customer offer.

Our next-generation GRS is a very ambitious project, probably thelargest today in the hotel industry. We are proud to have announcedour agreement with IHG as our launch partner. IHG has a bold visionfor how technology can transform the guest experience and businessefficiency. We are currently in execution mode, working towards a 2017cut-over.

Synergies with the PMS and other modules are critical to our customercentric vision. We are excited about the technology that our acquisition,Itesso, brings and how well it integrates with the rest of our solutions.We are working fast to make the full portfolio available soon, as webelieve that the time is right for the industry.

The hotel properties of our hospitality IT customers are located in 150countries although our activity is currently focused mainly on the US.Most of our customers are headquartered there. Not only for us butalso for them, geographical expansion (non US centric hotel-chains andother hospitality customers) leveraging on Amadeus global presence isa growth opportunity. Our high customer satisfaction is also we believea strong base to build on for the rest of the business. We expect futureopportunities to come as well in areas such as payment processes.

Lee Horgan, our Head of Hospitality IT will elaborate on Hospitality ITlater today.

Another area of growth potential is Distribution. We have done hoteldistribution for many years, but our distribution of hotel content hasbeen mainly limited to large hotel chains, selling through travelmanagement companies to corporate customers. Leisure travelagencies demand more varied hotel content. This content is highlyfragmented and has traditionally been a strong market for contentaggregators or online players.

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We believe there is an opportunity to (i) improve the GDS hotel contentoffering and (ii) penetrate the leisure space through leisure travelagencies and online travel agencies.

We are sourcing new content through aggregators that we haveintegrated in a wide variety of markets. We currently have over 1.3million hotel shopping options available in the Amadeus system. Wethink this business will generate growth, with high profitability,benefiting also hoteliers, as the GDS represents one of the most cost-effective sales channels for them.

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The Payments business is a huge opportunity for Amadeus.

There are many payments players out there but Amadeus stands outfor a simple reason: sector expertise.

Travel is a complex industry. Amadeus resides at the centre of it andour knowledge and deep pool of data enable us to make a qualitativedifference to our customers, both merchants and payers. We are ableto identify and provide benefits and efficiencies to our customers orpenetrate new spaces (for example, airports). Payments is highlysynergetic with the overall travel ecosystem.

Our portfolio today comprises a wide range of products to serve theparticipants in the payment flow in the travel market. We serve morethan 500 customers and processed 250 million transactions in 2015,25% more than in 2014.

Celia Pereiro, our Head of Payments, will explain to you in detail whatwe are doing in this area later on.

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Airport IT is very important for Amadeus. John Jarrell will provide youwith a detailed view later today but I’d like now to just set out a fewkey points on our success so far.

Airport IT provides a clear example of how we are leveraging onsynergies. With our Altéa Departure Control Systems (DCS) customerfootprint, we have added nearly 100 ground handlers with presence in230 airport sites. We expect to also leverage our business in a similarway with our acquired Navitaire DCS customers. For the most part,those airports are additional to those that we currently serve with ourAltéa solutions for airlines.

Our technology covers the end-to-end needs of airports. Our cloud-based solutions provide deep integration amongst the various playersin the airport space and their processes.

Those of you that were in Nice in 2013 may remember ChristianPoulsen, Copenhagen Airports’ CTO and CIO, saying that if Amadeuswere able to build what we were planning at that time then we wouldmake the “dreams of airports come true”. That dream is now a reality.Copenhagen Airports is our first Airport IT customer to adopt an

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almost full suite of Airport IT solutions. Copenhagen Airports has avision for technology. They believe that the right technology,seamlessly connected, can enable the airports to significantly growpassenger numbers without the need for more physical infrastructuresuch as new runways. This is a powerful offer to airports around theworld who are facing the same challenges of managing growingpassenger volumes whilst simultaneously constrained by physicalinfrastructure.

We have acquired two companies, AirIT and UFIS, both of which havehelped us to accelerate our expansion. We have integrated theirsolutions into our existing portfolio and AirIT in particular has given usa strong presence in the US market.

The team has grown and John Jarrell now leads a team of more than400 professionals dedicated to Airport IT.

We have initially grown Airport IT off synergies with Altéa, but thereare many more possibilities: with Travel Intelligence, by extracting thevalue of data, or with Distribution, enabling airports to sell revenue-generating services such as parking or VIP lounge passes through thetravel agency channel. We also see an attractive opportunity withimproving airport payment capabilities.

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Rail forms part of our vision of being at the centre of the travelindustry.

Inter-modality is becoming more and more important both fortravellers and for travel sellers. In Europe, the evolution of high-speedrailways allows for increased competition and collaboration withairlines on some routes. These are early days, but there is increasingco-operation between airlines and railways. As an example, Amadeusis technically able to facilitate the sale of rail and air in a code-sharemode in just the same way as in the airline world. This is veryattractive to travellers, creating a smoother trip experience. This couldenable a traveller to fly from an international destination to Paris andhave the high speed train connection to Brussels built into the bookingprocess at the planning stage.

In other parts of the world such as Asia or Latin America, groundtransportation such as railway and buses is key to foster countriesdevelopment.

Rail is not as large a market for Amadeus as Hospitality or Paymentsbut it offers clear revenue growth potential and is strategically key in

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ensuring that our customers can ‘connect the dots’ for their customers’travel needs.

We have based our strategy on building a platform that can cover thetechnology need that railways and bus companies share: to operatetheir business efficiently and create a modern distribution capability. Itrepresents a challenge as there are no industry standards. In Germanyyou do not need a reservation to board the train, while in Spain, forinstance, you do.

We believe our cloud based, ‘pay as you use’ model will be attractive torailway companies. Large national railway companies may currentlyhave limited appetite for out-sourcing, but we think that there areseveral factors that will eventually accelerate this process, such as:liberalisation, EU regulations, investing in customer experience, rollingstock and physical infrastructure as well as efficiency pressures. Inaddition, increased competition will drive investments in IT systems.

Our Rail IT launch partner is SNCB-NS (BeNe). We are building some ITmodules (channel management, inventory, tariffs) that will enhancetheir distribution capabilities whilst simplifying heavy certificationprocesses from the railway companies to the distributing agencies.

Payment and settlement are particularly challenging in the Rail market.Standard travel industry mechanisms such as IATA’s Billing andSettlement Plan are not adopted. It is another area where we believethere will be a growth opportunity for our Payments business asrailways seek to improve payment models across wider markets. It isalso worth noting that Navitaire provides technology to railway playerswhich also opens up new growth opportunities.

Our Rail selling platform is already a reality and as you have previouslyseen in Holger’s presentation we have relevant content with 90 railwaycompanies including all the main European rail operators: DB, Renfe,SNCF, Trenitalia, currently distributed in 170 countries. With all of thisintegrated content we see ourselves growing through several channels,such as online travel agencies, offline travel agencies, and corporations.

In order to achieve this, we currently have 180 rail experts fullydedicated to expanding our business.

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Travel Intelligence is a transformational area for Amadeus offering usmany growth opportunities.

Unlike other players in the big data space, our Travel Intelligenceplatform has been born in the age of big data. It is built upon next-generation, cloud based and scalable platforms, meaning totalflexibility and speed for our customers. Our next-generation platformenables us to process any data type much quicker and in a more costeffective manner than with legacy business intelligence technologies.

And unlike other players, we are vertically integrated with the broadestcustomer and global geographical reach across the industry.

In Travel Intelligence today we have 3 service categories:

_ Market insight: since the inception of the GDS, we have beenproviding airlines with booking data. Our vision is to now convertthat data into something more sophisticated. We are turning thatdata into true market insight, a comprehensive and detailed viewon trends in the market. This will be valuable for airlines but webelieve that these tools will also benefit travel players right across

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the industry.

_ Performance insight: with higher level of sophistication, we are ableto create tailor-made solutions for the customer, solutions that canautomate complex decision-making processes. Let me give you aspecific example. When flight disruption occurs, Qantas will be usingour Schedule Recovery solution. By efficiently compiling airline data,operational scheduling options can be recalculated, and operationsre-ordered in the most optimal way within a range of givenparameters. Previously, this was carried out using information frommultiple sources in only a semi-automated manner. What does thismean in practical terms? In the case of Schedule Recovery it meansthat airlines can react quickly and efficiently to disruptions causedby events such as bad weather or air traffic control congestion. Thishelps in making rapid decisions such as to delay or cancel flights orswap aircraft. There are many instances like this where algorithmsand data can improve and automate critical operational processes,thus ensuring the best customer service level possible.

_ Traveller insight: as a third block, we have an aspirational,customer-centric vision. With precise, accumulated data, we canpredict consumer behaviour. This helps our customers develop muchmore precise, targeted offers. As Hervé and Wolfgang explained thismorning, we are investing heavily to develop this.

We have a large base of more than 140 customers that we serve todayand a highly skilled team in place. Close to 140 professionals are fullydedicated to this exciting area of innovation. Travel Intelligence willtransform the IT landscape. We will enable our customers to automateand enhance their own customer interactions with highly personaliseddata-driven marketing and servicing.

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Mobile is also a transformational area in the market and for Amadeus.I am going to ask Michael to come on stage to talk to you about ourvision and where we stand today.

Hello everyone. My name is Michael Bayle and I look after Mobile hereat Amadeus. I am new to travel, but not Mobile, having servedexecutive roles at Yahoo, ESPN, and a start-up in between which wesold to the largest Telco in Asia. It is a privilege to, in a few minutes,wrap-up our efforts in Mobile, referencing many themes you’ve heardtoday from my colleagues.

Today there are 1.4B smartphone owners. Over 50% of them live inAsia. Invariably, a number of these mobile users are consumers of ourclients’ products and services. They are travellers. And you have heardfrom Holger, Wolfgang and Hervé about our efforts to understand thetraveller and be personalised in doing so. Well, there is no other devicethat is more personal and secure than your mobile phone.

Just as consumer behaviour migrated into online, we see a shift intomobile search and bookings or, most likely, a combination thereof.From physical locations to online to mobile to chat bots even, Amadeus

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aims to serve the thirst of the customers of our partners in an omni-channel manner. Via a combination of web services, which Hervéexplained earlier, or front-end applications, our approach is elastic tosupport our ecosystem depending how they wish.

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To set the foundation for our mobile strategy, we recognise theimportance of “A” touch point to consumers. Just two weeks ago, welaunched a brand new version of our well used service, CheckMyTrip.Not only did we create a fundamentally new User Interface andExperience, we created a new architecture and approach, drawingupon the approach of agility, tribes, and native mobile expertise wehave within Amadeus. This service welcomes 60,000 new usersmonthly whom download our application and register their credentialswith us – which serves as a coveted audience to advertisers globallyHolger mentioned before.

Secondly, lets discuss our work with airlines: we currently manage themobile-commerce flow for north of 35 airlines, representing 500%annual growth in directly attributable mobile bookings, and we areconfident the increase in mobile searches is also leading to bookingsultimately in digital and retail channels. And with improved attributiontracking upcoming, we feel this channel may very well become theprimary channel for bookings: we already see our top customersderiving 25% of their eRetail bookings via Mobile. When we meetagain, I am certain mobile will achieve a majority of bookings. Beyondbookings, you have heard earlier the investment we are making in

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ancillaries. Well, what better mechanism to serve relevant, purchasablewith your thumb, opportunities than mobile? Currently, we have a halfdozen airlines adopting our solution in the mobile booking flow – and,later this year, we will extend that into the check-in flow. Seats, bags –we serve them up literally at the consumers fingertips, which is ripe forconversion on behalf of our airline partners.

Moving to our travel agents base, we feel mobile is a real opportunityto extend their brand and reach into what is traditionally the inspirationand booking channel. Namely, as you know we have a small ratio oftravellers booking air and hotel simultaneously. With mobile and smartitinerary management solutions which we are providing white-label,travel agents now have elaborate mechanisms to re-reach out to theircustomers “pre-trip” and even “in-trip” to invite them to considerincremental, personalised relevant offers complementing the originalbooking. This most certainly includes hotels, but also car, insurance,tours, shows and even transportation once at destination, whether thatbe local transport or reserving private transfer. Leveraging our sameback-end investments to provide these personalised recommendationsin our travel agent platforms, we are extending them directly to thetraveller to allow them to purchase directly on the phone, or viaconversation, text or voice, with their travel agent.

As mentioned earlier, with our focus directly on Corporations, we arehearing from them that mobile is vital to extend the safety and careexpected within the boundaries of the office to their travellers whenthey are outside. Booking tools, disruption management, duty of care,and even personal touches such as maps directing foreign travellers tooffice locations and/or hotels nearby satellite or business partner officesare all features supported more readily in our mobile channel than anyother. And certainly easing the process of expense management is agiven with mobile and as-is-happens expenses which can be recordedinstantly for more efficient processing upon return.

Finally, we are seeing a real demand among our airport and hotelcustomers asking how mobile can ensure their visitors and guests haveaccess to them, as they wish, pre and in-trip. There is a surge in the socalled “chat bot” economy which is proving to modernise the so-called“front desk” “0” dial interaction of past into a more on-demand,preferences understood, self-service scenario travellers expect withmobile. While dial when you can text? As I speak before you, 10,000developers have created “chat bots” just on the Facebook Messengerplatform alone. Given our global reach, we are embracing even moremature platforms such as WeChat and Line in Asia to create compellingmobile solutions for our ecosystem as, indeed, these are not just trendsor fads, these “message platforms” are the future where Millenials notonly spend their hours, they expect to engage with our brands directly

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there.

In conclusion, while it is premature to “size” the market as mycolleagues have been so articulate to do so for their opportunities, ourinvestment to-date in Mobile serves both as a “catchers mitt”, to use anAmerican metaphor, but as a platform for incremental revenues, as itwill be the primary channel to the traveller, no question.

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All of the areas within the scope of our New Businesses are important.We are succeeding in all of them individually and simultaneouslycreating cross-business synergies and efficiencies. Our investmentsare focused on the twin concepts of modularity and a synergeticplatform. This creates a unique Amadeus opportunity: to build a strongfuture-focused business serving the whole travel industry whilst at thesame time enriching what we are doing in our two main businesses,Distribution and Airline IT.

Our goal is simple, to develop the most integrated travel experiencepossible. We are uniquely placed to connect travellers with the saleschannel of their choice with the most varied and richest travel contentto choose from, wherever they are, whatever the channel. The wholetravel ecosystem can be connected through technology. Thattechnology will play a major facilitating role in making it easier to buyand sell travel related products and services. The market is movingquickly to a more retail focus. We are ahead in seeing the big pictureand preparing our customers for this new ‘customer centric’ travelindustry. We truly are shaping the future of travel.

It is a great goal to have as a team and we’re looking forward to

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making it happen.

Many thanks for your attention.

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Thank you.

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