travelport q4 2012 earnings presentation final

Driving Forward Momentum

Q4/Full Year 2012: Results Presentation

March 12, 2013

2 This document supports the Company’s Q4 2012 Results Presentation, a recording of which will be available on Travelport’s Investor Centre from 12 March 2013

Disclaimers

Related to Forward-Looking Statements

Certain items in this presentation and in today’s discussion, including matters relating to revenue, net income and earnings, and

percentages or calculations using these measures, capital structure, future business opportunities or growth rates and other financial

measurements and non-financial statements in future periods, constitute forward-looking statements. These forward-looking

statements are based on management’s current views with respect to future results and are subject to risks and uncertainties. These

statements are not guarantees of future performance. Actual results may differ materially from those contemplated by forward-looking

statements. Travelport Limited (the ‘Company’) refers you to our filings with the Securities and Exchange Commission (SEC),

including our Annual Report on Form 10-K for the year ended December 31, 2012, to be filed on March 12, 2013, for additional

discussion of these risks and uncertainties, as well as a cautionary statement regarding forward-looking statements. Forward-looking

statements made during this presentation speak only as of today’s date. Travelport expressly disclaims any obligation to update or

revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Related to Non-GAAP Financial Information

Travelport analyzes its performance using Adjusted EBITDA and unlevered free cash flow, which are non-GAAP measures. Such

measures may not be comparable to similarly named measures used by other companies. The Company believes Adjusted EBITDA

provides management with a more complete understanding of the underlying results and trends and an enhanced overall

understanding of the Company’s financial liquidity and prospects for the future. Adjusted EBITDA is the primary metric for measuring

our business results, forecasting and determining future capital investment allocations and is one of the measures used by the Board

of Directors to determine incentive compensation. Capital expenditures, which impact depreciation and amortization, interest expense

and income tax expense, are reviewed separately by management. Adjusted EBITDA is disclosed so that investors have the same

tools as those available to management when evaluating the results of Travelport. Adjusted EBITDA is a critical measure as it is

required to calculate our key financial ratios under our credit agreement covenants. Adjusted EBITDA is defined as EBITDA adjusted

to exclude the impact of purchase accounting, impairment of goodwill and intangibles assets, expenses incurred to acquire and

integrate Travelport’s portfolio of businesses, costs associated with Travelport’s restructuring efforts, non-cash equity-based

compensation, and other adjustments made to exclude expenses management views as outside the normal course of operations.

Unlevered free cash flow is defined as net cash provided by operations, adjusted to exclude cash interest payments and include

capital expenditures and capital lease payments. The company believes unlevered free cash flow provides management and

investors with a more complete understanding of the underlying liquidity of the core operating business and its ability to meet its

current and future financing and investing needs.

Q4/Full Year 2012: Highlights

Gordon Wilson, President and CEO

(1) Proforma variance is stated excluding the effects of the loss of the United MSA and foreign exchange (2) Variance is stated excluding the effect of the loss of the United MSA from Q2 2012 4

Q4/Full Year 2012: Highlights

Financial

• Achieved Adjusted EBITDA of $89m for Q4 and $455m for Full Year

– Full Year Proforma Adjusted EBITDA $(7)m vs. prior year, excluding the

effects of $(50)m from the loss of the United MSA and +$5m from the

impact of foreign exchange gains

• Continued quarterly improvement in key business metrics YoY:

– RevPas: Q4 +5% ; FY +3%

– Gross Margin(2): Q4 +5% ; FY +3%

• Contained COR Rate(2) growth to +1% YoY for FY 2012

Operational

• Significant growth in Air, Merchandising, Hotel, Rail and Car content

• High profile travel agency signings and migrations across all regions

• Successful targeted expansion in growth regions of Africa and Russia; and

new hosting agreement with Japan’s AXESS GDS

• Gaining real traction in B2B travel payments through eNett, with 2012 settled

transactions up 18x

• Increased deployment of new Point-of-Sale technology

• Enhanced on-going technology investment program

Industry backdrop

• Modest growth in global travel trends with air segment volumes YoY for Q4

+1% and FY +2% amid continued macroeconomic uncertainty

Q4 RevPas

5%

Q4 Gross

Margin(2)

5%

Q4

2012

Better/(Worse)

than

prior year

Proforma (1)

Better/(Worse)

than prior year

Net Revenue 457 (8) 17

Adjusted

EBITDA 89 (17) —

Cash flows

from

operations

47 9 N/A

FY

2012

Better/(Worse)

than

prior year

Proforma (1)

Better/(Worse)

than prior year

Net Revenue 2,002 (33) 37

Adjusted

EBITDA 455 (52) (7)

Cash flows

from

operations

181 57 N/A

FY RevPas

3%

FY Gross

Margin(2)

3%

Q4/Full Year 2012: Financial Highlights

Philip Emery, CFO

6

• Q4 Net Revenue and FY Net Revenue are both (2)% lower compared to prior year. Excluding the impact of foreign exchange and

loss of the United MSA, Q4 Net Revenue is +4% compared to prior year and FY Net Revenue is +2% higher compared to prior

year

• Q4 Adjusted EBITDA is (16)% lower and FY Adjusted EBITDA is (10)% lower than prior year. Excluding the impact of foreign

exchange and loss of the United MSA, Q4 Adjusted EBITDA is flat compared to prior year and FY Adjusted EBITDA is (1)% lower

compared to prior year, which is in line with management expectations

• Q4 and FY Adjusted EBITDA include $14 million and $58 million of amortization charges for upfront payments to travel agencies,

respectively. Working capital includes $156 million of upfront payments and prepaid commissions as of December 31, 2012

• FY Interest expense of $290 million is $3 million higher in 2012 due to a higher underlying effective interest rate

• Cash flow improved upon prior year:

– Cash flows from operations for 2012 of $181 million is $57 million higher compared to prior year primarily as a result of a

decrease in cash interest payments and fluctuations in our collections and payments cycles

– Q4 unlevered free cash flow of $43 million is $3 million higher than prior year and represents 48% of Adjusted EBITDA. FY

unlevered free cash flow of $305 million is flat with prior year and represents 67% of Adjusted EBITDA

– Q4 free cash flow of $13 million is flat with prior year. FY free cash flow of $73 million is $35 million higher than prior year

• Financing obligations successfully met and we are well positioned for future refinancing discussions:

– Refinancing of 2013 First Lien term loans with 2015 Junior Priority term loans successfully completed

– $26 million of Senior Notes repurchased at a cost of $20 million, as required under our First Lien Credit Agreement

– Amendment to our First Lien Credit Agreement completed in December 2012 as first stage towards our refinancing being

launched today

– We were in compliance with all our financial covenants as of December 31, 2012

Financial Highlights

Net Revenue Bridge Q4 2012 Net Revenue Bridge FY 2012

FY 2011

Proforma

Net Revenue

Net Revenue

Net Revenue Q4 2012 Better/(Worse)

than prior year FY 2012

Better/(Worse)

than prior year

Transaction Processing 420 8 1,834 11

Airline IT Solutions 37 (16) 168 (44)

Net Revenue 457 (8) 2,002 (33)

FY 2011

Net Revenue

United MSA

and FX

Transaction

Processing

Airline IT

Solutions

FY 2012

Net Revenue

Q4 2011

Proforma

Net Revenue

Q4 2011

Net Revenue

United MSA

and FX

Transaction

Processing

Airline IT

Solutions

Q4 2012

Net Revenue

465 440 457

(25)

16 1

2,035 1,965 2,002

(70) (2)

39

7

8 (1) Proforma variance is stated excluding the effects of the loss of the United MSA and foreign exchange

Q4 2012 Better/(Worse)

than prior year

Proforma (1)

Better/ (Worse)

than prior year

FY 2012 Better/(Worse)

than prior year

Proforma (1)

Better/(Worse)

than prior year

Net revenue 457 (8) 17 2,002 (33) 37

Adjusted EBITDA 89 (17) — 455 (52) (7)

Less adjustments:

Corporate costs (10) (6) (6) (19) (6) (6)

GAAP Restructuring charges — — — — 4 4

Equity-based compensation — 5 5 (2) 3 3

Litigation and related costs (28) 9 9 (53) (3) (3)

Gain on extinguishment of debt — — — 6 6 6

Other non-cash (10) (12) (12) (16) (8) (8)

Total adjustments (48) (4) (4) (84) (4) (4)

EBITDA 41 (21) (4) 371 (56) (11)

Less: Depreciation and amortization (58) — — (227) — —

Less: Gain on extinguishment of debt — — — (6) (6) (6)

Operating (loss) income (17) (21) (4) 138 (62) (17)

Interest expense, net (75) (11) (11) (290) (3) (3)

Gain on early extinguishment of debt — — — 6 6 6

Loss from continuing operations before

income taxes and equity in investment in

Orbitz Worldwide

(92) (32) (15) (146) (59) (14)

Benefit (provision) for income taxes 1 3 3 (23) 6 6

Equity in investment in Orbitz Worldwide (80) (58) (58) (74) (56) (56)

Net (loss) income from continuing operations (171) (87) (70) (243) (109) (64)

Summary Income Statements

9

Summary Cash Flows

FY 2012 FY 2011

Adjusted EBITDA 455 507

Less:

Interest payments (232) (267)

Tax payments (16) (22)

Changes in operating working capital 72 (7)

FASA liability payments (7) (16)

Defined benefit pension plan funding (27) (17)

Other adjusting items (64) (54)

Net cash provided by operating activities of continuing operations 181 124

10

Summary Cash Flows

FY 2012 FY 2011

Net cash provided by operating activities of continuing operations 181 124

Add back: Interest payments 232 267

Less: Capital expenditures on property and equipment additions of continuing operations (92) (72)

Less: Repayment of capital lease obligations (16) (14)

Unlevered free cash flow 305 305

Less: Interest payments (232) (267)

Free cash flow 73 38

Other Financing and Investing Activities

Repurchase and retirement of Senior Notes (20) —

Net (payment) receipt on settlement of foreign exchange derivative contracts (42) 34

Payment of debt finance costs (20) (100)

Net movement on revolver borrowings and other (5) 29

Proceeds from sale of GTA business — 628

Repayment of term loans — (658)

Distribution to a parent company — (89)

Net decrease in cash and cash equivalents (14) (118)

11

Summary Balance Sheets

December 31,

2012

December 31,

2011

Goodwill and other intangibles 1,899 1,981

PP&E 416 431

Investment in Orbitz Worldwide — 77

Working capital and other (160) (117)

Net pension and post-retirement benefit liabilities (174) (183)

Net debt (3,183) (3,146)

Total assets less total liabilities (1,202) (957)

Equity (1,202) (957)

(1) Subject to a reduction in maturity to May 2014 (1st Lien) or August 2014 (1.5 Lien) under certain circumstances (2) Debt maturities are based on carrying value and exclude i) amounts due under the Revolving Credit Facility and Capital Leases; and ii) future PIK interest or any exit fees 12

Debt Maturity Dec 31,

2012

Dec 31,

2011

Non Extended Term Loans Aug-13 — 161

Revolving Credit Facility 20 35

Extended Term Loans (1) Aug-15 1,348 1,346

Tranche S Term Loans Aug-15 137 137

Bank Term Loans and Revolving Credit

Facility 1,505 1,679

2012 Secured Term Loans (1.5 Lien) (1) Nov-15 171 —

Second Priority Secured Notes Dec-16 225 211

Senior Notes due 2014 Sep-14 752 776

Senior Notes due 2016 Mar-16 250 250

Senior Unsecured Notes 1,002 1,026

Senior Subordinated Notes Sep-16 431 428

Capital Leases 96 63

Total Travelport Limited Indebtedness 3,430 3,407

Less:

Cash Held as Collateral (137) (137)

Cash and Cash Equivalents (110) (124)

Net Debt 3,183 3,146

• In compliance with all financial covenants as of December 31, 2012

Schedule of Debt Maturities (2)

Covenants Dec 31,

2012

Dec 31,

2011

Total Leverage Ratio 7.24x 6.99x

Maximum Total Leverage Ratio 8.00x 8.00x

First Lien Leverage Ratio 3.40x 3.74x

Maximum First Lien Leverage Ratio 4.00x 4.00x

Senior Secured Leverage Ratio 3.80x N/A

Maximum Senior Secured Leverage Ratio 4.95x N/A

Capitalization Table – Debt Maturities

1,656

906

2013 2014 2015 2016 Thereafter

752

13

2013 Refinancing

• While there is no immediate need for any capital structure actions, Travelport wants to be proactive in managing its balance sheet

to:

– Refinance 2014 maturities

– Simplify our capital structure

– Settle existing bondholder litigation

• If successful, this transaction would capitalize on the flexibility gained in the recent 1st Lien Credit Agreement amendment and

further support the momentum of the business gained in recent quarters

– Extension of 2014 maturities allows the Company more runway to execute on its growth initiatives

– Settlement of the litigation saves the Company legal costs and allows management to focus on the business

– Refinancing senior unsecured debt and exchanging Travelport Holdings Limited PIK loans into equity helps simplify the

Company’s capital structure

• Travelport is pursuing this transaction after entering into Restructuring Support Agreements with certain holders of approximately

38% of the 2014 Senior Notes and approximately 64% of the 2016 Senior Notes

– Travelport has also entered into a Restructuring Support Agreement with certain holders of approximately 34% of the aggregate

principal amount of existing Second Priority Secured Notes, approximately 15% of Senior Subordinated Notes and

approximately 60% of Travelport Holdings Limited’s unsecured PIK term loans (excluding the holding of approximately 30% of

Travelport Holdings Limited’s Tranche A PIK term loans by Travelport Intermediate Limited, an affiliate of The Blackstone

Group L.P., who has also entered into the Restructuring Support Agreement)

14

2013 Refinancing

• As part of an exchange offer for the 2014 and 2016 Senior Notes, senior note holders will (1) be able to exchange into New Senior

Unsecured Notes due 2016 and receive cash and (2) have the opportunity to participate in a new 2nd Lien Tranche 1 Term Loans

due 2016

– New 2nd Lien Tranche 1 Term Loans will have a maturity of January 1, 2016 and will rank junior to the liens under the 1st Lien

Credit Agreement and equal to the liens under the existing 2nd Lien Indenture

– New 2nd Lien Tranche 1 Term Loans will have a floating interest rate of LIBOR + 8.00% with a 1.5% LIBOR floor, an OID of

1.0%, and a 2.0% exit fee

– Certain proceeds from the New 2nd Lien Tranche 1 Term Loans will be used to repay the 1.5 Lien 2012 Secured Term Loans

and to pay related transaction fees and expenses

– Travelport has a commitment from Credit Suisse to raise up to $630 million from the New 2nd Lien Tranche 1 Term Loans

• Senior Unsecured Notes transaction includes the following:

– 2014 USD Fixed-rate Senior Notes: 42.5% cash and 57.5% New Fixed-rate Senior Notes with a March 1, 2016 maturity, a cash

interest rate of 11.375% and an incremental PIK interest rate of 2.5%

– 2014 USD & EUR Floating-rate Senior Notes: 42.5% cash and 57.5% New Floating-rate Senior Notes with a March 1, 2016

maturity, a cash interest rate of LIBOR + 6.125% and an incremental PIK interest rate of 2.5%

– 2016 USD Senior Notes: 32.5% cash and 67.5% New Fixed-rate Senior Notes with a March 1, 2016 maturity, a cash interest

rate of 11.375% and an incremental PIK interest rate of 2.5%

• Existing LIBOR + 6.00% 2nd Priority Secured Notes due December 2016 will exchange into New 2nd Lien Tranche 2 Term Loans

earning 4.0% cash interest and 4.375% PIK interest

• Holders of Senior Subordinated Notes will receive a consent fee of $5 per $1,000 aggregate principal amount to waive and release

legal claims against Travelport and amend certain provisions of the Senior Subordinated Notes indenture

• Travelport Holdings Limited Tranche A PIK Loan will exchange $25 million of principal into Senior Subordinated Notes with terms

and seniority equivalent to the existing 11.875% Senior Subordinated Notes and receive a 50 bps consent fee. The remaining

Travelport Holdings Limited Tranche A and Tranche B PIK Loans will exchange into equity

15

2013 Refinancing

Sources and uses assumes a transaction closing date of March 31, 2013 in the calculation of accrued and unpaid interest;

acceptance by holders of all the Senior Notes; and an exchange rate for € tranches based on the 30 business day average prior to

March 8, 2013 of 1.331

1) New 2nd Lien Tranche 1 Term Loan amount of $630 million does not reflect the $6 million OID (under the Second Priority Credit

Agreement)

2) As of March 31, 2013, existing 2nd Lien Notes will have accrued to a balance of approximately $229 million (from $225 million as

of December 31, 2012)

3) As of March 31, 2013, Travelport Holdings Limited PIK Loans of $503 million will consist of Tranche A PIK Loans accrued to a

balance of approximately $149 million, and Tranche B PIK Loans accrued to a balance of approximately $354 million. Of this, $25

million of Travelport Holdings Limited Tranche A PIK Loans will exchange for New 11.875% Senior Subordinated Notes and the

remaining $478 million will exchange into equity

4) Includes an OID of $6 million on the New 2nd Lien Term Loan, commitment fees, consent payments, a 1.5 Lien prepayment fee,

financial and legal advisory fees, and accrued and unpaid cash interest

Sources Uses

New 2nd Lien Tranche 1 Term Loans $630 Repayment of 2012 Secured Term Loans (1.5 Lien) $175

Payment of 42.5% of 2014 Senior Notes 320

Payment of 32.5% of 2016 Senior Notes 81

Transaction Costs, Fees and Accrued Interest (4) 54

Total cash sources $630 Total cash uses $630

New 2nd Lien Tranche 2 Term Loans (2) $229 Exchange of Existing 2nd Lien Notes (2) $229

New Fixed-Rate Senior Notes 415 Exchange of 2014 Senior Notes not paid down 433

New Floating-Rate Senior Notes 187 Exchange of 2016 Senior Notes not paid down 169

New 11.875% Senior Subordinated Notes 25 Tranche A PIK Loans exchange 25

Equitization of Remaining Tranche A and B PIK Loans (3) 478 Equitization of Remaining Tranche A and B PIK Loans 478

Total non-cash sources $1,334 Total non-cash uses $1,334

(1)

(3)

(1) Subject to a reduction in maturity to May 2014 (1st Lien) or August 2014 (1.5 Lien) under certain circumstances (2) Debt maturities are based on carrying value and exclude i) amounts due under the Revolving Credit Facility and Capital Leases; and ii) future PIK interest or any exit fees (3) Leverage presented here is calculated as cumulative proforma net debt divided by Travelport Adjusted EBITDA for 2012 of $455 million

16

Debt Maturity Dec 31,

2012

Pro-

forma Leverage (3)

Revolving Credit Facility 20 20

Extended Term Loans (1) Aug-15 1,348 1,348

Tranche S Term Loans Aug-15 137 137

Bank Term Loans and Revolving Credit

Facility 1,505 1,505 2.76x

2012 Secured Term Loans (1.5 Lien) (1) Nov-15 171 —

Second Priority Secured Notes Dec-16 225 —

New Second Priority Senior Secured

Tranche 1 Loans Jan-16 — 624

New Second Priority Senior Secured

Tranche 2 Loans Dec-16 — 225 4.63x

Senior Notes due 2014 Sep-14 752 —

Senior Notes due 2016 Mar-16 250 —

New Fixed Rate Exchange Notes due 2016 Mar-16 — 415

New Floating Rate Exchange Notes due

2016 Mar-16 — 186

Senior Unsecured Notes 1,002 601 5.95x

Senior Subordinated Notes Sep-16 431 456 6.95x

Capital Leases 96 96

Total Travelport Limited Indebtedness 3,430 3,507 7.16x

Less:

Cash Held as Collateral (137) (137)

Cash and Cash Equivalents (110) (110)

Net Debt 3,183 3,260 7.16x

Schedule of Proforma Debt Maturities (2)

Proforma Capitalization Table – Debt Maturities

1,485

1,906

2013 2014 2015 2016 Thereafter

Q4/Full Year 2012: Business Update

Gordon Wilson, President and CEO

18

Continued Strategic Execution

Enhanced Travel Content

• Air

– 35 air agreements signed in 2012, with recent ones including:

• Americas: AeroMexico, Copa Airlines , Alaska Airlines

• APAC: Virgin Australia, Scoot

• Europe: Alitalia

• MEA: Air Botswana, PIA, Ethiopian Airlines

– Merchandizing milestones include:

• Air New Zealand, Alitalia

• Hotel

– New hotel aggregator content agreements for Travelport Rooms and

More™ include:

• Destinations of the World, Huntington Travel, lowcostbeds.com,

EasyToBook

– Total number of hotel properties now bookable in Travelport Rooms and

More is > 375K

• More than tripled hotel offers to > 950K

Air Deals

35

Hotel Offers

950k

19


Differentiated Product Momentum

• Point-of-sale desktop momentum continues:

– Travelport Smartpoint App™ update now available for Worldspan

agents

– Over 70% of travel agent customers upgraded to new platform in 2012

• Ongoing roll out of mobile technology:

– Travelport Mobile Agent in MEA region

– Galileo Terminal in APAC region

• First anniversary of Travelport Developer Network™

– 300% growth in membership since launch

– 60 independent software developers

– 70 new applications and processes currently under development

– 88 full country launches

Investing in Key Adjacencies

• Continued substantial payment transaction growth with eNett joint venture:

– 2012 FY TTV grown by 18x over 2011

• New AITS agreements with Azul, Copa Airlines, GOL and transavia.com

20


Targeted Geographical Growth

Major customer wins and renewals:

• Americas: TTI (Canada), Executive Travel, National Travel Systems and

ATC Travel Management (US),

• APAC: Morning Star (HKG)

• Europe: Hays Travel, Statesman (UK)

• MEA: eTravel Group (South Africa); Al Tayyar (KSA)

Expanded network:

• New distributor appointed in Morocco;

• First East Africa hub established in Kenya

– Accelerating introduction of Travelport technology to this fast growing

region

Technology Investment

• Partnership with IBM extended through new hardware and software

agreement. Includes upgrades to:

– Existing systems architecture

– Software infrastructure

Global Snapshot

• Continued low growth for 2012 in main regions of US (32% of global

GDS volume) and Western Europe (26% of global GDS volume)

• Significant variation in certain regions

BRICS

• Showing growth in 2012 (except India):

– Brazil: Q4 (7)% ; FY +6%

– Russia: Q4 +21% ; FY +23%

– China: Q4 (5)% ; FY +18%

– South Africa: Q4 +15% ; FY +8%

Low Cost Carriers

• Continued segment growth:

– Q4 at +1% ; FY at +5%

– 7% of Travelport GDS air segments for 2012

RevPas

• Full Year 2012 growth at +3%, reflecting:

– New Travelport products & services

– Continued growth in hotel and advertising sales

– Growth in eNett payments processing

21

Travelport GDS Full Year Segments

(in millions)

Region(2) 2012 2011 Better/

(Worse)

Proforma(1)

Better/

(Worse)

Americas 170 176 (3.5)% 0.1%

Europe 84 85 (0.9)% (0.9)%

APAC 54 56 (2.9)% (2.9)%

MEA 39 38 1.8% 1.8%

Global 347 355 (2.2)% (0.5)%

(1) Proforma variance is stated excluding the effect of the loss of the United MSA (2) Brazil is combined with Europe and not Americas

Geography/Customer Segments

RevPas ($)

$5.01 $5.24 $5.13 $5.19 $5.14 $5.08

$5.34 $5.30 $5.47

$5.29

Q1 Q2 Q3 Q4 FY

2011 2012

22

• In 2012 Travelport continued its record of winning plaudits and awards across all regions from both the travel and technology

industries

• Recent highlights include:

Consistent Industry Recognition

‘IT Team of the Year’

Gold Stevie Award

2012 American Business Awards

‘Best GDS Asia Pacific’

2012 TTG Travel Industry Awards

‘Favorite GDS (Canada)’

2012 Agent Choice Awards

Top 250 ranking

2012 InformationWeek 500

Most Innovative Business Technology Organizations

‘Best Technology Provider’

2013 Globe Travel Awards

EMEA

AMERICAS AMERICAS

AMERICAS APAC

23

Driving forward momentum and delivering strategic growth plans:

• Accelerated content growth:

– Air, Merchandising, Hotel, Rail and Car

• Delivered targeted geographic expansion:

– Established new operations in growth regions

– New hosting agreement with Japan’s AXESS GDS

– Signed and migrated high profile travel agencies across all regions

• Enhanced Point-of-Sale technology:

– Upgraded underlying platforms

– Launched new mobile apps and tools

• Developed key adjacencies:

– Gained payments processing traction through eNett

– Increased AITS impetus, especially in South America

• Invested in significant technology infrastructure upgrades

• Achieved consistent improvement across financial metrics

– Grown RevPas for seventh consecutive quarter

– Increased Gross Margin for fifth consecutive quarter(1)

– Contained COR Rate growth to 1% for 2012(1)

Outlook:

• No near term debt maturities, having successfully extended 2013 maturities

• Encouraging start to 2013

• Significant refinancing launched today

D

(1) Variance is stated excluding the effect of the loss of the United MSA from Q2 2012

Full Year: Summary & Outlook

FY RevPas

3%

FY Gross

Margin(1)

3%

Air Deals

35

Hotel Offers

950k

Appendices 2012 Regional Highlights and Definitions:

Americas – APAC – Europe – Middle East & Africa – Definitions

25

Americas

2012 Highlights 2012 Operational Highlights(1):

• Airlines:

– Ancillary marketing, content, product services and upgrade agreements:

• AeroMexico, Air Canada, Alaska Airlines, Avianca, Avior Airlines,

Azul Brazilian Airlines, Boliviana de Aviación, Copa Airlines,

Delta Airlines, GOL, TACA Airlines

• Travel Agencies:

– Converted, expanded and renewed customers include:

• Agency Technology LLC, Child Travel Services,

Custom Travel Solutions, Delgado Travel, Executive Travel,

National Travel Systems, Your Travel Center,

Travel Leaders Network, TTI (Canada) Executive Travel,

Tzell Travel leaders Group

Post Period Developments:

• Appointed as ATC Travel Management’s primary technology provider

• Carlson Rezidor Hotel Group connects to Travelport GDS via XML, cutting

out intermediary and widening content available

(1) Q4 Highlights are shown in Bold

26

APAC

2012 Highlights

2012 Operational Highlights(1):

• Airlines:


• Air China, Air New Zealand, Bangkok Airways, China Southern,

Qantas



• PST Travel (Malaysia), C&E Holidays (Singapore), Lotus Travel

(Hong Kong), Digital Travel (Australia), All Blacks Tours (New

Zealand), Voyager Resorts (Australia)

• New, enhanced strategic leading national GDS partnerships:

– AXESS (Japan), TravelSky (China)


• Content agreements signed with Virgin Australia and Scoot

• New agreement signed with Morning Star (Hong Kong)


Europe

2012 Highlights

27

2012 Operational Highlights(1):

• Airlines:


• Alitalia, Bulgaria Air, easyJet, KLM, LOT Polish Air, Luthansa,

TAP Portugal, transavia.com, SWISS, TUIfly



• Avia Center (Russia), ebookers, fcm Solutions,

Grupa Travel (Poland), Hays Travel (UK), Kuoni,

Statesman Travel (UK), TIX.nl, Virgin Atlantic Flightstore (UK)

• Rail

– New, expanded content includes:

• NTV, RailEurope, thetrainline.com


• New travel agency agreements with Aero Club (Russia) and

INTravel (Poland)

• AITS agreement for e-ticket technology with transavia.com


2012 Highlights 2012 Operational Highlights(1):

• Airlines:


• Air Botswana, Air Tanzania, Egypt Air,

Ethiopian Airlines, flydubai, Gulf Air, kululu.com, nasair,

Pakistan International Airlines, Precision Air, RAK Airways,

South African Airways, Yemenia Airlines



• Al Jaraf, Al Tayyar, Bid Travel, Cozmo Travel, Dadabhai Travel,

dnata Travel, E-Travel, Irena Travel, Nakhal & Cie, Skyline,

Tihama Travel, Wild Discovery

• Geographic expansion:

– Acquisition & integration of Travelport distributor in Southern Africa and

new establishments in Tanzania, DR Congo, Nigeria, Morocco

– New regional HQ (Dubai) and new hubs (Beirut, Kenya)


• New global content agreement with Pegasus Airlines (Turkey)

• New agency agreement with Rickshaw Travels

• Satguru Travels – further expansion in Africa

28

Middle East & Africa


29

Definitions

• Adjusted EBITDA: Defined as EBITDA adjusted to exclude the impact of purchase accounting, impairment of goodwill and

intangibles assets, expenses incurred to acquire and integrate Travelport’s portfolio of businesses, costs

associated with Travelport’s restructuring efforts, non-cash equity-based compensation, and other

adjustments made to exclude expenses management views as outside the normal course of operations

• Cash flow conversion: Computed by dividing Unlevered free cash flow by Adjusted EBITDA

• COR Rate: Computed by dividing travel agency commission and incentive payments by the number of segments

• First Lien Leverage Ratio: Computed under the Fifth Amended and Restated Credit Agreement by dividing the total first lien debt (as

defined under our Fifth Amended and Restated Credit Agreement) as of the balance sheet date by a

number which is broadly computed from the last twelve months of Travelport Adjusted EBITDA

• FX: Defined as foreign exchange

• FY: Defined as Full Year

• MSA: Defined as Master Services Agreement

• OID: Defined as Original Issue Discount

• PIK: Defined as Payment In Kind

• RevPas: Computed by dividing total transaction processing net revenue by the number of segments

• Senior Secured Leverage Ratio: Computed under the 2012 Secured Credit Agreement by dividing the total of the first lien debt (as defined

under our Fifth Amended and Restated Credit Agreement) and the term loans issued under our 2012

Secured Credit Agreement as of the balance sheet date, by a number which is broadly computed from

the last twelve months of Travelport Adjusted EBITDA

• Total Leverage Ratio: Computed under the Fifth Amended and Restated Credit Agreement by dividing the total debt (as defined

under our Fifth Amended and Restated Credit Agreement) at the balance sheet date by a number which

is broadly computed from the last twelve months of Travelport Adjusted EBITDA

• TTV: Defined as Total Transaction Value

• Unlevered free cash flow: Defined as net cash provided by operations adjusted to exclude cash interest payments and

include capital expenditures and capital lease payments

• YoY: Defined as Year on Year

All figures are in USD $ millions, unless otherwise stated

travelport q4 2012 earnings presentation final

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