CONFERENCE CALL ON THE RESULTS FOR THE 3rd QUARTER ENDED December 31, 2013 February 27, 2013

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1 CONFERENCE CALL ON THE RESULTS FOR THE 3rd QUARTER ENDED December 31, 2013 February 27, 2013 Good afternoon everyone and thank you for joining us today. This is David Elízaga, Chief Financial Officer of the edreams OdigeO Group. I am pleased to welcome you to today s call, in which we will discuss the results for the quarter ended on December 31st, Before we start, I call your attention to the fact that you can find the report containing the results at our financial website I invite you to have it at hand for when I review the results. I also note that we will now publish the transcripts of these calls on our website. I also want to call your attention to the change in the denomination of the Group. We have changed to edreams ODIGEO to include in the name the most widespread of our brands, and we have changed accordingly the name of the top legal entity of the Group, formerly known as LuxGeo Parent to edreams ODIGEO. As a reminder, this entity owns 100% of Geo Travel Finance which is the issuer of the 2019 Notes. Now I will ask you to turn to page 1 of the report. I would like to start out by saying that we believe the results for this quarter reflect an excellent performance, which bear out the solid fundamentals underlying our business model. Results are in line with the guidance provided to the markets during the second quarter presentation. We have achieved double digit growth in Revenue Margin and Recurring EBITDA, and reached a Recurring EBITDA of 26.7 million euros. Pure volume growth, expressed by number of bookings, has been 14% during this quarter. We believe that number of bookings better reflect the underlying volume growth, and as we started to do from the last quarter, from now on we will be communicating based on number of bookings as opposed to based on Gross Bookings. I will give more explanations about this in a minute. Revenue margin has grown 20%, which speaks about our ability to deliver more value to customers, and the willingness of our customers to share some of that value with us via higher service fees. The higher growth in revenue margin vs bookings also reflects the acquisition of Liligo, which adds revenue but not bookings as Liligo generates revenue mostly from clicks and co-searches. Revenue margin coming from Liligo has been 2.9 million for the quarter. Absent this additional revenue margin, growth for the quarter would have been 16%, closer to the growth in bookings. When we look at it on a regional basis, bookings growth is driven mostly by the Expansion segment, as I will explain further on. Organic Capex has been below our expectations, and we have reflected that in the revised guidance for the end of the fiscal year. We will talk more about this when we speak about costs and capex guidance.

2 We continue to have ample headroom under the only maintenance covenant in our SS RCF. The daily usage of the new common Flight Booking Engine, as well as our ability to move resources from integration work to innovation projects are delivering results, as you can see from the results published. Turning now to page 2 of the report. Ever since edreams combined with GoVoyages and Opodo to form ODIGEO, we have been communicating on Gross Bookings as a reference for volume growth. This was because it is a widespread travel market indicator and most of the public OTAs communicate also around this figure, so it is helpful to make comparisons. However, as the leading Flight-focused OTA on a worldwide basis, we have focused our innovation efforts on developing a platform that strives to achieve best-possible prices and convenience for our customers, while delivering high margins to us. As a consequence, we endeavor to reduce the Gross Bookings for our customers on a transaction per transaction basis. With the deployment of the Unified Flight Booking Engine across our main markets and brands, we have been quite successful in achieving precisely this, and travellers have responded by choosing us more frequently than they did before. We do believe that, in order to understand the pure volume growth in our business, it is more meaningful to follow the number of bookings and from now on we will be communicating on this KPI. To avoid confusion, number of bookings is the number of individual transactions that we intermediate for our customers. One booking can encompass one or several products and also one or several passengers. You can still find the evolution of Gross Bookings in the appendix of the document we published. Please be aware, that we have revised the definition of Gross Bookings, as some of the volumes that we generate were not being covered by the definition. This relates to the white label sourcing partnership. Number of bookings increased by 14% in the quarter ended December 2013 vs the same quarter of last year. This was primarily as a result of the deployment of the Unified Booking Engine of Flights in most of our main markets, the unified Hotel and Cars platforms and investments on general innovation as well as international expansion. Year to date growth in number of bookings has been 15%. Let s now look at how that growth varies on a geographical basis. We divide our business in two main segments: the Core segment includes France, Italy and Spain which represent approximately 60% of the total volume; the Expansion segment represents the other 40% of the volume and includes the rest of the countries in which we operate, inside and outside of Europe. Bookings growth has been strong in the Expansion segment, with 26%. Within this segment, UK and Other Countries have performed particularly well. As a reminder Other Countries included websites for 30 different countries as of December, mostly outside of Europe. Bookings growth has been 9%, almost double-digit, for the Core segment.

3 Turning now to page 3 of the report. Revenue margin increased by 20% versus the same quarter of last fiscal year, reaching 99.3 million euros. During the third fiscal quarter additional service fees have more than compensated for reduced GDS incentives. For the Flight business, Gross Bookings per Booking have decreased over the quarter by 9% since the same quarter of last year, from an average of 478 euros to an average of 428 euros. In our view, this is a proof that we are doing are job correctly, as we consider one of our core missions to reduce Gross Booking per booking for our customers. And this is in the context of average airline prices increasing by 2% as reported by industry research specialists. Since we allow our customers to book cheaper flights than the other options they consider, Our customers are willing to share with us some of the price difference, and that is the underlying reason why we have been able to increase our mark-ups and grow revenue in line with bookings and much faster than gross bookings on a market by market basis Our Direct Connect technology delivers lower average prices than traditional GDS products. Hence, more customers are buying the better priced direct connects from us, and the share of direct connect as a percent of total Odigeo bookings is growing. The increase in proportion of revenue margin from the flight business from 80% to 81% is strongly driven by the acceleration in our Direct Connect flight business, which has outstripped the increases of our hotels and cars businesses, which are growing fast in percentage terms but starting from a lower base. From the perspective of the source of our revenue margin, we are from now on further breaking down to disclose the percentage of revenue margin coming from Adsales and metasearch. We derived 71% of the revenue margin from the customers, 24% coming from our suppliers and 6% coming from Adsales and metasearch business. Please note that this percentage has grown considerably from 2% in the same quarter of last year. Turning now to page 4 of the report. For the third fiscal quarter, Recurring EBITDA increased by 2.7 million euros, an increase of 11% vs the same quarter of last year, meeting the guidance we provided last quarter. We are happy to report that this is the fourth quarter in a row with double digit revenue margin growth and third consecutive quarter with Recurring EBITDA double digit growth. Variable costs have increased by 21%, as a result of a combination of factors. Most importantly they have increased as a result of the 14% increase of booking

4 volumes. Also, Merchant and acquisition costs increase notably as we expand our business in geographies where they are structurally higher or we do not have yet the scale to negotiate better conditions from suppliers or attract traffic based on brand awareness. Please note that in any case we require from new countries to be profitable from the first year of operations. This means that we should expect lower EBITDA margins resulting in strong growth in new markets, but this does not impact our ability to deliver absolute EBITDA growth. These effects mentioned for the variable costs have been mitigated by lower callcenter costs as we make progress in our ongoing optimization of this resource. Fixed Costs have increased by 33%, resulting mainly from increased personnel costs. We are making progress in our plans to increase the number of engineers to continue to generate innovation for the benefit of our customers. During the year, we have increased by almost 60 engineers. However, this increase has been slower than we anticipated at the beginning of the year. The initial period after the recruiting of engineers is dedicated to the integration and training phase. During this period the expense is generated, but they still do not contribute to software development and therefore to the capitalization of their expense. This results in higher expenses than anticipated and lower capex than anticipated as well. We will talk about revised capex outlook later on. Turning now to page 5 of the report to take a look at the highlights in the rest of the income statement. First I would like to describe the new two cost categories above the EBITDA line for this slide, in which we are going to report from now on similar to the previous page but with specific numbers: variable costs and fixed costs. Variable costs include all expenses which depend on the number of transactions processed (e.g. acquisition costs, merchant costs as well as personnel costs related to call centres as well as corporate sales personnel) Fixed Costs: includes IT expenses net of capitalization write-off, personnel expenses which are not variable costs, external fees, building rentals and other expenses of fixed nature The historical evolution of fixed vs variable costs we have also included in the appendix for your reference. The split by personnel and other expenses that we used to comment on you can still find in the income statement in the appendix If we keep going down the income statement, Non-recurring items have increased by 0.3 million euros. You can find details of this number in the appendix of the report. EBITDA after non-recurring items has grown 11% in the third quarter. In respect of D&A at 19.1 million euros, it is mostly driven by an impairment charge of 12.2 million euros, mainly related to the GoVoyages brand. Let me explain this further. As you know, on an ongoing basis we have the run impairment tests comparing the net present value of the expected cash flows for the company against the goodwill and intangibles. As you probably have seen in the Notes to our Consolidated Financial Statements in the past, the total value of

5 the DCF very significantly exceeds the total value of Goodwill and Intangibles. However, the Goodwill and Intangibles are broken down as result of PPAs performed several years ago in the context of the acquisitions of edreams by Permira, GoVoyages by Ardian and Opodo later on. Although the total value of the DCFs expected from the French business is very healthy, the proportion attributed to the GoVoyages brand is not corresponded by some businesses which have suffered in the market as a whole. This is the case of the Charter business, which is structurally suffering from the substitution in many routes by LCCs. In the total of the company, we are benefitted by our important Direct Connect business, and our ability to continue to offer those routes at good prices to our customers. But for the GoVoyages brand in particular we have posted an impairment charge mostly related to this decrease in the charter business. As a reminder, this is a non-cash expense. Financial result of 15.7 million euro for the quarter reflects the existing financial structure. Income tax expense for the third quarter of the fiscal year has decreased by 0.9 million euros, mostly as a result of the release of Deferred Tax Liabilities connected to the aforementioned impairment. Turning now to page 6 of the report. Our balance sheet, as you know is quite simple, with just goodwill and brand on the asset side, working capital movements which I will describe later on, and mostly financial debt on the liabilities side. When compared with the same quarter of 2012, the movements comprise a reduction of negative working capital that I will explain later on, an increase in financial debt and in other long term assets and liabilities driven by the refinancing of last January, the accrual in the Subordinated Convertible Shareholder Bonds, an increase in goodwill generated by the acquisition of Liligo and a decrease in Other Fixed Assets due to the impairment of the GoVoyages brand.. We can take a closer look at the working capital movements on page 7 of the report. Let me remind you the dynamics of our business from a cash flow perspective, so you can understand how the working capital variations are derived from it. Most of the flights activity we develop is under the full agent of record method by which we collect from the customers the full price of the ticket and our fees, and pay to the airlines on average 30 days later. That is the essence of the negative working capital of the business. If we grow in regular flights business under the full agent of record method, we increase the amount of negative working capital. If the Gross Bookings of the regular flight business under the full agent of record method decreases then our negative working capital decreases. The quarterly variations that you see in the graph in dark blue color reflect the seasonality of our business, in which the most important quarter is the one

6 ended in March, followed by June, September and December. From October to December there is a seasonal decrease in the amount of total working capital. The amount of the negative working capital decreased as compared with last year, due to a combination of factors: there has been a decrease of 11.0 million euros in the Payable to regular airlines driven by less weekly payments of German and Nordics BSP in December 2012; additionally there has been a negative impact on working capital derived from the change in supply strategy in the hotels business for 6.4 million euros. The decrease in the charter business has had a negative impact on working capital of 5.9 million euros; and this has been mitigated by other working capital movements for approximately 3 million euros so that the final decrease in negative working capital is 20.3 million euros. In lighter shades of blue we have isolated components that do not follow the seasonality of the business, as the deferred revenue coming from the renegotiation of the Amadeus contract done in conjunction with the transaction, which is a non-cash item. Turning now to page 8 of the report. I have already explained the Recurring EBITDA and non-recurring items. The third line of non operating / non-cash items nets out the portion of the nonrecurring items that are non-cash. The view of the working capital in the quarterly cash flow statement is practical to understanding how the October-December delta of 2013 differ from the October-December delta of The negative movement in working capital has been of 37.2 million compared with a negative 17.5 million for the same quarter of last year. This results from several factors: in the first place, a higher seasonal decrease in the Regular Flights Gross Bookings resulting Negatively impacting our cash flow for circa 4 million euros; in the second place, a lower percentage increase of full agent of record negatively impacting our cash flow by circa 9 million euros;in the third place last year we implemented an in-depth working capital analysis that resulted in gains of 5 million euros which is not repeated this year, and finally other effects for 1.7 million euros. There has been a decrease in income taxes paid during the two years by 2.3 million euros which we attribute more to changes in period of payment than real savings in taxes paid. As a result of the above, Net Cash from Operating activities has been a negative 16.5 million euros compared with a negative 2.0 million euros for the same quarter of last year.. Capital expenditures have been 17.2 million, with the majority of that (13.5 million) coming from the Liligo acquisition, and the rest capitalized expenses in R&D for the development of the platform. Financial expenses paid of 9.6 million euros for the quarter ended December 2013 reflect the current financial structure and the fact that during the third fiscal quarter we pay for a semester of 2019 Notes whereas last year we paid that as well as 3 months of former Senior Credit Facilities.

7 Turning now to page 9 of the report. Net debt has decreased by 18.8 million in December of 2013 when compared to the same quarter of last year. The evolution in December 2013 when compared to September is mostly due to seasonal decrease in cash as well as the payment of the Liligo acquisition. Without taking into account the capitalization of financing costs, net Leverage is 3.7x and net Senior Secured Leverage is 2.0x. Please remember that our business is highly seasonal, and these ratios should be compared always to the same quarter of last year. Net leverage has improved by 0.1x despite the Liligo acquisition and absent that it would have improved by 0.2x. Turning now to page 10 of the report. After the issuance of the Senior Secured Notes due 2018 and the repayment of the Term Loans of the Senior Debt, there is only one maintenance covenant left in our SS RCF, a net leverage ratio set at a level of 5.5x. Headroom in ample, with a current net leverage ratio of 3.53x And concluding now with page 11 of the report with the conclusions and outlook. The exploitation of the common Flight Booking Engine as well as the unified hotels and cars platform is advancing well and we are happy to report that we have delivered with the guidance provided of double digit growth. On the management agenda, we are continuing to focus on the main points communicated at the year-end presentation: o Exploit the common Flight Booking Engine effectively to drive growth o Unify Front Ends to allow for quicker improvements to adapt to customer needs o Unify the Dynamic Packaging platform, and continue improving Xselling of Hotels, Cars and other ancillary products for flights o Continue developing Mobile Apps and Websites to better serve our customers irrespective of where and how they use us o Continue to invest in general innovation to better serve our customers o Accelerate revenue generation from click-based revenue (from AdSales but also metasearch product) as well as search-based revenue (again from metasearch product). o Launch 3 new websites and further develop key international markets o Design and start of implementation of common mid-back office (estimated to be an 18 month project) o Scale Operations to support Business Growth, which means: o Continued increase of Variable Costs to track Revenue Margin Growth

8 o Improvements in call centers compensate for higher merchant costs triggered by internationalization o Higher personnel expense to support focus on internationalization, mobile and corporate o Procurement strategy to reduce fixed costs Concerning the evolution of the trading, we know want to look at a longer period of time and not to the next quarter. PhoCusWright is currently forecasting the European online travel market to grow between 8-9% p.a. over the next two years, while emerging regions such as APAC and LatAm are forecasted to grow at faster rates More specifically, according to PhoCusWright, the European OTA travel market is forecasted to grow at a CAGR of 11% between 2013 and 2015 We believe revenue margin growth somewhere between European Online Travel Market Growth and European OTA Travel Market growth is reasonable As observed over the past 2 years, we expect variable costs to continue to slightly increase given the costs related to customer acquisition and building brand awareness in the short to medium term in new geographies. As also observed over the last 2 years, we expect fixed costs to continue to slightly decline as a percentage of revenue over time, given that international expansion requires relatively limited additional fixed costs. Overall, this should support relatively stable EBITDA margins vs. current levels For Organic Capex, we also reiterate the full year guidance for our organic 16.5 million of R&D (increasing engineering capacity to accelerate innovation) 4.5 million in HW acquisitions and SW maintenance as well as investments aimed at reducing future operating expenditures 1 million in common mid-back office (our budget for the project is 7 million, 6 million for the 2014/2015 fiscal year) Total capex guidance including the liligo acquisition is 35.5 million euros. Well, this is the end of our prepared remarks. I will now be happy to respond to any questions you may have. Operator, you can open the call to questions. Operator: Your first question comes from the line of (Karen Fleetlander). Please ask your question. (Karen Fleetlander): Hi. Good afternoon. Thanks for the call. I was just curious and so we saw in this quarter that the decrease in negative working capital was a little bit stronger than the prior year. I was wondering in going forward into the next quarter, how much of that do you think will reverse? I know we ll see some

9 of it, but given it was a little larger, do you have any estimates? Thanks. Hi. Thank you for your question. First a reminder. The fourth quarter is the biggest quarter in terms of cash generation for the year and it actually out-trips the negative working capital of the first three quarters. So the one that we care a lot more about is the fourth quarter. We re going to see on the one hand some recovery of that negative open that you ve seen in the cash flow statement; however, keep in mind something that we ve been reminding everybody since the beginning of the year, which is that at the end of March 2013, there was a positive extraordinarily positive impact of 19 million, generated by the late payment of a couple of items that would ve normally fallen in the month of March. Curiously enough, the last day of the fiscal year, 31st of March of 2013, fell on Easter Sunday and a number of payments that would ve normally gone out then moved into the 1st of April and thereby changing in our fiscal year, and that affected 2 weeks of BSP payments in Nordics and Germany, as well as, a significant invoice for marketing expenses. That s a total of 19 million. So caeteris paribus, all other things being equal, that already adds a 19 million negative movement in working capital that we expect for the full fiscal year of , and all of that falls into the next quarter, which is the one that you are talking about. And additionally to that, you re going to have some negative impact of the step change we ve had during this year of the increase in the non-gds-based flights because of the deployment of the one platform all over the brands, which has increased the percentage of flights that we route through those carriers.

10 So we would expect this year and this year only. After that, it should become positive at its usual in our business. Negative impact in our working capital, which put everything together we expect a range between negative 25 and negative 35. (Karen Fleetlander): Great. Thanks. Thanks. That s very helpful. Just a couple of more. I was wondering if you have any comments on the intentions of shareholders or a possible exit. Well, we routinely monitor the capital markets and we investigate potential liquidity options including taking decisions on a potential IPO or other transactions of a private nature, and that is a part of our broad objectives to maximize shareholder value. (Karen Fleetlander): OK. Thanks. I guess the last quick one is just why the change in name? We re curious what was behind it. The change in the name? (Karen Fleetlander): Yes. Well, we after one year and some of working with ODIGEO, which as you know was chosen by the employees of the group in a survey that was conducted between all of the companies that were brought together on June of 2011 using ODIGEO as a corporate name. We ve seen that it has not enough traction in the world in general and you know with the exception of people like you that are professional investors that invest in our bonds, not very many people is familiar with the name. So we decided to compliment it with one of the brands and when choosing which brand, we decided to put the one, which has a bigger brand recognition according to our studies, and compliment it with edreams ODIGEO, which is also the brand that we choose on a preferential manner for the international expansion and we thought that would help as well.

11 (Karen Fleetlander): Great. Thanks a lot. I ll jump off. Operator: Thank you. And your next question comes from the line of Leonie Morel. Please ask your questions. (Leonie Morel): Oh, thank you. My question has been answered. Operator: Operator: Operator: There are no further questions at this time. Please continue. I do apologize, we have one further question. OK. Would you like to take this? Yes, absolutely. OK. We ll just take the name of the participant. One moment please. And your next question comes from the line of (Alexander Dethrinol). Please ask your question. (Alexander Dethrinol): Hi. I just have a question sorry it has already been answered. It was regarding the EBITDA for guidance. Well, we re not providing EBITDA full year guidance at this stage. Like I had explained during the prepared remarks, we ve been giving guidance for the next quarter in the last three quarters, but we had decided that from now on, we re going to give more of a wider term perspective and not as specific to the next quarter. And you can find the details, I don t want to bother the rest of the people participating on the call with repeating it, but you have all of the description of the outlook that we see for the business in page 11 of the presentation. (Alexander Dethrinol): OK. Thank you very much. And another question regarding your Sub Notes. Do you have any plans beside them.

12 Well, they are callable. They are callable at a very high price. So for the moment, we don t have any plans with regards to that. (Alexander Dethrinol): OK. Thank you very much. Operator: There are no further questions at this time. Please continue. END Well, thank you everybody for joining the call. We will be pleased to report our fourth quarter results at a time that we will announce in our investor website as usual. In the meantime, we will be happy to receive your questions in the investor address

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