Russian package tours market. E-travel November, 2013

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1 Russian package tours market E-travel 2013 November, 2013

2 Travelata.ru is a leading Russian online travel agency focusing on sales of package tours online What we do? Products Package tours Last minute offers Convenient payment options: credit cards, cash, bank transfers Bookable online Full customer assistance professional call center agents No markups only touroperator prices Revenue model Agency commission (10-15%) Favorable cash cycle (we collect the money from the customer and transfer to the touroperatos later) Current status Contracts with over 150 Russian touroperators Financially backed by Invia.cz (leader in online package tours in Eastern Europe) & MCI management (Eastern European VC/PE fund) Own call center 30 agents in Moscow 1

3 Founding team Managers Alex Zaretsky CEO, co-founder McKinsey&Company Intel CByond (start-up sold to Olympus) MBA, Stern New York University B.Sc.& M.Sc. in Electrical Engineering from Technion Israel Institute of Technology Stanislav Satsuk COO, co-founder McKinsey&Company Commercial Director at CityVision Group (start-up sold to RAINCO) MBA, Kellogg Northwestern University B.Sc in Economics from Kuban State Technological University Advisor Bas Godska Marketing advisor, angel investor Marketing consultant to KupiVIP, Oktogo, Enter and more CMO at Lamoda.ru (Rocket Internet GmbH) CMO at Ozon.ru Marketing Director Europe at Orbitz.com Marketing and E-commerce director at Lastminute.com 2

4 Outbound travel in Russia is driven by handful of destinations both for vacation and business Outbound travel 2012 Number of visits, millions 47,80 15,00 2,50 Turkey 1,90 Egypt 1,90 China 1 0,90 Thailand Top10 = 70% 0,80 0,70 Spain Germany 0,69 Greece 0,57 0,55 0,50 Italy UAE Finland 4,50 9,50 Ukraine 2 4,60 32,80 Finland 5 3,40 Kazakhstan 3,36 1,80 Abkhazia 3 Estonia 1,00 Poland 0,90 Lithuania 0,87 0,70 Germany Azerbaidjan 0,50 South Ossetia 6,17 Total Tourists Business and other 4 Top10 = 81% 1. Mostly residents of Far East s of Russia. Big part is driven by shopping tours for cheap Chinese products 2. Since Russians do not need passport to travel to Ukraine it is difficult to accurately determine the purpose of visits 3. Russians do not need passport to Abkhazia. Likely that most travel for tourism because of big number of cheap resorts 4. Only 1.2M out of 32.8M could be identified as business travelers with certainty, the rest is family related travel and consumer shopping arbitrage 5. Mostly residents of St.Petersburg who benefit from simplified visa requirements from Finland consulate and travel with a car for short trips and shopping Other SOURCE: Russiatourism.ru official agency for tourism affairs (part of Ministry of Culture) 3

5 Domestic travel is less concentrated than outbound but still 35% is focused in just 3 areas Domestic travel 2012 Number of visits 2, millions Top3 35% ,43 1,30 1,20 0,90 0,85 0,80 0, Total Greater Moscow area Krasnodar 1 - Rostov area Greater St.Petersburg area Tatarstan republic Yekaterinburg Tyumen Far-East Nizhny Novgorod Stavropol Samara Other 1. Sochy a popular Russian resort city is located there 2. Reporting by number of occupancies in various types of temporary accommodation facilities (hotels, hostels, pensions, guest houses, etc.) SOURCE: Russiatourism.ru official agency for tourism affairs (part of Ministry of Culture) 4

6 With only 2.6M tourists a year, the world does not see Russia as an attractive tourism destination yet. Most inbound traffic comes from former Soviet Union republics Inbound travel 2012 Number of visits, millions 28,00 Citizens of Top10 countries make up to 63% of all tourist travelers: Germany, China, USA, UK, Finland, Italy, Turkey, France, Israel, Spain 2,60 25,40 6,50 3,60 2,70 Top10 81% 1,40 1,20 1,20 1,13 1,12 0,98 0,70 5,00 Total Tourism Business and other Ukraine Kazakhstan Uzbekistan Finland Moldova Poland Tajikistan Azerbaidjan China Armenia Other SOURCE: Russiatourism.ru official agency for tourism affairs (part of Ministry of Culture) 5

7 We estimate Russian online travel market at USD 5B 1 (9% share of the total) with flight segment taking up to 70% Flight tickets Hotel booking Package tours Market size 2013 (Estimated) USD B Share of online % CAGR % Flight tickets segment Offline Online Offline Online Offline Online generates the most sales now but margins are getting thinner Commissions % Average purchase USD Click-to-Sale conversions % Common user cases Important issues rd party inventory Direct contracts with hotels , Business Independent leisure travelers Relatives visits Aeroflot recently reduced agency commission to 0% OTAs strong dependence on metasearches traffic Business Independent leisure travelers Booking.com is a dominant market leader with a strong brand Relatively small number of Russians travel independently abroad due to language barriers and lack of experience. Strong preference towards package tours. 1 Train tickets segment, home rentals, car rentals, travel insurance and other auxiliary services are not included Only leisure travel Beach holidays, tours & sightseeing Family vacations Complex product to book online without human assistance. Over 85% of sales online happens via a call center No united GDS for packages. Each tour operator has its own booking system Online hotel booking segment is dominated by a single incumbent while others are struggling to catch up Online package tours segment is just in the initial formation phase SOURCE: Travelata team 6

8 Package tours market is extremely fragmented with hundreds of players with no clear leaders while online segment just emerging Tour operators (~200 big ones, over 2000 registered) Offline agencies (~30,000 agencies across Russia) Online agencies Company Description The biggest Russian touroperator (>1.5B USD TTV). Offers low prices that very hard to beat. Has one of the most advanced IT systems among Russian touroperators. One of the biggest discounters with developed retails agency and franchise network One of the biggest and oldest in Russia with a brand of reliable touroperator. Big retail chain of agencies. Big discounter. Sells mainly Turkey and Egypt. Sub-agent reseller of Tez tour inventory at 2-3% discount. Price discrimination strategy of Tez. European hegemon. Entered Russia by acquiring 2 midsize touroperatos. Heavily investing in branding as a premium touroperator. Big touroperator. Good brand. Own and franchise agency network. Launched in Holding company for the oldest franchise network with over 100 offices across Russia. The brand associated with last minute cheap deals. Franchise network (since 2002 ) with over 600 agencies in 245 cities in Russia, Ukraine and other CIS countries. Launched in Over 100 offices mix of own and franchises. Known for efficient sales operations. Top 5 in organic results in Yandex by many keywords. Launched in Operate under 3 online brands. More savvy in online marketing than most offline agencies. 10 own offices in 5 cities. Started in 2004 as a blog in Russian social network - livejournal. Claim to find the cheapest deals with an army of freelancers and full time experts. Very popular among young trendy crowd. 7 offices in Moscow and St.Petersburg Travelata launched in Dec Offering wide assortment of tour packages from over 120 touroperators online. Low price guarantee and fin guarantees against TO bankruptcies. Raised $5.5M from MCI management and Invia.cz Launched in Wide assortment. Raised $2M from InVenture Partners. Gross sales, 2013 USD m per month >100 Main sales and marketing channels Online sales Independent travel agencies <1% Franchise and independent agencies, brand ads, PPC Franchise and independent agencies, brand ads, PPC Independent travel agencies Independent travel agencies Franchise and independent agencies, brand ads, PPC Franchise and independent agencies, brand ads, PPC SEO, Offline foothold SEO, Offline foothold SEO SEO, PPC SMM, word of mouth PPC, White labels, Affiliate program, marketing PPC, marketing Not exhaustive <1% < 1% < 1% <5% Launched in Focused on Voyage Prive model of a closed shopping club by subscription. Raised ~$7M from European and local angel investors. PPC, marketing 7

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