1. ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

2. ROME | VENICE | LONDON | MADRID | ORLANDO › established in 2000 and part of Albatravel Group (over 30 years operations) › WHL is now the leading FIT inbound operator in Italy and Europe for hotels and ground services product › Offices: Rome, Venice, London, Madrid, Orlando › 6000 hotels in 40 different countries worldwide with more than 100 cities around the world. › WHL turnover has now reached over 60 million Euros. (600.000 room nights and over 500.000 passengers) › Albatravel Group turnover is in excess of 250 million Euros per year › WHL has over 160 Tour Operators clients › operates exclusively in the B2B market BACKGROUND

3. HOTEL PRODUCT OVERVIEW ›6000 Net Rate Hotels (21,000 contracts by end of 2015) ›all the major cities and regions in Italy including mountain and beach destinations. ›further coverage is global and is a mixture of over 100 city and beach destinations including U.S.A, Dubai and Caribbean ›handpicked independent hotels, small local chains and direct connectivity with major hotel chains worldwide ›highly competitive pricing ›comprehensive health and safety process ›10000 rooms available per day ›last minute availability ›opaque hotel deals in major cities ›hotels in categories from 2 to 5 star and apartments ›last minute availability via channel manager connectivity ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

4. HOTEL PRODUCT DETAIL ITALY (including main islands) ›2000 directly contracted hotels with 8000 contracts FRANCE ›600 directly contracted hotels with 2400 contracts UK ›450 directly contracted hotels with 1800 contracts USA ›300 directly contracted hotels with 1500 contracts SPAIN/PORTUGAL (including all islands) ›1600 directly contracted hotels with 6400 contracts OTHER main cities and destinations directly contracted ›1000 directly contracted hotels with 4000 contracts ›Including Prague, Budapest, Vienna, Amsterdam, Berlin Malta, Croatia, Greece, etc ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

5. TOP COUNTRIES 2014 OUR PRODUCT THE WORLD IN YOUR HANDS COUNTRIESBOOKINGSPAXROOMNIGHTSTURNOVER 2013 ITALY193.754309.182356.713€ 29.223.000 UK21.95228.05543.013€ 5.749.000 SPAIN26.37241.60466.380€ 5.520.000 FRANCE18.68421.92235.718€ 4.723.000 GERMANY11.12015.60022.895€ 1.774.000 CZECH REPUBLIC9.25016.21325.826€ 1.635.000 USA2.6643.3226.663€ 1.459.000 NETHERLANDS6.5817.82611.779€ 1.227.000 MALTA4.7987.39116.950€ 1.029.000 AUSTRIA4.0895.0787.767€ 654.000 THE WORLD IN YOUR HANDS ROME | VENICE | LONDON | MADRID | ORLANDO

6. 65,12 % of positive confirmations 65,12 % of positive confirmations (+11% respect 2013) best rate with availability and best rate “on request” shown at the same time over booking our overbooking percentage on the total number of bookings is 0,33% (-17% respect 2013)complaints our complaints ratio on the total number of bookings is 0,16% (-27% respect 2013) average time to file a complaint is days 14 (-22% respect 2013) WHL IN NUMBERS THE WORLD IN YOUR HANDS ROME | VENICE | LONDON | MADRID | ORLANDO

7. TECHNOLOGY ›API/XML ›Push Technology ›Extranet ›proprietary Online Booking System and software via in-house technology company (Netstorming) ›online confirmations and cancellations ›amendments ›vouchers ›direct connectivity with over 25 Channel Managers and with all the major hotel chains worldwide ›reliable system with uptime of 99.99% ›speed average time of 0.8/1.1 sec average for returning searches with price and availability ›full test environment and customer support during API programming ›languages - data translated in English, Italian Spanish, French and German ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

8. GOALS 2015 The bargaining for year 2015 has been nearly completed. This is our priority activities to ensure competitiveness YIELD to the product during the season. For this reason a costant renegotiation of rates is supported by the staff of 18 buyers and 16 data entry of WHL's offices. New Entry: DUBAI and CROATIA and Hilton Worldwide Chain 25 CHANNEL MANAGER XML connections ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

9. Consolidation of product in the major Italian cities with over 700 hotels available in Rome, Venice, Florence and Milan. Over than 700 contracts in Rome, 300 contracts in Florence, 450 contracts in Venice, 230 in Naples and more... to give you a big choice for a stay in Italy! We cover all major and minor cities! YOUR SPECIALIST FOR ITALY! ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

10. FRANCE Consolidation of the product Paris 300 Hotels with 1.200 contratcs Product development for Disneyland Paris, main cities and Cote D'Azur. ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

11. SPAIN & PORTUGAL Growth in all major cities in Spain (Madrid, Barcelona, Valencia, Seville, Granada) with 600 hotels. XML with the major chains: NH, Eurostars, Iberostar, Playa Sol and we remember the one with the Paradores. New entry hotels for some sea destinations (Canaria Islands, Costa Brava, Costa del Sol, Majorca and Ibiza) with more than 600 hotels. ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

12. UNITED KINGDOM Big focus of product that has now arrived in London to count on 250 structures with 1.100 contracts ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

13. USA Consolidation of product with 300 hotels for 1500 hotels contracts New York, Miami, Orlando, San Francisco, Los Angeles, Philadelphia ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

14. Transfers In over 100 cities: Austria, Baltic States (Estonia, Latvia, Lithuania), Belgium, Brasil, Bulgaria, Croatia, Cuba, Czech Republic, Denmark, Egypt, France (Nizza, Cannes, Marseille), Germany, Greece, Netherlands, Hungary, Ireland, Italy, Malta, Marocco, Mexico, Poland, Portugal, Slovakia, Spain, Switzerland, Tunisia, Turkey, Uk, United Arab Emirates /Dubai, USA 400 difference tours: Austria, Belgium, Baltic States (Estonia, Latvia, Lithuania), Bulgaria, Czech Republic, Egypt, France (Marseille), Greece, Netherlands, Hungary, Ireland, Italy, Malta, Portugal, Poland Spain, Switzerland, Tunisia, Turkey, Uk, United Arab Emirates /Dubai, USA TRANSFERS & TOURS ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

15. Perfect solutions for quality and price in Naples, Pompei, Bologna, Rimini, Rome & Castelli Romani, Milan, Genoa, Turin, Bari, Lecce, Sassari, Florence, Siena, Perugia, Venice. Barcelona, Madrid, Rome, Berlin, Cologne, Munich, Copenhagen, Florence, Prague, Lisbon, Paris, Venice, Brussels, Amsterdam, Manchester, Edinburgh, London, Nice. RESTAURANTS ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS

16. Tickets For Museum, Travel Card, Parks: Austria, Belgium, France, Germany, Netherlands, Hungary, Italy, Portugal, Spain, Uk, Sweden, USA TICKETS ROME | VENICE | LONDON | MADRID | ORLANDO THE WORLD IN YOUR HANDS