Thomas Cook Group

An Introduction

Leading Global Travel Group

Who we are
A leading global travel group Industry leading margins and focused on cash generation Leading portfolio of travel brands No 1 or 2 in our core markets Flexible asset light business model Strategy to deliver top line and margin growth Experienced management team

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Key facts
FY 2009 Revenue EBIT (margin) Source markets Passengers Retail outlets Online bookings Aircraft Shareholder structure Employees 9.3b 415m (4.5%) 21 22m 3,400 21% 94 100% Free float 31,000

Strong portfolio of travel brands

Global umbrella brand

Major local brands

Other local brands

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Our Strategy

Our strategy continues to serve us well

Vision

Strategic objectives

Strengthening our business and investing for growth

Growth drivers

Maximise value of mainstream

Become a leading independent travel provider

Become the leading travel-related financial services provider

Capture growth and value through M&A and partnerships

Enablers

Product
Values

Technology

Customer insight

Brands

Financial rigour

R
Results orientated

O
Obsessed with customer service

U
United as one team

D
Driving robust decisions

Pioneering our future

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There is top line growth in our model

Mergers & Acquisitions Financial Services Independent travel
New high growth and/or high margin markets (e.g. BRIC markets) Bolt-on/ consolidation opportunities Continued growth from completed acquisitions

Travel-related financial services

New markets and product line extensions Maximising distribution and cross-sell opportunities

Mainstream travel

Independent travel
OTA market Online third party largely a new market for TCG Greater wholesale distribution to third party agents Growth of scheduled packages (e.g. Thomas Cook Signature)

Mainstream travel
ASP increases from better product mix and pricing activities Share gain from smaller operators Channel shift into faster growing online channel

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We also have a large cost base to go after

Commission & Other Commission/ Other Fuel Aviation excl. fuel
Greater control of distribution and commission rate reductions Reduced agent costs in-destination

Aviation and fuel

Better buying of aviation services across the Group Best practice sharing between airlines e.g. on fuel efficiency

Accommodation

Accommodation costs
Better buying process and use of Group buying power Co-ordination of activities and best practice sharing

Other Opex Personnel

Operating expenses
Operating leverage; spread fixed costs over higher volumes Adopt a common approach to airline, personnel, IT etc.

Cost of providing tourism services

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Operating expenses

Medium term margin growth potential

Mainstream travel Independent travel European OTA growth Financial services M&A Margin pressure

Cost efficiencies

Forex growth

New acquisitions

Market development

+
ASP and trading margin growth

+
Scheduled package growth

+
New product launches

+
Disposals of non-core assets

+
Execution risk

+
Distribution gains

+
Wholesale growth

+
Improved crosssell rates

=
110-130 bps

=
130-150 bps

=
10-20 bps

=
N/A

=
~(150) bps

Total 100-150 bps

Note: Basis points improvement applies to total Group medium term revenue
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Our Marketplace

Our core markets account for ~30% of global travel spend

World leisure travel market 820bn
Canada
Rest of World 22.1%

Thomas Cook core markets

UK Belgium Germany Netherlands France Nordics

Japan 3.0% US 8.4%

Corporate Netherlands, UK, Belgium, France, Germany 25.8% Leisure Nordics

4.8% Other Europe 24.4% Canada 2.8%

Corporate

Corporate

Leisure

BRICs 8.7%

Leisure

Thomas Cook core markets

Other markets

Note: Excludes spend on food, drink, fuel, entertainment, shopping, etc; These ten markets account for over 90% of total Group revenues; Sweden Norway, Finland, Denmark Source: UNWTO; Euromonitor, Thomas Cook Management analysis and estimates
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Travel intermediary
Leisure travel market Asset light Travel intermediaries
Intermediaries between capacity suppliers and consumers

Mainstream travel
Pre-packaged holidays, primarily charter packages

Independent travel

Travel-related Financial Services

Individual components or dynamically created packages

Travel money Travel assurance Travel finance

Asset heavy

Direct suppliers
Asset owners supplying capacity direct to consumers or intermediaries

Thomas Cook Group focus

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Our market place in 2009

Leisure travel market 2009
Thomas Cook definition

274b
Travel Intermediaries 96b

96b
FS 5b

Financial Services

Other 9b Fly-drive 7b Cruise 6b City break 7b Accom only 11b Flight only 22b Package holiday 29b

Independent travel

Direct Suppliers 178b

Mainstream travel

Travel market
Source: Euromonitor
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Travel intermediary market

Online growth will be faster than offline

Travel intermediary market
110b
FS 5b

CAGR (09-14) 2.8% 1.1% 7.3%

TCG market share FY09 ~9%

96b
4b

24b

Online 34b

~6%

68b

Offline 72b

1.1%

~11%

2009

2014

Online as a %:

25%

31%

Note: Growth rates are real growth; TCG market share figures are management estimates Source: Euromonitor
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Our Business by Segment

Thomas Cook UK
Highly integrated and higher margin business
Distribution Controlled distribution: Retail outlets: In-house flying Thomas Cook airline Aircraft: summer winter Accommodation Exclusive & differentiated ~80% 796 c.92% 33 NB, 11 WB 27 NB, 10 WB c.40%

Drivers of margin performance

Strong retail, travel and foreign exchange brand Flexibility in capacity and destination Focus on higher margin products: Medium haul, 4* & 5* and all inclusive Exclusive and differentiated Focus on destination castles Yield management improvements Growing strong independent Travel proposition Strengthening financial services position

Destination castles
Turkey Egypt Tunisia No.1 No.2 No.1 50% share 39% share 60% share

Product mix focus on higher margin

Capacity (%) Medium haul 4* and 5* All inclusive FY09 72% 45% 41% FY08 65% 41% 31%

Note: NB narrow body; WB wide body

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Thomas Cook Northern Europe

Highly integrated and highest margin business
Distribution Controlled distribution: Internet distribution Retail outlets: In-house flying Thomas Cook airline Aircraft: summer winter Accommodation Concept hotels Exclusive hotels 84% 54% 11 c.85% 8 NB, 3 WB 8 NB, 4 WB 25% 90%

Drivers of margin performance

Leading market position and No.1 brands Stable, rational market Volume concentrated to destinations where most Nordic customers travel Unique concept hotels (40% higher margin) Growth of online bookings (FY09: 54%, FY08 46%) Controlled distribution (FY09: 83%, FY08: 79%) On board tax free sales Most cost efficient aircraft

Destination castles
Majorca Gran Canaria Tenerife Rhodes Antalya No.1 No.1 No.1 No.1 No.1 50% share 45% share 40% share 35% share 25% share

Product mix focus on higher margin

Capacity (%) 4* and 5* Of which Concept hotels FY09 49% 27% FY08 48% 26%

Note:Based on hotel utilisation

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Thomas Cook Central Europe

Asset light business
Distribution Controlled distribution: Internet distribution: Retail outlets: Transport Condor Car Accommodation Exclusive hotels 27% 7% 1254
(1054 franchise)

Drivers of margin performance

Strong brand awareness - Neckermann Improving retail positioning Dynamic packaging Flexibility in capacity and destination Focus on differentiated product: Links to 300 concept hotels Strategic partnerships (Sentido, Iberostar) Consolidation opportunities

43% of flight holidays 33% of holidays 24%

Outbound destination castles

Balearics Canaries Turkey Egypt No.1 No.2 No.2 No.2 32% share (S10) 24% share (S10) 13% share (S10) 14% share (W09/10)

Product mix focus on higher margin

Total Capacity (%) 4* and 5* All inclusive Exclusive hotels FY09 64% 32% 24% FY08 64% 32% 25%

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Thomas Cook West/ East Europe

Partially integrated, diverse businesses
Distribution Controlled distribution: Internet distribution: Retail outlets: In-house flying Belgium only Aircraft: Car 51% 13% 1,102 (528 franchise) 58% of flight holidays 6 NB 42% of holidays

Drivers of margin performance

Brand strength in all markets Flexibility in capacity and destination Focus on higher margin products: Differentiated hotels Increasing exclusive content Belgium benefit of high vertical integration France transformative acquisition (Jet Tours)

Accommodation Differentiated & Exclusive hotels 42%

Outbound destination castles

Belgium Antalya Djerba Monastir Crete 29% 40% 30% 42% France 14% 23% 23% 13% Netherlands 15% 21% 19% 20%

Product mix focus on higher margin

Capacity (%) 4* and 5* All inclusive FY09 64% 36% FY08 63% 34%

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Thomas Cook North America

Mainstream - partially integrated
Distribution Controlled distribution: Internet distribution: Retail outlets: In-house flying Thomas Cook airline Aircraft: winter summer Accommodation Differentiated and exclusive hotels 14% 38% 52 49% 8 WB 70%

Drivers of margin performance

Year round profitable volume Product differentiation (hotel exclusivity) Group buying power Continual aircraft utilization improvements Service excellence and cost leadership Responsible capacity growth Strong brands, including TC brand (Jan 2011) Independent strength, less reliant on mainstream

Mainstream destination trends (% of volume)

Mexico Dominican Republic Cuba - 40% - 21% - 25%

Independent destination trends (% of volume)

USA - 70% Europe - 10% Sun destinations - 13%

Note: NB narrow body; WB wide body

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Thomas Cook Airlines Germany

Condor business model
Strong, profitable stand alone airline Arms length transactions with German TO Balanced seat sales allow optimum yields Low cost base, ongoing efficiency programmes (airline synergies) Concentrated airport hubs (reduced from 22 to 10) No. 1 leisure carrier in Frankfurt Peak airport slots
Aircraft:

Operating statistics
Sold Seats FY09: 5.9m 25 narrow-body 9 wide-body Airport bases: Average load factor FY09: 10 87.1%

Daily block hours/aircraft FY09: 10.8 Summer season weekly flights: >350 S10 destinations: Most frequented destinations: 28 continental 29 intercontinental Palma de Mallorca (80 flights per week) Antalya (60 flights per week)

Sales split by Sold sales (%)

59% 21% 20% FY04 Seat only 35% 33% 32% FY09 3P tour operator TC TO

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Financial Overview

Group financials
Revenue (m) m
+9%
CAGR

EBIT (m) and margin (%)

EPS*and DPS (p)

progressive dividend policy payout 40-50% EPS*
26.4

9,269 8,754 7,879

4.2 3.1 366 244

4.5

24.1

+30%
415
CAGR

17.1

9.75 FY 07
* pre-exceptional EPS

10.75

FY 07

FY 08

FY 09

FY 07

FY 08

FY 09

FY 08

FY 09

Operating cash flow** (m)

274 294 205

Net cash/(debt) (m)

30 Sep 2007 30 Sep 2008 30 Sep 2009 394 (292) (675)

FY 07

FY 08

FY 09

** Definition: cash generated by operations

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Segment financials
Segment UK and Ireland, India and Middle East Revenue % Revenue EBIT EBIT margin % EBIT **

3,098m
2008: 3,097m

162m 33.4%
2008: 143m

5.2%
2008: 4.6%

36.8%

Continental Europe

4,000m
2008: 3,620m

127m 43.2%
2008: 106m

3.2%
2008: 2.9%

28.8%

Northern Europe

1,059m
2008: 972m

86m 11.4%
2008: 86m

8.2%
2008: 8.9%

19.6%

North America

370m
2008: 384m

18m 4.0%
2008: 6m

4.8%
2008: 1.6%

4.1%

Airlines Germany

1,061m
2008: 978m

47m 8.0%
*

4.5%
2008: 4.6%

2008: 45m

10.7%

* The percentage of Group revenue for Airlines Germany has been calculated using the external revenue figure of 741m. ** The contribution to Group has been based on the profit from operations figure of 441m, which excludes corporate costs of 26m.

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