Good morning everyone

I’m Julia Sattel, Senior Vice President of Airline IT.

It’s a pleasure to be here.

This morning both Luis and Holger have described a growing airlineindustry which is becoming increasingly complex. This can mean avery large opportunity for those players that figure out how to tackleit, to deliver to the needs of travellers. It also signifies a high risk forthose unable to evolve based on market dynamics and technologytrends.

Technology will be a key enabler to foster future growth.

I would like to share with you now how I believe Amadeus is uniquelypositioned, both from a purely technological point of view, moreimportantly, thanks to our broad understanding of the global travelecosystem, to help airlines deliver on their key objectives. Our goal isto support them in delivering a unique customer experience at everystage of their journey.

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To conclude, I will summarise how Amadeus Airline IT will build onthese opportunities to continue to deliver strong growth, and valuecreation.

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We can say today that we are the largest provider to the airlineindustry for Passenger Services Systems (PSS). We will be servingover 1 billion passengers by 2018, or well over 1.5 billion if we includeNavitaire.

The reasons for our success, which have allowed us to more thandouble our passenger volumes since 2010, are twofold:

Firstly, technology. Amadeus has always set the focus on innovation. Itis a crucial part of our DNA. Our solutions are state of the art.

In 2000, when we started developing a platform for PSS based onopen systems, nobody thought we would be able to do it. Some yearslater, we are proud to serve a very broad range of customers across allgeographies, all sizes and belonging to any Airline Alliance. We providesolutions to airline groups that operate with a variety of businessmodels, and we are a key enabler of much needed collaboration in theindustry. We are now growing our PSS portfolio into the Low CostCarrier (LCC) market, with the recent acquisition of Navitaire inJanuary 2016.

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We consistently bring innovation to the market.

_ We were the first to deliver Electronic Miscellaneous Documents(EMD) technology to enable ancillary sales, following IATAstandards.

_ We were also the first to deliver the required business solutions forairlines to explore the merchandising opportunity with ancillariesand fare families, with a coherent offering across all customertouchpoints.

_ On the technical side, we are leading innovation with CloudServices, which allows our applications to be run anywhere in theCloud: a real break-through that will be critical to support airlines’future business evolution.

Additionally, we understand our industry. Travel is at the heart of whatwe do everyday, and we help airlines understand key industry trends,traveller demands and therefore to address their main businesschallenges. We see a great opportunity for Amadeus as a key player inthe travel and technology industry to support airlines in achieving theirgoals.

Today we are pleased to share with you that Malaysia Airlines hasdecided to contract for our Altéa PSS. We expect to sign the deal in thenear term.

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So how are we putting all this insight into practice to become theAirlines’ trusted IT business partner?

_ We have a deep understanding of airlines’ strategic businesschallenges, around three priority areas: revenue growth, brandloyalty and cost management.

_ Based on our unique traveller insight, we position the traveller atthe heart of airline strategy and determine how best to achieveairline priorities across the different stages of the traveller journey.

_ Building on our PSS and Shopping & Retailing leadership position,and leveraging on our technology and innovation capabilities, wedesign our Airline IT portfolio to address airline business objectives.

Merchandising and Personalisation, and Revenue Optimisation, are ourkey areas of diversification. We also continue to enhance our Shoppingand Retailing solutions, with a particular focus on digital touchpoints,as well as in new PSS functionality, concentrating on major trendsimpacting the passenger such as Customer Self-Service and DisruptionManagement (Departure Control System).

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Finally, Services is also a key element in our offering. This is how wesupport our customers through business consulting and processoptimisation. There is a significant opportunity in the area of servicesand we plan to build on our strategic alliance with Accenture.

Other technology evolutions, such as cloud Services and theserviceability of our solutions, will further enhance the value we deliverto our customers.

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For airlines to succeed in today’s world, a strong focus is required notonly on cost efficiencies but also – and particularly - on revenuemaximisation.

Airline revenue growth is frequently driven by delivering a uniquecustomer experience which differentiates the airline from others andhelps build customer loyalty and brand value.

At Amadeus, our solutions portfolio is designed to address theseprimary business objectives.

Revenues and brand loyalty

_ Airlines need to identify new revenue streams. With ourMerchandising solution, airlines can build the right offer forpotential passengers in order to maximise revenue. The rightmerchandising strategy also of course impacts the airline’s brand.

_ Personalisation is key for airlines to deliver a differentiated andmore valuable experience for its customers. With our CustomerExperience Management tool, airlines have a comprehensive view

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and understanding of their customers and are able to take action onthese insights in the form of highly personalised offers.

_ Amadeus’ Big Data capabilities are at the core of these tools, whichallow airlines to enhance customer service and with it, customersatisfaction.

_ Additional to identifying new revenue streams, airlines need to focuson optimising each revenue opportunity. Our Revenue Optimisationsuite of products is based on the most sophisticated techniques inthe industry and are the only solutions fully specialised in travel andintegrated with the PSS. In addition, we offer our airlines aFinancial Suite, helping them to streamline their financial systems toreduce revenue leakage.

_ Finally, another way to grow revenue is by increasing salesconversions. With our state of the art Shopping portfolio, airlinescan achieve this objective.

Cost optimisation

_ We continue to focus with our airline customers on costcontainment, both cost of sales and cost of operations. OurShopping products help airlines significantly reduce the cost oftraffic acquisition. With our Flight Management module, airlinesachieve huge savings via fuel efficiency; and with DisruptionManagement tools, cost savings can be obtained by reducing theimpact of flight disruptions on operational costs.

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I will now walk you through how we address the airlines’ businessobjectives, starting with ‘Anytime’ Merchandising and Personalisation.

Beyond offering ancillaries, the airline challenge is how to executemerchandising strategies successfully. Airlines must become retailers,and increase the value of the customer. The opportunity is big: wehave estimated a merchandising revenue potential for the airlines of$130 billion.

In order to unlock this potential, airlines must deliver a high qualitycustomer experience. Customer personalisation is critical. As anexample, we can help airlines increase ancillary revenues by 15%,thanks to our personalisation techniques. 97% of airlines are planninginvestments in Personalisation technologies in the next 3 years. We arethe industry leaders with Amadeus products like Ancillary Services andFare Families, contracted already by more than 100 airlines (140 if weinclude customers that have contracted these solutions for either theirdirect channel or indirect channel as well). Beyond these successfulsolutions, Amadeus has recently launched Amadeus AnytimeMerchandising. This enables airlines to take control, to create and pushreal-time, personalised offers for travellers, consistently across all

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channels. Our merchandising strategy supports any distributionstrategy or channel mix.

Together with our Customer Experience Management solution, weprovide airlines with an end-to-end solution to manage andpersonalise: every customer (not just frequent flyers or corporatetravellers); every step of the traveller journey (full customer lifetime,not just at booking time) and; fully (not just the tailoring of someservices).

As a result, airlines will address all of their business objectives with:

_ Increased revenue from conversion, at a lower cost (thanks topersonalised interfaces).

_ Increased upsell revenue (thanks to personalised offers, banners,etc.).

_ Improved brand perception (thorough better and quicker servicedelivery).

Our Merchandising and Personalisation suite is unique in the industry.We are able to integrate merchandising logic at any step of theshopping process. We are the only provider to personalise servicing andhandling of post-sales activities (e.g. case of disruption) and tosimultaneously offer a multi-channel approach (at check-in, with TravelAgencies, etc.). This is possible thanks to integration with othersystems. Our Travel Intelligence (TI) expertise is a key element of ourmerchandising strategy, as our solution is uniquely able to leveragedata from all traveller interactions.

You will also see IATA NDC on the slide, as part of our offering. In orderto merchandise effectively many airlines are requesting NDC-XML, as itis a richer standard. Amadeus is committed to NDC for the simplereason that we are committed to supporting our airline customers to besuccessful. We have been piloting NDC with airlines such as Qatar,American Airlines, Delta, Air Canada and United Airlines. We will bedelivering an NDC interface that is channel agnostic.

We are very excited about the opportunities that AnytimeMerchandising and Customer Experience Management will bring, andwe are very pleased to announce today the signature of Avianca, amajor Latin American airline as our launch pilot for the AmadeusAnytime Merchandising Platform. We are engaged in discussions withmany other airlines.

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Revenue optimisation is another of our key areas of innovation.

In addition to finding new revenue streams, airlines can increase theirtop line through revenue optimisation. This is especially important inthe current landscape, where there is increased complexity due to therise in online shopping, mobile channels and the proliferation ofmultiple traveller touchpoints.

Our Revenue Management solution is the most sophisticated in theindustry. It helps optimise the results offered by the airline for eachshopping request. As a result, airlines can maximise the revenuepotential in every transaction. Simulation results demonstrate a 5-7%revenue increase for airlines that move to our solution.

We are extremely proud about the recent signature of SingaporeAirlines, an industry reference in the Revenue Management space.Singapore will be switching to the Amadeus solution from their currentprovider. Beyond Revenue Management, the agreement also includes afirst version of Dynamic Pricing, a product in which we are alsoinvesting.

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Our Dynamic Pricing solution calculates the optimal price to bepresented to each consumer, taking into account real-time shoppingsession information (e.g. trip context) and real-time market data (e.g.competitor’s offer). We are very excited about this industry-firstsolution. It has already been recognised by a prestigious industry body(AGIFORS) with an award. Being first in this highly innovative area,with Singapore Airlines as a secured customer, puts us ahead of themarket.

Our Financial Suite launched in the third quarter of 2015 combinesRevenue Integrity, Revenue Accounting and Payment into a streamlinedsolution, and is the only next-gen system in the industry. By trackingall passenger sales and revenue performance in real-time, we deliver ahuge impact on our customers’ cash flows, enabling more informed andbetter strategic decision making. Our Revenue Integrity productprotects airlines against revenue leakage due to, for example, fraud,and is proven to improve revenue between 2-4%. It is important tomention that our Financial Suite can also be sold on a standalone basisto non-Altéa customers.

In summary, our revenue optimisation solutions do not only supportour customers’ revenue objectives, but also cost management, mainlythrough processing and availability calculation costs. They also supportcustomer experience and brand loyalty by delivering a consistentcustomer experience across channels through improved resultsaccuracy.

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Shopping and retailing is a key strength of our Airline IT offer for boththe Direct and Indirect channels. They are core to our Digital Solutionsportfolio.

Digital strategy is critical for airlines to drive brand loyalty andrevenues. We offer a highly scalable and reliable platform enabling anairline to grow in its direct business and supporting its promotionalefforts.

Amadeus’ search and shopping tools are a key differentiator of ourDigital strategy. Our shopping portfolio ensures the lowest possibleacquisition costs and maximum conversion rates. No other industryplayer delivers Amadeus’ level of accuracy or findability of lowest flightprices. In addition, we continue to invest in a next-gen shoppingplatform to bring significant value with new levels of transaction speedand shopping accuracy, increasing an airline´s ability to convert trafficto bookings and thereby reduce acquisition costs.

Shopping is also an enabler of merchandising, particularly in the areaof offer creation. Airlines are able to integrate merchandising logic atany step of the shopping process, delivering control to truly manage

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their shopping strategies and increase the ROI of their marketingexpertise.

We also have the largest airline booking engine in the industry, used byover 110 airlines to power their websites. We bring the same functionalrichness of the Amadeus Retailing Platform to all airline digitaltouchpoints.

Serviceability

Other than investment in product functionality, we are also investingsignificantly in our flexibility and serviceability, offering wider access toour platform. Amadeus provides modern APIs and frameworks for thirdparty development, allowing airlines to partner with other non-traditional players (such as service providers, software or app vendors)to enable innovation and new business opportunities such as revenuesharing.

Sales channel optimisation and direct connect

As an IT business partner, we understand that one of the airline’s mainbusiness objectives is to optimise their sales strategy across allchannels and the profitability of each and every channel: both directand indirect (the GDS), and including Direct Connect. As part of ourAltéa offering, airlines have (and have had for many years) thetechnology and functionality available to distribute their content directlyto intermediaries (TMCs, OTAs, tour operators) or directly to users suchas Corporates. In addition, our Direct Connect functionality helpsairlines to effectively manage this direct channel.

We are well positioned to support airlines in this business need, and wesee this as an additional revenue opportunity.

In April 2016, our recent analysis on growth in Shopping and Retailingwas commented on by Tnooz, the respected travel industry technologymedia source: “Amadeus has looked at the digital business of 50 of itstop performing airline customers to reveal gains not only in passengervolumes but also ticket value. 15% growth in PNR volume as well as ayield increase of almost 9% year-on-year for those carriers usingAmadeus technology and believes merchandising is playing a significantrole.”

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So we have gone through how we support our airlines in their needs toincrease revenues, brand and customer loyalty and cost management.These are all important systems that sit on top of the PSS, either Altéaor in some cases other third party systems. But of course, we alsocontinue to enhance our PSS, again with a particular focus on themajor trends that are impacting passengers, in particular customerself-servicing and disruption management.

Disruption Management

Disrupted operations can have a significant impact on airline costs. TheUnited States Federal Aviation Administration estimated a total cost of€1.3 billion year for all airlines. In 2010, IATA estimated revenuelosses of USD 1.7 billion due to the volcanic ash cloud in Iceland.

Disruption is also a significant pain point for airline customers.Managing disruption when it occurs is another priority for airlines. 73%of airlines plan to offer disruption management solutions via mobile by2017.

Amadeus has innovated to solve this problem by allowing airlines to

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proactively manage disruptions with passengers through their mobiledevices. In the near future we will also enable more efficient recoveryfrom disruption, with automatic re-booking technology to empowerpassengers to choose relevant options using kiosks and mobile self–service solutions.

Amadeus has also launched its Schedule Recovery product with Qantasas a launch customer. Schedule Recovery provides optimised flightrescheduling in case of disruption, taking into account operationalconstraints such as passenger connections, airport restrictions, airtraffic control slots, crew availability, maintenance, etc. Estimations ofcost savings derived from using this tool, performed together withsome of our large customers, showed savings at between €10 millionand €20 million per year, even before including internal savings onmaintenance of the legacy technology product. It is another greatexample of how we leverage Business Intelligence in our airline solutionportfolio.

Our next innovation is Amadeus Passenger Recovery, which offers aone-step re-accommodation process to disrupted passengers. It takesall passengers simultaneously into account, enabling the airline tooptimally re-accommodate passengers in bulk, in case of massdisruption. This is an agile end-to-end solution, fully integrated withAltéa PSS, and we are excited to announce that Swiss International AirLines has signed up for this solution as a our pilot customer.

Departure Control Systems (DCS)

In addition to Disruption Management, I should also mention our DCSSuite (both Flight Management and Customer Management) which isalso experiencing significant growth, particularly with non-Altéacustomers being sold as standalone modules. Air Europa, VirginAustralia and Air Transat have signed to use our Flight Managementfunctionality as a standalone solution.

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Before we move on, I would like to comment on our expansion into theLCC segment through our acquisition of Navitaire, an exciting strategicmove, bringing us a complementary product and customer base, aswell as very valuable expertise.

Navitaire has close to 50 clients worldwide including some of thefastest growing, successful and innovative airlines in the world such asAir Asia, Ryanair, IndiGo, Spice Jet and Vueling. Navitaire brings us astrong presence in the faster growing airline segments of hybrids andLCCS.

We believe that we now have a comprehensive suite of solutions andattractive value proposition for all airline segments. As we enhance theNavitaire platform with Amadeus functionality, including moresophisticated distribution capabilities, we will better support the hybridcarriers’ strategy and business needs, and therefore support theretention of Navitaire customers even as their business model evolves.This will bring upselling opportunities through the sale of Amadeuscomponents to Navitaire customers.

We will offer a smooth, low risk, low cost migration from Navitaire’s

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New Skies to Altéa, to hybrid carriers considering a change in businessmodel. We can also better address parent/subsidiary group needs,thanks to a dual PSS offering with advanced integration. This willinclude full PNR servicing capabilities across a Group’s airlines, as wellas improved availability and shopping capabilities across systems. Webelieve that cost savings will be achievable through technologysynergies such as data caching, cloud services or network connectivity.

In terms of Distribution, we may see additional bookings volumesthanks to our technology which can enhance the LCCs ability todistribute through the indirect channel if they choose to do so.

To recap, the Navitaire acquisition brings us a leading brand in itssegment, talent and deep LCC segment understanding and expertise inkey areas such as merchandising.

We are confident on the growth we can deliver in our PSS business nowacross LCCs, Full Service Carriers and Hybrid Airlines (Altéa/NewSkies). We have been very successful in the PSS space and expect tocontinue to deliver attractive growth supported by the strengths of bothAltéa and Navitaire.

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To finish, I’d like to show you how the strategic highlights that we haveshared with you today will contribute to create value over the nextthree years and beyond.

Taking into account all the opportunities discussed today, we estimateour total addressable market in Airline IT to be in the range of €8billion in 2018.

We believe that we have ample margin to increase our share of thetotal addressable market, as we address business opportunitiesbeyond the core PSS, upselling our solutions and delivering additionalvaluable services to our existing and new customers.

More specifically, we plan to deliver growth through the following:

Growing our core PSS business

The PSS business remains attractive, enhanced by Navitaire strengths,with a total potential market of approximately €2 billion (includingdisruption management) in 2018.

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While there are fewer large and medium-sized opportunities, our Altéasolution is also very well suited for smaller airlines, mainly thanks toour community platform. We stand out from our competitors as wehave an attractive proposition for these smaller carriers that will enableus continue to gain market share.

Upsell opportunities, both to existing Altéa customers and non-Altéa

Upselling is another key area of our growth strategy. As you know, thisis today already a reality, as our Altéa PSS customers have contractedour eCommerce solutions (shopping and retailing), RevenueAccounting, Revenue Integrity or Ancillary Services.

The opportunity is much greater, as we diversify our portfolio ofavailable solutions. Revenue Optimisation, Merchandising and Digitalare all areas that we are actively discussing with our existingcustomers. Furthermore, all of our solutions are designed to work on astandalone basis, independent from our core PSS. We have alreadybeen successful in selling some standalone components to newcustomers and markets, such as eCommerce and revenue integritysolutions to Chinese and US carriers who do not have their PSScontracted with Amadeus. Flight Management is another module that issuccessfully deployed with non-PSS customers. We are confident thatwe will gradually extend our relationship with non-Altéa customers withmany of the opportunities discussed today. Finally, even if smaller insize, we also have an opportunity to upsell Altéa modules such as DCSfor example, to Navitaire customers.

We estimate the total market opportunity for upsell, both to Altéa andnon-Altéa customers, at approximately €2 billion in 2018.

Services

In addition to IT solutions, we also provide a number of Services tosupport our customers. We intend to increase the focus on this areaand leverage partnerships with major IT service providers, particularlywith Accenture, with whom we have signed a strategic alliance.

Our expanded services offering covers: Business Consulting, CustomSoftware Development (to adapt to the specific needs of our airlinecustomers), Business Process Outsourcing and IT Services (to proposefully operated solutions) and Hosting Services.

For example, we will support airlines with Consulting Services to helpthem with the execution of an optimal merchandising strategy and toboost their ancillary revenues. Examples include carriers like Air

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Canada, Qantas or Lufthansa, who use Amadeus bespoke developmentto adapt their booking engines so that they can implement their ownretailing strategies. We estimate our total addressable market in thisarea at €1 billion in 2018. It could potentially be larger as we move inthe future into the digital space.

Other Business Opportunities

There are a number of other –longer term– opportunities which wehave identified. For example, we are uniquely positioned to lead in theDigitalisation of the airline industry and we are determined to supportour customers on this exciting journey. As we continue to evolve in theway our customers and third parties can interact with our platform,there will be an opportunity to extend our revenue and businessthrough ecosystem partners. Longer term, we are also looking at theopportunity linked to data monetisation through analytics oradvertising-based models.

In Airline IT, we are passionate and fully dedicated to delivering to ourcustomers’ business objectives. Our greatest value we believe is toenable our customers to deliver a truly end-to-end, seamless, travelexperience to their customers.

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I would now like to introduce Randy Sloan, CIO of Southwest, who ishere today, in person, to speak to you about one of the mostinnovative airlines in the world, on why they came to Amadeus and onhow we support them in achieving their business goals. It is a greatprivilege to have Randy here and we thank him for his time. Randy isCIO at Southwest.

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Thank you.

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