MakeMyTrip Limited (NASDAQ: MMYT)Investor Presentation

June 2021

2

Safe Harbour

This presentation contains certain statements concerning MakeMyTrip’s (MMYT) future growth prospects and forward-looking statements, as defined in the

safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the MMYT’s current

expectations, assumptions, estimates and projections about MMYT and its industry. These forward-looking statements are subject to various risks and

uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe",

"estimate", "expect", "intend", "will", "project", "seek", "should" and similar expressions. Such statements include, among other things, quotations from

management as well as MMYT’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important

factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are

not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in

the trading price of MMYT’s shares, MMYT’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand

recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current

growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and

overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT's infrastructure and technology, loss of services of

MMYT's key executives, and inflation in India and in other countries. In addition to the foregoing factors, a description of certain other risks and uncertainties

which may cause actual results to differ materially can be found in the “Risk Factors” section of MMYT's 20-F dated August 17, 2020 filed with the U.S.

Securities Exchange Commission (“SEC”), copies of which are available from the SEC, our website or our Investor Relations department. COVID-19, and the

volatile regional and global economic conditions stemming from it, and additional or unforeseen effects from the COVID-19 pandemic, could also continue to

give rise to or aggravate these risk factors, which in turn could continue to materially adversely affect our business, financial condition, liquidity, results of

operations (including revenues and profitability) and/or stock price. Further, COVID-19 may also affect our operating and financial results in a manner that is

not presently known to us or that we currently do not consider to present significant risks to our operations. All information provided in this presentation is

provided as of the date of issuance of this presentation, and MMYT does not undertake any obligation to update any forward-looking statement, except as

required under applicable law.

We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be

realized. We expect that there will be differences between projected and actual results. The forward-looking statements made in this presentation relate only

to events or information as of the date on which the statements are made in this presentation. Our actual results, performance, or achievement may differ

materially from those expressed in, or implied by, these forward-looking statements. Accordingly, we can give no assurances that any of the events

anticipated by these forward-looking statements will transpire or occur or, if any of the foregoing factors or other risks and uncertainties described elsewhere

in this presentation were to occur, what impact they would have on these forward-looking statements, including our results of operations or financial

condition. In view of these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements

attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our future annual and quarterly reports as filed

with the SEC.

3

Key Investment Highlights

Large Travel Market in Large & Growing Economy

Strong Market Leadership with Multiple Well Recognized Online Travel Brands

Travel Super App – One Stop Shop for All Types of Travel and Related Ancillary Services

Robust, Scalable and Secured Technology Platforms Servicing Customers on Multiple Device

Interfaces

Demonstrated Operating Leverage with Scale in Multiple Travel Segments

Higher Repeat Rates Driving Lower Customer Acquisition Costs

Rationalized Fixed Cost Structure During COVID19 Disruption

1

2

3

5

4

4

Large Economy with Reaccelerating Growth Forecasted1

44%

29%

31%

49%

59%

52%

7%

12%

17%

Age 0–24 Age 25–64 Age 65+

Largest Young Population3 to Drive Digital Adoption

~158

~300

2018 2030

86%

59%50%

US China India

Multiple Tailwinds to Drive India’s Low e-commerce Penetration Higher

India to Become $5 Trillion Economy by 20242

4.2% -8.0% 12.5%

6.1% 2.3% 8.4%

2.2% -3.5% 6.4%

2019 2020 2021

Share of Middle-Income Households

838 686

1.1 Billion

Internet Users by

20304

54% 78%

~142 Million Additional Middle-Income Households by 203042nd Largest Base of Internet Users5

Source: 1IMF World Economic Outlook, 2Government estimates 3CIA World Fact book 2020 estimates, 4World Economic Forum (January, 2019), 5World Economic Forum (August, 2020)

Internet Users

(In Millions)

5

Long Term Growth Potential

Source: 1DGCA, 2Ministry of Civil Aviation; UDAN scheme (Ude Desh ka Aam Nagrik) is a regional airport

development and connectivity scheme aimed at making air travel affordable and widespread by Government of India

Inter-City Bus TicketingHotel BookingFlight Ticketing

Leading Domestic & International Market Share in Fast Growing Air Travel Market

Traffic Recovery Following Opening of Airports on May 25, 2020 from Nationwide Lockdown

Government Plans to Add At least 100 Airports / Waterdromes / Heliports by 2024under UDAN scheme2

Large Domestic & Outbound Opportunity Available

Low Online Domestic Hotel Penetration

Fragmented Hotels & Alternative Accommodations Supply

Pan India & International Destinations Supply Available for All Hotels Segments & Alternative Accommodations

Proprietary Supplier Enablement Technology for Distribution

2 Strong Brands to Drive Volumes

High Fragmentation of Bus Operators –Seeking Digitization & Online Distribution

3,500+ Active Bus Operators Signed on Platform with 3+ Million Seats Bookable

20+ Road Transport Corporations (State Government Operators) within India Connected on redBus Platform

Unique Bus Operator GDS Platform to Digitize Inventory & redBus App for Online Distribution

India’s Playbook Expanded into International Bus Markets

- 0.3

2.0 2.0 2.6

3.6 4.9

6.0 7.1 7.5 7.6 7.6

5.5

Ap

r-20

May

-20

Jun

-20

Jul-

20

Au

g-20

Sep

-20

Oct

-20

No

v-20

Dec

-20

Jan

-21

Feb

-21

Mar

-21

Ap

r-21

Domestic Air Passengers Flown (in millions)1

6

Market Leader with Superior Domestic Brand Awareness

51

149

14

MakeMyTrip gobibo Yatra Cleatrip Others

Top Of Mind Awareness

50

17

63 2

MakeMyTrip gobibo Yatra Cleatrip Others

Consideration Top Box Score

Source: December 2020 KANTAR Brand Health Report commissioned by Company`

7

Robust & Innovative Technology Platform to Drive Super App Vision

Travel Super App

Universal Search

Faster Product

Discovery

Better User Engagement

Big Data & AI Driven

Cross Sell Experience

Common Backend Platform

to Drive Faster Innovations &

Greater Efficiencies

Relevant Persuasions

Personalized

Recommendations

Trip Ideas

Trip Planning Linked to

Booking

Powered by Rich Content,

Including UGC

Enhanced

Discoverability

Contextualized Prompts

Area Guides to Build Trust

Granular Travel Themes

8

Wide Range of Hotel Options

Premium (5 stars)

• Positioning MakeMyTrip as Premium Brand

• Leveraging Loyalty Programs to Drive

Retention

• Targeting High Spending & Repeat

Customers

• Delivering Superior End-to-End User

Experience

Mid Tier (3 & 4 stars)

• Expanding Selection & Choice

• Further Driving Online Bookings

• Enhanced Customer Experience (Pre

Booking, Post Sales & On Trip)

• Offering Accredited Hotels to Deliver

Consistent Stay Experience

Budget

• Budget Certification Program

• Good Ratings & Standard Amenities

• Consistency Across Fragmented Supply

• goStays Certified Properties Available

Offering Curated International Hotels Catering to Indian Travelers’ Needs

9

• Alternative to Traditional Hotel Experience – Social Distancing Friendly

• Supported by Customer Service Pledge & Guarantee

• Broadens Customer Reach

• Marketing via Traditional & Social Media Channels

• Partnering with State Tourism Boards to Promote Local & Community Based Travel

• Increasing Supply With+23k Properties in India

Alternative Accommodations – Long Term & Nascent Growth Opportunity

10

redBus – Leading Intercity Bus Ticketing Brand with Full Stack Technology Solutions Across Entire

Value Chain & Deep Operational Expertise

• Leading Bus Ticketing Brand with Superior Customer Experience

• Comprehensive Selection & Choice of Intercity Bus Operators

(Public & Private)

• Live Bus Tracking & Fleet Management Platform

• Supplier Platform for Bus Operators to Quickly Digitize Inventory &

Distribution Management – Hosting 45% of Inventory in India’s

Private Bus Market

• Travel Agent & API Distribution Platform (13K+ agents across

India)

• Model Highly Scalable Beyond India Operating in LATAM &

Southeast Asia

Customers

36+ MMredBus is trusted by

over 36 million happy

customers globally

Operators

3,500+network of over 3,500

bus operators

worldwide

Bus Tickets

206+ MMbus tickets sold since

FY18

11

Holidays & Activities Integration Further Driving Connected Trip Experience

Curated Holiday Packages with Deep Integration of Add On & Cross Sell Services

(Cabs & Activities)

Wide Availability of Activities

& Experiences Offered

12

• Capturing next 100 million users

• One of the most frequently used travel

method in India - help extend reach

• Targeting users from Tier 2 & Tier 3

cities and introducing them to online

travel at an early stage of internet

adoption

• Build life time value of onboarded

users - cross selling other travel

products

• High frequency use case helps in user

retention

• Convenience of online booking

• Option to pay via multiple payment options

• Ability to compare prices & cab categories

• Expert & verified drivers

• Catering to post lock down demand - Short

drive holidays & Staycations

• Assuring safety & sanitization using machine

learning algorithm

Outstation Cabs Airport Cabs

• Convenience of attaching cab while

booking a flight

• Easy and quick hop on experience -

customers board cabs from partner

kiosks

• Fare lock - no surge pricing

• Safety & sanitization assurance provided

Metro Ticketing

• QR Code based e-tickets

• Cashless, Contactless &

Convenient

• Connected trip experience for

users of super app

Train Ticketing

Ground Transportation – Cabs, Trains & Metro Ticketing Extending Customer Reach

13

Increasing Focus on Gaining Greater Corporate Travel Wallet Share

• Customized Modules to Meet Enterprise

Customers’ Needs

• All Use Cases Automated

• Leveraging MMYT’s Hotel Supply Advantage

• 116 Active Accounts

• Simplified User &

Booking Experience

• Personalized Content

and Features for

Corporates

• Automated Invoice

Management Solution

• Robust Reporting & MIS

• Cost Savings Features

• Leveraging MMYT’s

Supply Advantage

• 12.5k Active Accounts

2 Product Approach

Largely Unconsolidated and Offline Corporate Travel Market Focus on SMEs

& Mid-Sized Corporates Addresses Half of Total Market Opportunity

100% Online Enterprise PlatformIndia’s First Comprehensive Self Serve Solution

Travel Policy BookingsApprovals

Documentation ReportsSpend

Management

14

Brand Expansion into Gulf Cooperation Council (GCC) Region

• Growth Market with High Digital Reach

• High GDP per Capita

• Primarily Offline Travel Booking Market

• Absence of Large Full Service OTAs

• Global Supply Inventory Provides Competitive Advantage

• Targeted Products Catering to Local Travel Preferences

• Providing a Localized Booking Experience

(UAE Sites Supply, Traffic, Payments, Arabic Language)

International Platform with Localized Offerings

15

Multiple Tech Enabled Distribution Channels to Aggregate Demand

Mobile Apps & Mobile Websites

Desktop Websites

B2C B2B2C

myPartner – Offline & Local

Travel Agents Booking Platform

Franchise Network for

Offline Sales

Holiday Experts

Assisted Holiday Package Sales

16

Improved Loyalty Programs & High Repeat Business

MMTBLACK (MakeMyTrip)

• Relaunched September 2020

• More benefits for members – extra discounts, cashbacks, free

upgrades

• Targeting & rewarding high spending users for loyalty & repeat

• Multi tiered program – benefits linked with spends

• 960+ thousand enrollees

goTribe (Goibibo)

• Spend based program

• 2 tiered program with upgrade options

• Exclusive discounts & perks (early check ins, welcome beverage

at hotels & airport transfers, etc.)

• Program cost reductions by collaborating with supply partners

• 625+ thousand enrollees

17

The MakeMyTrip Foundation - Corporate Social Responsibility

Ecological Balance

• Boost cleanliness and sanitation in

popular tourism spots – Zero Waste

Destinations in Sahastradhara &

Dehradun

• Partnership with World Wide Fund India to

establish homestays & eco cafes to

provide economic opportunities

• Campaign for responsible tourism with

stakeholders

• Be part of solution to fight drastic climate

change & global warming

• Dense afforestation using the

Miyawaki Technique of Plantation

with 1.2 million trees planted in Ladakh

• Partnership with Andaman Islands

Government to make island single use

plastic free

• Single Use Plastics Free office

Responsible Tourism COVID19 Response

• Procurement of oxygen concentrators with

deployment to local hospitals, welfare

associations and NGOs

• Launched CoviRide – open platform

connecting drivers with patients to address

transport challenges related to COVID19

• Deployed manpower and IT equipment to

support Gurugram Administration for contact

tracing & management

The MakeMyTrip Group takes millions of Indians to different places every year,

we believe it’s our responsibility to promote a sustainable and responsible way of travel to Indians

18

Experienced Founding & Management Team Driving Execution

Deep Kalra Founder & Group Executive Chairman

Rajesh MagowCo-Founder & Group CEO

Mohit KabraGroup Chief Financial Officer

• Started MakeMyTrip in 2000

• Group Chairman

• 29+ Years of Experience

• Prior Experience: GE Capital India, AMF

Bowling Inc. & ABN AMRO Bank

• Board member & past President of The

IndUS Entrepreneurs (TIE) New Delhi

chapter

• Founding member of Ashoka University &

serves on the Board & Governing Council

• Bachelor’s degree in Economics – St.

Stephen’s College

• MBA IIM Ahmedabad, India

• Senior founding team member

• Member of the Board of Directors

• Previously Group CFO and Chief

Operating Officer

• 28+ Years of Experience

• Prior Experience: eBookers.com, Aptech

Limited & Voltas Limited

• Chartered Accountant from Institute of

Chartered Accountants of India

• 27+ Years of Experience

• Prior Experience: Kohler India, PepsiCo,

Colgate & Seagram

• Bachelor of Commerce – Osmania

University

• Chartered Accountant from Institute of

Chartered Accountants of India

• Cost Accountant from Institute of Cost

Accountants of India

19

Financial Overview

20

Air Ticketing

42.1 million

Flight Segments

78.6 million

Bus Tickets Sold

Hotels & Packages

29.6 million

Room Nights Stayed

Leading Indian OTA with Unrivaled Business Scale & Strength Entering COVID19 Pandemic (FY2020)

Bus Ticketing

$3.6 billionGross Bookings

$1.6 billionGross Bookings

$886 million

Gross Bookings

Source: Company data for the 12 months ending March 31, 2020

21

$17.0

$28.8

$37.9

FY18 FY19 FY20

Others

$313.7

$351.6 $360.1

FY18 FY19 FY20

Hotels & Packages

$44.4

$58.8

$75.6

FY18 FY19 FY20

Bus Ticketing

$202.1

$234.2

$249.7

FY18 FY19 FY20

Air Ticketing

38%

Adjusted Margin Growth & Improving Business Mix Since ibibo Group Merger

$ in Millions

Segment

Mix % of Group35.0% 34.8% 34.5%Segment

Mix % of Group

22.6% 23.2% 22.1%Adjusted

Margin %7.5% 7.3% 7.0%

Adjusted

Margin %

Segment

Mix % of Group

54.4% 52.2% 49.8%

8.9% 8.2% 8.5%

Segment

Mix % of Group

Adjusted

Margin %

7.7% 8.7% 10.5%2.9% 4.3% 5.2%

Note:

1) FY20 growth moderated as Company focus shifted to better unit economics

2) FY20 Results further impacted by COVID19 related disruptions in second half of Fiscal Q4

22

Cost Structure Optimizations Since Merger

Focused on Marketing, Sales Promotion & Customer Inducement Spend Efficiencies

Note:

1) Customer Inducement Costs include adjustments for promotions netted against revenue

2) Marketing costs include Marketing and sales promotion & certain loyalty program costs

3) Personnel Expenses excluded share based compensation charges and severance cost related to a prior acquisition

4) SGA excluded Merger and acquisitions related expenses and provision for litigations

5) Depreciation and amortization excluded acquisition related intangibles amortization and impairment of intangible asset

0.3% 0.2% 0.3% 1.2%1.5% 1.4% 1.4%

4.3%1.1% 1.0% 1.0%

0.8%

1.5% 1.4% 1.5%

2.3%

9.8%

3.6% 2.8%

1.4%

1.7%

6.6%5.9%

2.6%

0%

5%

10%

15%

20%

FY18 FY19 FY20 FY21

Operating Costs as % of Gross Bookings

(%)

12.9%14.2%

15.9%

Adjusted Operating Losses

(in $ millions)

($154.8)

($98.8)

($69.9)

($18.0)

($200)

($150)

($100)

($50)

$0FY18 FY19 FY20 FY21

Right size unit economics

Reduce customer inducement and sales

promotion costs

Focus on brand loyalty and repeat rates

Consolidate back-end infrastructure &

overheads

Marketing Costs2 SGA4

Payment Gateway Employee Costs3 D&A5

Customer Inducement Costs1

12.6%

COVID19 Disruption &

Resulting Recovery Post Cost

Rationalization

23

Fiscal 2021 – Strong Business Recovery Following end of Nationwide Pandemic Lockdown

Adjusted Margin %

($29.2)

($19.3)

($11.0) ($10.3)

($21.3)

($12.9)

$5.2

$11.1

Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21

Adjusted Operating Profit/(Loss)

Covid19 Nationwide

Lockdown Impact

7.4% 8.0% 21.3% 16.9% 8.6% 8.1%

6.3% 18.1% 1.2% 6.4% 1.6% 15.0% 10.7% 27.4%

7.5%

36.7% 23.7%

8.2%

43.4% 47.9%

17.9%

$ in Millions

Adjusted Margin as % of Prior Year Quarter

Adjusted Margin

$4.1

$11.9

$26.0

$38.2

$0

$10

$20

$30

$40

$50

Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21

Air Ticketing

$1.2 $5.5

$25.2

$35.6

$0

$10

$20

$30

$40

$50

Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21

Hotels & Packages

$0.3

$2.5

$9.0

$11.0

$0

$10

$20

Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21

Bus Ticketing

$1.1

$3.1

$4.1

$5.2

$0.0

$5.0

$10.0

Q1 FY21 Q2 FY21 Q3 FY2 Q4 FY21

Others

8.9%

80.0% 54.4%

18.0% 8.2%

65.3% 71.9%

Recovery Post Lockdown with

More Efficient Cost Structure

24

Operating Cost Optimizations Implemented in Late March

due to COVID19 Disruption

Accelerated Cost Optimization to Recover Faster & Better Post Pandemic

Significantly Improved Liquidity to Weather Near Term Volatility via Convertible Note Issuance

Liquidity Profile Improved – Long Operating Runway

$449.9 millionCash & Term Deposits

(as of 3/31/2021)

~$100.0 millionCredit & Guarantee

Facilities Available(as of 3/31/2021)

Note:

1) Customer Inducement Costs include adjustments for promotions netted against adjusted revenue

2) Personnel Expenses excluded share based compensation charges and severance cost related to a prior acquisition

3) Depreciation and amortization excluded acquisition related intangibles amortization and impairment of intangible assets

4) SGA excluded Merger and acquisitions related expenses and provision for litigations

• Significant efficiencies in Marketing & Promotional spends with view to drive efficiencies

vs pre-pandemic levels as business recovery continues

• Cost rationalization through downsizing of call centers, right sizing of manpower,

compensation cuts (largely restored in Q3), reduction in office space & infrastructure costs

• Technology investments in automating customer support for more efficient call center

staffing with business recovery

• Integration of tech stack across OTA brands to drive synergies

1

2

3

4

(in $ millions) Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Full Year FY21

Full Year FY21

YoY Change

Gross Booking $64.5 $213.0 $598.8 $759.2 $1,635.4 (73.2%)

Adjusted Margin

Air Ticketing 4.1 11.9 26.0 38.2 80.2 (67.9%)

Hotels & Packages 1.2 5.5 25.2 35.6 67.5 (81.3%)

Bus Ticketing 0.3 2.5 9.0 11.0 22.9 (69.8%)

Others 1.1 3.1 4.1 5.2 13.6 (64.3%)

Operating Costs

Customer Inducement Costs1 0.7 2.7 14.8 24.7 42.9 (88.1%)

Marketing & Sales Promotion & Loyalty Program Costs 1.0 2.3 7.8 11.8 22.9 (86.7%)

Payment Gateway 0.4 1.6 5.0 6.4 13.4 (77.4%)

Personnel (excluding SBC)2 15.2 15.7 17.6 21.6 70.1 (20.7%)

SGA4 7.2 8.7 10.0 11.8 37.7 (60.0%)

Depreciation & Amortization3 5.0 5.3 4.4 4.2 18.9 (0.1%)

Total Cost as % of Gross Booking 46% 17% 10% 11% 13%

Variable & Semi Variable Costs Fixed & Semi Fixed Costs

25

Appendix

26

Non-IFRS Metrics & Note on Unaudited Financials

The following non-IFRS metrics will be used in this presentation:

Gross Bookings represents total amount paid by our customers for travel services and products booked through us, including taxes, fees,

and other charges, and are net of cancellations, discounts and refunds, but does not include other revenues that are generated from 3rd party

advertisement on our website, commissions and fees earned from the sale of rail tickets and fees earned by facilitating travel insurance

policies to customers.

Adjusted Margin is our segment profitability measure and represents IFRS revenue after adding back customer inducement costs in the

nature of customer incentives, customer acquisition costs and loyalty program costs, which are reported as a reduction of revenue, and

deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the principal. This metric was

previously titled “Adjusted Revenue” in our past public filings in fiscal years 2019 and 2020. For more information, see “About Key

Performance Indicators and Non-IFRS Measures” elsewhere in our SEC Form 20F, filed on August 17, 2020.

Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings, and represents commissions, fees, incentive

payments and other amounts earned in our business. We follow adjusted margin trends closely across our various lines of business to gain

insight into the profitability of our various businesses.

Flight Segment is defined as a flight between two cities, whether or not such flight is part of a larger or longer itinerary.

Room Nights, also referred to as a “hotel-room nights,” is the total number of hotel rooms occupied by a customer or group,

multiplied by the number of nights that such customer or group occupies those rooms.

Constant Currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the

reporting for the historical average rate used in the prior year’s comparable fiscal period.

Fiscal Year End – March 31st

27

Reconciliation of IFRS to Non IFRS Measures

Reconciliation of Adjusted Operating Profit/(Loss) Fiscal Year Ended

March 31,

2018 2019 2020 2021

(in millions)

Results from operating activities as per IFRS

$ (219.4) $ (152.9) $ (429.4) $ (67.7)

Add: Employee share-based compensation costs 44.9 40.0 41.6 35.6

Add: Impairment of goodwill 2.9 — 272.2

Add: Gain on disposal of an equity-accounted investee — — (0.7)

Add: Acquisition related intangibles amortization 14.7 14.1 14.7 14.1

Add: Severance cost related to a prior acquisition 2.2 — —

Add: Merger and acquisitions related expenses — — 0.9

Add: Provision for litigations — — 30.8

Adjusted Operating Profit/(Loss)

$ (154.8) $ (98.8) $ (69.9) $ (18.0)

Reconciliation of Revenue per IFRS to Adjusted Margin

Air Ticketing Hotels and Packages Bus ticketing Others

Fiscal Year Ended

March 31,

Fiscal Year Ended

March 31,

Fiscal Year Ended

March 31,

Fiscal Year Ended

March 31,

2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020

(in $ thousands)

Revenue as per IFRS$ 167,391 $ 166,714 $ 174,361 $ 439,963 $ 237,524 $ 235,814 $ 50,932 $ 53,745 $ 65,009 $ 16,970 $ 28,028 $ 36,345

Add: Customer inducement

costs recorded as reduction

of revenue34,673 68,632 75,779 43,068 274,915 265,706 — 13,950 17,688 — 861 1,985

Less: Service Cost as per

IFRS— 1,193 420 169,347 160,824 141,404 6,530 8,870 7,060 — 58 383

Adjusted Margin$ 202,064 $ 234,153 $ 249,720 $ 313,684 $ 351,615 $ 360,116 $ 44,402 $ 58,825 $ 75,637 $ 16,970 $ 28,831 $ 37,947

Source: Company SEC 20F Filing for FY2020

28

Reconciliation of IFRS to Non IFRS Measures

For the three months ended June 30

Air ticketing Hotels and packages Bus ticketing Others

2019 2020 2019 2020 2019 2020 2019 2020

Revenue as per IFRS 44,613 3,756 68,524 1,121 18,321 338 10,279 1,146

Add: Customer inducement costs recorded as reduction of revenue

20,581 309 78,974 332 5,259 12 513 1

Less: Service cost as per IFRS 161 - 46,123 237 2,229 18 52 1

Adjusted Margin 65,033 4,065 101,375 1,216 21,351 332 10,740 1,146

For the three months ended September 30

Air ticketing Hotels and packages Bus ticketing Others

2019 2020 2019 2020 2019 2020 2019 2020

Revenue as per IFRS 45,992 10,873 46,763 4,388 14,257 2,652 10,945 3,139

Add: Customer inducement costs recorded as reduction of revenue

20,087 1,051 68,241 1,549 3,795 146 529 -

Less: Service cost as per IFRS 127 6 27,934 397 1,405 296 65 9

Adjusted Margin 65,952 11,918 87,070 5,540 16,647 2,502 11,409 3,130

For the three months ended December 31

Air ticketing Hotels and packages Bus ticketing Others

2019 2020 2019 2020 2019 2020 2019 2020

Revenue as per IFRS 47,911 18,168 72,989 24,405 17,737 10,096 8,252 4,137

Add: Customer inducement costs recorded as reduction of revenue

23,056 7,837 76,578 6,916 4,819 77 528 4

Less: Service cost as per IFRS 27 - 43,273 6,167 1,739 1,145 169 19

Adjusted Margin 70,940 26,005 106,294 25,154 20,817 9,028 8,611 4,122

Source: Company Quarterly SEC 6K Filings

( in $ thousands)

For the three months ended March 31

Air ticketing Hotels and packages Bus ticketing Others

2020 2021 2020 2021 2020 2021 2020 2021

Revenue as per IFRS 35,845 24,216 47,538 38,062 14,694 11,809 6,869 5,134

Add: Customer inducement costs recorded as reduction of revenue

12,055 14,316 41,913 9,855 3,815 432 415 71

Less: Service cost as per IFRS 105 287 24,074 12,345 1,687 1,253 97 37

Adjusted Margin 47,795 38,245 65,377 35,572 16,822 10,988 7,187 5,168

29

Reconciliation of IFRS to Non IFRS Measures

Reconciliation of Adjusted Operating Profit (Loss) For the three months ended December 31

2019 2020

Results from operating activities as per IFRS (24,374) (7,343)Add: Acquisition related intangibles amortization 3,695 3,541 Add: Employee share-based compensation costs 10,351 8,954 Less: Gain on disposal of an equity-accounted investee (700) -

Adjusted Operating Profit (Loss) (11,028) 5,152

Reconciliation of Adjusted Operating Profit (Loss) For the three months ended September 30

2019 2020

Results from operating activities as per IFRS (31,880) (26,070)Add: Employee share-based compensation costs 8,808 9,616 Add: Acquisition related intangibles amortization 3,689 3,529 Add: Merger and acquisitions related expenses 46 -

Adjusted Operating Profit (Loss) (19,337) (12,925)

Reconciliation of Adjusted Operating Profit (Loss)For the three months ended

June 30

2019 2020Results from operating activities as per IFRS (42,898) (34,587)

Add: Employee share-based compensation costs 9,102 9,787 Add: Acquisition related intangibles amortization 3,727 3,472 Add: Merger and acquisitions related expenses 890 -

Adjusted Operating Profit (Loss) (29,179) (21,328)

( in $ thousands)

Source: Company Quarterly SEC 6K Filings

Reconciliation of Adjusted Operating Profit (Loss)For the three months ended

March 31

2020 2021

Results from operating activities as per IFRS (330,258) 317

Add: Acquisition related intangibles amortization 3,613 3,526

Add: Employee share-based compensation costs 13,370 7,232

Add: Impairment of goodwill 272,160 -

Add: Provision for litigations 30,800 -

Adjusted Operating Profit (Loss) (10,315) 11,075