GLOBECAP INVESTMENT

Vacations database analysis

City, destination and customer demographics

June 2016

Executive Summary

• Vacations Database holds records for XX ths. reservations for BGN XXX m from 2003-2016, and about XX.X ths. clients

• For the latest 3-year period, average annual vacation sales are BGN XX.X m, and average orders are X,XXX per year.

• Sofia accounts for ≈XX% of all sales and reservations. Plovdiv is ≈XX% and Varna ≈ XX%.

• Sales breakdown shows that 10 most popular destinations represent 80-85% of all sales .

– Turkey is ≈ XX% of sales in the last 5 years, but sales have decreased about twice in 2016 due to political instability.

– Mediterranean countries (Greece, Spain, Italy, Malta) are another XX%. UAE and Tunisia account for XX%.

– Bulgaria is ≈ XX%, but about ¾ of these sales are corporate events.

– All other European countries total XX% of sales. All other countries worldwide account for X-X%

• Average reservation for Turkey, Middle East and Mediterranean destinations is in the BGN XXXX-XXXX range.

• While exotic destinations (Asia-Pacific, Caribbean) average order usually costs above BGN 5k, they are very scarce (e.g. XX reservations per month to Thailand and Cuba, compared to XX for Turkey ,XX for Greece, and XX for the UAE)

• Adjusted for population size and purchasing power, most large cities (including Burgas, Ruse, and St.Zagora) still sell about 50% of Sofia levels. Very few exceptions exist (e.g. XXXXXX), because of the orders by a few high net worth local businessmen.

• Even in cities where Astral sells well, the share of customers is low relative to overall population. In Sofia, Plovdiv and Varna, Astral’ annual customers are about XX% of total city population (e.g. there are about XXXX customers per year in Sofia), while in Tier 2 and smaller cities, this share is below XX%.

• Even though VIP clients bring XX% of revenues, their number is quite low. In cities with 50-60 ths people, only XX-XX customers have cumulative sales over BGN 10,000

• Customers’ age is very evenly distributed in the 25-55 range, where each 5-year bracket represents about 10-15% customer share. XX% of all customers are aged 35-40, XX% are 40-45, and XX% are in the 30-35 range. “Exotic” destinations generally attract younger customers.

• Repeat non-corporate customers are XX% of all, and those with 3+ orders are XX%. Plovdiv (XX%/XX%), Sevlievo, and Asenovgrad do slightly better than average.

2

Quick facts about non-corporate and non-group sales

3

Average sales for 2013-2016:

BGN XX.X m

Share of sales / orders / customers:

Average annual customers per city (2013-16)

Sofia XXXX

Plovdiv XXX

Varna XXX Burgas XXX

Stara Zagora XXX

Ruse XXX

Dobrich XXX

Pleven XXX

Gabrovo XXX

Blagoevgrad XXX

V. Tarnovo XXX

Shumen XXX

Pernik XXX

Average paid reservation

BGN XXXX

Average reservation size

X.XX people

Most frequent customer age

Sofia 37

Plovdiv 40

Varna 35

Distribution by age group

Under 30 XX%

30-59 XX%

60 and older XX%

Turkey XX

Greece XX

Italy XX

Spain XX

UAE XX

Malta X Portugal X France X Thailand X Maldives X

Cyprus X

Indonesia X Switzerland X

Average paid reservations per month (2013-16)

Repeat customers XX% (3+ paid reservations: XX%)

Sofia XX%

Plovdiv XX%

Varna XX%

GRE ITA SPA THAI TKY UAE INDO CUB MALD

xxx xxx xxx xxx xxx xxx xxx xxx xxx

Average revenue per person (2013-2016)

Contents

• Database overview

• Sales breakdown per city

• Sales and reservations breakdown per destination

• Client demographics

4

Initial analyzes will be based on the Astral database which includes outbound data, plus some Bulgaria-bound reservations and corporate events

5

XX,XXX Reservations

First record:

20/05/20XX

Last record:

02/06/20XX

BGN

XXX Mil.

XX,XXX individual clients

XX,XXX Paid XX,XXX Paying Ast

ral

Dat

abas

e TI

RS

* There is potential overlap, as many TIRS transactions are also recorded in the Astral database. ** Many duplicate records exists so real number will probably decrease with further analysis

TIRS database will be analyzed additionally

XX,XXX Reservations

First record:

20/05/20XX

Last record:

02/06/20XX

BGN

XXX Mil.

XX,XXX individual clients

XX,XXX Paid XX,XXX Paying

Contents

• Database overview

• Sales breakdown per city

• Sales and reservations breakdown per destination

• Client demographics

6

BGN XXXm in revenue and XXk paid reservations for 2003-2016. Average reservation size is BGN X,XXX

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Reservations (ths) BGN mln. Sales Reservations

7

*

* 2003 sales start in 20 May. ** Last paid reservation for 2016 is from 2 June

**

X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X Average

reservation (BGN ths.)

X.X X.X

X.X X.X

X.X

X.X

X.X

X.X X.X

X.X

X.X

X.X

X.X

X.X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Sofia brings 40% of revenue, Plovdiv 30%, and Varna 20% All other Bulgarian cities account for 10% of sales. Recently, Plovdiv’s share grew and Varna shrank

40% 41% 42% 43% 44% 40% 41% 42% 43% 44% 40% 41% 42% 43%

30% 29% 28% 27% 26% 30% 29% 28% 27% 26% 30% 29% 28% 27%

20% 21% 22% 23% 24% 20% 21% 22% 23% 24% 20% 21% 22% 23%

10% 9% 8% 7% 6% 10% 9% 8% 7% 6%

10% 9% 8% 7%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Sofia Plovdiv Varna Other

8

Real numbers has been changed to protect customer data

Apart from Sofia, Plovdiv, Varna, and Burgas, most cities display correlation between size and sales, though differences appear

Stara Zagora

Ruse

Sevlievo

Dobrich

Pleven

Pazardjik

Blagoevgrad

V.Tarnovo

Gabrovo

Shumen

Haskovo

Silistra

Vratsa

Montana

Kazanlak

Yambol Asenovgrad

Pernik

Kardzhali

Sliven

Nesebar

Targovishte Karlovo

Vidin

Kavarna Sandanski

0 20 40 60 80 100 120 140 160 180

Sale

s, B

GN

Th

ou

san

ds

City Population, Thousands

9

Burgas (BGN XXm)

Sofia (BGNXXm)

Plovdiv (BGNXXm)

Varna (BGNXXm)

Real sales have been changed with random numbers to protect customer data

On average, corporate and group (>10pax) orders contribute 14% of sales and 8% of the reservations in the database

19% 35%

26% 33%

12%

22%

31%

13%

38% 37% 32% 34%

15% 18%

25% 27%

0%

2%

4%

6%

8%

10%

12%

14%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Sofi

a

Plo

vdiv

Var

na

Bu

rgas

St.Z

ago

ra

Ru

se

Sevl

ievo

Do

bri

ch

Ple

ven

Paza

rdjik

Bla

goev

grad

V.Ta

rno

vo

Gab

rovo

Shu

men

Has

kovo

Silis

tra

% of group and corporate sales

% of group and corporate reservations

10

Corp XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X

Non-corp

XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X

Total XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X XX,X

Total sales, 2003-16 (BGN ths.)

Real numbers have been substituted for random to protect customer data

Who are the largest corporate customers in the database?

Company Total 2003-08 2009 2010 2011 2012 2013 2014 2015 2016

Company 1 XXX X X X X

Company 2 XXX X X X X X

Company 3 XXX X X X X X X X

Company 4 XXX X X X X X X

Company 5 XXX X X X X

Company 6 XXX X X X X X X X X X

Company 7 XXX X X X X

Company 8 XXX X X X X X

Company 9 XXX X X X X X X X

Company 10 XXX X X X X X X

Company 11 XXX X X X X

Company 12 XXX X X X X X X X X X

Other companies XX,XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

Total XX,XXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Non-corporate X,XXX X,XXX X,XXX X,XXX X,XXX X,XXX X,XXX X,XXX X,XXX X,XXX

11

Adjusted for purchasing power, most cities reach only 30-40% of their expected revenues (1/2)

City Population (ths)

Avg. salary Q1 2016, BGN

Non-corp. sales 2003-2016, BGN ths

Group/corp. sales 2003-2016, BGN ths

Total sales index (BG=100)

Non-corporate index

Salary adj. non-corporate Index

Sofia 1,153 1265 XX,XXX XX,XXX XX XX XX

Plovdiv 340 814 XX,XXX XX,XXX XX XX XX

Varna 313 899 XX,XXX XX,XXX XX XX XX

Burgas 196 787 X,XXX X,XXX XX XX XX

Stara Zagora 143 903 X,XXX X,XXX XX XX XX

Ruse 156 761 X,XXX X,XXX XX XX XX

Sevlievo 25 785 X,XXX X,XXX XX XX XX

Dobrich 95 730 X,XXX X,XXX XX XX XX

Pleven 119 705 X,XXX X,XXX XX XX XX

Pazardjik 76 713 X,XXX X,XXX XX XX XX

Blagoevgrad 71 648 X,XXX X,XXX XX XX XX

Veliko Tarnovo 66 735 X,XXX X,XXX XX XX XX

Gabrovo 66 785 XXX XXX XX XX XX

Shumen 87 751 XXX XXX XX XX XX

Haskovo 80 688 XXX XXX XX XX XX

Silistra 40 663 XXX XXX XX XX XX

Vratsa 65 854 XXX XXX XX XX XX

Montana 47 729 XXX XXX XX XX XX

Dimitrovgrad 43 688 XXX XXX XX XX XX

Kazanlak 55 903 XXX XXX XX XX XX

Yambol 80 678 XXX XXX XX XX XX

Asenovgrad 52 814 XXX XXX XX XX XX

Pernik 82 681 XXX XXX XX XX XX

Kardzhali 51 671 XXX XXX XX XX XX

Sliven 96 699 XXX XXX XX XX XX

Razgrad 38 754 XXX XXX XX XX XX

12 Indices are based on average sales/capita and average salary for the 50 largest Bulgarian cities

150

150

150

78 75 74

70 70

63 62 59 58 56 54 53

50 46 46 45

42 41 40 40 39

33 32 32 31 30 30

0

10

20

30

40

50

60

70

80

13

City population

Adjusted for purchasing power, most cities reach only 30-40% of their expected revenues (2/2)

Real numbers have been substituted for random to

protect customer data

Contents

• Database overview

• Sales breakdown per city

• Sales and reservations breakdown per destination

• Client demographics

14

Turkey accounts for ≈XX% of sales between 2003-2016. The 12 most popular vacation destinations account for over XX%

15

Country 1 XX.X

(XX%)

Country 2 XX.X

(XX%)

Country 3 XX.X

(XX%)

Country 4 XX.X* (x%)

Ctr 5 Ctr 6 Ctr 7 Ctr 8

Ctr 9

Ctr10

Ctr11 2.1

Ctr12, 1.9

All others XX.X

(XX%)

CTR13 X.X

CTR14 X.X

CTR15 X.X

CTR16 CTR17 CTR18 CTR19

CTR20

CTR21

CTR22

CTR23

CTR24

CTR25

Rest of the World X.X (X% of sales)

Total sales, BGN m (2003-2016)

Total sales, BGN m (2003-2016)

* Corporate sales (events, business trips, etc.) account for approximately BGN X.Xm (2013-2016) and BGN X.Xm (2003-2016)

Country 1 XX.X

(XX%)

Country 2 X.X

(XX%)

Country 3 X.X*

(XX%)

All others X.X

(XX%)

Total sales, BGN m (2011-2016)

Country A sales halved in 2016 in percentage terms, Country B is up 4x. Countries C, D, and E stable for the last several years

CTR A, XX%

CTR A, XX%

CTR A, XX%

CTR A, XX%

CTR B, XX%

CTR B, XX%

CTR B, X%

CTR C, XX%

CTR C, XX%

CTR D, XX%

CTR D, X%

CTR E, XX%

CTR F, X%

CTR F, XX%

CTR G, XX%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CTR A CTR B CTR C CTR D CTR E CTR F CTR G

16

% of Total sales by value X

X

X

X

X

X

X

X

X

X

X

Strong correlation exists between number of orders and sales

17

Country 1

Country 4

Country 3

Country 2

Country 7 CTR 4

CTR 5 Country 6 CTR 8

C2 (non corporate)

Pe

rce

nta

ge f

rom

sal

es,

20

03

-20

16

Percentage from paid orders, 2003-2016

X

X

X

X

X

X

X

X X X X X X

Most payments in Jul, Aug & Nov / Jan, Feb & Oct are slowest. Turkey and Spain peak in summer, UAE in winter, Greece and Italy are more balanced

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

CTR1 CTR2 CTR3 CTR4 CTR5 CTR6

18

Total sales, BGN m.

X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X

Total Sales for all destinations (BGN m.)

X

X

X

X

X

X

X

X

Sofia, Plovdiv, and Varna: XX-XX% share for all main destinations Sofia underperforms for CTR1, CTR9, CTR12 / over performs for CTR3, CTR11, and CTR13

19

46%

58% 62%

52% 56% 51%

56% 60%

43%

55%

63%

47%

78%

48%

16%

13%

16%

15% 15% 21% 15%

14%

24%

12%

18%

27%

8%

24%

14%

9%

7%

8% 8% 7% 8%

9%

10% 15%

4%

5% 10%

24% 20%

15%

25% 21% 21% 22%

16% 23%

18% 14%

21%

12% 19%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CTR1 CTR2 CTR3 CTR4 CTR5 CTR6 CTR7 CTR8 CTR9 CTR10 CTR11 CTR12 CTR13 CTR14

Sofia Plovdiv Varna Rest % of Total sales (2003-2016, BGN)

Turkey gets XXX paid reservations per month, and Greece XXX. Italy and Spain with XXX, UAE with XXX. “Exotic” destinations with XX paid reservations per month

Country 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3-year

average

Turkey XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Greece XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Italy XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Spain XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Bulgaria* XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

UAE XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Tunisia XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Malta XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Portugal XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Czech XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

France XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Croatia XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Russia XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

UK XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Germany XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Austria XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Cuba XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Thailand XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Maldives XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Cyprus XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Egypt XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

China XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Cruises** XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Netherlands XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Indonesia XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

Switzerland XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX

20

Average paid reservations per month

* Country 5: non-corporate reservations only. XXX orders are partially included and their number will likely grow ** Cruises include both Mediterranean, other Europe, and Caribbean

Average non-corporate* reservation value is BGN 2,300. It has decreased in 2016, but is relatively stable for the most popular destinations

0

1

2

3

4

5

6

7

8

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Average Ctr1

Ctr2 Ctr3

Ctr4 Ctr5

Ctr6

21

Average (BGN ths) GRE CRO ITA SPA TKY FRA THAI MALA UAE INDO DOMI CUBA BRAZ MALD

2013-2016 X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X

All years X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X X.X

* Non-corporate and non-group (<10pax) reservations only

Average reservation value per year, BGN ths.

50% of non-corporate* reservations are for 2 people Average reservation size: 2.68 pax. Country 1 and Country 2 are most family-friendly (3+ pax).

22

4% 5% 13%

6% 9% 9% 9% 12% 7%

18% 19%

34%

46%

68%

47% 48%

53% 60%

59% 58% 59% 58%

63%

52% 56%

44%

32%

25%

21% 22%

9% 14%

16% 15% 15% 14% 13% 13% 7%

12% 12%

4%

16% 15% 16%

12% 11% 12% 9% 10% 11% 11%

8%

7% 5%

2% 11% 10% 10% 8% 6% 6% 7% 5% 5% 5%

10% 3% 5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CTR1 CTR2 CTR3 CTR4 CTR5 CTR6 CTR7 CTR8 CTR9 CT10 CT11 CT12 CT13 CT14

1 2 3 4 5+ Families Couples

Average reservation size, people

* Non-corporate and non-group (<10pax) reservations only

Average non-corporate* reservation value per person is BGN XXX

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

AVG CTR1

CTR2 CTR3

CTR4 CTR5

CTR6

23

Average reservation per person, BGN ths.

Average (BGN) GRE ITA SPA CRO THAI TKY FRA MALT MALA POR UAE INDO CUB MALD

2013-2016 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

All years XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

* Non-corporate and non-group (<10pax) reservations only

Contents

• Database overview

• Sales breakdown per city

• Sales and reservations breakdown per destination

• Client demographics

24

Out of ≈XX k clients with identifiable location, XX% live in Sofia, Plovdiv, and Varna.

25

Sofia XX,XXX (XX%)

Plovdiv XX,XXX (XX%)

Varna XX,XXX (XX%)

Burgas X,XXX (X%)

Ruse, XXXX

Dobrich, XXXX

All others XX,XXX (XX%)

Total number of individual paying customers*

* Excludes 3,084 customers without available city information

Total number of individual paying customers in cities with XXX-XXX clients

X

X X

X

X X

X

X X

X X

Sofia has less than XXXX customers per year, Plovdiv with XXXX In most cities, annual non-corporate customers represent less than XX% of population

City 2003-2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Avg 3-yr Avg Population %

Sofia XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 1,152,556 X.X%

Plovdiv XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 340,494 X.X%

Varna XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 312,770 X.X%

Burgas XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 195,966 X.X%

Stara Zagora XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 143,431 X.X%

Ruse XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 156,238 X.X%

Dobrich XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 94,831 X.X%

Pazardjik XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 75,977 X.X%

Pleven XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 118,675 X.X%

Gabrovo XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 66,175 X.X%

Sevlievo XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 24,582 X.X%

Blagoevgrad XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 71,306 X.X%

V. Tarnovo XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 66,217 X.X%

Silistra XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 39,715 X.X%

Shumen XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 87,283 X.X%

Pernik XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 82,467 X.X%

Montana XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 47,445 X.X%

Haskovo XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 79,699 X.X%

Vratsa XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 64,941 X.X%

Yambol XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 80,116 X.X%

Asenovgrad XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 52,170 X.X%

Kazanlak XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 55,196 X.X%

Sliven XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 96,368 X.X%

Dimitrovgrad XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 43,288 X.X%

Lovech XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 42,211 X.X%

26

Repeat non-corporate customers are XX% and those with 3+ orders are XX%. Plovdiv, Sevlievo, and Asenovgrad do slightly better than average.

City 20+ 11-20 6-10 5 4 3 2 Total Repeat 1 RPT 3+

Sofia XXX XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Plovdiv XXX XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Varna XXX XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Burgas XXX XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Gabrovo XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Stara Zagora XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Ruse XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Dobrich XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Pazardjik XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Pleven XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Blagoevgrad XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Silistra XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Sevlievo XXX XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Veliko Tarnovo XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Pernik XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Vratsa XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Montana XXX XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Asenovgrad XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Haskovo XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Shumen XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Other cities XXX XXX XXX XXX XXX XXX X,XXX X,XXX XX% XX%

Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XX% XX%

27

16% of non-corporate customers (BGN5k+) bring 55% of revenue 5% of customers (total: BGN 20k+) bring 35% of revenue, while 51% (<BGN2000) contribute 15%

28

BGN100k+

BGN50k-100k

BGN20k-50k

BGN10k-20k

BGN5k-10k

BGN2k-5k

BGN1k-2k Below BGN1k

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Cu

mu

lati

ve s

har

e o

f va

lue

Cumulative share of customers

20 non-corporate clients have cumulative sales over BGN 100k, but have been relatively inactive in the last 3 years

Name BGN ths Cities

Birth year Destinations

2003-10 BGN ths

2011-13 BGN ths

2014 BGNt

2015 BGNt

2016 BGNt

Ivan Petrov Ivanov XXX.X Stara Zagora 1964 TKY XXX, GRE XXX XXX XXX

Petar Ivanov Petrov XXX.X Pleven SPA XXX, ITA XXX, FRA XXX XXX XXX

Stoyan Petrov Ivanov XXX.X Shumen 1974 TKY XXX, GRE XXX XXX XXX XXX

Peter Stoyanov Petrov XXX.X Plovdiv SPA XXX, ITA XXX, FRA XXX XXX XXX

Ana Ivanova Petrova XXX.X Sofia 1979 TKY XXX, GRE XXX XXX XXX XXX XXX

Maria Ivanova Petrova XXX.X Blagoevgrad 1960 SPA XXX, ITA XXX, FRA XXX XXX XXX XXX XXX

Ivan Petrov Ivanov XXX.X Gabrovo 1962 TKY XXX, GRE XXX XXX XXX XXX

Petar Ivanov Petrov XXX.X Varna 1964 SPA XXX, ITA XXX, FRA XXX XXX XXX XXX

Stoyan Petrov Ivanov XXX.X Stara Zagora 1987 TKY XXX, GRE XXX XXX XXX XXX XXX

Peter Stoyanov Petrov XXX.X Pleven 1963 SPA XXX, ITA XXX, FRA XXX XXX XXX

Ana Ivanova Petrova XXX.X Shumen TKY XXX, GRE XXX XXX XXX

Maria Ivanova Petrova XXX.X Plovdiv 1954 SPA XXX, ITA XXX, FRA XXX XXX XXX XXX XXX XXX

Ivan Petrov Ivanov XXX.X Sofia 1946 TKY XXX, GRE XXX XXX XXX XXX XXX

Petar Ivanov Petrov XXX.X Blagoevgrad 1968 SPA XXX, ITA XXX, FRA XXX XXX XXX XXX

Stoyan Petrov Ivanov XXX.X Gabrovo 1971 TKY XXX, GRE XXX XXX XXX XXX

Peter Stoyanov Petrov XXX.X Varna 1966 SPA XXX, ITA XXX, FRA XXX XXX XXX XXX XXX

Ana Ivanova Petrova XXX.X Stara Zagora 1956 TKY XXX, GRE XXX XXX XXX

Maria Ivanova Petrova XXX.X Pleven 1967 SPA XXX, ITA XXX, FRA XXX XXX XXX

Ivan Petrov Ivanov XXX.X Shumen 1953 TKY XXX, GRE XXX XXX

Petar Ivanov Petrov XXX.X Plovdiv 1955 SPA XXX, ITA XXX, FRA XXX XXX XXX XXX XXX XXX

Stoyan Petrov Ivanov XX.X Sofia 1966 TKY XXX, GRE XXX XXX XXX XXX XXX XXX

Peter Stoyanov Petrov XX.X Blagoevgrad 1975 SPA XXX, ITA XXX, FRA XXX XXX XXX

Ana Ivanova Petrova XX.X Gabrovo 1961 TKY XXX, GRE XXX XXX XXX

Maria Ivanova Petrova XX.X Varna 1962 SPA XXX, ITA XXX, FRA XXX XXX XXX

29

1/3 of all customers and≈30% of all sales are between BGN 2k-5k In most cities, high net worth clients (BGN20k+) account for 20-30% of all sales

30

City >BGN100k 50k-100k 20k-50k 10k-20k 5k-10k BGN 2k-5k BGN 1k-2k <1000 BGN # Clients

Clients % sales Clients % sales Clients % sales Clients % sales Clients % sales Clients % sales Clients % sales Clients % sales

Sofia XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Plovdiv XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Varna XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Burgas XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Ruse XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

St. Zagora X X% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Dobrich XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Pazardjik XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Pleven XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Gabrovo XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% X,XXX

Blagoevgrad XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XXX

Sevlievo X XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XXX

V. Tarnovo XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XXX

Shumen XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XXX

Haskovo XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XXX

Silistra XX XX% XX XX% XX XX% XX XX% XX XX% XXX

Vratsa XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XXX

Montana XX XX% XX XX% XX XX% XX XX% XX XX% XX XX% XXX

Average XX% XX% XX% XX% XX% XX% XX% XX% XX% XX% XX% XX% XX% XX% XX% XX%

Average reservation of BGN2.3k peaks at BGN3,6k for 44-year-old customers , but average sales per person stay constant

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

25 30 35 40 45 50 55 60 65 70 75 80

Customer Age

Avg order

Per pax

31

Share of total destination profits

43% of reservations are made from 30-45 year-olds and there are no great differences between the “Tier 1” cities

3% 9% 13% 15% 13% 12% 10% 9% 8% 5% 4%

Sofia

Plovdiv

Varna

Ruse

Ruse

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

<25 25-30 30-35 35-40 40-45 45-50 50-55 55-60 60-65 65-70 70+

32

In smaller cities, the share of customers in the 35-55 range is higher than the national average

3% 9% 13% 15% 13% 12% 10% 9% 8% 5% 4%

City A

City A

City B

City C

City C City D

City E

City E

City E

0%

5%

10%

15%

20%

25%

<25 25-30 30-35 35-40 40-45 45-50 50-55 55-60 60-65 65-70 70+

Bulgaria City A City B City C City D City E

33

37

40

35

41 42 42

40

43

30

35

42

50

28

35

44

38 39

41

56

35 35

42 43

34

49 50

54

48

0

10

20

30

40

50

60 Mode Median Sale-weighted average

34

City population

Typical customer in Sofia is 37-years-old and in Plovdiv – 40 At 43, median customer age is higher than the mode, while sale-adjusted average age is 44 years

Age

13% 12% 11% 9% 9% 8%

10% 7%

11% 12% 13% 12%

17%

11% 14%

4% 6% 7%

5%

14% 16%

22%

8% 9% 7% 9%

12% 10%

70% 75% 73% 75% 73% 77% 70%

68%

73% 78%

60% 70%

72%

71%

76%

85%

67%

84%

70%

73% 65% 50% 76% 75%

83%

65%

71% 77%

17% 14% 16% 16% 18% 15%

20% 25%

16% 11%

27%

19%

11% 18%

10% 11%

27%

9%

25%

14% 20%

28%

17% 16% 10%

26%

18% 13%

Under 30 Age 30-59 60 and over

35

City population

Customers below 30 and over 60 appear underserved

Exotic destinations appeal to somewhat younger audience, while mature clients prefer European countries

CTR B, 12%

CTR F, 25%

CTR G, 28%

CTR H, 18%

0%

5%

10%

15%

20%

25%

30%

20 25 30 35 40 45 50 55 60 65 70 75 80

Customer Age

CTR A

CTR B

CTR C

CTR D

CTR E

CTR F

CTR G

CTR H

36

Share of total sales per destination