The Bravofly Group28 December 2011

About Us:

The Bravofly Group is the leader in Europe in the travel, tourism and leisure industries.

Set up in May 2004 on the initiative of its two founding members, the Bravofly Group is today one of the main European players in the online travel industry. The sites are available in 7 languages (soon to be 8) and allow the consumers to book flights, package holidays, hotels, car hire, cruises, ferries and restaurants.

Bravofly uses the latest technology to provide consumers with simple, customised solutions. By integrating all the features into one system, Bravofly allows customers to choose and book the trip they want at the best prices in an easy and quick way.

In particular, the innovative flight search platform used by Bravofly is the only system in Europe that allows consumers to search for, compare and book flights offered by both low cost and traditional airlines in a simple, transparent way, offering unique features such as searching by price.

The Bravofly Group's headquarters is in Chiasso, Switzerland.

The Mission:• To offer consumers the possibility to choose and book their trips with the best price for their needs. • To ensure ease of use, security and support, both while choosing and after the purchase with innovative technologies.• To be the leading site in Europe for information and booking for all leisure services, beginning with travel.

THE WEBSITESSearching for flights, hotel bookings, car rental and package holidaysVolagratis.it , Bravofly.com , Bravofly.co.uk , Bravofly.fr , Bravofly.de Bravofly.ch, Bravofly.es, Bravofly.at, Bravofly.hu, Bravoavia.ru

Tour Operators for package holidaysViaggiare.it , Viaggiagratis.com

The search engine for ferries throughout the MediterraneanTraghettigratis.it

Cruise bookingsCrocierissime.it, Bravocroisieres.fr

Flight bookings for agencies and corporate travelVolagratispro.it , Volagratis.biz

Social network for restaurant reservations2spaghi.it

Milestones:2004 Foundation with capital of €50,000, two founders and one employee

Sale of first flight 2005 Introduction of traditional flights (CRS)

First internal customer service with four people2006 Bravofly translated into four languages for the European market2007 Introduction of the search engine for hotels

Completion of the internationalisation process and a new office in Switzerland2008 Introduction of the “Find a Deal” and “Search by Price” features

Start of the sale of car rental services2009 Start of the sale of package holidays

Launch of the sale of the combinations of flights from different airlines2010 Start of the sale of cruises in conjunction with Crocierissime.it

Launch of the first App for iPhone and iPadAcquisition of an interest by AXA Private Equity and other financial investorsLaunch of the sale of Dynamic Packages (“Pacchetti Dinamici”) on Viaggiare.itIntroduction of the Fly Box onto the Italian market

2011 Crocierissime.it, 2spaghi.it e Traghettigratis.it become part of the Bravofly group Entrance into Russian market with Bravoavia.ruLaunch of Volagratis application for Nokia and AndroidDevelopment of Volagratis Pilot in collaboration with GoogleLaunch of site in Hungarian (Bravofly.hu)Introduction of Spagobox into the market, a gift box with dinner for two people

The Numbers:

Bravofly sites are growing rapidly in Europe with a strong position in Italy and France and emerging positions in the United Kingdom, Germany, Austria, Northern Europe, Spain, Hungary and Russia. Each month, the group sites as a whole generate:Over 7,000,000 individual visitors per month Over 60,000,000 page viewsOver 15,000,000 flight searches And there are: Over 3,500,000 registered users and subscribers to the Weekly Newsletter350,000 users who have authorised the sending of messages to their mobile phones

Flights:Bravofly offers a single, simple search and booking system for over 400 airlines (including both low cost and traditional carriers): with a single search, you can book a flight. On the home page, all you need to do is insert your departure airport, destination and the date and the best price for your chosen period is displayed immediately.

After the search, you can see a table with the best value combinations: if you can be flexible on dates, often just moving your departure or return by a few days can save you money.

Flights, the filters for searching:For a more targeted search, filters have been created which, when used together, make it possible to:

•Identify the maximum price you are willing to pay for a flight that suits your needs•Choose the time of day you prefer to depart•Choose the most convenient departure and arrival airports•Select an airline•Where possible, select the class of travel and even special territorialcontinuity tarriffs.

Flights, the “Find a Deal”:

Those in search of the cheapest flight who can be flexible will find the Find a Deal tool extremely useful. Bravofly has developed this to allow everyone to find the cheapest travel solution by processing over 15 million searches carried out every month on Bravofly sites. Alternatively it is possible to select the maximum amount that you wish to spend for your flights in order to decide where and when you could fly within the means of your budget.

Combined flights and special offers:

Bravofly has a whole section dedicated to Special Offers. In this section, currently only available on Volagratis.it, you can see all the best deals Bravofly makes available to its customers thanks to exclusive arrangements with the major airlines. Any of these Special Offers will also be visible when carrying out a normal search on Volagratis.it if you have chosen to depart a few days either side of the offer dates.

Bravofly is the only search engine that offers users flights where the outward and return journeys are operated by different airlines. This is a distinctive feature of Bravofly that multiplies the travel options available to end users, who can then take their pick from many possibilities according to timetabling or budget requirements.

Package Holidays:The latest product, which at the moment has only been developed for the Italian site, has an area dedicated solely to the best offers from the major tour operators. In September 2010 Viaggiare.it introduced the Dynamic Packages (“Pacchetti Dinamici”): a new system which allows the customer to create their very own tailor-made package by combining flights and hotels to suit their needs.

Volagratis is used in order to find the best flights, where there are offers from over 400 airlines, both low cost and traditional, whilst for the hotels, Viaggiare.it collaborates with Booking.com and Venere, as well as working directly with hotels in order to offer even more beneficial rates.

Hotels:On Bravofly sites, you can choose the hotel for your leisure or business trip from over 250,000 hotels worldwide offered by the leading hotel reservations providers on the Web (Booking and Venere and others with exclusive contracts chosen by Bravofly). Bravofly also offers advanced search methods for hotels, allowing users to find the most suitable hotel very easily. You can choose a hotel based on parameters such as price, distance from the centre or other points of interest in the city, description of rooms and services. Reviews from other users who have already stayed at these places and have expressed an opinion about the service offered are also available.

Car Hire:In order to organise your trip quickly and easily, Bravofly offers users the possibility to book a low cost rental car from major providers such as Sixt, Europcar, Avis and Hertz with the lowest price guaranteed, discounts of up to 15% and other services such as a worldwide assistance telephone number and a small deposit at booking time.

Tourist Guides: This section of the website offers free downloadable tourist guides of the most-searched destinations. The guides are both useful and easy to read, with specific tips about the city, events, advice about where to eat and sleep and the beauty spots.

Cruises:This section of Volagratis.it (only on the Italian website), runs in collaboration with Crocierissime.it, comparing the cruises with the best offers: unmissable discounts with Costa Crociere, MSC Crociere, Royal Caribbean, Louis Cruises and all the major cruise companies, from the Mediterranean to the Caribbean.

The package holidays of Viaggiare.it:

Viaggiare.it is one of the largest travel agencies in Italy that offers users a simple way to book their package holidays. Viaggiare.it makes it possible to search and compare package holiday offers from many of them major tour operators and build customised and convenient flight and hotel solutions.

The site offers other information, including tips and content generated by the user, thanks to the collaboration with Trip Advisor. Viaggiare.it uses the latest technology to make it possible to search and compare package holiday offers from many of them major tour operators and build customised and convenient flight and hotel solutions.The Volagratis.it search engine of package holidays supports Viaggiare.it.

Crocierissime.it:The first site dedicated to cruises in Italy, boasting contacts with the largest Italian and foreign cruise companies: Costa Crociere, Msc Crociere, Norwegian Cruise Line, Royal Caribbean and others, in order to offer the Italian market a complete overview of the world of cruises, from 3-star ships to the most luxurious vessels.A site that is very easy and fast to use, thanks to a new search engine updated daily to ensure the latest offers from cruise companies are always available.

2spaghi.it:This is a social network (only available in Italian) where users share their favourite restaurants by voting for them and adding reviews and comments, deciding the success of the restaurant itself in the eyes of the community and also offering the opportunity to book. 2010 also saw the publication of the Spagoguida, the first restaurant guide originating from the Web, with comments and reviews from 2spaghi.it users.

Traghettigratis.it

Traghettigratis.it (only available in Italian) is the traveller’s search engine with deals, information and tips on booking ferries throughout the Mediterranean. To search for ferries, the innovative Planny platform offers exclusive features such as searches by price and filters by time of day and ferry company. Traghettigratis.it features major companies such as Moby Lines, Grandi Navi Veloci, Grimaldi Lines, SNAV and many others.

VolagratisPRO.it e Volagratis.biz

Designed for travel agencies, Volagratis PRO offers a free unique and professional system to operators within its sector, which allows them to obtain commission on flights, hotels and package holidays as well as many other useful features.

Volagratis BIZ offers a system that responds to the needs of any agencies who would like to reduce the costs of business travel whilst at the same time maintaining a high standard of quality and professionalism.

Bravofly Applications:

Since June 2010 Bravofly has also offered the ability to search, compare and book flights to “mobile” users. In the iTunes App Store you can download the Bravofly applications for the iPhone and iPad, which in a short space of time allow you to search, use filters, choose your preferred flight, look at all the details and complete the booking in a simple and secure way. The application is also available for the Nokia phone in the Ovi Store. And now owners of an Android smartphone can download the Volagratis application from the Android Market and book your flight on the go.

Recently, thanks to our collaboration with Google, Bravofly launched the application Volagratis Pilot. Available free from the Chrome Web Store, Volagratis Pilot is a game that allows participants to put themselves in the shoes of a pilot. This application is good fun and easy to use and is another demonstration of the efforts of Bravofly in always wanting to keep up with the times.

Social Network of Bravofly:Bravofly talks openly with all its users, even through some of the most diverse social networks. The Facebook Volagratis page is growing rapidly into an enormous success. With more than 100,000 “likes”, the fan page is a place to meet clients, for those with a passion for travel to discuss their experiences and to discover the latest news from Volagratis. Recently other features have been introduced that allow fans of Volagratis to book their own flight, hotel or package holiday directly through Facebook. Facebook fan pages have also been opened for Bravofly.fr, Bravoavia.ru and Bravofly.com. Bravofly can also be found on other major social networking sites such as Twitter, Flickr, LinkedIn and Foursquare.

L’osservatorio:

The Volagratis Flight Observatory (“L’Osservatorio Volagratis”) conducts research into the whole flight, holiday and cruise sectors, analysing the phenomenon of choosing and purchasing flights, both in its quantitative dimensions and in the interpretation of the scenarios and trends of this new way of travelling, in constant evolution.

The Observatory (only in available in Italian) makes use of a large amount of data extracted from 15 million searches made each month by Bravofly site users, and was set up in 2004 as a result of the need to provide users and the media with accurate, detailed information, as well as an overview of the low-cost phenomenon. Articles from the Observatory can be found at the following address:www.osservatorio-volagratis.com

Press Office:Rosangela LeoneEmail: rosangela.leone@bravofly.comMobile: +39 3299753992