Travelport Executing Strategic Growth

                    Travelport Executing Strategic Growth

-- Second Quarter 2013 Results --

PR Newswire

ATLANTA, Aug. 7, 2013

ATLANTA, Aug. 7, 2013 /PRNewswire/ -- Travelport Limited, a leading
distribution services and e-commerce provider for the global travel industry,
today announces its financial results for the second quarter ended June 30,
2013.

Commenting on developments, Gordon Wilson, President and CEO of Travelport,
said:

"Our second quarter and first half 2013 results clearly demonstrate the
momentum we have built around our new product innovation, successful delivery
in all areas of our growth strategy and positive engagement with all of our
customers. I am also pleased to report a solid future pipeline of industry
interest and support for Travelport's renewed and reinvigorated proposition."

Highlights

  oAdjusted EBITDA increased 5% ^ for the second quarter 2013 and 5% year to
    date 2013*
  oNet Revenue increased 7% for the second quarter 2013 and 5% year to date
    2013*
  oSigned new long-term full content agreement with Delta Airlines
  oImplemented two further low cost carriers, Jet2.com and Norwegian, on our
    merchandising platform, continuing our momentum
  oCompleted the refinancing of our first lien credit agreement in June 2013,
    having successfully executed a comprehensive refinancing, including our
    senior notes, in April 2013

* Excluding the loss of the Master Services Agreement with United Airlines

Financial Highlights

In connection with the refinancing of our first lien credit agreement in June
2013, we amended our definition of Adjusted EBITDA to exclude the amortization
of Customer Loyalty Payments. As a result, we have revised our reported
Adjusted EBITDA for all periods presented to exclude the amortization of
Customer Loyalty Payments.

Second Quarter 2013

                                                    Excluding MSA
(in $ millions)  Q2 2013 Q22012 $ Change %Change $ Change % Change
Net Revenue      537     506     31        6        33       7
Operating Income 56      63      (7)       (11)     (5)      (8)
EBITDA           105     119     (14)      (12)     (12)     (10)
Adjusted EBITDA  139     135     4         3        6        5



Travelport's Net Revenue of $537 million for the second quarter of 2013 was
$31 million (6%) higher than the second quarter of 2012 and Adjusted EBITDA
was $4 million (3%) higher.

The Master Services Agreement ("MSA") with United Airlines contributed
approximately $2 million to the Net Revenue, Operating Income, EBITDA and
Adjusted EBITDA for second quarter 2012. Excluding the impact of the MSA, Net
Revenue increased $33 million (7%) and Adjusted EBITDA increased $6 million
(5%), compared to 2012.

Travelport RevPas increased by 3% to $5.51. 

As noted above, Adjusted EBITDA now excludes the amortization of Customer
Loyalty Payments of $15 million for each of the second quarters of 2013 and
2012.

YTD 2013

                                                      Excluding MSA
(in $ millions)  YTD 2013 YTD2012 $ Change %Change $ Change % Change
Net Revenue      1,085    1,056    29        3        56       5
Operating Income 125      129      (4)       (3)      17       15
EBITDA           226      242      (16)      (7)      5        2
Adjusted EBITDA  280      291      (11)      (4)      12       5



Travelport's Net Revenue of $1,085 million on a year to date basis for 2013
was $29 million (3%) higher than 2012 and Adjusted EBITDA was $11 million (4%)
lower.

The MSA with United Airlines contributed approximately $27 million to the Net
Revenue and $21 million to the Operating Income and EBITDA and $23 million to
the Adjusted EBITDA on a year to date basis in 2012. Excluding the impact of
the MSA, Net Revenue increased $56 million (5%) and Adjusted EBITDA increased
$12 million (5%), compared to 2012.

Travelport RevPas increased by 5% to $5.45.

As noted above, Adjusted EBITDA now excludes the amortization of Customer
Loyalty Payments of $29 million and $31 million on a year to date basis for
2013 and 2012, respectively.

In June 2013, the Company completed the refinancing of its first lien credit
agreement. In April 2013, the Company completed its previously announced
comprehensive refinancing, including its senior notes.

Interest costs of $174 million year to date were $30 million higher for 2013
due to $21 million of financing costs incurred in relation to the debt
refinancings in April and June 2013 and a $9 million increase due to higher
interest rates.

Travelport's net debt was $3,327 million as of June 30, 2013, which comprised
debt of $3,537 million less $117 million in cash and cash equivalents and less
$93 million of cash held as collateral.

Travelport generated $12 million in net cash from operating activities for the
six months ended June 30, 2013 compared to $128 million for the six months
ended June 30, 2012. The decrease is a result of higher interest payments and
fluctuation in operating working capital.

Conference Call

The Company's second quarter 2013 earnings conference call will be held on
August 7, 2013, beginning at 11:00 a.m. (EDT). Details for this conference
call, as well as the earnings presentation, are available through the Investor
Center section of the Company's website
(www.travelport.com/investors/Financial-Calendar), where pre-registration for
the call is required.

A recording of the call will be made available within 24 hours in the
Financial/Operating Data section of the Investor Center on the Company's
website.

About Travelport

Travelport Limited isa leading distribution services and e-commerce provider
for the global travel industry.

With a presence in over 170 countries, approximately 3,500 employees and 2012
net revenue of more than $2.0 billion, Travelport is comprised of the global
distribution system (GDS) business, which includes the Galileo and Worldspan
brands and its Airline IT Solutions business and a majority in a joint venture
in eNett.

Headquartered in Atlanta, Georgia, Travelport is a privately-owned company.

Investor Contact

Julian Walker
Head of Corporate Communications and Investor Relations
+44 (0)1753 288 210
julian.walker@travelport.com

Media Contacts

Kate Aldridge
Senior Director, Corporate Communications, EMEA and APAC
+44 (0)1753 328 8720
kate.aldridge@travelport.com 

Jill Brenner
Senior Director, Corporate Communications, Americas
+1 (973) 753 3110
jill.brenner@travelport.com 

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking
statements" that involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Statements preceded by, followed by or that otherwise include the words
"believes", "expects", "anticipates", "intends", "projects", "estimates",
"plans", "may increase", "may fluctuate" and similar expressions or future or
conditional verbs such as "will", "should", "would", "may" and "could" are
generally forward-looking in nature and not historical facts. Any statements
that refer to expectations or other characterizations of future events,
circumstances or results are forward-looking statements.

Various risks that could cause future results to differ from those expressed
by the forward-looking statements included in this press release include, but
are not limited to: the impact that our outstanding indebtedness may have on
the way we operate our business; factors affecting the level of travel
activity, particularly air travel volume, including security concerns, general
economic conditions, natural disasters and other disruptions; general economic
and business conditions in the markets in which we operate, including
fluctuations in currencies and the economic conditions in the eurozone;
pricing, regulatory and other trends in the travel industry; our ability to
obtain travel supplier inventory from travel providers, such as airlines,
hotels, car rental companies, cruise lines and other travel providers; our
ability to develop and deliver products and services that are valuable to
travel agencies and travel providers and generate new revenue streams,
including our universal desktop product; risks associated with doing business
in multiple countries and in multiple currencies; maintenance and protection
of our information technology and intellectual property; the impact on
supplier capacity and inventory resulting from consolidation of the airline
industry; financing plans and access to adequate capital on favorable terms;
our ability to achieve expected cost savings from our efforts to improve
operational efficiency; our ability to maintain existing relationships with
travel agencies and to enter into new relationships on acceptable financial
and other terms; and our ability to grow adjacencies, such as our acquisition
of Sprice and our controlling interest in eNett. Other unknown or
unpredictable factors could also have material adverse effects on our
performance or achievements. In light of these risks, uncertainties,
assumptions and factors, the forward-looking events discussed in this press
release may not occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated, or if no
date is stated, as of the date of this press release. Except to the extent
required by applicable securities laws, the Company undertakes no obligation
to release any revisions to any forward-looking statements, to report events
or to report the occurrence of unanticipated events unless required by law.

This press release includes certain non-GAAP financial measures as defined
under Securities and Exchange Commission ("SEC") rules. As required by SEC
rules, important information regarding such measures is contained below.





TRAVELPORT LIMITED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(in $millions)                Three Months Three Months Six Months Six Months
                               Ended        Ended        Ended      Ended
                              June30,     June30,     June30,   June30,
                               2013         2012         2013       2012
Net revenue                    537          506          1,085      1,056
Costs and expenses
Cost of revenue                326          301          659        623
Selling, general and           106          86           200        191
administrative
Depreciation and amortization  49           56           101        113
Total costs and expenses       481          443          960        927
Operating                      56           63           125        129
income
Interest expense, net          (104)        (77)         (174)      (144)
Loss on early extinguishment   (49)         —            (49)       —
of debt
Loss before income taxes and
equity inearnings (losses) of (97)         (14)         (98)       (15)
  investment in Orbitz
Worldwide



TRAVELPORT LIMITED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
                                                        June 30, December31,

(in $millions)                                          2013     2012
Assets
Current assets:
Cash and cash equivalents                                117      110
Accounts receivable (net of allowances for doubtful      214      150
accounts of $18 and $16)
Deferred income taxes                                    2        2
Other current assets                                     196      170
Total current assets                                     529      432
Property and equipment, net                              401      416
Goodwill                                                 986      986
Trademarks and tradenames                                314      314
Other intangible assets, net                             681      717
Cash held as collateral                                  93       137
Non-current deferred income taxes                        6        6
Other non-current assets                                 123      150
Total assets                                             3,133    3,158
Liabilities and equity
Current liabilities:
Accounts payable                                         59       74
Accrued expenses and other current liabilities           562      537
Deferred income taxes                                    38       38
Current portion of long-term debt                        36       38
Total current liabilities                                695      687
Long-term debt                                           3,501    3,392
Deferred income taxes                                    8        7
Other non-current liabilities                            271      274
Total liabilities                                        4,475    4,360
Shareholders' equity:
Common shares ($1.00par value; 12,000shares
authorized; 12,000shares issued and                     —        —
 outstanding)
Additional paid in capital                               689      718
Accumulated deficit                                      (1,862)  (1,747)
Accumulated other comprehensive loss                     (187)    (189)
Total shareholders' equity                               (1,360)  (1,218)
Equity attributable to non-controlling interest in       18       16
subsidiaries
Total equity                                             (1,342)  (1,202)
Total liabilities and equity                             3,133    3,158



TRAVELPORT LIMITED
NON-GAAP MEASURES
(in $ millions and unaudited)
Reconciliation of Travelport Adjusted EBITDA to    Three Months Ended June 30,
Operating Income
                                                   2013          2012
Travelport Adjusted EBITDA                         139           135
Less adjustments:
Amortization of Customer Loyalty Payments          (15)          (15)
Corporate costs                                    (3)           (3)
Equity-based compensation                          (2)           —
Litigation and related costs                       (2)           (7)
Other                                              (12)          9
Total Adjustments                                  (34)          (16)
EBITDA                                             105           119
Less: Depreciation and amortization                (49)          (56)
Operating income                                   56            63



Reconciliation of Travelport Adjusted EBITDA to      Six Months Ended June 30,
Operating Income
                                                     2013         2012
Travelport Adjusted EBITDA                           280          291
Less adjustments:
Amortization of Customer Loyalty Payments            (29)         (31)
Corporate costs                                      (4)          (6)
Equity-based compensation                            (2)          (2)
Litigation and related costs                         (12)         (13)
Other                                                (7)          3
Total Adjustments                                    (54)         (49)
EBITDA                                               226          242
Less: Depreciation and amortization                  (101)        (113)
Operating income                                     125          129



TRAVELPORT LIMITED
NON-GAAP MEASURES
(in $ millions and unaudited)
Reconciliation of Travelport Adjusted EBITDA to Net  Six Months Ended June 30,
Cash Provided by Operating Activities and
Unlevered Free Cash Flow                             2013         2012
Travelport Adjusted EBITDA                           280          291
Less:
Interest payments                                    (145)        (116)
Tax payments                                         (13)         (4)
Changes in operating working capital                 (34)         28
Customer Loyalty Payments                            (36)         (27)
Defined benefit pension plan funding                 ―            (5)
Other adjusting items^(*)                            (40)         (39)
Net cash provided by operating activities            12           128
Add back interest paid                               145          116
Less: Capital expenditures on property and equipment (46)         (32)
additions
Less: Repayment of capital lease obligations         (8)          (7)
Unlevered free cash flow                             103          205

(*) Other adjusting items relate to payments for costs included within
operating income but excluded from Travelport Adjusted EBITDA. These include
(i) $17 million and $9 million of corporate costs payments during the six
months ended June 30, 2013 and 2012, respectively, (ii) $23 million and $8
million of litigation and related costs payments for the six months ended June
30, 2013 and 2012, respectively, and (iii) a $14 million payment related to a
historical dispute related to a now terminated arrangement with a former
distributor in the Middle East during the six months ended June 30, 2012.



TRAVELPORT LIMITED
OPERATING STATISTICS AND DEFINITIONS
(unaudited)
                       Three Months Ended

                       June 30,
                       2013      2012     Change % Change
Segments (in millions)
Americas               44        43       1      1.2
Europe                 21        20       1      7.2
Asia Pacific           14        14       ―      2.4
Middle East and Africa 10        10       ―      0.2
Total Segments         89        87       2      2.7
RevPas                 $5.51     $5.34    $0.17  3.3%



                       Six Months Ended
                                                         Excluding MSA
                       June 30,
                       2013     2012    Change % Change Change % Change
Segments (in millions)
Americas               89       92      (3)     (3.0)    (1)    (0.6)
Europe                 46       44      2       5.3      2      5.3
Asia Pacific           29       29      ―       (0.1)    ―      (0.1)
Middle East and Africa 20       20      ―       (1.4)    ―      (1.4)
Total Segments         184      185     (1)     (0.4)    1      0.8
RevPas                 $5.45    $5.21   $0.24   4.7%



Definitions:

RevPas: transaction processing revenue divided by the number of reported
segments.

Customer Loyalty Payments: development advance payments that are made with the
objective of increasing the number of clients or improving customer loyalty
with travel agents or travel providers. The amortization of such payments is
excluded from Adjusted EBITDA under the terms of our senior secured credit
agreement and our second lien credit agreement.

Unlevered free cash flow: is a non-GAAP measure and may not be comparable to
similarly named measures used by other companies. Unlevered free cash flow is
defined as net cash provided by (used in) operating activities adjusted to
exclude cash interest payments and include capital expenditures and capital
lease repayments. We believe unlevered free cash flow provides management and
investors with a more complete understanding of the underlying liquidity of
the core operating businesses and its ability to meet current and future
financing and investing needs.

Travelport Adjusted EBITDA: is a non-GAAP financial measure and may not be
comparable to similarly named measures used by other companies. We believe
this measure provides management with a more complete understanding of the
underlying results and trends and an enhanced overall understanding of our
financial liquidity and prospects for the future. Adjusted EBITDA is the
primary metric for measuring our business results, forecasting and determining
future capital investment allocations and will be used by the Board of
Directors to determine incentive compensation for future periods. Capital
expenditures, which impact depreciation and amortization, Customer Loyalty
Payments, interest expense and income tax expense, are reviewed separately by
management. Travelport Adjusted EBITDA is disclosed so investors have the same
tools available to management when evaluating the results of Travelport.
Travelport Adjusted EBITDA is defined as EBITDA adjusted to exclude items we
believe potentially restrict our ability to assess the results of our
underlying business. Travelport Adjusted EBITDA is a critical measure as it is
required to calculate our key financial ratios under the covenants contained
in our credit agreements. These ratios use a number which is broadly computed
from Travelport Adjusted EBITDA for the last twelve months and consolidated
net debt, as at the balance sheet date and are known as the Total Leverage
Ratio and Senior Secured Leverage Ratio. Travelport is currently in compliance
with all of its financial covenants. A breach of these covenants could result
in a default under the senior secured credit agreement, second lien credit
agreement and the indentures governing the notes.



TRAVELPORT LIMITED
NON-GAAP MEASURES
(in $ millions and unaudited)
Reconciliation of Adjusted EBITDA under previous definition to current
Adjusted EBITDA as defined by the first and secondlien
credit agreements amended in June 2013 with United MSA:
                      Q1 2013    Q2 2013
Adjusted EBITDA under 127        124
previous definition
Amortization of
Customer Loyalty      14         15
Payments
Adjusted EBITDA       141        139
                              Q1 2012    Q2 2012   Q3 2012   Q4 2012   FY 2012
Adjusted EBITDA under         140        120       106       89        455
previous definition
Amortization of Customer      16         15        17        14        62
Loyalty Payments
Adjusted EBITDA               156        135       123       103       517
United MSA                    (19)       (2)       ―         ―         (21)
Amortization of United
Customer Loyalty              (2)        ―         ―         ―         (2)
 Payments
Adjusted EBITDA Excluding     135        133       123       103       494
United MSA
                          Q1 2011    Q2 2011   Q3 2011   Q4 2011   FY 2011
Adjusted EBITDA under     147        136       118       106       507
previous definition
Amortization of Customer  19         19        18        18        74
Loyalty Payments
Adjusted EBITDA           166        155       136       124       581
United MSA                (17)       (18)      (17)      (19)      (71)
Amortization of United
Customer Loyalty         (3)        (2)       (2)       (2)       (9)
 Payments
Adjusted EBITDA Excluding 146        135       117       103       501
United MSA





SOURCE Travelport

Website: http://www.travelport.com