Obligation Amadues 0.875% ( XS1878191052 ) en EUR

Amadues

100 % ▲

Espagne

XS1878191052 ( en EUR )

0.875% par an ( paiement annuel )

18/09/2023 - Obligation échue

Prospectus brochure de l'obligation Amadeus XS1878191052 en EUR 0.875%, échue

100 000 EUR

500 000 000 EUR

Amadeus est une société multinationale fournissant des solutions technologiques pour l'industrie du voyage, incluant des systèmes de réservation, de gestion et de distribution pour les compagnies aériennes, les hôtels et les autres acteurs du secteur.

L'Obligation émise par Amadues ( Espagne ) , en EUR, avec le code ISIN XS1878191052, paye un coupon de 0.875% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 18/09/2023

BASE PROSPECTUS

AMADEUS IT GROUP, S.A.
(incorporated with limited liability in The Kingdom of Spain)
and
AMADEUS FINANCE B.V.
(incorporated with limited liability in The Netherlands with its statutory seat in Amsterdam)
and
AMADEUS CAPITAL MARKETS, S.A., SOCIEDAD
UNIPERSONAL
(incorporated with limited liability in The Kingdom of Spain)
guaranteed by
AMADEUS IT GROUP, S.A.
(incorporated with limited liability in The Kingdom of Spain)
in the case of Notes issued by Amadeus Finance B.V. and Amadeus Capital Markets, S.A., Sociedad
Unipersonal
EUR 2,400,000,000
Euro Medium Term Note Programme
______________________________________
Under the EUR 2,400,000,000 Euro Medium Term Note Programme (the Programme) described in this base
prospectus (the Base Prospectus), each of Amadeus Finance B.V. (Amadeus Finance) and Amadeus Capital Markets,
S.A., Sociedad Unipersonal (Amadeus Capital Markets) and Amadeus IT Group, S.A. (Amadeus IT Group) (each
an Issuer and together the Issuers) may from time to time issue notes (the Notes) denominated in any currency agreed
between the relevant Issuer and the relevant Dealer (as defined below). The payments of all amounts due in respect of
the Notes issued by Amadeus Finance and Amadeus Capital Markets (the Guaranteed Notes) will be unconditionally
and irrevocably guaranteed by Amadeus IT Group (the Guarantor).
This Base Prospectus has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the
CSSF), which is the Luxembourg competent authority for the purpose of Directive 2003/71/EC, as amended (the
Prospectus Directive) and relevant implementing measures in Luxembourg, as a base prospectus for the purposes of
Article 5.4 of the Prospectus Directive and in compliance with relevant implementing measures in Luxembourg for the
purpose of giving information with regard to the issue of Notes issued under the Programme described in this Base
Prospectus during the period of twelve months after the date hereof. Application has been made for such Notes to be
admitted during the period of twelve months after the date hereof to listing on the official list and to trading on the
regulated market of the Luxembourg Stock Exchange. The Programme also permits Notes to be issued on the basis that
they will be admitted to listing, trading and/or quotation by such other or further competent authorities, stock exchanges
and/or quotation systems as may be agreed with the relevant Issuer and the Guarantor (in the case of Guaranteed Notes).
The Notes and the Guarantee have not been and will not be registered under the U.S. Securities Act of 1933, as
amended (the Securities Act) or the securities laws of any state or other jurisdiction of the United States and may not be

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offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation
S under the Securities Act (Regulation S)) except in certain transactions exempt from or not subject to the registration
requirements of the Securities Act. The Notes are subject to certain restrictions on transfer; see "Subscription and Sale."
Amadeus IT Group has been rated Baa2 and BBB respectively, by Moody's Investors Service Limited (Moody's) and
Standard & Poor's Credit Market Services Italy Srl (Standard & Poor's). Tranches of Notes issued under the
Programme may be rated or unrated. Where Tranches of Notes are rated, such rating will be specified in the relevant
Final Terms.
Moody's and Standard & Poor's are both established in the EEA and registered under Regulation (EC) No 1060/2009
(the CRA Regulation). A list of rating agencies can be found at http://www.esma.europa.eu/page/List-registered-and-
certified-CRAs. A security rating is not a recommendation to buy, sell or hold securities and may be subject to
suspension, reduction or withdrawal at any time by the assigning rating agency.
This Base Prospectus is available for inspection at the website of the Luxembourg Stock Exchange (www.bourse.lu).
The CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this
Base Prospectus or the quality or solvency of the Issuers in accordance with Article 7(7) of the Luxembourg law of 10
July 2005 on prospectuses for securities, as amended.
Investing in Notes issued under the Programme involves certain risks. The principal risk factors that may
affect the abilities of the Issuers to fulfil their respective obligations under the Notes are discussed under
"Risk Factors" below.
Arranger
BNP PARIBAS
Dealers

Banco Bilbao Vizcaya Argentaria, S.A.
Barclays
BNP PARIBAS
CM-CIC Market Solutions
Commerzbank
Crédit Agricole CIB
HSBC
ING
J.P. Morgan
MUFG
NatWest Markets
UniCredit Bank
21 December 2017

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TABLE OF CONTENTS
Page
IMPORTANT NOTICES ................................................................................................................................... 4
RISK FACTORS ................................................................................................................................................ 9
GLOSSARY ..................................................................................................................................................... 36
OVERVIEW OF THE PROGRAMME ........................................................................................................... 39
INFORMATION INCORPORATED BY REFERENCE ................................................................................ 44
FINAL TERMS AND DRAWDOWN PROSPECTUSES .............................................................................. 48
FORMS OF THE NOTES ................................................................................................................................ 49
TERMS AND CONDITIONS OF THE NOTES ............................................................................................. 53
FORM OF FINAL TERMS.............................................................................................................................. 84
USE OF PROCEEDS ....................................................................................................................................... 96
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM .................... 97
DESCRIPTION OF AMADEUS FINANCE B.V. .......................................................................................... 99
DESCRIPTION OF AMADEUS CAPITAL MARKETS, S.A., SOCIEDAD UNIPERSONAL ................. 101
DESCRIPTION OF AMADEUS IT GROUP, S.A. ....................................................................................... 102
DESCRIPTION OF THE GROUP ................................................................................................................. 105
TAXATION ................................................................................................................................................... 120
SUBSCRIPTION AND SALE ....................................................................................................................... 131
GENERAL INFORMATION ........................................................................................................................ 136

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IMPORTANT NOTICES
Responsibility for this Base Prospectus
Each of the Issuers accepts responsibility for the information contained in this Base Prospectus and any Final
Terms and declares that, having taken all reasonable care to ensure that such is the case, the information
contained in this Base Prospectus is, to the best of its knowledge, in accordance with the facts and contains
no omission likely to affect its import.
Final Terms/Drawdown Prospectus
Each Tranche (as defined herein) of Notes will be issued on the terms set out herein under "Terms and
Conditions of the Notes" (the Conditions) as completed by a document specific to such Tranche called final
terms (the Final Terms) or in a separate prospectus specific to such Tranche (the Drawdown Prospectus)
as described under "Final Terms and Drawdown Prospectuses" below.
Other relevant information
This Base Prospectus must be read and construed together with any supplements hereto and with any
information incorporated by reference herein and, in relation to any Tranche of Notes which is the subject of
Final Terms, must be read and construed together with the relevant Final Terms. In the case of a Tranche of
Notes which is the subject of a Drawdown Prospectus, each reference in this Base Prospectus to information
being specified or identified in the relevant Final Terms shall be read and construed as a reference to such
information being specified or identified in the relevant Drawdown Prospectus unless the context requires
otherwise.
The Issuers have confirmed to the Dealers named under "Subscription and Sale" below that this Base
Prospectus contains all information which is (in the context of the Programme, the issue, offering and sale of
the Notes and the guarantee of the Guaranteed Notes) material; that such information is true and accurate in
all material respects and is not misleading in any material respect; that any opinions, predictions or intentions
expressed herein are honestly held or made and are not misleading in any material respect; that this Base
Prospectus does not omit to state any fact necessary to make such information, opinions, predictions or
intentions (in the context of the Programme, the issue, offering and sale of the Notes and the guarantee of the
Guaranteed Notes) not misleading in any material respect; and that all proper enquiries have been made to
verify the foregoing.
Unauthorised information
No person is or has been authorised to give any information or to make any representation not contained in
or not consistent with this Base Prospectus or any other document entered into in relation to the Programme
or any information supplied by the Issuers or such other information as is in the public domain and, if given
or made, such information or representation should not be relied upon as having been authorised by the
Issuers, the Arranger or any Dealer.
None of the Arranger, the Dealers or any of their respective affiliates has authorised the whole or any part of
this Base Prospectus and none of them makes any representation or warranty or accepts any responsibility as
to the accuracy or completeness of the information contained in this Base Prospectus. Neither the delivery of
this Base Prospectus or any Final Terms nor the offering, sale or delivery of any Note shall, in any
circumstances, create any implication that the information contained in this Base Prospectus is true
subsequent to the date hereof or the date upon which this Base Prospectus has been most recently
supplemented or that there has been no adverse change, or any event reasonably likely to involve any
adverse change, in the prospects or financial or trading position of the Issuers since the date thereof or, if
later, the date upon which this Base Prospectus has been most recently supplemented or that any other

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information supplied in connection with the Programme is correct at any time subsequent to the date on
which it is supplied or, if different, the date indicated in the document containing the same.
Restrictions on distribution
The distribution of this Base Prospectus and any Final Terms and the offering, sale and delivery of the Notes
in certain jurisdictions may be restricted by law. Persons into whose possession this Base Prospectus or any
Final Terms comes are required by the Issuers, the Arranger and the Dealers to inform themselves about and
to observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries of
Notes and on the distribution of this Base Prospectus or any Final Terms and other offering material relating
to the Notes, see "Subscription and Sale". In particular, Notes have not been and will not be registered under
the Securities Act and are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not
be offered, sold or delivered within the United States or to U.S. persons (as defined in Regulation S).
Each potential investor in any Notes must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
(a)
have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes,
the merits and risks of investing in the relevant Notes and the information contained or incorporated
by reference in this Base Prospectus or any applicable supplement;
(b)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the relevant Notes and the impact such investment
will have on its overall investment portfolio;
(c)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the
relevant Notes, including where principal or interest is payable in one or more currencies, or where
the currency for principal or interest payments is different from the potential investor's currency;
(d)
understand thoroughly the terms of the relevant Notes and be familiar with the behaviour of any
relevant indices and financial markets; and
(e)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Some Notes are complex financial instruments and such instruments may be purchased as a way to reduce
risk or enhance yield with an understood, measured and appropriate addition of risk to a potential investor's
overall portfolio. A potential investor should not invest in Notes which are complex financial instruments
unless it has the expertise (either alone or with the help of a financial adviser) to evaluate how the Notes will
perform under changing conditions, the resulting effects on the value of such Notes and the impact this
investment will have on the potential investor's overall investment portfolio.
Neither this Base Prospectus nor any Final Terms constitutes an offer or an invitation to subscribe for or
purchase any Notes and should not be considered as a recommendation by the Issuers, the Dealers or any of
them that any recipient of this Base Prospectus or any Final Terms should subscribe for or purchase any
Notes. Each recipient of this Base Prospectus or any Final Terms shall be taken to have made its own
investigation and appraisal of the condition (financial or otherwise) of the Issuers.
Programme limit
The maximum aggregate principal amount of Notes outstanding and/or guaranteed at any one time under the
Programme will not exceed EUR 2,400,000,000 (and for this purpose, any Notes denominated in another
currency shall be translated into euro at the date of the agreement to issue such Notes (calculated in

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accordance with the provisions of the Dealer Agreement)). The maximum aggregate principal amount of
Notes which may be outstanding and/or guaranteed at any one time under the Programme may be increased
from time to time, subject to compliance with the relevant provisions of the Dealer Agreement as defined
under "Subscription and Sale".
Certain definitions
In this Base Prospectus, unless otherwise specified, references to a Member State are references to a
member state of the European Economic Area, references to EUR, or euro are to the currency introduced
at the start of the third stage of the European economic and monetary union, and as defined in Article 2 of
Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, as amended.
References to the Group or Amadeus are to Amadeus IT Group together with its consolidated subsidiaries.
A glossary regarding the activities of the Group is set out on pages 31 to 33 of this Base Prospectus.
The language of the Base Prospectus is English. Certain legislative references and technical terms have been
cited in their original language in order that the correct technical meaning may be ascribed to them under
applicable law.
Ratings
Tranches of Notes issued under the Programme will be rated or unrated. Where a Tranche of Notes is rated,
such rating will not necessarily be the same as the rating(s) described above or the rating(s) assigned to
Notes already issued. Where a Tranche of Notes is rated, the applicable rating(s) will be specified in the
relevant Final Terms. Whether or not each credit rating applied for in relation to a relevant Tranche of Notes
will be (1) issued by a credit rating agency established in the EEA and registered (or which has applied for
registration and not been refused) under the CRA Regulation, or (2) issued by a credit rating agency which is
not established in the EEA but will be endorsed by a CRA which is established in the EEA and registered
under the CRA Regulation or (3) issued by a credit rating agency which is not established in the EEA but
which is certified under the CRA Regulation will be disclosed in the Final Terms. In general, European
regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a
credit rating agency established in the EEA and registered under the CRA Regulation unless (1) the rating is
provided by a credit rating agency operating in the EEA before 7 June 2010 which has submitted an
application for registration in accordance with the CRA Regulation and such registration has not been
refused, or (2) the rating is provided by a credit rating agency not established in the EEA but is endorsed by a
credit rating agency established in the EEA and registered under the CRA Regulation or (3) the rating is
provided by a credit rating agency not established in the EEA which is certified under the CRA Regulation.
Forward-looking statements
This Base Prospectus includes forward-looking statements that reflect the Group's intentions, beliefs or
current expectations and projections about the Group's future results of operations, financial condition,
liquidity, performance, prospects, anticipated growth, strategies, plans, opportunities, trends and the markets
in which the Group operates or intends to operate. Forward-looking statements involve all matters that are
not historical fact. These and other forward-looking statements can be identified by the words "may", "will",
"would", "should", "expect", "intend", "estimate", "anticipate", "project", "future", "potential", "believe",
"seek", "plan", "aim", "objective", "goal", "strategy", "target", "continue" and similar expressions or their
negatives. These forward-looking statements are based on numerous assumptions regarding the Group's
present and future business and the environment in which the Group expects to operate in the future.
Forward-looking statements may be found in sections of this Base Prospectus entitled "Risk Factors",
"Description of the Group", in the consolidated directors' report annexed to the Amadeus IT Group Interim
Financial Statements (defined herein) that is incorporated by reference in this Base Prospectus (the
Consolidated Directors' Report) and elsewhere in this Base Prospectus.

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These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions
and other factors that could cause the Group's actual results of operations, financial condition, liquidity,
performance, prospects, anticipated growth, strategies, plans or opportunities, as well as those of the markets
the Group serves or intends to serve, to differ materially from those expressed in, or suggested by, these
forward-looking statements.
Additional factors that could cause the Group's actual results, financial condition, liquidity, performance,
prospects, opportunities or achievements or industry results to differ include, but are not limited to, those
discussed under "Risk Factors".
In light of these risks, uncertainties and assumptions, the forward-looking events described in this Base
Prospectus may not occur. Additional risks that the Group may currently deem immaterial or that are not
presently known to the Group could also cause the forward-looking events discussed in this Base Prospectus
not to occur. Except as otherwise required by Dutch, Spanish, Luxembourg and other applicable securities
laws and regulations and by any applicable stock exchange regulations, the Group undertakes no obligation
to update publicly or revise publicly any forward-looking statements, whether as a result of new information,
future events, changed circumstances or any other reason after the date of this Base Prospectus. Given the
uncertainty inherent in forward-looking statements, prospective investors are cautioned not to place undue
reliance on these statements.
EEA Retail Investors
If the Final Terms in respect of any Notes includes a legend entitled "Prohibition of sales to EEA Retail
Investors", the Notes, from 1 January 2018 are not intended to be offered, sold or otherwise made available
to and, with effect from such date, should not be offered, sold or otherwise made available to any retail
investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as
amended, MiFID II); (ii) a customer within the meaning of Directive 2002/92/EC (as amended, IMD),
where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of
MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the Prospectus
Directive). Consequently no key information document required by Regulation (EU) No 1286/2014 (as
amended, the PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to
retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
MiFID II product governance / target market
The Final Terms in respect of any Notes will include a legend entitled "MiFID II Product Governance"
which will outline the target market assessment in respect of the Notes and which channels for distribution of
the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a
distributor) should take into consideration the target market assessment; however, a distributor subject to
MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the MiFID Product Governance Rules), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the
Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the
MiFID Product Governance Rules.
Supplements to the Base Prospectus
If at any time the Issuers shall be required to prepare a supplement to this Base Prospectus pursuant to the
Luxembourg law of 10 July 2005 on prospectuses for securities, as amended, the Issuers shall prepare and

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make available an appropriate supplement to this Base Prospectus or a further base prospectus, which, in
respect of any subsequent issue of Notes to be listed on the official list of the Luxembourg Stock Exchange
and admitted to trading on the Luxembourg Stock Exchange's regulated market, shall constitute a
supplement to the Base Prospectus, as required by the Luxembourg law of 10 July 2005 on prospectuses for
securities, as amended.
Alternative performance measures (APMs)
The financial data incorporated by reference in this Base Prospectus, in addition to the conventional financial
performance measures established by IFRS, contains certain APMs that include EBITDA, covenant net
financial debt and adjusted profit, and its corresponding ratios that are presented for purposes of providing
investors with a better understanding of Amadeus' financial performance, cash flows or financial position as
they are used by Amadeus when managing its business.
Such measures should not be considered as a substitute for those required by IFRS.
Stabilisation
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the
Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in the applicable
Final Terms may over-allot Notes or effect transactions with a view to supporting the market price of
the Notes at a level higher than that which might otherwise prevail. However, stabilisation may not
necessarily occur. Any stabilisation action may begin on or after the date on which adequate public
disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may cease
at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant
Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any
stabilisation action or over-allotment must be conducted by the relevant Stabilising Manager(s) (or
person(s) acting on behalf of any Stabilising Manager(s)) in accordance with all applicable laws and
rules.

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RISK FACTORS
Any investment in the Notes is subject to a number of risks. Prior to investing in the Notes, prospective
investors should carefully consider all the information set forth in this Base Prospectus, the applicable Final
Terms and any documents incorporated by reference into this Base Prospectus, as well as their own
personal circumstances, before deciding to invest in any Notes. Prospective investors should have particular
regard to, among other matters, the considerations set out in this section of this Base Prospectus.
Each of the Issuers believes that each of the following risk factors, many of which are beyond the control of
the Issuers or are difficult to predict, may materially affect its financial position and its ability to fulfil its
obligations under Notes issued under the Programme. None of the Issuers is in a position to express a view
on the likelihood of any such contingency occurring. In addition, there may be other factors that a
prospective investor should consider that are relevant to its own particular circumstances or generally.
Risk factors that are material for the purpose of assessing the market risks associated with Notes issued
under the Programme are also described below.
The following is not an exhaustive list or explanation of all risks which investors may face when making an
investment in the Notes, but are the material risks that the Issuers believe to be the most relevant to an
assessment by a prospective investor of whether to consider an investment in the Notes. Additional risks and
uncertainties relating to the Issuers that are not currently known to the Issuers, or that they currently deem
immaterial, may individually or cumulatively also have a material adverse effect on the business, prospects,
results of operations and/or financial position of the Issuers and, if any such risk should occur, the price of
the Notes may decline and investors could lose all or part of their investment.
Before making an investment decision with respect to any Notes, prospective investors should consult their
own stockbroker, bank manager, lawyer, accountant or other financial, legal and tax advisers and carefully
review the risks entailed by an investment in the Notes and consider such an investment decision in the light
of the prospective investor's personal circumstances and in light of the information in this Base Prospectus.
Words and expressions defined in "Terms and Conditions of the Notes" shall have the same meanings in this
section. Please refer to the section entitled "Glossary" for the meaning of certain technical and industry
terms.
Risks Related to the Group's Industry
Substantially all of the Group's revenue is derived from the worldwide travel and tourism industry and
factors that negatively impact that industry, particularly the airline industry, could have a material
adverse effect on the Group's business, prospects, financial condition and results of operations
The worldwide travel and tourism industry, particularly the airline industry, is highly sensitive to general
economic conditions and trends, including, but not limited to, trends in consumer and business confidence,
the availability and cost of consumer finance, interest and exchange rates, fuel prices, unemployment levels
and the cost of travel. The global economy and financial system experienced a period of volatility and
uncertainty starting from 2008, which contributed towards a global recession affecting all of the Group's
markets and resulted in a fall in demand for travel worldwide. Any recovery from this recession has been
fragile and fears over the status of the global economy persist, particularly over a potential macroeconomic
slowdown in China. As at the date of this Base Prospectus, global financial markets are still volatile and
highly susceptible to substantive shocks as was demonstrated following the UK's remain-or-leave
referendum on the UK's membership of the European Union held on 23 June 2016, when the UK voted to
withdraw from the European Union (also see "- The result of the United Kingdom's referendum on
withdrawal from the European Union may have a negative effect on global economic conditions, financial
markets and our business").

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In addition to general economic conditions, the global travel and tourism industry is highly susceptible to
other factors that are entirely outside the Group's control, including:

global security issues, political instability (such as that experienced in Cataluña following the
controversial referendum on independence that took place on 1 October 2017), acts or threats of
terrorism such as those that have recently taken place in Europe, hostilities or war and other political
issues;

increased security measures at ports of travel that reduce the convenience of certain modes of
transport;

world energy prices, particularly fuel price escalations;

prolonged work stoppages or labour unrest;

changes in attitudes towards the environmental impact of carbon emissions caused by air travel;

changes in the laws and regulations governing or otherwise affecting the travel and tourism industry;

epidemics or pandemics, such as the outbreak of the H1N1 influenza virus or the Ebola virus;

natural disasters, such as hurricanes, volcanic eruptions, earthquakes and tsunamis; and

aircraft, train and other travel-related accidents,
as well as other factors that increase the cost of travel, hotel accommodation and travel-related services or
that otherwise adversely affect airline passenger numbers, hotel occupancy rates or domestic, regional and
international travel patterns or volumes. The overall impact on the travel and tourism industry of the above
and similar factors can also be influenced by travellers' perception of, and reaction to, the scope, severity and
timing of such factors.
Substantially all of the Group's revenue is derived from the worldwide travel and tourism industry and
because a significant portion of such revenue is derived from fees generated by airline bookings, the Group's
earnings are particularly sensitive to factors affecting the volume of air travel. The recent global economic
crisis impacted the airline industry. Although the global economy is experiencing a gradual recovery, there
can be no assurance as to the ongoing extent or speed of this recovery, that the recovery will be sustained in
the short to medium term or that it will continue to result in a corresponding increase in the volume of air
travel.
If air and non-air travel volumes become depressed or decline, as a result of any of the factors described
above or otherwise, it could have a material adverse effect on the Group's business, prospects, financial
condition and results of operations.
The result of the United Kingdom's referendum on withdrawal from the European Union may have a
negative effect on global economic conditions, financial markets and our business
On 23 June 2016, the UK voted in a national referendum to withdraw from the European Union and on 29
March 2017, the UK formally served notice to the European Council of its desire to withdraw. This process
is unprecedented in European Union history and one that could involve months or years of negotiation to
agree a withdrawal agreement in accordance with Article 50 of the Treaty on European Union. Negotiations
are ongoing to determine the terms of the withdrawal and the future terms of the UK's relationship with the
European Union, including the terms of trade between the UK and the European Union. The effects of the
UK's withdrawal will depend on any agreements the UK makes to retain access to European Union markets,
either during a transitional period or more permanently. While the long-term effects of this withdrawal are

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