2Q19 - CONSOLIDATED RESULTS

PERFORMANCE 2Q19 X 2Q18 PRO FORMA BOOKINGS PER CHANNEL (BRAZIL)*

EXCLUSIVE STORES+ 2,3%

INDEPENDENT AGENTS+ 13,4%

ONLINE BOOKINGS+ 49,0%

NET REVENUE

Normalized EBTIDA

NET PROFIT Adjusted

ROIC - BRAZIL

+ 7,9%R$4,2billion

Bookings (Brasil + Argentina)

For more information, visit www.cvc.com.br/ri.

Consider the results of operations in Brazil (CVC + RexturAdvance+ Submarino Viagens + Experimento + Visual + TREND + Esferatur)and Argentina (Bibam Group + Ola).

* Pro Forma Results.

4,0%

20,9%

3,6%

23,0%

EXCLUSIVE STORES (BRAZIL)

PERIOD HIGHLIGHTS

1.331 STORESIN OPERATION

62 STORESIN OPERATION

• On August 1, we announced that Submarino Viagens made an offer for the acquisition for Almundo, including its operations in Argentina and Brazil. The acquisition will reinforce the international expansion strategy and the digitalization of platforms focused on improving the customer experience; • Even in a challenging environment, CVC Corp in Brazil closed the first half with double-digit growth in bookings and financial results (excluding the extraordinary effect), with significantly improved cash generation.

• In the first half of the year, we carried out a research with 2,790 brazilian consumers from all regions of the country, and the results reaffirm CVC’s leadership in all social classes and in all age groups; • Even with Avianca's exit from the Brazilian market, adding efforts from all areas, we sought to minimize the impact on customers. The stability of the Net Promoter Score (NPS), at 84, similar to the period before Avianca’s crisis, gives us the comfort that we have achieved our goal.