The Flytour Gapnet Group released its 2015 annual report, highlighting its performance and consolidation following the merger between Flytour and Gapnet groups. It is one of the largest tourism groups in Brazil, operating in 8 business types through 16 sales channels. In 2015, key metrics included over $5.4 billion in sales, 2.3 thousand FTEs, and over 299 thousand passengers boarded. The group outlined its strategic plan going forward, which includes assessing investment thesis, expanding brand portfolio, growing its MICE business, and optimizing technology.

1. DISCLOSURE: The information presented relating to 2015 are preliminary, unaudited and subject to revision. Statements in this release concerning the assessment of the company's business and on market and macroeconomic
estimates constitute mere forecasts and were based on beliefs, intentions and expectations of management regarding the Company's future. Due to the merger of Flytour and Gapnet groups the data is consolidated and pro forma.
The Flytour Gapnet Group, one of the largest and most diverse group of companies in the tourism sector in Brazil, releases ts annual report with the most important
points or its performance in the year ending in December 31, 2015.
2015
Annual Report

2. Group Flytour Gapnet
Highlights
2015 FY
+90 corporate
travel agencies
2,3 k
fte's
+299 k
passengers boarded
+5,4 bn
+1,62 bn
Sales
+300 mm
+ 90mm
revenues
4,7 mm
Tickets
3,0 mm
bookings
+430
Point of sales
+ 5 k
Customers *
+300 leisure travel
agencies
* Sum of corporate clients and travel agencies
R$ US$
Reais Dolar

3. Group Flytour Gapnet
At a glance
2015
Second largest airline
consolidator
Second largest network of
Travel Agenciestwo of the largest
tour
operators
Absolute leadership
in the business travel
market
2ª
2ª
three brands in retail
leisure travelsegment
Participation in the Rewards
Programfor travel exchange
Participation on OTA
market

4. Group Flytour Gapnet
Brands and type of business
2015
Percentage of sales contribution by type of business
TMC's
Airline
Consolidators
Events Loyalty Tour Operators OTA IT Own Stores Franchising

5. Group Flytour Gapnet
Economic Group
2015
R$ Reais
Business Channel Description Clients Sales Revenues Employees Units
Group Flytour Gapnet
It operates in 8 types of businesses and has 16
sales channels
R$ 5,5
billion
R$ 300,2
million
+2,3 mil
B2B
Airline
Consolidators
Flytour Gapnet
Chanteclair
Company distributor of airline tickets for travel
agencies
Travel agencies
R$ 2,3
billion
R$ 90,9
million
+700 18
TMC's
FBT
FTF Corp
Globalis
companies focused on corporate travel
management services
Companies
R$ 1,6
billion
R$ 103,6
million
+900
8 units
+90 corp
stores
Franchising
Vai Voando
FTF Retail
Addin
Companies focused on managing four franchising
network for business and leisure travel
Franchisees
R$ 883,1
milllion
R$ 12,2
million
+60 +300 stores
Events FTE
Company specialized in corporate events,
incentives trips and award events
Companies
R$ 119
million
R$ 11,5
million
+100 1
Loyalty Conexxe Travel
Company specialized in the management and
operation of loyalty programs, and conversion
scores in rewards
Itaú Bank and its clients
through SEMPRE
PRESENTE program
R$ 64
million
R$ 3,3
million
+30 1
Tecnology
FTI
Argo IT
Companies dedicated to provide IT services
Group and external
customers
R$ 21,9
million
+40 2 channels
B2C
Operators
FTV
MMT
Company responsible for combining national and
international tour packages
Final costumer
R$ 516
million
R$ 57,6
million
+500 16 units
Own Stores
FTP
Addin
Management of own stores focusing on retail Final costumer
R$ 6
million
R$ 855
thousand
+20 2 stores
OTA ToGo Business segment focused on online travel sales Final costumer
R$ 315
thousand
R$ 22
thousand
+10 1

6. Consolidators
1,5
3,0
Tour Operators
TMC’s
Franchising
Own Stores
Re-Assessing
investment
Thesis
Brand Portfolio
Expansion
MICE
Operating
Globalis
IT - Tecnology
Un-invest
SSC
Rewards points
Group Flytour Gapnet
Strategic planning
2015
3

7. Group Flytour Gapnet
Organization Chart
2016
BUSINESS CHART
PARTNERSHIP
BOARD OF ADMINISTRATION
INDEPENDENT AUDITORS
ADMINISTRATION COMITTEE
COMMITTEE ON
AUDIT AND FINANCE
HANS GRETHER
COMMITTEE ON HR
LUIZ MARCATTI
COMMITTEE ON
INNOVATION
ELOI D’AVILA DE
OLIVEIRA
COMMITTEE ON
INTEGRATION AND
STRATEGY
RUI ALVES
COMMITTEE ON IT
NELSON WORTSMAN
COMMITTEE ON
CUSTOMERS
IVO LINS
VICE PRESIDENT
RUI ALVES
VICE PRESIDENT
IVO LINS
LEGAL
ADMINISTRATION
FINANCES
DIGITAL STRATEGY
PAULO LEUS
HUMAN RESOURCES
CARLA MOTA
PRODUCTS
CARLOS BUENO
TECNOLOGY
FERNANDO CAMPOS
MARKETING
ELOI KHOURI
INNER AUDITORS
TBD
PROJECTS AND PROCESS
SIDNEY GREIFENHAGEN
SALES CHANNELS CORPORATE DEPT
KPMG
ELOI D’AVILA DE OLIVEIRA
ANTONIETTE KHOURI DE OLIVEIRA
ELOI D’AVILA DE OLIVEIRA
HANS BARTLIN GRETHER
LUIZ MARCATTI
NELSON WORTSMAN
RUI ALVES
RUI ALVES
IVO LINS
CEO
CHRISTIANO OLIVEIRA
CFO
FÁBIO JORGE

8. Group Flytour Gapnet
Integration Committee
2015
Committee on
Integration
Committee on Tour
Operator
Committee on Airline
Consolidator
Committee on CSC
Committee on Business
tavel and Events
Committee on
Franchising and Retail
Committee on HR
Committee on IT
Committee on MKT
* Finance, Administration, Accounting / Tax, Legal, Planning and BI, Crédit.
Human Resources as a key element of the Change
management movement
– Culture
– Communication
Projects and process as an element of management of the
committees
– Dynamic
– Schedule / Agenda
– deadline control

9. Group Flytour Gapnet
Media highlights
2015
Michael Barkoczy - President of Flytour
Viagens - appears in the 2nd position
of the biggest sellers in Brazil.
Christiano Oliveira – CEO of Group
Flytour Gapnet – along with Rui Alves
and Ivo Lins, appears in the ranking of
the 50 most powerful people in
tourism.
Eloi D'Ávila de Oliveira - founder of
Flytour Group - is recognized as one of
the main references of tourism
throughout the country.

10. Sales
By Product
2014 vs 2015
Air tickets sales Other products sales Package sales

11. Performance
Operational Indicators
2015 FY
7,2 mm
Air tickets by
section in 2015
27 k Air
passages per day 173
Airbus A319 per
day 2
3,0 mm
Car rental and hotel
nights (bookings) in 2015
8,1 k Average
bookings and
rentals 36x
Copacabana Palace
capacity1
3,8 mm
Air tickets in 2015
+1,1 mm
Vouchers in 2015
1. 222 rooms available for hosting having as basis of comparison the availability of occupation of Copacabana Palace.
2. A total of 156 seats available having as basis of comparison the Airbus A319 model
3. "Air Passages" can be termed as one-way trip, ie, one for each issued ticket there can be 2 parts (round trip).
4. "Hotel Nights" can be termed as the amount of reservations made in a given period, ie, for each issued voucher will always be more than one night.

12. Development of Operational Indicators
By product
2014 vs 2015
3,9% growth of
vouchers issued
3,9 mm
tickets issued
8,7% growth
against the previous
year
4,2 mm Total
process performed

13. Among the
250
Group Flytour Gapnet
Ranking and Financial insight
Drivers
If the Group Flytour Gapnet was in the top rankings of companies with their sales volume, it would be positioned among the 250 largest
companies in Latin America and the 110 largest in Brazil.
Among the
110
5,5 billion turnover
in 2015, 52% national and
48% international, 75% air
and 25% land
1,1 million
vouchers issued in 2015 full
year, growth of 4.5% over the
same period of the previous
year
3 million hotel
nights in the period,
equivalent to 36x the
Copacabana Palace capacity
5,1 million
performed processes
considering the sum of
tickets and vouchers issued
7,3 million of flying
air passages accumulated in
2015 and 5.2 million
domestic and 2.1 million
international