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1Q20 E arningsConf erenc e Call

DATE _

May 4 , 20 20

DIS CL AIME R

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This pres entation includes forward- looking s tatements . We have bas ed thes e forward- looking s tatements largely on our current beliefs , expectations andprojections about future events and f inanc ial trends affec ting our bus ines s and our market. Many important fac tors could caus e our ac tual res ults todiffer s ubs tantially from thos e antic ipated in our forward- looking s tatements , inc luding: politic al, s oc ial and macroeconomic c onditions in Latin America;c urrency exc hange rates and inf lation; current c ompetition and the emergence of new market partic ipants in our indus try; government regulation; ourexpec tations regarding the c ontinued growth of internet us age and e- c ommerce in Latin Americ a; failure to maintain and enhanc e our brand recognition;our ability to maintain and expand our s upplier relations hips ; our reliance on tec hnology; the growth in the us age of mobile devices and our ability tos uc c es s fully monetize this us age; our ability to attract, train and retain exec utives and other qualif ied employees ; and our ability to s uc c es s fullyimplement our growth s trategies . We operate in a c ompetitive and rapidly c hanging environment. New ris ks and uncertainties emerge from time to time,and it is not pos s ible for us to predict all ris ks and uncertainties that could have an impact on the forward- looking s tatements contained in thispres entation. In partic ular, the COVID- 19 pandemic , and governments ’ extraordinary meas ures to limit the s pread of the virus , are dis rupting the globaleconomy and the travel indus try, and c ons equently advers ely affecting our bus ines s , res ults of operation and cas h flows and, as c onditions are rec ent,uncertain and c hanging rapidly, it is dif f icult to predic t the full extent of the impact that the pandemic will have. The words “believe,” “may,” “s hould,”“aim,” “es timate,” “continue,” “antic ipate,” “intend,” “will,” “expect” and s imilar words are intended to identify forward- looking s tatements . Forward-looking s tatements inc lude information c onc erning our pos s ible or as s umed future res ults of operations , bus ines s s trategies , c apital expenditures ,f inanc ing plans , competitive pos ition, indus try environment, potential growth opportunities , the effects of future regulation and the effects ofc ompetition. Forward- looking s tatements s peak only as of the date they are made, and we undertake no obligation to update public ly or to revise anyforward- looking s tatements after the date of this pres entation bec aus e of new information, future events or other factors , exc ept as required by law. Inlight of the ris ks and unc ertainties des c ribed above, the future events and c irc ums tances dis c us s ed in this pres entation might not occ ur or c ome intoexis tence and forward- looking s tatements are thus not guarantees of future performanc e. Cons idering thes e limitations , you s hould not make anyinves tment dec is ion in reliance on forward- looking s tatements contained in this pres entation. This pres entation includes indus try, market andc ompetitive pos ition data and forec as ts that we have derived from independent cons ultant reports , public ly available information, indus try public ations ,off ic ial government information, other third- party s ources and our internal data and es timates . Independent cons ultant reports , indus try publications andother publis hed s ourc es generally indicate that the information c ontained therein was obtained from s ources believed to be reliable. The inc lus ion ofmarket es timations in this pres entation is bas ed upon information obtained from third- party s ources and our unders tanding of indus try conditions .Although we believe that this information is reliable, the information has not been independently verif ied by us . Trademarks and s ervice marks appearingin this pres entation are the property of their res pec tive holders .

B et ween 20 15 and 20 19:

● S t rong balanc e s heet

● B uilt low c os t deliv ery model

● Gained 3 0 0 bps in market s hare (1)

● Deliv ered 25% CAGR * in loc al c urrenc y GB s

● R ev enue s hare f rom Higher- margin Hot els , P ac kagesand OTP s up 13 0 0 bps t o 62%

● Own mos t downloaded OTA App in L at Am wit hmobile t rans ac t ions up 50 0 bps t o 3 9% in t he las ty ear.

● 69% of webs it e t raf f ic is unpaid

● B uilt highes t brand awarenes s in L at am

Navigating COVID-19 Pandemic TodayGlobal t rav el indus t ry s ignif ic ant ly dis rupt ed by an

unprec edent ed healt h c r is is

(1) Between 2015 and 2019(2) Unrestricted cash and cash equivalents and restricted cash of U$S4.3 million

Solid Track Record of Industry Outperformance Despite Challenging Macro

Track Record of Industry Outperformance and Strong Competitive Position; Currently Navigating COVID - 19 Pandemic

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● Implemented remote working since March 13, 2020 ,even before mandatory quarantines were imposed

● Providing customers with flexible conditions to defertheir travel plans

● Increased automation capabilities of digital channelsto assist a larger volume of reschedulings

● Ensuring Sustainability of the Company

❖ E s t ablis hed dedic at ed c ris is c ommit t ee wit h B oardov ers ight

❖ Aggres s iv e c os t s av ings program aimed atpres erv ing c as h and bus ines s c ont inuit y

❖ S olid c as h pos it ion of US $ 226 M (2)

❖ Negot iat ions wit h B es t Day underway

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

S olid Growt h Trend Ov er t he P as t F iv e Y ears Des pit e Challenging Mac ro, Global Trav el dis rupt ed in 1Q20 by COV ID- 19 P andemic

● Trans ac tions dec lined 23% YoY to $2.0 M in 1Q20 , while FX neutral gros s bookings dec reas ed 19%.

● As reported gros s bookings dec reas ed 32% YoY impac ted by: i) the travel dis ruption from the COVID- 19 healthc ris is , ii) weak demand in Argentina driven by new tax on foreign travel, and iii) the deprec iation of the B razilianR eal.

● During the s ec ond half of Marc h, gros s bookings dec lined by over 95% YoY impac ted by COVID- 19.

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1Q20 Trans ac tions / Gros s B ookings

TransactionsIn B illion

- 23%

Air

Hotels , P ac kages & Other Travel P roduc ts

Gross BookingsIn US $ B illion

- 32%

Trans ac tions / Gros s B ookingsLas t three quarters evolution

TransactionsIn B illion/ Growth YoY

Gross BookingsGrowth YoYIn B illion/ In US $ B illion

+7%

+6%

+5%

+8%

- 23%

- 32%

● Restructured operations in Argentina in Q4

● Outs ourc ing of call center operations as of J anuary 20 20 ,reduc ing a portion of f ixed s pend

● R educing s alaries of the Exec utive Committee, B oard of Directors ,and s enior management by 50 % and middle management by 25%throughout 2Q’20 . Eliminating 1H20 bonus es to all employees

● Implementing a hiring freeze and limiting inf lation s alary inc reas es

● Implemented 566 lay- offs , 397 furloughs and the reduc tion of workinghours of 159 employees , among others

● Acc elerating the capture of s ynergies from the ac quis itions ofViajes Falabella

● R enegotiating s upplier payment terms and c onditions

● R eviewing all c ontracts and c ommitments

● Deferring non- c ritic al c apital expenditures

S ignif ic ant Cos t R educ t ion P rogram Underway ; V ariable Cos t S t ruc t ure E nables t o E f f ic ient ly Ac c ommodat e a S low R amp Up

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DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

S truc tural Cos tsCos t S avings P rogram (US D Millions ) - As s uming zero revenues s c enario

Main Cos t R educ tion Initiatives

S tructural Cos tsB urn R ate (1)

(1) Structural Costs represents management’s estimations of the fixed portion of the Company’s cost of revenue and operating expenses, which includes: the fixed portion of the call center fees that remains after outsourcing this operation (included in cost of revenue), plus the fixed portion of selling and marketing expenses (i.e., primarily personnel expenses), general and administrative expenses, and technology and product development expenses. Structural Costs do not include stock-based compensation, depreciation and amortization, capitalized IT and potential impairments. The estimates above do not include any costs that the Company may incur in connection with an acquisition of Best Day, as described below.

- 16%

Current Cas h P os it ion and Minimal Debt Obligat ions P rov ides F lex ibilit y E v en In An E nv ironment of Zero R ev enue F or t he Nex t Twelv e Mont hs

● Assuming zero revenues scenario

● R un- rate for S tructural Cos ts (4)

(exc luding one- time items s uc h as res truc turing c os tsand other extraordinary items ):

○ Approximately $34 M during 2Q20 ; and

○ Approximately $28 M during 3Q20 .

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DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

(1) Cash and cash equivalents + restricted cash(2) The estimates above do not include any costs that the Company may incur in connection with an acquisition of Best Day, as described below.(3) Net Payables: Comprised of travel suppliers payable plus related party payables and accounts payable and accrued expenses, minus accounts receivable net of allowances and related party receivables(4) Structural Costs represents management’s estimations of the fixed portion of the Company’s cost of revenue and operating expenses, which includes: call center fees (included in cost of revenue), plus the fixed portion of selling and marketing expenses (i.e., primarily personnel expenses), general and administrative expenses, and technology and product development expenses. Structural Costs do not include stock-based compensation, depreciation and amortization, capitalized IT and impairment. The estimates above do not include any costs that the Company may incur in connection with an acquisition of Best Day, as described below.

Current B alanc e S heetMarc h 31, 20 20

Expec ted R educ tion in S truc tural Cos t R un- rates

● Cas h as of March 31, 20 20 = $225.9 M(1)

● Total net operational S T obligations of $52.9 M (2) (3)

● Only $17.5 M in s hort term debt

● No long term debt

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

Global Trav el Dis rupt ion and Currenc y V olat ilit y Ac ros s t he R egion; Argent ina als o Impac t ed by Weak Demand

Trans actions in Brazil down 18% YoY ref lecting travel res tric tions impos ed due to the COVID- 19 pandemic . Gros sbookings decreas ed 29% driven by indus try c ontrac tion and a 18% deprec iation of the B razilian real whic h led to13% Y oY a decreas e in as reported AS P (+0 % FX neutral). On an FX neutral bas is , gros s bookings decreas ed 18%YoY.

B raz il

Argent ina

Acros s the Rest of Latin America , Des pegar reported decreases of 14% in trans actions and 17% in gros sbookings . AS P s decreas ed 4% YoY to $40 4 impac ted by the COVID- 19 related effects , partially of fs et by anincrease in packages AS P in Mexico, Colombia and Chile in J anuary and March. On an FX neutral bas is , gros sbookings declined 12%, while AS P s increas ed 3%.

R es t ofL at Am

Gros s B ookings (% growth) (1)Trans ac tions (% growth) (1) Average S elling Pric e (% growth) (1)

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In Argentina , trans actions and gros s bookings decreas ed 47% and 58%, res pectively due to: i) the travel banimpos ed by the government which inc luded a complete lockdown of the country as of mid March, ii) a reduc tion indemand for travel in connection with new tax on s ervices and acc omodations c ompleted outs ide the c ountryimpos ed in 4Q19.

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

Des pit e S harp Dec line in R ev enues , Comparable R ev enue Margin was 11.2%

● R evenues dec reas ed 34% on a FX neutral bas is in 1Q20 . As reported revenues , dec reas ed 43% ref lec ting theeffec t of : i) the impac t of COVID- 19 on travel demand; ii) refunds were given plac e in Marc h primarily due toCOVID- 19, iii) provis ioning of refunds forec asted for the s ec ond quarter and in the c as e of Argentina the refundsforec asted until S eptember 1s t, als o as a result of COVID- 19; and iv) lower c us tomer fees and other inc entivesres ulting from the dec line in demand. Thes e effec ts were partially offs et by the c ontribution of Viajes Falabella.

● R evenue margin dec reas ed 187 bas is points YoY to 9.6%, driven by the effec t of c ancellations that occurred in thequarter as well as new provis ions . Exc luding the impac t of c anc ellations due to COVID- 19, revenue margin wouldhave been 11.2% c ompared to 11.5% in 1Q19.

Total R evenue* (In US $ millions ) R evenue Mix (% of total revenue)

- 34% FX Neutral +19% FX Neutral

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- 43%

- 1%

- 35% +2%

- 7%Air

Non - Air

R evenue Mix per Trans ac tion (In U$S )

AirHotels , P ac kages & Other Travel P roduc ts

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

● Cos t of revenue down 26% YoY to $33.5 M in 1Q20 , mainly driven by a s ignif ic ant reduc tion in variable c os ts ,inc luding c os t of ins tallments , c redit c ard proc es s ing fees as well as fraud and errors .

● S &M expens es dec lined 22% YoY and would have dec reas ed 31% YoY to $28.3 M, when exc luding ViajesFalabella as Direc t Marketing s pend has been at a s tands till s inc e the COVID- 19 outbreak in Latam.

● G&A + Tec h & Content expens es dec lined 11% YoY and would have dec reas ed 26% YoY, when exc luding ViajesFalabella and one- time items

In US $ millions

46.1%34.0 % 30 .8% 29.6% 44.2%40 .8%

- 26%

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Implement ing a S eries of Cos t R educ t ion Init iat iv es

- 22% - 11%

% of R evenues

(1)

P er Trans ac tio

n (1)

17.1 16.0

% of R evenues

(1)

P er Trans ac tio

n (1)

15.4 14.2

% of R evenues

(1)

P er Trans ac tio

n (1)14.8 15.4

Cost of Revenue Sales & Marketing Tech & Content and G& AIn US $ millions In US $ millions

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

● R eported Adjus ted EB ITDA was negative $15.6 Mc ompared to pos itive $15.2 M in 1Q19.

● Comparable Adjus ted EB ITDA was down 10 9% YoY tonegative $1.4 M. This exc ludes $14.2 M inextraordinary c harges ref lec ting:

i) Exc eptional c anc ellations due to COVID- 19 for Marc h, provis ions for Q2 ac ros s the region, and provis ions for Argentina until S eptember 1s t; and

ii) Non- rec urring res truc turing c harges .

● Adjus ted EB ITDA margin was negative 20 .5% for 1Q20 ,c ompared with pos itive 11.4% in the s ame quarter ofthe prior year. On a c omparable bas is , Adjus tedEB ITDA margin was negative 1.8%

Adjus ted EB ITDA and margin (%)

In US $ millions and % of revenues

Adjus tedEB ITDA Margin 11.4% -

20 .5% - 1.8%

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Comparable Adjus t ed E B ITDA Dec lined 10 9% Y oY

- 203% - 109%

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

● $225.9 M in c as h and c as h equivalents , inc luding $4.3 M in res tric ted c as h and minimal debt. Exis ting c as h and c as h equivalents , together with expec ted c as h f lows f rom operations , expec ted to be s uff ic ient to meet c urrently antic ipated c as h needs for the next twelve months .

● Us e of c as h from operating ac tivities of $68.2 M. Net Inc ome los s of $15.2 M was s ignif ic antly offs et by Non-Cas h adjus tments of $16.6 M whic h mos tly ref lec t D&A and unrealized FX los s es . Touris t Payables pos itiontriggered a us e of c as h of $134.6 M as a c ons equenc e of the seas onality of the bus ines s whic h in 1Q20 was notoffs et by relevant new s ales .

Operating Cas h Flow (In US $ millions ) 1Q20 Operating Cas h Flow B ridge (in US $ millions )

.

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S olid B alanc e S heet t o S upport Operat ions ; Working Capit al Inv es t ment in Touris t P ay ables Undert aken in 1Q20

In US $ millions

● ⅔ v ariable s t ruc t ure c an ac c ommodat e t o s low ramp up

QUICK R E ACTION TO COV ID IMP ACT ON B US INE S S

● Our c urrent c as h pos it ion s upport soperat ions in an env ironment of norev enues bey ond 12 mont hs

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S TR ONG CAS H P OS ITION

L OW COS T DE L IV E R Y MODE L

P OS ITIV E COMP E TITIV E E NV IR ONME NT

P OS ITIV E DIAL OGUE WITH B E S T DAY UNDE R WAY

● Cas h = 226 mUS D (1)

● Tot al net operat ional s hort t erm obligat ions =50 .7mUS D

● Only 17 mUS D s hort t erm debt

● E f f ic ient deliv ery plat f orm adapt able t o c hanging market c ondit ions

● S ignif ic ant port ion of t he market s t ill of f line, wit hmos t c ompet it ors poorly c apit alis ed and wit hhigh dis t r ibut ion c os t s

● E it her s ignif ic ant c hanges t o v aluat ion and t iming of pay ment s or ex it f rom t he deal

● Cos t s av ings program underway● R un- rat e f or S t ruc t ural Cos t s : 2Q: 3 4 mUS D, 3 Q:

28 mUS D (2)

Well P os it ioned t o Weat her t he COVID- 19 S t orm and E merge as a S t ronger and L eaner Organiz at ion

● Able t o adjus t promptly t o higher demand

● E x pec t ing more hos pit able c ompet it iveenv ironment as s ome c ompet itors may f ail

● Minimiz e or eliminat e c as h out lay s at leas t unt il 20 22.

(1) Unrestricted cash and cash equivalents and restricted cahs(2) Excluding one - time items such as restructuring costs and other extraordinary items

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Q& A1Q20 E arningsConf erenc e Call

Appendix

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

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Trends in Key Financial & Operating Metrics (in thousands U.S. dollars, unless otherwise stated)

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

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Trends in Key Financial & Operating Metrics(in thousands U.S. dollars and thousand transactions, unless otherwise stated)

DE S P E GAR - 1Q20 EAR NINGS R ELEAS E

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Unaudited Consolidated Balance Sheets (in thousands U.S. dollars)

THANK Y OU!

CONTACT_INVE S TOR R E L ATIONSNatalia Nirenberg

+54 911 2665 4490natalia.niremberg@ des pegar.com

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