1Company Overview - Strictly Private & Confidential

Digital in TravelTravelex’s Journey

Tom Wright,Head of UK Marketing

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22of the world’s top 35 airports work with us

Who We Are

• Travelex is the category leader in FX with multiple firsts, including multi-currency pre-paid cards, automated cash processing solutions and foreign currency ATM’s

28Countries

100+Airports

70mTransactions

1.7 billionpassengers pass through

our stores

1500+ ATM Locations

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Travelex is innovative and entrepreneurial at its heart

Continuous innovation has driven, and continues to drive, Travelex’s performance

1999

Launched Online Launched in UK in

1999 Presence now in

23 countries

FX & DCC ATMs Launched in

UK in 2006 Market

leading FX and DCC ATM provider in 16 countries

Corporate Payments Grew a payments

business in 14 countries with revenue of more than £130m before sale

Prepaid Cards Acquired

and built Cash-Passport prepaid cards business

International Payments Master agent for

Western Union TMT cash to bank

service in the Middle East

Launched consumer payments via OzForex

2001 2006

20112004

DCC – Currency Select JV with Currency

Select in 2004 and purchased the DCC assets in 2008

Taxidia Launched

development of market leading cash handling automation; first orders processed in 2014

2012

Travelex Founded Lloyd Dorfman

opens first store in London

1976

International Expansion Travelex opens its

first overseas branch in the Netherlands

Goes on to open stores in US & Australia in 1989/90

1984

USA Growth Travelex takes

over the Mutual of Omaha, with stores in 50 terminals at 34 airports across the US

1993

Heathrow Store Opens Travelex

becomes the first non-bank foreign exchange provider at Heathrow T4

1986

The Early YearsAgile & entrepreneurial growth

The Era of New Product InnovationInnovation driven growth, reacting to changing times

Digital GrowthA natural progression

?

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… but consumer behaviour is changing and in 2014 the business made a decision to pivot

• Refocus Around our Customer

• Focus on LTV not ATV

• Be Brave, Challenge the Status Quo

• Innovate & Lead… Shift the Investment to Digital

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Understanding Customers is Key…

Hands up…

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Different People Do Different Things… And Are Changing

Journey

Pre-Trip Planners

Airport Purchasers

In-Trip Spenders

Pre-Trip Spend Airport Walk-Up/ATM In-Trip (ATM/PoS)

• Different people choose different ways to spend abroad

• FX Behaviour is changing with product supply and consumers adoption

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2014 2015 2016 2017 2018 2019

Build New Products

eCommerce

Build Out Capabilities

Reduction in ‘share’ coming from “core”

“core” only

Cultural change & ‘digital transformation’ of business over time

Launch Transformation

initiatives

Our Transformation Journey

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Supercard: Disruptive Innovation in Travel Spending

• Free to get with no fees or charges

• Can be used globally, wherever MasterCard is accepted

• Track what you’ve spent and how much you’ve saved through the app

• Chip and PIN protected, giving you peace of mind

• Supercard is an app and card combo that gives customers the freedom to travel without bank card roaming charges

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So Far Customers and Media Love It

"Travelex are actually going to eat these guys [the competition] breakfasts. It's a phenomenal card.”Currency Cloud Founder told Business Insider magazine

“Best open-to-all Travel card,” Helen Saxson, Money Saving Expert

“A useful tool to help cut the cost of your holiday spending if you are guilty of falling back on your credit or debit card when cash runs out, particularly as it costs nothing to download the app or order the card.” Emma Gunn, Mail Online

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We’ve step changed our game on social to engage with customers

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Understanding Customers is Key Get More (Better?) Data!

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Which Helps Us Form Relationships & “Sell More Stuff”

• It’s all about selling more stuff

• Ideally to more people

• Ambition of driving LTV

• And creating advocates who promote us

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Some Reflections – This stuff isn’t easy but it IS rewarding

• Building the engine while flying the plane

• Dealing with ambiguity

• Managing expectations

• Old vs. new

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Some Reflections – Be Bold and Push Hard For Change

• Set big goals

• Don’t accept the status quo

• Not proactively driving customer migration assumes customers are idiots

• Remember, if you don’t someone else probably will

Thank - You