Mondee : Q3 Earnings 2023 Presentation

Investor Presentation

November 2023

Safe Harbor Statement

(Under the Private Securities Litigation Reform Act of 1995)

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by words such as: "believe," "can", ""may," "expects," "intends," "potential," "plans," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the Company's future growth, performance, business prospects and opportunities, strategies, expectations, future plans and intentions or other future events are forward looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, the Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the ability to implement business plans and forecasts, the outcome of any legal proceedings that may be instituted against the Company or others and any definitive agreements with respect thereto, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, the ability of the Company to maintain compliance with Nasdaq's listing standards, and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's subsequent filings with the SEC. There may be additional risks that the Company does not presently know of or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, Mondee undertakes no obligation to update publicly any forward-looking statements for any reason.

Market and Industry Data

This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company's internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources.

Non-GAAP Measurements

In addition to disclosing financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this presentation and the accompanying tables include adjusted EBITDA non-GAAP net income, and non-GAAP EPS. These non-GAAP financial measures are not calculated in accordance with GAAP as they have been adjusted to exclude the effects of stock-based compensation expenses, provision for income taxes, and the impacts of depreciation and amortization. Mondee defines adjusted EBITDA as net loss before depreciation and amortization, provision for income taxes, interest expense (net), other income net, stock-based compensation, and gain on forgiveness of PPP loans. Non-GAAP net income (loss) is defined as net loss before the impacts of amortization of intangibles, provision for income taxes, stock-based compensation, and one-time items. Non-GAAP net income (loss) per share is defined as non-GAAP net income (loss) on a per share basis. See "Reconciliation of GAAP to Non-GAAP Financial Measures" for a discussion of the applicable weighted-average shares outstanding. Mondee believes these non-GAAP financial measures provide investors and other users of its financial information consistency and comparability with its past financial performance and facilitates period-to-period comparisons of its results of operations. With respect to adjusted EBITDA and non-GAAP net loss/ income, Mondee believes these non-GAAP financial measures are useful in evaluating the Company's profitability relative to the amount of revenue generated, excluding the impact of stock- based compensation expense and other one-time expenses. Mondee also believes non-GAAP financial measures are useful in evaluating its operating performance compared to that of other companies in its industry, as these metrics eliminate the effects of stock-based compensation, which may vary for reasons unrelated to overall operating performance. Mondee uses these non-GAAP financial measures in conjunction with traditional GAAP measures as part of its overall assessment of the Company's performance, including the preparation of its annual operating budget and quarterly forecasts, and to evaluate the effectiveness of its business strategies. Mondee's definition may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish this or similar metrics. Thus, Mondee's non-GAAP financial measures should be considered in addition to, not as a substitute for, nor superior to or in isolation from, measures prepared in accordance with GAAP. These non-GAAP financial measures may be limited in their usefulness because they do not present the full economic effect of Mondee's use of stock-based compensation. The Company compensates for these limitations by providing investors and other users of its financial information a reconciliation of the non-GAAP financial measure to the most closely related GAAP financial measures. However, Mondee has have not reconciled the non-GAAP guidance measures disclosed under "Financial Outlook" to their corresponding GAAP measures because certain reconciling items such as stock-based compensation and the corresponding provision for income taxes depend on factors such as the stock price at the time of award of future grants and thus cannot be reasonably predicted. Accordingly, reconciliations to the non-GAAP guidance measures are not available without unreasonable effort. Mondee encourages investors and others to review its financial information in its entirety, not to rely on any single financial measure and to view non-GAAP net loss/ income and non-GAAP net loss/ income per share in conjunction with net loss and net loss per share.

Trademarks

This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM © or ® symbols, but Mondee will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

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Full Presentation

We Have a Proven C-Suite Team Aligned to Execute Our Vision

Executive team with 125+ years of combined experience in the travel and hospitality industry

Prasad Gundumogula	Orestes Fintiklis	Jesus Portillo
Chairman, Chief Executive Officer, and Founder	Executive Vice Chairman	Chief Financial Officer
Serial entrepreneur. Founder of	Founder and Managing Director of Ithaca	Experienced global CFO.
Metaminds, ExploreTrip, LogixCube,	Capital. Former CEO of ITHAX Acquisition Corp.	Former WPP, ThriveDX, Illumno
POD Technologies with successful exits

Jim Dullum	Kymber Lowe	Venkat Pasupuleti
Chief Operations Officer	Chief Marketing Officer	Chief Technology Officer

Experienced travel and technology executive and entrepreneur. Former EDS (an HP company), BTI Americas, Citicorp

Experienced marketing executive. Former Microsoft, Amazon, Lifelock, and VISA

Experienced CTO and entrepreneur. Former Avesta, Zoom Interview, Eze Technologies

Yuvraj Datta	Geetika Gupta	Meredith Waters
Chief Commercial Officer	Chief People Officer	General Counsel

Experienced travel executive focused on supplier and revenue management, Skylink

Experienced global talent management and organizational development executive, Accenture

Experienced corporate attorney. Former Apple Inc., Kirkland & Ellis LLP

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Enabling the Modern Travel Ecosystem

Content Suppliers

Discounted Content

Long-Term Contracts

Real-Time Pricing Data

RMS Integration

Airlines Hoteliers Wholesalers

500+

Airlines

1M+

Hotels,

Vacation Rentals,

Rental Cars

Software Fintech Experiential

Ancillary

Providers

One of the Largest

in North America

Wholesale Airfare1

80%

International Leisure

Content Consumers

Access to Curated Supply

Modern Tech Platform

SaaS Tools to Operate Efficiently

Significant Cost Savings

Travel	Corporations	SMB's &	Consumers
Experts		Nonprofits

~65K

B2B

Customers1

125M+

Closed User

Group Access1

1As of May 31, 2023. Inclusive of management estimates

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We Are Disrupting the Massive Global Assisted / Affiliated Travel Market

Mondee's gross bookings total addressable market is primarily the $1T and growing assisted/affiliated travel market

Global Travel Spending: ~$2.1T (2023E)

Self Service

• Good GUIs
• Retail Prices
• Low Tech
• No Touch

Metasearch

Airline, Hotel,

Car Rental Sites

OTAs

~$1.0T	~$1.1T
49% Mix	51% Mix

~50/50 business / leisure mix1

~50/50 domestic / international mix1 Many users transact on both sides

Travel

Agencies

Clubs & Closed

User Groups

Gig Economy

Workers

SMBs &

Businesses

Travel Management

Companies (TMCs)

Assisted/Affiliated

• Poor GUIs
• Legacy
• Low Tech
• High-TouchService

1Based on management estimates.
Sources: PhocusWright, IBIS, Management Estimates	6

A Leading B2B2C Tech Platform to Travel Ecosystem

Suppliers

Airlines

Hoteliers

Wholesalers

Ancillary Providers

Legacy Distribution

Technology Platforms

COMAND ... xxxx

COMAND ... xxxx

COMAND

COMAND ... xxxx

COMAND

COMAND

COMAND ... xxxx

COMAND ... xxxx

COMAND ... xxxx

Travel Agent

• Incomplete content (e.g., no low-cost carriers, no alternative accommodations)
• Text-based;not extendable to mobile
• Lack of modern messaging capabilities
• Credit-cardfocused for payments
• Inability to link search results and marketing messaging

Mondee's Platform

• Comprehensive global content
• Modern user experience, extendable to mobile
• Full suite of communication tools - integrated phone, email, SMS, and chat
• Fintech platform, tailored to the travel market
• Multi-channelmarketing platform

Consumers

Travel Agents

Corporations

SMB's & Nonprofits

Consumers

(subscription members)

Mondee helps suppliers optimize inventory and	Mondee helps customers modernize technology, gain access
utilize excess capacity	to broader content, and narrowcast their distribution

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Compelling Economic Model with Diversified Revenue Streams

Pre COVID

2022

LT Target

International
Travel Recovery1	Take Rate	Air Transaction Mix	Net Revenue Mix
(Especially China)

100%

~4-5%	No Inventory Risk

	~80%	No Supplier Concentration
69%	7.4%
		No Customer Concentration
	~50%
100%	Double	Strong Network Effects
Digits

Consumer Economics		Supplier Economics			Diversified Revenues
Markup		Commissions	GDS/NDC		Fintech	Ancillaries	Subscriptions

1Source: OAG.com, relative to 2019

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Pre-Pandemic Record of Rapid Growth and Market Share Expansion

Mondee is building on a track record of exponential profitable growth, disruptive market penetration and delivering on key operating metrics since launching its initial modern operating system.

5.4M

Air Transactions

23%

Adjusted EBITDA Margin in 2019

$171M

Organic + Inorganic Revenues in 2019

$40M

Adjusted EBITDA in 2019

50M

Daily Searches

$3B

Gross Bookings through the Marketplace

40% and 62%

Organic and Inorganic

CAGR's, 2015-2019

Hotel, Car, Cruise,

Ancillary

Expansion

Net Revenue

($Millions)

Acquisitions

Organic Growth

										170
						62% CAGR, incl. M&A
										77							2103
						40% Organic CAGR										159
	TripPro						93				93
					75				69
	Launch1	48	54
founded	25
2011	2015	2016	2017	2018			2019		2020	2021	2022	2023E
	1.9	2.2	2.4	3.5			4.6
Market share2 (%)					2019	$70b
														NA wholesale
														Airfare market
				2.4x Market share growth

Sources: Mondee financials, PhocusWright

1. In conjunction with the launch of TripPro, Prasad Gundumogula led a management buyout of the business and became CEO
2. Market share defined as Mondee's gross bookings as a proportion of gross bookings generated from B2B airfares for the North American market

3 Proforma 2023 guidance

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The Gig Traveler is Setting the Pace for Social Commerce in Travel

Needs and	Requirements
Intermediaries	and Distribution
Solutions:	Products and services

Pre-2000s

Boomers

Aggregated Content

Accessibility to Inventory

Pricing/Fare Transparency

Travel	Travel
Affiliates	Agents
SMEs,	Managed
Corporate	Travel

Electronic

Personal Web Payment

Computing

2010s

Gen X

Price Sensitive

Self-Service Support

Search-Based Content

Cloud Privacy

Online

		2020s			2025s
		Millennials			Gen Z
		Shifting Influence Levels
		Gig Traveler
"Bleisure"	Personalization	Real-Time, Always On
	FOMO
Groups	Experiential
Curated Content
Online Support	Content
Multi-Tasker/Role Functionality

Travel Experts	Influencers	Content Curators
Self Serviced	Cost-Sensitive	Member-Based
Travel	Return-to-Travel	Travel

AI & Machine		Social
Learning	Conversational	Commerce

Mobile	Commerce

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