NEWSLETTER CGT AMADEUS

JUNE 2016 / N19

SPEECH TO THE GENERAL ASSEMBLY OF
AMADEUS SHAREHOLDERS
TH

MADRID, JUNE 24 2016

On Friday 24th June, the annual general assembly of Amadeus shareholders took place in Madrid. We
seized this opportunity to talk to the Board and Top Management. After the assembly, we also talked
directly with Luis Maroto.

Here is our public contribution made in front of the Board:

Good morning,
I speak here on behalf of a shareholder and French Amadeus staff representative of the CGT Union. My
name is Stphane Jouteux, I am a software engineer.
I have listened carefully the report of Luis Maroto and I would like to ask a few questions.
During the Investor Day of June 2nd, Amadeus Management mentioned that the total shareholder
remuneration, since the IPO of 2010, amounts to 1.8 billion . Amadeus also stated that, over the past six
years, the total shareholder return has performed twice better the other software/saas companies, three
times the Nasdaq and the S&P500, and thirteen times the Spanish index Ibex35. Furthermore, over the
period 2015 - 2018, Amadeus Management expects an excess cash of 1 billion with a 50 % pay-out ratio
to the shareholders. Therefore, it seems that Amadeus has the financial means to invest in its employees
who are, we believe, the main asset of our company, to develop new and best-in-class products to
become even more a leader and a reference for the travel industry.

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So, here are my questions:

1. During the investor day, Amadeus management stated that the CAPEX, that is the investment, is on a
declining trend. This is confirmed in France by a decline of the capitalization, for the first time. Although
our company has the financial possibility to massively invest in the future and most importantly in
innovation and quality, could you explain why our investment is declining?
2. Despite the outstanding and somewhat amazing financial performance of our company, the Amadeus
employees face heavy cost constraints that have serious impacts on our ability to properly address our
customers needs and expectations. What drives the strategy of Amadeus? The long-term business or the
share price at 40 ?
3. Although we face cost constraints on our business activities, Management has decided to spend
millions to reorganize our offices in Nice in open-spaces. Why do you spend so much money on a project
that has not received the assent of the Amadeus employees according to several surveys and studies?
Many global leaders of the Silicon Valley like Google and Facebook, who implemented the open-spaces
years ago, are now fragmenting the office spaces to allow more intimacy for the employees. Why are we
still lagging several steps behind the times?
4. Many Amadeus jobs are now relocated world-wide. The people whose job is delocalized are mostly left
on their own, and that creates a number of serious problems as we now count two lay-offs per month in
Nice. Management says: find another job yourself or quit the company. In fact, they barely could not say
anything else, just because there is only 7 people in HR to look after the mobility and carrier paths of
3 800 employees in Nice. Does that match your vision of what Amadeus HR should be?
5. Although the European Work Council has come to an agreement with the Executive Committee to
implement a company bonus for the staff, Management wants to reduce the amount of that bonus for the
3 800 Amadeus employees of Nice, that is the most important site of the company in terms of staff
numbers, by trying to introduce a last-minute and mandatory provision that was never discussed at the
European level. As a result, a march is appealed by all unions next Tuesday to defend our remuneration
and to ask Management to respect the agreement settled at the European level. All unions have written to
the President of the company in France. All unions have written to the CEO of Amadeus. We had months
of discussions and we still have no solution whereas agreements have been found in many other
countries, including the payment of the extra 1.5 % welcome bonus. Do you consider that the agreement
settled at the European level should apply to Nice without any other condition?
6. Last question: ten days ago, Luis Maroto announced the departure of Herv Couturier, Executive Vice
President of the Research & Development of the Amadeus Group. Are you going to replace him and keep
the role of Executive Vice President of R&D at the Group level, or to appoint global R&D Vice Presidents
by business lines as you did for Marketing?
I would appreciate if you could answer these questions.
Thank you for your attention.

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