Posted: June 6th, 2022

This presentation has been prepared by Thame and London Limited, TVL Finance plc

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We have included other operating information in this presentation, some of which we refer to as “key performance indicators.” We believe that it is useful to include this operating information as we use it for
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3
 Increase in demand following lifting of all legal restrictions on 19 July ‘Freedom Day’
 High levels of leisure demand over summer with a number of record trading weeks
 Significant benefit from reduced VAT rate
 Costs benefitting from strong cost control and reduced rents under the CVA
 Overall financial results for the quarter ended 30 September 2021 (vs 2019):
– Overall Q3 revenue up 9.9% to £229.5m (2019: £208.8m) (2020: £88.2m)
– LFL RevPAR(1) up 11.8% to £53.54 (2019: £47.89)
– RevPAR growth(1) 17.8 pts ahead of competitive segment vs 2019 (10.5pts vs 2020)
– EBITDA (adjusted)(2) profit of £87.0m (2019: profit of £57.5m) (2020: profit of £4.1m)
 15 new hotels opened in the year to date
 Cash at 30 September of £151.4m
Summary
Strong quarter 3 performance but continue to face uncertainty
1. RevPAR is computed as the product of the Average Daily Rate for a specified period multiplied by the Occupancy for that period. Like-for-like (“LFL”) RevPAR compares the RevPAR in Q3 2021 vs. Q3 2019 on
the basis of RevPAR generated by hotels that were opened before 1 January 2019.
2. EBITDA (adjusted) = Earnings before interest, tax, depreciation, amortisation and before rent adjustment and non-underlying items, before IFRS16. Non-underlying items have been removed as they relate to
non-recurring, one-off items.
4
Q3 and Q3 YTD
Results
5

(71%) (71%)
(66%) (64%)
(36%)
(25%)
(3%)
30%
19%
Essential
business travel
2021 vs
Key Workers 2020
Lifting of
restrictions 17
May 10%
P1 P2 P3 P4 P5 P6 P7 P8 P9 P10
AssignmentTutorOnline

(80%)
(60%)
(40%)
(20%)
0%
20%
40%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
YoY %
£m
UK accomodation sales
FY19 FY20 FY21 vs FY19 %
Covid-19 Impact on Trading
Significant recovery in trading over high leisure demand months, ahead of 2019
UK accommodation revenue (exc. management contracts) presented on management accounting periods (5/4/4 weekly basis)
P1- 9 Q3 YTD
‘Freedom Strong leisure demand
Day’ 19
July
6
Q3 Operating Metrics
Strong Q3 trading performance driven by leisure demand, benefiting from reduced VAT rate
LFL1 RevPAR (£)2
LFL1 Occupancy (%)2 LFL1 ADR (£)2
RevPAR increase driven by strong leisure demand
1. RevPAR is computed as the product of the Average Daily Rate for a specified period multiplied by the Occupancy for that period. Like-for-like (LFL) RevPAR compares the RevPAR in Q3 2021
vs. Q3 2020 and 2019 on the basis of RevPAR generated by hotels in the UK that were opened before 1 January 2019.
2. Occupancy, ADR and RevPAR for UK leased estate only.
Q3 2021 vs. Q3 2019
 RevPAR: like-for-like UK RevPAR
increase of 11.8%
 RevPAR vs Market: 17.8pts
outperformance against MSE segment
 Occupancy: occupancy decline
(1.1)pts to 83.6%
 ADR: up 13.3% to £64.04
Q3 RevPAR Performance
47.89

21.24
53.54
Q3 2019 Q3 2020 Q3 2021
84.7

51.7
83.6
Q3 2019 Q3 2020 Q3 2021
56.53

41.11
64.04
Q3 2019 Q3 2020 Q3 2021
(6.0)%
11.8%
STR MS&E vs 2019 Travelodge
7
Q3 Financial Results
Record quarter 3 financial results
Revenue (£m) EBITDA(1) (£m)
Revenue increase driving EBITDA growth
1. EBITDA (adjusted) = Earnings before interest, tax, depreciation, amortisation and before rent adjustment and non-underlying items, before IFRS16. Non-underlying items have been removed
as they relate to non-recurring, one-off items.
Q3 2021 vs. Q3 2019
 Revenue increase of 9.9%/£20.7m driven by strong leisure demand and benefit of reduced VAT rate
 Like-for-like UK RevPAR increase of 11.8% with record levels in high demand tourism destinations
 Spain down (48)%/£(1.9)m with reduced level of demand
 EBITDA(1) increased by £29.5m to a record profit of £87.0m driven by:
 Revenue increases
 Continued strong cost control and management of supply chain pressures
 Temporary rent reductions under the CVA (c. £14m), utilisation of the job retention scheme (£2m)
208.8

88.2
229.5
Q3 2019 Q3 2020 Q3 2021
9.9%
57.5

4.1
87.0
Q3 2019 Q3 2020 Q3 2021
8
Q3 YTD Operating Metrics
Track record of outperformance continues
LFL1 RevPAR (£)2
LFL1 Occupancy (%)2 LFL1 ADR (£)2
RevPAR decline driven by the first half, due to hotel closures and Covid-19 restrictions
1. RevPAR is computed as the product of the Average Daily Rate for a specified period multiplied by the Occupancy for that period. Like-for-like (LFL) RevPAR compares the RevPAR in Q3 YTD
2021 vs. Q3 YTD 2020 and 2019 on the basis of RevPAR generated by hotels in the UK that were opened before 1 January 2019.
2. Occupancy, ADR and RevPAR for UK leased estate only.
Q3 YTD 2021 vs. Q3 YTD 2019
 RevPAR: like-for-like UK RevPAR
decline of (30.6)%
 RevPAR vs Market: 10.6pts
outperformance against MSE segment
 Occupancy: occupancy decreased
(22.7)pts to 57.9%
 ADR: down (3.5)% to £50.92
Q3 YTD RevPAR Performance
42.52

17.89
29.51
Q3 YTD 2019 Q3 YTD 2020 Q3 YTD 2021
80.6

41.7
57.9
Q3 YTD 2019 Q3 YTD 2020 Q3 YTD 2021
52.76

42.88
50.92
Q3 YTD 2019 Q3 YTD 2020 Q3 YTD 2021
(41.2)% (30.6)%
STR MS&E Travelodge
vs 2019
9
Q3 YTD Financial Results
RevPAR recovery and cost control driving return to profitability
Revenue (£m) EBITDA(1) (£m)
First half revenue declines impacting EBITDA
1. EBITDA (adjusted) = Earnings before interest, tax, depreciation, amortisation and before rent adjustment and non-underlying items, before IFRS16. Non-underlying items have been removed
as they relate to non-recurring, one-off items.
Q3 YTD 2021 vs. Q3 YTD 2019
 Revenue decrease of (33.6)%/£(189.4)m due to the impact of Covid-19:
 Like-for-like UK RevPAR decline of (30.6)% with hotel closures and reduced levels of demand during first months of the year
 Spain down (65)%/£(7.3)m with hotel closures
 EBITDA(1) decreased by £(58.5)m to a profit of £43.7m driven by:
 Revenue declines
 Partially offset by actions to reduce run-rate operating costs including strong cost control, temporary rent reductions under the
CVA (c. £40m), utilisation of the job retention scheme (c. £21m), business rates holiday (£20m) and restart grants (£9m)
564.1

230.9
374.7
Q3 YTD 2019 Q3 YTD 2020 Q3 YTD 2021
102.2
(48.3)

43.7
Q3 YTD 2019 Q3 YTD 2020 Q3 YTD 2021
10
Q3 YTD Cash Flow
YTD cash inflow with the trading recovery driving an EBITDA profit and seasonal working capital inflow
£m
1. EBITDA (adjusted) = Earnings before interest, tax, depreciation, amortisation and before rent adjustment and non-underlying items, before IFRS16. Non-underlying items have been removed as they relate to
non-recurring, one-off items.
• Cash inflow of £15.2m driven by EBITDA and working capital benefit offsetting capital investments and interest costs
• Working capital benefit mainly driven by increase in prepaid rooms of c. £29m, reflecting a more normal seasonal pattern with the trading
recovery
• Capital investment relates mainly to hotel maintenance, health & safety, IT, new development and robot vacuums
136.2 151.4
43.7
29.5 (26.4)
(26.6)
(0.8) (3.2) 0.4 (1.4)
0.0
50.0
100.0
150.0
200.0
11
Net Debt and Leverage
Debt (£m)
 Cash on Balance Sheet: £151.4m at 30 September
2021
 Pre-existing RCF: £40m (fully drawn). Covenant holiday
in place until and including 31 December 2021 (next test
date March 2022, discussions to continue in early 2022
when final budget is available).
 Super Senior Term Facility: £60m facility fully funded in
December 2020. No scheduled repayment of principal
before maturity (July 2024) with initial fees deferred until
after Dec 2021 and proportion of interest PIK’d at group’s
election
 Senior Secured FRN’s private placement of £65m at an
issue price of 96.0% and coupon of 9.0%
 Letter of Credit Facility: £30m (£27.8m utilised)
Liquidity / Financial Ratios
Solid liquidity position
Note:
1. Before IFRS16
2. Super Senior Term Facility includes deferred fees of £1.9m and capitalised PIK interest of £1.2m

£m 30-Sep
Cash and Cash Equivalents 151.4
Pre existing RCF 40.0
Super Senior Term Facility 63.1
FRNs @ L + 5.375% 440.0
Senior Secured FRN’s
Senior Secured Debt 65.0
608.1
Finance leases 14.7
Total Third Party Indebtedness 622.8
12
Recent Trading
and Outlook
13
 Continued leisure demand (though not at the summer peaks) supporting recent trading, but return of corporate
demand still unclear
– revenues in recent weeks still ahead of 2019 levels (but tempered vs the summer performance), driven by strong
leisure demand and good ‘blue collar’ demand
– strong regional performance offsetting continued weakness in central London
– increase in VAT rate from 5.0% to 12.5% from 1 October impacting net ADR
– gradual recovery in ‘white collar’ demand, outlook remains unclear
 Midscale and Economy segment continues to outperform UK hotel market (but tempered vs the Q3 performance)
– benefiting from strong domestic leisure demand and focus on blue collar business
 Travelodge continues to outperform the segment
 Continue to manage costs and cash
– temporary rent reductions under the CVA throughout 2021 (full year benefit c. £55m)
– strong cost control and management of supply chain challenges
– control of capex
 Cash at 23 November of c. £210m
 Expect to open a total of 17 new hotels (c. 1,400 rooms). 15 hotels opened to date, including 7 which reached practical
completion in the last quarter of 2020
Recent Trading
Continued good leisure demand but return of corporate demand still unclear
14
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
5 0
10
15
20
25
30
35
40
45
50

14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
2021
Stay Week
VAT increase to 12.5%
Hotel RevPAR
Overall RevPAR 2019 Overall RevPAR TY Overall RevPAR % v2019
% change
RevPAR (£)
• Gradual recovery in RevPAR following lifting of leisure travel restrictions on 17 May
• Strong performance over summer months with peak RevPAR weeks up to 35% ahead of 2019 levels, driven by strong leisure demand and
reduced VAT rate
• Strongest performance in high demand tourism destinations and weakest performance in central London
• Strongest demand during peak leisure periods
Recent Trading
Strong trading performance over summer with RevPAR’s ahead of 2019 levels
May bank
holiday
17 May Restrictions on
leisure travel lifted
Freedom
Day 19
July
End school
holidays
October
half term

15

3.2%
5.1%
8.0% 10.6%
11.7%
17.8%
FY2020 Q1 Q2 Q3 Q3 YTD Oct
Travelodge outperformance vs UK MSE (vs 2019)
0%
20%
40%
60%
80%
100%
120%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
2021
Percentage of 2019’s revenue
Stay Week
Revenue as a percentage of 2019’s revenue – STR M&E and Total UK Hotel Market
UK M&E Market UK Total Market
Revenue Outlook – Market
MSE segment has been demonstrating resilience and Travelodge has been outperforming
Source: STR
Source: STR – 2021 vs 2019
Exceptional outperformance driven by
market leading revenue management
and direct to brand distribution model
16
 Revenue: continued recovery expected into 2022
– expect to return to 2019 levels of RevPAR during 2022
– MS&E sector recovering strongly and proving to be more resilient – domestic travel focus, value proposition
– staycation demand expected to sustain into 2022, albeit the patterns of behaviour might change
– ‘blue collar’ business demand largely recovered, gradual recovery in ‘white collar’ business demand
– VAT increase from 12.5% to 20.0% from 1 April 2022
– 1% point of RevPAR growth vs 2019 impacts profits by c. £6m
 Costs: largely fixed cost base
– temporary rent reductions under CVA until end 2021
– National Living Wages increase from April 2022, additional NI contributions, increased inflationary pressures
– supply chain pressures
 Capex: expecting £60-70m in 2022
– expecting to restart refit programme in early 2022
– continued focus on health and safety and maintenance, as well as IT and development
– includes investment in return generating projects, including energy efficiency
– will be reviewed in line with trading conditions
 New openings
– expect to open six new hotels in 2022, new deals impacted by Covid-19 in 2020
– returning to more normal levels thereafter
Outlook Considerations
Facing a wide range of potential outcomes
17
 Strong summer trading performance delivering record Q3 financial results
 Segment continues to recover strongly, Travelodge track record of outperformance continues
 Cash position strong
 Forecasting to return to 2019 RevPAR levels during 2022
 Expecting strong domestic leisure demand, offset by slower recovery in ‘white collar’ demand
 VAT rate increase from 1 April expected to impact net ADR
 Facing a number of cost headwinds
 Well-positioned to benefit in recovery
– large and diversified network of hotels
– strong brand, direct distribution model and value proposition
– domestic travel focus, business/leisure mix
 Material uncertainty still remains but long term prospects for budget hotels remain attractive
Summary
Record Q3 results, still uncertainty ahead but long term prospects remain attractive
18
Q&A
19
Appendices
20
Company Overview
Who We Are
 UK’s second largest hotel brand based on number of hotels and rooms
 Positioned in the attractive value segment with 593 hotels (as at 30
September 2021) and serving 19m business and leisure customers
 Well invested modernised hotel portfolio
 Well balanced approximately even business / leisure customer split
 Almost 90% booking direct, with c. 80% through own websites
 Low upfront capex leasehold model
1. Occupancy, ADR and RevPAR for Travelodge UK leased Hotels only.
2. Represents the ratio of EBITDAR to net external rent payable.
3. Includes 10 hotels operated under management contracts.
4. Operations in island of Ireland under a master franchise.
Key Statistics (FY2019)

Hotels (30 September 2021) 593
Rooms (30 September 2021) 45,285
Occupancy¹ 80.6%
ADR¹ £51.82
RevPAR¹ £41.75
Revenue £727.9m
EBITDAR £337.8m
EBITDA £129.1m
Rent Cover2 1.6x
Where We Are (as at 30 September 2021)
United Kingdom International
London
Regions3
Spain
Ireland/NI4
 78 Hotels
 9,706 Rooms
 22% of total
Rooms
 500 Hotels
 34,125 Rooms
 77% of total
Rooms
 5 Hotels
 621 Rooms
 1% of total
Rooms
 10 Hotels
 833 Rooms
 2% of total
Rooms
Strength through brand, scale and operational expertise
21 21
93.6 93.3
75.5
72.2
11.7%
2.5% 2.9% 3.2%
0.3%
7.2%
1.4%
2.2%
0.9%
2015 2016 2017 2018 2019(2.0)%
Annual RevPar Growth
Travelodge Midscale & Economy Segment
58.4% 57.7%
56.3% 55.2% 55.4%
2015 2016 2017 2018 2019
Resilient Hotel EBITDAR Margins
Track Record of Class-Leading Performance
Leading brand at low cost driving outperformance and growth
Leading segment brand recognition in the UK Class leading low cost model
Continued above market RevPAR growth Strong track record of delivering financial success
£433
£728
2013 2019
Revenue (£m)(3)
£41
£129
2013 2019
EBITDA (£m)(3)
1. UK hotels, EBITDA (adjusted), before rent, before central cost allocations and before IFRS16UK hotels
2. UK hotels RevPAR growth (Source: STR Research Midscale & Economy Sector)
3. Group financial data
(1)
Source: YouGov BrandIndex, August 2020 – 12 week rolling average
(2)
22
Key Strengths
Diversified network, balanced customer mix and direct distribution focus
Diverse Customer Mix Market leading direct distribution model
Well invested diversified network
FY 2019
Direct
Indirect
London
Regions
c. 45% Central (2)
c. 55% Greater London (2)
c. 20% Major Markets (2)
c. 80% Other (2)
1. 2013-2019
2. Based on rooms
OTA’s represent
less than 1% of
total revenue
Capital investment
of 7-8% of
revenues (1)
Leisure Business
23
Company Voluntary Arrangement 2020
Reminder of Key Terms
 CVA approved by creditors on 19 June 2020
 Temporary rent reductions of approximately £140m on full estate from March 2020 to December 2021
 Reminder of key terms:
 No hotels closed
 Temporary rent reductions in Cat B, C1 and C2 from March 2020 to December 2021
 Move to monthly rather than quarterly rents for Cat B to the end of 2021
 Cat B, C1 and C2 temporary options to terminate leases (Cat B expired, Cat C expires 31 Dec 2021)
 Additional lease extension options for compromised landlords
24
Property costs
– Rent expected to be £230m – £240m depending on
RPI/CPI impact on rent reviews and timing of new
openings
– Business rates 50% discount in October 2021 Budget
capped at £110k per company
UK Hotel Wages
– NLW increases in April 2022 of 6.6%
Other
– c. 40% fixed, 60% variable
– Variable element typically driven by occupancy
Cost Outlook
Temporary rent reductions and government support will benefit largely fixed operating cost base
Operating cost movements
UK Property
Costs
47%
Other
30%
UK Hotel Wages
23%
Operating costs dominated by rent and
other property costs (UK)
c. 50% of operating costs historically rent
and property-related
Run-rate weekly costs of £8-12m
Year ended 31 December 2019
1. England, Scottish and Welsh devolved governments have extended the business rates holiday to the end of March 2022

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