Transcription

INVESTOR PRESENTATIONMarch 7, 2022

Legal DisclaimerLegal DisclaimerForward-Looking StatementsThis presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, asamended. All statements other than statements of historical fact contained in this presentation, including market size and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified bythe use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “predicts,” “projects,” “should,” “could,” “would,” “may,” “will,” “continue,” “forecast” or other similar expressions. Allforward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of GBT JerseyCo Limited (“Amex GBT”) and Apollo Strategic Growth Capital (“APSG”) as of the date of thispresentation, and may include, without limitation, changes in general economic conditions as a result of COVID-19, all of which are accordingly subject to change. Any such estimates, assumptions, expectations, forecasts, views or opinionsset forth in this presentation should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements contained in thispresentation are subject to a number of factors, risks and uncertainties, some of which are not currently known to APSG and Amex GBT. You should carefully consider the risks and uncertainties described in the “Risk Factors” section ofAPSG’s registration statement on Form S-4 (file no. 333-261820), filed with the SEC on December 21, 2021 and amended on February 4, 2022 (as amended from time to time, the “Registration Statement”). The Registration Statementidentifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from expected results contained in the forward-looking statements. Most of these factors are outside APSG’s andAmex GBT’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against APSG or Amex GBT following the announcementof the transaction; (2) the inability to complete the proposed business combination between APSG and Amex GBT (the “Business Combination”), including due to the inability to concurrently close the Business Combination and the PIPE ordue to failure to obtain approval of the shareholders of APSG; (3) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete the BusinessCombination; (4) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (5) the inability to recognize the anticipated benefits of theBusiness Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees;(6) costs related to the Business Combination; (7) changes in the applicable laws or regulations; (8) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (9) the impactof the global COVID-19 pandemic; and (10) other risks and uncertainties described in the Registration Statement. APSG and Amex GBT caution that the foregoing list of factors is not exclusive and not to place undue reliance upon anyforward-looking statements, which speak only as of the date made. Neither APSG nor Amex GBT undertakes or accepts any obligation to release publicly any updates or revisions to any other forward-looking statements to reflect any changein its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.The financial results presented in this presentation are preliminary and may change. This preliminary financial information has been prepared by management, and Amex GBT’s independent accountants have not completed their audit orreview of such financial information. There can be no assurance that Amex GBT’s actual results for the periods presented herein will not differ from the preliminary financial information presented herein and such changes could be material.This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods.No Offer or SolicitationThis presentation is for informational purposes only and does not constitute an offer to sell or purchase, or a solicitation of an offer to sell, buy or subscribe for, any securities in any jurisdiction, or a solicitation of any proxy, vote, consent orapproval relating to the Business Combination or otherwise in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under thesecurities laws of any such jurisdictions.Additional Information and Where to Find ItIn connection with the proposed Business Combination, APSG has filed with the SEC the Registration Statement, containing a preliminary prospectus and a preliminary proxy statement, and, after the Registration Statement is declaredeffective, APSG will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This presentation does not contain all the information that should be considered concerning the proposedBusiness Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. APSG’s shareholders and other interested persons are advised to read the RegistrationStatement, including the preliminary proxy statement/prospectus, and the amendments thereto, and, when available, the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination,as these materials contain, or will contain, important information about Amex GBT, APSG and the proposed Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposedBusiness Combination will be mailed to shareholders of APSG as of a record date to be established for voting on the proposed Business Combination. Such shareholders will also be able to obtain copies of the preliminary proxystatement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, when available, at the SEC’s website at www.sec.gov, or by directing a request to Apollo Strategic Growth Capital, 9West 57th Street, 43rd Floor, New York, NY 10019, Attention: James Crossen, (212) 515-3200.Participants in the SolicitationAPSG, Amex GBT and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of APSG with respect to the Business Combination. Information regarding APSG’sand Amex GBT’s respective directors and executive officers is contained in the Registration Statement. Free copies of the Registration Statement may be obtained as described in the preceding paragraph. Morgan Stanley and/or certain of its affiliates. All rights reserved.22

Legal DisclaimerLegal DisclaimerUse of ProjectionsThis presentation contains projected financial information with respect to Amex GBT. Such projected financial information constitutes forward-looking information and are presented as goals or an illustration of the results that could begenerated given a set of hypothetical assumptions that may prove to be incorrect. Such projected financial information should not be viewed as guidance and is not based on Amex GBT’s historical operating results and should not be reliedupon as necessarily indicative of future results or Amex GBT’s actual economics. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business,economic, competitive and other risks and uncertainties, a number of which are beyond the control of either Amex GBT or APSG and subject to change, including the duration and ongoing impact of the COVID-19 pandemic, that could causeactual results to differ materially from those contained in the prospective financial information. Actual results may differ materially from the results contemplated by the financial forecast information contained in this presentation, and theinclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Neither Amex GBT’s nor APSG’s independent auditors have audited,reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respectthereto for the purpose of this presentation. Moreover, Amex GBT operates in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor assess the impact of allfactors on Amex GBT’s business or the extent to which any factor, or combination of factors, may cause Amex GBT’s actual results, performance or financial condition to be materially different from the expectations of future results,performance of financial condition. In addition, the analyses of Amex GBT and APSG contained herein are not, and do not purport to be, appraisals of the securities, assets or business of Amex GBT, APSG or any other entity.Industry and Market DataThis presentation also contains information, estimates and other statistical data derived from third party sources, including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided bycustomers and/or industry or general publications. Such information involves a number of assumptions and limitations and due to the nature of the techniques and methodologies used in market research, none of Amex GBT, APSG or thethird party can guarantee the accuracy of such information. You are cautioned not to give undue weight on such estimates. Amex GBT and APSG have not independently verified any such third party information, and make no representationas to the accuracy of, such third party information.Financial Statements and Certain Financial MeasuresSome of the financial information and data contained in this Presentation, such as Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Please refer to slide 16 of thispresentation for additional details. Amex GBT and APSG believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Amex GBT’sfinancial condition and results of operations. Amex GBT’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. AmexGBT and APSG believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing Amex GBT’s financial measures with othersimilar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined inaccordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income and cash flows that are required by GAAP to be recorded in Amex GBT’s financial statements. Inaddition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income and cash flows are excluded or included in determining these non-GAAP financial measures. In orderto compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results and reconciliations to the most directly comparable GAAP measure are provided on pages 17-18 of this presentation.Trademarks, Service Marks and Trade NamesAmex GBT or APSG own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains trademarks, service marks and tradenames of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship withAmex GBT or APSG, or an endorsement or sponsorship by or of Amex GBT or APSG. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the , TM or SM symbols, butsuch references are not intended to indicate, in any way, that Amex GBT or APSG will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. Morgan Stanley and/or certain of its affiliates. All rights reserved.33

Today’s PresentersPAUL ABBOTTMARTINE GEROWChief Executive OfficerChief Financial Officer4

2021 HighlightsFinancial Results Well Above Forecast1,2 Driven by 119% year-over-year growth in Q4 revenue, despite the impact ofthe Omicron variant in December, and efficiencies from structural costreduction actions FY pro forma revenue, net loss and Adjusted EBITDA totaled 889M, ( 700M)and ( 520M), respectively. Pro forma revenue and Adjusted EBITDA exceededforecast in Registration Statement by 61M and 37M, respectively1,2Egencia Synergies & Accelerated SME4 Growth Completed acquisition of Egencia, the leading B2B5 travel software platform,from Expedia; on track to achieve 109M in total Egencia synergies andexpect to deliver 25M synergies in 2022 Acquisitions of Egencia and Ovation Travel Group doubled SME footprint torepresent approximately 45% of revenue, based on 2019 Positioned for continued SME growth with 2021 new wins value6 thatrepresents 14% of 2019 pro forma TTV6 for the SME customer segmentCorporate Travel Recovery Accelerating Corporate travel transaction recovery in the last week of February 2022reached 51% of 2019 levels, a 23pt improvement versus mid-January, whentravel was negatively impacted by the Omicron variant TTV3 in the last week of February 2022 reached 45% of 2019 levels, whichcompares to a projected 49% for the full year 2022 previously disclosed in theRegistration Statement2Strengthened Customer Value Delivered 3.7B new wins value6, which represents 10% of 2019 pro formaTTV6, 95% customer retention rate7, 92% customer satisfaction score7 andmajor new customer wins Significantly increased value, choice and experiences for customers withacquisitions of Ovation Travel Group and Egencia Accelerated technology investments and launched new, innovative travel andexpense software solutions12021financial results are preliminary and unaudited.Strategic Growth Capital filed the registration statement on Form S-4 (file no. 333-261820) with the SEC on December 21, 2021 as amended on February 4, 2022 (as amended from time to time, the “Registration Statement”).Transaction Value (“TTV”) refers to the sum of the total price paid by travelers for air, hotel, rail, car rental and cruise bookings, including taxes and other charges applied by suppliers at point of sale, less cancellations and refunds.4“SME” represents Small & Medium Enterprises, which Amex GBT generally defines as having an expected annual spend on air travel of less than 20 million. This criterion can vary by country and client needs. “GMN” represents Global & Multinational Enterprises.5Business-to-business (“B2B”).6Expected annual average TTV over the contract term from new client wins based on 2019 spend; includes Egencia for the full year.7Excludes Egencia and Ovation.2.Apollo3Total5

2021 Highlights: Financial Results Well Above Forecast1 (FY)The following table presents full year 2021 financial results pro forma to include Egencia for the full year. These pro forma results aredirectly comparable to the forecast provided in the Registration Statement1 filed with the SEC by Apollo Strategic Growth Capital.Year Ended Dec. 31, 2021RegistrationStatementForecast1Pro Forma Results(incl. full year of Egencia)( M; 2021 amounts are preliminary and unaudited)Total Transaction Value (TTV)2RevenueAdjusted EBITDAVariance 7,969 7,600 369 889 828 61 ( 520)( 557) 37 Strategic Growth Capital filed the registration statement on Form S-4 (file no. 333-261820) with the SEC on December 21, 2021 as amended on February 4, 2022 (as amended from time to time, the “Registration Statement”).Transaction Value (TTV) refers to the sum of the total price paid by travelers for air, hotel, rail, car rental and cruise bookings, including taxes and other charges applied by suppliers at point of sale, less cancellations and refunds.1Apollo2Total6

2021 Highlights: Financial Results (Q4)Egencia was acquired on November 1, 2021. The following 2021 financial results include approximately two months of Egencia.Q4 2021Q4 2020B/(W) %Total Transaction Value (TTV)1 2,763 470488%Transactions Growth (Decline)2348%(87%) 287 131119%Travel Revenue 186 54244%Product & Professional Services Revenue 101 7731%( 199)( 261)NM( M; 2021 amounts are preliminary and unaudited)Total RevenueNet lossAdjusted EBITDA( 101)( 138)NMCommentaryDriven by recovery in travel from the COVID-19 pandemic.Driven by recovery in travel from the COVID-19 pandemic, partially offset by loweryield.Primarily driven by increased management fees, product revenue and meetingsand events revenue as COVID-19 restrictions were relaxed.Driven by revenue growth partially offset by increased cost of revenue to supportthe rise in the volume of transactions, higher general and administrative costs,increased technology and content investments and higher sales and marketinginvestments.1TotalTransaction Value (TTV) refers to the sum of the total price paid by travelers for air, hotel, rail, car rental and cruise bookings, including taxes and other charges applied by suppliers at point of sale, less cancellations and refunds.Growth (Decline) represents year-over-year growth or decline as a percentage of the total number of transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking and is calculated on a gross basis toinclude cancellations, refunds and exchanges. To calculate year-over-year growth or decline, Amex GBT compares the total number of transactions in the comparative previous period/year to the total number of transactions in the current period/year in percentage terms.2Transaction7

2021 Highlights: Financial Results (FY)Egencia was acquired on November 1, 2021. The following 2021 financial results include approximately two months of Egencia.( M; 2021 amounts are preliminary and unaudited)Total Transaction Value (TTV)1Transactions Growth (Decline)2Total RevenueTravel RevenueProduct & Professional Services RevenueFY 2021FY 2020B/(W) % 6,799 5,94114%6%(71%) 763 793(4%) 446 468(5%)Due to lower yield, partially offset by Transaction Growth driven by stronger travelvolumes as the travel industry strengthened in the second half of 2021.Due to a decline in Management Fees and Meetings & Events revenue in the firsthalf of the year related to the onset of travel restrictions in March of 2020, partiallyoffset by an increase in revenue in the second half of the year driven by therecovery in travel. 317 325(2%)Net loss( 474)( 619)NMAdjusted EBITDA( 340)( 363)NMCommentaryDriven by stronger recovery in travel in the second half of 2021, partially offset bytravel restrictions and the adverse impact of the COVID-19 pandemic.Driven by lower cost of revenues and lower technology and content expenses fromcost savings initiatives implemented in 2020, partially offset by the decline inrevenue and higher general and administrative costs.1TotalTransaction Value (TTV) refers to the sum of the total price paid by travelers for air, hotel, rail, car rental and cruise bookings, including taxes and other charges applied by suppliers at point of sale, less cancellations and refunds.Growth (Decline) represents year-over-year growth or decline as a percentage of the total number of transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking and is calculated on a gross basis toinclude cancellations, refunds and exchanges. To calculate year-over-year growth or decline, Amex GBT compares the total number of transactions in the comparative previous period/year to the total number of transactions in the current period/year in percentage terms.2Transaction8

2021 Highlights: Corporate Travel Recovery ContinuingMonthly Gross Transaction1 Recovery vs. 2019Feb-22 exit rate 51%; 23pt volume recoveryin 6 avariant2 months volumeuncertainty6 weeksvolumeuncertainty10%4 months volume uncertainty0%1GrossTransactions represents the total number of transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking, on a gross basis to include cancellations, refunds and exchanges.9

2021 Highlights: Corporate Travel Recovery AcceleratingJanuary 2022January 2022“ it’s [a] stark contrast to where we were a yearago. We now have the tools to protect ourselves,our communities, our schools, and our businesses— the vaccines, the boosters, the tests, the masks,the treatment — that makes this response sodifferent and our situation in our country so differentthan it was a year ago.”– Jeffrey Zients, White House CoronavirusResponse Coordinator“Banking group HSBC said its staff started returning to the officeon Thursday, while Standard Chartered has asked employees tocome in from Monday Citigroup and Goldman Sachs also planto resume office working . Havas, a French advertising agencywith 11,500 staff worldwide, told the BBC it would "fully reopen" itsLondon office from Monday after more than a month of employeesworking from home.”- Daniel Thomas, BBC NewsFebruary 2022“Australia will reopen to all fully vaccinated visa holders, welcomingthe return of tourists, business travelers, and other visitors from 21February Australia’s health system has demonstrated its resiliencethroughout the COVID-19 pandemic, including though the recentOmicron wave. the National Security Committee of Cabinet todayagreed Australia is ready to further progress the staged reopening ofour international border.”– Minister for Home AffairsFebruary 2022February 2022January 2022“Lift or ease international traffic bans asthey do not provide added value andcontinue to contribute to the economic andsocial stress experienced by StatesParties. The failure of travel restrictionsintroduced after the detection andreporting of Omicron variant to limitinternational spread of Omicrondemonstrates the ineffectiveness of suchmeasures over time.”– International Health RegulationsEmergency Committee, WHO“Major changes to the UK’s coronavirus(COVID-19) travel rules have come intoforce today (4am, 11 February 2022). Thiswill make international journeys cheaper andeasier for passengers ahead of the halfterm The relaxation in requirements isthanks to the success of the UK’s vaccineand booster rollout. It means that eligible fullyvaccinated travellers arriving in the UK nolonger need to take any COVID-19 tests –resulting in the UK having one of the mostfree-flowing borders and open societies inEurope.”– Minister for Home Affairs“The [US] Social Security Administration is aiming to reopen itscustomer service offices at the end of March Ford says itscampuses will welcome additional corporate team members backon-site in April Wells Fargo has announced a flexible hybridmodel starting March 14, with most employees coming in threedays a week.”– Andrea Hsu, NPRFebruary 2022“BNY Mellon, which hasnearly 50000 employeesworldwide, told its staff thattheir return-to-office datewould be March 7.”– The New York TimesFebruary 2022“Microsoft announced Monday it’s reopening itsWashing state and California Bay Area offices thismonth as COVID-19 cases continue to ease.Starting Feb. 28, the select offices will be open toemployees, visitors and guests.”– Jessica Bursztnysky, CNBCMarch 2022“Companies seize on March as a moment toreopen the office with Omicron cases falling, Citi,American Express, Cisco Systems and otherssay they spot a window to bring workers backtogether.”– The Wall Street Journal10

2021 Highlights: Egencia Synergies & Accelerated SME GrowthOn Track to Achieve 109M in Egencia SynergiesExpect 109M Total Synergies With Solid Progress to Date 75M revenue synergies drivenby content benefits GBT Preferred Extras live in Egenciaplatform 35M cost synergies, primarilyfrom real estate consolidation 13 office moves completed, 50% oftarget real estate synergies On track to achieve 25M expectedsynergies in 2022SME is the Largest, Fastest Growing Segment Total SME Opportunity of 945B2Acquisitions Double Amex GBT’s SME FootprintHigh touch serviceofferingSME now represents 45% of revenue1Positioned for Continued SME Growth2021 New Wins Value3 represents SME recovery is outpacing GMN by 5-10pts314% US SME contribution margin is 25-30% higher than Amex GBT total1 Revenue mix shift to SME delivers higher incremental EBITDA marginLeading B2B travelsoftware platformof 2019 pro forma TTV1 for the SME customer segment1Basedon 2019 pro forma including Egencia for the full year.GBTA, JP Morgan T&E Benchmark, ARC, Phocuswright, Airlines for America, European Business Travel Barometer survey, iResearch China. Segment sizes are estimated.Company gross transactions data.4Expected annual average value over the contract term from new client wins based on 2019 spend; includes Egencia.2Source:3Per11

2021 Highlights: Strengthened Customer ValueInvestments StrengthenedCustomer Value PropositionExpanded leadership position in 2021: 3.7B New Winsforma TTV2)Value1(10% of FY’19 pro 95% Customer RetentionSignificantly Strengthened Value,Choice & ExperienceThe leading solutions for each of thesegments we serve:Accelerated Investment in Digital& E-Commerce SolutionsStrengthened mobile & chat capabilities: Tripled number of digital interactions in 2021 Integrated WhatsApp & Google ChatRate3 92% Customer Satisfaction3FY 2021 key wins include: Hewlett Packard EnterpriseEnhanced sustainability featuresIncreased content, including NDC Standard CharteredExpanded Neo (proprietary travel & expensesoftware platform) Palo Alto Networks Introduced 500 new features2022 YTD key wins: Raytheon Technologies Ferrero Group Available in 90 countries Over 20% YOY growth in Amex GBT’s Neotransactions Launched Neo1 in the US1Expected2Proannual average value over the contract term from new client wins based on 2019 spend; includes Egencia.forma including Egencia for the full year.GBT only (does not include Egencia and Ovation).3Amex12

2021: A Year of Milestones and Increasing Momentum Financial Results Well Above Forecast Corporate Travel Recovery Continuing Egencia Synergies & Accelerated SME Growth Strengthened Customer ValueEntering 2022 well positioned, with multiple avenues to drive topline growth, increase margins andcreate value for customers and shareholders13

SECTION 5Thank You

SECTION 6SupplementalMaterials

Non-GAAP Financial MeasuresWe report our financial results in accordance with GAAP. Our non-GAAP financial measures are provided in addition to, and should not be considered as an alternative to, other performance or liquidity measure derived in accordance withGAAP. Non-GAAP financial measures have limitations as analytical tools, and you should not consider them either in isolation or as a substitute for analyzing our results as reported under GAAP. In addition, because not all companies useidentical calculations, the presentations of our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.Management believes that these non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance or liquidity across periods. In addition, we usecertain of these non-GAAP financial measures as performance measures as they are important metrics used by management to evaluate and understand the underlying operations and business trends, forecast future results and determinefuture capital investment locations. We use two of our non-GAAP financial measures as indicators of our ability to generate cash to meet our liquidity needs and to assist our management in evaluating our financial flexibility, capital structure andleverage. These non-GAAP financial measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to

GBT and APSG believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing Amex GBT’s financial measures with other similar companies, many of which pres