Dear LivingTourian Leaders,

Welcome to our Living 2023 Annual Convention

Before we talk about results, I want to start with the most important thing at Living Tours, which is our Living Culture.

The basis of the company's culture comes from the founder's purpose and values, which were the basis for the founding of the Living Tours Group. Culture and Values, not just people and strategies, determine the success of a company and team.

These values ​​must continue to be instilled in team members, in people, from the moment they join the company, and must be maintained by everyone, from employees to Living executives.

Building a strong and united culture within the company will result in a winning team on the ground and build long-term sustainable success, like what has happened to this day.

My actions are always motivated in equal proportions by my natural impulse to transform old ways of doing things and my tireless curiosity.

In fact, this is how we built the Living Tours Group over the last 20 years.

Yet increasingly, what I do, believe and instill in you is determined by a basic goal of making business a force for good with a positive impact on society and the planet.

The way we treat the world is a reflection of our humanity, our intelligence, our conscience and, ultimately, our own survival.

How we coexist with the environment, strengthen fragile societies, and support vulnerable populations is the foundation of a sustainable future for business or any other species.

How we protect and make the most of our natural and human resources is the great frontier we will face in life.

If we act correctly (which we can and should do), this new frontier will propel us towards a new lifestyle, much more harmonious with nature and prosperous for everyone.

This year 2023 was another step on this journey that we want and must improve in 2024.

I hope these two weeks are very productive, enriching and growth-rich for everyone.

May we end these weeks with a well-defined plan and direction for our teams and for the Living Tours Group companies as a whole.

I would like to start by congratulating all of you on the results achieved. It is now the 2nd consecutive year of exponential growth and mind-boggling work, to rebuild the company and grow for the 2nd consecutive year post-pandemic, to levels well above pre-pandemic levels.

The results, as I have repeatedly conveyed to you, are the result of teamwork and not of isolated elements or teams, each one individually has to be great in their area of ​​work and in their department, but the results only come true with good performance and interaction of all members and departments of the company – These are the results of the work of a Team as a whole – there is no other way.

Fortunately, due to our strategy of reinvesting all profits as always since our foundation and the essential support from the banks – without them none of this would have been possible, this year 2023 was no exception and as in all previous years, we returned breaking growth records: in sales, in number of employees, tourists transported, visitors, in purchases in our e-commerce, in taylor made results in our DMC's, from all departments and business areas without exception, just not having achieved this in 2020 and 2021, due to the pandemic.

We will end the year 2023 like this, with new and exponential records, practically doubling the results of 2022:

We will end up with a turnover of approximately 16 million Euros, which had been 8.4 million Euros in 2022, very close to 400 thousand guests and a total team with freelancers approximately 200 employees, practically double that of 2022.

Congratulations to all LivingTourianos! This is the result of the effort of each of us every day to do our best and make the LivingTourian purpose happen every day!

….

Rui Terroso

CEO & Founder

Living Tours Group