Cendant’s Value-Add (Draft)

Stability Diversified revenues and a “hedged” business portfolio help us weather industry shocks (e.g. 9/11) and economic cycles Vehicle Services Travel Real Estate Financial Hospitality Distribution You can rest assured that Cendant will be around - and investing - to make Galileo products and services even better for you

Cendant is #106 on Fortune’s 2004 list of largest US corporations Resourcefulness Cendant is #106 on Fortune’s 2004 list of largest US corporations In 2003 alone, we invested ~ $115 million in the GDS business – thanks to the financial resourcefulness of Cendant!

Leadership in Corporate Services Corporate Relocation Mortgage Process Outsourcing 9 out of 10 Fortune 500 companies rely on us Vehicle Fleet Management Fleet Card Management Membership Services Marketing Services Travel Management Cendant has the experience, processes, and resources that it takes to understand and serve your needs

Preferred Content Galileo Negotiating leverage with major air and hotel suppliers ensuring guaranteed lowest published fares/rates through programs such as Preferred Fares Select Development or acquisition by Cendant of the latest content technology for Galileo (e.g., Neat Dynamic Packaging) Preferred Access and Rates from Cendant owned travel assets such as Avis, Budget, & numerous hotel brands Galileo Purpose – to reinforce high level value prop Instructions _______________________________________________________________ Talking points- It all really boils down to a few key points…… 1. Comprehensive content: Galileo delivers the ENTIRE TRAVEL market to the desktop; 2. We drive value into your agency through unique selling programs and tools and revenue enhancing opportunities 3. Driving down costs that allow your agency to operate more profitably Cendant’s many travel assets, negotiating leverage, and financial resources ensure the availability of content that is unmatched by our competitors

Global Presence Worldwide consolidation on one GDS delivers cost savings and op. efficiency Allows use of negotiated fares and enforcement of policy when changes are made outside home country Gives us the ability to provide you with local content distinct to each region

Investments Continuing to invest in TDS ($109 Million in 2003) Increased capital spend by estimated 30% for 2004 Increased online product development spend by 45% for 2004 Increased retail marketing spend by 50% for 2004 Continuing to invest in TDS integration SOURCE: CENDANT TDS DECEMBER 2003 LEADERSHIP CONFERENCE

Cendant TDS Investments Commitment to Agency Channel Browser-based desktop Focalpoint/Viewpoint enhancements ITA/Optimal Shopping Inside Shopper Web! Hotels Neat Agent Shared Travel Platform 31.6% increase 2003 2004