Case Charts

For HTMBA Class Discussion Purposes Only 2 Proprietary and Confidential 2 High Speed Track Growth 3,700 mi of HS track at end of 2009, 9K mi by 2020 ($250B investment) Today + 15 Yrs+ 15 Yrs Source: UIC High Speed Rail is transforming the travel landscape. In 10 years, European air travel on routes <600km will be virtually eliminated.

For HTMBA Class Discussion Purposes Only 3 High Speed Rail Supplanting Air Sources: Thalys NBTA (5/09), Travel Weekly, (12/4/09), CNBC (11/07) Paris-Brussels (15)Paris-Nantes (8) Paris-Leeds (5) Madrid-Seville (6) London-Plymouth (4) London-Paris (48) Stockholm-Gothenburg (29) Paris-Bordeaux (24) London-Newcastle (14) Paris-Lyon (13) London--Brussels (42) London--Manchester (33) New York-Washington(117) Paris-Marseille (43) Stockholm-Malmo (25) New York-Boston (85) London-Glasgow (37) London-Edinbugh (45) Brussels-Amsterdam Munich-Frankfurt Lisbon-Madrid Rome-Milan London-Edinburg Moscow-St. Petersburg Paris-Milan Warsaw--Krakow Istanbul-Ankara Stockholm-Gotteburg Rail creates +15% induced travel = Existing route = Planned route (X) = # daily flights = Existing route = Planned route (X) = # daily flights Share of Travelers on Rail vs. Air Travel Time (hours) 2 hrs: 90% share2 hrs: 90% share 4 hrs: 60% share4 hrs: 60% share 3 hrs: 70% share3 hrs: 70% share Rail Share vs Travel Time Most new HSR track will be on routes where travel times will be <2.5 hours and HSR has 75%+ share. Without rail, OTA’s will lose their two key value propositions: convenience of booking air + hotel together, and net rate packaging.

For HTMBA Class Discussion Purposes Only 4 Market Deregulation EU deregulation Jan 2010 Rail carriers can now compete cross border with air internationally The “Perfect Storm” Consumer TrendsConsumer Trends Rising gas prices Environmental concern/policy Air travel/security inconvenience Supplier InnovationSupplier Innovation New 380km/h trains 4x increase in high speed track globally next 15 yrs Travel times compete w/ air Gov’t Investment $200B annual investment in high speed rail globally $500B in Europe rail infrastructure in next 15 yrs Global Shift to Rail Travel

For HTMBA Class Discussion Purposes Only 5 Proprietary and Confidential 5 Passenger Rail Sales by Country $300B global market $80B in Europe $48B addressable (long distance leisure + bus. 40% of bkgs, 60% of sales) in Europe 10yr CAGR of 8% Sources: UIC "International Railway Statistics” (2007), ATOC “Ten Year Growth Report” (6/07)

For HTMBA Class Discussion Purposes Only 6 All Travel Rail All Travel Rail (today) Rail (possible) 59% Sources: PhoCusWright 2007 Travel Report, PhoCusWright 2007 EU OTA Travel Report European Online Rail Opportunity $48B market* with only 13% booked online * Long distance leisure + business, excludes commuter and regional $22B opportunity gap U.S. Online Rail vs. All Travel Europe Online Rail Opportunity

For HTMBA Class Discussion Purposes Only 7 SilverRail Solution SearchResultsBook TOMORROW All suppliers, one system, one booking = Global Solution SilverRail 1 search 1 booking 4 steps Booking #2 7-steps Booking #3 9-steps Manchester Booking #1 7-steps London Brussels Cologne TODAY

For HTMBA Class Discussion Purposes Only 8 Proprietary and Confidential 8 GUI Screens (_________) SRT can host the rail home page or provide the search widget

For HTMBA Class Discussion Purposes Only 99