1. Cendant’s Value-Add (Draft)

2. 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

3. 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!

4. 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

5. 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

6. 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

7. 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

8. 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