(5) ERP Systems ERP

The Networked Economy: Information Management, Strategy, and Innovation(5) Case: China Strategy for AgodaAgoda

people & data | www.weigend.comAndreas S. Weigend, Ph.D. # people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 1OutlineThe company Mission History Present The Market Strengths and Weaknesses China Entry

2# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 MissionMission: To create a world-class online reservation service that uniquely combines local knowledge and local connections to bring customers the best hotel and travel deals throughout Asia Problems we are trying to solve: Lack of competitive pricing, selection, as well as availability Lack of real-time confirmation (On-request inventory) Best prices are offered by unknown brands Lack of locally-based customer support Lack of reliable and accurate product information

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 4

5

6

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Current customersAgoda7Customers Nationality Q1 20072007Customers Destination Q1 20072007

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Destinations of current Agoda customersAgoda8Thailand34.4%Hong Kong9.5%Japan7.0%Malaysia6.1%Philippines5.0%Singapore4.9%Vietnam4.0%China3.1%United States2.0%Others24.0%Total100.0%34.4%9.5%7.0%6.1%5.0%4.9%4.0%3.1%2.0%24.0%100.0%# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 History of AgodaAgoda1997: One-person start-up in Phuket 199710 years organic growth (small marketing expenditures) 10Survived market shocks of September 11, SARS, Tsunami 9.11, Supplier float and a few small investments by owners/managers provided working capital /

2007: Global enterprise 2007Operations in Bangkok, Singapore and Manila USD 47 million in Sales 470170 full time staff 17050 IT Staff 50IT45 Customer Service 4530 Contracting 3015 Marketing 1510 Accounting 105 Executive/Admin 55 Pricing 55 Content 55 Human Resource 5

9# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Marketplace10

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Market Opportunity

11

3.34.44.87.813.724.4# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 China competitive landscapeChina Players Ctrip.com & Elong.com These players currently dominate the domestic market They rely on mostly offline, manual processes for transactions and confirmations Credit cards, visas, Internet-access and Chinese purchasing habits remain an impediment to outbound. As these things change, outbound is likely to gather momentum. Visa

12# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 China competitive landscapeAsiatravel.com (Singapore)Asiatravel.com () AsiaTravel invested in ground handling and low cost airlines in attempt to diversify away from online channel. They have a good network of local hotel contracts with pay at hotel commission model. Theyve had weak growth since IPO due to lack of technical and marketing expertise. Theyve been forced to reconsider plan after success of Wotif and Zuji in Singapore. AsiaTravel Wotif Zuji 2006 Market Value 52.3M$, 10.7M$ in gross margins, about 2M monthly unique visitors. Growth Rate: 30%2006-5230107020030%

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 China competitive landscapeRegional Players such as Asiarooms.com and Makemytrip.com Asiarooms.com Makemytrip.com

Many of these players purchase on-request inventory through tour operators, and a few local contracts at best. They cannot confirm in real-time and rely on manual workflow. They have strengths in areas such as paid search marketing, foreign language listings, affiliate marketing or key partnerships

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800

Agoda

15 Agoda Positioning

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Combining the best of the East with the best of the West Service Oriented24/7 customer service via online chat, phone and email human support 24/7Support manual processes and on-request to get confirmations and more selection in difficult and immature markets going the extra mileInnovative, Technology-drivenXML and inventory selection system XMLCRM & Agoda Rewards Loyalty Program CRM A/B and Multivariate testing of website A/B Enable suppliers to manage their inventory online

16Positioning AgodaAgoda

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Agoda is the local Asia expert: Insider deals, inside knowledge, inside Asia Agoda Founded and raised in SE Asia Independence means better selection and better rates not controlled by global cartels or airlines Relationship driven, 10 years experience 10Built and run by travelers for travelers A web community for travel transactions Branded and trusted Homegrown low cost vs. outsourced

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 18Business Model

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Business Model

20074

33,644

12,695 CPA 6,546 CPCCPM 6,108 8,295 33,644

30 1,009,313 605,588 3.48% 21076

44.80% 9,442 $331 $3,121,003

$37,452,036 19

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 20

Business Model

20074$3,121,00316.46%$513,717 $12,109 $56,006 $445,601 /$136,162 $232,924 $74,298 /$443,384 $2,217 # people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800

21Traffic DriversMarket growth Sign up new distribution partners such as Yahoo, Sidestep, media partnerships and affiliates as Yahoo, Sidestep, Grow search engine referrals for existing sites Launch local websites (other languages) Community, viral, referral, social networks (content) PR promotions and advertising to drive brand-awareness and SEOBusiness Model

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 22Conversion DriversMultivariate testing Multicurrency & localization Brand recognition, community & loyalty Co-branding with trusted partners Contracting efforts and XML integrations drive pricing, availability, more flexible cancellation policies XMLImprove product information Packaging, airlines and other products (cruises, rental cars, insurance)Alternative payment models Business Model

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 23Post Booking Success DriversWorkflow/operations enhancements /Contracting / XML to drive real-time percentages and drive automation /XML

Average Transaction Size Drivers Increase in real-time supplier relationships to help deliver longer stay, higher value markets, transaction types Packaging & BundlingSupply Chain innovations for upsellingBusiness Model

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 24Margin Drivers Multicurrency XML contracting efforts to drive high margin groups and markets XML Supply Chain innovations for last minute, long-stay ScaleAdding packaging of airlines, tours, cruises, transfers, car rental, and insurance will increase margins on hotels as well as conversion rates

Business Model

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 25Agoda model is all about low-hanging fruit Agoda A SideStep partnership could increase bookings by 10 to 15% upon implementation SideStep 10-15%Localization and multi-currency plus multivariate testing can increase conversion rates by over 10% within the next few quarters 10% Transitioning existing on-request suppliers to real-time will increase confirmation rates by 10% within the next few quarters 10%Renegotiation of merchant relationship can increase margins as much as 1%, allowing more aggressive pricing 1%Adding packaging of airlines, tours, cruises, transfers, car rental, and insurance will increase margins on hotels as well as conversion ratesLow-hanging fruit yields significant increase in revenue

Business Model

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800

26China Entry Strategy

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 China Entry Strategy for Agoda. Step 1: Background and QuestionsAgoda

Background: Market opportunityForecasts that support the need for hotel bookings for Chinese traveling abroadStep 1: Formulate relevant questionsE.g., Chinese hotel booking habitsHow do Chinese make decisions about booking hotels abroad?Tour vs individual Offline vs online Between one site vs another?

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Chinese hotel booking habitsHow do Chinese make decisions about booking hotels abroad?Tour vs individual Offline vs online Between one site vs another?Currently: Agencies

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 ReputationWhat are the elements of reputation?Reputation of the hotelReputation of the booking companiesPrice and reputationHow much of a premium gets paid for a top reputation?

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Leveraging competitive advantagesCompetitive advantages of AgodaAgodaInventory :25k hotels25000High level of serviceState of the art booking technologyInstant confirmation, XML, RSS with hotelsXMLRSSUser created content Agoda to emphasize its regional (SE Asia) advantages Agoda Partnerships relevant

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Mitigating disadvantages Competitive disadvantages of Agoda AgodaUnderstanding Chinese habitsBooking phase Traveling phaseE.g., tips Language How to overcome those?Chinese staff Style and culture User InterfaceE.g., Sina vs Google

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 RiskChinese competitorsClarify: What inventory to they have?Legal risksReputation riskAttribution: War storiesOther Payment Credit cards Visas to other countries

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 PartnershipsHow should they be structured Commission based?DimensionsOnline presence of Chinese partner, or not?

Advantage for AgodaAgodaDisadvantage for AgodaAgodaLarge CN travel companiesAccess to large customer baseNot much additional benefit if they alreadySmall CN travel companiesReaonable leverage, provide a truly useful addional service# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Several constituenciesTravelers+ Have money to travel abroad- Not comfortable on the webInternet generation+ Comfortable on the web- Dont have money to travel abroad

Agency+ Have trust of customer+ Have payment infrastructure- Need to be paid# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Additional servicesSpeaking tp Local escortsShopping guidesNight specialitesiInsurance?24/7 phone support?24/7 Ctrip: 2/3 via call center (not Web) 2/3

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Step 3: Create strategic options and concrete first steps

Suggestion: Consider players and potential partners in Chinese marketLocal travel sites E.g., Ctrip.com, Elong.com Media CompaniesOffline Chinese Media companyE.g., CCTV, FocusMedia, Newspapers, Online Chinese media company Sina.com, Yahoo.com.cn, Sohu

# people & data | www.weigend.com | +1 650 906-5906 | +49 174 906-5906 | +86 138 1818 3800 Chart332.71890.2840.25960.034893.671370.36920.2907520.04209243.93120.46150.322734720.0508713546.679450.59118150.40825942080.059589239412.307680.74319960.50304660810.069898269722.822710.9168380520.60597768330.0825105663

AsiaEuropeUSRest of WorldOnline Hotel Bookings - Destination Asiaby Customer Region(in USD billions)

market dataWorldwide% of total online travel which goes to Asia200520062007200820092010200520062007200820092010Destination Asia by CountryAsia$15.90$21.47$31.20$39.50$51.80$70.90APACAsia90.0%90.0%90.0%89.0%88.0%87.0%20062007200820092010Europe$35.50$46.15$57.69$70.38$84.45$99.66Europe4.0%4.0%4.0%4.2%4.4%4.6%China7.6%9.3%13.7%18.9%25.4%US$64.90$72.69$80.68$88.75$96.74$104.48US2.0%2.0%2.0%2.3%2.6%2.9%Australia24.3%21.1%21.3%20.7%19.2%Rest of World$5.82$7.02$8.48$9.93$11.65$13.75Rest of World3.0%3.0%3.0%3.0%3.0%3.0%Japan28.7%20.2%16.2%12.6%9.4%Total$122.12$147.32$178.05$208.56$244.64$288.79South Korea8.3%8.0%7.9%7.5%6.9%India3.5%4.2%5.1%5.8%6.3%Excluding Rest of World$116.30$140.31$169.57$198.63$232.99$275.04Destination Asia200520062007200820092010Malaysia1.7%1.9%2.3%2.9%3.4%Asia$14.31$19.32$28.08$35.16$45.58$61.68Singapore7.0%5.1%4.3%3.5%2.7%Europe$1.42$1.85$2.31$2.96$3.72$4.58New Zealand3.4%2.9%3.0%2.9%2.7%US$1.30$1.45$1.61$2.04$2.52$3.03Others15.5%27.3%26.3%25.2%24.0%Rest of World$0.17$0.21$0.25$0.30$0.35$0.41APAC TOTAL100.0%100.0%100.0%100.0%100.0%Total$17.20$22.83$32.26$40.45$52.16$69.71Excluding Rest of World$17.03$22.62$32.00$40.15$51.82$69.30Destination Asia by Country20062007200820092010China1.0861.7953.8436.65611.571Australia3.4794.0855.9787.2678.743Japan4.1063.8994.5544.4154.307South Korea1.1861.5472.2062.6493.150India0.5000.8051.4232.0382.893Malaysia0.2470.3710.6401.0191.543Singapore1.0000.9901.2101.2231.221New Zealand0.4930.5570.8541.0191.221Others2.2135.2737.3718.87010.934APAC TOTAL14.3119.3228.0835.1645.58Destination Asia by Country Hotel Only20062007200820092010China0.2790.3650.9142.3305.793Australia0.8930.8311.4222.5444.377Japan1.0530.7931.0831.5462.156South Korea0.3040.3150.5250.9271.577India0.1280.1640.3390.7131.448Malaysia0.0630.0760.1520.3570.772Singapore0.2570.2010.2880.4280.612New Zealand0.1270.1130.2030.3570.612Others0.5681.0731.7533.1055.475APAC TOTAL3.673.936.6812.3122.82Worldwide HotelDestination Asia - Hotel200520062007200820092010200520062007200820092010Asia19.0%19.0%14.0%19.0%27.0%37.0%Asia$2.72$3.67$3.93$6.68$12.31$22.82Europe20.0%20.0%20.0%20.0%20.0%20.0%Europe$0.28$0.37$0.46$0.59$0.74$0.92US20.0%20.0%20.0%20.0%20.0%20.0%US$0.26$0.29$0.32$0.41$0.50$0.61ROW20.0%20.0%20.0%20.0%20.0%20.0%ROW$0.03$0.04$0.05$0.06$0.07$0.08Total$3.30$4.37$4.77$7.74$13.62$24.43Worldwide - hotelExcluding ROW$3.26$4.33$4.72$7.68$13.55$24.35200520062007200820092010Asia$3.02$4.08$4.37$7.51$13.99$26.23Europe$7.10$9.23$11.54$14.08$16.89$19.93US$12.98$14.54$16.14$17.75$19.35$20.90Rest of World$1.16$1.40$1.70$1.99$2.33$2.75Total$24.26$29.25$33.74$41.32$52.55$69.81Excluding ROW$23.10$27.85$32.04$39.33$50.22$67.06

market data

AsiaEuropeUSRest of WorldOnline Travel Market - Worldwide By Customer Region (in USD billions)

market data (2)

AsiaEuropeUSRest of WorldOnline Travel Market - Destination Asia By Customer Region (in USD billions)

market data (3)

AsiaEuropeUSRest of WorldOnline Travel Market - Destination AsiaHotel Only By Customer Region (in USD billions)

Sheet1Worldwide200520062007200820092010Destination Asia by CountryAsia$15.90$21.47$31.20$39.50$51.80$70.90APAC20062007200820092010Europe$35.50$46.15$57.69$70.38$84.45$99.66China7.6%9.3%13.7%18.9%25.4%US$64.90$72.69$80.68$88.75$96.74$104.48Australia24.3%21.1%21.3%20.7%19.2%Rest of World$5.82$7.02$8.48$9.93$11.65$13.75Japan28.7%20.2%16.2%12.6%9.4%Total$122.12$147.32$178.05$208.56$244.64$288.79South Korea8.3%8.0%7.9%7.5%6.9%India3.5%4.2%5.1%5.8%6.3%Excluding Rest of World$116.30$140.31$169.57$198.63$232.99$275.04Malaysia1.7%1.9%2.3%2.9%3.4%Singapore7.0%5.1%4.3%3.5%2.7%New Zealand3.4%2.9%3.0%2.9%2.7%Others15.5%27.3%26.3%25.2%24.0%APAC TOTAL100.0%100.0%100.0%100.0%100.0%Destination Asia by Country20062007200820092010China1.0861.7953.8436.65611.571Australia3.4794.0855.9787.2678.743Japan4.1063.8994.5544.4154.307South Korea1.1861.5472.2062.6493.150India0.5000.8051.4232.0382.893Malaysia0.2470.3710.6401.0191.543Singapore1.0000.9901.2101.2231.221New Zealand0.4930.5570.8541.0191.221Others2.2135.2737.3718.87010.934APAC TOTAL14.3119.3228.0835.1645.58Destination Asia by Country Hotel Only20062007200820092010China0.2790.3650.9142.3305.793Australia0.8930.8311.4222.5444.377Japan1.0530.7931.0831.5462.156South Korea0.3040.3150.5250.9271.577India0.1280.1640.3390.7131.448Malaysia0.0630.0760.1520.3570.772Singapore0.2570.2010.2880.4280.612New Zealand0.1270.1130.2030.3570.612Others0.5681.0731.7533.1055.475APAC TOTAL3.673.936.6812.3122.82Worldwide Hotel200520062007200820092010Asia19.0%19.0%14.0%19.0%27.0%37.0%Europe20.0%20.0%20.0%20.0%20.0%20.0%US20.0%20.0%20.0%20.0%20.0%20.0%ROW20.0%20.0%20.0%20.0%20.0%20.0%Worldwide - hotel200520062007200820092010Asia$3.02$4.08$4.37$7.51$13.99$26.23Europe$7.10$9.23$11.54$14.08$16.89$19.93US$12.98$14.54$16.14$17.75$19.35$20.90Rest of World$1.16$1.40$1.70$1.99$2.33$2.75Total$24.26$29.25$33.74$41.32$52.55$69.81Excluding ROW$23.10$27.85$32.04$39.33$50.22$67.06% of total online travel which goes to Asia200520062007200820092010Asia90.0%90.0%90.0%89.0%88.0%87.0%Europe4.0%4.0%4.0%4.2%4.4%4.6%US2.0%2.0%2.0%2.3%2.6%2.9%Rest of World3.0%3.0%3.0%3.0%3.0%3.0%Destination Asia200520062007200820092010Asia$14.31$19.32$28.08$35.16$45.58$61.68Europe$1.42$1.85$2.31$2.96$3.72$4.58US$1.30$1.45$1.61$2.04$2.52$3.03Rest of World$0.17$0.21$0.25$0.30$0.35$0.41Total$17.20$22.83$32.26$40.45$52.16$69.71Excluding Rest of World$17.03$22.62$32.00$40.15$51.82$69.30Destination Asia - Hotel200520062007200820092010Asia$2.72$3.67$3.93$6.68$12.31$22.82Europe$0.28$0.37$0.46$0.59$0.74$0.92US$0.26$0.29$0.32$0.41$0.50$0.61Rest of World$0.03$0.04$0.05$0.06$0.07$0.08Total$3.30$4.37$4.77$7.74$13.62$24.43Excluding ROW$3.26$4.33$4.72$7.68$13.55$24.35

Sheet1

AsiaEuropeUSRest of WorldOnline Hotel Bookings - Destination Asiaby Customer Region(in USD billions)

AsiaEuropeUSRest of WorldOnline Travel Market - Destination Asiaby Customer Region(in USD billions)

AsiaEuropeUSRest of WorldOnline Travel Market - Worldwide by Customer Region (in USD billions)

AsiaEuropeUSRest of WorldOnline Hotel Bookings - Worldwideby Customer Region(in USD billions)

Worldwide200520062007200820092010Destination Asia by CountryAsia$15.90$21.47$31.20$39.50$51.80$70.90APAC20062007200820092010Europe$35.50$46.15$57.69$70.38$84.45$99.66China7.6%9.3%13.7%18.9%25.4%US$64.90$72.69$80.68$88.75$96.74$104.48Australia24.3%21.1%21.3%20.7%19.2%Rest of World$5.82$7.02$8.48$9.93$11.65$13.75Japan28.7%20.2%16.2%12.6%9.4%Total$122.12$147.32$178.05$208.56$244.64$288.79South Korea8.3%8.0%7.9%7.5%6.9%India3.5%4.2%5.1%5.8%6.3%Excluding Rest of World$116.30$140.31$169.57$198.63$232.99$275.04Malaysia1.7%1.9%2.3%2.9%3.4%Singapore7.0%5.1%4.3%3.5%2.7%New Zealand3.4%2.9%3.0%2.9%2.7%Others15.5%27.3%26.3%25.2%24.0%APAC TOTAL100.0%100.0%100.0%100.0%100.0%Destination Asia by Country20062007200820092010China1.0861.7953.8436.65611.571Australia3.4794.0855.9787.2678.743Japan4.1063.8994.5544.4154.307South Korea1.1861.5472.2062.6493.150India0.5000.8051.4232.0382.893Malaysia0.2470.3710.6401.0191.543Singapore1.0000.9901.2101.2231.221New Zealand0.4930.5570.8541.0191.221Others2.2135.2737.3718.87010.934APAC TOTAL14.3119.3228.0835.1645.58Destination Asia by Country Hotel Only20062007200820092010China0.2790.3650.9142.3305.793Australia0.8930.8311.4222.5444.377Japan1.0530.7931.0831.5462.156South Korea0.3040.3150.5250.9271.577India0.1280.1640.3390.7131.448Malaysia0.0630.0760.1520.3570.772Singapore0.2570.2010.2880.4280.612New Zealand0.1270.1130.2030.3570.612Others0.5681.0731.7533.1055.475APAC TOTAL3.673.936.6812.3122.82Worldwide Hotel200520062007200820092010Asia19.0%19.0%14.0%19.0%27.0%37.0%Europe20.0%20.0%20.0%20.0%20.0%20.0%US20.0%20.0%20.0%20.0%20.0%20.0%ROW20.0%20.0%20.0%20.0%20.0%20.0%Worldwide - hotel200520062007200820092010Asia$3.02$4.08$4.37$7.51$13.99$26.23Europe$7.10$9.23$11.54$14.08$16.89$19.93US$12.98$14.54$16.14$17.75$19.35$20.90Rest of World$1.16$1.40$1.70$1.99$2.33$2.75Total$24.26$29.25$33.74$41.32$52.55$69.81Excluding ROW$23.10$27.85$32.04$39.33$50.22$67.06% of total online travel which goes to Asia200520062007200820092010Asia90.0%90.0%90.0%89.0%88.0%87.0%Europe4.0%4.0%4.0%4.2%4.4%4.6%US2.0%2.0%2.0%2.3%2.6%2.9%Rest of World3.0%3.0%3.0%3.0%3.0%3.0%Destination Asia200520062007200820092010Asia$14.31$19.32$28.08$35.16$45.58$61.68Europe$1.42$1.85$2.31$2.96$3.72$4.58US$1.30$1.45$1.61$2.04$2.52$3.03Rest of World$0.17$0.21$0.25$0.30$0.35$0.41Total$17.20$22.83$32.26$40.45$52.16$69.71Excluding Rest of World$17.03$22.62$32.00$40.15$51.82$69.30Destination Asia - Hotel200520062007200820092010Asia$2.72$3.67$3.93$6.68$12.31$22.82Europe$0.28$0.37$0.46$0.59$0.74$0.92US$0.26$0.29$0.32$0.41$0.50$0.61Rest of World$0.03$0.04$0.05$0.06$0.07$0.08Total$3.30$4.37$4.77$7.74$13.62$24.43Excluding ROW$3.26$4.33$4.72$7.68$13.55$24.350.019210.020440.04740.1540.390.6580.58%0.47%0.99%1.99%2.86%2.69%

AsiaEuropeUSRest of WorldOnline Hotel Bookings - Destination Asiaby Customer Region(in USD billions)

AsiaEuropeUSRest of WorldOnline Travel Market - Destination Asiaby Customer Region(in USD billions)

AsiaEuropeUSRest of WorldOnline Travel Market - Worldwide by Customer Region (in USD billions)

AsiaEuropeUSRest of WorldOnline Hotel Bookings - Worldwideby Customer Region(in USD billions)

Customers Nationality 1st Quarter 2007Asia40%Europe37%Americas20%Rest of World3%Customers Destination 1st Quarter 2007Asia84%Europe10%Americas3%Rest of World3%Destinations by countryThailand34.40%Hong Kong9.50%Japan7.00%Malaysia6.10%Philippines5.00%Singapore4.90%Vietnam4.00%China3.10%United States2.00%Others24.00%

122147178209245289

Asia 40%Europe37%Americas20%Rest of World3%

Asia84%Rest of World3%Americas3%Europe10%

Destination by Country