Advertiser benefits

- Flat fee model versus commission or pay by click advertising.
            - better return on investment
            - more flexibility with the advertising campaign
- Direct Link from how2vacation.com to the advertiser?s website and/or booking
   engine.
- Allows an advertiser to create a direct relationship with consumers, better customer
   service and the possibility of upgrading.
- Advertiser improves search engine optimization due to traffic received directly from
   how2vacation.com.
- Exposure on a full service travel site without paying commission.
- Ability of dealing with clients directly for bookings, customer service, etc.
- Target a broader range of consumers.
- Higher booking versus inquiry being that a consumer can complete all the additional
   travel arrangements.
- Receive exposure they normally can not receive on strictly rental sites.
- An advertiser has the ability to manage their account from the back-end which
   gives them full editing control over their account over the contract period.
- Ability to edit the entire promotion on how2vacation.com in real time anytime at no
   charge.
- Ability to include specific promotions for the different seasons.
- The advertisements rotate constantly. Every client has the opportunity to be the first
   promotion several times per day regardless of time they became a client.

Consumer benefits

- Able to view the travel plan as a whole from the source.
- Ability to contact the advertiser directly.
- Able to use rewards/miles and other promotional coupons.
- Transaction is direct bypassing a third party creating less room for error
- Section dedicated to vacation rentals and vacation rental providers. Ability to shop and
   compare homes, villas condos creating a personal experience.
- Book a rental home as well as the additional travel arrangements.

? February 28th, 2005 - Cendant Completes Acquisition of Leading European Online Travel Provider, ebookers.com. $350 million

NEW YORK, Cendant Corporation (NYSE: CD - News) today announced the completion of its previously announced acquisition of European online travel provider, ebookers plc, for approximately 190 million Pounds sterling (approximately $350 million), net of cash acquired.

? June 29th, 2005 - www.overstock.com to expand online travel business with acquisition of Ski West. $25million+

Liquidator Overstock.com is acquiring Ski West Inc., a Park City, Utah-based online travel company that has developed proprietary technology which provides users with easy access to a fragmented, difficult to find inventory of travel bargains. The cash deal is valued at $25 million, plus an earn out for future performance.

? July 20th, 2005 - Sabre Holdings Completes Acquisition of www.lastminute.com July 20, 2005. $1.03billion

SOUTHLAKE, Texas & LONDON--(BUSINESS WIRE)--July 20, 2005--Sabre Holdings Corporation (NYSE:TSG) is pleased to announce that the acquisition of lastminute.com plc ("lastminute") by Travelocity Europe Limited has completed. This means that the proposal to redeem lastminute.com's bonds is now unconditional and the bonds will be redeemed on August 3, 2005. The acquisition price for the shares in lastminute.com and the redemption price payable in respect of lastminute.com's bonds equates to an equity value of approximately GBP 577M (approximately $1,020M) and an enterprise value of approximately GBP 584M (approximately $1,034M), including gross debt of approximately GBP 79M (approximately $138M) and estimated cash at bank in hand of approximately GBP 72M (approximately $125M).

? June 7th, 2006 - Richie Rich eCommerce Site www.luxurylink.com Accepts $9M

LA-based Luxury Link has raised $9M in new VC funding co-led by San Francisco Equity Partners and El Dorado Ventures. Previous investor is Gannett Company [NYSE: GCI] The start-up offers an online luxury travel service plus auctions for luxury items like designer watches and leather bags.

? October 2nd, 2006 - India's MakeMyTrip.com Raises $10-15M

Just last May 2005, Indian online travel site MakeMyTrip raised $10M from SAIF Partners. Now it is back for a comparable round led by Helion Venture Partners and Sierra Ventures. We don't understand why the Indian online travel market is so hot, but this is the 4th start-up that is raising VC. [Others are Yatra Online, Cleartrip.com and Travelguru.com.] We suppose it is just the fact that there were a few home runs on travel in the US and the Indian market can support that expectation too.

? November 14th, 2006 - HomeAway.com Has The Cash And Buys VRBO.com, Which Has The Traffic.    $160million

The roll-up is always an investor crowd pleaser. Today we saw a very large M&A deal where HomeAway raised $160M in equity and debt, a portion of which went to buy VRBO. This is one of the cases where a much larger traffic site and we assume more profitable site - VRBO - was bought by a competitor which had closer ties to capital.
HomeAway.com also operates CyberRentals.com, A1Vacations.com, GreatRentals.com, TripHomes.com, Holiday-Rentals.co.uk, HolidayRentals.fr and FeWo-direkt.de.

*Source: FactSet Mergerstat, LLC