Leader nel settore delle prenotazioni alberghiere Hotelzon offre servizi di prenotazione GDS/mobile a società, hotels e agenzie viaggi, vantando un database di oltre 100mila strutture alberghiere in tutto il mondo, con un inventario esclusivo di hotel presenti in Finlandia, Svezia, Cina e Regno Unito. Utilizzato quotidianamente da 15mila organizzazioni, ha processato, nel solo 2008, oltre 1.2 milioni di pernottamenti nel mondo Líder en servicios de reserva hoteleras, Hotelzon GDS/mobile ofrece un servicio de prenotación a hoteles y agencias de viajes, con un data base de más de 100.000 hoteles en todo el mundo, con un inventario exclusivo de hoteles en Finlandia, Suecia, China y Reino Unido. Utilizado diariamente por 15.000 organizaciones, ha trabajado, en el sólo 2008, más de 1,2 millones de reservas de noches en el mundo.

1. Hotelzon: the company and the technologyPresentation by Alex KornfeindHotelzon International SEMEAJanuary 2010

2. It is estimated that almost half of all hotel bookings will be made online by the end of 2010. (Merrill Lynch, hotelmarketing.com)The next generation of electronic distribution is mobile technology.(Harteveldt, Forrester, hotelmarketing.com)Hotel room was the most popular online travel product purchased despite increased rates and increasing economic pressures last year. (The PhoCusWright Consumer Travel Trends Survey, 10th edition, hotelmarketing.com)

3. Market Trends Online hotel booking business is growing rapidly world wide In 2008, 37%-38% of all hotel bookings will be generated from the Internet (one-third in 2007, 29% in 2006). “ “ By the end of 2010, over 45% of all hotel bookings will be completed online” (Merrill Lynch) The size of the UK online travel market is reported to have grown 18% on the previous year (Germany 24%)” “In the Nordic region online bookings are at 31%” “the European online travel market is forecast to grow at a CAGR of 14% until 2011” (EyeForTravel) Markets are changing from offline to online

4. Market Trends Since the end of 2008 the market has suffered due the recession Heavy impact to number of bookings Most markets have seen the volumes shrinking in between -15% to -25% Some vendors (e.g. Hotelzon) utilize this to gain market share Cost savings and best practices in category sourcing are driving companies to utilize technology further than before Electronic invoicing, Straigh Through Process (”STP”) from Booking to Payment  Process improvements and green values Hotels are keen to those vendors who have strong Direct Connect capabilities

5. Managed business travel is expected to show impressive online growth despite recession. Source: Henry H. Harteveld, Forrester Reseach, January 20th 2009 Despite travel shrinking...

6. Hotelzon Fact Sheet Founded in 1972 Staff of 100 Global corporate client base of 15.000+ Hotel base of 90.000+ Proprietary technology Over 1.200.000 room nights in 2008 Privately owned

7. History of Hotelzon 1986 Hotel Marketing acquired by Berling Capital 1988 First generation of electronic hotel booking system 2000 Name changed to Hotelzon International (ex Hotel Marketing) 2001 First Pegasus XML Interface in Europe 2002 Next generation system launched 2004 Acquisition of Netbook in Sweden -> Hotelzon Sweden 2004 Founded Hotelzon China, Online-only 2005 GDS Representation operative 2005 Acquisition of Res-O-Tel -> Hotelzon UK 2006 Acquisition of Hoteline Ltd UK -> Hotelzon UK 2009 Acquisition of Confedent International

8. Hotelzon Partner Norway Hotelzon International Hotelzon Finland Hotelzon Sweden Hotelzon China (Online Only) Hotelzon Partner Russia, Ukraine & Kazakhstan Hotelzon UK Hotelzon Partner Romania Hotelzon Partner Belgium Hotelzon Partner Hungary Hotelzon Partner Spain Hotelzon Partner Italy Hotelzon Partner South Africa

9. Hotelzon Offering in a Nutshell For corporate clients Hotelzon provides a state-of-the-art multilingual online booking solution that significantly reduces booking process costs. For hotels Hotelzon offers a cost effective and transparent distribution channel directly to thousands of corporate and travel agency customers. For travel agencies Hotelzon offers a solution that enables them to start serving their customers as a real online booking agency and get an access to unique hotel inventory that is not available in GDS. For web portals Hotelzon offers a cost effective and easy-to-use portal booking engine on their website.

10. Supply Demand Pegasus Corporate Direct connect Direct connect Content (ODD) Booking channel (UD) Distribution channel (US) PMS Ericsson, Eli Lilly,Ford, Toyota, Manpower, etc. Hotel switch CRS Corporate Consumers Corporate Consumers TAs CRS CRS Manual Fax/email Travel Agents PMS HSI Extranet Manual Fax/email - COOP UK - Kaleva Travel - ABC corp. service Hotelzon WebConnect PMS Direct connect Mobile WSI PMS Direct connect 100 000+ users globally PMS Direct connect Sales Partners Scandic, etc. Opera / MyFidelio ORS BeNeLux, SA Hungary, Italy, Norway, Romania, etc. Direct connect PKG, Reval, etc. MyFidelio ORS Dedicated Interfaces Websites & Affiliates Direct connect Hilton Coming: IHG, Accor, Carlson, Trust, Hotusa, etc. HSI - SJ - Color line, Etc. Premier Inn

11. 15 000+ Corporate The Hotelzon Sales Channels Value add on Ericsson, Eli Lilly,Ford, Toyota, Manpower, etc. Corporate Consumers Corporate Consumers TAs Travel Agents HSI - COOP UK - Kaleva Travel - ABC corp. service Mobile 100 000+ users globally Sales Partners BeNeLux, SA Hungary, Italy, Norway, Romania, Spain, etc. Websites & Affiliates - SJ - Color line, etc. HSI

12. Corporate References Increase of more than 10% in active customer base in last 12 month

13. Travel Agent References

14. Hotel References Hotel Chain Agreements e.g.: Direct connectivity partners e.g.: WebEngine e.g.:

15. Travel Industry in 2009 Trends External environment Overall bookings are declining Average stay is shortened Average cost of night is declining Corporate travel management is changing Travel is moving under procurement process Category management applied to the travel More rigorous travel policies are implemented Increasing regulations for corporate travel Traditional Travel Agencies are implementing new technology Better inventory Customers demand better reporting Self booking tools as part of the offering Hotelzon External environment Online bookings are increasing Corporate travel management is changing Hotels, flights, taxis, trains, cars are categorized and procurement is looking for best solution and vendor for each area HZ enables travel policies HZ complies with regulations Traditional Travel Agencies are implementing new technology Self booking tool that offers reporting and one of the largest hotel inventories

16. Hotelzon in 2009 Number of Bookings and Room Nights increasing while the market has been shrinking Partnership with the leading players in the eco-system increasing Sales partners acting 100% Hotelzon (7 partners) Travel agencies in different countries (e.g. Coop, ABC corp travel, Kaleva Travel, Statesman travel) Other Travel & Transportation (e.g. Color Line, SJ) Number of business hotels available through Hotelzon constantly increasing Direct Connect Program delivers better room availability and rates than before Hotel chain gets better loyalty and utilization of the corporate contracts through three-tier cooperative model Sustained Investment to customer value generating offering Ease of use: Intuitive Web interface and on-line technology Technology and customer support (call centre and help-desk backing up customers) High availability computing platform in secure processing facility Continuous product development and investment (20 man years/annum)

19. SEMEA Contacts Hotelzon Italy Hotelzon Spain Hotelzon Turkeypiramide.net GSA SEMEA piramide.net GSA SEMEA piramide.net GSA SEMEA Viale Tunisia 22 Barcelona Turist Yolu, 12/1 MI - 20124 Milano, Italia Valencia 18600, Orhangazi Bursa Tel: +39 02 30312814 Tel: +34 931 816787 #184 Tel:+90 224 573 8174 Fax: +39 02 700412176 Tel: + 34 961 125533 #123 Fax: +39 02 700412176 Contact Information Contact Information Contact Information General enquiries: General enquiries: General enquiries: Email hotelzon@piramide.net Email info@hotelzon.es Email turkey@hotelzon.es Sales in Italy Sales in Spain Sales in Turkey Mr. Alex Kornfeind Mr. Alex Kornfeind Mr. Ciro Costante Cell. +393489308367 Tel: +34 911 878178 #939 Cell +90542 213 0629 Skype: alexkornfeind Skype: alexkornfeind Skype: cirocostante Email alex.kornfeind@hotelzon.comEmail alex.kornfeind@hotelzon.es Email costante@hotelzon.es