Egencia Releases 2011 Corporate Travel Forecast

Hotel Negotiability Index Shows Decreased Negotiability for Europe; New Advance Purchase Advisory Highlights Value of Booking Flights Early

LONDON, PARIS, MUNICH, BRUSSELS, September 15, 2010 - Egencia(R), an Expedia, Inc. company, today unveiled its 2011 Corporate
Travel Forecast and Hotel Negotiability Index, finding that average ticket
prices (ATPs) for top corporate travel destinations will remain relatively
flat to slightly up and average daily rates (ADRs) will be slightly up
overall in Europe, North America and Asia-Pacific. New to this year's
forecast is an Advance Purchase Advisory that identifies ideal advance
booking windows and potential savings for flight purchase in nearly 40
markets around the world. After a year of significant flexibility, Egencia's
Hotel Negotiability Index suggests that corporations will face a more
challenging negotiating environment in 2011.

To arrive at these findings, the study evaluates global industry trends,
macroeconomic factors, in-depth research of supplier markets and capacity
across air, hotel and car rental channels in both domestic and international
destinations, along with booking window analysis tailored for business
travellers.

"Corporations are travelling again this year, though still below 2008
levels," said Rob Greyber, President of Egencia. "Egencia clients - large and
small - remain focused on cost containment and cost avoidance but through
tools such as policy compliance, rather than the broad cuts we saw last year.
We expect the modest spending rebound to continue, but careful, policy-driven
governance will still be a theme in 2011."

Europe Outlook

Pricing for corporate travel ATPs in top European business travel
destinations is expected to stay flat to slightly down, year-over-year, with
the exceptions of Paris and Moscow, which may see a small rebound. An
increase in low cost carriers, capacity additions and demand for lower-class
cabins will contribute to downward pressure.

In addition, organisations will see weak to moderate hotel negotiability
in these business hubs.

For the European car rental industry, Egencia predicts car suppliers will
maintain their fleets at current levels into 2011. Coupled with increased
demand, this could mean increased RPDs of roughly 5 percent year-over-year.

The chart below illustrates projected year-over-year 2011 vs. 2010 ATP
and ADR figures in selected business travel destinations for European points
of sale.

                      ATP
        Destination YoY ADR
        Amsterdam   -1%  3%
        Barcelona   -1%  5%
        Berlin      -5%  4%
        Brussels     0%  3%
        Dublin       2%  1%
        Frankfurt   -1%  2%
        Glasgow      8%  7%
        London       0%  1%
        Lyon         0%  0%
        Madrid      -2%  1%
        Manchester  -1%  1%
        Marseille    0%  0%
        Milan       -1%  3%
        Moscow       2%  -7
        Munich       0%  2%
        Paris        2%  2%
        Stockholm   -2%  3%

Advance Purchase Advisory

Egencia's exclusive Advance Purchase Advisory informs travel managers and
corporate travellers of the best booking timeframe and possible savings for
advance air ticket purchases. The advisory shows that, for the majority of
destinations, business travellers should book three to four weeks (21-30
days) in advance to realize maximum savings. Booking in advance to London and
Amsterdam, for example, can save as much as 33 percent compared to
last-minute bookings. International destinations booked 21-30 days in advance
also drive significant savings like New York and Chicago (12%).

Supply Outlook: Hotel Negotiability

Egencia's Hotel Negotiability Index, an indicator of the overall supply
landscape in top European cities, suggests that 2011 will be a
challenging year for corporate negotiations with preferred supply partners.
The majority of major European business destinations will maintain weak to
moderate negotiability, with the exception of Lyon, Marseille, and Moscow.

2011 Hotel Negotiability Index for Europa

(Photo: www.newscom.com/cgi-bin/prnh/20100915/408527 )

"The hotel negotiating environment will be more challenging for travel
and business decision makers in 2011," said Christophe Pingard, Senior Vice
President, Egencia EMEA and APAC. "One best practice is to work closely with
preferred supply partners and to negotiate inclusion of valuable amenities
such as WiFi, breakfast and free parking, like those in the Egencia Preferred
Rate Program."

Negotiability Indexes for North America and APAC are also available.
Further insights into Egencia's 2011 Corporate Travel Forecast and Negotiability
Index are available upon request, as well as region-specific Advance Purchase
Advisory figures.

Travel Management Trends

Egencia surveyed more than 500 travel buyers in Europe and North America
regarding cost control measures, travel spend and expectations for 2011.
According to survey respondents, 42 percent of North American buyers and 23
percent of European buyers have slightly or significantly increased travel
over the last six months, compared with a slight increase of only 10 percent
a year ago in October/November 2009.

The top strategies for maintaining or controlling travel costs in Europe
and North America include:

    - Advanced booking of airline tickets (53% Europe , 56% North America)
    - Enforcing policy more rigorously (40% Europe , 47% North America)
    - Requiring pre-trip approval (49% Europe , 42% North America)
    - Encouraging the use of web conferencing (38% Europe, 33% North America)

"Last year, travel reduction was a priority for many companies, with 59
percent of survey respondents acknowledging slight or significant reductions
in travel in 2009, compared with 46 percent of respondents this year in
Europe," said Jonny Shingles, Managing Director, Egencia UK. "Organisations
have begun to reinvest in corporate travel but with a focus on strategies to
maintain and control travel costs such as encouraging travellers to book in
advance and rigorously enforcing policy."

North America Outlook

The current rebound in corporate travel demand will continue into 2011,
pushing corporate travel prices upward. Adding to upward pressure is
consolidation in the airline industry amongst United and Continental and new
transatlantic alliances. On the other hand, added capacity for key corporate
destinations, the growth of ancillary revenues, better utilization of special
corporate fares, and lingering recession concerns are likely to contribute
moderate downward pressure on ATP.

Overall, ADRs are expected to be slightly up across key cities, with a
few exceptions like Houston and Phoenix where demand is not projected to
increase. With very little new supply coming into the market in the short
term, there is improved occupancy in most top business markets worldwide
resulting in upward pricing pressure. Moderating this pressure, Meetings and
Incentive volumes have not yet fully recovered and corporate demand is still
down compared with 2008 levels.

Charts below illustrate projected year-over-year 2011 vs. 2010 ATP and
ADR figures in selected international business travel destinations for North
American points of sale (domestic flights and hotels are also available upon
request).

            North America Points of Sales - International flights and
                                   hotels

    Destination ATP YoY  ADR YoY
    Hong Kong     -5%       3%
    London        -3%       1%
    Paris         -4%       2%
    Tokyo         -2%       0%

Asia-Pacific Outlook

The outlook for corporate travel ATPs is mixed for Asia-Pacific
destinations, with prices staying flat or slightly down across several cities
like Hong Kong and Melbourne. Tokyo, Singapore and Shanghai will likely see
ATPs increase slightly. Egencia also anticipates a rise in ADRs for this
region, most dramatically in Shanghai, Sydney, Delhi and Beijing.

The chart below illustrates projected year-over-year 2011 vs. 2010 ATP
and ADR figures in selected business travel destinations for Asia-Pacific
points of sale.

    Destination ATP YoY  ADR
    Beijing       3%     4%
    Delhi        -5%     4%
    Hong Kong    -1%     3%
    Melbourne   -11%     3%
    Mumbai        2%    -2%
    Shanghai      9%     5%
    Singapore     8%     1%
    Sydney        2%     4%
    Tokyo         7%     0%

Research Methodology

Projections are based on the statistical analysis of the past and current
industry trends, macroeconomic factors, research of supplier capacity and
occupancy data, current and projected. Advanced Purchase Advisory savings are
estimated based on average savings realized over the last two years. The
actual savings will vary due to seasonality, actual travel time and other
factors affecting overall supply and demand in each particular market.

Disclaimer

This data refers to business destinations and business travel pricing.
These projections are based on Egencia analysis of data from OAG, ARC, STR
and Expedia, Inc. The forecast represents an opinion based on current market
factors and is not a representation or warranty as to the accuracy of the
forecasts or projections made herein. Actual changes in ticket prices and
hotel rates could vary significantly from forecasted numbers, impacted by
unforeseen future economic and political factors.

About Egencia, an Expedia, Inc. Company

Egencia is the fifth largest travel management company in the
world. As part of Expedia, Inc., (NASDAQ: EXPE), the world's largest travel
marketplace, Egencia helps businesses get ahead by offering the only truly
integrated corporate travel service. Egencia's industry expertise helps drive
results that matter, delivering meaningful advancements that have a real
impact. By combining a powerful offline and online service, Egencia delivers
a complete corporate travel offering supported by global market expertise and
a best-in-class technology platform.

For more information, go to www.egencia.com

This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are not guarantees of future performance. These
forward-looking statements are based on management's expectations as of the
date of this press release and assumptions which are inherently subject to
uncertainties, risks and changes in circumstances that are difficult to
predict. Actual results and the outcome of events may differ materially from
those expressed or implied in the forward-looking statements for a variety of
reasons, including declines or disruptions in the travel industry caused by,
among others, prolonged adverse economic conditions, health risks, increased
adverse weather, war and/or terrorism and bankruptcies.

Egencia and the Egencia logo are either registered trademarks
or trademarks of Expedia, Inc. in the U.S. and/or other countries. Other
logos or product and company names mentioned herein may be the property of
their respective owners.

(c) 2010 Egencia, LLC. All rights reserved. CST #: 2083922-50/

For more information, press only: R. Boissicat, Egencia Europe, Corporate Communications Manager, +33-1-73-01-01-47, r.boissicat at egencia.com