Cendant Says "Think Global and Act Local"

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. October 14, 2008

LONDON, UK, September 29, 2005. Ronen Stauber, President and CEO, Consumer Travel and GTA Hotels, International Markets, Cendant Travel Distribution Services highlighted the importance of catering to a global marketplace during his presentation at the PhoCusWright European Executive Conference.

Following its recent spate of acquisitions Cendant has positioned itself as one of the dominant global online travel players. Cendant's most recent acquisition of ebookers plc for $350 million strategically placed Cendant as a leader in the European market space. Ronen commented:"Globalisation is about shrinking and adapting ideas and then processing them to local economies".

Drawing on the observation that three major airline alliances currently constitute 70% of air traffic, Ronan predicts that in five years time we could see an alliance for the low cost carriers.

According to Ronen, in order to build a successful global product, it is essential to invest in the customer. He commented: "We must invest in our people to make the industry go round. Invest in your customers and you will reap the reward".

During the Q & A session, Ronen was asked what Cendant saw in ebookers that IAC and Sabre didn't. He responded: "We were in the right spot at the right time having just acquired Orbitz. The proof is in the pudding of where we stand competitively".

Ronen then attacked competing online intermediaries, claiming that they do not have supplier friendly business models. He commented: "Just because Opodo, Expedia and Travelocity say they are supplier friendly doesn't make it so" He added: We are trying to sympathise the role between order taker and order maker".

With many of the major players now acquired, Ronen revealed that growth for Cendant will come out of leveraging existing investments. He commented: "Some businesses still have not been infiltrated since they have been acquired. With these acquisitions we feel that opportunities are boundless".

Ronen revealed that Cendant have no plans to re-brand the name TDS. "We are very happy with the name TDS and won't invest in the brand to make it a household name".

Offering advice to delegates, he concluded: "To stay ahead, status quo isn't an option. Not forgetting little steps that are needed to make things happen.