Dear Shareholders,

In an effort to keep the board informed on the latest news that affect the industry, the following article by The Economist summarizes events and actual trends in the travel industry.

Quoting directly from the article

In fact, for all the bad economic news (see article), official figures show a recession-proof lust for foreign parts: Britons made 3% more trips abroad in the three months to July than in the same period last year, and a healthy chunk of them were off to gîtes and beaches. “Holidays are the last thing people cut back on,” says Sean Tipton, of the Association of British Travel Agents. Mr Tipton’s data show a slight dip in bookings for next summer; but Sara Smalley at Ascent Market Intelligence (Ascent-MI), a travel consultancy, says that these are 2% higher, and breaks this winter are up by 6%. Lastminute.com, an online travel agent, saw a 10% year-on-year increase in the second week of September in people booking their next vacation.

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AGORACOM Investor Relations