Election 08 Rearden brings change to industry Mike

Election ‘ 08: Rearden brings change to industry! Mike Daly Vice President, Travel Services November 2008

Agenda State of the Industry: Travel’s Budget Crisis The Harsh Reality of Today’s Transaction Model Travelers’ Challenges The Opportunity: Solving the Complex Problems Monetizing Your Investment • • Strengthen You Business Alternative & Incremental Revenue Opportunities © 2008 Rearden Commerce, Inc. All rights reserved. PROPRIETARY TO REARDEN COMMERCE

Your customer’s travel spend is out of control…

“Occupancy will drop in ’ 09, but rates won’t. ” Continental's Hilfman On Capacity Cuts: 'Wait 'til you see what's coming in Q 109’ Dave Hilfman cited that 4 th quarter cuts had exceeded 8 percent, but in Q 109 we should see "12, 13 and 14 percent cuts. " He also mentioned that every $1 increase in a barrel of oil costs Continental an additional $45 million in fuel per year. “Smith Travel Research projects that hotel occupancy will drop in 2009, but that rates will actually rise. They forecast that occupancy will fall 3. 5 points, to 59. 2%, the lowest level since 2003. Unlike in 2003, however, rates will actually go up 1% in Average Daily Rate to $108. 53, an all time high. ” Travel Weekly, Nov 1, 2008 Beat Sept 25, 2008 Annoying airline charges. “The Golden State recently scrambled to fill a $15 billion budget gap, still may not be able to meet its payroll without help. ” Business. Week, Oct 8, 2008 “Some American carriers now charge for seat preferences in the coach section. Jet. Blue charges $10 -$20, Northwest $5 -$35, and Air. Tran $6 for advance seat selection on discounted tickets. ” Forbes Traveler May 29, 2008 Bank on this: bank failures will rise next year Financial crisis likely to yield biggest banking shakeout since savings-and-loan meltdown Associated Press, October 5, 2008 “AIG, party on!” AIG hits the spa just days after the it grabbed an $85 billion bailout package from US taxpayers Chicago Tribune, October 9, 2008

Rising Cost = Rising Budget 2008 Budget 2009 Budget Reason Air $1 M $1. 2 M 12% increase in domestic airfares, 16 -20% increase in international airfares, due to fuel surcharges and less inventory, and things could get worse with airline mergers on the horizon. Hotel $400 K $425 K 5. 25%; however could increase up to 20% with dynamic pricing Rental Car $200 K $220 K 10% increase projected through increased taxes and fees Totals $1. 6 M $1. 85 M $245, 000 increase for the same number of yearly transactions © 2008 Rearden Commerce. All rights reserved. CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

Rising Cost = Rising Budget 2008 Budget 2009 Budget Reason Air $5 M $5. 6 M 12% increase in domestic airfares, 16 -20% increase in international airfares, due to fuel surcharges and less inventory, and things could get worse with airline mergers on the horizon. Hotel $2 M $2. 1 M 5. 25%; however could increase up to 20% with dynamic pricing Rental Car $1 M $1. 1 M 10% increase projected through increased taxes and fees Totals $8 M $800, 000 increase for the same number of yearly transactions © 2008 Rearden Commerce. All rights reserved. CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

… and this budget crisis has impacted your transactional revenue model.

The Facts 1. Corporations are traveling less and as a result, are driving fewer transactions. 2. Focus is on controlling costs and corporations are looking at everything, including TMC transaction fees. Conclusion: You are driving less revenue per customer. 1. Corporations are doing more conferencing. 2. Corporations are trying to manage all T&E components, especially Expense Reporting. Conclusion: They are doing this, WITH or WITHOUT YOU! © 2008 Rearden Commerce. All rights reserved. CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

Travel Management Focus: Current State Transaction Fees Air, Hotel, Car Cost of Travel ©

Traditional Travel Management Addresses Only Half of T&E Spend Unmanaged Other (Airport Parking, Limo, Dining, Expense Reporting, etc. ) Air Hotel Car Actively Managed BTN CORPORATE TRAVEL 100 RANK #11 J&J #13 PWC #47 Deutsche Bank AIR $202 M $179 M $80 M TOTAL T&E $723 M $569 M $214. 4 M © 2008 Rearden Commerce. All rights reserved. Source: American Express Corporate Card - 2007 CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

Strengthen Your Business: Broaden the Focus of Travel Management From: Travel Services To: Employee Business Services Airport Parking Dining Air Hotel Car Rental Entertainment Other (Airport Parking, Limo, Dining, Event Tickets, etc. ) Car Service Expense Reporting Actively Managed Unmanaged © 2008 Rearden Commerce. All rights reserved. Conferencing CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

Another challenge facing our model: Traveler Experience.

Traveler Challenges

Policies Negotiated Rates Supplier Management Trip Coordination The ideal system

Enter Rearden Commerce For Companies: A New Savings Opportunity Extensible platform for managing services spend Communicate, enforce policies at point of purchase Maximize use of preferred providers and discounts For Employees: The Personal Assistant Knows their preferences, company policies Helps them find, book, manage services they use every day Constantly works on their behalf, wherever they may be

• • CBTG Meeting in New Orleans – May 2007 $100 M in Funding - Foundation Capital, Oak Investment Partners F 50 and SMB Customers A World Class Partner Ecosystem Rearden Commerce

2500+ Customers – Fortune 100 to SMB © 2008 Rearden Commerce, Inc, All rights

TMC Alliance Partners – May 2007

Distribution Partners © 2008 Rearden Commerce, Inc, All rights reserved. PROPRIETARY TO REARDEN COMMERCE

Comprehensive Spend Management for $1 M ARC Customer International Mobile $28, 000 Car Service $48, 000 Other Web & Audio Conferencing $65, 000 (Airport Parking, Limo, Dining, Event Tickets, etc. ) Event Tickets $80, 000 Airport Parking $54, 000 Expense $125, 000 Dining $180, 000 This Customer Can Manage an Additional $580 K in Spend from a Single Platform

What about my travelers? Will they use it?

End Users Are Getting Smarter © 2008 Rearden Commerce, Inc, All rights reserved. PROPRIETARY

End Users Expect Self Service

Consumer Experience has shaped their view of what's possible

Employees Demand a New Approach “Businesses are struggling to keep pace with a new generation of young people entering the workforce, who have starkly different attitudes and desires. ” Email Desktop RSS (Real Simple Syndication) Mobile App SMS (Text Messaging)

Identity SOA Who you are • You’re a sales VP • You like aisle seats, Hyatt and Hertz • You carry a Black. Berry 8700 • You prefer seafood restaurants with high Zagat ratings. • When traveling on business, you always use your Amex corporate card Identity XML Context Presence Context Knows what you are doing right now • You’re flying home to Chicago. It’s 5 degrees there and snowing. Would you like to order car service? SOA Knows where and how to reach you • It’s 5 PM on Tuesday, you’re in Manhattan and can be reached via your Black. Berry.

Challenges Simplified Identity Context Presence

How do you monetize your investment?

3 Simple Steps Convert your customers. Turn on the productivity tools. Help us, help

Step 1: Migrate Customers and Evolve Your Business

Start Expanding Your Business “With the introduction of the non-travel services that Rearden brings to the table, we will certainly evolve from being a travel management company to a business services consultant. Customers will rely on us to assist in the control of new expense categories, and to the extent that we embrace this new role, our value to our customers will be enhanced. ” Mike Cain, President Airport Parking Dining Air Hotel Car Rental Evolve from being a TMC to a BSC Entertainment Air Hotel Car Rental Other (Airport Parking, Limo, Dining, Event Tickets, etc. ) Car Service Shipping Conferencing Actively Managed Unmanaged

Step 2: Give Them What They Want Online & Offline – Every Transaction, Every Time

Automated Calendaring Parking Air Hotel Car Service Conference Call Dinner Event Tickets

Travel Notifications & Alerts © 2008 Rearden Commerce. All rights reserved. • Notification is integrated in the Personal Assistant • Ability to send notifications to others • Automatic alerts go straight to your email CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

Always Available Last updated 11/20 @ 7: 45 Depart SFO Mon 11/20 @ 9: 30 am Term 3, Gate 10, Seat 33 A Arrive JFK Mon 11/20 @ 2: 30 pm Term 3, Bag Carousel 3 B Mon 11/20 Mon 11/21 Mon 11/22

Automatically Populated Expense Reports • Full Integration with the Personal Assistant • Single Sign On – no need for multiple passwords or logins • Reports are pre-populated with expense details from the Personal Assistant, corporate cards and personal credit/debit cards

Step 3: Help Us, Help You

Expense. Wire, Inside Sales & Up-Sell Support The up-sell process has been designed to drive an effective and collaborative sales effort with our Channel Partners Who will be contacting my customers? The Rearden Commerce Inside Sales Team. What will they be asking of my customers? The Rearden Inside Sales Team will: • Identify if the contact is responsible for the store in which they are calling about (e. g. expense, conferencing, etc) • Provide an overview and a demo of the service • Assist the customer in taking the next steps to enable the service, should they choose to begin utilizing it Where can I track the progress of this effort? The activities occurring with your contacts will be documented and available for review in the Partner Marketplace. Why should I participate? Free sales resources! We will drive transactions through the platform; maximizing your revenue share, with little to no effort from you or your team. How do I know start? 1. Send the introduction letter to your customer. 2. Enter your contacts into the Partner Marketplace or complete the Excel file for us upload for you. Result Net-New Revenue © 2008 Rearden Commerce. All rights reserved. CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

Rearden Commerce Partner Marketplace The Partner Marketplace is a secure online environment whereby Rearden Commerce will distribute leads, post resources, track deals and process requests. Access qualified Quickly Co-brand find ourand marketing leverage leads &materials… search resources engine andmarketing more! © 2008 Rearden Commerce. All rights reserved. CONFIDENTIAL & PROPRIETARY TO REARDEN COMMERCE

Adoption We execute ongoing, targeted adoption campaigns to help our customers attain their business

Earn revenue and add value before the first transaction is ever processed Position and price the Personal. Assistant as a value-add for all travelers & employees (Total Solution, Off-line, Flight. Stats, Profile Management, Integrated Calendar, Mobile, Expense) Leverage Expense. Wire opportunity with all prospects and customers Create alternative revenue streams: License Fees & Long Tail through Adoption Take advantage of the Up-sell team to drive non-travel revenue Utilize the Partner Marketplace for lead generation and search engine marketing. Enhance pipeline to meetings ratio with Rearden Inside Sales Drive down costs and maximize ROI through license fee model Drive revenue before processing a single transaction © 2008 Rearden Commerce, Inc. All rights reserved. PROPRIETARY TO REARDEN COMMERCE

What Our Partners Say “We find that these days, people are choosing Rearden, no question about it. It does so much more than most online booking tools. ” Tom Walker Vice President Sales - Peak Travel “Since we have deployed Rearden Commerce, we have more than doubled our adoption from our previous online travel tool. Not only are our customers seeing dramatic savings, but also with Rearden's Personal Assistant, there is a substantial increase in traveler productivity from the calendar synchronization and notification features. " Hilary Roberts Executive Vice President - Campbell Resources “My sales guys will now focus on selling Rearden Commerce and Expense. Wire, and sometimes say, by the way, we have airline tickets too. ” Jeff Smith Owner and President - Travizon (Top 10 TMC) “In 7 weeks I sold $9 M of net/new business leading with the Rearden platform from a total of 19 accounts ranging in size from $500 K-$1. 2 M in air. I have never had that success rate before. Cindy Sauter Vice President Sales - Atlas Travel “I should change my company name from Vanguard Travel to Vanguard and just sell the Personal Assistant. ” Lori Raduenz President - Vanguard Travel “If TMCs just handle business the traditional way and don’t look at other avenues to provide more value to clients, our industry is in danger of becoming obsolete. For instance, we can now offer dining services to our clients that help them save money. And before now, who ever would have thought their TMC could help a customer secure an outstanding rate for their audio and Web conferencing? This is where the industry is headed and having these capabilities puts Morris Murdock head and shoulders above our competition. ” Becky Potts President - Morris Murdock Travel. © 2008 Rearden Commerce, Inc. All rights reserved. “If you feel you can go into the marketplace with Res. X, Cliqbook, or any other tool and get a license fee from a client and earn revenue before processing a single transaction, no need to do a deal with us. ” Mike Daly Vice President, Travel Services – Rearden Commerce PROPRIETARY TO REARDEN COMMERCE

Q&A

Glaxo. Smith. Kline Results Challenge Inability to manage services spend beyond A/C/H • Low employee satisfaction, adoption of existing tools • Employees not leveraging negotiated discounts • Costly, manual processes • Solution Deployed to 49, 000 users in the US and UK • HR feed, activation emails automatically sent to new users • Use of SSO reduces login errors, improves adoption • Groupware integration via i. Cal • Launched: Travel, Packship, Dining, Parking, Car Service • Results Increased online adoption by 54% in first month • Achieved 99. 6% “submit-for-purchase” rate • • 90% online adoption for primary domestic routes • 1600 Rewards Network transactions in first 2 months © 2008 Rearden Commerce, Inc, All rights reserved. PROPRIETARY TO REARDEN COMMERCE

Con. Agra Foods Challenge • Low 11% adoption of existing booking tool • Poor user experience, low employee satisfaction • Inability to guide users to preferred providers • Low visibility to spending across multiple services Solution Deployed to 11, 765 users in the US • HR feed updated every week • • Use of SSO reduces login errors, improves adoption • Groupware integration via i. Cal • Launched: Travel, Packship, Dining, Parking, Car Service & Event Tickets Results • Achieved 81% adoption in first month • 11% reduction in average airline ticket prices • 30% increase in use of preferred hotels • 4% increase in use of non-refundable tickets • 3% increase in use of preferred air carriers © 2008 Rearden Commerce, Inc, All rights reserved. PROPRIETARY TO REARDEN COMMERCE

Motorola Challenge Hundreds of thousands of shipments • Employees had no visibility to best negotiated rates • No central policy & compliance management • Shipping process was manual and costly • Lost employee productivity & low satisfaction • Solution ~12, 000 users in North America • Package Shipping Today & Expanding • • Easily compare shipping rates and delivery options Results • Reduced desktop shipping costs by 19% • Save average of $2 per package • 94% of users rated our technology as easy to use • 91% would recommend it to a colleague © 2008 Rearden Commerce, Inc, All rights reserved. “ The ability for employees to view real-time price comparisons amongst the supply base allows Motorola the opportunity to take a more strategic approach towards our non-production shipping needs ” Terry J. Rieth, Ph. D, Motorola Indirect Procurement Leader PROPRIETARY TO REARDEN COMMERCE

What Our Customers Say “Rearden Commerce takes this idea of 'visual guilt' and puts all that pricing transparency in front of the user. If the user has all the information, they'll make the right decision for the company. " Greg Brandyberry VP of Procurement, Glaxo. Smith. Kline “Our employees love how the Rearden Personal Assistant automatically inserts reservation details into their Outlook calendars, even while they’re on the road. ” Steven Mandelbaum Senior Director – IT, Advisory Board “In my last company, it took more than a year to get to the adoption rate we’ve achieved after just one month of using Rearden Commerce. It’s really a testament to the ease of use of the Rearden Personal Assistant and how much our employees enjoy using it. It just makes our work life easier. ” Stacey Taylor VP of Indirect & Capital Enterprise Procurement Con. Agra Foods “Rearden's technology enhances my visibility and control over travel and services spending, and gives our employees a single source for services purchasing to aid in both productivity and policy compliance. ” Terry Wood, JDS Uniphase “The ability for employees to view real-time price comparisons among the supply base allows Motorola the opportunity to take a more strategic approach toward managing our non-production shipping needs. ” Terry Rieth, Ph. d Indirect Procurement Leader, Motorola

Value Assessment Spend Adoption Current Future Air Travel Adoption Rate Hotel Travel Car Rental Entertainment Parking Limo/Sedan Dining Event Tickets Packship Web/Audio Other Services Expense Reports Total Explanation: Current Future Company Stats Spend is derived from air travel based on historical spend average of Rearden -conducted value assessments Other Expense Reports © 2008 Rearden Commerce, Inc, All rights reserved. PROPRIETARY TO REARDEN COMMERCE