2009A Comprehensive Approach to EFFECTIVE TRAVEL MANAGEMENT

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Business Travel TodayBusiness travel continues to play an important part in building relationships and driving growth.

There is simply no better substitute for a firm handshake or an encouraging pat on the back.

Nevertheless, business travel is under closer scrutiny than ever before. Value has become the

recurring theme.

Every business trip must generate concrete results in keeping with well-defined objectives.

Consequently, travel programs are continuously monitored and ongoing program optimization

an absolute.

Greater savings are only part of the mandate. Service and security remain important imperatives

and decreasing travel’s impact on the environment is on everybody’s “Must Do” list. Furthermore,

today’s business travel market is highly complex and constantly changing.

How then can organizations today effectively manage their travel programs?

One sure way is by working with a travel management company who truly understands their

needs and challenges and is consistently on top of market trends and best practices.

Carlson Wagonlit Travel (CWT) is just that company. As a global leader specializing in business

travel management, we are focused on helping clients derive greater value from their travel

programs. To that end, we have the people, processes, products and services our clients need

to optimize their business travel.

CWT knows that making the most of business travel can mean big returns for companies and

their travelers.

Contents

About Carlson Wagonlit Travel .................................................................4

Message from Douglas Anderson, President & CEO.......................5

Eight Key Levers to Effective Travel Management ...........................6

CWT Products and Services .....................................................................8

Traveler & Transaction Services .................................................10

Program Optimization..................................................................12

Safety & Security ............................................................................14

Meetings & Events.........................................................................16

Corporate Social Responsibility ...........................................................18

Core Values Guiding CWT ......................................................................20

CWT Travel Management Institute.......................................................21

The CWT Executive Team .......................................................................22

Worldwide Presence.................................................................................23

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Carlson Wagonlit Travel is committed to promoting environmental sustainability. This documentwas printed on 100% recycled paper. We used no-glue binding for cleaner production.

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About Carlson Wagonlit Travel

Carlson Wagonlit Travel is a global leader specializing in business travel management. The company is dedicated to helping companies of all sizes, as well as governmentinstitutions and non-governmental organizations, optimize their travel programs and provide best-in-class service and assistance to travelers.

By leveraging the talents and know-how of its people and providing leading-edge technology, CWT helps clients around the world drive savings while delivering serviceand enhancing security and sustainability.

CWT at a glance*

Present in more than 150 countries and territories

22,000 employees

A diverse client portfolio of large corporations, small and mid-sizecompanies, and government institutions. Clients include more thanhalf of the Fortune Global 100 companies.

55 million on- and offline transactions

US$27.8 billion in sales generated by wholly owned operationsand joint ventures

A global leader:

Number one in Europe, Asia Pacific and Latin AmericaNumber two in North America

2006

19.6

26.0*27.8

2007 2008

CWT sales volumeActual at current exchange rates,

including joint ventures (US$ billion)

* 2007 traffic restated for additional hotel and car volume in North America

U

US$

billi

on

* 2008 figures

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Message from Douglas AndersonPresident & CEO

At Carlson Wagonlit Travel, we are proud of our success. But we also know that being an industry leader brings tremendous responsibility. Meetingthe needs of our clients with integrity and know-how is a deep-rooted conviction we all share.

We at CWT are privileged to work with clients in all business sectors as well as government and non-governmental organizations. Although manyof our clients are among the biggest and best-known corporations in the world, we take great pride in successfully delivering effective travelmanagement to small and mid-size companies as well. Working hand in hand with our clients to truly understand their business needs and helpthem realize their objectives through flexible solutions is what sets CWT apart.

CWT has a multicultural team of people working around the world. Their strong sense of engagement and their expertise have contributed significantly to our clients’satisfaction and loyalty. Our job is made easier thanks to the industry suppliers and business partners with whom we work. Like us, they are committed to client careand excellence.

Our shareholders are global leaders in their own right. Their unwavering support has helped CWT pave the way in a fast-changing, complex environment. By beinginnovative and resourceful in all aspects of our business, we have continued to deliver added value to our clients, employees and shareholders alike.

Looking ahead, CWT is well positioned to maintain its global leadership and successfully address the challenges before us. Our strategy is focused and our prioritiesclear. In addition, we offer the finest products and services in our industry. In a world without boundaries, we have a vast geographic presence and hard-working peoplewho are among the best in their field. Our history of longstanding client relationships also bodes well for the future. But we are never complacent. Every day, we seekhigher levels of performance that will benefit not only our clients but our industry at large.

This brochure provides a glimpse into CWT and its activity. I trust those of you who know us well will find yourselves in familiar surroundings. If you have not yetdiscovered our company, I hope this information will be of relevance and encourage you to get to know us better.

“Every day, we seek higher levels of performance that will benefitour clients and the industry at large.”

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Eight Key Levers to Effective Travel Management

In a complex, fast-changing environment, Carlson Wagonlit Travel works closely withclients to help them identify their priorities and optimize their travel programs. This meansgreater value in terms of safety, service and security for companies and their travelers.Sustainability is also a key factor in the equation. Today, by mitigating business travel’simpact on the environment, companies can help shape the future.

The eight key levers to effective travel management are at the heart of everywell-managed travel program. They provide a robust framework from which to workand succeed. To that end, the CWT Travel Management Institute conducts in-depthresearch into the underlying principles of effective travel management and identifies bestpractices companies can implement with the help of CWT.

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Provide the right services and assistance to travelers andoptimize transaction processing. Online booking tools forsimple transactions, coupled with expert travel counselors at thepoint of sale for complex itineraries and special services, drivesavings and increase traveler satisfaction and productivity.

Tackle hotel spend. Representing 30-40 percent of a total travelbudget, hotel spend is often less carefully managed than air spend.Establishing and closely monitoring a preferred hotel program thattravelers adhere to provides greater leverage for negotiations.Security is also enhanced when travelers comply with a well-designed program that meets their business needs.

Continue to drive air and ground transportation savings.Optimized sourcing and changes in traveler behavior can lead togreater savings. Negotiating with a limited number of preferredairlines and requiring travelers to book restricted fares at least twoweeks in advance are two important means. Integrating rail into atravel program can also bring tangible results in terms of savings,traveler comfort and convenience, and reduced carbon dioxideemissions. A well thought-out ground transportation program takescar rental, limousine, chauffer-driven “black car” and taxi servicesinto account too.

Increase policy compliance and optimize demandmanagement. Together, a well-designed travel policy and strictcompliance can generate savings of on average 20 percent of totaltravel spend.1 Mandates must be clear and compliance strictlyenforced in five main areas: advance air booking, restrictedairfares, preferred suppliers, traveler comfort (authorized airclass/hotel category), and preferred booking channels. Demandmanagement offers another way to control costs by aligning travelwith business needs. To that end, some trips may be replaced withalternatives such as teleconferencing to reach the same objectives.Adjusting the travel policy, increasing compliance and monitoringperformance indicators also help optimize the quantity, frequencyand specifications of travel for better demand management.

Further consolidate travel programs. By bringing thecomponents of a travel program together on a local, regional orglobal level, companies can save up to 20 percent of total travelspend and enhance service and security. A standardized travelpolicy, consistent booking and fulfillment processes, andconsolidated sourcing that includes just one travel managementcompany are keys to success.

Address security and corporate social responsibility.A company’s duty of care applies to employees as well as theenvironment in which they operate. For starters, this meanssuccessfully managing the risks associated with business travel,practicing responsible procurement and reducing their carbonfootprint.

Integrate meetings and events into the travel program.Meetings and events can represent 25-40 percent of a total traveland entertainment budget. By integrating them into their travelprograms and applying the principles of effective travelmanagement, companies can better control and optimize theirspend.

Develop actionable dashboards and performance measures.Without relevant performance indicators and consolidated datadelivered in a timely, accurate, easy-to-use fashion, it is impossible toevaluate a travel program and implement corrective measures whereneeded.

1 Playing by the Rules: Optimizing Travel Policy and Compliance, CWT Travel Management Institute, 2008.

CWT offers flexible solutions that generate value for companies of all sizes. Workingclosely with clients to fully understand their goals, CWT provides products and servicesthat balance and meet the needs of travel managers, business travelers, procurementprofessionals and C-level executives. CWT leverages its global footprint and innovativetechnology with best-in-class tools to help clients around the world maximize theeffectiveness and value of their travel programs while providing consistent anddependable service to their travelers. As new trends emerge and clients’ needschange, CWT uses its expertise to constantly evolve its products to provide innovative,results-driven solutions.

CWT Products and Services

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CWT products and services meet your varied needs

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CWT recognizes that clients have different travel management needs. Therefore,our services can be adapted to ensure your specific requirements are fulfilledsuccessfully. No matter the request, CWT can help companies identify andimplement service configurations that increase savings and enhance service tobest meet your travelers’ needs. For example, using a CWT Fulfillment Center canmaximize automation and simplify delivery for any type of transaction.

CWT also offers clients access to all relevant content—scheduling, fares, roomrates and availability—and the most competitive pricing so they can accomplishtheir objectives in accordance with their travel policy. CWT further assists clients in

driving online adoption and effectively managing complex offlinebookings. Booking through CWT also provides efficient access to the mostcompetitive hotel rates—negotiated by you and/or by us. Additional travelerservices—mobile alerts, VIP assistance, customer satisfaction monitoring andaround-the-clock emergency support—allow travelers to be more productive andimprove their overall experience.

Withmore than 18,000 skillfully trained counselors, CWT offers best-in-class traveler services, booking assistance and optimized transaction processing.

Success story:Service configuration change saves $1 millionin 3 months

A leading, global biotechnology company with $80 million in travelspend wanted to streamline operational delivery to reduce costs andenhance service quality. CWT worked with the client to implement anoutsourced CWT Full Service Center, resulting in savings of $1 millionin the first three months, improved data consolidation and increasedcustomer satisfaction.

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Powerful tools for travelers

CWT Portal is the central gateway to all CWT online travelservices, providing travelers with 24/7 access to bookingservices, profile data, security news and alerts, destinationintelligence, health information and traveler tools.

CWT Portrait is a Web-based profile management tool thatallows travelers and travel arrangers to create and updatetraveler profiles 24/7, 365 days a year to ensure accuratebookings, precise and informative reporting, andpersonalized interactions.

Online booking tools can significantly reduce travel spendand increase policy compliance. CWT offers seamlessintegration of leading, third-party online booking tools aswell as proprietary tools in specific markets.

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The foundation of program optimization is the ability to capture and consolidatedata. CWT works with clients to ensure the data collected is timely, relevant andaccurate. Data is consolidated in a worldwide global data warehouse, ensuringclients have the global, regional or country-level perspective they need. Thisinformation is accessible through an industry-leading, global travel managementportal, available 24/7. The innovative interface allows clients to customize theirreporting display and track progress toward key company goals easily andgraphically and share this information with principal stakeholders.

CWT helps clients assess the maturity of their current travel programs in each of theeight key levers to effective travel management and follow-up with the development

and execution of action plans to improve specific areas. The CWT diagnosticapproach is objective and quantitative, offering fact-based, actionable data clientscan use to make measurable improvements to their travel programs.

The program optimization team includes more than 1,000 professionals aroundthe world who are responsible for analyzing travel programs and implementingprogram optimization strategies. This diverse team of experts includesprogram managers and data consolidation experts. Additionally, the consultants ofthe CWT Solutions Group manage customized engagements in air, hotel andground transportation supplier sourcing as well as technology, booking, fulfillment,meetings and events, and change management.

CWT offers an array of products and services to help clients optimize their travel programs and increase savings.

Demand management support

CWT demand management tools give clients a widespectrum of options to apply systemic controls that affect thequantity, frequency and specifications of travel, enabling themto manage costs without compromising business objectives.

The CWT Program Management Center is an award-winning, centralized travel management interface thathelps clients track compliance and trip purpose by puttingall of the performance metrics and information needed—at a global, regional or local level—in one place. CWTAgency+Card Reporting, an enhanced reporting option,allows clients to compare travel booking data with creditcard charges to identify and address discrepancies quickly.

CWT Policy Builder helps clients create a travel policy fromscratch and assess, benchmark and improve existingpolicies to support company initiatives such as demandmanagement.

CWT Policy Messenger, winner of a 2009 InnovationAward at the Business Travel Show in London, enablestravel managers to automate out-of-policy messages totargeted travelers and optimize compliance.

Success story:Better-fit program improves hotel compliance

A global pharmaceutical group with $23 million in hotel spendwanted to improve compliance with its preferred hotels policy.Working closely with the CWT Solutions Group, they auditedtransactions to identify ways to improve the hotel program’s fitwith traveler needs, identified potential new preferred suppliers,and improved service at the point-of-sale, resulting in a20 percent increase in compliance.

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To help avoid situations that may adversely affect traveler safety, CWT providesclients and their travelers with relevant information to increase awareness ofrisks before, during and after a business trip.

When incidents occur, CWT’s thorough crisis communications process includeseffective communication, as well as response and recovery procedures, to ensureclients are informed and travelers well protected. CWT immediately alerts clientsof a travel incident by telephone, email and/or SMS. Travel managers can thenaccess accurate, actionable passenger data provided by CWT to quickly identifyand track affected travelers, delivering assistance where needed.

For advanced security needs, CWT works with leading, third-party risk-management and healthcare firms to offer enhanced services designed tomonitor risk to personnel and facilities, protect travelers and respond to emergencyincidents 24/7.

CWT’s safety offering keeps clients informed of travel risks and helps them locate and assist travelers quickly in a crisis.

Helping improve security

CWT Guardian, our global suite of safety and securityservices, offers automated travel alerts, destinationintelligence, traveler tracking and traveler support to helpclients proactively avoid or effectively manage risk.

CWT Policy Messenger allows travel managers and headsof security to automatically alert travelers going to high-risk destinations.

Enhanced safety and security services are also available,including trip-specific intelligence reports, enhancedtraveler tracking, direct communication with affectedtravelers, health information and other services designedto mitigate risk.

Success story:Enhancing traveler tracking

A financial services company with $38 million in travel spendneeded a partner who could monitor global incidents and sendimmediate notification in case of an emergency to helpimprove traveler safety. CWT provided a complete solution viaits safety and security offering CWT Guardian, which includestravel alerts, destination intelligence, traveler tracking andtraveler support. In less than an hour after breaking news of aplane crash, CWT alerted the client so they could contact anaffected traveler who had been sent to the hospital and ensurecontinued care and safety.

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CWT integrates best practices in sourcing, logistics and specializedconsulting to deliver a comprehensive M&E program that optimizes spend,savings and return on meeting objectives. Taking control of meetings and eventscan help companies save 10-30 percent in direct costs while improving meetingand event services and return on investment.

CWT Meetings offers a range of services to professionalize meeting planningand execution, as a supplement to in-house processes, providing expertise asneeded in specific areas or delivering an end-to-end solution for your plannersand attendees. In addition, professionals from CWT Meetings & Events Solutionscan help you gather and analyze the data and information you need to builda best-in-class M&E program and improve it year after year.

CWT Events can help you develop event concepts that meet your businessobjectives, then plan, fulfill and execute events that accomplish those goalswith market-specific event services tailored to your particular needs. They alsohandle administrative and financial tasks so meeting owners can focus on theevent’s success and deliver return on their investment.

CWT’s comprehensive, post-meeting reporting package consolidates data frommultiple sources to measure the financial impact and effectiveness of each meeting.In addition, data consolidation enables clients to leverage combined M&E andbusiness travel spend for more effective negotiations. CWT also has best-in-classtechnology enablers to facilitate efficient processes and provide the meeting toolsand services planners need. Furthermore, traveler tracking and risk managementare enhanced when M&E participants book through CWT.

CWT offers a range of services to help integrate meetings and events with the travel program to optimize savings, enhance process control, improverisk management and enrich attendee experiences.

Success story:Consolidated M&E approach drives savings

A high-performance network solutions company with $15 million in annual M&E spendwanted to optimize their M&E investment and improve processes to avoid penaltieswhile increasing benefits to attendees and the company. CWT negotiated hotelcontracts to gain more value from suppliers, including better indemnification andcancellation clauses, while implementing tools and process improvements to create amore organized approach to meeting planning. The client saved an average of 26percent on CWT-managed meetings and events while improving its registrationprocess, supplier negotiations and planning.

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Unbeatable strengthWith CWT Meetings Strategy Plus, companies canstrategically strengthen their M&E program by leveragingboth customized consulting and professional meetingplanning and execution. Our M&E professionals can assessand evaluate your current program, including the sourcingstrategy and meetings policy. They can then design andimplement a program that meets your unique M&E programobjectives and provide ongoing analysis and actionablerecommendations for continued improvement.

As a leading provider of travel management products and services worldwide,CWT is addressing issues of Corporate Social Responsibility (CSR) by helpingclients reduce the impact of their travel program on the environment.

CWT actively and effectively helps clients build sustainable travel programs by enablingtravel management professionals and travelers to make well-informed decisions to reducetheir carbon footprint. As a result of these efforts, we have won the coveted Icarus awardfrom the Institute of Travel and Meetings in the U.K. for two years in a row. With CWT,clients can strategically calculate, measure and manage emissions to align their travelprograms with their overall CSR goals.

At the time of booking, travelers can choose the transportation option that best meets theirneeds by calculating and comparing the carbon impact of their trip on the environment.CWT’s post-trip emissions reporting lets travel managers measure the carbon footprint oftheir corporate travel programs to track trends and evaluate progress toward reduction.

CWT also provides advanced emissions management services through The CarbonNeutralCompany, one of the world’s leading carbon offset and climate consulting companies.Key services include robust greenhouse gas assessments, carbon footprint analyses,access to approved carbon offset projects and carbon-neutral travel certification.

Corporate Social Responsibility

Success story:Government agency increases sustainabletravel awareness

A government agency that supervises environmental issuesand has $2.1 million in travel spend wanted to improveenvironmental reporting capabilities and traveler decisionmaking within its own travel program. With help from CWT, theagency implemented an online booking tool that features theCWT Carbon Calculator, significantly increasing travelers’awareness of the environmental impact of their travel choices.As a result, rail is now the preferred travel option for trips of lessthan three hours.

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Our commitment to helping clients practice sustainable travel is part ofgreater company-wide CSR initiatives.

An important part of our mission is to foster the development and well-being ofour employees, ensure productive relationships with all of our stakeholders,protect the environment, and be good citizens in the communities where weoperate.

Principles of ethical and safe conduct, coupled with our core values and a senseof corporate citizenship, provide the framework that guides CWT both in itsbusiness activities and its CSR initiatives.

Specifically, CWT has made diversity, the environment and communityinvolvement the focus of its CSR program.

Examples of CWT’s commitment toCSR around the worldDiversity: All CWT employees in Asia Pacific go through a workplacediversity awareness training program. In Germany, CWT was the firstcompany in the travel industry to sign the Charter of Diversity of GermanCompanies under the patronage of the federal chancellor. CWT NorthAmerica’s Diversity Council works with human resources to recruit andpromote a diverse workforce, while our Military & Government Marketsdivision has helped employ disabled veterans in partnership with the U.S.Department of Veteran Affairs.

Environment: Many CWT offices are dedicated to recycling, usingalternative energy suppliers, and purchasing office furniture endorsed byforest sustainability councils.

Community involvement: Various CWT offices in North America supportmore than 75 different charities and community organizations throughfundraising, volunteering and in-kind donations. Employees of CWT Chinaassisted the China Earthquake Relief Fund. CWT Australia raised fundsthrough donations and wellness challenge events for the Starlight Children’sFoundation, dedicated to lifting the spirits of seriously ill and hospitalizedchildren and their families.

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Core Values Guiding CWT

CUSTOMER CAREPutting the needs of clients first andstriving to continuously provide anoutstanding level of service

RELIABILITYBeing a dependable and trustworthybusiness partner, committed tooffering industry-leading productsand services

COMMITMENT TOEXCELLENCEContinuously seeking higher levelsof performance

CULTURAL DIVERSITYFostering respect and a team spiritin the workplace, embracing andleveraging the multicultural essenceof the company, and providing equalopportunities to talented individuals

ENTREPRENEURIALSPIRITApproaching new challenges withcreativity, resourcefulness and agility,reacting quickly and effectively toprovide innovative solutions

INTEGRITYBuilding productive, longstandingrelationships by being truthful andpromoting open communication

Six core values underlie the collective spirit and code of conduct at CWT. Employees are guided by these principles as they build new relationships,sustain existing ones, make determined choices and carry out their professional responsibilities.

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CWT Travel Management InstituteThe CWT Travel Management Institute conducts in-depth research into effective travel management practices to help clients worldwide derivethe greatest value from their travel program.

Drawing on the global resources of CWT, the institute provides a regular flow of business intelligence and best practices offering actionable insights into travelmanagement. To that end, the global edition of CWT Vision presents timely overviews and interpretations of industry trends.

Recent research published by the CWT Travel Management Institute includes:

Travel Management Priorities for 2009

Effective Travel Management: Eight Key Levers to Optimize a Travel Program

Room for Savings: Optimizing Hotel Spend

Playing by the Rules: Optimizing Travel Policy and Compliance

Global Horizons: Consolidating a Travel Program

Toward Excellence in Online Booking

Annual report of travel managers’priorities

Research publications

Global edition

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The CWT Executive Team

Douglas AndersonPresident &Chief Executive Officer

Håkan EricssonPresident, Europe,Middle East, Africaand Latin America

Jerry HoganVP & GeneralCounsel

Marc KarakoExecutive Vice President &Chief Financial Officer

Jack O’NeillPresident, North America

Berthold TrenkelExecutive Vice President,Traveler & Transaction Services

Philippe VinayExecutive Vice President,Human Resources

Cathy VossExecutive Vice President,Global Program Solutions

Martin WarnerChief Operating Officer,Asia Pacific

Mike KoettingChief Operating Officer,North America

Andrew WintertonExecutive Vice President,Global SupplierManagement

Carlson Wagonlit Travel has two shareholders. Carlson, a global hotel, marketing,restaurant and travel company, holds 55 percent of CWT shares.One Equity Partners, a private equity affiliate of JPMorgan Chase & Co., holdsthe remaining 45 percent.

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Worldwide Presence

AfghanistanAlbaniaAlgeriaAngolaArgentinaArmeniaAustraliaAustriaAzerbaijanBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBoliviaBotswanaBrazilBruneiBulgariaBurkina Faso

BurundiCambodiaCameroonCanadaChileChinaColombiaCongo, Democratic Republic of theCongo, Republic of theCook IslandsCosta RicaCôte d'IvoireCroatiaCyprusCzech RepublicDenmarkDominican RepublicEcuadorEgyptEl SalvadorEstoniaEthiopiaFinland

FranceFrench GuianaFrench PolynesiaGabonGambiaGeorgiaGermanyGhanaGreeceGuadeloupeGuatemalaGuineaHaitiHondurasHong KongHungaryIcelandIndiaIndonesiaIrelandIsraelItalyJamaica

JapanJordanKazakhstanKenyaKosovoKuwaitKyrgystanLatviaLebanonLibyaLithuaniaLuxembourgMacedoniaMadagascarMalawiMalaysiaMaliMaltaMartiniqueMauritaniaMauritiusMexicoModolvaMonacoMongoliaMontenegroMoroccoMozambiqueNepalNetherlandsNew CaledoniaNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalPuerto RicoQatarReunion Island

RomaniaRussiaRwandaSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSlovakiaSloveniaSouth AfricaSouth KoreaSpainSri LankaSudanSwedenSwitzerlandSyriaTaiwanTajikistanTanzaniaThailandTogoTrinidad and TobagoTunisiaTurkeyUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuelaVietnamYemenZambiaZimbabwe

Wholly Owned/Joint Ventures/Minority Holdings (43)

Partners (114)

Carlson Wagonlit Travel is committed to promoting environmental sustainability. This documentwas printed on 100% recycled paper. We used no-glue binding for cleaner production.

Copyright © 2009 CWT

CWT Head Offices WorldwideEurope, Middle East, Africaand Latin America31 rue du Colonel Pierre Avia75904 Paris Cedex15FranceTel. +33 (0)1 41 33 65 00

North America701 Carlson ParkwayMinneapolis, MN 55305United StatesTel. +1 (800) 213-7295

Asia Pacific3 HarbourFront Place#08-03 HarbourFront Tower 2Singapore 099254Tel. +65 6511 9200

www.carlsonwagonlit.com