Page 1: Executive Summary Market Overview Page 2: Online Travel Market - Asia Market Overview, Impact on the Asia Travel Industry (2012), Domestic Market Overview, Online Travel Market Size and Growth (2009-2012e) Page 3: Online Travel Market - Domestic Market Overview, Online Travel Booking - User Base (2009-Jun 2011), Online Travel Booking Activities (2010) Page 4: Online Travel Industry Framework Page 5: Business Models and Commission Charged Drivers & Challenges Page 6: Summary Page 7-8: Increasing Internet Usage Page 9: Rising Middle Class and Increasing Income Page 10: Rise in Number of Credit Card Holders Page 11: Growth in Tourism Page 12: Reduced Visa Restrictions on Chinese Travelers Page 13: Changing Consumer Lifestyles and Untapped Market Potential Page 14: Increasing Competition and Lack of Automation Page 15: Regulations on Foreign-Invested Travel Agency Government Initiatives Page 16: New Travel Agency Regulations Trends Page 17: Trends Summary Page 18: Players are widening their Services Offerings Page 19: Players are Coordinating with Online Communities Page 20: Growing Investments Mergers & Acquisitions Page 21-22: Mergers & Acquisitions Competition Page 23-24: Domestic Public Companies - Summary Page 25- 36: Key Domestic Players - Company Information, Products and Services, Locations in China, Key People, Financial Snapshot, Financial Summary, Key Ratios, Key Business Segments, Key Geographic Segments and Key Recent Developments • China Cyts Tours Holding Co., Ltd. • China Telecom Corporation Limited • Ctrip.com International, Ltd. • eLong Inc. Page 36-37: Key Domestic Players - Company Information, Products and Services, Locations in China and Business Highlights • Etpass.com • 17u.cn Page 38-39: Key Domestic Players - Company Information, Products and Services, Locations in China, Key People and Key Recent Developments • Qunar.com Information Technology Co. Ltd. Page 40-51: Key Foreign Players - Company Information, Products and Services, Locations in China, Key People, Financial Snapshot, Financial Summary, Key Ratios, Key Business Segments, Key Geographic Segments and Key Recent Developments • China Mobile Limited • China Travel International Investment Hong Kong Limited • Expedia Inc. • TripAdvisor Inc. Key Takeaway Page 52: Key Takeaways List of Charts & Figures Market Overview 1. Impact on the Asia Travel Industry (2012e) 2. Online Travel Market Size and Growth ( 2009, 2010, 2011e, 2012e) 3. Online Travel Booking - User Base (2009,2010 and Jan-Jun 2011) 4. Online Travel Booking Activities (2010) Drivers and Challenges 5. Rising Internet Population (2007, 2008, 2009, 2010, 2011 and 2015e) 6. Internet Penetration - Rural and Urban (2007, 2008, 2009, Jun 2010 and 2025e) 7. Growth in Mobile Internet Users (2008,2009,2010 and 2011) 8. Usage of Mobile Internet for Travel Booking 9. Share of Chinese Urban Households (2005, 2015e and 2025e) 10. Preferred Leisure Activities of Millionaires 11. Urban Consumer Spending (2005, 2015e and 2025e) 12. Urban Disposable income (2005, 2015e and 2025e) 13. Share of Spending (2005 and 2025e) 14. Growth in Credit Card Holders (Jun 2010, Mar 2011 and Jun 2011) 15. Rise in Consumer Credit Card Spending (2009 and 2010) 16. Rise in Outbound Tourism (2010, 2011 and 2012e) 17. Rise in Inbound Tourism (2010, 2011 and 2012e) 18. Share of Internet Population using Online Travel Booking Services (2010) Competition 19. Bubble Chart for the Public Companies 20. Total Income and Profit for Major Domestic Companies (2010) 21. Key Domestic Players - Growth in Total Income and Profit (2007,2008,2009 and 2010), Key Ratios(2007,2008,2009 and 2010), Key Business Segments (2007,2008,2009 and 2010), Key Geographic Segments (2007,2008,2009 and 2010) • China Cyts Tours Holding Co., Ltd. • China Telecom Corporation Limited • Ctrip.com International, Ltd. • eLong Inc. 22. Key Foreign Players - Growth in Total Income and Profit (2007,2008,2009 and 2010), Key Ratios(2007,2008,2009 and 2010), Key Business Segments (2007,2008,2009 and 2010), Key Geographic Segments (2007,2008,2009 and 2010) • China Mobile Limited • China Travel International Investment Hong Kong Limited • Expedia Inc. • TripAdvisor Inc.

Market Overview 1. Impact on the Asia Travel Industry (2012e) 2. Online Travel Market Size and Growth ( 2009, 2010, 2011e, 2012e) 3. Online Travel Booking - User Base (2009,2010 and Jan-Jun 2011) 4. Online Travel Booking Activities (2010) Drivers and Challenges 5. Rising Internet Population (2007, 2008, 2009, 2010, 2011 and 2015e) 6. Internet Penetration - Rural and Urban (2007, 2008, 2009, Jun 2010 and 2025e) 7. Growth in Mobile Internet Users (2008,2009,2010 and 2011) 8. Usage of Mobile Internet for Travel Booking 9. Share of Chinese Urban Households (2005, 2015e and 2025e) 10. Preferred Leisure Activities of Millionaires 11. Urban Consumer Spending (2005, 2015e and 2025e) 12. Urban Disposable income (2005, 2015e and 2025e) 13. Share of Spending (2005 and 2025e) 14. Growth in Credit Card Holders (Jun 2010, Mar 2011 and Jun 2011) 15. Rise in Consumer Credit Card Spending (2009 and 2010) 16. Rise in Outbound Tourism (2010, 2011 and 2012e) 17. Rise in Inbound Tourism (2010, 2011 and 2012e) 18. Share of Internet Population using Online Travel Booking Services (2010) Competition 19. Bubble Chart for the Public Companies 20. Total Income and Profit for Major Domestic Companies (2010) 21. Key Domestic Players - Growth in Total Income and Profit (2007,2008,2009 and 2010), Key Ratios(2007,2008,2009 and 2010), Key Business Segments (2007,2008,2009 and 2010), Key Geographic Segments (2007,2008,2009 and 2010) • China Cyts Tours Holding Co., Ltd. • China Telecom Corporation Limited • Ctrip.com International, Ltd. • eLong Inc. 22. Key Foreign Players - Growth in Total Income and Profit (2007,2008,2009 and 2010), Key Ratios(2007,2008,2009 and 2010), Key Business Segments (2007,2008,2009 and 2010), Key Geographic Segments (2007,2008,2009 and 2010) • China Mobile Limited • China Travel International Investment Hong Kong Limited • Expedia Inc. • TripAdvisor Inc..

1. China Cyts Tours Holding Co. Ltd. 2. China Telecom Corporation Limited 3. Ctrip.com International Ltd. 4. eLong Inc. 5. Etpass.com 6. 17u.cn 7. Qunar.com Information Technology Co. Ltd. 8. China Mobile Limited 9. China Travel International Investment Hong Kong Limited 10. Expedia Inc. 11. TripAdvisor Inc.