CWT Vision Q4 EN - Carlson Wagonlit Travel

NORAM:
Business trends
driving buyers to
revisit air strategy
with new success
LATAM:
Slowly but surely,
OBT usage changing
managed travel for
LATAM region
GLOBAL HOTEL
SOLUTIONS:
Optimization holds
key to 2013 hotel
program success
Insights into Eff ective Travel Management
EMEA:
Economic indicators
off er mixed signals
for Eurozone in 2013
APAC:
New carrier relationships
change air travel landscape;
present new buyer
opportunities
Q4 2012

Co-Editors in Chief
Christophe Renard
Nick Vournakis
Email
cwtvision@carlsonwagonlit.com
Web
www.carlsonwagonlit.com
CWT contributors:
Wes Bergstrom
Pierre Alexandra Chanteau
Philippe Chausson
Philippe Chonion
Benjamin Delauney
Donna Goebel
Artwork/Photos
Photos: Page 4 & 11 © istockphoto and page 13 © Shutterstock
All other artwork by CWT
Abhijeet Kar
Gonzalo Martinez
Ann Meskill
Stephanie Miller
Mike Orchard
Gregorio Polaino
Chris Sabby
CWT Vision is published quarterly by the CWT Solutions Group, the CWT Travel Management Institute,
and CWT Corporate Marketing & Business Intelligence teams.
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Please consider the environment before you print this publication in part or in full.
All monetary references in this publication denote U.S. dollars unless otherwise noted.
Copyright © 2012 CWT
Vibhav Singh
Jair Suarez
Manny Tzafaris
Darren Waite
Andrew Waller
Abad Yon

Wrapping up to begin again
Christophe Renard
Nick Vournakis
| Q4 2012
Where does the time go? Seems like just yesterday we were publishing the 2012 Q1 edition of CWT
Vision. Yet, here we are, well into 2012 Q4, wrapping up yet another year and already planning the next
in business travel.
“Wrapping up” is an interesting term for travel management always and, in particular, in looking at the
stories in this edition of CWT Vision. If you’ve been in business travel for some time, you realize that we
are never really done. At a rapid pace, new ideas and challenges, new technology and new players, new
relationships and even new willingness on the part of all parties, all continuously elevate our collective
industry discussion. Once unheard of is now commonplace and once impossible is last year’s headline. So,
in business travel, we take steps forward yet we always are looking to what comes next.
Consider hotel program optimization, the real key to any hotel program’s success, global or otherwise. After
the RFP process and implementation, there is no rest for the weary. Regular audits, reports and adjustments,
along with the integration of hotel content and messaging via traveler tools along with traditional traveler
communication all play a role in ongoing program success.
In North America, those buyers able to put some time and eff ort in to revisiting their air strategies are
fi nding new success in 2012. With Air Solutions engagements up 35% year-over-year in Q3 this year,
buyers are discovering new savings for their organizations and new benefi ts for their travelers.
Persistence is paying off in Latin America as suppliers, buyers and travelers enjoy increased OBT usage in
the region. Once the industry laggard, open minds have facilitated the development of OBT technology,
improved content integration, new relationships and more for the region. Good news absolutely, yet the
market faces further challenge given pricing revenue structures vs. cost of labor, governmental regulations
that prohibit OBT “untouched” credit card transactions, ongoing content fragmentation issues and more.
And, last but not least, the Asia Pacifi c airline industry is breaking its own rules as once unthinkable carrier
relationships are announced by those carriers’ willing to act on “what if” thinking. Buyers are certainly
taking advantage as new routes, new pricing and new benefi ts are all at stake in some truly gamechanging
carrier moves.
Finally, with the European and other markets ongoing economic challenges, we are reminded that travel
management follows the lead of the economy and various industries more broadly. We can only do so much.
So, as you look to close 2012, certainly there are projects to wrap up and goals to accomplish absolutely!
From there, get ready to revisit, revise and start again! It is indeed these ongoing eff orts that create travel
management at its fi nest.
Christophe Renard, Co-Editor in Chief Nick Vournakis, Co-Editor in Chief
Vice President corporate marketing, Senior Vice President, Global product
Communications & Business Intelligence marketing and solutions group
3

4
GLOBAL HOTEL SOLUTIONS
Copyright © 2012 CWT
GLOBAL PERSPECTIVE
Optimization holds key to 2013
hotel program success
Mention a corporate travel hotel program and
the time-consuming Request for Proposal (RFP)
process often comes to mind. While the RFP
process is indeed critical to program success and
traveler satisfaction each year, it is only part of the
story when it comes to realizing annual savings for
best-in-class corporate travel hotel programs. With
the CWT Solutions Group 2013 Forecast indicating
hotel rate increases again this year—1.3% for EMEA,
3.2% in North America; 3.5% in Asia Pacifi c and
6.3% in Latin America—buyers must focus more
than ever on realizing their program’s potential.
With 2013 fast approaching, many buyers are
turning their attention to the distribution and
optimization of the hotel program content they
worked so hard to secure, often at the same time
they engage in many other aspects of annual
corporate travel program planning. First, there are
technical aspects of distribution—getting all of the
correct rates loaded and available to travelers via
the Global Distribution System (GDS). From there,
the GDS feeds an organization’s travel management company’s (TMC) counselor tools, as well as the preferred online booking
tool (OBT), mobile apps and any other tools an organization’s travelers use. Once the content has been loaded, the program
is communicated, or distributed, to travelers and the program is underway. Yet, the journey has just begun, as the real key to a
hotel program’s success is ongoing management, or optimization.
Daily eff orts lead to yearly success
Most travel buyers dedicate substantial resources to the sourcing of a hotel program, but not all recognize the importance
of optimizing it on an ongoing basis, despite the fact that “optimizing hotel spend” continues to rank at the top of travel
managers’ priorities in CWT’s annual Travel Management Priorities survey; it ranked third for 2012. Optimization is the last step
in the on-going process, following Spend Analysis & Benchmarking, Requirements Check, RFP & Negotiations, and Distribution.
Optimization ensures the rates and related services that buyers worked so hard to identify and negotiate are actually off ered to
travelers accurately and consistently throughout the year.

| Q4 2012
Optimization also uncovers additional opportunities to drive savings and other benefi ts for travel buyers and travelers alike. In
fact, the CWT Solutions Group has found that companies can save up to 21% of their hotel spend by optimizing their hotel
program and policies. To minimize anticipated cost increases, maximize program value, and optimize the 2013 Hotel Program,
buyers have numerous opportunities indeed:
Audits: Check and Recheck
There is no doubt that correctly loading negotiated rates is important. Ensuring these rates remain correct and available
year-round is also essential. GDS audits are a well-regarded and well-established, eff ective series of system checks used to
compare negotiated, accepted rates against actual, available rates in the GDS.
Automated for most clients in most geographic areas, GDS audits can identify rate errors including price; type; availability;
preferred status; as well as squatter rates, those rates improperly loaded and identifi ed with a preferred program; and more.
Squatter rates are often removed via an automated process so that a traveler never sees them, while other rate errors are
corrected by working with suppliers, enabling organizations to eventually achieve 90–95% accuracy for their system-wide
available hotel rates.
Often, buyers forget to audit rates in the GDS for the second year of 2-year programs, but this should not be overlooked, even
if the rate remained fl at over the 24-month period, as rates still require loading for the second 12-month period.
Periodic audits can also ensure Last Room Availability, or LRA, rates are available as negotiated. LRA rate errors occur when a
hotel closes a rate as they sell out despite contractual requirements to leave the rate available regardless of inventory. Also,
some auditing tools allow a comparison with supplier sites to ensure preferred suppliers are not eroding a buyer’s program
by off ering better rates directly via their websites.
Often, buyers forget to audit rates in the GDS for the second
year of 2-year programs, but this should not be overlooked,
even if the rate remained fl at over the 24-month period, as
rates still require loading for the second 12-month period.
Reports: Correct and Prevent
Traveler reports provide the data needed to analyze booking patterns and explore whether available rates are being used as they
should be. How much hotel volume is being booked through the preferred TMC? Are the properties used by travelers included
in the managed program? What rate are travelers actually paying? How far in advance are they booking? What is the average
length of stay and is there a day of week pattern? What other expenses are they incurring during their stay? This information and
more is often available at a traveler level, department or division level, hotel level, or broken down by key travelers.
Buyers choose monthly or quarterly review, analyzing exception reports against audit results and Key Performance Indicators
(KPIs), to address traveler booking patterns, targeted savings, and more. Following further review of audits, reports and KPIs
relative to traveler feedback, travel managers have a “bird’s eye” view of the rate available vs. traveler booking behavior vs.
hotel program goals. This critical insight allows buyers to adjust a program as necessary to improve program performance.
Adjustments may include adding or removing specifi c cities, properties or rates from the program; as well as taking supplier-
or traveler-targeted actions to correct past booking issues and to collaborate to prevent future ones.
5

6
Copyright © 2012 CWT
GLOBAL PERSPECTIVE
Traveler Tools: Maximize Program Performance
Today’s savvy travelers make the most out of an array of convenient and automated tools available to benefi t them as
corporate travel programs focus more than ever on the importance of such tools in facilitating traveler compliance and
satisfaction. Travel buyers should consider how to use these tools’ capabilities to drive program performance to the next level:
Online booking tools: Identify and prioritize preferred properties, and communicate program updates.
Mobile apps: Drive compliance by enabling in-program bookings only to link to calendar, mapping and other features
via the tool.
Online hotel directories: A powerful communication tool that directly impacts compliance, especially with travelers
who do not have access to an OBT. Share property details not available in an OBT, and enable traveler reviews of
preferred and non-preferred properties for insight into booking behavior. Limit the display of preferred properties under
construction or available only to select travelers.
Portal/Intranet: The gateway for travelers to a corporate travel management program, travel portals and intranets
should be well communicated within an organization. While only high-level, critical travel messages may be allowed
at the broadest communication levels, messages that ensure travelers visit their intranet travel page or Portal ensure
fi ngertip access to program goals, safety and security information, policies, tools, TMC contact information, feedback
loops and more.
Messaging tools: Target travelers with messages related to safety concerns, affi rm in-program booking behavior, or
cite out-of-policy bookings as tied to a specifi c itinerary or Passenger Name Record (PNR). Broadcast program updates/
information to individual travelers or groups.
Communication: Take a Program from Good to Great
The rates are loaded, audits indicate high accuracy, reports are driving necessary changes, and traveler tools are further
positioning the program for success. Many buyers are satisfi ed at this point. Yet, if buyers do not use initial and ongoing
communication to instruct travelers on how and why to use the managed program, travelers may not have what they need
or may choose not to use the program—mandated or not.
Travel spend management cycles
REPORTING AND
MONITORING:
- TRAVELER BEHAVIOR
- SAVINGS
- COMPLIANCE
- RATE AVAILABILITY
-TRAVELER REVIEWS
Source: CWT Solutions Group
LRA AUDITS
APR
RFP PROCESS
JUL
JAN
DATA CONSOLIDATION
SOLICITATION LIST
OCT
GDS AUDITS
SELECTION
ONLINE CATALOGUE
DISTRIBUTION AND
COMMUNICATION
RFP RELEASE
NEGOS
OPTIMIZATION

| Q4 2012
In fact, the CWT Solutions Group has found that
companies can save up to 21% of their hotel spend
by optimizing their hotel program and policies.
With many organizations limiting enterprise-wide internal communication, travel managers should make the most of travelspecifi
c tools and channels to educate and gain the loyalty of travelers and travel arrangers alike. Using repeated and
varied messages to encourage compliant behavior, consider all forms of communication including push/pull electronic
communication, traveler tools, focus groups, internal signage, videos, and more.
As 2013 gets underway, travel managers should fi rst review their travel policy to ensure it is aligned with the newly negotiated
program goals and changes. And, while travelers and arrangers may not always agree with travel policy, they are much more
likely to be compliant if they can understand the reasons behind it. Following are some communication recommendations
to launch a hotel program each year and to keep it on track:
First, share results from the previous year’s program, emphasizing the critical contribution travelers can make to a
successful hotel program.
Highlight program goals and related policy changes and improvements in various communication channels for travelers,
emphasizing products and services available to support them. Share the rationale too. For example, as a program
moves from 5-star properties to 3-star properties, let travelers know why. Is budget, availability or location driving the
decision?
Tie the hotel program to the organization’s strategic plan if possible. Highlight how the hotel program is supporting new
business initiatives, by project or by location. Also, how does hotel spend support the organization’s broader fi nancial
goals?
Educate travelers throughout the year to aid in their decision-making. For example, as year-over-year currency changes
occur and as the inclusion of VAT taxes and other service charges vary by property, travelers may misunderstand the net
cost of a given property’s rate. Or, more directly impacting the traveler, what are the consequences for non-compliant
behavior? Is reimbursement jeopardized? “Did you know?” tips and insight off ered at the point of booking or as followup
go a long way in ensuring appropriate decision-making by travelers year-round.
To best motivate compliant behavior, take the time to position the program and policy from their perspective and for
their benefi t. Share how compliance with the hotel program booking policy impacts individual traveler safety, from
locating travelers in a crisis to ensuring a property’s location is pre-screened and not in a known volatile location.
Last, but not least, any solid communication process not only asks for feedback but takes action accordingly, reporting
back to travelers how their feedback is being used to further modify the program to benefi t both the organization and
individual travelers.
Year after year, corporate travel buyers negotiate hotel programs to ensure the preferred hotel properties available refl ect the
travel patterns, locations, company culture, and fi nancial position of an organization and its travelers, while also best responding
to hotel industry dynamics, pricing fl uctuations, value-added services and other trends. Yet, if the correct content is not available,
if travelers cannot access the content, or if they are not aware of it, all the hard work of a hotel RFP process can be for naught.
Put most simply, optimizing a hotel program maximizes the value of negotiating one. To learn more about how the CWT
Solutions Group’s Hotel Solutions team can help optimize your 2013 Hotel Program, contact your CWT representative or
contact the CWT Solutions Group via email at solutions-group@carlsonwagonlit.com. v
7

8
There is no doubt the Asia Pacifi c region is on the cusp of a new chapter in the evolution of its airline industry. Once-fi erce
competitors are now forming alliances and partnerships of mutual benefi t. Service routes are adjusted like never before across
country borders as carriers strategize how to most effi ciently operate while appealing to the broadest base of travelers. All
carriers are constantly analyzing the strategic and tactical eff ects of their own and competitors’ changes in a rapidly shifting
market. Accordingly, CWT Solutions Group recommends buyers prepare themselves for new scenarios and new possibilities
in their air travel programs.
Qantas teams with Emirates; hangs on to oneworld
It has been a tumultuous year for Qantas who, despite recent results indicating a group wide pre-tax profi t of AU$95m, has
seen continued challenges on its long-haul business, which had an underlying EBIT loss of AU$450m. What swiftly followed
was a series of decisive steps, including the cancellation of its order of 35 Boeing 787 Dreamliners, with the aim of reigning
in capital expenditure. Undoubtedly the step that most surprised the market was the termination of the long-standing joint
services agreement (JSA) with British Airways (BA), now set to dissolve on March 31, 2013; and the announcement of a new
relationship with Emirates.
Alliances, codeshares and partnership agreements are hardly new, but what Qantas and Emirates are championing is a shift
toward a deeper collaboration. Their alliance will provide benefi ts for travel between Australia and Europe via Dubai, while
freeing Qantas to focus on bolstering service to Asia.
Promising cooperation on corporate dealing and pricing, sales, and scheduling; in addition to reciprocal frequent fl yer tier status
benefi ts, this proposed 10-year partnership could mean big wins for corporate travel managers. While the deal is still pending
regulatory approval both major Asia Pacifi c and global airlines, as well as low-cost carriers (LCCs), are now under pressure to
step up and further improve the corporate relationships they have been fostering.
British Airways looks for growth elsewhere
On October 1, having seen the end of their JSA with Qantas, British Airways swiftly launched a new joint business agreement
with Japan Airlines.
Both members of the oneworld alliance, the BA/JA partnership is a natural step—promising improved links between Japan and
Europe, as well as the fl exibility of using a combination of fl ights and aligned fares and bonus points on applicable fl ights for
top tier members.
Virgin Australia’s ‘virtual’ alliance driving buyer opportunity more broadly
Over the last two years, Virgin Australia (VA) has created a “virtual alliance,” collaborating with partners from diff erent parts of
the world, and diff erent alliances, to create an attractive global proposition for customers.
Copyright © 2012 CWT
REGIONAL SPOTLIGHT: Asia Pacifi c
New carrier relationships change
air travel landscape; present
new buyer opportunities

REGIONAL SPOTLIGHT: Asia Pacifi c
Working with Star Alliance’s Air New Zealand and Singapore Airlines; independent Middle Eastern giant, Etihad; and SkyTeam’s
Delta Air Lines has meant VA can off er customers an extended network and benefi ts without being handcuff ed to any one
alliance. Additionally, it is a strategy that has contributed to the growth of the airline, which recently posted a post-tax profi t of
AU$22.8m.
For some travel buyers, this virtual alliance has increased the opportunity to work with alternative airlines. For VA, it has helped
the airline achieve its strategic goal of 20% corporate and government traffi c. For competing airlines, the virtual alliance may be
the catalyst that drives new carrier relationships in the region more broadly.
Low-Cost Carrier growth driving Legacy activity as well
While Virgin Australia has been reborn as a “new world carrier,” positioning itself away from its LCC roots, the traditional “legacy”
carriers are still being kept on their toes by other LCC rivals in the region, namely Singapore’s Scoot; Australia’s Jetstar and Tiger
Airways; Malaysia’s AirAsia; and China’s Spring Airlines. Off ering sales through Global Distribution System (GDS) channels,
interline fares, and loyalty rewards demonstrates the LCCs’ determination to further lift their game.
Carriers are forming connections amongst themselves as they prove to be attractive to many corporate travel buyers who are
increasingly under pressure to deliver signifi cant year-on-year savings. Recently, Singapore Airlines recently took a 10% stake in
VA while VA announced they are taking a 60% stake in Tiger. Additionally, VA has announced plans to buyout Australian’s regional
Skywest; a move designed to make VA more appealing to travelers on routes currently dominated by Skywest and Qantas.
On October 1, Tiger Airways and Scoot signed a memorandum of understanding, initially marketing joint itineraries between
Phuket, Ho Chi Minh City and Kuala Lumpur, all destinations served by Tiger Airways; and Sydney and the Gold Coast,
destinations served by Scoot. This agreement will ultimately include fl ight itineraries originating from South East Asia with a
direct connection service. Customers will be able to proceed with their onward journey without passing through immigration
and without having to retrieve their checked baggage. While Scoot and Tiger are not yet able to rival AirAsia, who remains the
largest LCC in South East Asia, their pact could pave the way for other LCC tie ups and signify a new dimension in the changing
face of airline alliances and partnerships.
Japan embraces low-cost model
2012 has been a year of signifi cant change in Japan with the launch of three new LCCs, each being formed with backing from
established Japanese carriers. AirAsia Japan was formed as a joint venture between Malaysia’s LCC giant, AirAsia and All Nippon
Airways (ANA). Jetstar Japan was created through backing from Japan Airlines and Qantas and Peach Aviation also had a major
stake from ANA.
9

10REGIONAL REGIONAL SPOTLIGHT: SPOTLIGHT: Asia Pacifi Asia cPacifi
c
Aiming to stimulate the domestic Japanese airline market, already the third largest in the world, the Japanese government has
created new landing slots and is working toward reduced landing fees. Early signs are that these three LCCs are successfully driving
high load factors and stimulating new demand for domestic travel. It is too early to know the long-term impact on JAL and ANA’s
existing business or corporate travel buyers, although it is likely the LCCs off er new opportunities to cost-focused corporations.
All of these recent carrier deals signify a collective shift in the way airlines are doing business with one another. Gone are the
days of rigid adherence to one alliance or another, and, in its place, a new era of signifi cant carrier collaboration has emerged.
Savvy corporate buyers will capitalize on this latest evolution of air travel in Asia Pacifi c, revisiting their air strategy to ensure the
best carrier mix for their program’s needs today. v
For buyers with an air travel program in the Asia Pacifi c
market, CWT Solutions Group recommends:
� Keep an eye on developments. With the rapid pace of change in Asia Pacifi c aviation, corporate buyers need to
monitor the market closely so they can anticipate implications for their program and proactively communicate with their
preferred airline partners. Buyers should regularly connect with their carrier contacts while also working with their CWT
program manager and the CWT Solutions Group team.
� Prepare for new contracts and contacts. With the end of the Qantas-British Airways partnership, any existing joint
corporate contracts will need to be revisited near-term as these airlines will not cooperate on corporate pricing after April,
2013. Buyers with joint Qantas-BA contracts should ensure they have contacts at both carriers and also start considering
options with existing program partners as well as new ones.
� Assess travel patterns. Travel buyers should review their organization’s fl ight patterns and assess the suitability of
new airline partnerships and/or individual carriers to cover air program needs. Their goal should be to align volume
with fewer partners and decrease overlap between networks, while retaining an element of competition on key routes
to keep pricing aggressive.
� Consider LCC use carefully. Low-cost carriers often increase competition and provide an additional option in key
markets. That said, buyers must ensure the addition of an LCC partnership does not erode volume for existing market
share agreements, or otherwise detract from their overall program. Buyers must take a holistic view of their program
before implementing changes. LCC fares may be attractive, but ancillary fees, additional booking costs, transportation costs
associated with fl ying into secondary airports and timing and frequency diff erences between legacy and LCC airlines add
up and may negate the value of any fare savings.
Copyright © 2012 CWT
LLC capacity share (%) of total seats: 2001-2012 within Asia Pacifi c
30%
25%
20%
15%
10%
5%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jan-Nov
2012
Source: CAPA - Centre for Aviation with data provided by OAG a UBM Aviation business

REGIONAL SPOTLIGHT: Europe, the Middle East, and Africa
Economic indicators off er mixed
signals for Eurozone in 2013
11
The economy has been the cause of some of the gloomiest
headlines in 2012, so how are things shaping up in the
Eurozone for 2013? Following is a look at economic key
indicators along with the perspective of CWT’s Andrew Waller
on the implications for business travel.
A few green shoots of possible recovery may have started
to appear in the United States and United Kingdom, but
the shadow of the Eurozone hangs over both economies. If
the Eurozone sneezes, then everyone who trades with this
economic bloc will catch a cold.
Things have been looking gloomier for the past few quarters.
Gross Domestic Product (GDP) in Europe fell by 0.4 percent in the second quarter of 2012 after remaining unchanged in the
previous quarter. The main confidence measures used by the European Commission’s Directorate General for Economic and
Financial Affairs have all steadily worsened over the past year too.
At the same time, these headline figures hide what is happening in individual economies: in the most recent quarter, Germany’s
GDP actually grew by 0.3%, the only one of the major Eurozone economies to do so. France was flat while GDP declined in
Italy and Spain by 0.8 and 0.4% respectively.
Unemployment is also a key concern. The proportion of people without jobs in the region was 11.4% in August 2012, the
highest since the Commission started recording the figure in 1995. However, variation is enormous. In Austria, the figure is just
4.5%, compared with 25.1% in Spain and 24.4% in Greece.
Bank lending remains a big issue in the euro area and the IMF predicts that demand for loans will fall and the conditions
demanded by European banks for credit will tighten further. Yet, the International Monetary Fund (IMF) has stated there is a
light at the end of the tunnel—probably.
The IMF forecasts that while GDP is projected to contract by about 0.75 percent in the second half of 2012, it will then improve.
“With diminishing fiscal withdrawal and domestic and euro-area-wide policies supporting a further improvement in financial
conditions later in 2013, real GDP is projected to stay flat in the first half of 2013 and expand by about 1 percent in the second
half,” the IMF stated in its most recent World Economic Outlook. While these figures are what the IMF considers the most likely
scenario, it is important to note the economy remains more uncertain than ever and there are considerable downside risks.
The IMF has looked at what would happen in the Eurozone if European countries were unwilling or unable to implement the
stronger policies to put their economies in shape. In this scenario, financial fragmentation would increase, the capitalization of
banks in the area would get worse, and there would be a capital flight from worried investors with U.S. markets their most likely
new home. In this scenario, output would fall by an additional 1.75 percent relative to the forecasts of the World Economic
Outlook within a year, with even greater declines in troubled nations such as Spain and Greece.

12
All indications we have are that business travel will remain fl at in Europe throughout 2013, supporting
the economic picture described in this issue’s EMEA story. Businesses are still traveling, but they are
continuing to exercise restraint and keep costs tightly under control. Growth is unlikely until there is
more clarity around solving the Euro crisis and confi dence returns—we see this process stretching
well into 2014.
We are constantly monitoring the situation in the Eurozone and we have, like many of our client
companies, modeled the various scenarios that could occur should changes and fragmentation
happen – something that seems less likely now than a year ago.
Despite the uncertainty, the cost of travel looks set to rise in the region, according to the recent 2013 Carlson Wagonlit
Travel Price Forecast EMEA air fares will increase by 2.5% as airlines have implemented tight capacity controls leading to
high load factors. High speed rail fares are going to jump signifi cantly, at up to 9% in premium cabins and a forecast 4.3%
overall for the region.
It might seem strange to be talking about price rises against a backdrop of uncertainty, but airlines in particular have become
very nimble in their ability to adjust their capacity as demand falls, so they are keeping their grip on yield. In 2013 airlines
are going to fi nd themselves under greater pressure though, particularly when fuel surcharges and ancillary fees now make
up such a proportion of the ticket price – airlines have got to expect corporate travel buyers to start to negotiate here as well
as on the price of the ticket itself. Unfortunately, there is no such room for negotiation with the rail operating companies.
Meanwhile, EMEA’s hotel and car rental rates are expected to rise by 1.3% and 1.2% respectively during 2013. Meetings &
Events spending will increase less than in other regions, with 1% increases expected in costs per attendee per day.
Against this backdrop of rising prices it is important to focus on building strong foundations and ensuring compliance at both
ends of the business travel spectrum – boosting traveler compliance at one end through communication, feedback and
even gamifi cation; and supplier compliance at the other end by auditing fare and rate loading, booking classes, and more.
And, aside from the fi nancial realities we are facing in 2013, there are exciting trends, such as mobility, that are continuing
to develop; I am pleased to say CWT is taking a leading position and gaining momentum in this area. This is important as
we remember business travel is—fi rst and foremost—about doing business. Accordingly, productivity and keeping travelers
connected on the road is a must along with managing an effi cient, eff ective travel management program that yields
maximum ROI for its stakeholders long-term, regardless of the economy in any given year.
Copyright © 2012 CWT
REGIONAL SPOTLIGHT: Europe, the Middle East, and Africa
The IMF says, “Ensuring market confidence in the viability of the European Monetary Union will require robust action on
multiple fronts. Sovereigns under stress must continue to adjust, and support for these countries and their banks needs to be
provided via the European Financial Stability Facility and the European Stability Mechanism to relieve funding pressures and
break the adverse feedback loops between sovereigns and banks.”
At the same time, there are some encouraging signs. The European Central Bank now allows the European Stability Mechanism
to buy bonds to help recapitalize the region’s banks. Professional services firm Ernst & Young says in its most recent outlook
that the Eurozone will “muddle through” in its current form and that the crisis will only be resolved gradually. The company
said, “We can see that it is not only up to policy-makers to achieve change in the Eurozone. Corporates that manage to adapt
to the situation will also find the opportunities to thrive and contribute to growth.” v
Andrew Waller
President
Europe Middle East
& Africa (EMEA) and
Global Partners Network
Eff ective business travel key in any economy

REGIONAL SPOTLIGHT: Americas – Latin America
Slowly but surely, OBT usage
changing managed travel for
LATAM region
Online booking was once unheard of for Latin
American (LATAM) corporate travelers, with both
technology and culture severely limiting its usage.
Now undeniably on the rise, online booking tool
(OBT) usage is expected to increase another 20%
in the region over the next three years. And, by the
end of 2013 alone, forecasts indicate growth from
31% to 40%—an increase that could be even higher
if additional air and hotel content are integrated more
quickly than anticipated today.
Over the last decade, as other regions adopted, tested
and enhanced local and global corporate travel online
booking tools, much of Latin America quietly looked
on. Yet, in recent years, businesses in the region and
around the world have tightened their belts while
allowing a more hands-on traveler experience in their corporate travel programs. Accordingly, more and more Latin American
travel management programs have jump-started their organization’s online booking tool usage. Today, the region—growing
faster than any other—is expected to fi nish 2012 at a 31% OBT usage rate for air travel bookings, compared to 23% for Europe,
Middle East and Africa; 26% for Asia Pacifi c; 55% for North America; and a global average of 40%. 1
Inevitable change
From a global perspective, global travel programs owners are, quite rightly, given much of the credit for deploying online
booking tools in Latin America. With Latin American travel programs averaging 5% or less of a global program’s total travel
spend historically, the region’s infrastructure and attitudes about traveler “self-service” made new technology and connectivity
investments a diffi cult proposition for global providers. Nonetheless, global travel managers saw both economic benefi ts and
effi ciency gains at stake and, in recent years, many put their travel programs on the line, leveraging their global spend to apply
pressure for global providers to invest in Latin America specifi cally.
Locally, the dominant, domestic carriers in key Latin American countries and markets pulled content from the Global Distribution
Systems (GDSs) in 2005, making access to content a major concern. Recognizing the domestic market as 90% of the market
in some cases, local OBTs recognized an opportunity to fi ll a signifi cant gap for buyers and developed the capability to directly
integrate local carrier content. This investment would prove invaluable long-term, as local OBTs today appeal to corporate buyers
and travelers alike, able to capture the nuances of local culture and process market-specifi c complexity while displaying the
majority of available fares. This became a win-win for the local OBTs and local carriers, as both became a viable option, attracting
buyers with additional savings and better service in some cases.
13
1 CWT 2012 global, anticipated transient travel OBT figures.

14REGIONAL REGIONAL SPOTLIGHT: SPOTLIGHT: Asia Pacifi Americas c – Latin America
Still, Latin America, with its industry-high ratio of travel arrangers to travelers, was uninterested in change despite the availability
of online booking options. Over time, with the explosive growth of Web-based applications, including once traditional inperson
banking services, travelers have become more comfortable with online travel planning. This culture shift, combined
with a younger workforce and the availability of numerous traveler tools, including online travel portals and profi les, messaging
products, and mobile apps, now gives LATAM travelers more control and more choice.
More challenge ahead
Despite the accelerated growth of OBTs in the region, Latin America remains challenged for further advancement as ongoing
issues with content fragmentation, culture, payment methods, and infrastructure remain an obstacle whether by country, by
supplier, or by program broadly. Within the region, these issues have created three very diff erent realities for online booking
usage: Brazil is at 50%; Chile, Costa Rica and Mexico are between 15 – 20%; and Argentina, Colombia and Peru are between
3 – 5%. A closer look helps to explain:
Pricing/revenue structures typically drive OBT usage; however, in many markets there is minimal price distinction between
online and offl ine bookings, as the costs of implementing and maintaining an online tool are similar to the cost of labor,
and the return on investment (ROI) is not compelling enough to justify the change. With many high-touch travelers
preferring to book with a travel counselor, usage can be particularly low.
In many countries, for example Chile, Venezuela and Ecuador, credit card regulations further hamper OBT usage, as travel
management companies (TMCs) must get manual authorization directly from the credit card administrator vs. using an
automated process, making even online bookings require travel counselor assistance. With an unassisted transaction rate
of 67% worldwide, CWT is one of many industry stakeholders working with both credit card companies and GDSs to
improve the form of payment automation issue on behalf of Latin American travel programs.
In a management-fee structure, a corporate travel buyer pays a fl at fee for agency support. Accordingly, online booking usage
may hold little interest for these organizations unless they appreciate OBT benefi ts beyond potential, long-term cost savings.
For some companies, online bookings are marginalized as a signifi cant portion of properties in their hotel program are not
currently available via the GDS, and therefore not available in their OBT. CWT is one TMC actively working to deploy new
technology to integrate non-GDS hotel content and enable greater online adoption and usage.
Some low-cost carriers in the region continue to withhold their content from GDSs, while a signifi cant portion of many
corporate travel hotel programs include properties not listed in a GDS and, therefore, unavailable in an OBT, making OBTs
less attractive.
Industry, company culture, and company size also aff ect OBT usage, as high-tech, top-down-managed and global, mature
travel programs in the region boast 80%+ usage compared to the regional average 32%.
Copyright © 2012 CWT
LATAM OBT Usage - monthly trend 2012
Online Usage
22%
20%
18%
16%
14%
12%
10%
Jan
Source: CWT Program Management Center
Feb Mar Apr May Jun Jul Aug Sept
200,000
100,000
0
Transactions

REGIONAL SPOTLIGHT: Americas – Latin America
The new normal
Traveler sentiment for online booking ranges from empowered to annoyed. Many road warriors enjoy a new level of control for
both advanced bookings and last-minute travel planning with fi ngertip, 24/7 access to OBTs and mobile apps to further improve
their traveler experience before and during travel. Others, often busy executives, preferred when a counselor or in-house travel
arranger simply “took care of it.” Meanwhile, occasional travelers are often not familiar enough or fast enough at booking their
own travel to fi nd it of value.
In all cases, though, travelers booking online are now better able to understand their airline’s role in pricing fares vs. a TMC’s
infl uence alone. And, based on company-specifi c travel policy, many travelers booking more than two cities or four segments
still call on a counselor for support, with certain criteria prompting pricing and routing validation of an itinerary prior to ticketing.
While other factors, including travel policy and job satisfaction may aff ect a traveler’s happiness, booking business travel online
is clearly becoming more accepted and appreciated in the region.
Today, 100% of CWT’s requests for proposals (RFPs) for Latin American travel management support require an online solution,
and most existing clients that do not have no OBT in place plan to implement one within the next six months. All clients are
looking for cost reduction, and while OBTs off er that, savvy buyers will take the time to understand the broader implications of
OBTs relative to their program’s dynamics to truly understand their opportunity. Consider:
Program Composition: Are most bookings complex or simple?
Governmental Regulations: What restrictions or laws govern a program, and how could they limit an OBT?
24/7 Support: How are travelers supported with an OBT? While total transaction costs decrease as OBT usage increases,
new services—such as a “full-service” support desk for travelers—may be necessary to support successful usage of a
24/7 tool. And with decreased phone volumes overall, how will a program manage in a crisis, particularly if greater phone
support is needed?
Technology/Connectivity Implications: What percent of a program’s airfares and hotel rates are available online? At
the same time an OBT is implemented, what other online tools and apps will be necessary to direct and support traveler
comprehension and compliance? Buyers should expect that some of the transaction savings may be off set by the new
products and services necessary to support online booking.
Organizational Impact: How will an OBT aff ect the business broadly? OBTs often require travel managers to work with
Information Technology (IT), Finance, Security, Communications and other departments as the technology and related
processes touch the organization broadly.
Requirements vs. Options: It’s diffi cult to make an apple-to-apple comparison of global and local tools or the trade-off s
between online and offl ine managed bookings. Program owners should start with their program’s “must-haves.” Consider:
Pre-approval functionality is not available in all markets on all tools. Global OBTs are not likely to have LCC content. Global
OBTs are more stable; local tools are more customizable. Global tools are more expensive but drive consistency; local tools
“match” local culture and communication. Also, while a global tool may cost more up front, year-over-year, end-to-end
results may show greater savings than expected.
Willingness to Change: What change can an organization endure to gain a successful OBT? Onsite travel counselor
support is often removed to encourage traveler adoption. And, the counselors retained off site will need to be the most
experienced counselors, with travelers eventually calling for complicated travel only.
Once a buyer has fully explored the requirements of their program, their next step is identifying the OBT that best meets those
requirements. From there, executive support and strong plans around implementation and communications are key. Buyers
should take advantage of best practices from their global colleagues and local peers. Savvy buyers will follow all of these steps,
well in advance of any launch date.
With continued improvements in content access, connectivity options, graphic user interfaces, usability, and security, many
generations of corporate buyers and their travelers, once concerned about paying any fee to “book their own travel,” will
become more and more at ease with online booking and perhaps, even appreciative of the option. v
15

16 REGIONAL SPOTLIGHT: Americas – North America
Business trends driving buyers
to revisit air strategy with
new success
Overarching pressure from a continued slow
economy continues to drive North American
corporate travel programs of all sizes and scope.
Yet, many organizations are reveling in new markets
and new revenue streams made possible by recent
reductions in regulatory barriers. As a result, many
travel management programs have changed,
literally overnight. Regardless of an organization’s
fi nancial position, buyers with changes in their travel
footprint, a focus on cost control, an understanding
of the complexities for air procurement, and a
willingness to put forth some eff ort, are enjoying
new savings, between 4 and 10%.
Reconsider the carrier mix
First, an organization should consider if and how its footprint has changed. What locations have been added or removed from
a program, and what are the related travel patterns that may have created new or diff erent opportunities vs. those that existed
a year or two—or even just months—ago?
Along with internal changes, an organization should also consider how various carriers’ footprints have changed. In a fastpaced
industry with frequent carrier consolidations, mergers and alliance shifts, routes changes, fare strategies and more, an
organization’s consolidation may be driven by carrier changes as much as their own. Once considered counter-intuitive, it is now
widely accepted that too many carriers in a program erodes market-share with other partners, and a company’s costs suff er as
a result. Sometimes program success hinges on removing air partners to strengthen the remaining relationship and the value
the company will yield overall. On the other hand, buyers should ask themselves: what carriers are not in the program currently
but should be?
Additionally, more and more organizations are combining spend with their affi liate companies—parent, sister, joint venture,
etc.—to take advantage of their collective, and greater, spend. The effi ciencies, cost savings, and process improvements evolving
from “already consolidated” programs via this strategy alone can be quite remarkable, as smaller companies may not have
enough air spend to qualify for a corporate discount, or the discount may not be optimal. The collective, increased volume of
affi liate organizations is often attractive enough for carriers to off er corresponding value in their contracts.
Copyright © 2012 CWT

REGIONAL SPOTLIGHT: Americas – North America
Finally, buyers must understand how a program is performing with the current carrier mix. Perhaps the current preferred
carrier’s service and support are less than ideal, creating problems for the program and for travelers. Before taking on a sourcing
engagement, explore whether a more targeted eff ort working with a carrier would suffi ce or not. Preferred or non-preferred,
companies that take a step back to look at their overall travel footprint may fi nd the carriers and relationships that best match
their footprint are not refl ected in their current contracts. And while having fewer carriers is not always the right answer, many
buyers appreciate the fact that carrier consolidation minimizes the challenges of maintaining numerous agreements, whether
local, regional or global.
Timing is key
Reviewing the carrier mix is indeed the foundation for change and additional
savings; however, the ideal timing for a sourcing engagement varies. Consider:
Buyer’s Bandwidth
Successful sourcing requires sound planning and analysis. Buyers must make
the time to fully understand in-depth the current program’s performance,
the goals of a sourcing engagement and what results will be deemed
worthwhile. How are current carriers performing? What are the goals of a
sourcing engagement and what are the key focus areas? What are the target
goals for savings and how are savings defi ned? What benefi ts do particular
carriers bring beyond savings? Do they off er soft dollars, are they easy to do
business with, how do they treat your travelers? Who are the stakeholders
and what are their needs? Who in the organization should be involved in
the sourcing process; legal, procurement, others? What is the buyer off ering
to make a new contract worthwhile for the carrier? Does the timeline allow for thoughtful carrier discussions about making the
partnership successful? What factors will aff ect the results? If the internal team is already stretched and there isn’t time to think these
and other relevant questions through, perhaps the sourcing engagement should wait.
Current Contract Cycles
CWT Solutions Group’s Air Solutions team recommends review and analysis on a regular basis to best prepare for expiring
agreements. Rather than waiting until current agreements are about to expire, plan in advance to avoid being forced into an
unrealistic timeline and uninformed decisions. The result of playing “beat the clock” may be a suboptimal program: either
because the carriers couldn’t respond in time, meetings couldn’t be scheduled, legal agreements couldn’t be reached, or
stakeholders needed more information before signing off . If necessary, request an extension for current deals so the sourcing
process can fully explore all options. Buyers should also be aware that if a contract does expire, a carrier can decide not to extend
a deal. Conversely, during a Request for Proposals (RFP) process, carriers understand buyers are reviewing their program and
looking at many carriers, giving the buyer their greatest leverage.
While buyers don’t want to fall behind in contract cycles, they also don’t want to be too far ahead. If a buyer has gone through a
sourcing process in the past year, it’s not likely another full-scale sourcing engagement will render a worthwhile return. Instead:
Tee up a program for consistent improvement by using multi-year contracts that secure best pricing but with annual
renewals to ensure pricing and service remains competitive with the ability to take advantage of changing market
conditions and changing program needs as well as the ability to factor in any changes in the airline’s service.
Maximize the quarterly review process, or the “continuous sourcing” concept, to make adjustments in the program based
on reporting, industry trends, new opportunities and more.
Airlines are adapting to increased sourcing pressure from buyers. Some carriers welcome the review of current contracts as
they too face cost pressures and ever-changing internal requirements. Others struggle to respond given increased demand vs.
current staffi ng levels. In any case, carriers can improve their position by at least off ering an initial response at or near the current
contract value when the client has earned it.
17
Recent increase in CWT Solutions Group
North America Air Solutions engagements

18 REGIONAL SPOTLIGHT: Americas – North America
Making the sourcing move
While sourcing is yielding great new savings for many clients today, success varies by client and by airline. Depending on the
volume of spend, where that volume is concentrated, and the class of service, the CWT Solutions Group’s Air Solutions clients
in North America have observed increased overall savings, between 4 and 10%, with specifi cs varying also by client and carrier.
These savings are based on 2- to 3-year contracts and may include a reduction in ancillary fees as well.
For those buyers who go ahead with a new sourcing engagement, they must be open to new, “what if,” share-shifting scenarios to
maximize program value. They should be prepared to take action by concentrating greater volume on fewer preferred carriers and
alliances; further segmenting spend to optimize top market pricing; integrating a best buy strategy without undermining negotiated
fares, negotiating regularly within multi-year contracts (vs. annual contracts), negotiating point of origin pricing, considering low-cost
carriers, tackling ancillary fees and surcharges, understanding booking class availability relative to discounts and feasibility; making
the most of tiered discounts, i.e., book downs vs. class-to-class discounts; auditing airfare loading, and more.
Sample Results in the percent of Net Eff ective
Saving Rate (NESR) vs. Each Round of Negotiations
Savings
Copyright © 2012 CWT
Baseline Round 1 Round 2 Round 3/Final
Client A
Client B
Evaluating carrier proposals is extremely complex. Not only
is it diffi cult to determine the value of one carrier, it is even
more challenging to compare “apples to apples” with other
carriers, despite a side-by-side RFP approach. Many buyers
work with a sourcing consultant to come to a more intelligent,
relevant decision on the optimal program and partnerships.
In fact, most buyers do not have the internal expertise to fully
evaluate alliance and joint venture value, overall structure
of booking classes and changes, associated reference fare
realignment and more. The CWT Solutions Group’s Air
Solutions team ensures comprehensive analysis, often using
a net eff ective savings rate, or NESR. Using this process,
buyers can rest easy as modeling software synthesizes the
information, which is then further interpreted by the team of
experts to off er an easily digested, side-by-side comparison
of the options. Equipped with that detailed comparison, the Air Solutions team then makes recommendations and off ers the
support required to implement the new air program accordingly.
Ultimately, to ensure sourcing engagement success, buyers must be realistic about what they off er any given carrier, what a
carrier off ers them, and understand that an RFP alone does not guarantee savings. Signifi cant savings can be lost if the approach
is not thorough and if all proposals are not fully negotiated. At the same time, carriers must make sure they have a good
understanding of your business and, at a minimum will put together a proposal that makes sense. And, through negotiations,
those carriers that demonstrate the desire and the fl exibility to understand and address an organization’s specifi c needs have
what it takes for a big win—for themselves and for the buyer. v
Governance: An ‘inside out’ look at maximizing savings
A close look at preferred suppliers, travel patterns, policies and practices is certainly important when reviewing a program
and sourcing for success. Less well understood but also critically important to achieving an organization’s air program goals
is the internal structure, or governance, of the team managing it. Consolidating air procurement processes goes hand-inhand
with how the travel team is structured and operates, how they relate to each other and the broader organization.
Aligning the travel team makes a diff erence in securing contracted air savings and in actually achieving them. To learn
more, see: CWT Solutions Group Emerging Solutions.

160
150
140
130
120
110
100
90
80
70 0
INDICATORS
As the price of fuel has fluctuated, sometimes drastically, over the past 18 months or so, many airlines have expanded
the practice of assessing fuel surcharges in addition to the base fare for certain airline tickets. This Indicator chart is
intended to provide travel buyers clarity around the current state of average fuel prices and airline fuel surcharges,
and illustrate the ongoing evolution in the relationship between the two.
RELATIONSHIP BETWEEN OIL PRICES AND AIRLINE FUEL SURCHARGES
108 104 113 108 103 113 105
2011 Q3
2011 Q4
NOTE: The monetary reference in this chart denotes Euros.
2012 Q1
Source – fuel surcharges: Amadeus global distribution system
Source – fuel price information: U.S. Energy Information Administration
Starting with Q1 2012 data, this chart encompasses all classes of service for 19 legacy carriers with headquarters in every region of the world.
Previous quarters represent data for 12 international carriers.
Domestic = travel within any given country
Continental = travel originating in any given region to international destinations within that same region
Intercontinental = travel originating in any given region to destinations outside of that region
Values have been recalculated using fl at exchange rates to eliminate artifi cial price variations
Copyright © 2012 CWT
2012 Q2
2012 Q3
Fuel Index
Domestic
Intercontinental
Continental
Total All Airlines
19

20 INDICATORS
Europe, Middle East & Africa - Percentages indicate the variation of Q3 ’12 vs. Q3 ‘11
US$
1800
1600
1400
1200
1000
800
600
400
US$
1800
0
1600
1400
1200
1000
800
600
400
2011 Q3
2011 Q3
AVERAGE TICKET PRICE
2011 Q4
ECONOMY
2012 Q1
2012 Q2
2012 Q3
BUSINESS
Domestic Continental Intercontinental Continental Intercontinental
ECONOMY
+1%
-3%
3%
Source: CWT client data, worldwide on top 20 round-trip routes
Domestic = travel within any given country
Continental = travel originating in any given region to international destinations within that same region
Intercontinental = travel originating in any given region to destinations outside of that region
Top 20 round-trip routes: 20 most frequently purchased round-trip routes per category (domestic, continental, intercontinental) & per region, based on 2010 and 2011 CWT ticket sales
Values have been recalculated using fl at exchange rates, versus previous editions of this publication, to eliminate artifi cial price variations.
Copyright © 2012 CWT
US$
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
500
2011 Q3
North America - Percentages indicate the variation of Q3 ’12 vs. Q3 ‘11
2011 Q4
2012 Q1
2012 Q2
2012 Q3
-4%
+8%
+1%
2011 Q4
2012 Q1
BUSINESS
2012 Q2
Domestic Continental Intercontinental Continental Intercontinental
US$
7000
6500
6000
5500
5000
4500
4000
3500
3000
2500
2000
2011 Q3
2011 Q4
2012 Q1
2012 Q2
2012 Q3
2012 Q3
-3%
+7%
+2%
+5%

INDICATORS
Asia Pacifi c - Percentages indicate the variation of Q3 ’12 vs. Q3 ‘11
US$
1400
1200
1000
800
600
400
200
US$
1600
1400
1200
1000
800
600
400
200
0
2011 Q3
2011 Q3
AVERAGE TICKET PRICE
2011 Q4
ECONOMY
2012 Q1
2012 Q2
2012 Q3
BUSINESS
Domestic Continental Intercontinental Continental Intercontinental
ECONOMY
+17%
-3%
+3%
Source: CWT client data, worldwide on top 20 round-trip routes
Domestic = travel within any given country
Continental = travel originating in any given region to international destinations within that same region
Intercontinental = travel originating in any given region to destinations outside of that region
Top 20 round-trip routes: 20 most frequently purchased round-trip routes per category (domestic, continental, intercontinental) & per region, based on 2010 and 2011 CWT ticket sales
Values have been recalculated using fl at exchange rates, versus previous editions of this publication, to eliminate artifi cial price variations.
Copyright © 2012 CWT
US$
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
0
2011 Q3
Latin America - Percentages indicate the variation of Q3 ’12 vs. Q3 ‘11
2011 Q4
2012 Q1
2012 Q2
2012 Q3
-2%
+19%
+4%
2011 Q4
2012 Q1
BUSINESS
2012 Q2
Domestic Continental Intercontinental Continental Intercontinental
US$
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
0
2011 Q3
2011 Q4
2012 Q1
2012 Q2
2012 Q3
2012 Q3
21
-2%
+5%
-1%
+7%

22 INDICATORS
%
50
45
40
35
30
25
20
15
10
5
0
Copyright © 2012 CWT
BUSINESS & FIRST CLASS USAGE
Europe, Middle East & Africa
%
50
45
40
35
30
25
20
15
10
5
0
2011 Q3
2011 Q3
2011 Q4
Continental Intercontinental
2011 Q4
2012 Q1
2012 Q1
2012 Q2
2012 Q2
Continental Intercontinental
2012 Q3
2012 Q3
%
50
45
40
35
30
25
20
15
10
5
0
%
50
Source: CWT client data, worldwide
Continental = travel originating in any given region to international destinations within that same region
Intercontinental = travel originating in any given region to destinations outside of that region
North America
45
40
35
30
25
20
15
10
5
0
2011 Q3
Asia Pacifi c Latin America
2011 Q3
2011 Q4
2012 Q1
2012 Q2
Continental Intercontinental
2011 Q4
2012 Q1
2012 Q2
Continental Intercontinental
2012 Q3
2012 Q3

%
80
70
60
50
40
30
20
10
INDICATORS
0
%
80
70
60
50
40
30
20
10
0
2011 Q3
2011 Q3
AIR BOOKINGS MADE 14+ DAYS IN ADVANCE
Europe, Middle East & Africa North America
2011 Q4
2012 Q1
2012 Q2
2012 Q3
Domestic Continental Intercontinental
Domestic Continental Intercontinental
%
80
Source: CWT client data, worldwide
Continental = travel originating in any given region to international destinations within that same region
Intercontinental = travel originating in any given region to destinations outside of that region
Copyright © 2012 CWT
70
60
50
40
30
20
10
0
%
80
70
60
50
40
30
20
10
0
2011 Q3
Asia Pacifi c Latin America
2011 Q4
2012 Q1
2012 Q2
2012 Q3
2011 Q3
2011 Q4
2012 Q1
2012 Q2
2012 Q3
Domestic Continental Intercontinental
2011 Q4
2012 Q1
2012 Q2
2012 Q3
Domestic Continental Intercontinental
23