1 travel distribution services samuel l katz chairman and chief executive officer division financial november 18 2003 i 2 forward looking statements about future results made in the presentation constitute within meaning of private securities litigation reform act 1995 such include projections were not prepared accordance with public guidelines american institute certified accountants regarding forecasts nor have been audited examined or otherwise reviewed by independent auditors cendant all information concerning 2005 2004 full year contained herein these are based on current expectations economic environment inherently subject to significant competitive other uncertainties contingencies including but limited negative impact war terrorism many which beyond control management company cautions that guarantees performance actual may differ materially from those expressed implied
