Travel Report Volume 19, Number 4 January 2011

Travel Report Volume 19, Number 4 January 2011 IN THIS ISSUE: Ticket Profile... 2 Average Airfares... 2 Cost per Segment... 6 Cost per Mile... 8 Negotiated Airfares... 9 Market Fare Analysis... 12 Domestic City Pairs... 13 International City Pairs... 17 Summary of Audit Results... 19 Topaz Travel Report 4th Quarter, October December, 2010

Average Airfares Ticket Profile Percent of Segments Domestic International Ticket Profile Percent of Segments 2010 Domestic International *See fare basis definitions on page 12. Domestic Airfares The average cost per domestic PNR decreased from $534 in the 3rd quarter of 2010 to $467 in the 4th quarter of 2010. The average cost per domestic PNR for 2010 was $508, up from $480 in 2009. International Airfares The average cost per international PNR for the 4th quarter of 2010 was $1,846, up from $1,718 in the 3rd quarter of 2010. The average cost per international PNR for 2010 was $1,952, up from $1,865 in 2009. 2 Topaz Travel Report 4th Quarter, October December, 2010

Average Airfares Average Domestic PNR Price 2008 2009 2010 Average Domestic PNR Price 2008, 2009, 2010 Jan $468 $466 $446 Feb $487 $429 $530 Mar $521 $437 $498 Apr $530 $428 $531 May $566 $511 $538 Jun $633 $488 $578 Jul $578 $575 $570 Dollars 700 650 600 550 500 450 400 350 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Aug $531 $464 $431 2008 2009 2010 Sep $485 $436 $562 Oct $505 $452 $455 Nov $526 $486 $475 Dec $428 $470 $498 Average International PNR Price 2008 2009 2010 Jan $2,117 $4,841 $2,463 Feb $1,859 $2,189 $1,678 Average International PNR Price 2008, 2009, 2010 Mar $1,978 $1,415 $1,894 Apr $2,586 $ 939 $2,438 Dollars 4800 4000 3200 2400 1600 800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec May $2,002 $2,088 $3,060 Jun $2,081 $2,333 $1,896 Jul $2,235 $1,379 $1,545 Aug $2,490 $1,610 $1,247 Sep $2,176 $1,739 $1,998 Oct $1,988 $1,465 $2,102 2008 2009 2010 Nov $2,917 $2,440 $1,691 Dec $2,711 $2,604 $1,533 3 Topaz Travel Report 4th Quarter, October December, 2010

Average Airfares Percent of Change Comparison Percent of Change Comparison Average Cost Per Domestic PNR % Change Average Cost Per International PNR % Change 2006 to 2007 $470 $470 0.0% 2007 to 2008 $470 $522 11.1% 2008 to 2009 $522 $480 8.1% 2009 to 2010 $480 $508 5.8% 3Q10 to 4Q10 $534 $467 12.5% 4Q09 to 4Q10 $473 $467 1.3% 2006 to 2007 $1,666 $2,112 26.8% 2007 to 2008 $2,112 $2,174 2.9% 2008 to 2009 $2,174 $1,865 14.2% 2009 to 2010 $1,865 $1,952 4.7% 3Q10 to 4Q10 $1,718 $1,846 7.5% 4Q09 to 4Q10 $2,040 $1,846 9.5% 4 Topaz Travel Report 4th Quarter, October December, 2010

Average Airfares Average Cost per PNR by Corporate Air Volume Domestic International Average Cost per PNR by Corporate Air Volume 2010 Domestic International 5 Topaz Travel Report 4th Quarter, October December, 2010

Cost per Segment Cost per Segment by Fare Basis Domestic $1,200 $1,000 $800 $600 $400 $200 $0 1138 714 734 815 430 189 191 208 247 251 NR PRO YD GOV NEG D FEG BEG FD C Fare Basis * Cost per Segment by Fare Basis International $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 255 333 366 370 408 442 488 516 739 810 2,063 2,340 2,802 3,607 NR Y AP NEG PP D GOV YD PRO F C BEG FD FEG Fare Basis* *See fare basis definitions on page 12. 6 Topaz Travel Report 4th Quarter, October December, 2010

Cost per Segment Average Cost per Domestic Segment by Airport SEA $ 185 DFW $ 271 SFO $ 266 CVG $ 291 LAX $ 222 LGA $ 201 DEN $ 188 ATL $ 220 ORD $ 232 BOS $ 207 Average Cost per International Segment by Airport SEA $ 741 MIA $ 808 SFO $1,778 LHR $ 949 LAX $1,457 CDG $ 860 ORD $1,371 HKG $1,473 DFW $1,363 MEX $ 344 JFK $2,274 SYD $ 659 ATL $1,382 NRT $2,666 Average Cost per Domestic Segment by Airport 2010 SEA $ 241 DFW $ 290 SFO $ 289 CVG $ 283 LAX $ 273 LGA $ 223 DEN $ 205 ATL $ 232 ORD $ 231 BOS $ 259 Average Cost per International Segment by Airport 2010 SEA $1,271 MIA $ 894 SFO $1,741 LHR $1,088 LAX $1,765 CDG $ 904 ORD $1,425 HKG $1,686 DFW $1,504 MEX $ 399 JFK $1,952 SYD $ 649 ATL $1,616 NRT $2,428 7 Topaz Travel Report 4th Quarter, October December, 2010

Cost per Mile Cost per Mile by Fare Basis Domestic $0.80 $0.60 $0.40 $0.20 $0.00 0.71 0.47 0.48 0.50 0.60 0.41 0.14 0.18 0.19 0.25 GOV PRO NR NEG YD D BEG FEG FD C Fare Basis * Cost per Mile by Fare Basis International $1.00 $0.80 $0.60 $0.40 $0.20 0.10 0.15 0.16 0.19 0.30 0.34 0.36 0.42 0.47 0.54 0.54 0.78 0.84 0.93 $0.00 GOV PP NR NEG D Y PRO YD BEG C AP F FEG FD Fare Basis* *See fare basis definitions on page 12. 8 Topaz Travel Report 4th Quarter, October December, 2010

Negotiated Airfares Average Percent of Domestic Negotiated Discount by Corporate Air Volume Average Percent of International Negotiated Discount by Corporate Air Volume 28.7% 27.6% 10% 8% 6% 4% 2% 0% 7.0% 5.5% 5.7% 4.8% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions 30% 25% 20% 15% 10% 5% 0% 23.3% 21.6% 17.3% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions Average Percent of Domestic Negotiated Discount by Corporate Air Volume 2010 Average Percent of International Negotiated Discount by Corporate Air Volume 2010 10% 8% 6% 4% 2% 0% 11.4% 9.1% 6.4% 5.0% 4.9% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions 30% 25% 20% 15% 10% 5% 0% 30.9% 28.4% 29.0% 25.2% 17.3% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions Negotiated Airfares The information on the Corporate Negotiated airfares is derived from the Topaz Database and represents actual corporate discount levels with various carriers and corporations. 9 Topaz Travel Report 4th Quarter, October December, 2010

Negotiated Airfares Domestic Negotiated Airfares by Corporate Air Volume International Negotiated Airfares by Corporate Air Volume Percent of Segments Booked 80% 60% 40% 20% 50.5% 61.4% 50.5% 70.3% Percent of Segments Booked 60% 40% 20% 38.3% 54.3% 37.7% 10.3% 43.4% 0% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions 0% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions Domestic Negotiated Airfares by Corporate Air Volume 2010 International Negotiated Airfares by Corporate Air Volume 2010 Percent of Segments Booked 80% 60% 40% 20% 53.4% 63.5% 74.6% 66.7% 60.9% Percent of Segments Booked 60% 40% 20% 35.7% 52.9% 40.2% 21.3% 45.7% 0% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions 0% 0-14.9 15-29.9 30-49.9 50-99.9 100+ Corporate Air Volume in Millions Fare Basis with Domestic Negotiated Discounts Fare Basis with International Negotiated Discounts YD 2.0% D 10.8% YD 7.8% Y 1.2% PP 18.1% AP 0.2% D 17.6% NR 87.2% NR 55.1% 10 Topaz Travel Report 4th Quarter, October December, 2010

From the President Following are the current links to our most recent announcements. Topaz Press Releases: http://www.etopaz.com/news.html Brad s Blog: http://bradseitz.typepad.com/ Jill s Blog: http://jillwalsh.blogspot.com/ Twitter: http://twitter.com/bseitz63 http://twitter.com/walsh25 Case Studies: http://www.etopaz.com/case-studies.html LinkedIn: http://www.linkedin.com/in/bradtopaz http://www.linkedin.com/in/jillwalsh Join the Topaz International Group on LinkedIn for discussions and news! 11 Topaz Travel Report 4th Quarter, October December, 2010

Market Fare Analysis Topaz Market Fare Analysis Each quarter, Topaz selects the most frequently booked city pairs from its proprietary database to appear in the Market Fare Analysis. The average cost per segment and cost per mile is provided for the city pair, broken out by fare basis. The segment data included here is one of the very few easily accessible reference documents that can help the user understand how other business travel is priced. Cost per Segment The most popular use of cost per segment is to analyze the company s expenditures compared to the Topaz averages which can be broken down by fare basis. Companies often change policy to reflect significant cost reduction based on analyzing the averages by fare type. For instance, the nonrefundable airfare is typically the lowest type of airfare a business traveler can use. A change in policy could result in cost savings if travelers booked a nonrefundable instead of discount coach airfare. Having the ability to quantify the impact of a policy changes can encourage policy mandates as well. Definitions: PNR: Passenger Name Record may include multiple tickets Segment: The origin/destination cities at which a fare is broken AP: BEG: Advance purchase, no penalties (KNAP3, QAP7, MA3) Negotiated business class C: Business class (C, COX, C25, CTCON, C06, C26, CF8UA, CR, J, JR, JOX) CON: Negotiated fare to/from a city, zone or system wide D: Unrestricted capacity controlled discount (BTW, K25, M25, B8US, BEE, B26MDW, BN, BUABIZ1, MR, Q, QJFK, B, H, H8) F: First class (F, A, P) FD: FEG: Discounted first class (A25, A4COACH, F4COACH, FFY, FSHUTTLE, FUABIZ1, F8, F25, F26, F06, FUA, FN, G) Negotiated first class Cost per Mile The cost per mile component is useful when a company or agency wants to reduce cost to a common denominator. Most often, cost per mile is used in airline negotiations, since cost per mile is a common unit of measurement in the airline industry. Knowing cost per mile sets the stage for effective airfare negotiations. Some companies look at cost per mile as a measurement tool for benchmarking purchasing performance. GOV: MTG: NEG: NR: PP: PRO: Government Negotiated fare for an individual meeting to a specific city Negotiated (includes CON and MTG fares) Non-refundable (HE7N, QE7NR, QSE14NQ, HE14NR, VE14NR, KNR, BE7IP, K14X236N) Advance purchase, partial penalty (HE14P25, HE7P50, MWE7P50) Promotional (VE1ADN, VE1CMN) Y: Full coach YD: Discounted coach (Y06, YSHUTTLE, YH, YX, YW, YEE, YN, YL, Y6, Y26, Y8, YUA, Y25) 12 Topaz Travel Report 4th Quarter, October December, 2010

TOPAZ TOP 50 DOMESTIC CITY CITY ATL BOS CON 208.69 0.22 NR 154.82 0.16 188.79 0.20 ATL LGA CON 174.40 0.23 FEG 348.14 0.46 NR 164.70 0.22 PRO 179.70 0.24 YD 319.20 0.42 182.84 0.24 AUS SJC CON 291.58 0.20 FEG 264.35 0.18 NR 198.41 0.13 YD 424.70 0.29 214.32 0.15 BNA RIC CON 281.44 0.53 NR 177.82 0.33 241.65 0.45 BOS DCA CON 212.95 0.53 D 759.70 1.90 FEG 582.33 1.46 NR 110.96 0.28 PRO 103.36 0.26 155.57 0.39 BOS DEN C 1,501.70 0.85 CON 212.07 0.12 D 1,531.70 0.87 NR 217.32 0.12 PRO 229.70 0.13 245.57 0.14 BOS DFW CON 312.16 0.20 NR 177.66 0.11 299.94 0.19 BOS EWR C 512.56 2.55 CON 348.81 1.74 D 416.60 2.07 NR 234.58 1.17 353.33 1.76 BOS IAD C 649.00 1.57 CON 109.05 0.26 D 699.00 1.69 NR 104.62 0.25 117.27 0.28 CITY BOS IAH C 641.00 0.40 CON 281.37 0.18 D 618.34 0.39 NR 149.35 0.09 339.52 0.21 BOS LAX CON 184.55 0.07 D 667.70 0.26 NR 244.79 0.09 YD 579.68 0.22 233.64 0.09 BOS LGA CON 161.22 0.87 D 300.70 1.63 FD 321.70 1.74 FEG 296.82 1.60 NR 163.46 0.88 163.12 0.88 BOS ORD CON 169.56 0.20 D 319.69 0.37 FEG 775.72 0.89 NR 137.42 0.16 PRO 99.70 0.11 180.60 0.21 BOS PHL CON 113.39 0.40 D 144.13 0.51 FD 261.70 0.93 FEG 625.90 2.23 NR 110.45 0.39 YD 166.22 0.59 131.51 0.47 BOS PHX CON 166.37 0.07 FEG 1,338.70 0.58 NR 186.18 0.08 PRO 220.03 0.10 207.66 0.09 BOS RDU CON 166.28 0.27 D 209.40 0.34 NR 158.17 0.26 YD 413.70 0.68 165.50 0.27 BOS SAN CON 236.61 0.09 D 426.37 0.16 FD 1,420.40 0.55 NR 211.16 0.08 Topaz Travel Report - 4th Quarter, October - December, 2010 13

TOPAZ TOP 50 DOMESTIC CITY CITY 257.80 0.10 BOS SFO C 1,015.37 0.38 CON 267.80 0.10 D 836.45 0.31 FD 1,368.37 0.51 FEG 1,175.10 0.43 GOV 284.30 0.11 NR 219.73 0.08 PP 283.70 0.10 PRO 260.44 0.10 YD 283.70 0.10 273.39 0.10 BTR IAH BEG 306.25 1.21 CON 310.82 1.23 D 457.95 1.81 313.48 1.24 DCA IAH CON 399.32 0.33 D 785.95 0.65 FEG 654.95 0.54 414.73 0.34 DCA LGA CON 183.37 0.85 D 300.59 1.40 FD 489.70 2.28 FEG 190.21 0.88 NR 237.72 1.11 191.21 0.89 DCA ORD CON 189.94 0.31 D 244.70 0.40 FEG 903.55 1.48 NR 178.89 0.29 216.21 0.35 DEN IAH CON 144.19 0.17 NR 121.78 0.14 141.79 0.16 DFW EWR BEG 1,057.55 0.77 C 1,075.70 0.78 CON 417.49 0.30 D 975.70 0.71 FEG 685.50 0.50 NR 432.12 0.31 446.33 0.33 DFW IAH CON 127.90 0.57 CITY D 179.20 0.80 FD 278.95 1.25 NR 133.40 0.60 133.52 0.60 DFW LGA CON 370.76 0.27 D 993.70 0.72 FEG 919.35 0.66 NR 264.86 0.19 380.73 0.27 DFW ORD CON 259.76 0.32 FEG 655.59 0.82 NR 170.84 0.21 247.43 0.31 DFW SJC CON 339.75 0.24 NR 225.78 0.16 329.84 0.23 EWR IAH BEG 3,031.90 2.17 C 702.70 0.50 CON 455.29 0.33 D 718.20 0.51 FEG 587.50 0.42 558.52 0.40 EWR MSP CON 394.36 0.39 NR 587.20 0.58 403.44 0.40 EWR ORD BEG 734.58 1.02 CON 362.20 0.50 D 727.70 1.01 FEG 854.48 1.19 NR 358.04 0.50 374.45 0.52 EWR PHX CON 332.56 0.16 D 317.35 0.15 FD 601.37 0.28 FEG 598.75 0.28 NR 334.00 0.16 345.28 0.16 EWR SFO C 1,254.70 0.49 CON 356.03 0.14 D 761.95 0.30 GOV 268.70 0.10 NR 342.84 0.13 14 Topaz Travel Report - 4th Quarter, October - December, 2010

TOPAZ TOP 50 DOMESTIC CITY CITY 406.79 0.16 IAD SFO BEG 1,132.27 0.47 C 1,545.00 0.64 CON 313.72 0.13 FEG 1,388.58 0.57 GOV 261.16 0.11 NR 267.06 0.11 332.22 0.14 IAH MSY CON 121.83 0.40 D 132.00 0.43 NR 97.70 0.32 121.67 0.40 IAH ORD C 466.87 0.50 CON 260.12 0.28 D 415.98 0.45 FEG 451.99 0.49 NR 312.77 0.34 278.79 0.30 JFK SFO BEG 1,611.04 0.62 C 2,259.70 0.87 CON 260.82 0.10 D 476.70 0.18 FEG 2,375.26 0.92 GOV 275.25 0.11 NR 225.45 0.09 311.12 0.12 LAX PHX CON 113.84 0.31 D 103.70 0.28 NR 129.16 0.35 YD 155.17 0.42 129.59 0.35 LAX SFO CON 104.71 0.31 D 141.41 0.42 GOV 117.70 0.35 NR 108.87 0.32 YD 157.70 0.47 113.01 0.34 LAX SJC CON 130.12 0.42 NR 113.17 0.37 YD 158.62 0.52 131.98 0.43 LGA ORD CON 184.23 0.25 CITY D 241.81 0.33 NR 146.78 0.20 PRO 79.70 0.11 172.70 0.24 LGA RIC CON 201.95 0.69 NR 154.09 0.53 168.79 0.58 MSP ORD CON 132.75 0.40 D 176.70 0.53 NR 134.17 0.40 133.40 0.40 ORD RIC CON 307.39 0.49 D 634.70 1.00 FEG 849.21 1.34 NR 266.12 0.42 315.55 0.50 ORD SFO CON 283.70 0.15 D 400.70 0.22 FEG 989.06 0.54 GOV 220.69 0.12 NR 248.65 0.13 274.09 0.15 RDU SFO CON 224.94 0.09 NR 219.14 0.09 223.07 0.09 RDU SJC CON 273.67 0.12 D 470.40 0.20 NR 280.59 0.12 PRO 225.58 0.09 YD 316.98 0.13 277.65 0.12 SAN SJC NR 123.06 0.30 PRO 84.20 0.20 YD 176.10 0.42 144.94 0.35 SEA SJC CON 227.19 0.33 NR 145.00 0.21 YD 223.33 0.32 167.00 0.24 SJC SNA NR 120.92 0.35 PRO 80.70 0.24 YD 158.18 0.46 Topaz Travel Report - 4th Quarter, October - December, 2010 15

CITY TOPAZ TOP 50 DOMESTIC CITY 133.27 0.39 16 Topaz Travel Report - 4th Quarter, October - December, 2010

TOPAZ TOP 15 INTERNATIONAL CITY CITY BOG MEX CON 325.42 0.17 D 408.75 0.21 NR 230.95 0.12 PP 285.35 0.15 PRO 337.33 0.17 305.65 0.16 CUU PHX CON 271.14 0.56 D 417.91 0.87 NR 309.26 0.64 PP 398.12 0.83 Y 540.56 1.12 318.86 0.66 DUS MUC CON 147.62 0.47 NR 74.38 0.24 131.58 0.42 EDI LHR BEG 227.68 0.69 C 322.02 0.98 CON 210.33 0.64 D 151.00 0.46 NR 101.72 0.31 YD 328.00 0.99 162.80 0.49 EWR NRT BEG 4,175.41 0.62 C 3,844.34 0.57 CON 972.40 0.14 4,116.07 0.61 EZE SCL BEG 555.50 0.78 C 533.00 0.75 CON 316.60 0.45 D 304.61 0.43 NR 163.40 0.23 PP 210.97 0.30 YD 399.31 0.56 299.05 0.42 HAM MUC C 502.00 1.30 CON 136.78 0.35 NR 102.21 0.26 128.29 0.33 HKG SFO BEG 2,160.87 0.31 C 3,037.54 0.44 CON 906.89 0.13 D 646.90 0.09 NR 694.37 0.10 CITY PP 708.06 0.10 YD 723.00 0.10 2,023.21 0.29 IAH LHR BEG 2,137.35 0.44 C 2,314.83 0.48 CON 956.62 0.20 FD 4,202.40 0.87 FEG 4,078.78 0.84 NR 543.96 0.11 2,123.03 0.44 JFK LHR BEG 2,410.75 0.70 C 3,270.28 0.95 CON 1,068.45 0.31 D 1,283.67 0.37 FD 8,798.20 2.54 FEG 5,423.80 1.57 NR 457.36 0.13 PP 740.54 0.21 PRO 891.53 0.26 YD 983.05 0.28 1,885.15 0.55 LHR SFO BEG 2,315.91 0.43 C 2,730.89 0.51 CON 667.41 0.12 D 1,282.75 0.24 FEG 2,801.50 0.52 GOV 591.20 0.11 NR 383.72 0.07 PP 689.47 0.13 PRO 2,160.70 0.40 YD 1,302.72 0.24 1,851.83 0.35 MEL SYD C 577.83 1.32 CON 214.34 0.49 D 280.00 0.64 NR 149.42 0.34 PP 202.33 0.46 PRO 106.67 0.24 177.19 0.40 MEX MTY AP 232.00 0.52 C 177.20 0.40 CON 119.89 0.27 D 135.25 0.31 Topaz Travel Report - 4th Quarter, October - December, 2010 17

CITY TOPAZ TOP 15 INTERNATIONAL CITY NR 138.24 0.31 PP 179.54 0.41 PRO 165.00 0.37 143.04 0.32 ORY TLS BEG 272.77 0.77 C 354.80 1.00 CON 260.81 0.73 D 226.42 0.64 NR 193.58 0.55 PP 212.00 0.60 Y 315.57 0.89 245.20 0.69 PVG SFO BEG 2,564.72 0.42 C 5,872.82 0.95 CON 1,001.25 0.16 NR 807.50 0.13 PP 936.91 0.15 2,270.66 0.37 18 Topaz Travel Report - 4th Quarter, October - December, 2010

Summary of Audit Results Year Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 2008 2009 2010 2010 2010 2010 2010 Average Price per PNR:* Domestic $ 521 $ 480 $ 489 $ 544 $ 534 $ 467 $ 508 International (Global) $ 2,174 $ 1,865 $ 1,884 $ 2,373 $ 1,718 $ 1,846 $ 1,952 International (US/CAD only) $ 3,441 $ 3,015 $ 2,477 $ 2,984 $ 2,209 $ 2,730 $ 2,614 Average Negotiated Discount Domestic 8.28% 5.37% 7.77% 9.05% 7.54% 6.18% 7.94% Average Cost per Segment: ** Domestic $ 266 $ 245 $ 246 $ 276 $ 271 $ 237 $ 257 International (Global) $ 975 $ 855 $ 864 $ 1,135 $ 806 $ 838 $ 909 International (US/CAD only) $ 1,615 $ 1,385 $ 1,157 $ 1,459 $ 1,081 $ 1,264 $ 1,253 Average Cost per Mile: Domestic $ 0.30 $ 0.26 $ 0.27 $ 0.31 $ 0.31 $ 0.24 $ 0.28 International (Global) $ 0.38 $ 0.33 $ 0.25 $ 0.36 $ 0.35 $ 0.33 $ 0.33 International (US/CAD only) $ 0.39 $ 0.35 $ 0.27 $ 0.39 $ 0.44 $ 0.34 $ 0.35 Average Cost per Error: Domestic $ 113 $ 201 $ 151 $ 156 $ 227 $ 203 $ 177 International $ 322 $ 256 $ 195 $ 212 $ 260 $ 175 $ 204 Overall $ 194 $ 220 $ 167 $ 194 $ 252 $ 184 $ 193 *PNR: Passenger Name Record may include multiple tickets **Segment: The origin/destination cities at which the fare is broken Topaz Publications The Topaz Travel Report includes four quarterly issues. The Monthly Airfare Index consist of twelve monthly reports. Subscribers include financial, administrative and purchasing executives responsible for managing the expense of air travel, travel agencies serving the business traveler, airlines and travel accounts. Subscription Information: 1 year of quarterly Topaz Travel Report $300.00 1 year of Monthly Airfare Index $150.00 Copyright 2010 Topaz International Ltd. No part of this publication may be reproduced in any form without permission from the publisher. Bradley Seitz, Publisher Michele Simon, Editor Please advise of address changes. Back issues of the Topaz Travel Report are available to current subscribers for $62.50 each. Previous issues of the Monthly Airfare Index are available for $10.00 each. To order, send or Fax request to: Topaz Publications Topaz International Ltd. PO Box 3185 Tualatin, OR 97062 P: 503-651-4300 F: 503-612-9960 19 Topaz Travel Report 4th Quarter, October December, 2010