China Internet Travel Overview

Slide 1: China Travel Overview WILLIAM BAO BEAN SOFTBANK CHINA & INDIA HOLDINGS AUGUST 2007

Slide 2: China travel market and consolidator bookings China spending on domestic tourism (US$bn) China consolidator bookings as a % of total domestic tourism 140 4.0% 120 3.5% 3.0% 100 SARS 2.5% 80 2.0% 60 1.5% 40 1.0% 20 0.5% 0 0.0% 2001 2002 2003 2004 2005 2006 2007F 2008F Source: CEIC, SBCI, Ctrip, eLong 2

Slide 3: Consolidator quarterly hotel commissions Ctrip eLong Other US$m 120 100 Ctrip driving growth Other consolidators gaining traction 80 60 40 20 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q F 1Q F 2Q F 3Q F 4Q F 03 05 08 08 03 03 03 04 04 04 04 05 05 05 06 06 06 06 07 07 07 07 08 08 F Source: SBCI, Company reports 3

Slide 4: Consolidator hotel room night market share eLong % market share C-trip % market share Others % market share 70% Ctrip 60% 59% 60%60% 56% 57% 57% 57% 57% 54% 50% 51% 51% 53% 54% 48% 49% 49% 51% 51% 52% 45% 42% 43% 40% 39% 36% 36% eLong 34% 31% 30% 30% 30% 27% 28% 28% 28% 27% 26% 26% 24% 25% 24% 26% 26% 24% 24% 23% 22% 23%23% 19% 21% 21% 20% 21% 25% 20% 23% 23% 16% 22% 14% 20% 17% 15% 16% 16% 15% 15% 15% 10% Others 0% 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 4

Slide 5: Consolidator hotel room night market share eLong Ctrip Others 80% 70% 73% 73% 74% 73% 74% 73% 71% 67% 67% 67% 67% 65% 66% 60% 63% 62% 65% 64% 59% 50% Ctrip 40% 34% 31% 30% 30% 27% 26% 26% Other 25% 23% 23% 22% 20% 20% 16% 16% 17% eLong 16% 15% 14% 15% 10% 11% 13% 13% 12% 12% 11% 10% 12% 8% 8% 8% 9% 10% 10% 11% 10% 7% 6% 0% 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 5

Slide 6: Consolidator online reach per million Source: Alexa 6

Slide 7: Consolidator metrics – customers Units: m eLong Ctrip 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 7

Slide 8: Consolidator metrics – customer additions Units: m eLong Ctrip 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 8

Slide 9: Consolidator metrics – customers from top cities eLong Ctrip 80% 75% 70% 65% 60% 55% 50% 45% 40% 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 9

Slide 10: Consolidator metrics – hotel partners eLong Ctrip 6000 5500 5000 4500 4000 3500 3000 2500 2000 1500 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 10

Slide 11: Consolidator metrics – guaranteed allotment hotels eLong Ctrip 3000 2500 2000 1500 1000 500 0 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 11

Slide 12: Consolidator metrics – % hotel bookings from guaranteed allotment hotels eLong Ctrip 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 12

Slide 13: Consolidator metrics – commission level paid by hotels eLong Ctrip 15.5% 15.0% 14.5% 14.0% 13.5% 13.0% 12.5% 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 13

Slide 14: Consolidator metrics – commission level paid by airlines eLong Ctrip 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 14

Slide 15: Consolidator metrics – eTickets as a % of total eLong Ctrip 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 15

Slide 16: Consolidator metrics - package sales RMB:m eLong Ctrip 18 16 14 12 10 8 6 4 2 0 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source: SBCI, Company reports 16

Slide 17: SoftBank China and India Holdings Bodhi Investments LLC  Founded 2006  Strategic backers SoftBank Corp. of Japan and Cisco  Target markets  China and India  Selected South East Asian countries  Target industries  Internet and software, telecom value-added services, converged media and entertainment  Target companies  Early stage and selected pre-IPO opportunities  5 investment professionals with offices in Shanghai and Bangalore  Investment decision process independent of SoftBank and Cisco 17

Slide 18: Thank You! William Bao Bean Partner wbean@softbankci.com +852 9131 0218 +86 139 1789 8171 18