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Hotwire Names Chief Financial Officer

Former Gap and Pepsi Executive Joins on First Anniversary of Premier Discount Travel Site

Oct 24, 2001

Oct 24, 2001 - San Francisco, Calif. - Hotwire, the premier discount travel site, today announced the addition of Timothy Dunn to the company's management team as chief financial officer. The appointment comes as Hotwire marks its first year of operation with five million registered users and aggressive sales recovery after September 11. As chief financial officer, Dunn and the Hotwire management team are working to ensure Hotwire continues its rapid growth and follows an accelerated path to profitability.

Dunn comes to Hotwire with more than 21 years of extensive financial management experience from both Gap, Inc. and PepsiCo, Inc. At Gap, Inc., Dunn served as senior vice president of finance. There, he was responsible for the finance and real estate areas on global GAP with more than seven billion dollars in sales and 2300 global stores. Prior to Gap, Inc., Dunn spent 13 years at PepsiCo, Inc. in a variety of both international and domestic financial leadership roles.

"We are thrilled to have Tim join the Hotwire management team. His executive leadership and proven track record with high-profile consumer brands will help us continue rapid growth and disciplined financial planning," said Karl Peterson, Hotwire president and CEO. "He is clearly the right addition for our long and solid financial future."

"Hotwire's level of traffic, sales and financial growth is phenomenal - especially in these turbulent times," said Dunn. "Simply put - Hotwire has the right investor backing, the right industry backing, and the right business model to succeed financially. I'm proud to become part of this team."

Hotwire, launched one year ago this week, is one of the fastest-growing online travel Web sites. According to Nielsen//NetRatings, Hotwire posted the highest post-September 11 traffic jump of any independent online travel site. Hotwire traffic the week ending September 30 was 11% higher than pre-September 11 levels. In addition, Hotwire airline ticket sales are currently 80-90% of pre-September 11 levels, and hotel and car rental transactions are exceeding pre-September 11 sales.

Hotwire sells only exclusive Hot-FaresSM and Hot-RatesSM - specially negotiated discount prices aimed at the flexible leisure traveler. By asking customers to be flexible on certain details like exact time or airline, Hotwire can save customers a significant amount of money off published fares, rates - and even airline Web sales. Hotwire only partners with quality, major airlines, and never asks customers to bid for a price.

About Hotwire
Hotwire launched in October 2000, offering an affordable and easy way for the leisure traveler to purchase travel online with trusted brands. Hotwire currently offers Hot-FaresSM and Hot-RatesSM on airline tickets, hotel rooms and rental cars with 33 airlines including founding partners American, America West, Continental, Northwest, United and U.S. Airways. In addition, Hotwire is partnered with nearly 2000 top hotels nationwide and top rental car companies. Named "Best Bargain Booker" by Yahoo! Internet Life magazine (6/01), Hotwire maintains a consumer focus on low prices, major travel brands and a simple user experience. Hotwire was established in 1999 in San Francisco, California, with investments from the Texas Pacific Group and founding airline partners. For more information, visit www.hotwire.com.