J.M. Dutton & Associates

Independent Equity Research

Corporate OfficeSuite 3, 4989 Golden Foothill Pkwy
El Dorado Hills, CA 95762

(916) 941-8119

Issuer-paid independent researchCoverage universe as of 12/23/2005Buy · Neutral · Sell/Avoid rating scheduleOffices: El Dorado Hills · Redondo Beach · Zichron Yaacov

Travelzoo Inc.

TVZOOTCBB

590 Madison Avenue
21st Floor
New York, NY 10022
Phone: 212-521-4200

Travelzoo Inc. is an Internet media company that publishes sales and

specials for hundreds of travel companies. As the Internet is becoming

the preferred medium of consumers to search for travel offers, Travelzoo

provide airlines, hotels, cruise lines, vacation packagers, and other

travel companies with a fast, flexible, and cost-effective way to reach

millions of users. Travelzoo's products include the Travelzoo website,

the Travelzoo Top 20 newsletter, and the Weekend.com newsletter. Travelzoo's

listing management software allows travel companies to add, update, and

delete special offer listings on a real-time basis. Travelzoo's

software also provides travel companies with real-time performance tracking,

More than 200 companies use Travelzoo's services, including Air New Zealand,

Alamo Rent A Car, American Airlines, American Express Travel, Avis Rent

A Car, Carnival Cruise Lines, Fairmont Hotels & Resorts, InterContinental

Hotels Group, JetBlue Airways, Liberty Travel, Lufthansa, Marriott Hotels,

Resorts Worldwide, Travelocity.com, US Airways, Virgin Atlantic Airways,

The Company's revenues are derived principally from the sale of advertising

on the Travelzoo website and in the Travelzoo Top 20 e-mail newsletter.

Published Research