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                                                                   EXHIBIT 10.36

                                  TAX AGREEMENT

     THIS TAX AGREEMENT (this "AGREEMENT"), is made as of November 25, 2003,
by and among Orbitz, Inc., a Delaware corporation (the "Corporation"),
American Airlines, Inc., a Delaware corporation ("AMERICAN"), Continental
Airlines, Inc., a Delaware corporation ("CONTINENTAL"), Omicron Reservations
Management, Inc., a Delaware corporation ("DELTA"), Northwest Airlines, Inc.,
a Minnesota corporation ("NORTHWEST"), and UAL Loyalty Services, Inc., a
Delaware corporation ("UAL LOYALTY SERVICES" and, together with American,
Continental, Delta and Northwest, the "AIRLINES").

                                    RECITALS

     WHEREAS, the Airlines hold Class A LLC Units and Class B LLC Units (the
"AIRLINE LLC UNITS") in Orbitz, LLC, a Delaware limited liability company
(the "OPERATING COMPANY");

     WHEREAS, the Corporation holds Class C LLC Units in the Operating
Company;

     WHEREAS, pursuant to the Exchange Agreement, dated as of November 25,
2003 (the "EXCHANGE AGREEMENT"), by and among the Corporation, the Operating
Company and the Airlines, the Airlines have agreed to exchange (the
"EXCHANGE") their Airline LLC Units for shares of the Corporation's common
stock and Series A non-voting convertible preferred stock (the "NON-VOTING
CONVERTIBLE PREFERRED STOCK");

     WHEREAS, pursuant to the Exchange Agreement, the Operating Company will
make a Section 754 Election (as defined herein);

     WHEREAS, pursuant to an agreement dated as of November 25, 2003 (the
"PREFERRED STOCK PURCHASE AGREEMENT"), the Airlines entered into a binding
commitment to sell the Non-Voting Convertible Preferred Stock to SAM
Investments LDC, a Cayman Islands company;

     WHEREAS, after giving effect to the Exchange, the Corporation will be in
Control of the Operating Company;

     WHEREAS, in connection with the Exchange, the Corporation and the Airlines
desire to set forth the principles and responsibilities regarding the allocation
of Realized Tax Benefits (as defined herein) that are attributable to the
Exchange;

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

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                                    ARTICLE 1

                                   DEFINITIONS

     Capitalized terms used and not otherwise defined in this Agreement shall
have the meanings specified in the Exchange Agreement. As used in this
Agreement, capitalized terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms
defined).

     "AFFILIATE" means, in respect of any specified Person, a Person that
directly or indirectly, through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, the Person specified.

     "AGREEMENT" has the meaning set forth in the Recitals.

     "AIRLINE" has the meaning set forth in the Recitals.

     "AIRLINE CONTEST RIGHTS" has the meaning set forth in SECTION 5.3(b).

     "AIRLINE INDEMNIFIED PARTIES" has the meaning set forth in SECTION 4.2.

     "AIRLINE LLC UNITS" has the meaning set forth in the Recitals.

     "AMERICAN" has the meaning set forth in the Recitals.

     "APPLICABLE PROCEEDINGS" has the meaning set forth in SECTION 5.3(a).

     "BANKRUPTCY EVENT" shall have the meaning set forth in SECTION 3.7(b).

     "BASIS STEP-UP" means the increase in the tax basis of the Operating
Company's assets as a result of the Section 754 Election.

     "BUSINESS DAY" shall mean any day (other than a day which is a Saturday,
Sunday or legal holiday in the State of New York) on which banks are open for
business in New York, New York.

     "CALCULATION" has the meaning set forth in SECTION 3.3(a).

     "CHANGE EVENT" has the meaning set forth in SECTION 3.5.

     "CHANGE EVENT P&I" has the meaning set forth in SECTION 3.5.

     "CHANGE IN CONTROL" has the meaning set forth in SECTION 3.1(g).

     "CHANGE NOTICE" has the meaning set forth in SECTION 3.6.

     "CODE" means the United States Internal Revenue Code of 1986, as amended,
including effective and transition rules (whether codified or not), and any
reference herein to a

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specified provision of the Code shall be deemed to include a reference to any
successor provision thereof.

     "CONTINENTAL" has the meaning set forth in the Recitals.

     "CONTROL" means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, partnership interests or
other ownership interests, by contract or otherwise.

     "CORPORATION" has the meaning set forth in the Recitals.

     "DELTA" has the meaning set forth in the Recitals.

     "ESTIMATED TAX INSTALLMENT DATE" means the installment due dates
prescribed in Section 6655(c) of the Code or any similar provision of the
laws of any other jurisdiction in which a member of the Orbitz Group is
subject to Income Tax.

     "EXCESS AMOUNT" has the meaning set forth in SECTION 3.1(d).

     "EXCHANGE" has the meaning set forth in the Recitals.

     "EXCHANGE ACT" has the meaning set forth in SECTION 3.1(g).

     "EXCHANGE AGREEMENT" has the meaning set forth in the Recitals.

     "EXCHANGE DATE" means the date on which the Exchange is consummated
pursuant to the Exchange Agreement.

     "EXCHANGE PORTION" has the meaning set forth in SECTION 3.5.

     "EXCHANGE TAX MATTERS" has the meaning set forth in SECTION 5.3(d).

     "FINAL BANKRUPTCY ORDER" means a final non-appealable order or judgment
entered by a bankruptcy court or by any other court exercising jurisdiction
over the subject matter of a Bankruptcy Event.

     "FINAL DETERMINATION" means the final resolution of any Tax (or Tax
Item) for a particular taxable period, including related interest or
penalties, that, under applicable law, is not subject to further appeal,
review or modification through proceedings or otherwise, including (a) by the
expiration of a statute of limitations or a period for the filing of claims
for Refund, amending Tax Returns, appealing from adverse determinations, or
recovering any Refund (including by offset), (b) by a decision, judgment,
decree, or other order by a court of competent jurisdiction, which has become
final and unappealable, (c) by a closing agreement or an accepted offer in
compromise under Sections 7121 or 7122 of the Code, or comparable agreements
under laws of other jurisdictions, (d) by execution of an Internal Revenue
Service Form 870AD, or by a comparable form under the laws of other
jurisdictions (excluding, however, with respect to a particular Tax Item for
a particular taxable period any such form that reserves (whether by its terms
or by operation of law) the right of the taxpayer to file a claim for Refund
and/or the right

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of the Tax Authority to assert a further deficiency with respect to such Tax
Item for such period), (e) the issuance of a private letter ruling from the
Internal Revenue Service, (f) the execution of a pre-filing agreement pursuant
to Rev. Proc. 2001-22, or (g) by any allowance of a Refund or credit, but only
after the expiration of all periods during which such Refund may be adjusted.

     "INCOME TAX" means any Tax based upon, measured by, or calculated with
respect to (a) net income or profits (including any capital gains Tax, minimum
Tax and any Tax on items of Tax preference, but not including sales, use, real
or personal property, gross or net receipts, transfer or similar Taxes) or (b)
multiple bases if one or more of the bases upon which such Tax may be based,
measured by, or calculated with respect to, is described in clause (a) above.

     "INDEMNIFICATION LIMIT" has the meaning set forth in SECTION 4.1.

     "IRS GUIDANCE RIGHTS" has the meaning set forth in SECTION 5.5.

     "LLC AGREEMENT" means that Sixth Amended and Restated Limited Liability
Company Agreement of Orbitz, LLC dated as of April 10, 2002, by and among
American, Delta, the Corporation, Continental, Northwest, and UAL Loyalty
Services, Inc., as amended.

     "LOSSES" means any and all claims, demands, liabilities, obligations,
losses, Taxes, fines, costs, expenses, deficiencies or damages, whether or not
resulting from third party claims, including interest, additions and penalties
with respect thereto and out-of-pocket expenses and reasonable attorneys' and
accountants' fees and expenses incurred in the investigation, defense or
settlement of any of the same or in asserting, preserving or enforcing any
rights under this Agreement, but excluding any punitive damages.

     "NET INTEREST" means interest actually earned on the escrowed funds
described in Section 3.6 less eighty-seven percent (87%) of the reasonable
out-of-pocket fees or expenses incurred by the Corporation with respect to the
escrow account.

     "NON-VOTING CONVERTIBLE PREFERRED STOCK" has the meaning set forth in the
Recitals.

     "NORTHWEST" has the meaning set forth in the Recitals.

     "OPERATING COMPANY" has the meaning set forth in the Recitals.

     "ORBITZ INDEMNIFIED PARTIES" has the meaning set forth in SECTION 4.1.

     "ORBITZ GROUP" means the affiliated group of corporations as defined in
Section 1504(a) of the Code, or similar group of entities as defined under
corresponding provisions of the laws of any Tax Authority, of which the
Corporation is the common parent, and any corporation or other entity which
would be a member of such group for the relevant taxable period or portion
thereof.

     "ORBITZ, LLC TAX RETURNS" has the meaning set forth in SECTION 2.1(c).

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     "PERSON" means and includes any individual, partnership, joint venture,
limited liability company, corporation, association, joint stock company, trust,
unincorporated organization or similar entity or a governmental authority or any
department or agency or other unit thereof.

     "POTENTIAL REDUCTION" has the meaning set forth in SECTION 3.6.

     "PREFERRED STOCK PURCHASE AGREEMENT" has the meaning set forth in the
Recitals.

     "PRE-IPO TAX PERIOD" has the meaning set forth in SECTION 2.1(c).

     "PROCEEDING" means any assessment, audit, or other examination by any Tax
Authority, relating to Taxes (including Refunds), whether administrative or
judicial, and any appeal of the foregoing.

     "PRO RATA P&I" has the meaning set forth in SECTION 3.5.

     "PRO RATA PORTION" means, for each Airline, a ratio equal to (a) the
aggregate number of shares of the Corporation's common stock held by such
Airline immediately following the Exchange, divided by (b) the aggregate number
of shares of the Corporation's common stock held by all Airlines immediately
following the Exchange, as set forth on Schedule 1 hereto.

     "REALIZED TAX BENEFITS" has the meaning set forth in SECTION 3.2(a).

     "REFUND" means any refund of Taxes, including any reduction in Tax
liabilities by means of a credit, offset or otherwise.

     "REPRESENTATIVES" means with respect to any Person, any of such Person's
directors, officers, employees, agents, consultants, advisors, accountants,
attorneys and other representatives.

     "REVIEW PERIOD" has the meaning set forth in SECTION 3.3(a).

     "SECTION 754 ELECTION" shall mean an election made by the Operating Company
pursuant to SECTION 754 of the Code with respect to the portion of its assets
represented by the Airline LLC Units transferred to the Corporation in the
Exchange.

     "SETTLEMENT ACCOUNTANT" has the meaning set forth in SECTION 3.3(a).

     "SHORTFALL AMOUNT" has the meaning set forth in SECTION 3.1(c).

     "STATEMENT OF OBJECTIONS" has the meaning set forth in SECTION 3.3(a).

     "STEPPED-UP ASSET" has the meaning set forth in SECTION 2.1(b).

     "TAX" means any charges, fees, levies, imposts, duties, or other
assessments of a similar nature, including income, alternative or add-on
minimum, gross receipts, profits, lease, service, service use, wage, wage
withholding, employment, workers compensation, business

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occupation, occupation, premiums, environmental, estimated, excise, employment,
sales, use, transfer, license, payroll, franchise, severance, stamp, occupation,
windfall profits, withholding, social security, unemployment, disability, ad
valorem, highway use, commercial rent, capital stock, paid up capital,
recording, registration, property, real property gains, value added, business
license, custom duties, or other tax or governmental fee of any kind whatsoever,
imposed or required to be withheld by any Tax Authority including any interest,
or penalties applicable or related thereto.

     "TAX AUTHORITY" means a governmental authority (foreign or domestic) or any
subdivision, agency, commission or authority thereof or any quasi-governmental
or private body having jurisdiction over the assessment, determination,
collection or imposition of any Tax (including the Internal Revenue Service).

     "TAX BENEFIT PAYMENT" has the meaning set forth in SECTION 3.1(a).

     "TAX ITEM" means any item of income, gain, loss, deduction, credit or other
item reflected on a Tax Return or that may have the effect of increasing or
decreasing any Tax.

     "TAX RETURN" means any return, report, certificate, form or similar
statement or document (including, any related or supporting information or
schedule attached thereto and any information return, amended Tax Return,
claim for Refund or declaration of estimated tax) required to be supplied to,
or filed with, a Tax Authority in connection with the determination,
assessment or collection of any Tax or the administration of any laws,
regulations or administrative requirements relating to any Tax.

     "TAX SHARING PERCENTAGE" means eighty-seven percent (87%).

     "TERM" has the meaning set forth in SECTION 5.2.

     "TREASURY REGULATIONS" means the final, temporary and proposed income
tax regulations promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding
regulations).

     "UAL LOYALTY SERVICES" has the meaning set forth in the Recitals.

     "UNITED" has the meaning set forth in SECTION 5.8.

                                   ARTICLE 2

                      FILING AND PREPARATION OF TAX RETURNS

     2.1  GENERAL.

          a. Except as provided in SECTION 2.1(c) below, the Corporation shall
have the sole and exclusive responsibility for the preparation and filing of,
and shall prepare and file or cause to be prepared and filed, all Tax Returns of
the Corporation and its Affiliates, including, after the Exchange Date, the
Operating Company. In furtherance and not in limitation of the foregoing, the
Corporation shall make all decisions relating to any such Tax Return, including

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the right to determine: (i) the manner in which such Tax Return shall be
prepared and filed, including the elections, methods of accounting, positions,
conventions and principles of taxation to be used and the manner in which any
Tax Item shall be reported, (ii) whether any extensions may be requested, (iii)
the elections that will be made or revoked on such Tax Return, (iv) whether any
amended Tax Returns shall be filed, (v) whether any claims for Refund shall be
made, (vi) whether any Refunds shall be paid by way of refund or credited
against any liability for the related Tax, and (vii) whether to retain outside
firms to prepare or review such Tax Return, whom to retain for such purpose and
the scope of any such retention.

          b. Notwithstanding the foregoing, at least fifteen (15) Business Days
prior to filing thereof, the Corporation shall provide the Airlines draft copies
of all Tax Returns of the Corporation and its Affiliates (including, for
example, the Operating Company) if such Tax Return is filed with respect to a
taxable period ending on or before the fourth anniversary of the Exchange Date
and such Tax Return involves the Tax treatment of the Exchange described in
SECTION 2.2, the basis of any tangible or intangible asset of the Operating
Company eligible for basis step-up pursuant to the Section 754 Election (each, a
"STEPPED-UP ASSET"), the eligibility of any such Stepped-Up Asset to be subject
to the allowance for depreciation or amortization, or the amount of any
deduction for depreciation or amortization relating to any such Stepped-Up
Assets. At its sole cost and expense, the Corporation shall respond to all
reasonable questions raised by the Airlines with respect to such Tax Returns
prior to the filing thereof. Except as otherwise required by a Final
Determination, the Corporation and its Affiliates (including, for example, the
Operating Company) shall file all Tax Returns for periods ending after the
fourth anniversary of the Exchange Date in a manner consistent with the prior
Tax Returns to the extent such Tax Returns relate to the Tax treatment of the
Exchange described in SECTION 2.2, the basis of the Stepped-Up Assets, the
eligibility of any such Stepped-Up Asset to be subject to the allowance for
depreciation or amortization, or the amount of any deduction for depreciation or
amortization relating to any such Stepped-Up Asset.

          c. Notwithstanding anything to the contrary in this Agreement, the
Corporation expressly agrees with the Airlines that the provisions of SECTION
2.1(a) hereof shall not apply to the Tax Returns filed by the Operating Company
("ORBITZ, LLC TAX RETURNS") with respect to tax periods ending on or before the
Exchange Date (the "PRE-IPO TAX PERIOD"), and instead, the provisions of
SECTIONS 6.3, 6.4 and 6.5 of the LLC Agreement which currently governs the
preparation and filing of Tax Returns, shall apply to such Orbitz, LLC Tax
Returns. The Corporation also expressly agrees with the Airlines that the
provisions of SECTIONS 6.3, 6.4 and 6.5 of the LLC Agreement shall continue to
apply to the Pre-IPO Tax Period with respect to any Tax Contest (as defined in
SECTION 6.5 of the LLC Agreement) and such provisions of the LLC Agreement shall
remain in effect (i) until the applicable statute of limitations has run with
respect to each of the Orbitz, LLC Tax Returns for such Pre-IPO Tax Period, and
(ii) irrespective of the consummation of the Exchange, the initial underwritten
public offering of the capital stock of the Corporation and the amendment and
restatement of the Corporation's certificate of incorporation and its bylaws.

     2.2  TAX TREATMENT OF THE EXCHANGE.

          The Corporation and the Airlines shall treat the Exchange as a taxable
exchange of the Airline LLC Interests for the Corporation's stock for Tax
purposes, and pursuant to the

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Exchange Agreement, the Operating Company will timely file the Section 754
Election following the Exchange. The Exchange is not intended to qualify as a
non-taxable exchange pursuant to Section 351 of the Code. Absent a Final
Determination to the contrary or a change in applicable law, the Corporation and
the Airlines shall treat all Tax Benefit Payments (other than imputed or stated
interest thereon) made pursuant to ARTICLE 3 as adjustments to the purchase
price of the Airline LLC Interests pursuant to the Exchange. Not later than
sixty (60) days after the end of the taxable year of the Corporation that
includes the Exchange, the Corporation shall provide the Airlines a schedule
(and related supporting documentation) listing, as of the Exchange Date, the
basis allocable to each class of assets of the Operating Company, and the
period, if any, over which such class of assets is amortizable or depreciable
for Tax purposes. Absent a Final Determination to the contrary or a change in
applicable law, the Corporation and its Affiliates (including, for example, the
Operating Company) shall file all Tax Returns in a manner consistent with such
schedule.

                                   ARTICLE 3

                          COMPENSATION FOR TAX BENEFITS

     3.1  TAX BENEFIT PAYMENTS.

          a. With respect to each taxable period (i) ending after the Exchange
Date and (ii) described in the Term of this Agreement as set forth in SECTION
5.2, the Corporation shall pay to each Airline, in the manner provided in this
Agreement, such Airline's Pro Rata Portion of (i) any Realized Tax Benefit for
such taxable period, multiplied by (ii) the Tax Sharing Percentage (such
payments, the "TAX BENEFIT PAYMENTS"). An Airline's right to receive Tax Benefit
Payments hereunder shall not be conditioned upon such Airline's continued
ownership of stock in the Corporation.

          b. Within five (5) Business Days after an Estimated Tax Installment
Date, the Corporation shall pay in cash to each Airline, an amount equal to such
Airline's Tax Benefit Payment for the taxable period to which such Estimated Tax
Installment Date relates.

          c. Within ten (10) Business Days following the filing of a Tax Return,
to the extent that the Tax Benefit Payments previously received by the Airlines
from the Corporation pursuant to SECTION 3.1(b) for the taxable period to which
such Tax Return relates are less than the aggregate amount such Tax Benefit
Payments should equal based on the Realized Tax Benefits reflected on such Tax
Return as filed by the Corporation (the "SHORTFALL AMOUNT"), then the
Corporation shall pay in cash to each Airline an additional amount equal to its
Pro Rata Portion of the Shortfall Amount, so that the aggregate Tax Benefit
Payments received by such Airline inclusive of this additional payment, will
equal the actual Tax Benefit Payments each such Airline should have received
hereunder based on the Realized Tax Benefit reflected on such Tax Return.

          d. Within ten (10) Business Days following the filing of a Tax Return,
to the extent that the Tax Benefit Payments previously received by the Airlines
from the Corporation pursuant to SECTION 3.1(b) for the taxable period to which
such Tax Return relates are more than the amount such aggregate Tax Benefit
Payment should equal based on the Realized Tax Benefit

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reflected on such Tax Return as filed by the Corporation (the "EXCESS
AMOUNT"), then the Airlines shall each pay in cash to the Corporation an
amount equal to its Pro Rata Portion of the Excess Amount, so that the
aggregate Tax Benefit Payments received by such Airline, taking into account
the amount paid back to the Corporation, will equal the actual Tax Benefit
Payments each such Airline should have received hereunder based on the
Realized Tax Benefit reflected on such Tax Return.

          e. All such payments made by the Corporation to the Airlines or
made by the Airlines to the Corporation shall be made by wire transfer of
immediately available funds to one or more bank accounts designated by the
recipient thereof.

          f. If the payments described in SECTIONS 3.1(b), (c) or (d) above
are not timely made, such payments shall bear interest from and after the
last day of the applicable payment period pursuant to SECTION 3.1(b), (c) or
(d) at a per annum rate equal to the prime rate as quoted in the Money Rates
Section of THE WALL STREET JOURNAL on the due date of such payment.

          g. The Corporation further covenants and agrees with each of the
Airlines that its contractual obligations to make the Tax Benefit Payments
pursuant to the terms and conditions of this Agreement shall continue
notwithstanding the fact that the Corporation: (i) consummates a merger,
consolidation, reorganization or other form of business combination however
effectuated, which results in a Change in Control (as defined below), or (ii)
transfers all or substantially all of its assets to any Person, and that in each
such case, the Corporation shall make proper provision so that the continuing or
surviving corporation or Person following such Change in Control, or the
successors and assigns of the Corporation, shall expressly assume the
obligations of the Corporation under this Agreement. For purposes of this
Agreement, "Change in Control" shall mean the acquisition by any Person or
"group" within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934 (the "EXCHANGE ACT"), of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of
either (i) the then outstanding shares of common stock of the Corporation, or
(ii) the combined voting power of the then outstanding voting securities of the
Corporation entitled to vote generally for the election of directors of the
Corporation.

          h. In the event that a Tax Authority imposes a charge for interest on
the Corporation with respect to any Estimated Tax Payment, and such interest
charge is not abated, the Corporation shall pay to the Airlines, in accordance
with their Pro-Rata Portions, interest on a deficiency in related Tax Benefit
Payment calculated in the same manner and at the same rate as the interest
imposed on the Estimated Tax Payment. Such payment to the Airlines shall be made
within ten (10) Business Days of payment to the relevant Tax Authority.

     3.2  CALCULATION OF REALIZED TAX BENEFIT.

          a. The "REALIZED TAX BENEFIT" for any taxable period is the excess, if
any, of the Income Tax liability of the Orbitz Group without the Basis Step-up
over the Income Tax liability of the Orbitz Group with the Basis Step-up (each
calculated as set forth below), less the reasonable out-of-pocket expenses of
the Corporation for such period incurred in calculating such amount.

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          b. The Income Tax liability of the Orbitz Group with the Basis Step-up
shall be the pro-forma liability for Income Taxes of the Orbitz Group as shown
on the relevant Tax Return (recomputed, if necessary, as if the Orbitz Group
makes all available elections to cause any losses to be carried forward to
future periods rather than carried back to prior years). The Income Tax
liability of the Orbitz Group without the Basis Step-up shall be calculated (i)
using the same methods and elections used on the relevant Tax Return as filed,
(ii) assuming that the Exchange had been effected as a non-taxable exchange
pursuant to Section 351 of the Code, and the Section 754 Election was not made
by the Operating Company and (iii) assuming that all available elections are
made to cause any losses to be carried forward to future periods rather than
carried back to prior years (except for adjustments made pursuant to SECTION
3.5).

          c. It is the intent of the parties that no Tax Item shall result in
duplicate Tax Benefit Payments under this Agreement, and accordingly, once a Tax
Item has been reflected in the calculation of Realized Tax Benefit, the
subsequent calculations of that amount shall be performed in a manner so as to
avoid any duplication of benefit or detriment for the same Tax Item.

     3.3  REVIEW OF CALCULATIONS.

          a. For each taxable period of the Corporation following the Exchange,
the Corporation shall provide to the Airlines for review the calculation (a
"CALCULATION") of the Tax Benefit Payments, Excess Amounts or Shortfall Amounts,
if any, within (i) thirty (30) days after each Estimated Tax Installment Date,
and (ii) sixty (60) days following the filing of a Tax Return. No later than
sixty (60) days following the filing thereof, the Corporation shall also provide
each of the Airlines a copy of each Tax Return filed which is referenced in the
first sentence of this SECTION 3.3(a). Upon receipt of each such Calculation,
the Airlines shall have thirty (30) days (the "REVIEW PERIOD") to review such
Calculation. In connection with the review of each such Calculation, the
Corporation shall give, and shall cause its Affiliates and Representatives to
give, to the Airlines and their Representatives reasonable access at reasonable
times to the materials relating to the preparation of the Calculation, including
the work papers prepared by or for the Corporation, to permit the timely review
of each such Calculation. If Airlines representing a majority of the total Pro
Rata Portions have accepted each such Calculation in writing or have not given
written notice to the Corporation setting forth in reasonable detail any
objection to each such Calculation (a "STATEMENT OF OBJECTIONS") prior to the
expiration of the Review Period, then such Calculation shall be final and
binding upon the parties. If Airlines representing a majority of the total Pro
Rata Portions deliver a Statement of Objections during the Review Period, the
Corporation and the Airlines shall use their reasonable efforts to agree on each
such Calculation within thirty (30) days following the receipt by the
Corporation of the Statement of Objections. If the parties are unable to reach
an agreement as to such amount within such period, then the matter shall be
submitted to a nationally recognized independent accounting firm, which shall be
mutually agreeable to the Corporation and Airlines representing a majority of
the total Pro Rata Portions (such accountant, the "SETTLEMENT ACCOUNTANT"), who,
acting as an expert and not as an arbitrator, shall resolve the matters in
dispute and adjust each such Calculation to reflect such resolution. The
Settlement Accountant shall make such determination within thirty (30) days (or
as soon as practicable thereafter if the Settlement Accountant notifies the
parties that it requires additional time to make such determination) following
the submission of the matter to the Settlement Accountant for

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resolution, and such determination shall be final and binding upon the
Corporation and the Airlines. The Corporation shall pay the fees, charges and
expenses of the Settlement Accountant; provided that the Airlines shall
reimburse the Corporation for eighty-seven percent (87%) of the reasonable
out-of-pocket fees, charges and expenses within ten (10) Business Days of
written request therefor in accordance with their Pro Rata Portions.

          b. If an Excess Amount or Shortfall Amount changes as a result of a
change in the final Calculation thereof pursuant to the procedures described
in SECTION 3.3(a), the Corporation shall pay to each Airline, or each Airline
shall pay to the Corporation, as applicable, the amount of cash so that the
aggregate Tax Benefit Payments received by each such Airline, taking into
account the amount paid to or received from the Corporation, will equal the
actual Tax Benefit Payments each such Airline should have received hereunder
based on the Realized Tax Benefit reflected on the applicable Tax Return.

     3.4  SEPARATE APPLICATION FOR EACH TAX JURISDICTION.

          The payment obligations and calculations made pursuant to this
ARTICLE 3 shall be made separately for each jurisdiction in which the Orbitz
Group (or any member thereof) is subject to Income Tax, and in the case of a
taxing jurisdiction other than the United States, references in this ARTICLE
3 to provisions of the Code shall be to any analogous provisions of the laws
of such other jurisdiction.

     3.5  SUBSEQUENT CHANGES IN TREATMENT OF TAX ITEMS.

          In the event of a change in the treatment of any Tax Item of any
member of the Orbitz Group for any Tax period as a result of a Final
Determination, the filing of a claim for Refund, the filing of an amended Tax
Return for such period or the reflection of a change in treatment reflected in a
subsequently filed Tax Return (a "CHANGE EVENT"), the Tax Benefit Payments shall
be recalculated for such period under this ARTICLE 3. If a Change Event results
in the reduction or elimination of a Realized Tax Benefit for a period for which
Tax Benefits Payments were previously paid, each Airline shall pay to the
Corporation the amount of excess Tax Benefit Payments received. If a Change
Event results in the imposition of interest and penalties resulting from changes
to the Tax treatment of the Exchange as described in SECTION 2.2 (the "CHANGE
EVENT P&I"), each Airline shall pay to the Corporation its Pro Rata Portion of
eighty-seven percent (87%) of the Exchange Portion (as defined below) of such
Change Event P&I (such amount, the "PRO RATA P&I"). Payments arising as a result
of the application of this SECTION 3.5 shall be made in accordance with SECTION
3.1(e). For purposes of this Agreement, the "EXCHANGE PORTION" of the Change
Event P&I shall be equal to the portion thereof determined based on the ratio,
the numerator of which includes only the dollar amount of adjustments of the Tax
Items with respect to the Change Event related to the Tax treatment of the
Exchange, and the denominator of which includes the dollar amount of all the
adjustments of all Tax Items with respect to the Change Event (i.e., including
but not limited to the dollar amount of adjustments described in the numerator),
PROVIDED, FURTHER that in no event shall the Airlines bear any portion of any
specific penalties imposed with respect to Tax Items OTHER THAN those expressly
attributable to the Tax treatment of the Exchange.

                                       11
<Page>

     3.6 SUSPENSION OF TAX BENEFIT PAYMENTS FOLLOWING CHANGE NOTICE.

          a. If any Airline or any member of the Orbitz Group receives a notice
of proposed adjustment, a final audit report, a statutory notice of deficiency
or similar written notice from any Tax Authority with respect to the Tax
treatment of the Exchange (collectively, a "CHANGE NOTICE"), which, if
sustained, would result in the Airlines being required to make a payment to the
Corporation under SECTION 3.5 with respect to Tax Benefit Payments received
prior to the receipt of the Change Notice or a reduction in future Tax Benefit
Payments required to be paid by the Corporation to the Airlines (collectively,
the "POTENTIAL REDUCTION"), prompt written notice of such Change Notice shall be
given to each of the parties hereto.

          b. From and after the date such Change Notice is received until there
is a Final Determination with respect to the adjustments proposed therein, any
Tax Benefit Payments required to be made by the Corporation to the Airlines
pursuant to this ARTICLE 3 shall instead be paid by the Corporation (i) first,
to a national bank mutually agreeable to the Corporation and Airlines
representing a majority of the total Pro Rata Portions to act as escrow agent to
hold such funds in escrow pursuant to a mutually agreeable escrow agreement
governed by the laws of the state of New York until such Final Determination is
received with respect to the Change Notice, until the amount of Tax Benefit
Payments paid into escrow and held by the escrow agent equals the Potential
Reduction, and (ii) thereafter, to the Airlines in accordance with their Pro
Rata Portions.

          c. If the Final Determination results in no adjustment to the Tax
Benefit Payments, then the escrowed funds (along with Net Interest earned
thereon) shall be distributed to the Airlines in accordance with their Pro
Rata Portions. If the Final Determination results in an adjustment to the Tax
Benefit Payments, the escrowed funds (along with interest earned thereon)
shall be distributed to the Airlines or to the Corporation, as the case may
be, in accordance with the recalculated Tax Benefit Payments determined under
SECTION 3.5 and the escrow agreement.

     3.7  OBLIGATION TO PROVIDE SECURITY FOR FINANCIAL ACCOMMODATION.

          a. Each Airline recognizes and agrees that the payment of Tax Benefit
Payments pursuant to this ARTICLE 3 for a taxable period prior to a Final
Determination with respect thereto constitutes a financial accommodation
extended by the Corporation to each Airline. Notwithstanding anything herein to
the contrary, in the event an Airline or any Person that directly or indirectly,
through one or more intermediaries, Controls such Airline, suffers a Bankruptcy
Event on or after the date hereof, the Corporation shall no longer be obligated
to make financial accommodations to such Airline unless such Airline provides
the Corporation a letter of credit or other security therefore reasonably
acceptable to the Corporation. For the avoidance of doubt, the term "financial
accommodations to such Airline hereunder" shall include payment of Tax Benefit
Payments to an Airline for any taxable period prior to a Final Determination
with respect thereto. The Corporation's obligations to make financial
accommodations hereunder without security shall resume upon entry of a Final
Bankruptcy Order confirming a plan of reorganization.

                                       12
<Page>

          b. For purposes of Section 3.7(a) hereof, the term "BANKRUPTCY EVENT"
shall mean, with respect to any Person, the occurrence or existence of any of
the following events or conditions: such Person (1) is dissolved; (2) becomes
insolvent or is unable or admits in writing its inability generally to pay its
debts as they become due; (3) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (4) institutes or has
instituted against it a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors' rights, or a petition is presented for its
winding up or liquidation and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the
making of an order for its winding up or liquidation, or (B) is not dismissed,
discharged, stayed or restrained in each case within sixty (60) days of the
institution or presentation thereof; (5) has a resolution passed for its winding
up or liquidation; (6) seeks or becomes subject to the appointment of an
administrator, receiver, trustee, custodian or other similar official for it or
for all or substantially all its assets (regardless of how brief such
appointment may be, or whether any obligations are promptly assumed by another
entity or whether any other event described in this clause (6) has occurred and
is continuing); (7) experiences any event which, under the applicable laws of
any jurisdiction, has an analogous effect to any of the events specified in
clauses (1) through (6) above; or (8) takes any action in furtherance of, or
indicating its consent to, approval of, or acquiescence in, any of the foregoing
acts.

                                   ARTICLE 4

                                 INDEMNIFICATION

     4.1  INDEMNIFICATION BY THE AIRLINES.

          a. Each Airline agrees, severally and not jointly, to defend,
indemnify and hold harmless the Corporation and its Affiliates (affiliation to
be measured after the Exchange), and each of their Representatives, successors
and assigns (collectively, the "ORBITZ INDEMNIFIED PARTIES"), from and against,
and pay or reimburse the Orbitz Indemnified Parties for, only those Losses
arising out of or related to (i) any breach by that same Airline of any covenant
or agreement set forth in this Agreement or (ii) any default by such Airline in
the payment when due of any amounts owed under this Agreement. Notwithstanding
the foregoing, (i) each Airline's indemnification obligation under this SECTION
4.1 or otherwise under this Agreement shall be limited to the sum of (A) one
hundred percent (100%) of the aggregate Tax Benefit Payments received by such
Airline pursuant to this Agreement (as adjusted for payments made pursuant to
SECTIONS 3.1(c) and (d) and SECTION 3.3(b)), PLUS (B) in the event that such
Airline has had to repay any of its Tax Benefit Payments pursuant to SECTION
3.5, such Airline's Pro Rata P&I, if any (such sum, the "INDEMNIFICATION LIMIT")
and (ii) the Airlines shall have no indemnity obligation to any Representatives
of the Corporation in connection with such Representatives' tax advice with
respect to the Exchange. For the avoidance of doubt, the parties expressly agree
that each Airline shall never have any indemnification obligation to the Orbitz
Indemnified Parties for any reason under this SECTION 4.1 or otherwise under
this Agreement in an amount in excess of such Airline's Indemnification Limit,
regardless of whether one or more of the other Airlines satisfies its separate
indemnification obligations under this SECTION 4.1, breaches or defaults under
its obligations under this Agreement or suffers a Bankruptcy Event.

                                       13
<Page>

     4.2 INDEMNIFICATION BY THE CORPORATION. The Corporation covenants and
agrees to defend, indemnify and hold harmless each Airline and its Affiliates
(affiliation to be measured after the Exchange), and each of their
Representatives, successors and assigns (collectively, the "AIRLINE
INDEMNIFIED PARTIES"), from and against, and pay or reimburse the Airline
Indemnified Parties for, all Losses arising out of or related to (a) any
breach by the Corporation of any covenant or agreement set forth in this
Agreement or (b) the failure of the Corporation to make any payment when due
of any amounts owed under this Agreement.

     4.3 PAYMENT PROCEDURES. The parties shall satisfy their indemnity
obligations pursuant to this ARTICLE 4 within ten (10) Business Days after
receipt of a written demand for payment, which shall set forth in detail the
circumstances and amount of the indemnity payment. Payments that are not made
within such period shall bear interest through and including the date of payment
at a per annum rate equal to the prime rate as quoted in the Money Rates Section
of THE WALL STREET JOURNAL on the date demand for payment is made hereunder.

                                   ARTICLE 5

                                  MISCELLANEOUS

     5.1  EFFECTIVENESS.

          This Agreement shall be effective upon the Exchange Date.

     5.2  TERM.

          The term of this Agreement begins on the Exchange Date and shall
continue in effect until ninety (90) days following the expiration of the
applicable statute of limitations (including waivers and extensions) with
respect to any Tax periods for which Tax Benefit Payments are made hereunder
(the "TERM").

     5.3  TAX PROCEEDINGS.

          a. Subject to the Airlines' exercise of their Airline Contest Rights
(as defined below) as to any Applicable Proceedings (as defined below), the
Corporation shall have the exclusive right, in its sole discretion, and at its
sole cost and expense, to control, contest, and represent the interests of the
Corporation and any of its Affiliates and to resolve, settle or agree to any
deficiency, claim or adjustment proposed, asserted or assessed in connection
with or as a result of any Proceeding (or portion thereof) relating to: (i) the
Tax treatment of the Exchange; (ii) the basis of any Stepped-Up Asset; (iii) the
eligibility of any such Stepped-Up Asset to be subject to the allowance for
depreciation or amortization; or (iv) the amount of any deduction for
depreciation or amortization relating to any such Stepped-Up Asset (the
"APPLICABLE PROCEEDINGS"). Subject to the Airlines' exercise of their Airline
Contest Rights (as defined below), the Corporation's rights shall extend to any
matter pertaining to the management and control of any Proceeding, including
execution of waivers, choice of forum and scheduling of conferences. The
Corporation shall promptly provide the Airlines written notice of all Applicable
Proceedings.

                                       14
<Page>

          b. The Corporation covenants and agrees that the Airlines shall at any
time have the right, which shall be exercisable by Airlines representing a
majority of the total Pro Rata Portions, to participate together with the
Corporation in contesting and defending any and all the Applicable Proceedings
(the "AIRLINE CONTEST RIGHTS"). Such Airline Contest Rights shall be exercised
through Representatives selected by such Airlines representing a majority of the
total Pro Rata Portions to represent the Airlines as a group in such Applicable
Proceedings, and such Airlines' Representatives shall work together with the
Corporation and its Representatives and shall be provided by the Corporation and
its Representatives with all the relevant information, documents and materials
as well as timely access to the Corporation's Representatives working on such
Applicable Proceedings. If the Airlines decide to exercise their Airline Contest
Rights, the Corporation covenants and agrees that, in any Applicable Proceeding,
it shall not finalize a settlement, conduct settlement negotiations with Tax
Authorities, make any written submissions to Tax Authorities or agree to extend
or waive the statute of limitations without first obtaining the written consent
of the Airlines representing a majority of the total Pro Rata Portions. The
Airlines agree that to the extent they exercise their Airline Contest Rights,
they shall do so at their own cost and expense, to be shared by them in
accordance with their Pro Rata Portions.

          c. Each Airline shall, and shall cause its Affiliates and
Representatives to, cooperate with the Corporation in contesting or defending
any Applicable Proceeding, including by furnishing to the Corporation in a
timely manner such information, documents or other materials as the Corporation
may reasonably request. In all events, the Corporation shall in good faith keep
each Airline informed with respect to the status of such Applicable Proceeding
and, upon the reasonable request of an Airline, shall consult with such Airline
from time to time regarding the conduct of such Applicable Proceeding.

          d. Irrespective of whether the Airlines exercise their Airline Contest
Rights, the Corporation covenants and agrees with the Airlines that with respect
to any and all Applicable Proceedings, the Corporation shall use its reasonable
best efforts to accelerate the resolution of each of the Tax issues set forth in
clauses (i) through (iv) of Section 5.3(a) hereof (the "EXCHANGE TAX MATTERS"),
so as to achieve a Final Determination of such Exchange Tax Matters as quickly
as possible irrespective of the other Tax Items involved in such Applicable
Proceedings. Such efforts shall include, without limitation, the Accelerated
Issue Resolution procedures described in Rev. Proc. 94-67. In all events, the
Corporation shall in good faith keep each Airline informed with respect to the
status of such efforts, and upon the reasonable request of an Airline, the
Corporation shall consult with such Airline regarding its efforts under this
SECTION 5.3(d).

     5.4  COOPERATION; FURTHER ASSURANCES.

          Each party shall cooperate and use commercially reasonable efforts
to take, or cause to be taken, all actions necessary or advisable to carry
out the intent of this Agreement. Each party will execute and deliver such
certificates and other documents and take such other actions as may
reasonably be requested by the other party to carry out the purposes and
terms of this Agreement.

                                       15
<Page>

     5.5  RIGHT TO SEEK IRS GUIDANCE.

          The Corporation covenants and agrees with the Airlines that at any
time prior to the first anniversary of the Exchange Date, the Airlines shall
have the right, which shall be exercisable upon the unanimous request of the
Airlines, to cause the Corporation to seek one or more of the following types of
guidance from the Internal Revenue Service (the "IRS GUIDANCE RIGHTS") with
respect to the Tax treatment of the Exchange: (i) a pre-filing agreement (within
the meaning of Rev. Proc. 2001-22); (ii) a private letter ruling; (iii) a
closing agreement under Section 7121 or 7122 of the Code, other than a
pre-filing agreement described in clause (i) above; or (iv) or any other
available form of written determination from the Internal Revenue Service. If
exercised by the unanimous request of the Airlines, such IRS Guidance Rights
shall be exercised through one or more Representatives of the Airlines selected
by such Airlines representing a majority of the Pro Rata Portions to represent
the Airlines as a group in working with the Corporation and its Representatives
as the Corporation seeks the guidance sought by the Airlines. The Corporation
acknowledges and agrees with the Airlines that once such IRS Guidance Rights are
exercised, the Airlines shall make all the decisions relating to: (i) the type
of IRS guidance sought; (ii) the preparation of the written request for such
guidance to be filed with the Internal Revenue Service; (iii) the selection of
counsel, accountants or other Representatives to assist the Corporation and the
Airlines in seeking such guidance, provided that the Corporation consents to
such selection (such consent not to be unreasonably withheld); (iv) the
provisions of the written advice or guidance and, if applicable, the binding
documentation required to be executed by the Corporation in order to secure such
advice and guidance; and (v) the negotiations and resolution of whether Airlines
and the Corporation should accept or reject such written advice or guidance.
Notwithstanding the foregoing, the Corporation shall not be required to take any
action that, upon the advice of counsel, would result in a violation of law or
incur penalties from any taxing or governmental authority. The Corporation shall
execute such documents including, without limitation, Form 2848 powers of
attorney as are necessary and appropriate in order to effectuate the Airlines'
exercise of their IRS Guidance Rights through the Airlines' Representatives. The
Corporation shall pay the fees, expenses, accounting firm and attorneys fees in
connection with the Airlines' exercise of the IRS Guidance Rights, provided that
the Airlines shall reimburse the Corporation for eighty-seven percent (87%) of
such fees and expenses within ten (10) Business Days of written request
therefore in accordance with their Pro Rata Portions. For the avoidance of
doubt, the Corporation expressly agrees with the Airlines that whether or not
the Airlines exercise their IRS Guidance Rights and if the Airlines exercise
such IRS Guidance Rights, whether or not such IRS guidance is favorable or
unfavorable, shall not in any way impact the Airlines rights to receive Tax
Benefit Payments under this Agreement.

     5.6  AMENDMENTS.

          This Agreement may be amended, modified or supplemented only by
written agreement of the Corporation and the Airlines representing a majority of
the total Pro Rata Portions.

     5.7  NOTICES.

          Any notice, request, consent or communication under this Agreement
shall be effective only if it is in writing and (a) personally delivered, (b)
sent by certified or registered

                                       16
<Page>

mail, return receipt requested, postage prepaid, (c) sent by a nationally
recognized overnight delivery service, with delivery confirmed, or (d) telexed
or telecopied, with receipt confirmed, addressed as follows:

          a. if to the Corporation, to its principal place of business;

          b. if to any Airline, to such address as set forth below its name on
the signature page to this Agreement;

or such other persons or addresses as shall be furnished in writing by any
Airline to the Corporation and the other Airlines. A notice shall be deemed to
have been given as of the date received by the intended recipient. All notices
shall specifically state: (i) the provision (or provisions) of this Agreement
with respect to which such notice is given, and (ii) the relevant time period,
if any, in which the party given such notice must respond.

     5.8  SUCCESSORS AND ASSIGNS.

          This Agreement and all of the provisions hereof shall be binding upon
and inure to the benefit of the parties and their respective successors and
permitted assigns. Except for the indemnification provisions of ARTICLE 4 in
favor of Persons who are not parties to this Agreement, nothing in this
Agreement, express or implied, is intended to confer upon any Person other than
the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement. Neither this Agreement nor any
of the rights, interests or obligations hereunder shall be assigned by (a) the
Corporation, without the prior written consent of the Airlines holding a
majority of the total Pro Rata Portions or (b) any Airline, without the prior
written consent of the Corporation and the other Airlines holding a majority of
the total Pro Rata Portions (excluding for such purposes the Pro Rata Portion
held by the assigning Airline); PROVIDED, HOWEVER, that it is acknowledged and
agreed that, prior to the Closing Date, UAL Loyalty Services may transfer by
dividend the Airline LLC Units owned by it to UAL Corp., a Delaware corporation,
which shall transfer, by a contribution to capital, such Airline LLC Units to
United Air Lines, Inc., a Delaware corporation ("UNITED"). Effective upon
completion of such transfers, United shall execute and deliver a joinder to this
Agreement in a form mutually agreed upon by United, the Corporation, Northwest,
Delta, Continental and American, pursuant to which United shall assume all of
rights and obligations of UAL Loyalty Services under, and agree to be bound in
all respects by, this Agreement as if United were an original signatory hereto.
Upon execution and delivery of such joinder, all references herein to,
representations or warranties of, or obligations to be performed by UAL Loyalty
Services shall be deemed to be references to, representations and warranties of
and obligations to be performed by United, and United shall be one of the
Airlines hereunder. Any purported assignment in contravention of this provision
shall be void ab initio.

     5.9  COUNTERPARTS.

          This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original and all of which together shall constitute one
instrument.

                                       17
<Page>

     5.10 ENTIRETY OF AGREEMENT.

          This Agreement and the Exchange Agreement constitute the entire
agreement among the parties hereto with respect to the subject matter hereof,
and supersedes all other agreements among the parties, or any of them, express
or implied, written or oral, with respect to the subject matter hereof.

     5.11 APPLICABLE LAW; JURISDICTION.

          This Agreement and the rights and obligations of the parties hereto
shall be interpreted and enforced in accordance with and governed by the laws of
the State of Delaware applicable to agreements made and to be performed wholly
within that jurisdiction. In addition, each of the parties hereto (a)
irrevocably consents to submit itself to the exclusive jurisdiction of any
Federal court located in the District of Delaware or any state court located in
the State of Delaware in the event any dispute arises out of this Agreement, (b)
agrees that it will not bring any action relating to this Agreement in any court
other than any Federal court sitting in the District of Delaware or any state
court sitting in the State of Delaware and (c) agrees that it will not attempt
to deny or defeat such personal jurisdiction by motion or other request for
leave from any such court or to assert any rights it may have to transfer or
change the venue of any action relating to this Agreement brought in accordance
with this SECTION 5.11.

     5.12 INTERPRETATION.

          The Section headings contained in this Agreement are solely for the
purpose of reference, are not part of the agreement of the parties and shall not
in any way affect the meaning or interpretation of this Agreement. Whenever any
words are used herein in the masculine gender, they shall be construed as though
they were also used in the feminine gender in all cases where they would so
apply. As used herein, the term "including" shall mean "including, without
limitation." The parties being of equal sophistication, the interpretation of
this Agreement shall not be influenced by virtue of the authorship of any of the
provisions of this Agreement.

     5.13 SEVERABILITY.

          If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in
no way be affected, impaired or invalidated, and the parties hereto shall use
their reasonable efforts to find and employ an alternative means to achieve the
same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

     5.14 CONFIDENTIALITY.

          Each party shall hold and cause its Representatives to hold in strict
confidence, unless compelled to disclose by judicial or administrative process
or, in the opinion of its counsel, by other requirements of law, all information
(other than any such information relating

                                       18
<Page>

solely to the business or affairs of such party) concerning the other parties
hereto furnished it by such other party or its Representatives pursuant to this
Agreement (except to the extent that such information can be shown to have been
(a) previously known by the party to which it was furnished, (b) in the public
domain through no fault of such party, or (c) later lawfully acquired from other
sources by the party to which it was furnished), and each party shall not
release or disclose such information to any other Person, except its
Representatives who shall be advised of the provisions of this Section. Each
party shall be deemed to have satisfied its obligation to hold confidential
information concerning or supplied by the other party if it exercises the same
care as it takes to preserve confidentiality for its own similar information.
Notwithstanding anything to the contrary set forth herein or in any other
written or oral understanding or agreement to which the parties hereto are
parties or by which they are bound, the parties acknowledge and agree that (i)
any obligations of confidentiality contained herein and therein do not apply and
have not applied from the commencement of discussions between the parties to the
tax treatment and tax structure of the Exchange (and any related transactions or
arrangements), and (ii) each party (and each of its Representatives) may
disclose to any and all Persons, without limitation of any kind, the tax
treatment and tax structure of the Exchange and all materials of any kind
(including opinions or other tax analyses) that are provided to such party
relating to such tax treatment and tax structure, all within the meaning of
Treasury Regulations Section 1.6011-4; PROVIDED, HOWEVER, that the foregoing is
not intended to affect each party's privilege to maintain, in its sole
discretion, the confidentiality of communications with its attorneys or with a
federally authorized tax practitioner under Section 7525 of the Code.

                            [SIGNATURE PAGES FOLLOW]

                                       19
<Page>

     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed by a duly authorized officer as of the date first above written.

                                       AMERICAN AIRLINES, INC.

                                       By: /s/ Beverly Goulet
                                           -----------------------------------
                                       Name: Beverly Goulet
                                       Title: Vice President - Corporate
                                              Development and Treasurer

                                       Address: American Airlines, Inc.
                                       4333 Amon Carter Boulevard
                                       Mail Drop 5566
                                       Fort Worth, Texas 76155
                                       Attention:  Vice President - Corporate
                                                   Development and Treasurer
                                       Facsimile: (817) 967-2199
                                       Telephone: (817) 967-0383

                                       With a copy to:

                                       American Airlines, Inc.
                                       4333 Amon Center Boulevard
                                       Mail Drop 5675
                                       Fort Worth, TX  76155
                                       Attention: Corporate Secretary
                                       Facsimile: (817) 967-4313
                                       Telephone: (817) 967-1254

                       [SIGNATURE PAGE TO TAX AGREEMENT]

<Page>

                                       CONTINENTAL AIRLINES, INC.

                                       By: /s/ Jeffery A. Smisek
                                           ------------------------------------
                                       Name: Jeffery A. Smisek
                                       Title: Executive Vice President

                                       Address: Continental Airlines, Inc.
                                       1600 Smith Street, HQSEO
                                       Houston, TX 77002
                                       Attention: Executive Vice President
                                       Facsimile: 713-324-2715

                                       With a copy to:

                                       Continental Airlines, Inc.
                                       1600 Smith Street, HQSLG
                                       Houston, TX 77002
                                       Attention: General Counsel

                        [SIGNATURE PAGE TO TAX AGREEMENT]

<Page>

                                       OMICRON RESERVATIONS MANAGEMENT, INC.

                                       By: /s/ Vincent F. Caminiti
                                           ----------------------------------
                                       Name:    Vincent F. Caminiti
                                       Title:   President

                                       Address: Omicron Reservations Management,
                                                Inc.
                                       1030 Delta Boulevard
                                       Atlanta, GA 30320
                                       Attention:  President
                                       Facsimile:  404-715-4098

                                       With a copy to:

                                       Delta Air Lines, Inc.
                                       1030 Delta Boulevard
                                       Atlanta, GA 30320
                                       Attention:  SVP-General Counsel
                                       Facsimile:  404-715-2233

                       [SIGNATURE PAGE TO TAX AGREEMENT]

<Page>

                                       NORTHWEST AIRLINES, INC.

                                       By: /s/ J. Timothy Griffin
                                           -------------------------------------
                                       Name: J. Timothy Griffin
                                       Title: EVP Marketing and Distribution

                                       Address: Northwest Airlines, Inc.
                                       2700 Lone Oak Parkway
                                       Eagan, MN  55121
                                       Attention: Al Lenza, Vice President-
                                       Distribution Planning
                                       Facsimile:  612-726-3906

                                       With a copy to:

                                       Northwest Airlines, Inc.
                                       2700 Lone Oak Parkway
                                       Eagan, MN  55121
                                       Attention:  General Counsel
                                       Facsimile:  612-726-7123

                       [SIGNATURE PAGE TO TAX AGREEMENT]

<Page>

                                       UAL LOYALTY SERVICES, INC.

                                       By: /s/ Steven M. Rasher
                                           -----------------------------------
                                       Name: Steven M. Rasher
                                       Title: Vice President and General
                                              Counsel

                                       Address:  UAL Loyalty Services, Inc.
                                       c/o United Air Lines, Inc.
                                       World Headquarters
                                       P.O. Box 66100
                                       Chicago, IL  60666
                                       Attention:  Senior Vice-President,
                                                   Secretary and
                                                   General Counsel
                                       Facsimile:  847-700-9569
                                          and
                                       Attention:  Managing Director,
                                                   UAL Loyalty Services, Inc.
                                       Facsimile:  847-700-9569

                       [SIGNATURE PAGE TO TAX AGREEMENT]

<Page>

                                       ORBITZ, INC.

                                       By: /s/ John J. Park
                                           ------------------------------------
                                       Name: John J. Park
                                       Title: Chief Financial Officer

                                       Address:  Orbitz, Inc.
                                       200 S. Wacker Drive, S-1900
                                       Chicago, IL 60606
                                       Attention: Chief Financial Officer and
                                                  General Counsel

                       [SIGNATURE PAGE TO TAX AGREEMENT]

<Page>

                                   SCHEDULE 1

                                PRO-RATA PORTIONS

<Table>
<Caption>

-------------------------------------------------------- ------------------
                                                              PRO RATA
                        AIRLINE                               PORTIONS
-------------------------------------------------------- ------------------
<S>                                                           <C>
                                                               26.17%
American Airlines, Inc.
-------------------------------------------------------- ------------------

Continental Airlines, Inc.                                     13.79
-------------------------------------------------------- ------------------

Omicron Reservations Management, Inc.                          18.30
-------------------------------------------------------- ------------------

Northwest Airlines, Inc.                                       15.57
-------------------------------------------------------- ------------------

UAL Loyalty Services, Inc.                                     26.17
-------------------------------------------------------- ------------------
TOTAL:                                                        100.0%
-------------------------------------------------------- ------------------
</Table><Page>

                                                                   Exhibit 10.37

                               EXCHANGE AGREEMENT

          This EXCHANGE AGREEMENT (the "AGREEMENT") is made and entered into as
of November 25, 2003, by and among Orbitz, Inc., a Delaware corporation (the
"CORPORATION"), Orbitz, LLC, a Delaware limited liability company (the
"OPERATING COMPANY"), American Airlines, Inc., a Delaware corporation
("AMERICAN"), Continental Airlines, Inc., a Delaware corporation
("CONTINENTAL"), Omicron Reservations Management, Inc., a Delaware corporation
("DELTA"), Northwest Airlines, Inc., a Minnesota corporation ("NORTHWEST"), and
UAL Loyalty Services, Inc., a Delaware corporation ("UAL LOYALTY SERVICES"; and,
together with American, Continental, Delta and Northwest, the "AIRLINES").

          WHEREAS, the Airlines hold the Class A LLC Units and Class B LLC Units
(the "AIRLINE LLC UNITS") in the Operating Company as set forth on EXHIBIT A
hereto;

          WHEREAS, the Corporation holds Class C LLC Units in the Operating
Company;

          WHEREAS, the Corporation is contemplating the offer and sale of its
Class A common stock, par value $0.001 per share (the "CLASS A COMMON STOCK"),
to the public in an underwritten initial public offering, which includes a
secondary offering component (the "PUBLIC OFFERING");

          WHEREAS, in connection with the Public Offering and pursuant to
Sections 6.3(b) and (c) of the Corporation's Certificate of Incorporation, as
amended (the "CERTIFICATE OF INCORPORATION"), the Airlines desire to exchange
(the "CLASS A EXCHANGE") certain of their Class A LLC Units, on a one-for-one
basis, for the number of shares of Class A Common Stock to be sold by the
Airlines in the Public Offering;

          WHEREAS, the Board of Directors of the Corporation has determined that
the fair market value of one share of Series A non-voting convertible preferred
stock, par value $0.001 per share, of the Corporation (the "NON-VOTING
CONVERTIBLE PREFERRED STOCK") is equal to the fair market value of one Airline
LLC Unit to be exchanged hereby;

          WHEREAS, in connection with the Public Offering, the Airlines desire
to exchange (the "SERIES A PREFERRED EXCHANGE") certain of their Class A LLC
Units, on a one-for-one basis, for the whole number of shares of Non-Voting
Convertible Preferred Stock determined by dividing Ten Million Dollars
($10,000,000) by the price to the public of one share of Class A Common Stock in
the Public Offering;

          WHEREAS, in connection with the Public Offering and pursuant to
Section 6.3(b) and (c) of the Certificate of Incorporation, the Airlines desire
to exchange (the "CLASS B EXCHANGE"; and, together with the Class A Exchange and
the Series A Preferred Exchange, the "EXCHANGE") the remainder of their Airline
LLC Units, on a one-for-one basis, for shares of Class B common stock, par value
$0.001 per share, of the Corporation (the "CLASS B COMMON STOCK"; and, together
with the Class A Common Stock and the Non-Voting Convertible Preferred Stock,
the "EXCHANGE SHARES");

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          WHEREAS, pursuant to an agreement dated as of the date hereof (the
"PREFERRED STOCK PURCHASE AGREEMENT"), the Airlines entered into a binding
commitment to sell the Non-Voting Convertible Preferred Stock to SAM Investments
LDC, a Cayman Islands company (the "INVESTOR");

          WHEREAS, the Corporation and the Airlines have structured the Exchange
as a taxable exchange of the Airline LLC Interests for the Exchange Shares; and

          WHEREAS, the Operating Company will timely file a Section 754 Election
following the Exchange.

          NOW, THEREFORE, in consideration of the foregoing and the mutual
promises herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

     1.   EXCHANGE.

          (a)    CLASS A EXCHANGE. Subject to the satisfaction of the conditions
set forth in this Agreement and pursuant to Sections 6.3(b) and (c) of the
Certificate of Incorporation, each Airline hereby notifies the Corporation that,
effective at the Closing, such Airline elects to exchange Class A LLC Units, on
a one-for-one basis, for the number of shares of the Class A Common Stock to be
sold by such Airline in the Public Offering, as specified in the Underwriting
Agreement, to be dated as of the effective date of the registration statement
with respect to the Public Offering (the "UNDERWRITING AGREEMENT"), to be
entered into among and between the Corporation, the Airlines and the
Underwriters party thereto.

          (b)    SERIES A PREFERRED EXCHANGE. Subject to the satisfaction of the
conditions set forth in this Agreement, at the Closing, the Corporation and each
Airline agree to exchange Class A LLC Units, on a one-for-one basis, for the
number of shares of Non-Voting Convertible Preferred Stock equal to the whole
number of shares rounded to the nearest number of such Airline's Pro Rata
Allotment (as such term is defined in Section 6(d) of the Corporation's Amended
and Restated Stockholders Agreement, dated as of April 10, 2002, as amended (the
"STOCKHOLDERS AGREEMENT"), by and among the Corporation, the Operating Company
and the Airlines) of the whole number (rounded down) obtained by dividing Ten
Million Dollars ($10,000,000) by the price to the public of one share of Class A
Common Stock in the Public Offering.

          (c)    CLASS B EXCHANGE. Subject to the satisfaction of the conditions
set forth in this Agreement and pursuant to Sections 6.3(b) and (c) of the
Certificate of Incorporation, each Airline hereby notifies the Corporation that,
effective at the Closing, such Airline elects to exchange all of such Airline's
remaining Airline LLC Units (after giving effect to the Class A Exchange and the
Series A Preferred Exchange), on a one-for-one basis, for shares of the series
of Class B Common Stock to which it is entitled pursuant to Section 6.3(b) of
the Certificate of Incorporation.

     2.   THE CLOSING. The closing (the "CLOSING") of the transactions
contemplated hereby shall be held at the offices of Latham & Watkins LLP, 233
South Wacker Drive, Suite 5800, Chicago, Illinois 60606 at the time and date on
which all the conditions set forth in SECTION 5 have been satisfied or waived,
or at such later time and date as the Airlines and the Corporation

                                      - 2 -
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shall agree in writing (such time and date, the "CLOSING DATE").

     3.   REPRESENTATIONS AND WARRANTIES OF THE CORPORATION. As of the date of
this Agreement and as of the Closing Date, the Corporation hereby represents and
warrants to each Airline as follows:

          (a)    ORGANIZATION; GOOD STANDING; QUALIFICATION. The Corporation is
a corporation duly organized and validly existing under the laws of the State of
Delaware and is in good standing under such laws. The Corporation has the
requisite power and authority to own and operate its properties and assets, and
to carry on its business as presently conducted and as proposed to be conducted.
The Corporation is in good standing and qualified to do business in every
jurisdiction where the failure to so qualify would have a material adverse
effect on the Corporation's business, properties, financial condition or results
of operations.

          (b)    CORPORATE POWER; AUTHORIZATION. The Corporation has all
requisite corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby. The execution, delivery
and performance by the Corporation of this Agreement and each of the
transactions contemplated hereby have been duly and validly authorized by the
Corporation. Except for actions that have been completed or will be completed
prior to Closing, no corporate act or proceeding on the part of the Corporation,
its board of directors, or its stockholders, is necessary to authorize the
execution, delivery or performance by the Corporation of this Agreement. This
Agreement constitutes a valid and binding obligation of the Corporation
enforceable against it in accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors' rights generally, and
(ii) as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies.

          (c)    CAPITALIZATION. Attached as SCHEDULE 3(c) hereto is a table the
("CAP TABLE") that sets forth a true and correct listing of the holders and
numbers of shares of capital stock or membership units outstanding on a fully
diluted basis, as applicable, of each of the Corporation and the Operating
Company as of the date of this Agreement; PROVIDED, that (i) the Cap Table gives
effect to a 1-for-3 reverse split, contemplated to be effective on the date of
this Agreement, with respect to the capital stock of the Corporation and the
membership units of the Operating Company, (ii) the Cap Table does not give
effect to the Exchange or the Public Offering, (iii) the Cap Table does not list
the holders of options to acquire the Corporation's capital stock, but only the
aggregate number of outstanding options and (iv) the Cap Table does not list as
outstanding on a fully-diluted basis (x) shares of Common Stock issuable or
reserved for issuance by the Corporation upon the exchange of membership units
of the Operating Company pursuant to the terms of the Certificate of
Incorporation, or (y) shares of Class A Common Stock issuable or reserved for
issuance by the Corporation upon conversion of shares of Class B Common Stock or
Class C Common Stock pursuant to the terms of the Certificate of Incorporation.
At or prior to the Closing, the Corporation will prepare and deliver to the
Airlines an updated Cap Table, which will be true and correct as of the Closing
Date, giving effect to the Exchange and the Public Offering. Except as described
on SCHEDULE 3(c) or as described in the proviso to the first sentence of this
SECTION 3(c), as of the date of this Agreement, neither the Corporation nor the
Operating Company has any other equity securities of any class issued, reserved
for issuance or outstanding. Except as described on SCHEDULE 3(c), as
contemplated by

                                      - 3 -
<Page>

this Agreement, or as provided in the Certificate of Incorporation, the
Stockholders Agreement and the LLC Agreement (as defined below), as of the date
of this Agreement, there are (i) no outstanding options, warrants, conversion
rights, contracts, commitments, binding arrangements, or other rights to
subscribe for or to purchase from the Corporation or the Operating Company, or
contracts, commitments or binding arrangements by the Corporation or the
Operating Company to issue, transfer or sell shares of capital stock or other
securities of the Corporation or the Operating Company (whether debt, equity or
a combination thereof) or obligating the Corporation or the Operating Company to
grant, extend or enter into any such contract, commitment or binding arrangement
and (ii) no contracts, commitments or binding arrangements which require or may
require the Corporation or the Operating Company to repurchase or otherwise
acquire or retire any of its respective capital stock or membership units, as
the case may be. Except as contemplated by this Agreement, or as provided in the
Certificate of Incorporation, the Stockholders Agreement and the LLC Agreement,
as of the date of this Agreement, there are no pre-emptive or similar rights
with respect to the Corporation's capital stock or the Operating Company's
membership units. Except as described in the Certificate of Incorporation and
the Stockholders Agreement, the Corporation is not a party to, and to its
knowledge, no shareholder of the Corporation is a party to, any voting
agreements, voting trusts, proxies or any other agreement for the voting of any
shares of the capital stock of the Corporation, or any agreement with respect to
the transferability, purchase or redemption of any shares of capital stock of
the Corporation.

          (d)    CONSENTS. Except as has been obtained or will be obtained prior
to Closing, no consent, approval or authorization of, or designation,
declaration or filing with, any governmental authority or other third party on
the part of the Corporation is required in connection with the execution and
delivery of this Agreement or the consummation of the transactions contemplated
hereby.

          (e)    VALID ISSUANCE OF EXCHANGE SHARES. The Exchange Shares, when
issued in compliance with the provisions of this Agreement, the Certificate of
Incorporation and the Certificate of Designations, will be validly issued, fully
paid and nonassessable, and will be free of any liens or encumbrances or
preemptive or other similar rights of the stockholders of the Corporation or
others; PROVIDED, HOWEVER, that the Exchange Shares may be subject to
restrictions on transfer (i) under state and/or federal securities laws or
otherwise required by such laws at the time a transfer is proposed, (ii) as
provided in the Certificate of Incorporation, or (iii) as set forth herein or in
the Stockholders Agreement.

     4.   REPRESENTATIONS AND WARRANTIES OF AIRLINES. As of the date of this
Agreement and as of the Closing Date, each Airline represents and warrants,
severally and not jointly, to the Corporation as follows:

          (a)    ORGANIZATION; GOOD STANDING; QUALIFICATION. Such Airline is a
corporation duly organized and validly existing under the laws of the state of
its incorporation and is in good standing under such laws. Such Airline has the
requisite corporate power and authority to own and operate its properties and
assets, and to carry on its business as presently conducted and as proposed to
be conducted. Such Airline is in good standing and qualified to do business in
every jurisdiction where the failure to so qualify would have a material adverse
effect on its ability to enter into this Agreement or to consummate the
transactions contemplated hereby.

                                      - 4 -
<Page>

          (b)    CORPORATE POWER; AUTHORIZATION. Such Airline has all requisite
corporate power and authority to execute and deliver this Agreement and to
consummate the transactions contemplated hereby. The execution, delivery and
performance by such Airline of this Agreement and each of the transactions
contemplated hereby have been duly and validly authorized by such Airline.
Except for actions that have been completed or will be completed prior to
Closing, no corporate act or proceeding on the part of such Airline, its board
of directors, or its stockholders, is necessary to authorize the execution,
delivery or performance by such Airline of this Agreement. This Agreement
constitutes a valid and binding obligation of such Airline enforceable against
it in accordance with its terms except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement of creditors' rights generally, and (ii) as limited by
laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies.

          (c)    CONSENTS. Except as has been obtained or will be obtained prior
to Closing, no consent, approval or authorization of, or designation,
declaration or filing with, any governmental authority or other third party on
the part of such Airline is required in connection with the execution and
delivery of this Agreement or the consummation of the transactions contemplated
hereby.

          (d)    OWNERSHIP OF AIRLINE LLC UNITS. Such Airline has, and at the
Closing will deliver to the Corporation, good and valid title to all Airline LLC
Units set forth opposite such Airline's name on EXHIBIT A hereto (as such
Exhibit may be adjusted on or prior to the Closing to account for any membership
interest split, reverse membership interest split, membership interest
distribution or the like) free and clear of all liens, charges, encumbrances, or
other security interests or claims of right to title by any third party of any
kind whatsoever, except pursuant to the terms of the Stockholders Agreement and
the Sixth Amended and Restated Limited Liability Company Agreement of Orbitz,
LLC (the "LLC AGREEMENT"), dated as of April 10, 2002 and as amended from time
to time, by and among the Airlines and the Corporation. The Airline LLC Units
listed opposite such Airline's name on EXHIBIT A hereto represent all Airline
LLC Units beneficially owned by such Airline and its affiliates.

          (e)    PREFERRED STOCK PURCHASE AGREEMENT. Attached as EXHIBIT B
hereto is a true and correct copy of the Preferred Stock Purchase Agreement,
which has not been amended or modified since the date thereof. Such Airline has
all requisite corporate power and authority to execute and deliver the Preferred
Stock Purchase Agreement and to consummate the transactions contemplated
thereby. The execution, delivery and performance by such Airline of the
Preferred Stock Purchase Agreement and each of the transactions contemplated
thereby have been duly and validly authorized by such Airline. Except for
actions that have been completed or will be completed prior to Closing, no other
corporate act or proceeding on the part of such Airline, its board of directors,
or its stockholders, is necessary to authorize the execution, delivery or
performance by such Airline of the Preferred Stock Purchase Agreement. The
Preferred Stock Purchase Agreement is in full force and effect and constitutes a
valid and binding obligation of such Airline enforceable against it in
accordance with its terms except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement of creditors' rights generally, and (ii) as limited by
laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies.

                                      - 5 -
<Page>

          (f)    NEGOTIATIONS WITH INVESTOR. Such Airline has, together with the
other Airlines or its or their representatives and counsel, engaged in
arms-length negotiations with the Investor over the terms of the Preferred Stock
Purchase Agreement. The Investor is not in any way affiliated with or related to
such Airline, by virtue of common ownership or otherwise. The Preferred Stock
Purchase Agreement sets forth all of the terms regarding the sale of the
Non-Voting Convertible Preferred Stock, and there are no other agreements,
understandings or arrangements with respect to such sale.

          (g)    CERTAIN EXCHANGE SHARES ARE RESTRICTED SECURITIES. Such Airline
understands that the Exchange Shares (other than the Class A Common Stock to be
registered and sold in the Public Offering) to be received by it in the Exchange
have not been, and will not be, registered under the Securities Act of 1933, as
amended (the "SECURITIES ACT"), by reason of an exemption from the registration
provisions of the Securities Act. Such Airline is acquiring such Exchange Shares
for investment purposes only, and not with a view to the resale or distribution
thereof in any manner not permitted by applicable law. Such Airline understands
that such Exchange Shares received by it in the Exchange are "restricted
securities" under applicable U.S. federal and state securities laws and that,
pursuant to these laws, such Airline must hold such Exchange Shares indefinitely
unless they are registered with the Securities and Exchange Commission and
qualified by state authorities, or an exemption from such registration and
qualification requirements is available. Such Airline acknowledges that, except
as set forth in the Stockholders Agreement, the Corporation has no obligation to
register or qualify the Exchange Shares for resale.

     5.   CONDITIONS TO CLOSING.

          (a)    CONDITIONS TO OBLIGATIONS OF ALL PARTIES. The obligations of
the parties under this Agreement are subject to the fulfillment or waiver of the
following conditions:

                 (i)     There shall not have been issued and be in effect any
order, decree or judgment of, or in, any court, tribunal of competent
jurisdiction or governmental authority which makes the Exchange or any of the
other transactions contemplated by this Agreement illegal or invalid.

                 (ii)    The Certificate of Designations, Preferences and Rights
of Series A Non-Voting Convertible Preferred Stock (par value $0.001 per share)
of Orbitz, Inc., in substantially the form attached hereto as EXHIBIT C (the
"CERTIFICATE OF DESIGNATIONS"), shall have been filed with the Secretary of
State of the State of Delaware and shall be in full force and effect.

                 (iii)   The Preferred Stock Purchase Agreement shall be in full
force and effect (without amendment or modification thereof) and all conditions
to the consummation thereof shall have been satisfied, except for conditions to
be satisfied at the closing thereof and the condition relating to the
consummation of the Exchange.

                 (iv)    The Corporation shall have received an opinion from
Latham & Watkins LLP, dated as of the Closing Date and in form reasonably
satisfactory to the

                                      - 6 -
<Page>

Corporation, to the effect that the Exchange should be a taxable exchange for
Tax purposes.

                 (v)     The Corporation and the Airlines shall have entered
into the Underwriting Agreement with respect to the Public Offering and all
conditions to the consummation thereof shall have been, or will
contemporaneously be, satisfied, except for conditions to be satisfied at the
Closing and the conditions relating to the consummation of the Exchange and the
Preferred Stock Purchase Agreement.

          (b)    CONDITIONS TO OBLIGATIONS OF EACH AIRLINE. The obligations of
each Airline under this Agreement are subject to the fulfillment or waiver of
the following conditions:

                 (i)     All covenants, agreements and conditions contained in
this Agreement to be performed by the Corporation on or prior to the Closing
shall have been performed or complied with in all material respects.

                 (ii)    The representations and warranties of the Corporation
shall have been accurate, true and correct in all material respects on and as of
the date hereof, and except to the extent that any such representation or
warranty is made solely as of the date hereof or as of another date earlier than
the Closing Date shall also be accurate, true and correct in all material
respects, on and as of the Closing Date with the same force and effect as though
made by the Corporation on and as of the Closing Date.

          (c)    CONDITIONS TO OBLIGATIONS OF THE CORPORATION. The obligations
of the Corporation under this Agreement are subject to the fulfillment or waiver
of the following conditions:

                 (i)     All covenants, agreements and conditions contained in
this Agreement to be performed by each Airline on or prior to the Closing shall
have been performed or complied with in all material respects.

                 (ii)    The representations and warranties of each Airline
shall have been accurate, true and correct in all material respects on and as of
the date hereof, and except to the extent that any such representation or
warranty is made solely as of the date hereof or as of another date earlier than
the Closing Date shall also be accurate, true and correct in all material
respects, on and as of the Closing Date with the same force and effect as though
made by such Airline on and as of the Closing Date.

                 (iii)   Each Airline shall have delivered to the Corporation
instruments of transfer, in form and substance reasonably satisfactory to the
Corporation, to effect the transfer of the Airline LLC Units to the Corporation.

     6.   TERMINATION. If the conditions set forth in SECTION 5 hereof are not
satisfied or waived on or before February 1, 2004, or if the registration
statement with respect to the Public Offering is withdrawn for any reason prior
to that date, this Agreement shall become null and void and be of no further
force or effect whatsoever and none of the Airlines, the Operating Company or
the Corporation shall have any further obligations hereunder or with respect
hereto.

                                      - 7 -
<Page>

     7.   FURTHER ASSURANCES. From time-to-time and after the date hereof, each
Airline shall deliver or cause to be delivered to the Corporation and the
Operating Company such further documents and instruments and shall do and cause
to be done such further acts as the Corporation and the Operating Company shall
reasonably request to carry out more effectively the provisions and purposes of
this Agreement.

     8.   NO INCONSISTENT ARRANGEMENTS. Each Airline hereby covenants and agrees
that, except as contemplated by this Agreement (including SECTION 13 hereof), it
shall not (a) except to the Corporation, transfer (which shall include, without
limitation, any sale, gift, pledge or other disposition), or consent to any
transfer of, any or all of the Airline LLC Units held by it or any interest
therein, (b) except with the Corporation, enter into any contract, option or
other agreement or understanding with respect to any transfer of any or all of
the Airline LLC Units held by it or any interest therein, (c) grant any proxy,
power-of-attorney or other authorization in or with respect to the Airline LLC
Units held by it, or (d) take any other action that would in any way restrict,
limit or interfere with the performance of its obligations hereunder or the
transactions contemplated hereby or which would make any representation or
warranty of such Airline hereunder untrue or incorrect; PROVIDED, that prior to
the time that an Airline has entered into the Underwriting Agreement with
respect to the Public Offering, such Airline may transfer any or all of the
Airline LLC Units to a Qualified Affiliate (as such term is defined in the LLC
Agreement) if the transferee thereof, effective upon completion of, and as a
condition to, such transfer, executes and delivers a joinder to this Agreement,
in form and substance satisfactory to the Corporation, and a joinder to the
Stock Purchase Agreement, in form and substance satisfactory to the Corporation
and the other Airlines, in each case, pursuant to which such transferee assumes
all of rights and obligations of such Airline under, and agrees to be bound in
all respects by, this Agreement and the Stock Purchase Agreement as if the
transferee were an original signatory hereto and thereto; PROVIDED, FURTHER,
that such transfer shall be prohibited if the Corporation reasonably determines
that such transfer is likely to adversely affect the tax treatment of the
Exchange. This SECTION 8 shall not preclude UAL Loyalty Services, UAL Corp., a
Delaware corporation ("UAL CORP."), or any of their affiliates from making any
pledge of Airline LLC Units reasonably necessary in connection with (a) any exit
financing subject to requisite approvals by the United States Bankruptcy Court
for the Northern District of Illinois or (b) UAL Loyalty Services', UAL Corp.'s
or any of their affiliates' successful emergence from Chapter 11, including, but
not limited to, a pledge given to support one or more pension funding waivers
granted by the U.S. Department of Labor or the Internal Revenue Service or to
support any non-cash contributions in lieu of pension funding that may be
permitted by the Department of Labor, Internal Revenue Service or Pension
Benefit Guaranty Corporation; PROVIDED, that the instrument establishing such
pledge shall provide that (i) the pledgee acknowledges the obligations of the
pledgor hereunder and consents to the release of any interest it may have in the
Airline LLC Units upon the Closing and (ii) if the pledgee seeks to foreclose
upon the pledge, the pledgee shall give the Company notice prior to doing so
and, as a condition to such foreclosure, shall execute and deliver a joinder to
this Agreement, in form and substance satisfactory to the Corporation, and a
joinder to the Stock Purchase Agreement, in form and substance satisfactory to
the Corporation and the other Airlines, in each case, pursuant to which such
pledgee assumes all rights and obligations of the pledgor under, and agrees to
be bound in all respects by, this Agreement and the Stock Purchase Agreement as
if the pledgor were an original signatory hereto. The parties acknowledge and
agree that UAL Loyalty Services has

                                      - 8 -
<Page>

pledged the Airline LLC Units owned by it to support the guaranty of
Debtor-in-Possession financing facilities of UAL Corp. and that such existing
pledge does not constitute a violation of this SECTION 8.

     9.   TAX TREATMENT OF THE EXCHANGE. The Corporation, the Operating Company
and the Airlines have structured the Exchange as a taxable exchange of the
Airline LLC Interests for the Exchange Shares for Tax purposes. The Operating
Company will timely file the Section 754 Election following the Exchange. The
Exchange is not intended to qualify as a non-taxable exchange pursuant to
Section 351 of the Code.

     10.  LEGENDS. The certificates evidencing the Exchange Shares (other than
the Class A Common Stock to be registered and sold in the Public Offering) will
be stamped or otherwise imprinted with a legend substantially in the following
form (unless no longer required in the opinion of counsel for the Corporation):

          THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") AND MAY NOT BE OFFERED,
          SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND
          UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL IN FORM
          AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER OF THESE
          SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS
          IN COMPLIANCE THEREWITH.

          THE CORPORATION IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK.
          THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO
          REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
          PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK
          OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS
          OF SUCH PREFERENCES AND/OR RIGHTS.

          THE SHARES EVIDENCED HEREBY ARE SUBJECT TO AN AGREEMENT BY AND AMONG
          THE CORPORATION AND CERTAIN STOCKHOLDERS OF THE CORPORATION (A COPY OF
          WHICH MAY BE OBTAINED FROM THE CORPORATION), AND BY ACCEPTING ANY
          INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE
          DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF
          SAID AGREEMENT.

     11.  DEFINED TERMS. As used in this Agreement, capitalized terms used but
not defined shall have the following meanings:

          "CODE" means the United States Internal Revenue Code of 1986, as
amended.

          "SECTION 754 ELECTION" shall mean an election made by the Operating
Company pursuant to Section 754 of the Code with respect to the portion of its
assets represented by the Airline LLC Units transferred to the Corporation in
the Exchange.

                                      - 9 -
<Page>

          "TAX" means any charges, fees, levies, imposts, duties, or other
assessments of a similar nature, including income, alternative or add-on
minimum, gross receipts, profits, lease, service, service use, wage, wage
withholding, employment, workers compensation, business occupation, occupation,
premiums, environmental, estimated, excise, employment, sales, use, transfer,
license, payroll, franchise, severance, stamp, occupation, windfall profits,
withholding, social security, unemployment, disability, ad valorem, highway use,
commercial rent, capital stock, paid up capital, recording, registration,
property, real property gains, value added, business license, custom duties, or
other tax or governmental fee of any kind whatsoever, imposed or required to be
withheld by any Tax authority including any interest, or penalties applicable or
related thereto.

     12.  MISCELLANEOUS.

          (a)    GOVERNING LAW; JURISDICTION. This Agreement and the rights and
obligations of the parties hereto shall be interpreted and enforced in
accordance with and governed by the laws of the State of Delaware applicable to
agreements made and to be performed wholly within that jurisdiction. In
addition, each of the parties hereto (i) irrevocably consents to submit itself
to the exclusive jurisdiction of any Federal court located in the District of
Delaware or any state court located in the State of Delaware in the event any
dispute arises out of this Agreement, (ii) agrees that it will not bring any
action relating to this Agreement in any court other than any Federal court
sitting in the District of Delaware or any state court sitting in the State of
Delaware and (iii) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court
or to assert any rights it may have to transfer or change the venue of any
action relating to this Agreement brought in accordance with this SECTION 12(a).

          (b)    SURVIVAL. The representations, warranties, covenants and
agreements made herein shall survive any investigation made by any of the
parties hereto and the closing of the transactions contemplated hereby.

          (c)    SUCCESSORS AND ASSIGNS. Except as otherwise provided herein,
the provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto.

          (d)    ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other
documents to be delivered pursuant hereto at the Closing constitute the full and
entire understanding and agreement between the parties with regard to the
subjects hereof and thereof, and no party shall be liable or bound to any other
party in any manner by any warranties, representations or covenants except as
specifically set forth herein or therein. Except as expressly provided herein,
neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom
enforcement of any such amendment, waiver, discharge or termination is sought.

          (e)    COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be enforceable against the parties actually
executing such counterparts, and all of which together shall constitute one
instrument.

                                     - 10 -
<Page>

          (f)    SEVERABILITY. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect
without said provision; provided that no such severability shall be effective if
it materially changes the economic benefit of this Agreement to any party.

          (g)    TITLES AND SUBTITLES. The titles and subtitles used in this
Agreement are used for convenience only and are not considered in construing or
interpreting this Agreement.

          (h)    BENEFITS OF AGREEMENT. Nothing in this Agreement, express or
implied, shall give to any person, other than the parties hereto and their
successors hereunder any benefit or any legal or equitable right, remedy or
claim under this Agreement. Notwithstanding the forgoing, Latham & Watkins LLP
shall be entitled to rely on the representations and warranties of the Airlines
set forth in SECTION 4 of this Agreement in connection with the opinion to be
issued to the Corporation related to the Tax treatment of the Exchange.

          (i)    NOTICES. Any notice pursuant to this Agreement shall be in
writing and shall be made in accordance with SECTION 10.2 of the LLC Agreement,
as the same has been and may be amended from time to time.

     13.  UAL LOYALTY TRANSFER. It is acknowledged and agreed that, prior to the
Closing, UAL Loyalty Services shall transfer by dividend the Airline LLC Units
owned by it to UAL Corp., which shall transfer by a contribution to capital such
Airline LLC Units to United Air Lines, Inc., a Delaware corporation ("UNITED").
Effective upon completion of, and as a condition to, such transfers, United
shall execute and deliver a Joinder to this Agreement in the form attached as
EXHIBIT D hereto (the "JOINDER"), pursuant to which United shall assume all of
rights and obligations of UAL Loyalty Services under, and agree to be bound in
all respects by, this Agreement as if the undersigned were an original signatory
hereto. Upon execution and delivery of the Joinder, all references herein to,
representations or warranties of, or covenants to be performed by UAL Loyalty
Services shall be deemed to be references to, representations and warranties of,
and covenants to be performed by United.

                            [SIGNATURE PAGE FOLLOWS]

                                     - 11 -
<Page>

     IN WITNESS WHEREOF, the parties have duly executed this Exchange Agreement
as of the date first written above.

ORBITZ, INC.                            ORBITZ, LLC

By:  /s/ John J. Park                   By:  /s/ John J. Park
     --------------------------              --------------------------
     Name: John J. Park                      Name: John J. Park
     Title: Chief Financial Officer          Title: Chief Financial Officer

                                        AMERICAN AIRLINES, INC.

                                        By:  /s/ Beverly Goulet
                                             --------------------------
                                             Name: Beverly Goulet
                                             Title: Vice President - Corporate
                                                    Development and Treasurer

                                        CONTINENTAL AIRLINES, INC.

                                        By:  /s/ Jeffery A. Smisek
                                             --------------------------
                                             Name: Jeffery A. Smisek
                                             Title: Executive Vice President

                                        OMICRON RESERVATIONS
                                        MANAGEMENT, INC.

                                        By:  /s/ Vincent F. Caminiti
                                             --------------------------
                                             Name: Vincent F. Caminiti
                                             Title: President

                                        NORTHWEST AIRLINES, INC.

                                        By:  /s/ J. Timothy Griffin
                                             --------------------------
                                             Name: J. Timothy Griffin
                                             Title: EVP Marketing and
                                                    Distibution

                                        UAL LOYALTY SERVICES, INC.

                                        By:  /s/ Steven M. Rasher
                                             --------------------------
                                             Name: Steven M. Rasher
                                             Title: Vice President and General
                                                    Counsel

                     [SIGNATURE PAGE TO EXCHANGE AGREEMENT]

<Page>

                                    EXHIBIT A

                                AIRLINE LLC UNITS

<Table>
<Caption>
            AIRLINE                CLASS A UNITS          CLASS B UNITS              TOTAL
            -------                -------------          -------------              -----
<S>                                 <C>                        <C>                <C>
American Airlines, Inc.              9,387,615                 159                 9,387,774

Continental Airlines, Inc.           4,948,572                  84                 4,948,656

Omicron Reservations
Management, Inc.                     6,566,253                 111                 6,566,364

Northwest Airlines, Inc.             5,587,099                  95                 5,587,194

UAL Loyalty Services, Inc.           9,387,615                 159                 9,387,774

TOTAL:                              35,877,154                 608                35,877,762
</Table>

<Page>

                                    EXHIBIT B

                       PREFERRED STOCK PURCHASE AGREEMENT

<Page>

                            STOCK PURCHASE AGREEMENT

                                  by and among

                            AMERICAN AIRLINES, INC.,

                           CONTINENTAL AIRLINES, INC.,

                     OMICRON RESERVATIONS MANAGEMENT, INC.,

                            NORTHWEST AIRLINES, INC.,

                           UAL LOYALTY SERVICES, INC.

                                       AND

                                    [INVESTOR]

                          DATED AS OF ___________, 2003

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                                 PAGE
                                                                                                                 ----
<S>                                                                                                                 <C>
1.      Purchase and Sale of the Shares.............................................................................2

        1.01 Purchase of the Shares from the Stockholders...........................................................2

        1.02 Purchase Price for the Shares..........................................................................2

        1.03 Closing................................................................................................2

2.      Representations and Warranties of the Stockholders..........................................................2

        2.01 Organization; Good Standing; Qualification.............................................................2

        2.02 Corporate Power; Authorization.........................................................................2

        2.03 Consents...............................................................................................3
        2.04 Ownership of Stockholder LLC Units.....................................................................3

        2.05 Ownership of Shares....................................................................................3

3.      Representations and Warranties of the Buyer.................................................................3

        3.01 Organization; Good Standing; Qualification.............................................................3

        3.02 Corporate Power; Authorization.........................................................................3

        3.03 Consents...............................................................................................4

        3.04 Investment Purpose.....................................................................................4

        3.05 Investor Status........................................................................................4

        3.06 Reliance on Exemptions.................................................................................4

        3.07 Receipt of Information.................................................................................4

        3.08 Suitability and Sophistication.........................................................................4

        3.09 Governmental Review....................................................................................5

        3.10 Transfer or Resale.....................................................................................5

        3.11 Legends................................................................................................5

        3.12 Residency..............................................................................................6

4.      Covenants of the Buyer......................................................................................6

        4.01 Purchase of Class A Common Stock.......................................................................6

        4.02 Lock-Up Agreement; Certain Other Covenants.............................................................6

5.      Conditions to Obligations of the Buyer......................................................................6

        5.01 Representations and Warranties of the Stockholders.....................................................6

        5.02 Performance by the Stockholders........................................................................7

        5.03 Qualifications.........................................................................................7
</Table>

                                        i
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                                 PAGE
                                                                                                                 ----
<S>                                                                                                                <C>
        5.04 Corporate Proceedings..................................................................................7

        5.05 Adverse Proceedings....................................................................................7

6.      Conditions to Obligations of the Stockholders...............................................................7

        6.01 Representations and Warranties of the Buyer............................................................7

        6.02 Performance by the Buyer...............................................................................7

        6.03 Qualifications.........................................................................................7

        6.04 Corporate Proceedings..................................................................................7

        6.05 Adverse Proceedings....................................................................................7

        6.06 Exchange of LLC Units..................................................................................8

        6.07 Purchase Price.........................................................................................8

7.      Termination.................................................................................................8

8.      Miscellaneous...............................................................................................8

        8.01 Entire Agreement.......................................................................................8

        8.02 Survival...............................................................................................8

        8.03 Successors and Assigns.................................................................................8

        8.04 Specific Performance...................................................................................9

        8.05 Governing Law..........................................................................................9

        8.06 Counterparts...........................................................................................9

        8.07 Titles and Subtitles...................................................................................9

        8.08 Notices................................................................................................9

        8.09 Finder's Fees..........................................................................................9

        8.10 Expenses..............................................................................................10

        8.11 Attorneys' Fees.......................................................................................10

        8.12 Amendments and Waivers................................................................................10

        8.13 Disclosures...........................................................................................10

        8.14 Severability..........................................................................................10

        8.15 Benefits of Agreement.................................................................................10
</Table>

Schedule I   Selling Stockholders

                                       ii
<Page>

                            STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement (this "Agreement") is made as of this 25th
day of November, 2003 by and among American Airlines, Inc., a Delaware
corporation ("American"), Continental Airlines, Inc., a Delaware corporation
("Continental"), Omicron Reservations Management, Inc., a Delaware corporation
("Delta"), Northwest Airlines, Inc., a Minnesota corporation ("Northwest"), UAL
Loyalty Services, Inc., a Delaware corporation ("UAL Loyalty Services" and,
together with American, Continental, Delta and Northwest, the "Stockholders"),
and [                     ] (the "Buyer").

     WHEREAS, the Stockholders hold Class A LLC Units and Class B LLC Units
(collectively, the "LLC Units") in Orbitz, LLC, a Delaware limited liability
company (the "Operating Company");

     WHEREAS, Orbitz, Inc., a Delaware corporation (the "Company"), holds Class
C LLC Units in the Operating Company;

     WHEREAS, the Company is contemplating the offer and sale of its Class A
common stock, par value $0.001 per share (the "Class A Common Stock"), to the
public in an underwritten initial public offering (the "IPO") pursuant to the
Company's Registration Statement on Form S-1, as amended (Registration No.
333-88646) (the "Registration Statement");

     WHEREAS, in connection with the IPO, the Stockholders will exchange (the
"Exchange") their LLC Units for shares of Class A Common Stock, Class B common
stock, par value $0.001 per share (the "Class B Common Stock"), of the Company
and Series A Non-Voting Convertible Preferred Stock, par value $0.001 per share,
having the rights, preferences and designations set forth in the form of
Certificate of Designations, Preferences and Rights attached hereto as EXHIBIT A
(the "Preferred Stock"), of the Company pursuant to an Exchange Agreement, dated
as of November 25, 2003, by and among the Company, the Operating Company and the
Stockholders (the "Exchange Agreement");

     WHEREAS, upon consummation of the Exchange, each of the Stockholders will
own its Pro Rata Percentage of the whole number of shares (collectively, the
"Shares") of Preferred Stock determined by dividing $10,000,000 by the public
offering price of one share of Class A Common Stock in the IPO. Each
Stockholder's "Pro Rata Percentage" shall be the percentage set forth opposite
such Stockholder's name on SCHEDULE I attached hereto; and

     WHEREAS, the Buyer desires to purchase, and the Stockholders desire to
sell, the Shares for the aggregate consideration set forth below, subject to the
terms and conditions of this Agreement;

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

<Page>

1.   PURCHASE AND SALE OF THE SHARES.

     1.01      PURCHASE OF THE SHARES FROM THE STOCKHOLDERS. Subject to and upon
the terms and conditions of this Agreement, at the closing of the transactions
contemplated by this Agreement (the "Closing"), each Stockholder shall sell,
transfer, convey, assign and deliver to the Buyer, and the Buyer shall purchase,
acquire and accept from each Stockholder, all the Shares owned by such
Stockholder. At the Closing, upon receipt of the Purchase Price (as defined
below), each Stockholder shall deliver to the Buyer certificates evidencing the
Shares owned by such Stockholder duly endorsed in blank or with stock powers
duly executed by such Stockholder.

     1.02      PURCHASE PRICE FOR THE SHARES.

               (a)    The aggregate purchase price to be paid by the Buyer for
the Shares shall be $10,000,000 in cash (the "Purchase Price"). The Purchase
Price shall be payable in the manner described in paragraph (b) of this Section
1.02.

               (b)    At the Closing, the Buyer shall deliver to each
Stockholder its Pro Rata Percentage of the Purchase Price, by wire transfer of
immediately available funds to the bank accounts designated by the Stockholders.

     1.03      CLOSING. The Closing shall take place at the offices of Latham &
Watkins LLP, 233 South Wacker Drive, Suite 5800, Chicago, Illinois 60606,
immediately following the consummation of the Exchange (such time and date, the
"Closing Date").

2.   REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS.

     As of the date of this Agreement and as of the Closing Date, each
Stockholder, severally and not jointly, represents and warrants to the Buyer as
follows:

     2.01      ORGANIZATION; GOOD STANDING; QUALIFICATION. Such Stockholder is a
corporation duly organized and validly existing under the laws of the state of
its incorporation and is in good standing under such laws. Such Stockholder has
the requisite corporate power and authority to own and operate its properties
and assets, and to carry on its business as presently conducted. Such
Stockholder is in good standing and qualified to do business in every
jurisdiction where the failure to so qualify would have a material adverse
effect on its ability to enter into this Agreement or to consummate the
transactions contemplated hereby.

     2.02      CORPORATE POWER; AUTHORIZATION. Such Stockholder has all
requisite corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby. The execution, delivery
and performance by such Stockholder of this Agreement and the transactions
contemplated hereby have been duly and validly authorized by such Stockholder.
No other corporate act or proceeding on the part of such Stockholder, its board
of directors or its stockholders is necessary to authorize the execution,
delivery or performance by such Stockholder of this Agreement or to consummate
the transactions contemplated hereby. This Agreement constitutes a valid and
binding obligation of such Stockholder, enforceable against it in accordance
with its terms, except as limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other laws of general

                                        2
<Page>

application affecting enforcement of creditors' rights generally and (ii) laws
relating to the availability of specific performance, injunctive relief or other
equitable remedies.

     2.03      CONSENTS. No consent, approval or authorization of, or
designation, declaration or filing with, any governmental authority or other
third party on the part of such Stockholder is required in connection with the
execution and delivery of this Agreement or the consummation of the transactions
contemplated hereby, except such filings or approvals as have been or will be
made or obtained prior to the Closing or such post-closing filings as may be
required under applicable federal or state securities laws, which will be timely
filed within the applicable periods therefor.

     2.04      OWNERSHIP OF STOCKHOLDER LLC UNITS. Except as set forth on
SCHEDULE I attached hereto, as of the date of this Agreement, such Stockholder
has, and at the time of the Exchange will have, good and valid title to all
Stockholder LLC Units set forth opposite such Stockholder's name on SCHEDULE I
attached hereto, free and clear of all liens, charges, encumbrances or other
security interests or claims of right to title by any third party of any kind
whatsoever.

     2.05      OWNERSHIP OF SHARES. Except as set forth on SCHEDULE I attached
hereto, as of the Closing Date, such Stockholder will have good and valid title
to the Shares that are to be sold to the Buyer by such Stockholder pursuant to
the terms of this Agreement, free and clear of all liens, charges, encumbrances
or other security interests or claims of right to title by any third party of
any kind whatsoever.

3.   REPRESENTATIONS AND WARRANTIES OF THE BUYER.

     As of the date of this Agreement and as of the Closing Date, the Buyer
represents and warrants to each Stockholder as follows:

     3.01      ORGANIZATION; GOOD STANDING; QUALIFICATION. The Buyer is a
corporation duly organized, validly existing and in good standing under the
laws of the State of _________. The Buyer has the requisite corporate power
and authority to own and operate its properties and assets, and to carry on
its business as presently conducted. The Buyer is in good standing and
qualified to do business in every jurisdiction where the failure to so
qualify would have a material adverse effect on its ability to enter into
this Agreement or to consummate the transactions contemplated hereby.

     3.02      CORPORATE POWER; AUTHORIZATION. The Buyer has all requisite
corporate power and authority to execute and deliver this Agreement and to
consummate the transactions contemplated hereby. The execution, delivery and
performance by the Buyer of this Agreement and the transactions contemplated
hereby have been duly and validly authorized by the Buyer. No other corporate
act or proceeding on the part of the Buyer, its board of directors or its
stockholders is necessary to authorize the execution, delivery or performance by
the Buyer of this Agreement or to consummate the transaction contemplated
hereby. This Agreement constitutes a valid and binding obligation of the Buyer,
enforceable against it in accordance with its terms, except as limited by (i)
applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors' rights generally and

                                        3
<Page>

(ii) laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.

     3.03      CONSENTS. No consent, approval or authorization of, or
designation, declaration or filing with, any governmental authority or other
third party on the part of the Buyer is required in connection with the
execution and delivery of this Agreement or the consummation of the transactions
contemplated hereby.

     3.04      INVESTMENT PURPOSE. The Buyer is acquiring the Shares from each
Stockholder for its own account for investment and not with a view to, or for
sale in connection with, any distribution thereof. The Buyer understands that
the Buyer must bear the economic risk of this investment indefinitely, unless
the Shares are registered pursuant to the Securities Act of 1933 (the
"Securities Act") and any other applicable securities or blue sky laws or an
exemption from such registration is available.

     3.05      INVESTOR STATUS. (a) The Buyer is (A) an "accredited investor" as
that term is defined in Rule 501(a) of Regulation D promulgated under the
Securities Act and (B) a "qualified institutional buyer" as that term is defined
in Rule 144A promulgated under the Securities Act.

               (b)    The Buyer is not an "Affiliate" (as that term is defined
in Rule 405 of the Securities Act) of the Company, the Operating Company, any of
the Stockholders or any of the underwriters of the IPO (the "Underwriters") and
does not have any ownership interest in, and is not otherwise related to, any of
the foregoing persons or any of their respective Affiliates (except in
connection with acquisitions of up to 1% of the (i) outstanding publicly-traded
equity securities or (ii) all outstanding series of debt securities, in each
case, of any of the Stockholders in connection with ordinary course trading or
investment activities).

     3.06      RELIANCE ON EXEMPTIONS. The Buyer understands that the Shares are
being offered and sold to the Buyer in reliance upon specific exemptions from
the registration requirements of United States federal and state securities laws
and that each Stockholder is relying upon the truth and accuracy of, and the
Buyer's compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Buyer set forth herein for tax
planning purposes and to determine the availability of such exemptions and the
eligibility of the Buyer to acquire the Shares.

     3.07      RECEIPT OF INFORMATION. The Buyer has received and been given an
opportunity to review the Registration Statement, as amended through the date
hereof, and the Buyer believes it has received all other information the Buyer
considers necessary or appropriate for deciding whether to purchase the Shares.
The Buyer further represents that it has had an opportunity to ask questions of,
and receive answers from, the Company regarding the business, properties,
prospects and financial condition of the Company and to obtain additional
information the Buyer deemed necessary to verify the accuracy of any information
furnished to the Buyer or to which the Buyer had access.

     3.08      SUITABILITY AND SOPHISTICATION. (a) The Buyer has such knowledge
and experience in financial and business matters that it is capable of
independently evaluating the risks and

                                        4
<Page>

merits of purchasing the Shares; (b) the Buyer has independently evaluated the
risks and merits of purchasing the Shares; and (c) the Buyer has sufficient
funds to bear the loss of its entire investment in the Shares.

     3.09      GOVERNMENTAL REVIEW. The Buyer understands that no United States
federal or state agency or any other government or governmental agency has
passed upon or made any recommendation or endorsement of the Shares.

     3.10      TRANSFER OR RESALE. The Buyer understands that (a) the Shares
have not been and are not being registered under the Securities Act or any state
securities laws, and may not be transferred unless (i) subsequently registered
thereunder, (ii) the Buyer shall have delivered to the Company an opinion of
counsel to the Buyer (which opinion shall be reasonably satisfactory in form and
substance) stating that the Shares to be sold or transferred may be sold or
transferred pursuant to an exemption from such registration or (iii) sold under
Rule 144; and (b) none of the Company, the Stockholders or any other person is
under any obligation to register such Shares under the Securities Act or any
other securities laws or to comply with the terms and conditions of any
exemption thereunder.

     3.11      LEGENDS. The Buyer understands that the Shares and, until such
time as the Shares have been registered under the Securities Act or otherwise
may be sold by the Buyer under Rule 144, the certificates for the Shares will
bear a restrictive legend in substantially the following form, in addition to
any legend imposed or required by the Company's organizational documents or
other applicable securities laws:

     THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT
OR, IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
HYPOTHECATION IS IN COMPLIANCE THEREWITH.

     THE COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK. THE
COMPANY WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE
POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER
SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS,
LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.

     The legend set forth above shall be removed and the Company shall issue a
certificate without such legend to the holder of any security upon which it is
stamped, if, unless otherwise required by state securities laws, (a) the sale of
such security is registered under the Securities Act, (b) such holder provides
the Company with an opinion of counsel reasonably satisfactory in form,
substance and scope stating that a public sale or transfer of such security may
be made without registration under the Securities Act or (c) such holder
provides the Company with reasonable assurances that such security can be sold
under Rule 144.

                                        5
<Page>

     3.12      RESIDENCY.  The Buyer is a resident of the State of _________.

4.   COVENANTS OF THE BUYER.

     4.01      PURCHASE OF CLASS A COMMON STOCK. None of the Buyer or any of its
Affiliates will purchase or otherwise acquire any shares of the capital stock of
the Company (including, without limitation, the Class A Common Stock) or any
interest therein, concurrently with or in the IPO from the Company, the
Stockholders, the Underwriters or any Affiliate of any such persons, other than
the purchase of the Shares pursuant to this Agreement. Except as set forth in
the preceding sentence, neither Buyer nor any of its Affiliates has any plans or
commitments to acquire any such shares of capital stock.

     4.02      LOCK-UP AGREEMENT; CERTAIN OTHER COVENANTS. (a) During the period
beginning from the Closing Date and continuing to and including the date 21 days
after the Closing Date, the Buyer will not offer, sell, contract to sell,
pledge, grant any option to purchase, make any short sale or otherwise dispose
of any shares of Class A Common Stock or other securities of the Company that
are substantially similar to the Class A Common Stock, or any securities that
are convertible into or exchangeable for, or that represent the right to
receive, shares of Class A Common Stock or any such substantially similar
securities, without the prior written consent of the Company and the
Stockholders. This restriction is expressly agreed to preclude the Buyer from
engaging in any hedging or other transaction that is designed to or that
reasonably could be expected to lead to or result in a sale or disposition of
shares of Class A Common Stock or such other securities even if such Class A
Common Stock or other securities would be disposed of by someone other than the
Buyer. Such prohibited hedging or other transactions would include, without
limitation, any short sale or any purchase, sale or grant of any right
(including, without limitation, any put or call option) with respect to any
shares of Class A Common Stock or such other securities or with respect to any
security that includes, relates to or derives any significant part of its value
from such Class A Common Stock or other securities.

               (b)    The Buyer agrees not to, and will cause its Affiliates
not to, (i) utilize the services of any of the Underwriters or their
Affiliates to execute transactions as broker or principal (other than as
market-maker if executed through a different broker) in connection with the
establishment of any hedged position following the 21-day lock-up set forth
in Section 4.02(a) or (ii) permit any person, in establishing such hedged
position for the account of the Buyer following the 21-day lock-up set forth
in Section 4.02(a), to borrow any of the capital stock of the Company from
(A) the Underwriters, if the distribution of shares of Class A Common Stock
in the IPO by the Underwriters to unaffiliated third parties has not been
completed, or (B) the Company, the Stockholders or any Affiliate thereof.

5.   CONDITIONS TO OBLIGATIONS OF THE BUYER.

     The obligations of the Buyer under this Agreement are subject to the
fulfillment, at the Closing Date, of the following conditions precedent, each of
which may be waived in writing in the sole discretion of the Buyer:

     5.01      REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS. The
representations and warranties of the Stockholders contained in Section 2 of
this Agreement shall be true and correct on and as of the Closing Date with the
same effect as though such representations and warranties had been made on and
as of the Closing Date, except for representations and warranties that

                                        6
<Page>

expressly speak as of or with respect to a specific date or time other than the
Closing Date, which representations and warranties need only be true and correct
as of such specified date or time.

     5.02      PERFORMANCE BY THE STOCKHOLDERS. The Stockholders shall have
performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by them on
or before the Closing.

     5.03      QUALIFICATIONS. All authorizations, approvals or permits, if any,
of any governmental authority or regulatory body that are required in connection
with the sale of the Shares pursuant to this Agreement shall be duly obtained
and effective as of the Closing.

     5.04      CORPORATE PROCEEDINGS. All corporate and other proceedings
required to be taken on the part of each of the Stockholders to authorize or
carry out this Agreement shall have been taken.

     5.05      ADVERSE PROCEEDINGS. No action or proceeding by or before any
court or other governmental body shall have been instituted or threatened by any
governmental body or person whatsoever that shall seek to restrain, prohibit or
invalidate the transactions contemplated by this Agreement or that could
reasonably be expected to adversely affect the ability of the Buyer to acquire
the Shares.

6.   CONDITIONS TO OBLIGATIONS OF THE STOCKHOLDERS.

     The obligations of the Stockholders under this Agreement are subject to the
fulfillment, at the Closing Date, of the following conditions precedent, each of
which may be waived in writing in the sole discretion of all of the
Stockholders:

     6.01      REPRESENTATIONS AND WARRANTIES OF THE BUYER. The representations
and warranties of the Buyer contained in Section 3 of this Agreement shall be
true and correct on and as of the Closing Date with the same effect as though
such representations and warranties had been made on and as of the Closing Date,
except for representations and warranties that expressly speak as of or with
respect to a specific date or time other than the Closing Date, which
representations and warranties need only be true and correct as of such
specified date or time.

     6.02      PERFORMANCE BY THE BUYER. The Buyer shall have performed and
complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by it on or before
the Closing.

     6.03      QUALIFICATIONS. All authorizations, approvals or permits, if any,
of any governmental authority or regulatory body that are required in connection
with the sale of the Shares pursuant to this Agreement shall be duly obtained
and effective as of the Closing.

     6.04      CORPORATE PROCEEDINGS. All corporate and other proceedings
required to be taken on the part of the Buyer to authorize or carry out this
Agreement shall have been taken.

     6.05      ADVERSE PROCEEDINGS. No action or proceeding by or before any
court or other governmental body shall have been instituted or threatened by any
governmental body or person whatsoever that shall seek to restrain, prohibit or
invalidate the transactions contemplated by this

                                        7
<Page>

Agreement or that could reasonably be expected to adversely affect the ability
of the Stockholders to transfer the Shares.

     6.06      EXCHANGE OF LLC UNITS. The Exchange shall have been consummated
pursuant to the terms of the Exchange Agreement.

     6.07      PURCHASE PRICE. The Buyer shall have delivered to the
Stockholders the full purchase price for the Shares as contemplated by Section
1.02 of this Agreement.

7.   TERMINATION.

     If the Exchange has not been consummated on or before February 1, 2004 or
if the Exchange Agreement is terminated for any reason, this Agreement shall
become null and void and be of no further force or effect whatsoever and none of
the Stockholders or the Buyer shall have any further obligations hereunder or
with respect hereto.

8.   MISCELLANEOUS.

     8.01      ENTIRE AGREEMENT. This Agreement and the documents referred to
herein constitute the entire agreement among the parties, and no party shall
have any obligations to any other party whatsoever by virtue of any warranties,
representations or covenants contained herein, except as specifically set forth
herein or therein.

     8.02      SURVIVAL. The warranties, representations and covenants of the
Stockholders and the Buyer contained in or made pursuant to this Agreement shall
survive the execution and delivery of this Agreement and the Closing.

     8.03      SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns, except that the Buyer, on the one hand, and the Stockholders, on the
other hand, may not assign their respective obligations hereunder without the
prior written consent of the Buyer or the Stockholders, as the case may be;
PROVIDED, HOWEVER, that it is acknowledged and agreed that, prior to the Closing
Date, UAL Loyalty Services may transfer by dividend all of its interests in the
Company and the Operating Company, including the LLC Units and Class B Common
Stock owned by it, to UAL Corp., a Delaware corporation, which shall transfer,
by a contribution to capital, such interests, including such LLC Units and Class
B Common Stock, to United Air Lines, Inc., a Delaware corporation ("United");
and effective upon completion of such transfers, United shall execute and
deliver a joinder to this Agreement in a form mutually satisfactory to United
and each of the other Stockholders, pursuant to which United shall assume all of
rights and obligations of UAL Loyalty Services under, and agree to be bound in
all respects by, this Agreement as if United were an original signatory hereto.
Upon execution and delivery of such joinder, all references herein to,
representations or warranties of, or obligations to be performed by UAL Loyalty
Services shall be deemed to be references to, representations and warranties of
and obligations to be performed by United, and United shall be one of the
Stockholders hereunder. Any purported assignment in contravention of this
provision shall be void and no assignment shall release the Buyer or the
Stockholders from any obligation or liability under this Agreement.

                                        8
<Page>

     8.04      SPECIFIC PERFORMANCE. The Buyer agrees that irreparable damage
would occur in the event any provision of this Agreement to be performed by the
Buyer was not performed in accordance with the terms hereof and that the
Stockholders shall be entitled to specific performance of the terms hereof, in
addition to any other remedy at law or in equity.

     8.05      GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware without regard to the
conflicts of laws principles thereof. All parties hereto hereby submit to the
exclusive jurisdiction of the federal or state courts in the State of Delaware
with respect to any matters arising out of this Agreement or related thereto.

     8.06      COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     8.07      TITLES AND SUBTITLES. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

     8.08      NOTICES. All notices or other communications required or
permitted to be made under this Agreement shall be in writing and shall be
deemed to have been duly given (i) when received if (A) personally delivered or
(B) transmitted by telecopy; (ii) on the delivery date specified on the shipping
manifest if sent by a recognized overnight delivery service (e.g., Federal
Express); or (iii) upon receipt, if sent by certified or registered mail, return
receipt requested. In each case notice shall be sent to:

               To the Buyer:

               To each Stockholder:

                      At the address set forth below its name on the signature
                      pages hereof.

or such other address as any party most recently may have designated in writing
to the other parties in accordance with this Section 8.08.

     8.09      FINDER'S FEES. (a) Each of the parties represents that it neither
is nor will be obligated for any finder's fee or commission in connection with
the consummation of the transactions contemplated by this Agreement.

                                        9
<Page>

               (b)    The Buyer agrees to indemnify and to hold harmless each of
the Stockholders from and against any liability for any commission or
compensation in the nature of a finder's fee (and the cost and expenses of
defending against such liability or asserted liability) for which the Buyer or
any of its officers, partners, employees or representatives is responsible.

     8.10      EXPENSES. Except as otherwise expressly provided herein, the
Buyer, on the one hand, and the Stockholders, on the other hand, will pay all
fees and expenses (including, without limitation, legal fees and expenses)
incurred by them in connection with the transactions contemplated hereby.

     8.11      ATTORNEYS' FEES. If any action at law or in equity is necessary
to enforce or interpret the terms of this Agreement, the prevailing party shall
be entitled to reasonable attorneys' fees, costs and disbursements in addition
to any other relief to which such party may be entitled.

     8.12      AMENDMENTS AND WAIVERS. Any term of this Agreement may be amended
and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively), only
with the written consent of the Buyer and all of the Stockholders. Any amendment
or waiver effected in accordance with this paragraph shall be binding upon each
holder of any securities purchased under this Agreement at the time outstanding,
each future holder of all such securities and the Stockholders.

     8.13      DISCLOSURES. Except as required by law, none of the parties,
without the prior written consent of the other parties, will make any public
announcement or other disclosure of the transactions contemplated hereto;
PROVIDED, HOWEVER, the parties understand and acknowledge that this Agreement
(including the exhibits and schedules hereto) will be filed as an exhibit to the
Registration Statement and consent to such filing.

     8.14      SEVERABILITY. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms.

     8.15      BENEFITS OF AGREEMENT. Nothing in this Agreement, express or
implied, shall give to any person, other than the parties hereto and their
successors hereunder any benefit or any legal or equitable right, remedy or
claim under this Agreement. Notwithstanding the foregoing, (a) Latham & Watkins
LLP shall be entitled to rely on the representations and warranties of the Buyer
set forth in this Agreement in connection with the opinion to be issued to the
Company related to the tax treatment of the Exchange and (b) the Company and the
Underwriters are express third-party beneficiaries of the lock-up agreement of
the Buyer set forth in Section 4.02 hereof.

                            [Signature pages follow]

                                       10
<Page>

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the
date first written above.

                               STOCKHOLDERS:

                               AMERICAN AIRLINES, INC.

                               By:
                                   ---------------------------------------------
                               Name: Beverly Goulet
                               Title: Vice President - Corporate Development and
                                      Treasurer

                               Address: American Airlines, Inc.
                               4333 Amon Carter Boulevard
                               Mail Drop 5566
                               Fort Worth, Texas 76155
                               Attention:  Vice President - Corporate
                                           Development and Treasurer
                               Facsimile:  (817) 967-2199

                  [Signature Page to Stock Purchase Agreement]

<Page>

                               CONTINENTAL AIRLINES, INC.

                               By:
                                   ---------------------------------------------
                               Name: Jeffery A. Smisek
                               Title: Executive Vice President

                               Address: Continental Airlines, Inc.
                               1600 Smith Street - HQSEO
                               Houston, TX 77002
                               Attention:  Executive Vice President
                               Facsimile:  713-324-5161

                  [Signature Page to Stock Purchase Agreement]

<Page>

                               OMICRON RESERVATIONS
                               MANAGEMENT, INC.

                               By:
                                   ---------------------------------------------
                               Name: Vincent F. Caminiti
                               Title: President

                               Address: Omicron Reservations Management, Inc.
                               1030 Delta Boulevard
                               Atlanta, GA 30320
                               Attention:  President
                               Facsimile:  404-715-4098

                  [Signature Page to Stock Purchase Agreement]

<Page>

                               NORTHWEST AIRLINES, INC.

                               By:
                                   ---------------------------------------------
                               Name: J. Timothy Griffin
                               Title: EVP Marketing and Distribution

                               Address: Northwest Airlines, Inc.
                               2700 Loan Oak Parkway
                               Eagan, MN  55121
                               Attention:  Al Lenza, Vice President-
                                           Distribution Planning
                               Facsimile:  612-726-3906

                  [Signature Page to Stock Purchase Agreement]

<Page>

                               UAL LOYALTY SERVICES, INC.

                               By:
                                   ---------------------------------------------
                               Name: Steven M. Rasher
                               Title: Vice President and General Counsel

                               Address: UAL Loyalty Services, Inc.
                               c/o United Air Lines, Inc.
                               World Headquarters
                               P.O. Box 66100
                               Chicago, IL  60666
                               Attention:  Senior Vice-President, Secretary and
                                           General Counsel
                               Facsimile:  847-700-4683
                                 and
                               Attention:  Managing Director, UAL Loyalty
                                           Services, Inc.
                               Facsimile:  847-700-9569

                  [Signature Page to Stock Purchase Agreement]

<Page>

                               BUYER:

                               By:
                                   ---------------------------------------------
                               Name:
                               Title:

                  [Signature Page to Stock Purchase Agreement]

<Page>

                                    EXHIBIT A

                [FORM OF CERTIFICATE OF DESIGNATIONS -- ATTACHED]

<Page>

                                   SCHEDULE I

                              SELLING STOCKHOLDERS

<Table>
<Caption>
                                                             NUMBER OF
              AIRLINE                                   STOCKHOLDER LLC UNITS               PERCENTAGE
--------------------------------------------------------------------------------------------------------
<S>                                                          <C>                              <C>
American Airlines, Inc.                                       9,387,774                       26.17%

Continental Airlines, Inc.                                    4,948,656                       13.79

Omicron Reservations Management, Inc.                         6,566,364                       18.30

Northwest Airlines, Inc.                                      5,587,194                       15.57

UAL Loyalty Services, Inc.                                    9,387,774                       26.17

TOTAL:                                                       35,877,762                       100.0%
</Table>

<Page>

                                    EXHIBIT C

      CERTIFICATE OF DESIGNATIONS OF NON-VOTING CONVERTIBLE PREFERRED STOCK

                                 [SEE ATTACHED]

<Page>

                                    EXHIBIT D

                     [FORM OF] JOINDER TO EXCHANGE AGREEMENT

     The undersigned, as the owner of 9,387,615 Class A Interests of Orbitz,
LLC, a Delaware limited liability company (the "COMPANY"), and 159 Class B
Interests of the Company, hereby joins in the execution and delivery of that
certain Exchange Agreement, dated as of _________, 2003 (the "EXCHANGE
AGREEMENT"), and assumes all of the rights and obligations of UAL Loyalty
Services, Inc., a Delaware corporation, thereunder, and agrees to be bound in
all respects by, the Exchange Agreement as if the undersigned were an original
signatory thereto.

Dated:  _________ ___, 2003

                                                UNITED AIR LINES, INC.

                                                By:
                                                   -----------------------------
                                                   Name:
                                                   Its:

<Page>

                                  SCHEDULE 3(C)

                                    CAP TABLE

<Table>
<Caption>
ORBITZ, INC.                                                                         SHARES
                                        ------------------------------------------------------------------------------------------
                                                               CLASS B COMMON STOCK
                                                               --------------------
                                                                                                                         OWNERSHIP
                   HOLDER               CLASS A COMMON STOCK     SHARES        SERIES CLASS C COMMON STOCK    TOTAL          %
                   ------               --------------------     ------        ------ --------------------    -----      ---------
<S>                                                        <C> <C>             <C>      <C>                 <C>            <C>
AMERICAN AIRLINES, INC.                                    --  1,787.000       B-AA              --           1,787.000    0.027%

CONTINENTAL AIRLINES, INC.                                 --    942.000       B-CO              --             942.000    0.014%

OMICRON RESERVATIONS MANAGEMENT, INC.                      --  1,250.000       B-DL              --           1,250.000    0.019%

NORTHWEST AIRLINES, INC.                                   --  1,063.000       B-NW              --           1,063.000    0.016%

UAL LOYALTY SERVICES, INC.                                 --  1,787.000       B-UA              --           1,787.000    0.027%

JEFFREY KATZ                                               --         --        --      150,000.000         150,000.000    2.300%

JOHN PARK                                                  --         --        --       27,913.000          27,913.000    0.428%

ALEX ZOGHLIN (Grant)                                       --         --        --       14,368.000          14,368.000    0.220%

ALEX ZOGHLIN (Bonus)                                       --         --        --        9,052.000           9,052.000    0.139%

STEVE HAFNER                                               --         --        --        2,968.000           2,968.000    0.046%

KEVIN MALOVER                                              --         --        --       54,080.000          54,080.000    0.829%

MICHAEL SANDS                                              --         --        --       14,077.000          14,077.000    0.216%

CHRIS HJELM                                                --         --        --       33,333.000          33,333.000    0.511%

JOHN SAMUEL                                                --         --                 33,333.000          33,333.000    0.511%

Leonidas Savas Addimando                                   --         --                 11,933.000          11,933.000    0.183%
</Table>

<Page>

<Table>
<Caption>
ORBITZ, INC.                                                                         SHARES
                                        ------------------------------------------------------------------------------------------
                                                               CLASS B COMMON STOCK
                                                               --------------------
                                                                                                                         OWNERSHIP
                   HOLDER               CLASS A COMMON STOCK     SHARES        SERIES CLASS C COMMON STOCK    TOTAL          %
                   ------               --------------------     ------        ------ --------------------    -----      ---------
<S>                                                        <C>    <C>           <C>     <C>                 <C>            <C>
Richard David Buchband                                     --     --                     6,833.000           6,833.000     0.105%

Rolando Caparas                                            --     --                     3,083.000           3,083.000     0.047%

Michael Carson                                             --     --                     1,111.000           1,111.000     0.017%

Yuan C Chiu                                                --     --                     2,333.000           2,333.000     0.036%

Alexandre De Gunten                                        --     --                    12,804.000          12,804.000     0.196%

Mike De La Hoz                                             --     --                    10,905.000          10,905.000     0.167%

Stephen Deegan                                             --     --                       666.000             666.000     0.010%

Valeria D'Elia                                             --     --                     1,111.000           1,111.000     0.017%

Jane M. Denman                                             --     --                    33,333.000          33,333.000     0.511%

Dawn Doty                                                  --     --                     1,111.000            1,111.000    0.017%

Zachary Lee Frazier                                        --     --                       333.000              333.000    0.005%

Larry Freedman                                             --     --                    12,833.000           12,833.000    0.197%

Michelle Haney                                             --     --                     5,006.000            5,006.000    0.077%

Thomas K Hill                                              --     --                     4,860.000            4,860.000    0.075%

Jennine Imsland                                            --     --                       642.000              642.000    0.010%

Ellen Lee                                                  --     --                     9,000.000            9,000.000    0.138%

Heidi Lee                                                  --     --                       902.000              902.000    0.014%

Kiki M. Mosley                                             --     --                     1,293.000            1,293.000    0.020%

Edward Paganelli                                           --     --                     1,833.000            1,833.000    0.028%
</Table>

<Page>

<Table>
<Caption>
ORBITZ, INC.                                                                         SHARES
                                        ------------------------------------------------------------------------------------------
                                                               CLASS B COMMON STOCK
                                                               --------------------
                                                                                                                          OWNERSHIP
                   HOLDER               CLASS A COMMON STOCK     SHARES        SERIES CLASS C COMMON STOCK    TOTAL           %
                   ------               --------------------     ------        ------ --------------------    -----       ---------
<S>                                                        <C>  <C>                     <C>                 <C>           <C>
Philip Perkins                                             --          --                     451.000             451.000   0.007%

Sam Rehan                                                  --          --                   1,000.000           1,000.000   0.015%

Monica Schneider                                           --          --                     333.000             333.000   0.005%

Greg M. Schuler                                            --          --                     868.000             868.000   0.013%

Wendy B. Shapiro                                           --          --                   6,666.000           6,666.000   0.102%

Antoinette Super                                           --          --                     900.000             900.000   0.014%

Jeffrey S. Thomas                                          --          --                   1,841.000           1,841.000   0.028%

Peter Von Moltke                                           --          --                  14,583.000          14,583.000   0.224%

 WAG Group                                                 --          --                  18,055.000          18,055.000   0.277%

 WAG Group                                                 --          --                   2,666.000           2,666.000   0.041%

Anne Marie Walsh                                           --          --                   4,513.000           4,513.000   0.069%

Robert Wiseman                                             --          --                   8,333.000           8,333.000   0.128%

David McKane                                               --          --                  15,833.000          15,833.000   0.243%

Brian Rosen                                                --          --                   5,333.000           5,333.000   0.082%

Daryl Rosen                                                --          --                   1,333.000           1,333.000   0.020%

 Trust                                                     --          --                  66,666.000          66,666.000   1.022%

Shares reserved for issuance under
  options granted                                          --          --               5,905,815.000       5,905,815.000  90.537%
                                        -------------------------------------------------------------------------------------------
Totals:                                                    --   6,829.000               6,516,238.000       6,523,067.000 100.000%
                                        ===========================================================================================
</Table>

<Page>

<Table>
<Caption>
ORBITZ, LLC                                                                        UNITS
                                        -----------------------------------------------------------------------------------
                  HOLDER                     CLASS A UNITS       CLASS B UNITS     CLASS C UNITS       TOTAL          %
                  ------                     -------------       -------------     -------------       -----         ---
<S>                                           <C>                      <C>        <C>             <C>              <C>
AMERICAN AIRLINES, INC.                        9,387,615.000           159.000               --    9,387,774.000    21.715%

CONTINENTAL AIRLINES, INC.                     4,948,572.000            84.000               --    4,948,656.000    11.447%

OMICRON RESERVATIONS MANAGEMENT, INC.          6,566,253.000           111.000               --    6,566,364.000    15.189%

NORTHWEST AIRLINES, INC.                       5,587,099.000            95.000               --    5,587,194.000    12.924%

UAL LOYALTY SERVICES, INC.                     9,387,615.000           159.000               --    9,387,774.000    21.715%

ORBITZ, INC.                                              --                --    7,353,333.000    7,353,333.000    17.009%
                                        -----------------------------------------------------------------------------------
Total:                                        35,877,154.000           608.000    7,353,333.000   43,231,095.000   100.000%
                                        ===================================================================================
</Table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}]]