-14-

Exhibit 5
TRX, INC.: INITIAL PUBLIC OFFERING
Pricing Information on IPOs (July 2004–June 2005)
Volume ($Billions) % Change File Price
to Offer Price
Tech All Tech All
Jul 04 $1.9 $3.4 -17.6% -14.0%
Aug 04 $2.7 $1.9 -23.8% -14.5%
Sep 04 $0.6 $1.9 1.6% -4.4%
Oct 04 $0.4 $4.3 -1.7% -2.6%
Nov 04 $0.4 $2.6 20.1% 1.7%
Dec 04 $0.5 $4.4 12.8% 6.4%
Jan 05 $0.2 $1.9 6.5% -0.9%
Feb 05 $1.5 $4.8 -4.5% -8.6%
Mar 05 $0.3 $1.5 6.2% -1.0%
Apr 05 $0.2 $0.6 -23.1% -20.4%
May 05 $0.2 $2.4 -9.9% -8.8%
Jun 05 $0.8 $3.4 -1.1% -7.8%
 14-
hibit 5 UVA-F-1568
RING
y 2004–June 2005)
% Change Offer Price % Change Offer Price
to Close Day 1 to Current
Tech All Tech All
14.2% 5.1% 49.1% 34.7%
8.7% 2.0% 127.8% 92.7%
24.7% 9.4% 42.8% 33.8%
12.1% 12.8% -5.2% 37.6%
35.6% 16.6% 5.8% 12.8%
14.4% 14.4% -7.3% 11.4%
23.0% 11.5% -1.5% 23.3%
10.6% 5.9% -3.6% -0.3%
34.4% 16.5% 9.1% 6.8%
7.5% 0.7% 76.5% 15.6%
-2.9% 4.7% 8.3% 23.8%
5.1% 6.9% 8.0% 11.2%
Name of Beneficial Owner
5% Shareholders:
BCD Technology
Hogg Robinson Holdings
Sabre Investments, Inc.
Directors and Executive Officers:
Norwood H. (“Trip”) Davis, III
Victor P. Pynn
Lindsey B. Skyes
Timothy J. Severt
William F. Brindle
John F. Davis, III
Johan F. (“Joop”) Drechsel
Thomas Klein
Michael W. Gunn
John A. Fentener van Vlissingen
All executive officers and directors as a group (14 persons)
Other Selling Shareholders:
Christopher Brittin
Susan R. Hopley

* Less Than 1%
 Exhibit 7
TRX, INC.: INITIAL PUBLIC OFFERING
Principal and Selling Shareholders

Shares Beneficially Owned Prior to the IPO Shares to be Sold in IPO

Number Percentage

9,432,709 73.2%
2,416,100 19.2% 2,131,401
1,406,956 10.2% 1,239,833

740,317 5.9%
10,000 *
38,750 *
46,250 *
2,416,100 19.2% 2,131,401

9,432,709 73.2%
1,406,956 10.2% 1,239,833

9,432,709 73.2%
14,320,355 98.2% 3,386,234

54,496 * 13,766
138,023 1.1% 15,000
 Shares Beneficially Owned after the IPO
Number Percentage

9,432,709 53.1%
284,699 1.6%
167,123 0.9%

740,317 4.2%
10,000 *
38,750 *
46,250 *
284,699 1.6%

9,432,709 53.1%
167,123 *

9,432,709 53.1%
10,934,121 60.7%

40,730 *
123,023 *
 Exhibit 9
TRX, INC.: INITIAL PUBLIC OFFERING
Summary Comparable Company Analysis

($ in millions, except per share values)

Share Price as of
Company 4/15/2005 7/8/2005 % Change
Online Travel
IAC/Interactive Corp $22.01 $24.27 9.30%
Priceline 24.71 22.65 -9.10%
CTRIP 37.5 56.71 33.90%
Median 9.30%
Mean 11.40%

Payment Processors
First Data Corp $38.31 $40.75 6.00%
Fiserv Inc 40.87 44.4 8.00%
Total System Services 23.99 23.91 -0.30%
Alliance Data Systems 37.38 41.85 10.70%
Global Payment 61.9 65.2 5.10%
Certegy 32.78 38.57 15.00%
IPAYMENT 41.48 37.08 -11.90%
Median 6.00%
Mean 4.60%

Distribution
Cendant $20.07 $22.33 10.10%
Sabre Holdings 21.2 19.55 -8.40%
Pegasus Solutions 11.24 11.24
Median
Mean 0.60%
xhibit 9
AL PUBLIC OFFERING
rable Company Analysis

EV / EBITDA P/E
205E 206E 205E
April July April July April July

9.8× 12.1× 8.9× 10.5× 21.3× 22.9×

15.6× 13.5× 13.3× 11.0× 20.7× 18.7×
20.2× 34.1× 14.7× 24.8× 29.1× 41.4×
15.6× 13.5× 13.3× 11.0× 21.3× 22.9×
15.2× 19.9× 12.3× 15.4× 23.7× 27.7×

10.5× 11.1× 9.4× 10.4× 16.3× 17.5×

9.0× 9.4× 8.2× 8.7× 18.6× 19.9×
11.5× 11.4× 10.2× 10.5× 26.0× 25.0×
10.5× 11.5× 9.0× 10.2× 20.5× 22.1×
12.3× 11.7× NA 10.2× 24.4× 25.5×
9.6× 10.8× 8.6× 10.0× 18.1× 20.9×
8.6× 7.9× 7.9× 7.2× 22.3× 20.0×
10.5× 11.1× 8.8× 10.2× 20.5× 20.9×
10.3× 10.5× 8.9× 9.6× 20.9× 21.6×

8.5× 9.4× 7.5× 8.3× 14.3× 15.8×

6.0× 6.1× 6.5× 6.1× 13.9× 12.8×
6.7× 8.5× 6.4× 8.1× 22.0× 26.3×
6.7× 8.5× 6.5× 8.1× 14.3× 15.8×
7.1× 8.0× 6.8× 7.5× 16.7× 18.3×
P/E
206E
April July

18.3× 19.7×
17.4× 16.0×
22.1× 31.2×
18.3× 19.7×
19.3× 22.3×

14.3× 15.4×
16.4× 17.6×
22.4× 21.9×
17.7× 19.2×
21.1× 22.6×
15.9× 18.3×
19.1× 17.2×
17.7× 18.3×
18.1× 18.9×

12.0× 13.4×
13.0× 11.7×
16.3× 21.6×
13.0× 13.4×
13.8× 15.6×
 Exhibit 10
TRX, INC.: INITIAL PUBLIC OFFERING
Summary of Financial Projections

($ in millions) Actual Management Plan

Revenues 2002 2003 2004 2005E
Transaction Processing $ 40.10 $ 49.10 $ 67.10 $ 74.40
Data Integration $ 3.20 $ 6.00 $ 10.50 $ 16.90
Customer Care $ 22.00 $ 17.70 $ 32.50 $ 26.70
Total Revenue
Revenue Growth $ 65.30 $ 72.80 $ 110.10 $ 118.00
Transaction Processing
Transaction Processing 27.2% 22.4% 36.8% 10.9%
Data Integration 58.4% 89.0% 76.2% 60.8%
Customer Care -33.1% -19.6% 83.3% -17.8%
Total Revenue Growth -1.8% 11.5% 51.4% 7.2%
Adjusted EBITDA(1) $ 3.50 $ 7.30 $ 3.10 $ 11.00
% EBITDA Margin 5.4% 10.1% 2.9% 9.3%
% Growth 452.0% 109.1% -57.0% 250.9%
Net Income ($ 9.40) ($ 4.40) ($ 11.10) ($ 3.10)
Management Plan CSFB Research
2006E 2005E 2006E
$ 91.00 $ 73.30 $ 89.40
$ 22.00 $ 17.00 $ 22.10
$ 17.00 $ 26.00 $ 16.60
$ 130.00 $ 116.20 $ 128.10

22.3% 9.1% 22.0%

30.0% 61.9% 30.0%
-36.2% -20.1% -36.0%
10.2% 5.6% 10.2%
$ 21.00 $ 10.60 $ 20.30
16.2% 9.1% 15.9%
90.6% 235.9% 92.0%
$ 12.60 ($ 4.50) $ 10.70
Ratio analysis

Liquidity Ratio
Current ratio

Solvency Ratio
Debt Ratio
Debt to Equity Ratio
Equity Multiplier

Times Interest Earned Ratio

Profitability Ratios
Profit Margin Ratio
Return on Assets Ratio - ROA
Return on Equity Ratio- ROE
 Liquidity ratio
1.2000

1.0000
0.9580
0.8000

0.6000

0.4937
0.4000

0.2000

0.0000
2003 2004
 1466

interest -1466

2000

Total revenues 63204

Ebit -9971
Ebt -8505
Ne -12072
sales 63204
2003
CA 25080
CL 26180
TA 44241
LTD 166
TL 45306
EQ

-1065

Formula

2003
Current assets / Current liabilities 0.9580

Total liabilities/ Total assets 1.0241

Total liabilities / Total equity -42.5408
Total assets / Total stockholder's equity -41.5408
2000
Income before interest and income taxes / Interest expense 6.8015
2000

Net Income / Net Sales -0.191

Net Income / Total Assets
Net Income / Shareholder's Equity
 Liquidity Ratio

Liquidity ratio

0.4937

2004
 708 1542 -1867 -2323

-708 -1542 -1867 -2323

2001 2002 2003 2004

68787 66944 74510 113459

-8706 -5208 -1625 -8854
-7998 -3666 242 -6531
-11360 -9374 -4358 -11177
68787 66944 74510 113459
2004
24271
49165
66366
4583
73065 `

-6699

2004
0.4937

1.1009
-10.9069
-9.9069
2001 2002 2003 2004
12.2966 3.3774 0.8704 3.8115
2001 2002 2003 2004

-0.165147484263015 -0.1400274857 -0.05849 -0.09851

-0.098506 -0.168415
4.0920188 1.668458
DuPont Analysis 2000 2001
Profit Margin Net Income / Net Sales -0.191001 -0.165147
Total Asset Turnover Net Sales / Total Assets
Financial Leverage Total Assets / Total Equity
 2002 2003 2004
-0.140027 -0.058489 -0.098511
1.6841844 1.7095953
-41.54085 -9.906852
 Business Risk
Variability in Sales 2000 2001 2002 2003 2004
Revenues 63204 68787 66944 74510 113459
standard Deviation of revenue 20576.92797
mean revenue 77,380.80
revenue variability(CV) 0.27

Variability in EBIT 2000 2001 2002 2003 2004

EBIT -9971 -8706 -5208 -1625 -8854
standard Deviation of EBIT 3434.9520666
mean EBIT (6,872.80)
EBIT Variability - 0.50

Degree of Operating Leverage 2000 2001 2002 2003 2004

EBIT -9971 -8706 -5208 -1625 -8854
Change of EBIT 0.15 0.67 2.20 - 0.82
Revenue 63204 68787 66944 74510 113459
Change of revenue -0.081164 0.02753 -0.10154 -0.34329
Operating Leverage - 1.79 24.40 - 21.71 2.38

Degree of Operating Leverage 0.82

 Degree of Operating Leverage
DOL Risk status Risk Premium
0-.5 very low 1.50%
.5 to 1 low 2.75%
1 to 1.5 moderate 3.00%
1.5 to 2 high 3.50%
2+ very high 4.00%
Variability in Sales
Variability in Sales Risk status Risk Premium
0 to 1 very low 1.50%
1 to 2 low 2.75%
2 to 3 moderate 3.00%
3 to 4 high 3.50%
4+ very high 4.00%

average 0.82
 Degree of Financial Leverage 2000 2001 2002 2003 2004
EBIT -9971 -8706 -5208 -1625 -8854
EBT -8505 -7998 -3666 242 -6531
DFL 1.172 1.0885221 1.4206219 -6.714876 1.3556883

Interest Coverage Ratio 2000 2001 2002 2003 2004

EBIT -9971 -8706 -5208 -1625 -8854
Interest -1466 -708 -1542 -1867 -2323
Interest Coverage Ratio(TIE) 6.802 12.29661 3.3774319 0.8703803 3.8114507

Degree of Financial Leverage

DFL -0.336
 Degree of Financial Leverage
DFL Risk status Risk Premium
0-2 very low 1.50%
2 to 4 low 2.75%
4 to 6 moderate 3.00%
6 to 8 high 3.50%
8+ very high 4.00%
Forecasted as a percentage of revenues
2000A 2001A
Revenues 63,204 68,787
Sales Growth 0.09 (0.03)
Operating as a percentage of revenues 0.649294348 0.65525463
Selling, general & admin as a percentage of revenues 0.251708753 0.65525463
Technlogy Development as a percentage of revenues 0.095737612 0.07659878
Client Reimbursements as a percentage of revenues 0.077922283 0.03377092
Restructuring as a percentage of revenues 0.014476932 0.00774856
Depriciation & Amortization 4,337 7,999
change 0.844362463 0.00125016

Forecasted as a percentage of revenues

Cash & cash equivalents

Trade accounts receivables, net
Prepaids and other

Property and equipment, net

Goodwill
Other assets, net

A/P, and accrued liabilities

Customer deposits and deferred revenue
Current portion of LTD

Lond term debt less current portion

Convertible notes, net of unamortized
2002A 2003A 2004A Average
66,944 74,510 113,459
0.11 0.52 0.1743238011
0.61624641 0.586954771 0.645431389 0.1576590775
0.24153023 0.21504496 0.175261548 0.0769400061
0.07552581 0.085599248 0.11865079 0.0226056119
0.0248566 0.02348678 0.035792665 0.0097914621
0.015265426 0.0031242429
8,009 8,250 9,943
0.03009115 0.205212121 0.067557243

0.254194068 0.09338175 0.1737879091

0.055039592 0.100988022 0.0780138071
0.027365454 0.019548912 0.0234571831

0.203382096 0.171982831 0.1876824636

7.194068529 7.1940685286
3.196910391 3.1969103909

0.223339149 0.274486819 0.2489129841

0.120534156 0.1270503 0.1237922283
0.007488928 0.03179122 0.0196400737

166 4583 2374.5

18960 19317 19138.5
 TRX, INC. : INITIAL PUBLIC OFFERING
Balance Sheet ( $ in Thousands)

2003 2004
Assets:
Cash & cash equivalents 18940 10595
Trade accounts receivables, net 4101 11458
Prepaids and other 2039 2218
Total current assets 25080 24271

Property and equipment, net 15154 19513

Goodwill 3473 21512
Other assets, net 534 1070
Total non-current assets 19161 42095
Total assets 44241 66366

Liabilities & shareholders defecit

A/P, and accrued liabilities 16641 31143
Customer deposits and deferred revenue 8981 14415
Current portion of LTD 558 3607
Total current liabilities 26180 49165
Lond term debt less current portion 166 4583
Convertible notes, net of unamortized 18960 19317
Total liabilities 45306 73065
Commitments and contingencies
Common stock, $.01 per value,
100000000 shares unauthorized,
12544283 and 11910977 shares issued,
12461752 and 11910977 shares
outstanding
119 125
additional paid in capital 37850 45001
Treasury stock at cost, 82531 and 0 shares 0 -1009
Notes receivables from shareholders -1000 -1000
Deferred compensation -299 -113
Cumulative transaction adjustments 213 -578
Accumulated deficit -37948 -49125
Total shareholders deficit -1065 -6699
Total liabilities and shareholders deficit 44241 66366
1.1009402
Particulars 2000A 2001A 2002A 2003A
Revenues:
Transaction & Other Revenues $58,179 $66,464 $65,280 $72,760
Client Reimbursements 1,925 2,323 1,664 1,750
Total Revenues 63,204 68,787 66,944 74,510

Expenses:
Operating 41,038 45,073 41,254 43,734
Selling, general & admin 15,909 16,296 16,169 16,023
Technlogy Development 6,051 5,269 5,056 6,378
Client Reimbursements 4,925 2,323 1,664 1,750
Restructuring 915 533 - -
Depriciation & Amortization 4,337 7,999 8,009 8,250
Total Expenses 73,175 77,493 72,152 76,135

Operating loss / Profit (9,971) (8,706) (5,208) (1,625)

Interest expense, net (1,466) (708) (1,542) (1,867)

Loss from equity method investments (635) (1,946) (924) (896)

Cumulative effect of change in
accounting (1,700)
Net loss ($12,072) ($11,360) ($9,374) ($4,388)

Other Data:
Adjusted EBITDA $5,354 $2,120 $1,877 $5,729
Non-cash stock compensation 502 807 697 690
Cash provided by (used in) operating
activities -947 922 5,443 13,054
Capital expenditures 16,237 5,189 4,854 7,482
Working capital (deficit) (7,733) 4,059 (2,091) (1,100)
Average shares outstanding 9,270 11,491 11,481 11,482
 Forecasted
2004A 2005 2006 2007 2008 2009

$109,398 128468.6751928 150863.8229747 177162.97804 208046.702 244314.19365

4,061 4768.928956269 5600.266779103 6576.5265712 7722.97168 9069.2694604
113,459 133237.604149 156464.0897538 183739.50462 215769.673 253383.46311

73,230 84775.374247 98140.98154744 113613.79817 131526.045 152262.31967

19,885 21414.95202137 23062.6185606 24837.056573 26748.0199 28806.012669
13,462 13766.31674785 14077.51276201 14395.743552 14721.1681 15053.949159
4,061 4100.763127479 4140.915594113 4181.4612121 4222.40383 4263.7473379
1,732 1737.411188769 1742.839283406 1748.2843367 1753.7464 1759.2255315
9,943 10614.72166682 11331.82299749 12097.369717 12914.6347 13787.111774
122,313 136409.5389993 152496.6907451 170873.71356 191886.018 215932.36614

(8,854) -3171.93485024 3967.399008752 12865.791058 23883.6558 37451.096975

(2,323) -1581.2 -1739.32 -1913.252 -2104.5772 -2315.03492

-1100.25 -1210.275 -1331.3025 -1464.43275 -1610.876025

($11,177) -5853.38485024 1017.804008752 9621.2365583 20314.6458 33525.18603

$2,821
374

2,611
9,426
(24,894)
12,248
 Particulars

2003A 2004A
Assets:
Cash & cash equivalents 18940 10595
Trade accounts receivables, net 4101 11458
Prepaids and other 2039 2218
Total current assets 25080 24271

Property and equipment, net 15154 19513

Goodwill 3473 21512
Other assets, net 534 1070
Total non-current assets 19161 42095
Total assets 44241 66366

Liabilities & shareholders defecit

A/P, and accrued liabilities 16641 31143
Customer deposits and deferred revenue 8981 14415
Current portion of LTD 558 3607
Total current liabilities 26180 49165
Lond term debt less current portion 166 4583
Convertible notes, net of unamortized 18960 19317
Total liabilities 45306 73065
Commitments and contingencies
Common stock, $.01 per value, 100000000 shares
unauthorized, 12544283 and 11910977 shares
issued, 12461752 and 11910977 shares
outstanding
119 125
additional paid in capital 37850 45001
Treasury stock at cost, 82531 and 0 shares 0 -1009
Notes receivables from shareholders -1000 -1000
Deferred compensation -299 -113
Cumulative transaction adjustments 213 -578
Accumulated deficit -37948 -49125
Total shareholders deficit/ surplus -1065 -6699
Total liabilities and shareholders deficit/ surplus 44241 66366
 Forecasted
2005 2006 2007 2008 2009

12436.28289663 14597.558498 17134.437667 20112.195762 23607.45221

12351.88220121 13315.499556 14354.292369 15474.125364 16681.320795
2270.028032164 2323.2764954 2377.7740176 2433.5498982 2490.6341237
27058.19313001 30236.334549 33866.504054 38019.871025 42779.407129

23175.24791189 27524.835534 32690.764477 38826.24769 46113.253508

22965.29141071 24516.763182 26173.048109 27941.22708 29828.859346
8767.653325655 71842.752186 588684.4347 4823720.5997 39525897.157
54908.19264825 123884.3509 647548.24728 4890488.0744 39601839.27
81966.38577826 154120.68545 681414.75134 4928507.9455 39644618.677

38894.89706281 48576.341956 60667.624187 75768.58356 94628.367792

16199.46497093 18204.832837 20458.44966 22991.046731 25837.159636
3677.84174583 3750.0748288 3823.7265748 3898.8248465 3975.3980538
58772.20377956 70531.249621 84949.800421 102658.45514 124440.92548
2611.95 3917.925 4309.7175 4740.68925 5214.758175
19138.5 21052.35 23157.585 25473.3435 28020.67785
139294.8575591 166032.77424 197366.90334 235530.94302 282117.28699

30000 20,000 200000 1200000 9300000

-1500 -900 25000 300000 3000000
-500 -400 15000 400000 2000000
-200 -112.0887 4047.848 2977.002 12501.393
-300 -500 20000 100000 5000000
-50328.47178 -15500 100000 690000 50000
-34,500 -14500 120000 2000000 15000000
81966.38577913 154120.68554 681414.75134 4928507.945 34644618.68
1.100940240485
-0.10094024048
 Year 2005 2006
Current Assets 27,058.19 30,236.33
Current Liabilities 58,772.20 70,531.25
Working Capital - 31,714.01 - 40,294.92
Total Assets 81,966.39 154,120.69

X1 Working Capital/Total Assets (0.39) (0.26)

Weight 1.21 1.21
Total -0.4681669506544 -0.3163549856685

Retained Earnings (5,853.38) 1,017.80

X2 Retained Earnings/Total Assets (0.07) 0.01
Weight 1.4 1.4
Total -0.0999768223587 0.0092455182643

EBIT (3,171.93) 3,967.40

X3 EBIT/Total Assets (0.04) 0.03
Weight 3.3 3.3
Total -0.1277033860456 0.0849491208173

Equity (34,500.00) (14,500.00)

Total Debt 2,611.95 3,917.93
Equity/Total Debt -13.208522368346 -3.7009386346089
Weight 0.6 0.6
X4 Total -7.9251134210073 -2.2205631807653

Sales 133,237.60 156,464.09

Sales/Total Assets 1.63 1.02
Weight 1 1
X5 Total 1.6255151777644 1.0152049953277

2005 2006
Altman Z SCORE -7.00 -1.43
Distress Zone Distress Zone
 2007 2008 2009 2004
33866.504054 38019.87102465 42779.40712909 24271
84949.800421 102658.4551367 124440.925482 49165
- 51,083.30 - 64,638.58 - 81,661.52 - 24,894.00
681,414.75 4928507.945457 39644618.67668 66366

(0.07) (0.01) (0.00) (0.38)

1.21 1.21 1.21 1.21
-0.090709496 -0.0158694452 -0.00249240478 -0.453873067535

9621.2365583 20314.6458468 33525.18602984 ($11,177)

0.01 0.00 0.00 (0.17)
1.4 1.4 1.4 1.4
0.019767302 0.00577061141 0.001183899909 -0.235780369466 Risk Distribution
Z > 2.9 Safe Zone
12865.791058 23883.6557968 37451.09697484 -8854
0.02 0.00 0.00 (0.13) 1.81 < Z < 2.99 Gray Zone
3.3 3.3 3.3 3.3
0.0623072958 0.015991871171 0.003117412253 -0.440258566133 Z < 1.81 Distress Zone

120000 2000000 15000000 -6699

4309.7175 4740.68925 5214.758175 4583
27.844052423 421.8795821726 2876.451696631 -1.461706305913
0.6 0.6 0.6 0.6
16.706431454 253.1277493035 1725.871017979 -0.877023783548

183739.50462 215769.6734723 253383.4631141 113459

0.27 0.04 0.01 1.71
1 1 1 1
0.2696441547 0.043779917951 0.006391370924 1.7095952746889

2007 2008 2009 2004

16.97 253.18 1725.88 -0.30
safe zone safe zone safe zone distress zone
Z score=.30
Assumptions
Tax Rate 35%
Cost of debt= Interest expense/total long term debt
cost of equity = fi risk free rate + business and financial risk premium
Growth rate 0.02
 2002A 2003A 2004A 2005

Interst expense -1542 1867 2323 1581.2

LTD 19684 27507 25428.2917 Assumptions
Interst rate 0.0948486 0.0844512 0.06218271
Average Cost of debt 0.0896499 0.08049418 Terminal growth rate
After tax cost of debt 0.0582724 0.05232122 Business risk premium
Financial risk premium
Cost of equity
Base Case IPO debt equity

0.02 0.02 0.02 0.02

0.02125 0.02125 0.02125 0.02125
0.015 0.015 0.025 0.015
0.05625 0.05625 0.06625 0.05625

base case
wight of debt
wight of equit
wacc

IPO forecast
wight of equity 0.378361566
weight of debt 0.621638434
0.053807718

debt forecast
wight of debt 1.114856716
weight of equity -0.11485672
0.050721404

equity forecast
wight of debt 0.823895799
weight of equity 0.176104201
0.053013093
 2004
1.1009402
-0.10094
0.0584766

2009

2005

2007
 Exhibi
TRX, INC.: INITIAL P
Selected Fina
(in thousands, except

Revenues:
Transaction & Other Revenues
Client Reimbursements
Total Revenues

Expenses:
Operating
Selling, general & admin
Technlogy Development
Client Reimbursements
Restructuring
Depriciation & Amortization
Total Expenses

Operating loss
Interest expense, net
Loss from equity method investments
Cumulative effect of change in accounting
Net loss

Other Data:
Adjusted EBITDA
Non-cash stock compensation
Cash provided by (used in) operating activities
Capital expenditures
Working capital (deficit)
Average shares outstanding
 Exhibit 2
TRX, INC.: INITIAL PUBLIC OFFERING
Selected Financial Data
(in thousands, except for per-share data)

As of June 30 Annual Basis

2005* 2004 2003 2002 2001 2000

$59,938 $109,398 $72,760 $65,280 $66,464 $58,179

2,024 4,061 1,750 1,664 2,323 1,925
61,962 113,459 74,510 66,944 68,787 63,204

38,657 73,230 43,734 41,254 45,073 41,038

10,227 19,885 16,023 16,169 16,296 15,909
6,065 13,462 6,378 5,056 5,269 6,051
2,024 4,061 1,750 1,664 2,323 4,925
2,308 1,732 - - 533 915
4,810 9,943 8,250 8,009 7,999 4,337
64,091 122,313 76,135 72,152 77,493 73,175

(2,129) (8,854) (1,625) (5,208) (8,706) (9,971)

(1,493) (2,323) (1,867) (1,542) (708) (1,466)
(896) (924) (1,946) (635)
(1,700)
($3,622) ($11,177) ($4,388) ($9,374) ($11,360) ($12,072)

$4,989 $2,821 $5,729 $1,877 $2,120 $5,354

42 374 690 697 807 502
5,735 2,611 13,054 5,443 922 -947
3,321 9,426 7,482 4,854 5,189 16,237
(27,013) (24,894) (1,100) (2,091) 4,059 (7,733)
12,462 12,248 11,482 11,481 11,491 9,270
 Assumptions
WACC 5.8%
Terminal Growth rate 2.00%
Cost of Equity 5.6%
Tax rate 35%

FCFF Method amount in thousand

Years 2000 2001 2002 2003 2004
EBIT (9,971) (8,706) (5,208) (1,625) (8,854)
EBIT *(1-T) (6,481) (8,706) (5,208) (1,625) (8,854)
Depreciation 4,337 7,999.00 8,009.00 8,250.00 9,943.00
Inv. In capex 16,237 5,189 4,854 7,482 9,426
CNWC 0 11,792 (6,150) 991 (23,794)
FCFF (18,381) (17,688) 4,097 (1,848) 15,457
Terminal value 434928

Total FCFF (18,381) (17,688) 4,097 (1,848) 450,385

Time factor 1 2 3 4 5
Discount factor 0.944754004 0.8925601277 0.8432497543 0.7966635815 0.7526511083
PV of FCFF (17,365.67) (15,787.60) 3,454.79 (1,472.23) 338,982.77 -

Enterprise value 307,812

Cash & cash equivalent 10,595
Value of the firm 318,407
Financial Distress cost 23,881
Int. paying debt 4,583.00
Equity value 289,944
No. of shares outstanding 11910977
Intrinsic value per share 0.02

2000 2001 2002 2003 2004

NWC -7733 4059 -2091 -1100 -24894
Change in NWC 11792 -6150 991 -23794