1

Q2 2002 and Interim Results Presentation

London Stock Exchange: EBR

Nasdaq: EBKR (ADR)

FINAL UK GAAP Analyst Presentation 11 August, 2002

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Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. Potential risks and uncertainties include, without limitation, the company’s ability to manage and integrate the operations of its subsidiaries across Europe, to significantly increase online revenues and sales volumes, to maintain and develop relationships with travel suppliers, strategic partners, computer reservation systems and providers of negotiated fares, to compete with airlines and other online companies in the sale of discounted fares, to respond to potential adverse changes in the company’s gross mark up or commission rates, to comply with new and existing regulations affecting electronic commerce and travel sales in the jurisdictions in which the company does business, to respond to unforeseen events affecting the travel industry, to attract and retain customers, to develop customer recognition of the company’s brand, and to protect the company’s intellectual property rights in the company’s brand, name, and information systems. These and other risk factors are described in detail in the company’s listing particulars dated 17 April 2001, as supplemented by the company's supplementary listing particulars dated 20 April 2001, and the company's Annual Report on Form 20-F for the year ended 31 December 2001 that was filed with the US Securities and Exchange Commission on 27 June 2002.

Disclaimer

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Introduction to ebookers plc

• Europe’s biggest online travel agency by sales

• Full service – flights, cars, hotels, insurance and holidays

• 11 European countries, 9 languages

• Low cost contact and fulfilment centres in India and Ireland

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Highlights for second quarter

•Gross sales rise by 46% organically to £71m maintaining No.1 position in Europe.

•Margin improves year on year from 9.5% to 10.5%. 

•Indian back office investment for future cost savings continues - £0.6m ($0.8m) of operating expenditure this quarter. 

•Loss after tax reduces to £3.5m from £8.6m in Quarter Two last year.

 •Net cash balance grows to £23.9m (Q1 2002: £22.5m).

 •Management team strengthened with key appointments.

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Our 46% year on year gross sales rise was all organic

19.2

25.527.4

30.1

42.3

48.7 49.4

39.4

60.6

71.0

0

10

20

30

40

50

60

70

80

Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002

£m

Gross sales = the total transaction value of all products sold

6

19

27

21

38

46

-4

-10

0

10

20

30

40

50

Q1 2001 vs Q12000

Q2 2001 vs Q22000

Q3 2001 vs Q32000

Q4 2001 vs Q42000

Q1 2002 vs Q12001

Q2 2002 vs Q22001

% ORGANIC GROWTH RATE for gross sales

Organic growth has accelerated

2001 2002

(Effect of September11)

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Our average transaction value is the best in the business

410

453475

531 539

483

558 554

514 510

0

100

200

300

400

500

600

Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002

GBP

Our high spend customers are a big advertising opportunity

Expedia - £250 ($362)

Lastminute - £262 ($380)

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Gross profit is at record levels

1.92.3

2.62.9

4.34.6

6.4

4.9

6.7

7.5

0

1

2

3

4

5

6

7

8

Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002

£m

9

28%

21%

17%

14% 14%

12%

7%

10%

6% 6%

11%10%

14%13%

10%

8%

6%

9%

6%5%

3%2% 2%

1%2%

1% 1% 1% 1% 1%

42%

32%

34%

28%

26%

22%

14%

20%

13% 12%

Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002

Marketing and sales

G&A

Technology

Total

Our conservative cost culture is showing results

Operating expenditure as % of gross sales – excluding stock compensation, depreciation, amortisation

9/11

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email newsletters

search engine optimisationPortals e.g.

UK - Yahoo

Holland - WannadooPoster campaigns

Radio advertising Retails advertisements

We use our offline expertise to keep customer acquisition costs low

Marketing spend per

booking falls remains low

11 12

101

75

62

47 51

38

10 12

0

20

40

60

80

100

120

Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002

GBP

11

And our cash continues to grow

31.0

28.9

22.9

20.1

22.523.9

0

5

10

15

20

25

30

35

Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002

£m

Net cash at bank or in hand

12

Total operating expenses decrease year on year despite growth

12.8

0.4 0.9

9.9 9.8

0

2

4

6

8

10

12

14

Q2 2001 Q1 2002 Q2 2002

India and interline start-up operating expenses

Total operating expenses including depreciation and amortisation, excluding India and Interline start-up costs

£m

13

EBITDA loss (exc stock compensation) falls to under £1million. All loss accounted for by start up costs

EBITDA (excluding stock compensation and exceptional items)

-6.1-5.8

-6.6

-5.7

-6.4

-5.9

-0.7

-2.9

-1.3

-0.9

-7

-6

-5

-4

-3

-2

-1

0

Q1 00 Q2 00 Q3 00 Q4 00 Q1 01 Q2 01 Q3 01 Q4 01 Q1 02 Q2 02

£m

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Summary – Quarterly financials

(£m) Q2 2002 % Q2 2001 Q1 2002

Gross sales 71.0 46% 48.7 60.6

Gross profit 7.5 61% 4.6 6.7

Gross profit (%) of gross sales 10.5% 9.5% 11.1%

Total operating expenses (excl stock compensation and exceptional items)

10.7 16% 12.8 10.3

EBITDA (excl stock compensation and exceptional items)

(0.9) 83% (5.7) (1.3)

Pre-Tax Loss (3.6) 59% (8.6) (3.5)

Net Cash at Bank or in Hand 23.9 (17%) 28.9 22.5

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Summary – 6 month financials

(£m) H1 2002 % H1 2001 FY 2001

Gross sales 131.6 45% 91.0 179.8

Gross profit 14.2 58% 9.0 20.3

Gross profit (%) of gross sales 10.8% 9.9% 11.3%

Total operating expenses (excl stock compensation and exceptional items)

20.9 18% 25.6 45.0

EBITDA (excl stock compensation and exceptional items)

(2.3) 81% (12.1) (16.0)

Pre-Tax Loss (7.1) 59% (17.2) (25.6)

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Nigel Addison Smith – Chief Financial Officer

Philip Dale - Chief Information Officer

John Donaldson – Non-Executive Director

Previously

Finance Director Air 2000

Group Financial Controller First Choice Holidays plc

KPMG

Previously

CTO Priceline.com Europe, VP Development US

Sabre/AMR Corp

SITA

Previously

Chief Executive Officer Thomas Cook Holdings Limited

American Express

Aer Lingus

We have strengthened our management team with experts inrunning large travel organisations

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We are using technology to increase high margin non-air sales

Dynamic packaging.

Gives customers control. The future of online travel.

Advanced hotel booking engine

Will encourage customers to book hotel with flight.

Projects due in Q3

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Technology summary

Project Benefit Timescale

Dynamic packaging- Advanced revenue management system

Increased travel spend + margin Due Q3 2002Advanced due Q4

New hotel booking engine- Cross sell

Improved hotel sales + cross sell with flights Due Q3 2002Advanced due Q4

Mid Office - Centralised browser based- Automation of online product sales- Improved call centre efficiency

Cost reduction Due Q3 2002

Back OfficeOnline accounting system

Cost reductionImproved business information

Due Q4 2002

CRME.piphany - personalised Myebookers

Targeted marketingImproved conversion

Due Q4 2002

Corporate Travel site- SMS messaging support, rules support

High growth market Due Q4 2002

Latebookers-2 hour ticketing- supported by night time marketing

Increased sale of distressed sales Due Q3 2002

Site redesign Increased conversion Due Q3 2002

Opaque fares High value fares, high margins Due Q3 2002

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India’s start-up phase has progressed well and gives usa unique advantage over online travel peers

Email sales and telesales

41%

Air and land product8%

Customer relations20%

Other (online support, information analysis)

10%

Ticketing6%

Finance7%

IT8%

Currently serving : UK, Irish, French, German and Finnish markets. Will be extended.

Potential to service other travel companies

70 Seat Dublin facility rolling out as second pan-European multi-lingual hub

Indian back office

350 staff so far

250 seat 24/7

Pan-European fulfilment centre

Dark fibre connection

% of staff by function

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Achieving scale

• Our aim is to reach £1bn sales within 2 years

• Why?- The market will hold 3 major players- Scale in buying- Cost efficiencies of infrastructure

• How?- Continued strong organic growth- Acquisitions

• Profile? - £150m-£600m gross sales

- Approx 50 companies fit profile- All earnings enhancing

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Conclusion

A strong quarter

• Organic growth up.

• EBITDA breakeven excluding start up costs.

Positive outlook

• Trading good in Q3 so far.

• Strengthened management, new technology.

• India and Ireland - lowest cost per transaction.