INTERIM RESULTS May 2001

2 Results Overview Financial Review Current Trading and Prospects Future Strategy The Case for Investment Holidaybreak plc INTERIM RESULTS 2001

3 On course for another successful year First half losses inevitable because of seasonal nature of Camping Hotel Breaks and Adventure profitable year round Interim dividend up 12.5% to 5.4p Current trading strong in all businesses Continuation of profits and dividend growth Interims 2001 OVERVIEW

4 Interims 2001 PROFIT AND LOSS ACCOUNT (six months to 31 March 2001) All stated before goodwill amortisation

5 Interims 2001 PROFIT & LOSS ACCOUNT - DIVISIONAL ANALYSIS (six months to 31 March 2001) All stated before goodwill amortisation

6 Interims 2001 BALANCE SHEET

7 Interims 2001 CASH FLOW (six months to 31 March 2001)

8 Bookings 5% up on all markets performing well c.93% of anticipated final sales (90% of bookings) now received Spring Bank and June filling - important for low season occupancy Little left to sell in peak season Mobile-homes account for 54% of bookings (50% in 2000) Interims 2001 CAMPING - TRADING AND PROSPECTS

9 Existing market moving away from tents and into more profitable mobile-homes Aim to broaden appeal by addressing misconceptions about camp-site holidays and mobile-homes ‘Self-catering’ rather than ‘camping’ Low-cost airlines making southern destinations more accessible TV advertising tested extensively alongside traditional media and direct mail Internet now an important and cost effective distribution channel Camping 2001 UK MARKETING CAMPAIGN

10 Camping 2001 UK MARKETING CAMPAIGN []

11 Camping 2001 UK MARKETING CAMPAIGN SUPERIOR SELF CATERING ACCOMMODATION CHOOSING YOUR HOLIDAY HOME LUXURY ACCOMMODATION HOLIDAY HOMES a higher quality self-catering six styles to choose from

12 Sales revenues 24% ahead year on year c.70% of anticipated final figure received Successful year despite rail problems, flooding and foot and mouth Direct and internet bookings particularly strong Rainbow acquisition has proved beneficial Interims 2001 HOTEL BREAKS - TRADING AND PROSPECTS

13 Hotel Breaks INTERNET Distribution channel for Superbreak product range Superbreak.comHotelnet.co.uk On-line Hotel Bookings Specialist internet hotel booking portal 45,000 hotels lower commission rates 1,500 hotels at full margin

14 Hotel Breaks INTERNET Remarkable growth since on-line bookings introduced (Nov ‘99) - now c.10% of core business sales One third of bookings direct - balance is commissionable (Hotelnet, Leisurehunt, Thos Cook etc) Taking share in overall UK hotel breaks market Hotelnet-worldwide product range with preferential links to superbreak.com -small deficit in 2001 (c.£300k) due to investment programme -should move into profit thereafter Many visitors to both sites from overseas

15 Bookings up 13% year on year c.85% of anticipated final sales now received - some overhead pressures Europe/shorter holidays selling particularly well for Explore Non-Red Sea sales growing strongly for Regal First quarter winter bookings now coming in well Interims 2001 ADVENTURE - TRADING AND PROSPECTS

16 Explore Worldwide acquired February 2000 Simon Tobin (ex-Keycamp) appointed MD Marketing Director appointed So far we have-improved sales effectiveness in call centre -thoroughly researched customers and competitors -reviewed office systems -introduced a more strategic view -investigating potential acquisitions Regal acquired August stable and trading well Adventure POST ACQUISITION REVIEW

17 Concentrate on strong market leading businesses - avoid volatile, low margin, short-haul packages Organic growth combined with ‘bolt-on’ acquisitions to existing divisions and acquisition of travel businesses in new sectors Characteristics of Group businesses provide an excellent platform for growth and a template for future acquisitions Holidaybreak plc FUTURE STRATEGY

18 Market leading businesses in specialist sectors Healthy margins Low fixed cost commitments Highly cash generative Growth opportunities Holidaybreak plc COMMON CHARACTERISTICS

19 Common Characteristics MARKET LEADERSHIP

20 Common Characteristics HEALTHY OPERATING MARGINS

21 Common Characteristics LOW FIXED COSTS

22 Common Characteristics CASH GENERATION

23 Common Characteristics GROWTH PROSPECTS

24 Excellent growth prospects and good defensive qualities Strong record of earnings and dividend growth Highly cash generative Modest rating - discount to peer group High yield Holidaybreak plc THE CASE FOR INVESTMENT

25 Holidaybreak plc PEER GROUP COMPARISON Based on closing share price (shown in brackets) on 14/05/01

26 Holidaybreak plc APPENDICES

27 *As per last twelve month’s statutory accounts Holidaybreak plc CURRENT BUSINESSES

28 Holidaybreak plc THE BOARD

29 Holidaybreak plc 2000 PROFIT & LOSS ACCOUNT (1) All stated before goodwill amortisation

30 Holidaybreak plc 2000 PROFIT & LOSS ACCOUNT (2) All stated before goodwill amortisation

31 Holidaybreak plc 2000 BALANCE SHEET

32 Holidaybreak plc 2000 CAPITAL EXPENDITURE & DISPOSALS

33 Switzerland, Austria Belgium, Poland & Denmark Figures in brackets are 1999 equivalents (11%) (14%) (16%) (59%) BOOKINGS CAMPING DIVISION BOOKINGS AND SALES BY MARKET (2000)

34 CAMPING DIVISION BOOKINGS AND SALES BY BRAND (2000) BOOKINGS

35 CAMPING DIVISION COMPETITION & MARKET SHARE (2000) Figures are for UK, Holland, Germany and Denmark show only those companies included in the AC Nielson pool. Figures for Ireland are local estimates and include the main local operator. In other markets (Switzerland, Belgium, Poland) no significant direct competition has been identified.

36 CAMPING DIVISION BRANDS AND OFFICE LOCATIONS 2000 sales in brackets

37 HOTEL BREAKS SALES BY BRAND (2000)

38 HOTEL BREAKS SALES DISTRIBUTION (2000)

39 HOTEL BREAKS BRANDS AND PRODUCTS

40 HOTEL BREAKS COMPETITION AND MARKET SHARES (RETAIL)

41 ADVENTURE HOLIDAYS SALES (2000)

42 Overseas holidays account for 33% of passengers and 58% of expenditure UK still important but now primarily a secondary holiday destination 12-13m inbound visitors to the UK Travel Industry Overview UK HOLIDAY MARKET UK Holiday Market 2000 Domestic 73m pax (£11.0bn) Overseas 35m pax (£15.2bn) Source: Mintel Excludes VFR

43 Overall sector growing at c.4% per annum Distribution fragmenting - multiple channels - high street agents in decline Growth Areas include: - Short-breaks - Long-haul - Activity/Special Interest - Grey tourism - Tailor-made Travel Industry Overview OVERSEAS HOLIDAY MARKET Overseas Holidays 2000 Source: Mintel Excludes VFR 5.5m 3.5m 16.1m 9.9m

44 Holidaybreak plc OUR RECORD (1) Turnover Profit £m

45 Holidaybreak plc OUR RECORD (2) Earnings per ShareDividend Pence