1 education, leisure and activity travel group education, leisure and activity travel group Full Year Results November 2009

2 education, leisure and activity travel group education, leisure and activity travel group Disclaimer This document contains forward-looking statements with respect to the operations, performance and financial condition of Holidaybreak. By their nature, these statements are subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied because they relate to future events. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise. The financial information referenced in this presentation does not contain sufficient detail to allow a full understanding of the results of Holidaybreak. For more detailed information, please see the Full year results announcement for the year ended 30 September 2009 which can be found on the Investor Relations section of the Holidaybreak website – www. holidaybreak.co.uk

3 education, leisure and activity travel group education, leisure and activity travel group INTRODUCTION  Resilient performance in a difficult economic environment  Strong late bookings in Camping & Adventure Travel  Successful completion of £31.2m Rights Issue, Liddington acquisition first use of proceeds  Full year dividend payment the same as last year  Encouraged by recent trading patterns  Medium term growth potential undiminished

4 education, leisure and activity travel group education, leisure and activity travel group

5 GROUP RESULTS 1 Stated before amortisation of acquired intangible assets of £3.5m (2008: £4.2m), exceptional restructuring costs of £1.6m (2008: £2.3m) and impairment of goodwill of £9.6m (2008: £2.5m). IAS39 mark-to-market revaluations of financial derivatives of £8.3m (2008: £0.2m) and for EPS the tax effect thereof of £3.6m (2008: £1.6m) EPS is restated for the Rights Issue interim and 2008 Full year dividends restated for the Rights Issue.

6 education, leisure and activity travel group education, leisure and activity travel group DIVISIONAL RESULTS 1 Stated before amortisation of acquired intangible assets of £3.5m (2008: £4.2m), exceptional restructuring costs of £1.6m (2008: £2.3m) and impairment of goodwill of £9.6m (2008: £2.5m).

7 education, leisure and activity travel group education, leisure and activity travel group ONE-OFF CHARGES  Restructuring and redundancy costs at NST and Explore  Goodwill impairment at Explore  IAS 39 revaluations of financial derivatives

8 education, leisure and activity travel group education, leisure and activity travel group MOVEMENT IN NET DEBT 1 Stated before impairment of goodwill of £9.6m (2008: £2.5m) and IFRS 2 charge re share based payments of £0.3m (2008: credit of £0.1m)

9 education, leisure and activity travel group education, leisure and activity travel group BALANCE SHEET * During the current year the Group completed its initial accounting in respect of the acquisition of EST. This resulted in an increase in the fair value of intangibles with a corresponding increase in deferred tax.

10 education, leisure and activity travel group education, leisure and activity travel group INTEREST & CURRENCY HEDGES  29% of Bank debt is at floating interest rates  Effective average interest rate c.8% at revised margin and bank rate at 27 November  26% of Group EBITA in € zone  Other net exposure - c. €46m - c. $18m  73% of Group’s € and $ requirements for 2010 bought at average rates of €1.14 and $1.63

11 education, leisure and activity travel group education, leisure and activity travel group COST REDUCTION & CASH CONSERVATION  Annualised overhead savings of £2.5m  Explore restructured - staffing reduced by 35% aimed at maintaining operating margins  Redundancies in management team at NST  Superbreak’s call centre resource reduced by a third  Camping headcount reduction in UK and Ireland  Camping mobile-home net capital expenditure (£5m) below depreciation (£7m), 450 new units vs 630 originally proposed  Deferred payment terms  Substantial reduction in corporate tax payments  Prudent dividend policy

12 education, leisure and activity travel group education, leisure and activity travel group  Revenue: +4%  Headline EBIT: –3.8%  Headline operating margin: 9.1%  Net Debt at 30 September 2009: £138.1m  Sufficient financial headroom against covenants to enable investment in Education  2010 currency exposure 73% hedged FINANCIAL SUMMARY

13 education, leisure and activity travel group education, leisure and activity travel group EXECUTIVE CHAIRMAN JOHN COLEMAN

14 education, leisure and activity travel group education, leisure and activity travel group STRATEGY ON TRACK  DEVELOP A MULTI-PATH APPROACH  Organic development: PGL non-schools product; Bookit’s Belgian brand; TravelWorks’ high school programme and Camping’s Ecamp brand  Investment and acquisitive growth opportunities in our education businesses  PURSUE SUSTAINABLE FASTER GROWTH  Liddington centre expected to achieve IRR of over 20%  Continue to prioritise investment in Education where growth continues  BUILD ON CORE COMPETENCES  Supplier relationships – Superbreak’s packaged product  Yield management – Camping  DIVERSIFY SALES MIX  All businesses focused on developing multi-channel distribution

15 education, leisure and activity travel group education, leisure and activity travel group EDUCATION  2008/09 Revenue: up 12% Operating profit up: 25%  PGL invested £17.0m in its education centres, including Liddington. We expect to spend £1.4m on increasing bed capacity and developing Liddington in 2010  Liddington already 87% booked for 2010  Parents prioritise expenditure on trips. Strong demand conditions for school trips to private residential educational centres  2009/10 Trading: level (PGL education centres +5%)

16 education, leisure and activity travel group education, leisure and activity travel group HOTEL BREAKS  2008/09 Revenue: - 5.7% Operating profit: %  Volume of domestic short breaks in the UK and the Netherlands growing strongly on the back of increasingly competitive deals  Packaged product continues to be Superbreak’s strategic focus (now at 55% of business) – higher transaction values  Bookit and WETB growing distribution through other channels – Bookit launched in Belgium and WETB improved trade sales through Airmiles, concierges and web  2009/10 Trading: +4%

17 education, leisure and activity travel group education, leisure and activity travel group ADVENTURE TRAVEL  2008/09 Revenue up: 3.5% Operating profit: -12.5%  Relatively high cost of trips means that they are more likely to be deferred in a recession  Explore’s £1m cost saving programme reduces costs and enables it to trade profitably at lower volumes  TravelWorks benefited from good growth for its high school exchange programme  Good business well placed to prosper when the economy recovers  2009/10 Trading: -12%

18 education, leisure and activity travel group education, leisure and activity travel group CAMPING  2008/09 Revenue: up 10.7% Operating profit: -6.5%  Strong late bookings  Flexible holiday formula can be tailored to suit customers’ budgets  Strong high season demand from the Netherlands  Ecamp brand shows good growth potential; strong demand from Dutch and German consumers  2009/10 Trading: -7% on -8% capacity

19 education, leisure and activity travel group education, leisure and activity travel group TRADING UPDATE 2010 Sales to date * EDUCATIONLevel PGL UK education centres at 92% sold to target Bed capacity at 7,500 HOTEL BREAKS+4% London selling well on the back of price Packaged product remains key focus ADVENTURE TRAVEL -12% Cost reduction programme completed Market conditions remain challenging; planned accordingly CAMPING-7% Pre-sited capacity approximately -8% Continue to manage capacity, occupancy and yield tightly * Based on revenue intake/booking position as at close of business on 26 th November 2009

20 education, leisure and activity travel group education, leisure and activity travel group SUMMARY  Resilient business model demonstrated by strong 2009 performance  Continued focus on delivering good value, quality products with great customer service  Focused on cost control and cash generation  Ongoing search for new CEO  Encouraged by recent trading – the Group is well placed for economic recovery

21 education, leisure and activity travel group education, leisure and activity travel group Q&A

22 education, leisure and activity travel group education, leisure and activity travel group APPENDICES

23 education, leisure and activity travel group education, leisure and activity travel group BANKING FACILITIES £255m Five year facility committed to £30m Term Loan - £225m RCF, Bonding and Ancillary Facility - £30m in CAA, ABTA bonds Margin LIBOR bps - margin ratchet at lower levels of debt Costs c.£4.8m at 30 th September - Annual amortisation cost of £1.2m

24 education, leisure and activity travel group education, leisure and activity travel group INTEREST HEDGES 5 yr swaps are callable by Bank after three years €50m collar is callable by Bank after three years 29% of bank debt is floating Effective average interest rate is 8.1% at revised margin and bank base rate at 27 th November

25 education, leisure and activity travel group education, leisure and activity travel group  100+ acre site with outdoor activity field, floodlit pitch, two lakes, parking etc.  Good access via motorway to London  Access to 17.8m population and 27% of schools in 2 hours drive time.  Ready to trade with minimal capex  Potential for significant bed stock expansion at low cost  Planned investment of £3.2m over 2010 – 2012  Target IRR in excess of 20%  Caythorpe Court opened in 2006 –total investment of £13.8m now achieves target IRR LIDDINGTON

26 education, leisure and activity travel group education, leisure and activity travel group SIGNIFICANT FURTHER OPPORTUNITIES N. and E. London (M25) IOW/choice coastal sites West London & M4 Corridor Ireland (subject to research validation) North East & Scottish Borders Potential areas in which to add new outdoor education centres