1. 1 Q2 2002 and Interim Results Presentation London Stock Exchange: EBR Nasdaq: EBKR (ADR) FINAL US GAAP Investor Presentation 11 August, 2002

2. 2 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 companys 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 companys 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 companys brand, and to protect the companys intellectual property rights in the companys brand, name, and information systems. These and other risk factors are described in detail in the companys 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

3. 3 Highlights for second quarter Gross sales rise by 50% organically to $104m maintaining No.1 position in Europe. Margin improves year on year from 9.5% to 10.6%. Indian back office investment for future cost savings continues - $0.8m of operating expenditure this quarter. Loss after tax (excluding stock compensation) reduces by 80% year over year to $2.3m. Net cash balance grows again to $36.6m (Q1 2002: $32.1m). Management team strengthened with key appointments.

4. 4 Q2 2002 and Interim Financial Results Nigel Addison Smith Chief Financial Officer Financial review

5. 5 Our 50% year on year gross sales rise was all organic $m Gross sales = the total transaction value of all products sold

6. 6 % ORGANIC GROWTH RATE for gross sales Organic growth has accelerated 2001 2002 (Effect of September11)

7. 7 Our average transaction value is the best in the business $m Our high spend customers are a big advertising opportunity Expedia -£250 ($362) Lastminute -£262 ($380)

8. 8 Record revenue $m

9. 9 Our conservative cost culture is showing results Operating expenditure as % of gross sales – excluding stock compensation, depreciation, amortisation 9/11

10. 10 And our cash continues to grow $m Net cash at bank or in hand

11. 11 Total operating expenses decrease year on year despite growth $m

12. 12 EBITDA loss falls to $1.3 million All loss accounted for by start up costs EBITDA (excluding stock compensation and exceptional items) $m

13. 13 Summary – Quarterly financials

14. 14 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 in running large travel organisations

15. 15 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

16. 16 Technology summary Project BenefitTimescale Dynamic packaging - Advanced revenue management system Increased travel spend + margin Due Q3 2002 Advanced due Q4 New hotel booking engine - Cross sell Improved hotel sales + cross sell with flights Due Q3 2002 Advanced due Q4 Mid Office - Centralised browser based - Automation of online product sales - Improved call centre efficiency Cost reduction Due Q3 2002 Back Office Online accounting system Cost reduction Improved business information Due Q4 2002 CRM E.piphany - personalised Myebookers Targeted marketing Improved 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 redesignIncreased conversion Due Q3 2002 Opaque faresHigh value fares, high margins Due Q3 2002

17. 17 Indias start-up phase has progressed well and gives us a unique advantage over online travel peers 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

18. 18 Achieving scale Our aim is to reach $1.5bn 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? - $200m-$900m gross sales - Approx 50 companies fit profile - All earnings enhancing

19. 19 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.