2. 1 Thomas Cook Our Past & Present

3. 2 The UK & Ireland travel business has a history of over 160 years, and has recently been shaped through a series of mergers & acquisitions 1996 1997 1998 2000 19991995 1841 2001 2002 Acquired Sunworld, Neilson and Airworld Acquired Sunset, Club 18-30 and Flying Colours Acquired Sunset, Club 18-30 and Flying Colours Created JMC brand for tour operations and airline Created JMC brand for tour operations and airline Developed three-brand strategy for mass market tour operations Sold Global & Financial Services (a £47m- profit business) Sold Global & Financial Services (a £47m- profit business) Founded Thomas Cook Achieved financial turnaround Thomas Cook Travel acquired by C&N Touristic AG Merged with Carlsons UK Leisure Group travel interests Merged with Carlsons UK Leisure Group travel interests Thomas Cook in 1995 travel retailer & niche tour operator Thomas Cook in 1995 travel retailer & niche tour operator 2003

4. 3 Ownership Structure C&N Touristic AG renamed as Thomas Cook AG Sales within Thomas Cook group 1 : -Germany47% -UK33% -West Europe19% -International 1% 12.5m passengers carried 28,000 employees Source: Thomas Cook AG Annual Report & Accounts for year-ended 31 October 2003

5. 4 Business: Thomas Cook UK & Ireland Thomas Cook UK & Ireland 615 high street shops 736 foreign exchange bureaux 7 travel warehouses 3 call centres Thomascook.com Thomas Cook TV Large Affinity business No.1 or 2 in each, except.com 3.0m pax in FY 2003/04 Dedicated Yield Management team Featuring all major destinations world-wide Focussed flight-only business Mass-market (80% of pax) & specialist businesses (20% of pax) Rebranded as Thomas Cook Airlines UK in April 2003 24 aircraft No.1 on-time charter airline (AUC) Sales ~6,600 FTE Tour Operations ~2,600 FTE Airline ~1,800 FTE

6. 5 Cheaper Holidays Better quality holidays More control over what is sold Less dependency on other suppliers Guaranteed line of supply Discounted products Increased profit for the company Career opportunities/job swaps Increased incentive payments Less dependency on other suppliers VERTICAL INTEGRATION Benefits to the Customer Benefits to us

7. 6 To Perfect The Personal Leisure Experience Our Mission Statement

8. 7 Sales: Recent Developments 648 857 20 Channel Thomascook.com Video clips of hotels and apartments on selected properties Main website further enhanced in Dec 04 for greater speed & usability Direct-only businesses launched in Jan and Sep 04 respectively Weddings is growing market Thomas Cook TV Now available on Freeview and at selected times on and

9. 8 Spec. Business: Recent Development Launched December 2004 Targeting independent leisure travel market Direct booking channel Thomas Cook Airlines carry ~700,000 seat-only passengers per annum, most of whom are booking through 3 rd party travel agents Additional trade website to be launched shortly

10. 9 Launched 30 November 2004 The first true dynamic one search from one place fully bonded package supplier to enter the market Focused on allowing agents to tailor-make value-driven packages in front of customers Spec. Business: Recent Development

11. 10 Launched 1 June 2004 Targeting independent leisure travel market via the trade 10,000 hotels & apts. to choose from in ~700 destinations From Croydon to Niagara Falls, basic properties to luxury 5 star resorts Sourced from Thomas Cook contracts plus stock from consolidators Spec. Business: Recent Development

12. 11 No.1 on-time charter airline (Air Users Council) Voted best on-time airline by Holiday Which? readers Operated 86% of departures on-time (S03) Average delay time of only 10.7 minutes (S03) Thomas Cook Airlines UK Officially the UKs best performing charter airline!

13. 12 Meet the family - including our Specialist Brands

14. 13 Quality holidays for those who expect more Fun holidays at great value, hassle free The best family holidays Tour Operations: Three-Brand Strategy for Mass Market From fourth to second and closing the gap with market leader

15. 14 Defined as being clearly differentiated by its customer base - that difference being clearly valued by that customer base Tour Operations: Specialist Businesses Specialist holiday businesses catering for prestige, active, skiing, party and many other market segments Volume is lower than mass market Average sales value and margin can be significantly higher Opportunities for growth (e.g. Neilson BeachPlus)

16. 15 Spec. Business: Recent Development Launched 20 December 2004 Ultra-quality market -Personal travel advisor assigned with first-hand experience -Uncompromising quality & exceptional service -Distinctive holidays, entirely personalised to cater for individual requirements

17. 16 PROUDPROUD Pioneering Our Future Results Orientated Obsessed With Customer Service United As One Team Driving Robust Decisions