AGM Statement

26 March 2003

            ONLINE TRAVEL CORPORATION PLC ('OTC' or the 'Company')             

                                 AGM Statement                                 

At the Annual General Meeting of the Company, held at 9.00 am today, 26th March
2003, all resolutions were duly passed and the Chairman of OTC, Tommaso
Zanzotto, made the following statement:

'The conflict in Iraq and the ongoing threat of terrorism have created a
challenging and uncertain environment for operators within the travel industry
as travel decisions are deferred and a trend towards late bookings emerges. OTC
has not been immune to such challenges.

Despite experiencing a reduced rate of growth during February, we are pleased
to report an overall increase in gross sales in the first four months of the
current financial year of 57 per cent over the same period last year. This is
testimony to our multiple distribution channels, the wide range of products we
offer and our ability to react quickly to changing consumer demand patterns.

The deferral of travel decisions by both business and leisure travelers has
been particularly prevalent with regards travel bookings to regions perceived
as high risk, including the Eastern Mediterranean, the Middle East and Asia. In
response, we have focused our sales efforts on destinations that are considered
lower risk, resulting in good growth in our ski and city break business, plus
selected destinations in the USA, South Africa and the Caribbean. We have also
launched a student and youth travel site (www.youthtravel.com) to encourage new
customers amongst this highly resilient group of travelers. Our ability to
rapidly respond to changing market demand and expand into new travel sectors
demonstrates the flexibility of our technology, product range and support
services.

In light of the current environment we are maintaining a constant review on the
cost base across all of our business divisions and have adjusted, and will
continue to adjust, our variable cost base according to demand. Efficiencies
generated from our new operating systems are assisting in our efforts to
maintain an optimal level of costs.

The current conflict in Iraq has generated a level of uncertainty with regards
the immediate future. We believe, however, that post the war the online travel
sector will again prove its resilience and that its longer-term prospects are
excellent. We remain in a strong position to take advantage of any post war
increase in demand through our own brands, the sites we operate for our large
media partners and an increased demand for our technology licenses as travel
companies strive to participate in the high growth online travel sector.

Our long-term strategy, based on recurring license fees, transactional income,
and commissions, is taking solid shape. Few companies in the e-travel arena can
boast a triple income stream that has realistic opportunities for growth. This
is supported by a lean, professional, and dedicated management structure and a
solid technology platform linking our suppliers' products and services with a
growing and loyal customer base.

The Company needs to continue to grow in order to be able to leverage our
excellent operational systems and obtain further critical mass. In addition to
our organic initiatives, we believe the increasing levels of consolidation in
the travel industry will present further opportunities for the maximisation of
OTC shareholder's value.

My thanks for the progress to date go to my fellow directors, to the management
and employees of all group companies and to you, our shareholders, for your
support.'

For further information contact:

Mark Jones                                          Tel: [phone]
                                                                               
CEO, Online Travel Corporation Plc                                             
                                                                               
Richard Fallowfield/Jeanette Hamster                Tel: [phone]
                                                                               
CardewChancery