AGM Statement

Online Travel Corporation PLC
20 March 2002

Wednesday, 20 March 2002



                         ONLINE TRAVEL CORPORATION PLC

AGM Statement and Trading Update



Online Travel Corporation plc, ('OTC') the travel technology and distribution
group, today announced that all resolutions were duly passed at its Annual
General Meeting.



The Chairman, Tommaso Zanzotto also announced the continuing recovery of OTC
from the most turbulent period in the history of the travel industry, with an
increase of sixty five percent in gross profit in the quarter to 31 January 2002
over the same period in the previous year. The Chairman commented, 'The increase
in gross profit in the first quarter is an indication of the recovery we have
experienced from the events of September 11. We look forward to reporting our
progress to becoming a major profitable e-travel service provider.'



Mark Jones, CEO, commented, 'We are showing impressive gains so far this year,
generating over 4.2 million unique visitors in the first quarter alone and
almost double the number of transactions compared to the same period last year.
The low prices on offer from travel suppliers through our sites have reduced the
average sales value per transaction, so we are encouraged by the overall growth
in gross profit of sixty five percent. The growth came from many of our thirty
plus sites we operate under our own brands, plus enhanced services to sixty plus
travel sites that we operate for clients including BT, Freeserve, Tiscali,
Virgin.net and The Telegraph. During the first quarter we also launched new
sites with Associated New Media, TV Travel Shop and The Mirror and we are
scheduled to launch new services in the current quarter with The Guardian,
Nationwide and The Times.'



Jones also commented on the increase in customers transacting online. 'We are
particularly pleased with the increase in the number of online transactions.
Eighty percent of our transactions in the first quarter were initiated online,
and some forty percent were completed online. We expect these results to
continue to benefit from our Build-Your-Own holiday technology which allows an
increasing conversion of these online users to transacting customers.'



OTC also announces the resignation of two Directors.



Alan Judd, Executive Director and former Chairman, did not seek re-election at
the AGM and accordingly ceases to be a director of the Company with immediate
effect. The Chairman and CEO commented, 'We would like to thank Alan, who as a
founder and former Chairman has made an enormous contribution to building OTC,
and we look forward to his continued contribution in the future.'



Kyril Saxe-Coburg, a Non-Executive Director, will resign with immediate effect.
'Kyril has contributed to the development of OTC over the past eighteen months
for which we are grateful and we thank him for his counsel' said the Chairman
and CEO in a joint statement.



END



For further information contact:



Online Travel Corporation Plc

Mark Jones, CEO
                Tel: [phone]



Noble & Company Limited

Chris Barker
                      Tel: [phone]



Durlacher Limited

Matthew Robinson
              Tel: [phone]



About Online Travel Corporation, plc

OTC is a travel technology and distribution business, providing a comprehensive
range of technological solutions, travel products and ancillary travel services
to ISP's, Media and Affinity Groups and Corporate Organisations. It provides
bespoke technology solutions linked to its wide product range to produce a
one-stop travel service through the Internet, supported by telephone call
centres for leisure and corporate clients to fulfil their travel needs. OTC
provides a comprehensive range of travel products and ancillary travel services
and is both a travel agent and tour operator. OTC strategy focuses on low-cost
routes to market with lower customer acquisition costs compared to that of a
mass-market consumer brand and is focused on selected business areas. OTC has
launched over 100 travel sites in the past two years and via these partner sites
has access to a potential customer base to over 16 million online users. Travel
sites operated for clients include Btopenworld.com, freeserve.com,
tiscali.co.uk, telegraph.co.uk, virgin,net, mirror.co.uk, guardian.co.uk,
times.co.uk, and thisistravel.com for Associated new Media. Own brands include
bargainholidays.com, ifyouski.com, a2btravel.com and ferrybooker.com. OTC is
quoted on the Alternative Investment Market of the London Stock Exchange.
Additional information is available at www.onlinetravelcorporation.com.



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