- increases net income and maintains margins
- now largest airline reservation system worldwide

Commenting on the results* José Antonio Tazón, President and CEO of Amadeus, said:

"Amadeus continues to report strong results in a travel industry environment adversely affected by the hostilities in Iraq, SARS and the economic downturn. For the second consecutive quarter, we are leading the sector in global travel agency air reservations.

While total reservations increased by 1.6% year on year, Amadeus was able to increase its global air reservations market share** by 2.6 percentage points to 29.1%. Market share has increased in every continent, with the strongest growth (6.2 pp) being reported for Eastern Europe.

In this scenario, we were able to grow revenue by 4.5% to ?502.7m, while EBITDA grew by 4.4 per cent compared with the same period in 2002. Net income, excluding exceptional items, grew by 4.3% to ?50.7m and we were able to maintain our EBIT, EBITDA and net income margins, compared to the same period in 2002.

Our travel distribution business will be further strengthened as we incorporate both distribution technology and bookings from Start, the world's largest leisure travel system, which we fully consolidated from March.

Amadeus's business diversification positively contributed to results as non-reservation related revenue grew by 35.3% in the period, due, in part, to increased activity in our E-commerce and Airline IT Services lines. For the latter, Finnair is the most recent confirmed new customer.

The SARS phenomenon is significantly affecting global and, especially, Asian travel as our most recent data indicate. The outlook for the industry will remain unclear until more certainty regarding the containment of SARS can be established. We will continue to work at maintaining margins and seeking growth opportunities through business and geographical diversification."

*Based on International Accounting Standards (IAS); figures un-audited
**Source: GDS Marketing Information Data Tapes (MIDT)