All Leisure Group

All Leisure is an established cruise holiday company which owns the brands of Voyages of Discovery, Swan Hellenic and Discover Egypt. Voyages of Discovery and Swan Hellenic offer destination-led cruises worldwide and are focused on the market for mature passengers whilst Discover Egypt offers package holidays, including cruises and excursions on the river Nile. The Company has the following key strengths: Established brands in Swan Hellenic, Voyages of Discovery and Discover Egypt; Highly experienced management team with over 250 years expertise in the travel industry; The asset-backed business model has high visibility of revenue - up to 90% of revenue has been pre-sold before each season and has strong free cash flow; Progressive dividend policy planned; • Operates in the high growth cruise market: it is forecast to expand by an additional 25% to around 1.5m passengers by 2008 (source: European Cruise Council/PSA) with one in sixteen of all packaged holidays embarking on a cruise. The Company's strategy is to grow its existing business and operations organically, not only to provide a wider choice of cruises to its existing customer base but also to exploit the growing demand for cruise holidays. In addition to operating its two current ship, mv Discovery and Minerva, the Company intends to lease or purchase additional cruise ships or brands subject to its future needs. Roger Allard , Chairman of All Leisure Group Plc, said: "We look forward to taking All Leisure to the next stage of its development. We will continue to deliver growth from our established business model and through our focused growth strategy, with the aim of providing dividends in line with earnings growth for shareholders as well as added value for customers and employees."