104 Apr 07

Interim Results6 months to Jan 2007

204 Apr 07

David Savile / CEO

Steph White / CFO

Current period: slides 1 to 32 Appendix: background briefing

Disclaimer

This presentation contains forward looking statements which reflect Management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

304 Apr 07

competitive product and pricing pressures and regulatory developments.

Financial highlights

� Sales £ 90.3 m up 60%

� Operating profit £ 3.2 m up 139%

� Profit before tax £ 3.5 m up 118%

� Diluted EPS 23.0 p up 115%

� Interim dividend 6.7 p up 10%

404 Apr 07

� Cash £ 17.3 m up 39%

Operational highlights

� Strong trading across the Group

� Exceptional performance from our Government and Corporate sectors

� Continued progress in the HNWI sector

� Gold Air creating positive halo effect in Air Partner

504 Apr 07

� Gold Air creating positive halo effect in Air Partner Private Jets

� New offices under development

� Recruitment of professional brokers continues

� New corporate identity to strengthen our brand

Delivering on Group Strategy

� Diversification of Revenue Stream �

� Continued dominance of Government Sector �

� Further progress in growing the large Corporate Sector �

� Move into the HNWI sector with JetCard �

� Investment in global offices and team continues �

604 Apr 07

� Strong Dividend Policy is maintained �

New corporate identity

� Revised divisional & reporting business units

for Airliner charter

704 Apr 07

{ Ad hoc private jet charter { JetCard card programme{ Gold Air Int’l operations

Sales (£m)

125

150

175

200

804 Apr 07

0

25

50

75

100

'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10

H2----

H1

Income statement

2007 2006

£’000 £’000

Revenue 90,308 56,278

Cost of Sales (76,064) (50,048)

Gross Profit 14,244 6,230

904 Apr 07

Operating profit 3,203 1,342

Profit before tax 3,464 1,607

Earnings per share:

Basic 23.5p 11.0p

Diluted 23.0p 10.7p

Profit before tax (£m)

4

5

6

7

1004 Apr 07

0

1

2

3

4

'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10

H2----

H1

4

5

6

7

FY profit trend (£m)

H1 is 88% towards the

1104 Apr 07

0

1

2

3

4

'94 '96 '98 '00 '02 '04 '06 '08 '10

H1 is 88% towards the trend line for the year-end

Balance sheet

2007 2006

£’000 £’000

Non-current assets 5,712 2,578

Current assets 33,096 26,735

Total assets 38,808 29,313

1204 Apr 07

Total assets 38,808 29,313

Current liabilities (23,539) (17,445)

Non-current liabilities (266) (329)

Total liabilities (23,805) (17,774)

Net assets 15,003 11,539

Group cash flow

2007 2006

£’000 £’000

Net cash from operating activities 10,036 198

Net cash from investing activities (3,993) 199

1304 Apr 07

Net cash used in financing activities

(588) (3,416)

Net increase/(decrease) in cash 5,455 (3,019)

Opening cash 11,931 15,437

Foreign exchange rate changes (75) 8

Closing cash 17,311 12,426

Dividend growth (pence)

25

30

35

40

Half Year Full Year Special

1404 Apr 07

0

5

10

15

20

25

'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10

Group review

1504 Apr 07

Diversification strategy

Geographic

UK Europe Middle East Asia North America

1604 Apr 07

Client sector

Government Royal Corporate HNWI

Product sector

Private Jet Charter Commercial Jet Charter Freight Charter JetCards Block Hours Contracts Private Jet Sales Private Jet Management Emergency Planning Flight Operations Travel Service

Geographic review (sales)

� 21 offices across 4 continents• All established broking offices profitable

• All newly seeded broking offices profitable

• 2 more offices under development

1704 Apr 07

USA 9%

UK 57%

Europe 29%

Rest of the world 5%

4 offices2 offices

2 offices

13 offices

Group product review

Private Jet

Charter

Private Jet Sales

Aircraft Mgmt

Airliner Charter

Freight Charter

Jet Card Program

Emerg. Evac

USA EUR ME ASIA

Air Partner � � � � � � � � � � �

Products TerritoriesPlayers

1804 Apr 07

� � � � � � � � � � �Airlines

(direct sell) � � Most are single continentPrivate Jet

Operators � � �

Fractionals � � � � �Card

Programme Operators

� ��

Air Partner Managment Experience

Building depth

� 20 top-quality aviation managers• In-house training

• Cranfield School of Management

� Long history within the Group and the Industry• 10 most senior managers have average 22 years in the

industry, and 16 years with the Group

1904 Apr 07

Air Partner Managment Experience

0

100

200

300

400

500

97 98 99 00 01 02 03 04 05 06 07

with Air Partner

in the industry

YearsCumulative management experience

Corporate social responsibility

� Stated aim for AP to be carbon-neutral by end 2008

� First scheme launched• Carbon-neutral offering launched in October 06

2004 Apr 07

Divisional review

2104 Apr 07

Divisional split of sales

3.5% 7%

26% 63.5%

2204 Apr 07

Commercial Jets Private Jets Freight Other

Commercial Jets

� Exceptional business levels from the dominant part of the group

• Sales up 52% at £57m, representing 63.5% of Group activity

• Margin improvement as well

� All traditional client sectors performing well

� Good diversity of revenue; strong areas include

2304 Apr 07

� Good diversity of revenue; strong areas include• Government, NGO

• Conference & Incentive

• Product launch: e.g. Automotive, Pharmaceuticals

• Cruise ship business

• Sports events

• Airline sub-service and general sales agency work

Commercial Jets

� High degree of repeat business

� Team’s trading ability is very strong

2404 Apr 07

Private Jets review

� Strong trading throughout

� Benefit of being seen as an end-supplier

� 25% increase in active client numbers

� Restructuring in progress will create immaterial one-off cost

� Strategic aims falling into place

2504 Apr 07

� Strategic aims falling into place

Ad hoc charter

“I want to charter a jet next week”

The JetCard “I want a fixed hourly rate and

guaranteed availability”

Charter Management

“I want my jet to earn its keep”

Non-type specific

AP product at every point

Lear 45 Card “I like this Lear and I want

to use it regularly”

Private Jet Sales Consultancy

“what jet should I buy?” & “managing the purchase”

Aircraft Management

“Please look after this for me”

The

Product

Cycle

Type specific

Private jet market overview

� Growth of private jet market is extremely strong

� Manufacturer order books bulging; earliest deliveries• Gulfstream G450 & G550: Q1, 2010

• Bombardier Global Express/5000: Q4, 2010

• Dassault Falcon 900 & F2000: Q4, 2009

• Dassault Falcon 7X: Q2, 2011

2704 Apr 07

• Dassault Falcon 7X: Q2, 2011

• Airbus ACJ & Boeing BBJ: 2010-2011**with completed interiors

� London airports facing high demand, constraints• (Heathrow & Gatwick inaccessible)

• Limitation issues now facing London City, Luton and Stansted

• Farnborough 85% full 9 months since it was fully opened

• Biggin Hill private jet traffic up 39% over last 12 months but almost unlimited capacity

Private jet market engine manufacturer view

� Honeywell predict 12,000 sales worth $195B between 2006 & 2016, of which 25% will come to Europe

2804 Apr 07

Current trading

� All markets remain buoyant

� However, forward order book is up 29%• Strong, but slower than H1

� Consolidating position for the future

2904 Apr 07

� Consolidating position for the future

� Air Partner remains, as always, a long term investment

Q & A

3004 Apr 07

Appendix

� For the benefit of investors who are new to our business, we attach some previously used slides that provide a background briefing on Air Partner. Please contact us if you would like further amplification.

3104 Apr 07

Contents

� A straightforward Business Model

� An uncomplicated Financial Model

� The Business by Activity

� Secondary Divisions

� Driving the Business

3204 Apr 07

• The PLC Board

• Senior Management

• Future Management

� Independent Research

A Straightforward Business Model

� Putting together the buyer who wants to charter an aircraft but doesn’t know how to do it, with the seller who has spare aircraft capacity but cannot successfully market himself

� Compares with a stock broker: even if the buyer finds the seller direct, is today’s price the right price to pay?

� Aiming for the ideal scenario where the client is happy that he has a quality aircraft at a price he could not achieve on his own; the

3304 Apr 07

quality aircraft at a price he could not achieve on his own; the supplier with quality business he could not have secured on his own; and Air Partner earning the right margin and building long term client loyalty and respect

An Uncomplicated Financial Model

� Transactional explanation: incoming client funds• Corporate clients:

90% of sales is payment prior, then we pay supplier prior10% of sales is payment after, then we pay after, so it is a mirrored transaction

• Govt clients:90% of sales: Major western Govts demand 30-45 days credit but we pay

3404 Apr 07

90% of sales: Major western Govts demand 30-45 days credit but we pay suppliers at time of flight, a key reason for why the Group requires significant cash resources

• 10% of sales: we do not extend credit to minor Govts

� Margin explanation:• Client funds (100%) come in (as turnover)

• ~90% go out to external supplier airline (as COGS)

• Leaving ~10% (our gross profit) as fee income, from which we run our business

� Working capital:• We use ~£7-9m to fund our Govt flying, as a USP not available to our rivals

Business Flights Heads of State Conference/Incentives Product Launches

The Business by Activity

3504 Apr 07

IPO Road-shows Cruise Connections Vital Freight Country Evacuations

Air Ambulances Relief Aid Trade Delegations Immediate Flights

Government Flights Urgent Media Peace-keeping Point-to-Point

Secondary Divisions

� Emergency Planning Division• Subscription air evacuation programme; provides visibility of earnings

• Client pays annually and then pays as required

• Plan devised and lodged for activation at any time; no risk service.

• Subscription income alone covers fixed overheads

� Australian Leasing Operation

3604 Apr 07

� Australian Leasing Operation• We act as the lessor of a Saab 340B commuter aircraft to an “essential air

service” airline in the Australian outback

• We have no operational or management input

• The lease continues to be profitable, and running as expected

� Air Planner (formerly Flight Operations)

• Flight Planning

• Overflights, clearances, slots, weather briefing, ground support

• Service to aircraft owners, as well as to some Group suppliers

• Strong in-house benefits

Growth Drivers

� Continued acceptance of flying as a necessary cost

� Globalisation driven by global corporates, off-shoring, internet etc., even relaxation of borders

� Intolerance of acceptable time delays, irrespective of distance

� Increased premium paid for time • Step change in people’s attitude to acceptable costs

3704 Apr 07

• Step change in people’s attitude to acceptable costs

� Deterioration of airline cabin/service quality

� Decline of airline logistical capability• Where airlines are stripping it out, we put the value back in

The Size of the Charter Market

� Global market is in excess of £20 billion pa. • Air Partner sales represents < 0.5%

• Total broker sales approx 2%

• Direct sell: corporate to carrier accounts for the remaining 97%

• Being a credible global player we can invade the direct sell market as a broker

• Recent acquisition gives us end-supplier status

3804 Apr 07

• Recent acquisition gives us end-supplier status

• As complexity increases, role of broker because more valuable

The PLC Board

� A strong, long-term, consistent, & safe team:

� Tony Mack, Chairman 37 years (with the Group)

� David Savile, Chief Executive 24 years

� Stephanie White, Finance Director 23 years

� Mark Briffa, Chief Operating Officer 11 years

3904 Apr 07

� Mark Briffa, Chief Operating Officer 11 years

� Sri Srikanthan, Non-executive 6 years

� Richard Everitt, Non-executive 2 years

Independent Research

� House Broker: Oriel Securities• Analyst Gerald Khoo rates as: BUY

� Independent: Charles Stanley• Analyst Peter Ashworth rates as: BUY

� Independent: Seymour Pierce• Analyst Amit Thakar rates as: BUY

4004 Apr 07

• Analyst Amit Thakar rates as: BUY

� Independent: Outstanding Companies Digest• Analyst Keith Ashworth-Lord rates as: BUY