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Siebel Systems Reports Financial Results for the Second Quarter Ended June 30, 2004

Holiday In Wales SAN MATEO, Calif.--(BUSINESS WIRE)--July 21, 2004--Siebel Systems, Inc. (Nasdaq:SEBL), a leading provider of business applications software, today announced financial results for the quarter ended June 30, 2004, consistent with preliminary financial results presented on July 7, 2004.
Total revenues for the second quarter of 2004 were $301.1 million. Revenues from license fees were $94.8 million. Revenues from professional services, maintenance, and other services were $206.2 million and are comprised of maintenance revenues of $114.4 million and professional services and other revenues of $91.8 million.

Accordingly, FindWhat.com's results for the three months ended June 30, 2004 include the operations of Miva and Comet Systems for the entire second quarter, and B&B' month period since its closing. FindWhat.com's results for the six months ended June 30, 2004 include the operations of Miva for the entire period, but only include the results of Comet Systems and B&B from the dates of their respective closings.

Holiday Wales GAAP operating income for the second quarter of 2004 was $4.0 million and GAAP net income was $8.2 million or $0.02 per share. These results reflect a one-time charge of $6.0 million associated with an in-process research and development charge from the acquisition of Eontec Limited on April 20, 2004. Non-GAAP operating income for the second quarter of 2004 was $10.0 million and non-GAAP net income was $11.8 million or $0.02 per share, excluding this one-time adjustment.(1) The company was able to achieve operating profits, up approximately 100 percent year over year on a non-GAAP basis, despite the decline in second-quarter 2004 revenues, primarily as a result of its previous restructuring activities and ongoing attention to its cost structure.

Stamps.com Reports Third Quarter 2003 Financial Results Revenue Up 32% Year over Year; Customer Acquisition Momentum Builds SANTA MONICA, October 29, Stamps.com™ ( STMP) today announced financial results for the third fiscal quarter ended September 30, 2003. Third quarter revenue was up 32% versus the same quarter last year, and up 7% versus the second fiscal quarter of 2003. In addition, the company reported an increase in customer acquisition during the third quarter, particularly with higher value Power Plan customers.

Cottage Holiday In Wales The company's cash, cash equivalents, and short-term investments were $2.12 billion as of June 30, 2004, reflecting cash generated during the quarter of approximately $58 million. This was offset by the company's $70 million cash outlay for the Eontec acquisition, which resulted in a net decline in cash of $12 million from the end of the prior quarter. Days sales outstanding in accounts receivable was 60 days for the second quarter of 2004.

By WTN News • 05. Madison, Wis.Third Wave Technologies Inc. has reported financial results for the third quarter ended Sept. 30, 2005. Third Wave reported total revenue of $5.2 million and a net loss of $7.4 million for the quarter ended Sept. 30, 2005, compared to total revenue of $10.5 million and net income of $24, 000 for the same period of 2004. The company reported clinical molecular diagnostic revenue of $4.0 million for the third quarter, an increase of 5% from the same period of 2004 and a decrease of 6% from the prior quarter.

Caravan Holiday In Wales Quarterly Highlights

Google Inc. will report its financial results for the second quarter ended June 30, 2005. Thursday, July 21, The live Webcast of Google' //investor.google. webcast. The Webcast version of the conference call will be available through the same link for approximately two weeks following the conference call, after which time Google will include the Webcast in the "archive" section of the Google Investor Relations website.

Camping Holiday Wales The following highlights were announced or occurred since Siebel Systems' last earnings statement:

/NetRatings reports that 51% of U.S. home connections were broadband in July 2004, up from 38% 12 months ago. /NetRatings broadband definition includes ISDN, cable modems, and DSL. In figures about to be released as part of its quarterly Netwatch service, /NetRatings in New Zealand reports that broadband connections in homes reached 6.7% for the quarter ended 30 June 2004. This compares to 1.8% for the same quarter last year.

Accommodation Holiday Wales Siebel Systems Brings New Users Into Production: The company, along with its partners and customers, successfully deployed approximately 203,000 additional users in the second quarter of 2004. At the end of the second quarter, live Siebel users totaled approximately 2.6 million at more than 4,000 customers worldwide.

Holiday Last Minute Wales Siebel Systems Secures New Customers: The company concluded new software licensing agreements with more than 97 customers in the second quarter, including Acxiom Corporation; Alliance Capital Management L.P.; AstraZeneca AS; Becker Underwood, Inc.; Binda Italia Spa; Cattle's Plc; Computacenter (UK) Ltd; Elan Pharmaceuticals, Inc.; FastWeb S.P.A.; McGraw-Hill Companies, Inc.; Monsanto Company; National Library of Medicine; Novell, Inc.; Pfizer Limited; Renault V.I.; The Boeing Company; Toshiba Solutions Corporation; T-Systems Nova GmbH; and Weststar Bank.

Catering Holiday Self Wales Siebel Systems Secures Repeat Orders: In the second quarter, the company concluded additional software licensing agreements with more than 202 existing customers, including American Heart Association; American Power Conversion Corporation; BT; Carnival Cruise Lines; Centers for Medicare & Medicaid Services; Cymer, Inc.; DirecTV Operations, LLC; Elan Pharmaceuticals, Inc.; Electricite De France; Federal Aviation Administration; Gas Natural Informatica, S.A.; Gilead Sciences, Inc.; Hewlett-Packard Company; Honeywell Aerospace; Infonet Services Corporation; La Poste; Novartis Pharmaceuticals Corp.; ScriptPro USA, Inc.; Swisscom Mobile AG; TV Cabo Portugal SA; and Westpac Banking Corporation.

Holiday Wales Walking Customer Engagements: Siebel Systems concluded new engagements with companies across a variety of industries, including the following:

Family Holiday Wales -- The Centers for Medicare & Medicaid Services (CMS), the federal agency within the U.S. Department of Health and Human Services that runs the Medicare and Medicaid programs, is expanding its use of Siebel Healthcare nationwide to deliver a case management system to support the uniform process for handling all Medicare appeals. As part of the department's goal to be the most responsive agency in the Federal government, the Medicare Appeals System will improve the quality of services provided by CMS by enabling a fair, effective, and timely review of Medicare appeals.

Holiday Riding Wales -- EDS has selected and procured Siebel Systems' full suite of business applications for internal standardization. EDS provides a broad portfolio of business and technology solutions to help its clients worldwide improve their business performance. EDS' core portfolio comprises information technology, applications, and business process services, as well as information technology transformation services.

Adventure Holiday Wales -- ExxonMobil Lubricants & Specialties business selected Siebel Oil and Gas 7.7 as its systems support tool for customer relations activities. Siebel Oil and Gas 7.7 is a comprehensive suite of customer-facing business applications that will enable ExxonMobil to better coordinate interactions with customers across multiple communication channels. The seamless integration of customer-facing activities to back-office and operational systems will enable ExxonMobil to better manage business processes that span several existing systems and better evaluate customer data and trends, while also improving overall efficiency.

Holiday Park South Wales -- Gilead Sciences, a biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases worldwide, chose Siebel business applications to achieve a broad range of analyses of its global clinical trials. Using Siebel Clinical will provide Gilead Sciences with the opportunity to enhance employee productivity in managing clinical studies and budgets.

Cottage Holiday Wales -- The Hertz Corporation has selected Siebel Sales Force Automation applications to automate its field sales organization. As part of its Global Sales Performance Support and Customer Management System project, Hertz has selected Siebel Systems to help them penetrate and increase market share at existing accounts, develop new business opportunities within existing and targeted markets, reduce selling costs, and enable salespeople to be more responsive by providing them with rapid access to global customer information and car rental data.

Holiday In Wales -- Virgin Mobile USA introduced a new type of wireless service to the United States in June 2002, which focused on the rapidly growing youth market. Rather than building its own network backbone, Virgin Mobile is using Sprint PCS' telecommunications capacity, and rather than offering complicated plans with yearly contracts, it is offering a simple, pay-as-you-go pricing plan with no long-term obligations. Recognizing that providing superior customer service is a critical success factor in the wireless marketplace, Virgin Mobile selected Siebel Communications as a critical part of its IT infrastructure. A scalable and reliable solution, Siebel Communications ensures that customers can "top-up" their accounts instantaneously at any time of day through any channel and continue to receive uninterrupted wireless service. With the Siebel implementation, Virgin Mobile's Central Intelligence call center is approaching world-class standards in customer service. Virgin Mobile has now extended its Siebel footprint to meet its growing business and continue to provide world-class customer service.

Holiday Wales -- XM Satellite Radio, the nation's leading provider of satellite radio with more than 2.1 million subscribers, has decided to expand its existing deployment of Siebel CRM applications in its Listener Care organization. XM will use Siebel to improve the customer experience; acquire and retain new customers; leverage a unified, real-time view of all customer interactions to expand revenue opportunities; and reduce IT complexity and costs. By thoroughly understanding each customer's history, the company can respond quickly, accurately, and effectively to each and every customer request. The comprehensive solution will advance XM's position as the preeminent satellite radio provider and allow it to meet its future growth needs.

Cottage Holiday In Wales J. Michael Lawrie Named as Chief Executive Officer: As previously announced, J. Michael Lawrie was named as Chief Executive Officer of Siebel Systems, effective May 4, 2004. Mr. Lawrie was most recently Senior Vice President and Group Executive, Sales and Distribution at IBM and led the company's global operations, responsible for delivering more than $80 billion in annual revenue. Thomas M. Siebel continues as Chairman of the Board.

Caravan Holiday In Wales Siebel Systems Appointments to Board of Directors: As previously announced, Siebel Systems named J. Michael Lawrie, CEO of Siebel Systems, and John W. White to its Board of Directors. Mr. White served as Vice President and Chief Information Officer for Compaq Computer Corporation from February 1994 until October 1998 and managed Compaq's worldwide management information systems activities.

Camping Holiday Wales Siebel CRM OnDemand Gains Global Momentum: Building on its early market success in North America, Siebel Systems announced the availability of its hosted service in Europe and Asia Pacific with support for the following languages: UK English, French, Spanish, Italian, and German. Additionally, Siebel Systems announced the availability of Siebel CRM OnDemand in Australia, Hong Kong, and Singapore. European companies can now leverage Siebel Systems' proven CRM capabilities in a hosted, subscription-based service to sell to, market to, and serve customers in their native language. Siebel Systems also launched Siebel CRM OnDemand -- Industry Editions, hosted CRM solutions that will provide embedded industry-specific capabilities that meet the specialized needs of the insurance, high technology, automotive, communications and media, financial services, life sciences, manufacturing, and consumer goods industries.

Accommodation Holiday Wales Siebel Systems Extends Leadership in CRM with Siebel 7.7: Siebel Systems again raised the bar for CRM with Siebel 7.7, the latest version of its market-leading CRM applications suite designed to help organizations deliver consistently positive customer experiences. Based on more than ten years of product development combined with Siebel Systems' experience with more than 4,000 customer deployments, Siebel 7.7 includes new and improved CRM functionality, business process support, integration applications, robust analytics, and new productivity and usability features. Siebel 7.7 delivers significant total cost of ownership (TCO) savings, with an average 40 percent reduction in overall TCO compared to previous Siebel releases. With Siebel 7.7, the Siebel 7 family encompasses 23 industry-specific applications and 70 solution sets that incorporate best practices in sales, marketing, and service -- all built on a single standards-based architecture with enhanced capabilities tailored to meet individual market requirements. Support for Web Services and the standards-based Universal Application Network integration architecture enable rapid, low-cost integration with other business-critical systems.

Holiday Last Minute Wales Siebel Systems Acquires Eontec Limited: On April 20, 2004, Siebel Systems announced its acquisition of Eontec Limited, a global provider of multichannel retail banking solutions. With this acquisition, Siebel Systems has expanded its solutions offering for banking to include branch teller and Internet banking systems, creating the only retail banking solution that enables banks to increase branch profitability using an integrated suite of financial transaction, marketing, sales, service, and business intelligence capabilities.

Catering Holiday Self Wales Siebel Systems Receives Industry Recognition: Siebel Systems was recognized as one of the world's leading software companies in the second quarter of 2004:

Holiday Wales Walking -- Siebel Systems Rated Number One for Trade Promotions in Consumer Goods Industry for the Third Consecutive Year. Siebel Systems was recognized by readers of Consumer Goods Technology magazine as "Best in Class" for the third consecutive year. Specifically, Siebel Systems was rated first in trade promotion management (TPM) for the third straight year, first in CRM for the second straight year, and first for customer experience in the newly created business intelligence category. Siebel Systems was also positioned in the Top Ten Business Intelligence rankings for its Siebel Analytics product.

Family Holiday Wales -- Analyst Firm Recognizes Siebel Systems as a Leading Provider of Hosted CRM Solutions. Siebel Systems has been recognized as a leader in the rapidly growing hosted CRM market, according to a recent report from Forrester Research entitled, "How to Choose a Hosted Sales Solution." The report cites the company's hybrid sales model, industry-specific offerings, strong international presence, solid partnerships, and corporate maturity as key advantages.

Holiday Riding Wales Other Recent Developments

Adventure Holiday Wales The following highlights were announced or occurred since the end of Siebel Systems' second quarter:

Holiday Park South Wales Siebel Systems Unveils OnDemand/SMB Business Unit: In order to provide increased focus for significant market opportunities in the small and medium-sized business (SMB) space, Siebel Systems has established a new OnDemand/SMB business unit. The OnDemand/SMB unit will pursue a wide range of untapped SMB market opportunities, provide solutions and services tailored to meet the specific requirements of SMBs, and augment the company's leading position in the enterprise CRM market.

Cottage Holiday Wales Siebel Systems Announces New Executive Appointments: As part of its previously stated strategy to add to its leadership team, Siebel Systems announced the following initial executive appointments:

Holiday In Wales -- Bruce Cleveland, a former Siebel Systems executive, has returned to the company to lead the OnDemand/SMB business unit as Senior Vice President and General Manager reporting to the CEO. With more than 22 years of industry experience, including senior technical and marketing management positions at AT&T and Oracle, Mr. Cleveland is highly qualified for this role. He originally joined Siebel Systems in 1996 as Vice President, Marketing and in 1998 developed and launched the Siebel Alliance Program and managed the program globally as Vice President, Alliances. Mr. Cleveland later served as Siebel Systems' Senior Vice President, Marketing and led the company's global Marketing, Alliances, and Government Affairs organizations.

Holiday Wales -- Eileen J. McPartland will join Siebel Systems as the Senior Vice President of Global Services reporting to the CEO. Previously, Ms. McPartland served as Executive Vice President, Solutions Development at Ariba, Inc., where she managed its product development, product management, and technical support organizations. Prior to working at Ariba, Ms. McPartland was a partner at Accenture, leading the Global Change Management practice of the firm's fast-growing Enterprise Business Solutions unit, and was Executive Vice President of SAP America, Inc., leading SAP's consulting business, global accounts, and worldwide partner program. Herb Hunt, previously Senior Vice President Global Services, becomes Senior Vice President, Strategy, reporting to the CEO.

Cottage Holiday In Wales About Siebel Systems

Caravan Holiday In Wales Siebel Systems, Inc. is a leading provider of business applications software, enabling corporations to sell to, market to, and serve customers across multiple channels and lines of business. With more than 4,000 customer deployments worldwide, Siebel Systems provides organizations with a proven set of industry-specific best practices, CRM applications, market-leading analytics products, and business processes, empowering them to consistently deliver superior customer experiences and establish more profitable customer relationships. Siebel Systems' sales and service facilities are located in more than 30 countries.

Camping Holiday Wales Siebel is a trademark of Siebel Systems, Inc. and may be registered in certain jurisdictions. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only.

Accommodation Holiday Wales This press release contains forward-looking statements that involve risks and uncertainties. The final results for the second quarter of 2004 of Siebel Systems, Inc. may differ from the management guidance discussed above due to factors that include, but are not limited to, risks associated with final review of the results and preparation of quarterly and annual financial statements. Future operating results of Siebel Systems, Inc. may differ from that forecasted in the forward-looking statements due to factors that include, but are not limited to, risks associated with financial, economic, political and other uncertainties, the Business software applications market, dependence on the Internet, risks associated with new versions and new products and risks associated with rapid technological change. Further information on potential factors that could affect the financial results of Siebel Systems, Inc. are included in its Annual Report on Form 10-K. Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission are available at www.sec.gov. Siebel Systems assumes no obligation to update the information in this press release.

Holiday Last Minute Wales (1) The company historically uses the non-GAAP financial measures of income discussed above to evaluate internally and to report results of its business. Siebel Systems believes that these measures best allow its management and investors to understand its activities and potential activities with customers. Siebel Systems believes that inclusion of these non-GAAP financial measures provides consistency and comparability with past reports of financial results, as well as comparability to similar companies in the company's industry, most of which present the same non-GAAP financial measures to investors.

Catering Holiday Self Wales The non-GAAP financial measures used within the company's earnings press release exclude a purchased in-process research and development charge incurred in connection with the acquisition of Eontec Limited on April 20, 2004.

Holiday Wales Walking Purchased in-process product development expenses are incurred solely in connection with an acquisition of a business or an asset purchase. The company has only incurred such a charge one other time in the past five years and, accordingly, the company believes that the charge associated with the purchased in-process product development is unusual and infrequent. As a result, the company believes that providing specific financial information on the costs of such expenses, as well as providing non-GAAP income measures that exclude such costs, best allows investors to understand both the costs and benefits of the purchased in-process product development and the company's ongoing business activities during the quarter.

Family Holiday Wales Management believes that its non-GAAP financial measures provide an additional tool for investors to evaluate ongoing operating results and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed above. The following is a reconciliation of the non-GAAP financial measures included in this press release to the most comparable GAAP measures (in millions):

Holiday Riding Wales
Operating Net
Income Income
----------- ---------
GAAP Measure $ 4.0 $ 8.2
----------- ---------
Adjustments:
Purchased in-process product development 6.0 6.0
Associated income tax benefit -- (2.4)
----------- ---------
Total adjustments 6.0 3.6
----------- ---------

Adventure Holiday Wales Non-GAAP Measure $10.0 $11.8
=========== =========

Holiday Park South Wales
SIEBEL SYSTEMS, INC.

Cottage Holiday Wales Consolidated Balance Sheets
(In thousands, except per share data)

Holiday In Wales
December 31, March 31, June 30,
2003 2004 2004
------------ ------------ -----------
Assets
---------

Holiday Wales Current assets:
Cash and cash equivalents $ 583,532 $ 659,685 $ 642,077
Short-term investments 1,439,674 1,473,242 1,478,488
------------ ------------ -----------

Cottage Holiday In Wales Total cash, cash
equivalents and
short-term investments 2,023,206 2,132,927 2,120,565

Caravan Holiday In Wales Accounts receivable, net 259,834 231,097 201,114
Deferred income taxes 61,742 59,786 65,603
Prepaids and other 52,186 38,637 55,771
------------ ------------ -----------

Camping Holiday Wales Total current assets 2,396,968 2,462,447 2,443,053

Accommodation Holiday Wales Property and equipment, net 157,391 131,016 111,949
Goodwill 140,957 144,795 200,053
Intangible assets, net 10,786 11,576 26,844
Other assets 42,406 40,574 39,048
Deferred income taxes 95,866 94,866 94,866
------------ ------------ -----------

Holiday Last Minute Wales Total assets $ 2,844,374 $ 2,885,274 $2,915,813
============ ============ ===========

Catering Holiday Self Wales Liabilities and Stockholders' Equity
------------------------------------

Holiday Wales Walking Current liabilities:
Accounts payable $ 18,907 $ 13,570 $ 31,354
Accrued expenses 333,270 303,080 321,056
Restructuring obligations 53,676 46,346 37,882
Deferred revenue 282,217 311,375 314,474
------------ ------------ -----------

Family Holiday Wales Total current liabilities 688,070 674,371 704,766

Holiday Riding Wales Restructuring obligations, less
current portion 97,919 92,211 85,128
Other long-term liabilities 8,159 6,478 4,768
------------ ------------ -----------

Adventure Holiday Wales Total liabilities 794,148 773,060 794,662
------------ ------------ -----------

Holiday Park South Wales Stockholders' equity:
Common stock; $0.001 par
value; 2,000,000 shares
authorized; 498,305, 503,096
and 505,022 shares issued
and outstanding,
respectively 498 503 505
Additional paid-in capital 1,550,834 1,581,725 1,600,253
Deferred compensation (1,479) (1,235) (2,608)
Accumulated other
comprehensive income 58,650 57,846 41,410
Retained earnings 441,723 473,375 481,591
------------ ------------ -----------

Cottage Holiday Wales
Total stockholders'
equity 2,050,226 2,112,214 2,121,151
------------ ------------ -----------

Holiday In Wales Total liabilities and
stockholders' equity $ 2,844,374 $ 2,885,274 $2,915,813
============ ============ ===========

Holiday Wales SIEBEL SYSTEMS, INC.

Cottage Holiday In Wales Consolidated Statements of Operations
(In thousands, except per share data)

Caravan Holiday In Wales
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- -------------------
2003 2004 2003 2004
--------- ---------- --------- ---------
Revenues:
Software $109,894 $ 94,829 $221,986 $221,628
Professional services,
maintenance and other 223,405 206,230 444,068 408,718
--------- ---------- --------- ---------

Camping Holiday Wales Total revenues 333,299 301,059 666,054 630,346
--------- ---------- --------- ---------

Accommodation Holiday Wales Cost of revenues:
Software 4,268 2,837 8,989 6,044
Professional services,
maintenance and other 126,141 107,741 251,653 215,666
--------- ---------- --------- ---------

Holiday Last Minute Wales Total cost of revenues 130,409 110,578 260,642 221,710
--------- ---------- --------- ---------

Catering Holiday Self Wales Gross margin 202,890 190,481 405,412 408,636
--------- ---------- --------- ---------

Holiday Wales Walking Operating expenses:
Product development 75,474 75,537 154,745 147,561
Sales and marketing 93,876 78,409 194,048 164,666
General and administrative 28,175 27,512 54,541 49,086
Restructuring and related
expenses 274 (1,006) 274 (408)
Purchased in-process product
development -- 6,000 -- 6,000
--------- ---------- --------- ---------

Family Holiday Wales Total operating
expenses 197,799 186,452 403,608 366,905
--------- ---------- --------- ---------

Holiday Riding Wales Operating income 5,091 4,029 1,804 41,731

Adventure Holiday Wales Other income, net 10,171 9,797 20,674 21,552
--------- ---------- --------- ---------

Holiday Park South Wales Income before income
taxes 15,262 13,826 22,478 63,283

Cottage Holiday Wales Income taxes 5,494 5,610 8,092 23,415
--------- ---------- --------- ---------

Holiday In Wales Net income $ 9,768 $ 8,216 $ 14,386 $ 39,868
========= ========== ========= =========

Holiday Wales Diluted net income per share $ 0.02 $ 0.02 $ 0.03 $ 0.07
========= ========== ========= =========

Cottage Holiday In Wales Shares used in diluted share
computation 526,726 541,543 524,626 543,972
========= ========== ========= =========

Caravan Holiday In Wales Basic net income per share $ 0.02 $ 0.02 $ 0.03 $ 0.08
========= ========== ========= =========

Camping Holiday Wales Shares used in basic share
computation 490,078 504,114 488,675 502,621
========= ========== ========= =========

Accommodation Holiday Wales SIEBEL SYSTEMS, INC.

Holiday Last Minute Wales Condensed Consolidated Statements of Cash Flows
(In thousands)

Catering Holiday Self Wales Six Months Ended
June 30,
---------------------
2003 2004
---------- ----------

Holiday Wales Walking Cash flows from operating activities:
Net income $ 14,386 $ 39,868
Adjustments to reconcile net income to net
cash provided by operating activities:
Write-off of property and equipment
abandoned in restructuring 2,596 --
Depreciation and amortization 83,755 72,727
Tax benefit from exercise of stock options -- 4,800
Deferred income taxes (46) 16
Provision for doubtful accounts and sales
returns 5,828 (1,000)
Other, net (3,299) (304)
Changes in operating assets and
liabilities:
Accounts receivable 55,369 62,191
Prepaids and other 9,175 (190)
Accounts payable and accrued expenses (27,468) (3,396)
Restructuring obligations (43,376) (29,756)
Deferred revenue 18,791 30,407
---------- ----------

Family Holiday Wales Net cash provided by operating
activities 115,711 175,363
---------- ----------

Holiday Riding Wales Cash flows from investing activities:
Purchases of property and equipment (10,514) (5,075)
Purchases of short-term investments, net of
sales (166,296) (63,087)
Other, net (5,828) (74,909)
---------- ----------

Adventure Holiday Wales Net cash used in investing activities (182,638) (143,071)
---------- ----------

Holiday Park South Wales Cash flows from financing activities:
Proceeds from issuance of common stock, net
of repurchases 35,757 41,260
Repayments of capital lease obligations (6,380) (6,605)
---------- ----------

Cottage Holiday Wales Net cash provided by financing
activities 29,377 34,655
---------- ----------

Holiday In Wales Effect of exchange rate fluctuations 13,455 (8,402)
---------- ----------

Holiday Wales Change in cash and cash equivalents (24,095) 58,545
Cash and cash equivalents, beginning of period 667,511 583,532
---------- ----------

Cottage Holiday In Wales Cash and cash equivalents, end of period $ 643,416 $ 642,077
========== ==========

Caravan Holiday In Wales Contacts

Camping Holiday Wales
Siebel Systems, Inc.
Terry Lee, 650-295-5656 (Investor Relations)
Investor.relations@siebel.com
Stacey Burbach, 480-377-3725 (Public Relations)
stacey.burbach@siebel.com

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