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Investor Presentation

Information for Professional Investors- please see Disclaimer

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Presentation

• Online Travel – Internationally • The Webjet Model• Webjet Results and Forecasts

– Base Forecast– Gulf Impact– Margin Improvement

• Capital Raising• Why Invest?

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Online Travel is Growing at Four Times Normal Travel

• The worldwide online travel market is growing at 30% per annum. • The value of U.S. online travel will

grow from US$25 billion in 2001 to around US$65 billion by 2005.

Source: PhoCus Wright

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US Online Travel to grow from 12% to 26% by 2005

US$

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International Comparisons2002 v 2001 Results

• Expedia – US/EU– Gross Sales 5.3B up 82% – Net income 66M v 21M loss – Hotels Sales up 156% and tour packages up

170%• Ebookers – EU

– Gross Sales 273M up 52% – Net loss 12M v 26M loss - halved– Hotels Sales up 124% and tour packages up

163%

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Overseas Travel Stocks – Expedia (US) and ebookers

(EU)

Sept 11

Gulf

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Expedia Outperforms the Dow Jones

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Webjet Model• Pure online travel company• Local version of high growth overseas

players• Low cost base allows revenue growth to

flow to bottom line• Strategic Galileo alliance and

shareholding ensures access to air inventory

• Broadening base into high growth hotel and tour package sales

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Webjet – Broadening Distribution

• Hotels– Launching ‘Bookabed’ website– Worldres relationship– Galileo/Cendant relationship

• Travel Industry– White Label other Travel Brands

• Technology– Dynamic Packaging– Galileo/Microsoft relationship

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Online Travel Stocks - Australia

Gulf

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0

0.5

1

1.5

2

2.5

Jan Feb Mar Apr May Jun

2003

2002

Gulf War Impact – Sales A$MDefensive earnings base – 65% Webjet

sales are domestic travel

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Financial Scenarios

• Scaleable Model • Base Line • Gulf Impact • Margin Improvement • What If Graph• Impact New Land Arrangements

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$mp.a

2002 2003 2004 2005

Financial Year

2468101214161820

Total ExpensesNet Revenue

Net Profit

Scaleable Business Model

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Base Line - What If ScenarioCalendar Years 1H 02 2H 02 1H 03 2H 03 1H 04Gross Transaction Value (Qtr to Qtr Growth)

$8.9m $9.8m $15m $20m $30m

Income $0.6m $0.7m $1.1m $1.4m $2.1m

Expenses (net of interest income) $1.6m $1.5m $1.4m $1.5m $1.6m

Net Profit/ (Loss) ($1.0m) ($0.8m) ($0.3m) ($0.1m) $0.5m

Net. Op. Cash Flow ($0.4m) ($0.9m) ($0.4m) ($0.3m) $0.4m

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Gulf Impact - What If Scenario

Calendar Years 1H 02 2H 02 1H 03 2H 03 1H 04Gross Transaction Value (Qtr to Qtr Growth)

$8.9m $9.8m $11.4m $20m $30m

Income $0.6m $0.7m $0.8m $1.4m $2.1m

Expenses (net of interest income) $1.6m $1.5m $1.3m $1.5m $1.6m

Net Profit/ (Loss) ($1.0m) ($0.8m) ($0.5m) ($0.1m) $0.5m

Net. Op. Cash Flow ($0.4m) ($0.9m) ($0.6m) ($0.3m) $0.4m

• Assumes Gulf War Impact on Travel Limited to First Half 2003

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Margin Improvement - What If Scenario

Calendar Years 1H 02 2H 02 1H 03 2H 03 1H 04Gross Transaction Value (Qtr to Qtr Growth)

$8.9m $9.8m $15m $20m $30m

Income $0.6m $0.7m $1,1m $1.6m $2.4m

Expenses (net of interest income) $1.6m $1.5m $1.4m $1.5m $1.6m

Net Profit/ (Loss) ($1.0m) ($0.8m) ($0.3m) $0.1m $0.8m

Net. Op. Cash Flow ($0.4m) ($0.9m) ($0.4m) ($0.1m) $0.7m

• Assumes that Margin Improvement first reflects in 2H 03 and is sustainable •Expected higher margins from tour package and hotel sales in 1H 04 excluded, as is any development cost

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What If Scenarios

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1H 03 2H 03 1H 04

Base LineGulf ImpactMargin Improve

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Broader Land Distribution - What If Scenario

Calendar Years 1H 03 2H 03 1H 04 2H 04 1H 05Existing Business MixNew Land Arrangements

$15m $20m $30m $35m$ 4m

$40m$ 8m

Total Gross Turnover $15m $20m $30m $39m $48m

Income $1.1m $1.4m $2.1m $2.8m $3.5m

Expenses (net of interest income) $1.4m $1.5m $1.6m $1.9m $1.9m

Net Profit/ (Loss) ($0.3m) ($0.1m) $0.5m $0.9m $1.6m

Net. Op. Cash Flow ($0.4m) ($0.3m) $0.4m $0.8m $1.4m

• Assumes Aggregate Impact of New Land Arrangements•Bookabed, Galileo/Cendant,Dynamic Packaging•Land Margins of 8%•Tapering Off of Existing Business Growth Rates •TSA Platform estimated cost of $2M amortised over 5 years

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Broader Land Distribution - Next 2 Years What If

0

10

20

30

40

50

60

1H 03 2H 03 1H 04 2H 04 1H 05-0.5

0

0.5

1

1.5

2

Gross SalesNet Profit

Breakeven

Net Profit Axis

Gross Sales Axis

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Capital Raising

• Raising $3.6M• Galileo contributing $1.8M to grow their

shareholding from 4% to 20%• Webjet will raise $1.8M via Institutional

placement and Shareholder Purchase Plan (SPP - underwritten by Intersuisse).

• Webjet has completed arrangements for $1.0M• Price = 5 cents per share• SPP closes 24 April 2003

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Funds to be Used For

• Strengthen Balance Sheet - $1.8M• Microsoft (MS) Development - $1.8M• MS Dynamic Packaging Development

– Overseas Growth Model– Higher Margins from Hotels and Tour

Packaging– E.g margins of 8-10% v 7-8% on Air– To be completed at MS Development Center

in Sydney– By early 2004

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Galileo• Wholly owned subsidiary of Cendant Corp

(NYSE:CD). Market Cap 14 Billion.• Has market share of one third of all automated

travel reservations worldwide. Competitors are Sabre/Amadeus

• Galileo provides 45,000 travel agents access & bookings for – 501 airlines– 31 car rental companies – 51,000 hotel properties– 400 plus tour operators and all major cruise lines.

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Cendant Travel Services

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Significance of Galileo to Webjet

• Ability to leverage off Galileo’s global footprint.• Offers a superior booking interface, with

increased reservation capacity and functionality.• Access to Cendant Group companies such as

Avis, Budget, Best Western Hotels and RCI timeshare.

• Establishes Webjet as launch partner in Australia for Galileo’s Trip.com business, offering cross referral of customers and products.

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Attractions of the Webjet Model

• Proven Sustainable Business Model• Overseas Online Travel Parallels to follow• Online travel model is here to Stay• Webjet is the Australian Market Leader• Scaleable model - High Growth at low Marginal

Cost• Improving Margins• Distribution Base Improving – Industry Rationalising• Move into Dynamic Packing with Microsoft/Galileo

Information for Professional Investors- please see Disclaimer

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Appendix - 20 Largest Shareholders Pre-Funding

Name Number of Ordinary Shares Held %

Mr Steven Scheuer 29,399,143 19.69

Capstan Nominees Pty Ltd 7,610,000 6.14

Mr John Lemish 5,088,350 4.11

Southern Cross Distribution Systems Pty Ltd 5,000,000 4.04

Ms Angela Knell 4,185,481 3.38

Mr David Clarke 3,984,444 3.22

Denlie Pty Ltd 2,271,801 1.83

ANZ Nominees Limited 2,091,500 1.69

Mr Rhett Gary Harris 2,069,752 1.67

Wellington Custodians Pty Ltd 1,793,778 1.45

King-Eng Tan 1,770,147 1.43

Obelisk Nominees Limited 1,664,171 1.34

Kasko Pty Ltd 1,300,000 1.05

Brincliff Pty Ltd 1,258,433 1.02

Mrs Karina Harris 1,177,796 0.95

Turelin Nominees Pty Ltd 1,144,815 0.92

Mr David and Mrs Diane Bowen 1,000,000 0.81

Mr Robert Karl Stahl 983,064, 0.79

Ms Suzanne Kay Arnall 930,000 0.75

Muzzledick DSL Pty Ltd 925,000 0.75

70,647,675 57.03

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Directors and Management• Allan Nahum – Chairman, Current Partner

Meyrick Webster• David Clarke – MD, former CEO Jetset Travel• Ben Lochtenberg – Deputy Chairman former

Chairman, Orica Ltd• John Lemish – Operations Director, 20 yrs

travel industry experience• Steven Scheuer – Non Exec Director• Dean Maidment – Business Development Mgr• Richard Noon - Corporate Affairs, 25 yrs travel