Investor Presentation

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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
  US25 billion in 2001 to around US65 billion by
  2005.

Source PhoCus Wright
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US Online Travel to grow from 12 to 26 by 2005
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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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Gulf War Impact Sales AM
Defensive 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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Scaleable Business Model
20
18
16
Net Revenue
14
Total Expenses
m p.a
12
10
Net Profit
8
6
4
2
2002
2003
2004
2005
Financial Year
14
Base Line - What If Scenario
Calendar Years 1H 02 2H 02 1H 03 2H 03 1H 04
Gross 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 04
Gross 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 04
Gross 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
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Broader Land Distribution - What If Scenario
Calendar Years 1H 03 2H 03 1H 04 2H 04 1H 05
Existing Business Mix New 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
Gross Sales Axis
Net Profit Axis
Breakeven
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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
  (NYSECD). 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 Galileos 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 Galileos 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