Commercial success of Travelocity & Trip.com $m. p.a. 200

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Investor Presentation
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CONCORDE
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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 PhoCusWright
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Company Overview

• Webjet is a low cost marketer manager of travel
  associated services via the internet
• Pure online travel company
• Delivers customer value through cost plus pricing
• Low cost distribution model
• Alliance with shareholder Galileo International
  Inc., one of the worlds largest travel
  distributors

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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 Manager

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Corporate Aims Objectives

• Retain No 1 position as the only true online
  Internet seller of travel
• Be recognized as providing the lowest cost travel
  
• Gain market share in Australia overseas
• Maximise profitability through its low cost
  distribution model

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Key Strategies

• Offer a user-friendly website enabling customers
  to efficiently find book lowest cost travel
• Accelerate market penetration and new sales
  opportunities by leveraging Galileos global
  footprint
• Provide cost plus transparent pricing to
  customers
• Provide commercially scaleable services without a
  proportionate increase in costs.

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A Proven Business Model

• Scaleable model
• Online travel model is here to stay
• Technology offers high growth at low marginal
  cost
• Qantas Virgin Blue are successfully selling
  online
• Commercial success of Travelocity Trip.com

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Webjets Scaleable Business Model
20
18
16
Net Revenue
14
Total Expenses
m p.a
12
10
8
Net Profit
6
4
2
2002
2003
2004
2005
Financial Year
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Financial Model
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The Australian Travel Market (current)
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Market Trends

• The travel market is undergoing significant
  transition
• Rationalisation of sales channels
• Access to market depends on access to tickets
• Cross marketing opportunities

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Move To Internet Distribution

• Airlines need to reduce distribution costs
• Administrative cost structures are now
  characterised by a limited price elasticity
  environment
• The physical distribution industry faces a margin
  squeeze.

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Comparison of Sales Channels.
Online
Shop front
Expensive
Cheap
Time consuming
Quick
Customer
Complex Bookings
Simple bookings
Control of Booking
Driven by personnel cost investments in assetss
Fixed cost base
Agent
National customer base without borders
Local customer base
High marginal cost
Geared for high growth
Control of booking
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International industry comparisons

• Expedia, Travelocity (US) and Ebookers (EU)
  provide successful and profitable online travel
• Strong growth in turbulent market despite massive
  opposition from retail companies
• Well-known brand names
• Analysts reward strong market opportunity

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About Galileo

• Galileo is a wholly owned subsidiary of Cendant
• One third of all automated travel reservations
  worldwide are booked through Galileo's systems
• Galileo provides subscribers at over 45,000
  locations the ability to access book
  reservations for 501 airlines, 31 car rental
  companies, 51,000 hotel properties, 400 plus tour
  operators and all major cruise lines.
• Increased Webjet shareholding to up to 20

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Significance of the Deal to Webjet

• Accelerates Webjets online penetration
  leveraging off Galileos global footprint.
• Offers travellers a superior booking interface,
  with increased reservation capacity and multiple
  functionality.
• Access to Cendant Group companies such as Avis,
  Budget, Best Western Hotels and RCI timeshare.
• Establish Webjet as launch partner in Australia
  for Galileos global Trip.com business, offering
  cross referral of customers and products.

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Future Growth

• Increasing brand power with targeted marketing
• Capitalize on new booking engine
• Estimated gross booking revenue of AUD50m in FY
  ending 2004
• Exploit industry rationalisation
• Growth from international reach

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Appendix - Corporate Summary

• 
  Pre Funding Post Funding
• 20 Day VWAP 6.1cents
  
• Current share price 7.0 cents
  7.0 cents
• Issued shares 124m TBA
• Market Cap m 8.7m
  TBA
• Year rolling share price 4.7 20.5 cents
• NTA / Share 1.6 cents TBA

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Appendix - Terms of the Capital Raising

• Raising a total of 3.6 million comprising
• An investment of 1.8 million by Southern Cross
  Galileo, comprising 1.0 million immediately and
  a further A0.8 million in ordinary shares in
  three tranches subject to agreed milestones as
  the IBE project completes.
• Webjet will raise an additional 1.8 million
  pursuant to an institutional placement and a
  Shareholder Purchase Plan offer to Webjet
  Shareholders, underwritten by Intersuisse
  Corporate Pty Ltd.

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Appendix - 20 Largest Shareholders Pre-Funding
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Appendix US Online Growth Outlook
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Appendix US Online Travel Players
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Appendix World Growth Outlook
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Appendix - Member Companies
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Appendix - U.S. TRAVEL GROWTH