FLIGHT CENTRE LIMITED

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FLIGHT CENTRE LIMITED
Annual General Meeting October 2003
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2003 at a Glance

• Enhanced operations and expanded market presence
• Record financial results achieved
• Improved returns to our shareholders
• Milestones achieved
• Opening of our 1000th store
• First 100 million pre-tax profit
• Successful completion of our largest acquisition
• Our first expansion into the Asian market

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2003 Full Year Results
Full Year to June 2003
Growth calculations are compared to full year
June 2002
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A History of Growth
Total Transaction Value
Shop Numbers
million
Shop Numbers
Net Profit (before tax)
millions
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2004 First Quarter Results
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Q1 2004 Operating Highlights

• Australia, New Zealand and South Africa performed
  strongly
• Improved performance in the United Kingdom
  generic businesses
• Britannic Travel in line with budget expectations
• USA continues to improve, waiting to deliver
  profit
• Canada posting disappointing results but expect
  to return to previous levels of profitability

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Flight Centre - Brands
Retail Brands
Corporate Brands

• Flight Centre
• Great Holiday Escape
• Student Flights
• Travel Associates
• Overseas Working Holidays
• Shopper Travel
• Cruiseabout

• Corporate Traveller
• TQ3 Travel Solutions
• SBT Business Travel Solutions
• Stage and Screen
• Ci EVENTS
• AITL (Hong Kong)
• Britannic (UK)
• Campus Travel
• Kistend Travel

Other Brands

• Ticket Centre
• Infinity Holidays
• VFR Flights
• quickbeds.com
• Fanatics
• George Seymour College (NZ)

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Acquisitions

• Cruiseabout cruise retail specialist
• quickbeds.com (Australia) internet based hotel
  booking business expanded to 365 day operation
• AITL (Hong Kong) corporate travel business
• Britannic (UK) a high end corporate travel
  business
• Kistend Travel niche university travel business
• Over next 510 years expect one quarter of growth
  to come from acquisitions
• Large targets giving step change
• Smaller targets to fill niches

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Global Update

• Australia remains the flagship of our operations
  with continued opportunities for expansion
• New Zealand and South Africa have reached a
  mature level and achieve consistently strong
  results
• In the U.K. we are a significant player in the
  travel market from the combination of generic
  growth and the Britannic acquisition
• In North America, have consolidated East Canada,
  West Canada and USA under one centralised
  leadership team

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People

• Our people are our most valuable asset
• Introduced a new wage structure in 2002/2003 to
  help retain good people
• Awarded Employer of the Year in Australia for
  past two years
• Awarded Best Retail Travel Group recently

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Options

• Continue to use share options as part of
  incentive package for all employees
• Broad-based scheme with collective and individual
  hurdles in place
• Options to be expensed in the 2003/2004 fiscal
  year

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Corporate Governance

• Support principles and aspirations encapsulated
  in ASX guidelines
• Committed to enhancing our corporate governance
  practices
• Will report on progress during the year

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Technology

• Technology is a core component of our global
  business
• Have developed a significant online operation
• Own state-of-the-art travel software through our
  Lumina product
• Developing new leisure systems for retail stores
  and a new ticketing system

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2004 - the Rest of the Year

• Uncertainty of recent years makes it difficult to
  predict with certainty
• Strong start to the year, solid balance sheet
• Goals for 2004 growth in all areas of our
  business and profit growth in the region of 20

Forward Looking Statements Some of the
information in this presentation may contain
projections or other forward-looking statements
regarding future events or the future financial
performance of Flight Centre Limited. The reader
is cautioned that the assumptions used in the
preparation of these forward-looking statements
involve risks and uncertainties that may cause
actual results to differ materially from those
expressed or implied.
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FLIGHT CENTRE LIMITED
To open up the world for those who want to see