RN Webjet Inv 26022003

Investor Presentation

Information for Professional Investors - please see Disclaimer

1

Presentation • Online Travel – Internationally • The Webjet Model • Webjet Results and Forecasts – Base Forecast – Gulf Impact – Margin Improvement

• Capital Raising • Why Invest? 2

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 3

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

US$ 4

International Comparisons 2002 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% 5

Overseas Travel Stocks – Expedia (US) and ebookers (EU)

Sept 11 Gulf

6

Expedia Outperforms the Dow Jones

7

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

8

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 9

Online Travel Stocks - Australia

Gulf

10

Gulf War Impact – Sales A$M Defensive earnings base – 65% Webjet sales are domestic travel 2.5

2003

2

2002

1.5 1 0.5 0 Jan

Feb

Mar

Apr

11

May

Jun

Financial Scenarios

• • • • • •

Scaleable Model Base Line Gulf Impact Margin Improvement What If Graph Impact New Land Arrangements 12

Scaleable Business Model

$m p.a

20 18 16 14 12 10 8 6 4 2

Net Revenue Total Expenses Net Profit

2002

2003

2004

Financial Year 13

2005

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

14

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

15

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 16

What If Scenarios 0.8 0.6 0.4 0.2

Base Line Gulf Impact Margin Improve

0 -0.2 -0.4 -0.6 1H 03

2H 03

1H 04 17

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 18

Broader Land Distribution - Next 2 Years What If 60

2

Gross Sales Axis

Net Profit Axis

50

1.5

40 1 30 Gross Sales Net Profit

0.5

20

0

10

Breakeven

0

-0.5 1H 03

2H 03

1H 04

2H 04

19

1H 05

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 20

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 21

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. 22

Cendant Travel Services

23

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. 24

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 25

- please see Disclaimer

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 – MD, former CEO Jetset Travel

• David Clarke

• Ben Lochtenberg – • John Lemish

–

• Steven Scheuer

–

Deputy Chairman former Chairman, Orica Ltd Operations Director, 20 yrs travel industry experience Non Exec Director

• Dean Maidment

–

Business Development Mgr

• Richard Noon

-

Corporate Affairs, 25 yrs travel 27