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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? 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: Pho. Cus 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. 3 B up 82% – Net income 66 M v 21 M loss – Hotels Sales up 156% and tour packages up 170% • Ebookers – EU – Gross Sales 273 M up 52% – Net loss 12 M v 26 M 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 11

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 1 H 02 2 H 02 1 H 03 2 H 03 1 H 04 Gross Transaction Value (Qtr to Qtr Growth) $8. 9 m $9. 8 m $15 m $20 m $30 m Income $0. 6 m $0. 7 m $1. 1 m $1. 4 m $2. 1 m Expenses (net of interest income) $1. 6 m $1. 5 m $1. 4 m $1. 5 m $1. 6 m Net Profit/ (Loss) ($1. 0 m) ($0. 8 m) ($0. 3 m) ($0. 1 m) $0. 5 m Net. Op. Cash Flow ($0. 4 m) ($0. 9 m) ($0. 4 m) ($0. 3 m) $0. 4 m 14

Gulf Impact - What If Scenario Calendar Years 1 H 02 2 H 02 1 H 03 2 H 03 1 H 04 Gross Transaction Value (Qtr to Qtr Growth) $8. 9 m $9. 8 m $11. 4 m $20 m $30 m Income $0. 6 m $0. 7 m $0. 8 m $1. 4 m $2. 1 m Expenses (net of interest income) $1. 6 m $1. 5 m $1. 3 m $1. 5 m $1. 6 m Net Profit/ (Loss) ($1. 0 m) ($0. 8 m) ($0. 5 m) ($0. 1 m) $0. 5 m Net. Op. Cash Flow ($0. 4 m) ($0. 9 m) ($0. 6 m) ($0. 3 m) $0. 4 m • Assumes Gulf War Impact on Travel Limited to First Half 2003 15

Margin Improvement - What If Scenario Calendar Years 1 H 02 2 H 02 1 H 03 2 H 03 1 H 04 Gross Transaction Value (Qtr to Qtr Growth) $8. 9 m $9. 8 m $15 m $20 m $30 m Income $0. 6 m $0. 7 m $1, 1 m $1. 6 m $2. 4 m Expenses (net of interest income) $1. 6 m $1. 5 m $1. 4 m $1. 5 m $1. 6 m Net Profit/ (Loss) ($1. 0 m) ($0. 8 m) ($0. 3 m) $0. 1 m $0. 8 m Net. Op. Cash Flow ($0. 4 m) ($0. 9 m) ($0. 4 m) ($0. 1 m) $0. 7 m • Assumes that Margin Improvement first reflects in 2 H 03 and is sustainable • Expected higher margins from tour package and hotel sales in 1 H 04 excluded, as is any development cost 16

What If Scenarios 17

Broader Land Distribution - What If Scenario Calendar Years 1 H 03 2 H 03 1 H 04 2 H 04 1 H 05 Existing Business Mix New Land Arrangements $15 m $20 m $35 m $ 4 m $40 m $ 8 m Total Gross Turnover $15 m $20 m $39 m $48 m Income $1. 1 m $1. 4 m $2. 1 m $2. 8 m $3. 5 m Expenses (net of interest income) $1. 4 m $1. 5 m $1. 6 m $1. 9 m Net Profit/ (Loss) ($0. 3 m) ($0. 1 m) $0. 5 m $0. 9 m $1. 6 m Net. Op. Cash Flow ($0. 4 m) ($0. 3 m) $0. 4 m $0. 8 m $1. 4 m • 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 $2 M amortised over 5 years 18

Broader Land Distribution - Next 2 Years What If Gross Sales Axis Net Profit Axis Breakeven 19

Capital Raising • Raising $3. 6 M • Galileo contributing $1. 8 M to grow their shareholding from 4% to 20% • Webjet will raise $1. 8 M via Institutional placement and Shareholder Purchase Plan (SPP - underwritten by Intersuisse). • Webjet has completed arrangements for $1. 0 M • Price = 5 cents per share • SPP closes 24 April 2003 20

Funds to be Used For • Strengthen Balance Sheet - $1. 8 M • Microsoft (MS) Development - $1. 8 M • 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 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 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 26

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 – • Richard Noon - Business Development Mgr Corporate Affairs, 25 yrs travel 27