JAYRIDE GROUP LIMITED — Interim / Quarterly Report 2019

Feb 27, 2019

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1H FY19 RESULTS PRESENTATION Rod Bishop, Managing Director Peter McWilliam, Chief Financial Officer 28th February 2019

RECORD RESULTS CONTINUE

$6.7M $1.8M Up +71% PCP Up +88% PCP Strong financial results driven TTV Commissions almost entirely from within (Total Transaction Value) Booked existing destinations. Major step-change towards $1.4M 155K international expansion is successful. Up +79% PCP Up +41% PCP Passenger Trips International expansion is Net Revenues Booked expected to drive revenues from 2H FY19. 44 4.2B Up +780% PCP Up +100% PCP Market Access to Countries Launched Passenger Trips

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2 Shows results for 1H FY19 compared to PCP 1H FY18. TTV is Total Transaction Value.

NEW AND EXISTING DESTINATIONS GROW

TTV growth in 1H FY19 driven by travellers in existing destinations. New destinations launch, already contribute 5%+ TTV, expected to grow.

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Launch Growth in Existing New Transport
of US Destination Destinations Platform Launch
Launch of New
Destinations
Expect Strong TTV
Growth from
New Destinations
1H FY15 1H FY16 1H FY17 1H FY18 1H FY19
ij 2 countries ij 5 countries ij 5 countries ij 5 countries ij 44 countries
ij TAM 0.2B pax trips ij TAM 2.1B pax trips ij TAM 2.1B pax trips ij TAM 2.1B pax trips ij TAM 4.2B pax trips
ij New destinations
already 5% of TTV
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3 TTV is Total Transaction Value.

STRONG GROWTH IN TTV AND MARGINS

Increased scale leads to increased TTV margins. Investment in traveller acquisition to launch new destinations sets the company up for 2H FY19.

Income Statement Summary

	1H FY19	1H FY18	Movement
	AU$(000's)	AU$(000's)	%
TTV	6,695	3,917	+71%	▲
Revenue from commissions and fees booked	1,783	947	+88%	▲
Commissions and fees refunded	-373	-168	-122%	▼
Other income	9	15	-38%	▼
Net Revenue	1,419	794	+79%	▲
Cost of customer acquisition	-1,330	-664
Gross profit after paid acquisition (GPAPA)	90	130	-31%	▼
Operational costs	-1,267	-895
Gross profit after all operational costs (GPAAOC)	-1,177	-765	-54%	▼
Corporate costs (including IPO costs)	-387	-
Gross profit after operational and corporate costs	-1,564	-765	-104%	▼
Growth costs (excluding capitalised development costs)	-1,777	-1,130
Growth costs paid as shares (including IPO costs)	-634	-1,091
EBITDA	-3,975	-2,987	-33%	▼
Commissions and fees booked to TTV margin	27%	24%	+10%	▲
GPAPA margin	5%	14%	+63%	▼
GPAAOC margin	-66%	-81%	+18%	▲
EBITDA margin	-223%	-315%	+29%	▲

+71%

+79%

TTV

Net Revenue

Cost of Customer Acquisition

• ij Cost of Customer Acquisition (CAC) scaled up to launch new destinations with travellers for travel during December 2018 holiday period.

• ij Successfully built traveller reviews and retained travellers.

• ij From Jan 2019, CAC scaled back to normal levels while retaining strong results for TTV, Revenue, and GPAPA in new destinations.

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4 TTV is Total Transaction Value; CAC is Customer Acquisition Cost for Travellers; GPAPA is Gross Profit after Paid Acquisition

ALL KEY METRICS GROWTH CONTINUES

Achieving higher average order values per trip, which grows TTV and commissions and improves unit economics towards profitability.

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AOV is Average Order Value; TTV is Total Transaction Value

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5

300+ AIRPORTS NOW PROFITABLE

Growth towards profit is a repeatable process – Launch new airports, then mature them towards profitability.

Self-Funding Airports provide contribution to company

Self-Funding Airports Developing Airports Airports where GPAPA Includes all newly margin has reached launched airports 35%+ and which yield a contribution to the company

1H FY19

1H FY19 Income statement itemised to show SelfFunding Airports and Developing Airports. The number of Self-Funding airports have grown from 219 in FY18, to 317 in 1H FY19 (+98 newly profitable airports, 45% growth).

Airports that are Self-Funding or Developing		317		657
Share of total Airports on the Jayride platform		33%		67%
Passenger trips booked		69,000		85,700
TTV	($	3,219,000)	($	3,477,000)
Revenue from commissions and fees booked	($	800,000)	($	983,000)
Commissions and fees refunded	($	(156,000)	($	(217,000)
Net Revenue excl grants and other revenue	($	644,000)	($	766,000)
Cost of customer acquisition	($	(366,000)	($	(964,000)
GPAPA excl grants and other revenue	($	278,000)	($	(198,000)
GPAPA margin (%) excluding grants and other reven		35%		-20%

317

Self-Funding Airports

974

Total Airports on Jayride

Success at maturing airports to profitability (Self Funding)

• ij Jayride becomes profitable when airports reach 35%+ GPAPA, (Self-funding Airports),

• ij Jayride achieved target profits at 317 airports, an increase of +98 Self-funding Airports in 6 months (+45% increase on FY18).

Success at launching new airports

• ij Jayride launched +425 new airports in 6 months (July – December 2018),

• ij Strong investment in launching new destinations with travellers across December holiday season,

• ij Jayride now set up to grow new airports to profitability at scale.

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6

ASPIRATIONAL ECONOMICS

Jayride grows towards profitability. Jayride targets break-even with less than 4X TTV, and can exceed 20%+ EBITDA margin at scale.

Aspirational Metrics

Input Assumptions

Scenario Scenario 1: Global rollout completed Scenario 2: Retaining travellers at scale	Lastest run rates H1 FY19 Annualised Passenger trips booked 155,000 310,000 TTV ($ 6,695,000) ($ 13,390,000) Revenue from commissions and fees booked ($ 1,783,000) ($ 3,566,000) Commission and fees refunded ($ (373,000) ($ (746,000) Other income incl R&D tax incentive, EMDG ($ 2,000) ($ 625,000) Net Revenue ($ 1,412,000) ($ 3,445,000) Target GPAPA margin for profit (achieved Q4 FY18) GPAPA margin excl grants and other revenue 35% Targeting break-even < 4X TTV Targeting 20%+ EBITDA margin at scale Key outputs: Key inputs: Note: The above scenarios are based on estimates and projections that rely upon various assumptions. These assumptions may or may not prove to be correct, accordingly no reliance should be made on this information.
The aspirational scenarios are presented for illustrative purposes only Breakeven < 4X TTV 20%+ EBITDA margin at scale
Passenger trips Market Access 7.7bn 7.7bn
Passenger trips booked 1,100,000 10,000,000
TTV ($ 50,000,000) ($ 400,000,000)	TTV ($ 6,695,000) ($ 13,390,000)
Revenue from commissions and fees booked ($ 16,500,000) ($ 100,000,000) Commission and fees refunded ($ (3,451,767) ($ (20,000,000) Other income ($ 625,000) ($ 1,500,000) Net Revenue ($ 13,673,233) ($ 81,500,000)	Revenue from commissions and fees booked ($ 1,783,000) ($ 3,566,000) Commission and fees refunded ($ (373,000) ($ (746,000) Other income incl R&D tax incentive, EMDG ($ 2,000) ($ 625,000)
	Net Revenue ($ 1,412,000) ($ 3,445,000)
Cost of customer acquisition ($ (7,273,000) ($ (45,000,000) Gross profit after paid acquisition (GPAPA) ($ 6,400,000) ($ 36,500,000) Operational costs ($ (2,400,000) ($ (5,000,000) Gross profit after all operational costs (GPAAOC) ($ 4,000,000) ($ 31,500,000) Growth and corporate costs ($ (4,000,000) ($ (11,500,000)
	Target GPAPA margin for profit (achieved Q4 FY18)
	GPAPA margin excl grants and other revenue 35%
	Targeting Targeting Key outputs:
EBITDA ($ -) ($ 20,000,000)
Commissions and fees booked to TTV margin 33.0% 25.0% GPAPA margin excl grants and other revenue 35.0% 35.0% EBITDA Margin 0.0% 20.0%

7

LAUNCHING INTO EVERY AIRPORT

International expansion accelerates. Jayride now in 44+ countries, with 13 new countries launched in January alone. New country revenues accelerate.

ij 44+ total destination countries launched

ij 1,000+ total destination airports launched

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8

NEW DESTINATIONS STRONG RESULTS

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+100%
In 6-Months
(Jul to Dec)
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Supply

International expansion creates a step-change in Jayride’s market access (TAM). Demand for the new destinations strongly outperforms benchmark.

Newly launched countries out-perform US-launch benchmark

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4,500
4,000
New countries
3,500 First six months since launch
+230% (July 2018 to December 2018)
Quarter on Quarter
3,000 FYQ2 v FYQ1 VS
Comparison benchmark: US launch
2,500 First year since launch
(April 2015 to March 2016)
2,000
1,500
1,000
500
-
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Month (# Months since launch)
Passenger Trips Booked (#)
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Demand

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9 Jayride’s Market Access (TAM) increases as Jayride launches new countries. Currently, Jayride’s Market Access is 4.2B passenger trips annually. The global TAM to/from airports is 7.7B trips annually.

NEW LAUNCH MEDICAL ASSIST

Jayride now delivering large scale access to ground transport booking for medical travellers, at non-airport origins and destinations.

Insurance and Medical Assist Passenger Trips Booked

10,000+

Approximate number of Americans who miss or delay medical care in the US because * of transportation issues. 3.6M+

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Fast tracked global opportunity through existing partnerships

• ij Two national insurance providers have completed pilot in AU/NZ

• ij Additional insurance providers currently in negotiation in AU/NZ

• ij International expansion in near-term plans, including to US

• ij Customer-centric

• ij Custom vehicles

• ij Extra service

• ij Centralised booking service

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10 • Source: Wallace and Hughes, Cost Benefit Analysis of Providing Non-emergency Medical Transportation.

NEW LAUNCH SEO PLATFORM

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Jayride now leveraging Google organic search results through new SEO website to acquire new travellers at scale with no cost of traveller acquisition (CAC).

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ij Major Search Engine Optimisation (SEO) platform launched in December 2018,

ij Travellers can now find transfers on Google including Google Knowledge Graph,

ij SEO is now Jayride’s top traveller acquisition channel.

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11

NEW LAUNCH RIDESHARE BOOKING

Jayride travellers can now compare and book the best local ride-hail and rideshare services at fixed prices around the world.

Major benefits for travellers

• ij Compare different ride-hails

• ij Quoted in traveller currency

• ij Pre-book in advance

• ij Fixed prices

• ij No app download required

• ij No data roaming required

• ij Real trusted reviews

Pilot completed with major international ride-hail brands

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US Europe and Middle East
Europe and Latam Middle East and Africa
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• ij Successful pilot completed February 2019.

• 3,500+ passenger trips booked during the pilot period,

• ij Now open to all global ride-hail and rideshare companies.

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12

EARLY TRADING H2 FY19

New Records set for Gross Profit after Paid Acquisition (GPAPA)

• ij Organic traffic from Search Engine Optimisation (SEO) is now Jayride’s top traveller acquisition channel,

• ij Jayride travel partners and travel agencies have begun booking transfers in newly launched countries,

• ij The completion of the promotional period during the December holiday season.

Continued International Expansion

• ij 13 new countries launched in January (now 44 total countries announced),

• ij Further new countries launched during February.

New Product Launches

• ij Ride-hail and Ridesharing pilot completed during February,

• ij Jayride travellers can now book ride-hail and ridesharing transport companies at fixed prices.

New Capital

• ij Shares issued 3rd January for $1.7m placement at $0.43 (placement completed in December 2018),

• ij In final stage negotiation of $2m debt offer during February.

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13

1H FY19 FINANCIAL HIGHLIGHTS

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14

1H FY19 INCOME STATEMENT

Income Statement	Summary	Summary
	1H FY19	1H FY18	Movement
	AU$(000's)	AU$(000's)	%
TTV	6,695	3,917	+71%	▲
Revenue from commissions and fees booked	1,783	947	+88%	▲
Commissions and fees refunded	-373	-168
Other income	9	15
Net Revenue	1,419	794	+79%	▲
Cost of customer acquisition	-1,330	-664
Gross profit after paid acquisition (GPAPA)	90	130	-31%	▼
Operational costs	-1,267	-895
Gross profit after all operational costs (GPAAOC)	-1,177	-765	-54%	▼
Corporate costs (including IPO costs)	-387	-
Gross profit after operational and corporate costs	-1,564	-765	-104%	▼
Growth costs (excluding capitalised development costs)	-1,777	-1,130
Growth costs paid as shares (including IPO costs)	-634	-1,091
EBITDA	-3,975	-2,987	-33%	▼
Commissions and fees booked to TTV margin	27%	24%	+10%	▲
GPAPA margin	5%	14%	-63%	▼
GPAAOC margin	-66%	-81%	+18%	▲
EBITDA margin	-223%	-315%	+29%	▲

+10%

+29%

TTV Margin

EBITDA Margin

-63% GPAPA Margin

+18%

GPAAOC Margin

• ij TTV Margin, EBITDA Margin, GPAAOC Margin all improved even while focussed on aggressive internationalisation,

• ij GPAPA Margin this period behaves like an investing cost rather than a variable cost (significant targetted promotions to accelerate launch of international markets that are not yet Self-Funding).

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15 TTV is Total Transaction Value; CAC is Customer Acquisition Cost for Travellers; GPAPA is Gross Profit after Paid Acquisition; GPAAOC is Gross Profit after all Operational Costs

1H FY19 CASH FLOWS

Cash flow summary

	1H FY19	1H FY18
	AU$(000's)	AU$(000's)
Cash from Operating Activities
Net receipts from customers	1,503	579
Customer acquisition costs	(1,264)	(664)
Operating and corporate costs	(1,488)	(1,002)
Cash from Operating Activities	(1,249)	(1,087)
Cash from Investing Activities
Growth costs (including capitalised development costs)	(2,482)	(1,592)
R&D Tax Incentive & EMDG	838	0
Cash from Investing Activities	(1,644)	(1,592)
Cash from Financing Activities
Net cash from financing	1,626	6,790
Cash from Financing Activities	1,626	6,790
Cash movement
Cash inflow/outflow	(1,267)	4,111
FX Movements on cash balances	(4)	(9)
Net Increase / (Decrease) in Cash	(1,271)	4,102
Cash Position at 31 December 2018	2,289)	4,907)

+160% $(1.3)M Growth in Net Cash Net Receipts Movement

• ij Strong growth in net receipts from customers of +160% PCP,

• ij Customer acquisition costs are higher than normal due to launch promotion of new destinations,

• ij Strong improvements in ratio of CAC to Net Receipts, and Cash from Operating Activities held stable, despite launch promotional activity,

• ij Cash from Investing Activities held stable, with R&D Tax Incentive continuing to enable Jayride to invest in growth,

• ij Looking ahead to 2H FY19, key growth initiatives have been completed, and GPAPA has increased. These activities have reduced company’s cash expenditure into 2H FY19.

• ij In final stage negotiation of $2 million debt offer.

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16

1H FY19 BALANCE SHEET

Balance Sheet Summary

$2.3M

$(1.3)M

Cash at Net Cash 31 December Movement

• ij Accelerated deployment of capital into technology development and international expansion after receipt of R&D tax incentive,

• ij Cash in bank at 31 December 2018 of $2.3 million,

• ij Placement of $1.7 million at $0.43,

• ij Working capital continues to scale at 4.5X revenue

	Dec 2018 AU$(000's) Jun 2018 AU$(000's) Movement AU$(000's)
Cash and cash equivalents R&D Tax Incentive Trade and other receivables	2,289 3,560 (1,272)
	0 854 (854)
	841 735 106
Total current assets Non current assets	3,130 5,149 (2,019)
	3,260 2,737 523
Total assets Trade payables Future transport supplier payments Other current liabilities	6,390 7,886 (1,496) 1,407 1,092 314 498 499 (0) 445 140 305
Total current liabilities Non-current liabilities	2,350 1,731 619 42 45 (3)
Total liabilities Net asset position	2,392 1,776 616 3,998 6,110 (2,112)

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17

APPENDIX

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18

WHO IS JAYRIDE?

World-leading Travel E-commerce Marketplace for Passenger Transport.

B2C Travel

Travellers read reviews, compare and book transport including ride-hails, shared airport shuttles and private transfers.

B2B Travel

Travel brands use Jayride APIs to create new ancillary revenues by selling airport transfers to their travellers.

• ij 1,000+ airports in 44 countries

• ij 3,000+ transport companies

• ij 41,000+ real traveller reviews ij Launching 10+ countries/month

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B2C and B2B
websites to
compare and
book transport
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Powering passenger transport bookings for the world’s leading travel brands.

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19

TRAVELLER RETENTION

As Jayride serves more destinations, more travellers are retained to travel around the world. Higher traveller LTV improves Jayride’s unit economics for profitability at scale.

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CY 2018
62K
Discover
Key Drivers
Travellers
of Retention
ij Most Destinations! 260K
Retain
Book
ij Best Discovery Passenger trips
booked
ij Most Choice
ij Best Experience
4.2
Experience
Trips per
traveller
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20

TRAVELLER EXPERIENCE

Jayride is the world’s leading of unbiased third-party reviews of transport companies written by real travellers. Travellers get the best local information so they can travel with confidence.

260,000+

Passenger trips booked in CY18

The most reviews of the most transport companies

• ij Jayride is a trusted third-party source of unbiased reviews of transport companies for travellers to read and compare.

• ij There is no better source of reviews on transport services, with as many reviews from real travellers, as Jayride.

41,000+

Real traveller reviews now available on Jayride[•]

• ij In addition, Jayride’s own website is rated 4.3 / 5.0 from 1,800+ reviews at Feefo.com/reviews/Jayride

3,000+

Transport companies reviewed by travellers

4.4 / 5.0

Average review score in latest month

Feefo benchmarks e.g.: Expedia.com 4.3/5.0; Hotels.com 4.5/5.0

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21 * Only travellers who have booked and travelled with a transport company can leave a review on Jayride.

ABOUT JAYRIDE

Jayride.com provides seamless transport experiences for travellers by allowing them to compare and book transport around the world. With Jayride.com, travellers can compare and book with 3,000+ transport companies, servicing destinations including over 1,000+ airports across North America, Europe, Middle East, Asia and the Pacific.

The Jayride.com platform aggregates airport transfer companies and distributes them to travellers at Jayride.com; and via partnerships with other travel technology platforms, travel agencies and wholesalers. These partners implement Jayride.com APIs to sell airport transfers and add new incremental ancillary revenue to their travel businesses.

Founded in 2012, Jayride.com is headquartered in Sydney, Australia.

For more information, please visit www.jayride.com .

Disclaimer

This announcement contains forward-looking statements that involve risks and uncertainties. Indications of, and guidelines or outlook on, future earnings, distributions or financial position or performance and targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources are also forward-looking statements. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions and estimates regarding future events and actions that, while considered reasonable as at the date of this announcement and are expected to take place, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to various risk factors that could cause actual events or results to differ materially from the events or results estimated, expressed or anticipated in these statements.

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22

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MORE INFORMATION Please contact corporate@jayride.com