JAYRIDE GROUP LIMITED — Interim / Quarterly Report 2023

Feb 22, 2023

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Building the world leader in rides for travellers

1H FY23 Results Presentation

Rod Bishop, Managing Director Peter McWilliam, CFO 23rd February 2023

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1H FY23 Results Summary

Strong growth in passenger trips booked drives record cash receipts and cash flows.

Passenger Trips Booked

▲ 153%

Net Revenue per Trip ▲ $0.52

Contribution Margin Net Revenue minus variable costs[1] ▲ 20%

Stand-Still EBITDA EBITDA before business improvement costs[2] ▲ $494K

Cash Receipts

▲ 312%

Stand-Still Cash Flows

Cash flows before business improvement costs[2] ▲ $578K

1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue.

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2

1. Stand-still cash flow and stand-still EBITDA are cash flows and profits after the operating costs of the Company, excluding the cost of business improvement costs and capex.

Jayride Overview

Outperforming the travel recovery

Building the world leader in rides for travellers around the world.

Key Facts

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Compare the world’s leading selection of ride brands

Covering 95% of world airport trips

In partnership with the world’s leading travel brands

$30M+ invested in scaling tech platform

• Travel technology company at an early stage in a long-term growth trajectory – scaling towards 10M+ trips per year,

• Winning market share in a large and fast growing global market,

• Highly-scalable capital-light model with negative working capital,

• Positioned to benefit from multiple growth tailwinds including the shift to online bookings, a superior product offering, and ongoing international tourism recovery, including Asia reopening.

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COVID
$2.4M
98% CAGR Winning
Six years to Dec 2019 market share
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The world’s leading travel brands and ride service brands use Jayride.

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Board and Management

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Rod Bishop

Managing Director

Rod co-founded Jayride in 2012 and has built the Company from concept to a global leader. 15 years of experience in founding and leading teams. Deep expertise in rides, last-mile logistics, online travel, and global e-commerce.

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Peter McWilliam

Career CFO with 20 years in accounting and finance including specialist expertise with finance in technology startup companies and experience in the “Big 4”. Supported Jayride since inception in 2012, and has served as CFO since 2016.

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Liz Lovell

Seasoned product leader with expertise building and leading teams to deliver innovative, data-driven technology products across multiple industries, for both consumer and business markets, with corporate and start-up experience.

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Darren Carbine

A seasoned C-level Director with 20 years of expertise in global travel. Expertise in scaling companies, building ground-up operating teams, and driving customer retention. Previous leadership roles at STA Travel, Lastminute, Best Flights.

Proven expertise and deep knowledge of growing global brands in the online travel industry.

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Rod Cuthbert

Chairman

Globally recognised thought leader in the online travel industry. Founder & former CEO of Viator, leader in tours and activities, acquired by TripAdvisor; former CEO & Chairman of Rome2Rio, acquired by Omio. Non-exec director of Veltra Corp.

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Yifat Shirben

Independent Non Executive Director

An experienced professional in messaging, go-to-market planning, PR, and digital marketing with over a decade of expertise in marketing and entrepreneurship. Also, a respected speaker and mentor in the Sydney innovation ecosystem.

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Sam Saxton

Independent Non Executive Director

Experienced business transformation leader with cross-sector expertise. A technology expert, active in technology ventures, experienced with supporting companies through right-sized governance and growth models.

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Tzipi Avioz

Independent Non Executive Director

Experienced global technology and business leader with focus on strategy, data analytics, ecommerce and marketplaces. Executive Vice President of Customer Success at Mirakl. Previous leadership roles at AMP Australia and Woolworths.

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Jayride’s Vision Door-to-door rides to suit every traveller’s needs in every country, from anywhere to anywhere.

1H FY23 Passenger Trips Booked

All destinations contributing to growth with Asia and Europe at all time highs and growing.

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COVID
Long track record of Above pre-pandemic
growth at 83% CAGR highs by 25%
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Winning Global Market Share

Market share has increased 8X, with further market share gains ahead.

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Market share gain of
826% since July 2020
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Jayride market share is calculated as passenger trips travelled with Jayride, as a percentage of all passenger trips flown with all airlines during the period. Total passenger trips 7 flown is sourced from OAG.com global airline database and includes all seats on all airlines at all airports globally. Jayride market share is presented as a percentage growth since the Company began tracking data during the pandemic, at July 2020 the start of FY21.

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1H FY23 Revenue and

Travel recovery and market share gains drive growth in revenue and contribution profit.

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1
Net Revenue growth Contribution Profit growth
+170% vs 1H FY22 +227% vs 1H FY22
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1. Contribution profit is net revenue minus all direct marketing and operating costs.

A 10+ Year Track Record

Track record of delivering on key milestones to build scale in large markets and grow profitability.

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Jayride Vision

Door-to-door rides to suit Launch Launch Launch first Launch first Launch low cost Launch new Complete global Achieve unit Reach new highs Acquire transport booking international travel model for new global roll-out to 95% of economics with with market share AirportShuttles every traveller’s needs platform systems destinations partners transport supply platform world airport trips high margins gains .com assets in every country, from anywhere to anywhere FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 COVID-19

Clear strategy

Growth tailwinds

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Retain travellers with world–leading travel experience.

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Convert travellers to book with the best selection.

Acquire travellers through partnerships and search.

Capture reopening destinations in the global travel recovery.

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Win market share from Ride an accelerating competitors in a trend to online travel distressed market. booking.

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Delivering the Jayride Vision

JAYRIDE VISION

Door-to-door rides to suit every traveller’s needs, in every country, from anywhere to anywhere.

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Full multi-lingual
Global source markets
Anywhere to anywhere
In-destination book/hail
Growth horizon 2
Europe localisation ● 10M+ trips/year @ $10+/trip
Asia reopening ● $100M+ net revenue
Non-airport destinations ● 50%+ contribution profit margin
Today Last-minute bookings ● Overall C/F +ve & EBITDA +ve
✓ 600K trips/year run-rate @ $8+/trip Extras and ancillaries
✓ 50% contribution profit margin
✓ Stand-still C/F +ve for CY22
Growth horizon 1
Pre-booked only
Airports only ● 1M+ trips/year @ $10+/trip
English only ● $10M+ net revenue
● 50%+ contribution profit margin
● Overall C/F +ve & EBITDA +ve
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Milestones Towards the Vision

Delivering major milestones, next step in sight – cash flow positive from 1 million rides at $10 each.

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10M+ Passenger
Trips Booked
per year
1M+ Passenger Trips
Booked per year
600K+ TRIPS RUN-RATE
NH Summer, Asia Opening
and AirportShuttles.com
Milestones to achieve cash flow positive
$10 Net Revenue
per Passenger Trip
$8.11 PER TRIP IN 1H FY23
Grow yields in Asia
Stand-Still
EBITDA [2] Positive
MILESTONE ACHIEVED
For 6 months
Stand-Still
Cash Flow [2] Positive
MILESTONE ACHIEVED
For CY22 calendar year
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50% Contribution
Profit [1] Margin
MILESTONE ACHIEVED
For 9 months
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Achieving major new milestones beyond recovery – Significantly above pre-pandemic levels.

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1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue. 2. Stand-still cash flow and stand-still EBITDA are cash flows and profits after the operating costs of the Company, excluding the cost of business improvement costs and capex.

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Growth Driver: Shift to Book Travel Online

The shift to online ride bookings is in its infancy with significant long term growth ahead.

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Long-term growth
potential
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Online penetration of rides is at an early stage compared to other travel verticals.[1]

Travel brands use Jayride to supply their rides, and adoption of online booking is growing.

Jayride quote requests from large travel brands are at a multiple of pre-pandemic levels.

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1. Statista.com online penetration by travel industry vertical % of revenue 2019, and management estimates

1H FY23 Execution Scorecard

Successfully implementing enhancements to traveller experience that drive growth and grow market share.

Improve the traveller experience

Enhance traveller membership and repeat purchase – membership and repeat purchase at all time highs

Improve refund rates – refund rates improved to near pre-pandemic levels

Status

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Expand the traveller offer

Enhance website experience, branding and messaging – new platform and rebrand launched

Expand supply for enhanced prices, destinations, and quality of service – rate of supply contracting increased

Launch new revenue optimisation and yield generation strategies – now running in Asian destinations

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Win market share

Expand organic, paid search, and growth marketing channels – paid search resumed and AirportShuttles.com acquired

Launch new offline sales and retention strategies – launched new 24/7 phone sales and support

Expand travel agents business to leverage new membership platform – building new features for travel agents

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Complete

Ongoing

Summary and Outlook

Result Summary

• A fundamentally enhanced and more profitable business moving quickly towards cash flow positive.

• Increased scale and market share in 1H FY23. Passenger trips booked now 25%+ above pre pandemic with Northern Hemisphere summer peak season and continued Asia reopening ahead.

• Improved operating leverage with stand-still EBITDA margin of (5)% in 1H FY23 up from (49)% in 1H FY22.

• Resourced to win market share following successful $4.4M equity placement and the establishment of an additional undrawn $1M credit line.

• Enhanced capacity for underlying business to self fund with positive stand-still cash flow of $186K over the last 12 months, and a $578K improvement in 1H FY23

• Results show trajectory toward cash flow positive.

Delivering on a generational opportunity to become the world leader in rides for travellers.

Positive Outlook

• Continued execution of growth strategy to capture once-in-a-generation opportunity and become the world leader in rides for travellers.

• Focused on delivering on next major milestones: 1M+ trips at $10 each, then onwards to 10M+ trips.

• Growth ahead in 2H FY23. Jayride is positioned to capitalise on the Northern Hemisphere summer peak season and continued Asian destination reopening.

• Momentum and opportunity supports disciplined investments including selective acquisitions to complement strong organic growth.

Latest trading in January:

• 50K trips booked (600K per year run-rate)

• $7.27 net revenue per trip up month-on-month vs December including in Asia, at 48% contribution margin

• $362K net revenue (+160% growth vs PCP)

• $173K contribution profit (+156% growth vs PCP)

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Learn More and Conference Call

Learn More

• Attend the Company’s 1H FY23 interim report conference call on 23rd February at 2:30pm AEDT

Investor next steps – you’re invited to join our upcoming conference call.

Conference Call Details

2.30pm AEDT, 23rd February 2023

Join Zoom Meeting

• Try the traveller experience for yourself www.jayride.com

• See the Company’s acquisition of www.airportshuttles.com

• Read investor releases at www.jayride.com/investors

• Learn more about our shareholder benefits scheme with discounts on rides for Jayride shareholders -

• https://www.jayride.com/wp content/uploads/2023/01/20 - - - - - - - -

• 22 10 12 Discount on Rides for Jayride Shareholders.pdf

= https://us02web.zoom.us/j/84873213129?pwd TWMybUVKN GlDeUhJNUYzVC9LR0hOdz09

Meeting ID: 848 7321 3129 Passcode: 173541 Find your local number:

https://us02web.zoom.us/u/keh4k2atgz

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Financials and Appendix 1H FY23

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New Brand Identity and Platform Relaunch Completed in January Grow traveller trust, conversion and retention.

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Growing Customer Retention Rates

Building the world’s leading customer experience to drive repeat bookings.

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Key Competitive Advantages
Discover
Retain Book
Experience
● Best Experience!
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• Best Customer Service

• Best Refund Policy

• Best Track Record through COVID

• Expanded Traveller Offer

• Most Destinations

• Most Choice

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Returning Customers Trips Booked per Customer
Returning Customers Trips Booked per Customer
at record highs. continues to increase.
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With a Global Customer Base

Jayride traveller source markets

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Jayride travellers are from Europe, US, and Australasia…

Jayride facilitates rides for travellers across major global markets.

Jayride traveller destination markets

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… and travel to
global destinations
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Progress Towards Positive EBITDA

Key performance indicators show positive momentum and operating leverage.

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Trips growth continues with
NH summer peak season
and Asia expansion ahead.
Net Revenue per Trip
expansion – optimisation
in Asian destinations
accelerates in Q3.
1
Contribution margin average
50% for 9 months with
expanded traveller offer Operating costs stable
and efficiency gains for 18 months
Stand-Still EBITDA [2] : (Passenger Trips Booked x Net Revenue per Trip x Contribution Margin)
+ Grants – Operating and Corporate Costs.
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1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue. 20 2. Stand-still EBITDA is profit after the operating costs of the Company, excluding the cost of business improvement costs and capex.

Refund Rates and Margins Improved

Industry conditions return to more normal refund rate levels, supporting margin expansion.

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COVID 1 COVID On target
Refunds have returned to High margins enable growth
pre-pandemic levels. in customer acquisition.
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Refund rates have returned towards pre-pandemic level.

Contribution profit margins are stable at 50%.

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1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue.

1H FY23 Income Statement

1H FY23 revenue growth up 170% vs PCP, with record contribution profit, up 227% vs PCP.

Statement				w	eco
	1H FY23	2H FY22	1H FY22	Movement	Movement
	AUD(000's)	AUD(000's)	AUD(000's)	HoH %	PCP %
Net revenue	2,387	1,676	883	+42%	+170%
Direct marketing and operating costs	(1,231)	(806)	(529)
Contribution proft	1,156	870	354	+33%	+227%
Other Income and Grants	106	264	362
Other Operating and corporate and regulatory costs	(1,376)	(1,266)	(1,324)
Stand Still EBITDA	(114)	(132)	(608)	+14%	+81%
Other Costs
Business improvement costs	(1,634)	(1,500)	(889)
Share-based payments	(351)	(241)	(267)
Total other costs	(1,985)	(1,741)	(1,156)	-14%	-72%
EBITDA	(2,099)	(1,873)	(1,764)	-12%	-19%
Depreciation and amortisation (excluding operating leases)	(512)	(635)	(579)
Financing and other costs	(92)	(43)	(205)
Net proft before income tax	(2,703)	(2,551)	(2,548)	-6%	-6%
Net proft after tax	(2,703)	(2,551)	(2,548)	-6%	-6%
Contribution Margin from Passenger Trips Booked (1)	48%	52%	40%
Stand Still EBITDA Margin from Total Revenues (2)	-5%	-7%	-49%

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1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue. 2. Stand-still EBITDA is profit after the operating costs of the Company, excluding the cost of business improvement costs and capex.

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1H FY23 Cash from Customers

Cash receipts up 10x over 24 months.

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• 1HFY23 cash receipts from customers grew to $2.3M, up 312% from $558K in 1H FY22, and 10X from $216K in 1H FY21.

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1H FY23 Cash Flow Waterfall

Strong balance sheet funds growth investments.

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• 1HFY23 (winter low season) stand-still operating cash flow[1] of $(118)K, up from $(696)K,

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1. Stand-still cash flow is cash flow after the operating costs of the Company, excluding the cost of business improvement costs and capex.

1H FY23 Balance Sheet

	31-Dec-2022	30-Jun-2022	HY Movement
	AU$(000's)	AU$(000's)	AU$(000's)
Current assets
Cash and cash equivalents	4,923	3,689	1,234
Trade and other receivables	1,751	1,831	(80)
Other current assets	197	245	(48)
Total current assets	6,871	5,765	1,106
Non-current assets
Jayride website and technologies	3,393	2,800	593
Other non current assets	58	58	0
Total non-current assets	3,451	2,858	593
Total assets	10,323	8,623	1,700
Current liabilities
Trade and other payables	2,511	2,153	358
Future transport supplier payments	835	1,007	(172)
Total current liabilities	3,346	3,160	186
Non-current liabilities
Other non-current liabilities Total non-current liabilities	79 79	68 68	11 11
Total liabilities	3,425	3,228	197
Net asset position	6,898	5,395	1,503

Strong balance sheet with $5M cash funds growth investments.

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• $4.4M of equity funding completed.

• ● Fidelity new substantial shareholder (9.9%).

• $1M additional undrawn credit line secured.

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Market Capitalisation

Shares on issue at 31/12/2022		(#)
Ordinary shares issued		202,048,276
Ordinary shares - held for future Employee Share Scheme issuances		159,526
Total Shares on Issue		202,207,802
Share Options held by directors and team members at 31/12/2022		(#)
Options issued under employee share scheme - Directors		2,665,767
Options issued under employee share scheme - MD, KMP and Team Members		10,727,924
Total Options on Issue		13,393,691
Shares held by notable substantial holders at 31/12/2022		(#)
Managing Director Rod Bishop		11,000,000
Thorney Investments		36,608,309
Fidelity Investments Australia		19,952,284
Acorn Capital Limited		14,434,544

CEO and key personnel aligned with shareholders on performance.

Market capitalisation and EV	(AUD$)
Market capitalisation (at $0.17 per share)	$ 34,400,000
Cash at 31/12/2022	$ 4,900,000
Debt	$ -
Net cash	$ 4,900,000
Enterprise Value	$ 29,500,000

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About Jayride Group

Jayride Group is the world’s leading publicly listed airport transfers marketplace, where travellers compare and book rides around the world. With Jayride, travellers can compare and book with 3,700+ ride service companies, servicing 1,600+ airports in 110+ countries around the world which cover 95% of world airport trips, including across the Americas, Europe, Middle East, Africa, Asia and the Pacific.

The Jayride platform aggregates ride service companies and distributes them to travellers at Jayride.com, AirportShuttles.com, and via travel brand partners including other technology platforms, online travel agencies, travel management companies, and wholesalers. These travel brands implement Jayride APIs to sell door-to-door ride services that build traveller confidence and grow their core travel business.

Founded in 2012, Jayride Group is a global remote-first company incorporated in Australia and listed on the Australian Securities Exchange (ASX:JAY) ABN 49 155 285 528.

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. The Company makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this announcement. The Company, its directors, employees, agents and consultants shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from this material except liability under statute that cannot be excluded. This announcement should be read in conjunction with the Company’s other ASX releases and financial results which can be found on the Company's website.

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Visit www.jayride.com Email corporate@jayride.com

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