JAYRIDE GROUP LIMITED — Investor Presentation 2020

Aug 26, 2020

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FY20 RESULTS PRESENTATION

Rod Bishop, Managing Director Peter McWilliam, Chief Financial Officer 27th August 2020

ASX release authorised by Rod Bishop, Managing Director, Jayride Group Limited

The world–leading global airport transfers marketplace

Jayride Group (ASX:JAY) www.jayride.com

MESSAGE FROM THE MANAGING DIRECTOR

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Today we deliver our FY20 result which shows the impact of COVID-19, and how we are positioned to rebound from it across FY21 and beyond.

Trading until March showed accelerating growth of up to +65% PCP and improving unit economics as Jayride began to build scale across its new global foundation in 109 countries.

Then at the onset of COVID-19, trips fell by 94%. We responded proactively to implement $7 million of cost savings, in a way that retained key talent to continue to build our core IP for future scale. Also, we took deliberate action to take care of travellers and transport company payments, to strengthen our relationships, our market position, and our future earnings power.

Early signs of recovery continue since April, in particular July trips are up 111% vs June.

In our recovery, we are targeting Northern Hemisphere travellers and destinations – we are not limited to Australian outbound travellers – and now 90% of our trips are from outside Australia.

Overall for FY20 our result shows improvement despite COVID-19, driven by the enhancements to our platform. Revenue is stable, and contribution from trips turned positive for our first full financial year.

We expect continued improvement to go forward, and to retain our new lower non–variable cost base.

IATA.org forecasts 6.8bn trips to and from airports in 2021, an increase from today. We find our competitive position enhanced. And, we see both travellers and travel brand partners wanting our help to get a high duty–of–care, health–secure, door–to–door travel experience that rebuilds their traveller confidence.

Jayride has invested over $21 million in technology and systems, in our team and talent, and in our relationships with our travellers and ride service companies. This solid foundation positions us to benefit from tailwinds as the travel industry continues to recover from the crisis.

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2

WHO IS JAYRIDE?

Jayride is a world–leading global travel marketplace for airport transfers

Highlights

• Travellers compare and book rides on Jayride.com

• B2C and B2B marketplace

• Travel brands use Jayride API to sell global airport transfers

• 26 quarters of revenue growth until COVID-19 – growth resuming

• Well positioned to capture growth tailwinds in 2021

Key Statistics

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1
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Empowering the world’s leading travel and ride-service brands

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109 countries & 󰄋 3,700 ride-service 1,600 airports companies $21M invested in $13.5M FY20 Total

technology 󰔵 Transaction Value

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3 1. Graph shows magnitude of impact of COVID-19 travel restrictions on Jayride FY20 result using anticipated trips based on Jayride PCP growth rate. Passenger trips booked in FY20 was 349K. Prior to COVID-19, Jayride growth rate was 65% PCP. Loss due to COVID-19 is calculated using 65% growth rate applied to FY19 figures for the months of March to June.

COVID-19 IMPACT PASSENGER TRIPS

COVID-19 impacted trips in Q4, down 94% year–on–year. Recovery commenced in April 2020 and has continued: July 2020 is +111% vs June.

Passenger Trips Booked per month 60,000 Jayride growth trend-line Jayride COVID-19 Recovery Target 50,000 COVID-19 impact to Q3 and Q4 Q4 FY20 Passenger Trips Booked were 6K vs PCP Q4 FY219 Passenger Trips Booked of 104K 40,000 Cash flow positive Recovery continuing target to 40,000 July 2020 Trips were 5K, up 111% vs prior month trips per month 30,000 Market recovery expected to continue Cash flow positive target 20,000 New reduced cost base & improved unit economics Cash flow positive from 40,000 Trips per month 10,000 -

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4 1. Recovery Target is the number of passenger trips per month required to reach cash flow positive on the company’s current reduced operating cost base.

COVID-19 DECISIVE RESPONSE

Through COVID-19 Jayride made decisions to preserve

relationships, retain talent, enhance competitive position and increase future earnings power.

Initial impacts

󰜺

Cancellation and refund event at COVID-19 onset

Jayride took an intentional approach to protect travellers and transport companies with refunds and payment, so as to enhance future earnings power and strengthen competitive position.

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󰔳
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Reset costs for lower travel volume – savings retained

Jayride implemented $7M of total savings: Variable costs reduced by $4M, and non–variable costs by $3M. Cash burn decreased despite lower trip volume. Key talent retained to build core IP for future growth and scale.

Impacts since March

󰕒

󰄗

󰇧

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Recovery commenced in April and continuing

Net revenues bottom in March, Passenger Trips booked bottom in April, initial recovery since April.

Return to positive contribution margin in June

Positive contribution margin and free cash flows from June due to normalising refund rates and reduced variable costs.

Northern Hemisphere drives recovery

90% of Jayride Passenger Trips are now booked and travel from outside of Australia. Key focus on Europe and North American markets.

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5

NORTHERN HEMISPHERE DRIVES RECOVERY

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COVID-19
󰄳 26 consecutive quarters of quarter–on–quarter growth until COVID-19
󰄳 COVID-19 impacts late March 2020 and significantly affects Q3 and Q4
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Jayride Trips now 90%+ outside Australia. Demand for trips in Jayride’s US and EU destinations delivers initial recovery.

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󰄳 Trips recovery commenced in April
󰄳 July Trips up +111% month–on–month
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6

JAYRIDE’S SOURCE MARKETS ARE GLOBAL

Northern Hemisphere markets are more open than Australia. In July, Australia represents only 8% of Jayride travellers.

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2H FY20 STRATEGIC PRIORITIES DELIVERED

Continuing to execute on key strategies through volatile markets: Traveller retention, conversion and acquisition.

Complete / On Track 󰁕 Deferred to 1H FY21

Traveller retention “Lean into the traveller experience”	Status
Give travellers more choice to tailor their experience with specifc inclusions and service types	󰁕
Prepare traveller membership systems and self–service tools to manage their bookings for release in FY21	󰸞
Traveller conversion “Enhance transport options in key destinations”	Status
Targeted transport contracting across Europe and Asia to improve conversion	󰸞
Improvements to traveller booking websites, especially on mobile (delivered ahead of schedule)	󰸞 󰸞
Traveller acquisition “Grow travel partners and organic search”	Status
Launch new travel partners and grow existing partner accounts	󰸞
Continuous improvement to organic search (delivered reduced scope)	󰸞

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8

MAJOR IMPROVEMENTS TO MOBILE WEBSITE

Continuing to improve traveller experience and conversion rates with new mobile booking website and COVID-19–Prepared Rides.

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󰄝 Mobile responsive
booking website
Mobile–first
responsive website.
󰁪 Conversion rates enhanced
󰾃 COVID-19 Prepared Rides
󰇵 Record Traveller
NPS 39 post travel
󰓎 Over 60,000 Traveller Reviews
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9

FINANCIALS

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INCOME STATEMENT FY20

Positioned to capitalise on emerging recovery. 1H improved contribution margin, 2H saved costs. Operating Loss improved +33%.

Income Statement Summary

2H FY20 AUD(000's) 1H FY20 AUD(000's) Movement % FY20 AUD(000's) FY19 AUD(000's) Movement % Net Revenue from Passenger Trips Booked 871 2,365 3,236 3,281 Interest Revenue 16 16 9 Other Income and Grants 570 40 610 532	2H FY20 AUD(000's) 1H FY20 AUD(000's) Movement % FY20 AUD(000's) FY19 AUD(000's) Movement % Net Revenue from Passenger Trips Booked 871 2,365 3,236 3,281 Interest Revenue 16 16 9 Other Income and Grants 570 40 610 532
Total Revenue 1,456 2,406 -39% 3,862 3,822 +1%
Marketing and variable costs Cost of customer acquisition (525) (1,097) (1,622) (2,241) Variable operational costs (562) (1,018) (1,580) (1,303)
Total marketing and variable costs (1,087) (2,115) -49% (3,202) (3,544) -10%
GPAPA Margin (excl Other Income and Grants) 40% 54% 50% 32% Contribution Margin (excl Other Income and Grants) -25% 11% 1% -8%
Non-variable cash costs Non-variable operating costs (794) (1,091) (1,885) (1,874) Corporate costs (281) (372) (653) (812) Growth costs (excl capitalised development costs) (655) (962) (1,617) (3,078) Depreciation of leases (294) (286) (580) -
Total non-variable cash costs (2,024) (2,711) -25% (4,735) (5,764) -18%
Operating profit before non-cash costs (1,655) (2,420) +32% (4,075) (5,486) +26% Non-variable non-cash costs Depreciation and amortisation (excluding operating leases) (432) (399) (831) (681) Share-based payments (423) (948) (1,371) (1,901)
Total non-variable non-cash costs (855) (1,347) -37% (2,202) (2,582) -15%
Operating profit (2,510) (3,767) +33% (6,277) (8,068) +22% Non-operating costs Currency movements (26) (55) (81) (21) Finance costs (207) (292) (499) (112)
Total non-operating costs (233) (347) -33% (1,411) (814) +73%
Net profit before income tax (2,743) (4,114) +33% (7,688) (8,882) +13%
Operating Profit Margin -288% -159% -194% -246%

• 1H growth in Total Revenue was offset by 2H impacts of COVID-19. FY20 Gross Profit flat vs FY19

• In 2H Total Revenue was down 39% on 1H, impacted by refunds at the onset of COVID-19 and reduced travel volume

• Contribution Margin remained positive despite COVID-19, Jayride first FY with positive Contribution in a long–term growth trajectory

• $3M of non-variable cost saved in March helps the company outlast a prolonged downturn

• Operating Loss significantly improved +33% in FY20 vs FY19

• Cash cost base at June is approximately ~$3M per year

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1. Gross Profit after Paid Acquisition (GPAPA) is Net Revenue minus all Cost of Customer Acquisition.

2. Contribution after Variable Operating Costs is Net Revenue minus all variable costs, including Cost of Customer Acquisition and Variable Operating Costs such as customer support.

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FY20 UNIT ECONOMICS MAJOR IMPROVEMENT

Improvements to unit economics driven by platform enhancements deliver positive contribution in FY20

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Passenger
GPAPA [1] Contribution
Trips Booked
+55% PCP positive
impacted in 2H
Global
Roll–out
Global
COVID-19 COVID-19 COVID-19
Roll–out
Net Revenue from Trips GPAPA [1] Contribution [2]
FY20 $3.24M (–1.4%) FY20 $1.61M (+55%) FY20 $34K (+$296K)
June $52K June $49K June $24K
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1. Gross Profit after Paid Acquisition (GPAPA) is Net Revenue minus all Cost of Customer Acquisition.

2. Contribution after Variable Operating Costs is Net Revenue minus all variable costs, including Cost of Customer Acquisition and Variable Operating Costs such as customer support.

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FY20 PERFORMANCE DASHBOARD

Passenger Trips recovering with a reduced cost base. Operational gearing to drive margin expansion into FY21.

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Passenger Trips Booked
FY20 349K
June 2.4K
Onset of
COVID-19
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Refund
Period
Net Revenue Per Trip [1]
FY20 $9.27
June $9.77
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Cost
savings
made
Contribution
FY20 $34K
June $24K
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Cost
Non–Variable Cash Costs [2]
savings
made
FY20 $6.0M
June $249K
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1. Net Revenue is calculated as Commissions and Fees Booked, net of Refunds. Refunds spiked in March, and declined since, but still remain higher than historical averages. Separately, average order values have been increasing. The movement in Net Revenue is the combination of these factors. June Net Revenue per Trip is presented net of year end adjustments to help investors get a clear picture. 2. Non–Variable Cash Costs includes all Non–Variable Operating Expenses, Corporate Costs, Growth Costs, and Capitalised Development Costs, excluding share–based payments.

13

INVESTING FOR GROWTH

Jayride is at an early stage in a long–term growth trajectory – making selective investments to drive scale and higher returns.

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Receipts

• Contribution positive despite refunds at the onset of COVID-19

• R&D Tax Incentive for FY19, and JobKeeper in May–June

• Successful equity financing

• Early return of office bond

March refund event

• At onset of COVID-19 Jayride was proactive with refunds and transport supplier payments which reduced cash float

• As travel recovers, cash float will rebuild

• Strong supplier and traveller relationships give Jayride enhanced earnings potential and competitive advantage as travel recovers

Maintenance costs

• Cost savings implemented to minimise operating costs

Growth investments

• Retained key talent to build IP for future scale

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BALANCE SHEET FY20

Funding in place to support FY21 organic growth. $3.1M of cash, grants and insured trade receivables; plus contribution from passenger trips.

Balance Sheet Summary

	30-Jun-2020	30-Jun-19	Movement
	AU$(000's)	AU$(000's)	AU$(000's)
Assets
Cash and cash equivalents	963	1,433	(470)
R&D Tax Incentive	619	959	(340)
Trade and other receivables	919	972	(53)
Total current assets	2,501	3,364	(863)
Non current assets	2,894	2,943	(49)
Total assets	5,395	6,306	(911)
Liabilities
Trade and other payables	1,641	1,862	(221)
Future transport supplier payments	188	850	(662)
Lease liability	338	0	338
Other current liabilities	374	213	161
Total current liabilities	2,541	2,925	(384)
Non-current liabilities	1,783	1,626	157
Total liabilities	4,324	4,551	(227)
Net asset position	1,071	1,755	(684)
Equity
Issued capital	24,317	18,361	5,956
Reserves	3,365	3,147	219
Accumulated losses	(26,611)	(19,753)	(6,858)
Total Equity	1,071	1,755	(684)

• $1.0M of Cash at 30th June

• $1.2M of Grants expected to be received over 1H FY21, including R&D Tax Incentive of $620K which is lodged and expected to be received in September

• $0.9M of Trade and Other Receivables. Amounts are overdue and remain payable. Jayride has insurance on key accounts with limits in excess of a combined $900K

• Opportunity to increase cash reserves by drawing down on debt facilities

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OUTLOOK

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HUGE ADDRESSABLE GLOBAL MARKET

Jayride’s market is huge, and set for recovery to 6.8B Trips in 2021. We are well placed to capture this market as recovery continues.

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Airport Rides Market CY19 CY20 CY21 Source
Total Addressable Market 9.1B 4.5B 6.8B IATA.org [1]
Passenger Trips to/from Airports Globally Trips Trips Trips
Jayride Market Access 8.2B 4.0B 6.1B Jayride serves 90% of world
Passenger Trips in Jayride Countries Trips Trips Trips airports by passenger volume [2]
Jayride Demand Market Capture Strategies Tailwinds to Accelerate Rebound
Passenger Trips Quoted
󰄳 Target re–openings 󰄳 Cyclical recovery in market
󰄳 Launch new partners 󰄳 Reduced competition
󰄳 Deliver a superior 󰄳 Structural trend to online
Jayride
traveller experience
Revenue
Passenger Trips
Booked
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1. Global airport passengers are expected to fall 55% in 2020 compared to 2019. Passenger numbers are expected to rise 62% in 2021 off the depressed 2020 base. Domestic markets are expected to open ahead of international markets. Source IATA.org.

2. Jayride has launched at airports that serve 90% of the world’s airport passenger trips, comprised of over 1,600 airports in 109 countries.

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COVID-19 RECOVERY CYCLE

Jayride’s Total Addressable Market (TAM) in 2021 expected to be 6.8 Billion Trips, Jayride trips should at least increase inline with the market.

Timeline

• 2021 – COVID-19 recovery

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COVID-19
Global Roll–out
increases
Market Access
Source IATA.org
Current IATA Forecast for 2020 and 2021
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Given trading subsequent to March, the board is now withdrawing its preliminary 18-month recovery scenario that it provided to market on 9th April 2020.

• IATA.org forecasts TAM to increase 60% YoY to 6.8 billion trips. Jayride Market Access would recover to 6.1 billion trips.

• 2020 – COVID-19 onset

• TAM and Market Access was impacted by COVID-19. Current 2020 forecast is 4.5 and 4.0 billion trips respectively.

• 2018 – 2019

Jayride launched in over 100 new countries, at airports that serve 90% of world airport passenger trips.

Sensitivity Analysis1

Assuming air travel market recovers inline with IATA.org forecast across Jayride markets in 2021: Jayride TAM 6.8 billion trips (75% of 2019) Jayride Market Access 6.1 billion trips (75% of 2019) Jayride Trips Booked should recover at least inline to market, 75% of January 2020, in the range of 30,000–40,000 trips per month.

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1. Sensitivity analysis is presented for illustrative purposes only and is based upon estimates and projections that rely upon various assumptions. These assumptions may or may not prove to be correct and accordingly no reliance should be made upon this information. Jan 2020 trips booked were 48,600 * 75% market recovery = 36,450 trips per month average for 2021.

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COMPETITIVE POSITION ENHANCED

Jayride has the opportunity to build significant market share and leapfrog competing distressed online brands.

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Decisions to improve earnings power General Market Position
Refunded travellers in full for cancelled travel at onset of COVID-19 󰗠 󰅙
Met obligations to transport companies at onset of COVID-19 󰗠 󰅙
Retained key talent to develop core IP for future scale 󰗠 󰅙
Public company with access to further capital 󰗠 󰅙
General Market Position
Effect on market position
Retained transport companies on platform 󰗠 󰅙
Winning new travel brand partnerships throughout 2H and into FY21 󰗠 󰅙
Opportunities to leapfrog other brands and gain market share 󰗠 󰅙
Stronger earnings potential in market recovery 󰗠 󰅙
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STRUCTURAL TREND TO ONLINE

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Bookings made online by travel vertical
1 1 1 1 2
Major Online Comparison Marketplaces and Search Engine Brands
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Online penetration of ride service in the travel industry is low and accelerating driven by changing traveller needs.

Travellers needs met better online

• Health secure, high duty–of–care

• Comparison and choice

• Friendly cancellation and refund policies

• Reviews for confidence and reliability

Travel Brands needs met better online

• Package rides for a door–to–door experience

• Defend core business by increasing traveller confidence

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Refunds and customer service
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COVID-19 prepared rides

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1. Statista.com online penetration by travel industry vertical % of revenue 2019. 2. Management Estimate

1H FY21 STRATEGIC DELIVERY

1H FY21 Build momentum		and capture market
STRATEGIC DELIVERY share with superior delivery
󰸞 Complete	󰁕	Ongoing	󰁕	Deferred to 2H FY21
Traveller retention “More choices for travellers in the new–normal”					Status
Give travellers more choice to tailor their experience with inclusions and service types eg. COVID-19 Prepared Rides					󰁕
Create traveller membership systems					󰁕
Create traveller self–service tools to manage their bookings					󰁕
Traveller conversion “Target global re–openings”					Status
Enhancements to traveller booking journey, especially on mobile					󰸞
Targeted transport contracting for traveller needs eg. COVID-19 Prepared and relaxed restrictions					󰁕
Traveller acquisition “Capture market share and help brands to build their traveller confdence”					Status
Launch new travel partners and grow existing partner accounts					󰁕
Help partner brands to build traveller confdence with health–secure door–to–door travel					󰁕

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Please refer to the disclaimer on forward looking statements on the final page of this presentation.

21

SUMMARY OUTLOOK

Summary

• FY20 Passenger Trips Booked impacted by COVID-19 in Q4, initial recovery underway

• FY20 Contribution Margin Positive for first full FY

• Operating Profit/Loss Improved +33% in 2H vs 1H

• Retained key talent, traveller and supplier relationships for future earnings power

• Reduced cash cost base ~$3M per year (at June 2020)

• Cash flow positive target 40K trips per month (vs Pre-COVID-19 49K trips/mo; July 2020 5K trips/mo)

Outlook

• Continuing recovery since April

• July Passenger Trips Booked +111% vs June (month-on-month growth), August inline with July

• Northern Hemisphere drives recovery with 90% of trips booked outside Australia

• Three key recovery drivers: Cyclical recovery / Enhanced competitive position / Structural trend to online

• Well placed to capitalise on major trading opportunity in December holiday period

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INVESTMENT PROPOSITION

A Global Leader

• Jayride is a global leader in rides for travellers as part of the global online travel industry

• More ride service companies, and more traveller reviews than any other website

• Travel brands choose Jayride to turn–key the entire global ride service industry

Clear strategy

󰁪

󰭮

Retain travellers Convert travellers with world–leading to book with the door–to–door best selection travel experience that simply works, and service everywhere

Jayride is a growth company with a proven track record at building revenue in a huge, and recovering, global market

B2C and B2B Business

A Key Strategic Asset

• Building the traveller’s trusted transfers brand at Jayride.com

• The leading catalog of ride service suppliers for the global travel industry, this asset has strategic value to the world’s largest travel brands

• Mobile responsive website for travellers to book rides around the world

• Through building unbeatable dominance in supply, Jayride has built a defensible and strategic asset

• Delivering a turn–key solution for travel brands to add airport transfers and make every travel brand truly “door–to–door”

Recovery tailwinds

󱄃

󰄫

󰧨

󰀐

Acquire travellers and share through travel brand partnerships and organic search

An accelerating trend to online booking. Travellers can build their confidence online

As restrictions relax, Jayride’s existing travellers return in existing destinations

Opportunity to capture share in a distressed competitive landscape

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23

APPENDIX

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A GLOBAL TRAVEL MARKETPLACE

A net increase in the number of transport companies (3,700) and airports served (1,600) in 2H FY20.

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COVID-19
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COVID-19
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COVID-19
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TRAVELLER RETENTION

As Jayride improves traveller experience, more travellers are retained. Higher traveller LTV improves Jayride’s unit economics.

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2H FY20
Travellers [1]
Discover
Key Drivers of
18.4K
Retention
󰄳 Best Experience! Passenger
Retain
Book Trips Booked
󰄳 Most Destinations 114K
󰄳 Best Discovery
󰄳 Most Choice
Trips per
Experience Traveller
6.2
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1. Travellers are counted by their unique email addresses.

NEW TRAVEL BRAND PARTNERS

A broad, diversified and growing list of travel brand partners that sell airport transfers for Jayride.

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Plus more coming...
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API FOR TRAVEL BRANDS

Jayride travel brand partners implement the Jayride API to sell airport transfers and add new ancillary revenue to their travel business.

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CASH PERFORMANCE FY20

Improved operating cash flows despite COVID-19 through proactive cost savings measures in March. Cash cost base at June is ~$3M/year.

Cash Flow Summary

	FY20	FY19	Movement
	AU$(000's)	AU$(000's)	%
Cash from Operating Activities
Net receipts from customers	1,895	3,324
Operating and corporate costs	(7,158)	(8,481)
Grants funding for operating activities	866	428
Cash from Operating Activities	(4,397)	(4,729)	+7%
Cash from Investing Activities
Plant, property and equipment	(16)	(60)
Capitalised technology costs	(1,266)	(1,321)
Grants funding for investing activities	489	485
Other	324	7
Cash from Investing Activities	(469)	(889)	+47%
Cash from Financing Activities
Proceeds from issue of equity (net of issue costs)	4,803	1,612
Proceeds from borrowings	(39)	1,905
Net payments related to office lease	(338)	-
Cash from Financing Activities	4,426	3,517	+26%
Cash movement
Cash inflow/outflow	(440)	(2,101)
FX Movements on cash balances	(30)	(26)
Net Increase / (Decrease) in Cash	(470)	(2,127)	+78%
Cash Position at 30 Jun 2020	963	1,433

• The company holds $1.0M of Cash at 30th June, $1.2M of Grants expected to be received over 1H FY21 and $0.9M of insured Receivables

• Opportunity to increase cash reserves by drawing down on debt facilities

• Net Receipts were impacted by $(1.3)M of working capital movements related to COVID-19 traveller refunds and transport supplier payments which landed in 2H

• Operating cash flows improved by 7% as a result of cost savings implemented in March

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29

JAYRIDE MARKET CAPITALISATION

Shares and Options as issued

Shares on issue	(#)
Ordinary shares not escrowed	101,603,470
Ordinary shares under escrow (Employee Shares)	3,498,794 *1
Total Shares on Issue	105,102,264
Share Options on Issue	(#)
Options at $0.553 from Converible Note expires at 20/03/2022	3,616,637 *2
Options from ESOP (Class A and B Employee Options)	3,879,411 *3
Total Options on Issue	7,496,048

Market capitalisation and EV		(AUD$)
Market capitalisation (at $0.150 per share)	($	15,800,000)
Net Cash at 30/6/2020	($	1,000,000)
Debt from Convertible Note matures at 20/03/2022	($	(2,000,000)	*2
Enterprise Value	($	16,800,000)

Pro-forma Shares and Options, fully diluted, assuming Options exercise

Shares on issue	(#)
Ordinary shares	105,102,264
Shares issued on Options exercise	7,496,048
Total Shares on Issue after Options exercise	112,598,312

Pro-forma section is illustrative only to show the effect of Options exercise if all Options are exercised

	Market capitalisation and EV		(AUD$)
	Market capitalisation (at $0.553 per share)	($	62,300,000)
	Net Cash at 30/6/2020	($	1,000,000)
	Repayment of Debt from Convertible Note	($	(2,000,000)	*2
	Cash through conversion of Options from Convertible Note	($	2,000,000)	*2
	Cash through conversion of Options from ESOP	($	2,100,000)	*3
	Net Cash on fully diluted basis	($	3,100,000)
	Enterprise Value	($	59,200,000)

*1 Shares under escrow are those issued under the Jayride Employee Share Scheme

*2 Options from Convertible Notes expire at 20 March 2022 with an exercise price of $0.553. Debt from Convertible Notes matures on the same date, repayment funded by Options exercise

*3 Employee Share Options (ESOP) vest over 4-years. 2,394,830 Class A Options have an exercise price of $0.533 and expire on 30 June 2023; 1,484,581 Class B Options have an exercise price of $0.553 and exprie on 30 June 2024

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30

ABOUT JAYRIDE GROUP

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

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

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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FOR MORE INFORMATION corporate@jayride.com