Investor Presentaiton

Statutory Balance Sheet summary (post AASB 16) For personal use only Balance Sheet and Liquidity ($m) Cash and cash equivalents Other current assets Property, plant & equipment Other non-current assets Total assets 1H20 FY19 Change 1,107.6 1,740.0 (632.4) 377.3 425.3 4,323.3 3,202.1 (48.0) 1,121.2 . Creation of Right of Use Assets as part of AASB 16 implementation 974.2 1,100.8 (126.6) • 6,782.4 Current interest-bearing liabilities 542.2 6,468.2 314.2 771.9 229.7 Non-current interest-bearing liabilities 4,812.4 2,256.9 Interest-bearing liabilities 5,354.6 Other liabilities Total liabilities Total equity 3,027.4 3,028.8 2,820.5 8,382.0 (1,599.6) 618.9 (2,555.5) (2,325.8) (206.9) 5,849.3 (2,532.7) (2,218.5) • . Impact of AASB 16 and debt funded Velocity acquisition impacting interest bearing liabilities Retained earnings as represents transaction with existing owners FY19 unrestricted cash balance was higher ahead of the US 144A note repayment Unrestricted cash balance 900.3 1,330.3 (430.0) Virgin Australia Group has implemented AASB 16 Leases from 1 July 2019 using the modified retrospective approach. Under this approach, prior year comparative information has not been restated. This page contains Non-Statutory measures which are defined on slide 23. Virgin Australia Group results H1 FY20❘ 19 Virgin australia group

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