Investor Presentaiton

QANTAS LOYALTY Highly attractive business model Business model is based on two key activities: 1 Issuing Qantas Points (cash in) 2 AMERICAN EXPRESS $$ Attractive financial features of business model Highly cash generative FREQUENT FLYER ☐ Member uses Qantas Premium Card to pay for American Express hire car from Avis AVIS American Express and Avis pay QFF QFF issues Qantas Points to member Providing Awards (cash out) THH Member uses Qantas Points to book Classic Flight Reward $$ FREQUENT FLYER QANTAS QFF purchases flight from Qantas Qantas issues flight to member - Cash received upfront when Qantas Points issued ☐ Earn interest on negative working capital position Favourable correlation with inflation - As prices increase, the number of Qantas Points purchased increases Exposure to input price increases can be mitigated Multiplier effect for a single transaction Card Partners create opportunity to earn from multiple earn partners with a single transaction Potential to earn both Qantas Points and Aquire Points on single transaction ■ Low capital intensity Highly scalable, transaction based model 145

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