Investor Presentaiton

Group Underlying Profit performance Group performance impacted by rise in fuel, airport, Enterprise Agreement, and depreciation costs, and soft market conditions Virgin australia group For personal use only $50m AU$100m 111.9 $150m $200m 46.8 (48.2) (13.5) (11.6) ■■■(4.5)■ (30.5) 2.9 (20.7) 24.5 (18.1) 14.5 10.0 $0m 1H19 UPBT Group Revenue Fuel and Oil1 Airport charges, navigation and station operations² Aircraft Rentals EA employee costs 2,3 CPI4 Other expenses² Depreciation and Amortisation Interest 1H20 UPBT excl AASB 16 AASB 16 1H20 UPBT incl AASB 16 Notes: 1) Fuel and oil impact includes $8.2m Time Value of Money on FX related to fuel in addition to appendix 4d 2) Adjusted for CPI 3) EA employee costs include all payroll costs as well as Hotac, Per Diems and Allowances 4) Company estimate including wages and other inflation 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. Year on year changes and commentary have been based on pre-AASB 16 information ("pre-AASB 16") to allow for comparison. 1H20 comparison for the Group between pre and post AASB 16 is provided on slide 16 for operating performance and slide 17 for cashflow. 1H20 financials exclude AASB 16 to enable prior year comparison unless otherwise stated. Following modification of accounting presentation for unrealised Foreign Exchange, 1H19 numbers have been restated accordingly. This page contains Non-Statutory measures which are defined on slide 23. Virgin Australia Group results H1 FY20 | 4

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