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Investor Presentaiton

GROUP OVERVIEW Continued delivery of business transformation Rapid progress towards our targets $2B BENEFITS REALISED BY FY171 All targets to date met or exceeded - >$875m realised by FY15 • Most challenging initiatives front-loaded 4,000 of 5,000 FTE² reduction by FY15 High visibility of remaining >$1.1b benefits from FY16 - ~$600m already in implementation phase • • >$1B DEBT REDUCTION BY FY153 $1b debt reduction on track Credit profile to reach target two years ahead of initial timeframe E.g. Debt/EBITDA4 <4.0 by FY15 Preserved investment grade terms & conditions ALL FINANCIAL TARGETS MET OR EXCEEDED WHILE DELIVERING RECORD CUSTOMER ADVOCACY5 1.Gross benefits. 2.Full-time equivalent employees. 3. Net debt including operating lease liabilities measured on a constant currency basis. 4. Metric calculated based on Moody's methodology including cash greater than $2b. 5. Based on quarterly average net promotor score (NPS) at Qantas Domestic and Qantas International, from March 2012 quarter. Record occurred in 3Q15. 14
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