Investor Presentaiton

STRATEGY & TRANSFORMATION The basis of airline competition has expanded over time + Operations • Aircraft Airports Safety Changing Nature of Airline Competition From physical to virtual assets • Seats • + Partnerships Customer Insights Product • Global alliances . Technology enabled ⚫ Joint ventures • Loyalty Lounges Entertainment Virtual airlines • Personalisation More replicable Less replicable While originally focused on physical assets, airlines today compete on a range of dimensions, including operations, product, partnerships and increasingly customer capabilities 50

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