$1b Recovery Plan

Return on Invested Capital (ROIC) calculation $M FY22 FY215 Underlying EBIT (1,558) (1,473) Add back: Lease depreciation under AASB 16 336 373 Less: Notional depreciation¹ (118) (105) Less: Cash expenses for non-aircraft leases (219) (199) ROIC EBIT (1,559) (1,404) $M FY22 FY215 Net working capital² (9,752) (7,345) Fixed assets³ 11,060 11,590 Capitalised leased aircraft¹ 1,892 1,751 Invested Capital 3,200 5,996 Average Invested Capital4 4,928 6,553 Return on Invested Capital (%) (31.6) (21.4) 1. For calculating ROIC, all statutory aircraft leases balances and provisions relating to the leased aircraft are adjusted to represent the capitalised value of the leased aircraft, as if they were owned. Capitalised leased aircraft are included in the Group's Invested Capital at the AUD market value [referencing AVAC) of the aircraft at the date of commencing operations at the prevailing AUD/USD rate and is notionally depreciated in accordance with the Group's accounting policies. The calculated depreciation expense is referred to as notional depreciation. The carrying value of leased aircraft (AUD market value less accumulated notional depreciation) and an adjustment to exclude aircraft lease return provisions is reported within Invested Capital as capitalised leased aircraft. 2. Net working capital is the net total of the following items disclosed in the Group's Consolidated Balance Sheet: receivables, inventories and other assets reduced by payables, provisions, revenue received in advance and liabilities held for sale. 3. Fixed assets is the sum of the following items disclosed in the Group's Consolidated Balance Sheet: investments accounted for under the equity method, property, plant and equipment, intangible assets, and assets classified as held for sale. 4. Equal to the 12 months average of monthly Invested Capital. 5. Restated for the adoption of IFRIC Cloud Computing decision. | 17

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