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Investor Presentaiton

GROUP OVERVIEW Engaging our people Supporting sustainable business transformation Stable industrial relations climate • . 36 enterprise agreements negotiated since November 2011 Ensuring workplace agreements do not constrain business or productivity Building a more competitive wages position • - 13 agreements closed with 18-month wages freeze Half of the Group's employees including managers • - Narrowing wages gap to key competitors 4.5% p.a reduction in Group wage costs when fully implemented - Targeting ongoing benefit ~$125m p.a. (not included in $2b Qantas Transformation program) All major unions have agreed to policy in at least one collective agreement 19

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