Three-Year Recovery Plan

Freight and Loyalty Freight • • • International belly space expected to be negligible through 1H22 and into 2H22 until international capacity stabilises Strong international freight demand to continue, with peak levels expected in the lead up to Christmas Continuing to support International Freight Assistance Mechanism Domestic demand expected to remain strong due to >30% growth in e-commerce¹ and growing customer base Two additional A321 freighters in 1H22 to service long term customers contracts Freight profitability expected to have structurally lifted from pre- pandemic with increased domestic volumes and lower unit cost Loyalty ● - - Continuing to deliver strong cash flow contribution Travel related products continue to remain sensitive to border announcements Rebound in earnings expected as travel demand recovers and redemption opportunities increase Up to 50% more Classic Reward seat availability on domestic, Trans-Tasman and international routes² Demand for Qantas points remains strong; record NPS in FY21; plans to continue to grow member engagement - More opportunities to earn points and status on the ground Extending relationships with coalition partners Multi-year renewals signed with three of the major banks Ongoing investment in digital, program experiences and new businesses Loyalty remains committed to achieving $500-600m Underlying EBIT by FY24 100 1. Online shopping growth in Australia for the 12 months to 30 June 2021. Source: Australia Post 'Inside Australian Online Shopping' report, July 2021. 2. Up to 50% more flown Classic redemption segments as a proportion of the total flown segments on Qantas marketed and operated flights versus the equivalent measure over 2019 on selected routes in Australia from 14 July 2020 until 31 December 2022, all Trans-Tasman routes from 18 April 2021 until 31 December 2022, and all other international routes from when two-way unrestricted travel commences for each route until 31 December 2022. | 32

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