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Investor Presentaiton

GROUP OVERVIEW The Qantas Group in global context Global industrial output, trade & business confidence improving • Regional divergence persists . 2015 forecast for strongest global passenger growth since 2010¹ Highest passenger growth remains on routes to or within Asia¹ Australia domestic demand growth flat as economy rebalances Resources sector cooling, positive growth in other sectors AUD trading in long-term historical range Fuel prices at five-year lows Airline consolidation continuing through equity and joint ventures 1. Source: International Air Transport Association (IATA) global economic outlook December 2014 6

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