Investor Presentaiton

Hedging and foreign exchange Operating Exposures Fuel (Brent) FX (AUD/USD) For personal use only Remaining FY20 DEBT PORTFOLIO BASE CURRENCY MIX H1 FY18 DEBT PORTFOLIO BASE CURRENCY MIX H1 FY19 81% 19% 72% 100% 100% FY21 DEBT PORTFOLIO BASE CURRENCY MIX H1 FY20 2% 28% 45% AUD Debt USD Debt JPY Debt 53% 75% Virgin australia group 75% . . • Significant fuel and FX hedging in place for FY20 and FY21 with 33% participation to further falls in fuel prices for remainder of FY20 and 86% participation for FY21 Continued to de-risk balance sheet with AUD funding and cross currency swaps. Significant cash reserves are also held in USD to further mitigate risk Debt currency mix is now predominantly AUD following repayment of US$400 million Nov 19 bond and refinancing of additional USD obligations to AUD Revaluation of AASB16 US$ Lease liability will create non-cash P&L noise with movements in AUD/USD (approx. $30 million P&L per 1 cent move). Lease cash flows continue to be managed as operating exposure Virgin Australia Group results H1 FY20| 20

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