Investor Presentaiton

FINANCE ROIC framework Invested Capital Balance sheet: Reported balances for: • Receivables • Payables . Inventories • Other assets • ROIC EBIT Income Statement: Underlying EBIT Revenue received in advance Off balance sheet adjustments: Add back: non-cancellable aircraft operating lease rentals Less: notional depreciation on leased aircraft • Provisions • . Investments Property, plant & equipment • Intangible assets Hurdle rate Weighted Average Cost of Capital (WACC): Components: • Cost of debt (long term view based on projected credit metrics) multiplied by proportion of debt to capital (debt + equity); plus Cost of equity determined by traditional Capital Asset Pricing Model multiplied by proportion of equity to capital (debt + equity) Off balance sheet adjustment: Operating lease aircraft capitalised at market value at lease commencement (in AUD) and depreciated on same basis as an equivalent owned aircraft ROIC = ROIC EBIT / Average Invested Capital WACC pre-tax 142

View entire presentation