Investor Presentaiton

Group Treasury and Funding For personal use only CAPITAL MANAGEMENT Strategic review being accelerated to improve free cash flow generation and improve leverage over time Generate free cash flow over time to target BB/Ba band credit rating No significant debt maturity until FY22 (Oct 21 US$350 million bond) No scheduled aircraft deliveries until FY22 1H20 leverage (pre AASB 16) impacted by lower EBITDAR vs PCP and debt funded Velocity acquisition Adjusted Financial Leverage 1H15 - 1H20 7.1 6.2 4.9 4.5 6.4 III..l 4.1 1H15 1H16 1H17 1H18 1H19 FUNDING STRATEGY/HIGHLIGHTS Maintain access to diverse sources of funding from debt capital markets, commercial bank markets and aircraft operating lease markets Debt Maturity FY21 - FY27 Group results 1,400 1,200 Unsecured funding - US$425 million 144A bond and inaugural A$325 million listed retail note to fund acquisition of remaining 35% of Velocity 1,000 800 Continue to refinance aircraft in AUD where possible $225 million Velocity facility extended to FY23 Committed and undrawn facilities of ~A$166 million at Dec 19 This page contains Non-Statutory measures which are defined on slide 23.. Following modification of accounting treatment for unrealised Foreign Exchange, historical numbers have been restated accordingly. 600 400 200 1H20 AUD Notes Velocity Facility USD 144A Notes Aircraft Financing Aircraft Leases FY21 FY22 FY23 FY24 FY25 FY26 FY27 Virgin Australia Group results H1 FY20| 21 Virgin australia group

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