Investor Presentaiton

Net Asset Reconciliation including AASB 16 and Velocity acquisition Virgin Australia Group adopted AASB 16 with effect 1 July 2019 using the modified retrospective adoption approach and therefore there is no restatement of prior period. There has Obeen an impact to retained earnings Aircraft leases denominated in USD make up 88% of the opening lease liability balance $405 million retained earnings impact due to FX movements on lease liabilities between lease inception and 1 July 2019 Debt funded acquisition of Velocity has reduced net assets Virgin australia group For personal use only. ($2,000m) ($1,500m) ($1,000m) ($500m) ($0m) ($500m) ($1,000m) ($1,500m) ($2,000m) Pre AASB 16 Post AASB 16 618.9 1,190.0 1,273.2 (405.5) (235.3) (512.9) (119.8) (737.8) (861.8) (1,599.6) Jun 19 Right of Use Net Assets Asset Lease Liability Aircraft FX on Aircraft Lease Liability Lease Other Maintenance Provisions Other Adjustments 01 Jul 19 Net Assets Post AASB 16 Velocity Acquisition & Ordinary Activities 31 Dec 19 Net Assets Virgin Australia Group results H1 FY20| 18

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