Investor Presentaiton

FINANCE • Finance outlook Capital allocation considerations beyond FY15 Expecting return to optimum capital structure by 30 June 2015 • Sustainably Free Cash Flow positive • Well placed for Board to consider shareholder returns • Extent and timing of shareholder returns dependent on prevailing operating conditions and outlook In FY16, assessing potential to bring forward modest levels of ROIC accretive investment in Qantas Transformation initiatives. Assessing opportunities to use existing cash resources to buy out operating leases to reduce WACC • Update to be provided at FY15 results in August 35

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