Investor Presentaiton

FINANCE Finance outlook Robust liquidity Significant pool of unencumbered aircraft • Additional source of liquidity • Allows active portfolio optimisation Managing liquidity more efficiently • Flexibility to manage mix of cash and undrawn lines Composition of Unencumbered Fleet¹ ~40% of total group fleet is unencumbered (up from ~30% since FY12) Market value² of unencumbered fleet has doubled since FY12 • Opportunity to buy out operating leases with existing cash resources Case Study: Refinancing Revolving Credit Facilities Average age of narrowbody unencumbered fleet is <7yrs³ (down from ~8.5yrs since FY12) • Increased face value to >$1b • Increased tenor; Reduced average cost • Preserved Investment Grade T&Cs platform No financial covenants Turbo Prop 24% Narrowbody 59% Widebody 17% >$1b Revolving Credit Facilities ($m) 425 425 90 1004 FY15 FY16 FY17 FY18 FY19 FY20 FY21 1. Chart is based on the forecast number of aircraft, as at 30 June 2015. 2. Based on Avitas market values. 3. Based on Group's scheduled passenger fleet, excluding Freighter aircraft and Network Aviation. 4. Execution expected prior to 30 June 2015. 33

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