Three-Year Recovery Plan

Historical operating cash flow trend Statutory EBITDA ($M)¹ Pre-COVID 3,108 3,334 3,431 1,064 149 FY17 FY18 FY19 FY20 FY21 Statutory Operating cash flow ($M) • Positive statutory EBITDA of $0.15b for FY21 - Includes impact of $0.3b redundancies • - FY21 Statutory operating cash flow of ($386)m; FY21 underlying operating cash flow of $2.4b • ― Significant one-off cash outflows² materially complete Recovery to at least Pre-COVID operating cash flow generation to be enabled by - Growth of domestic operations Pre-COVID 3,413 2,704 3,164 1,083 - Restart of international flying contributing to significant Revenue Received In Advance (RRIA) rebuild - Recovery Plan cost saving benefits (386) FY17 FY18 FY19 FY20 FY21 ― Cash flow benefits due to tax losses Recovery to historically strong operating cash flow generation enabling accelerated Balance Sheet repair 100 1. For comparability, FY17 and FY18 Statutory EBITDA also excludes non-cancellable aircraft operating lease rentals (as these financial years are prior to AASB 16). 2. One-off cash outflows include redundancy and restructuring costs, refunds and deferred payables. Management identified deferred payables at 30 June 2020 through the Group's cash management program. 23

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