Three-Year Recovery Plan

Financial Framework will continue to guide our capital decisions 1 2 Maintaining an optimal capital structure ROIC² > WACC³ through the cycle Minimise cost of capital by targeting a Net Debt range of $4.5b to $5.6b¹ Maintained strong liquidity and minimal refinancing risk. Recovery plan to optimise Net Debt Deliver ROIC > 10%4 Investing to create competitive advantages and drive value 3 Disciplined allocation of capital Grow invested capital with disciplined investment, return surplus capital Prioritising debt reduction, minimising capex and no shareholder distributions 100 Maintainable EPS5 growth over the cycle Total shareholder returns in the top quartile6 1. Refer to slide 11 of the Supplementary Presentation for calculation of target Net Debt range. 2. Return on Invested Capital (ROIC). Refer to slide 10 of the Supplementary Presentation for the calculation of ROIC. 3. Weighted Average Cost of Capital (WACC), calculated on a pre-tax basis. 4. Target of 10% ROIC allows ROIC to be greater than pre-tax WACC. 5. Earnings Per Share. 6. Target Total Shareholder Returns within the top quartile of the ASX100 and global listed airline peer group as stated in the 2020 Annual Report, with reference to the 2020-2022 LTIP. | 21

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