Three-Year Recovery Plan

Disciplined capital allocation. • • Disciplined capital expenditure Net capital expenditure¹ of $693m in FY21, including capitalised maintenance on operational fleet and delivery of the first of three A321-200P2F freighters FY22 capital expenditure² expected to be $800m Capital expenditure ($B] -0.4 -0.9 2.0 1.6 0.7 Shareholder Capital Movements ($B) 4.3 +2.8 1.4 6 Year Equity Shareholder Raise & SPP Distributions FY20F FY20 Actual FY21 Actual Shares on Issue (M) -14% Shareholder capital movements Additional $72m equity³ raised through retail Share Purchase Plan (SPP) adding 22.6m new ordinary shares to supplement institutional placement completed in FY20 2,196 2,062 1,919 1,832 1,808 1,745 1,684 1,626 1,571 1,491 1,863 1,886 1,886 30 31 30 31 30 31 30 31 30 31 30 31 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 30 Conservative capital allocation as focus turns to Balance Sheet repair 100 1. Equal to net investing cash flows included in the Consolidated Cash Flow Statement and the impact to Invested Capital from the disposals/acquisitions of leased aircraft. 2. Net capital expenditure excluding any potential proceeds from the sale of land. 3. Retail Share Purchase Plan completed on 10 August 2020. | 25

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