Three-Year Recovery Plan

Qantas International (including Freight) Record Freight profit¹ supported by surging domestic e-commerce trends and strong international yields Freight providing a significant natural hedge to international passenger business, materially covering international airline cash holding costs Pre-COVID FY21 FY20 FY19 Revenue $M 1,598 6,077 7,420 Underlying EBITDA SM 117 846 1,045 Support of Australian exports via International Freight Assistance Mechanism (IFAM) - Ongoing fleet renewal program with 3 x A321 converted freighters by December 2021 Underlying EBIT $M (575) 56 323 - Australian freight market leadership underpinned by long-term customer contracts Operating Margin % <0 0.9 4.4 International passenger business largely grounded, maintaining readiness for restart ASKS Σ 640 50,484 69,571 - Restart of Trans-Tasman flying, averaging ~40% of Pre-COVID levels² in 4Q21, impacted by directional demand and border closures - A380 fleet maintained to ensure readiness Seat factor % N/A 84.1 86.0 A330 and 787 fleets operated 8% of Pre-COVID block hours, supporting IFAM and government repatriation flights in addition to domestic network - ~$250m in recovery cost benefits delivered in FY21, on track for >$400m by FY233 Well-positioned for restart of international operations and to take advantage of international travel bubbles when they emerge - Existing joint business agreements (JBAs) maintained (American, Emirates, China Eastern); proposed JBA with Japan Airlines under regulatory consideration Well-positioned for efficient restart of international operations 100 1. Underlying EBITDA. 2. FY19 Available seat kilometres as a proxy for Pre-COVID performance. 3. Cumulative recovery program benefits. | 17

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