Qantas Airways Limited · ASX:QAN
Qantas Airways — Merger or Acquisition (February 2007)
14 slides from Qantas Airways's merger presentation, Feb 2, 2007
Slide 1: a ll fn y ill " ~ Hall cy "
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Slide 2: Disclaimer
AIRLINE = | PAR NERS. | AUSTRALIA fe Pes [ea This document has been prepared by Airline Partners Australia Limited (“Airline Partners Australia”) solely for information purposes in relation to Airline Partners Australia’s proposed acquisition of Qantas Airways Limited (“the Proposal’). Notwithstandi
Slide 3: $5.60 cash offer provides a substantial premium for Qantas shareholders
» $5.60 cash offer provides a substantial premium for Qantas shareholders: » 60% premium to 3 year VWAP” » 61% premium to 6 month VWAP » 37% premium to the average broker price target® * Unanimously recommended by the 9 Independent Directors of Qantas in the absence of a superior proposal and subjec
Slide 4: 60% premium to Qantas' average share price for the 3 years to 6 November 2006
an ne ee ey y Les, ae recerapeiaaye we , emcee 7 oo oF Ve ys : oe Dy a es 5 y ee : Loy eae We oe Cc ie ey i y . AIRLINE oS 60% premium to Qantas’ average share price for the 3 years to 6 November 2006' Qantas Share Price v Offer price $6.00 Offer Price $5.60 BO $5.00 z 8 $4.50 a p $4.00 8 Oo $3.50 3
Slide 5: Highly attractive premium to recent share price levels and average broker price target
a ” if ia. ae Le ; LIE : Le ; TE Heh BRUISE . | AIRLINE — — e a * Highly attractive premium to recent share price levels and the average broker price target ; Offer price premium $6.00 - $5.60 $5.50 | TST TTS TTT TTS $5.00 | - i - . 2 50% 645 _ 58% 37% gs Premiucn Premium Premium Premium @ 2 rd s o
Slide 6: Attractive premium compared to other Australian takeovers
at a Ny: ae ee LEI ye ES SD Q Lo Ue B ae ee i SLL EE y 7 — * Attractive premium compared to the average and median premia for other Australian takeovers Takeover premium comparison’ 70% 60% +—- — -s-CO CC OTT TTT TT 50% 40% 30% 20% 10% 0% Premium over 6 month volume weighted average price Qantas Off
Slide 7: Qantas will remain majority Australian-owned and controlled
* Qantas will remain majority Australlan-owned and controlled, as guaranteed by the Qantas Sale Act * At least two thirds of the new Board and the Chairman will be Australian citizens * Qantas’ operational centre and head office will remain in Australia Qantas’ Australian ownership 100% 53.9% ' 0% .
Slide 8: Supporting the growth of Qantas and Jetstar
"TAUSTRALIA * Supporting the growth of Qantas and Jetstar, both domestically and internationally * $10 billion capital investment program over the next 5 years ¢ More than 70 new aircraft to be introduced by 2014 » increasing capacity by around 40% » delivering improved customer service and more cho
Slide 9: Airline Partners Australia supports Qantas' existing senior management team and strategy
Airline Partners Australia fully supports Qantas’ existing senior management team and their strategy Under Airline Partners Australia’s ownership, Qantas will: » remain Australia’s national “flag carrier” » continue to employ and train thousands of Australians » continue Qantas’ substantial training
Slide 10: Airline Partners Australia intentions for Qantas
* Airline Partners Australia has: » No intention to break up the airline » No intention to reduce regional services » No intention to change Qantas’ existing strategy of continuing maintenance operations in Australia and creating globally competitive maintenance operations * The transaction will not
Slide 11: Committed, experienced and responsible owners
Committed, experienced and responsibie owners Australian-owned and Australian-based ASX-listed global financial services business Australian-based operator in long-term aircraft leasing with a global aviation presence » Established relationships with top tier airlines including Qantas 4 ALLCO Allee
Slide 12: The Board includes individuals with substantial experience in the aviation sector
ae AIRLINE [PARTNERS | AUSTRALIA CE ae 2 The Board includes individuals with substantial experience in the aviation sector Benjamin Gray Bob Mansfield, AO Rowan Ross Australian citizen Australian citizen Australian citizen Australian citizen Representing: Alloo Equity Partners Representing: TPG Repr
Slide 13: Timetable
Timetable Offer opens Dispatch of Bidder’s Statement to shareholders Offer close date (unless extended) Conditions’ * 90% minimum acceptance condition * — No injunction « No material adverse change (limited in scope) * No breach by Qantas of the implementation deed » No prescribed occurrences 1 Refe
Slide 14: Further information
1. Bidder’s Statement To be dispatched to Qantas shareholders in the week commencing 5 February 2007 Also available at: WWW.AS%.COM.aU www.alr neparinersausiralia com.ay 2. Airline Partners Offer Information Line’ Within Australia: 1300 724 246 International: +61 3 9415 4393 3. Airline Partners Aust
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