Appendix 3

Consolidated Balance Sheet of Qantas Group for the year ended 30th June 2009, 2010 and 2011

As at 30 June 2011

%relative to

%relative to June10 total Asset $M

%relative to Jun-09 total Asset $M

June-11 total Asset $M CURRENT ASSETS Cash and cash equivalents Receivables Other financial assets Inventories Current tax receivable Assets classified as held for sale other Total Current Assets NON-CURRENT ASSETS Receivables Other financial assets Investment accounted for using the equity method other investment property, plant and equipment Intangible assets other Total non-current assets Total assets CURRENT LIABILITIES 3496 1027 318 371 0 20 408 5461 17 5 2 2 0 0 2 26

3704 1088 233 319 0 91 397 5832

19 6 1 2 0 1 2 29

3617 1054 561 250 128 26 330 5966

18% 5 3 0 1 0 2 30

423 70 476 0 13652 593 3 15217 20858

2 0 2 0 66 3 0 73 100

407 102 378 3 12516 668 4 14078 19910

2 1 2 0 63 3 0 71 100

522 344 387 3 12155 664 8 14083 20049

3 2 2 0 61 3 0 70 100

Payables revenue receivable in advance Interest bearing liabilities other financial liabilities provisions Deferred lease benefits Liabilities classified as held for sale Total current liabilities NON-CURRENT LIABILITIES Revenue received in advance Interest-bearing liabilities Other financial liabilities Provisions Deferred tax liabilities Deferred lease benefits Total non-current liabilities Total liabilities Net Assets EQUITY Issued capital Treasury shares Reserves Retained earnings Equity attributable to member of Qantas Minority Interest Total equity

1738 3067 577 397 456 0 0 6235

8 15 3 2 2 0 0 30

1750 3167 630 242 448 0 4 6241

9 16 3 1 2 0 0 31

1833 3109 608 641 507 16 0 6714

10 16 3 3 3 0 0 33

1111 5454 493 647 767 0 8472 14707 6151

5 26 2 3 4 0 41 71 30

1067 5115 231 560 715 0 7688 13929 5981

5 27 1 3 4 0 39 70 30

1232 4895 268 533 607 35 7570 14284 5765

6 24 1 3 3 0 38 71 29

4729 -72 85 1405 6147 4 6151

23 0 0 7 30 0 30

4729 -54 109 1155 5939 42 5981

24 0 1 6 30 0 30

4729 -58 7 1043 5721 44 5765

24 0 0 5 26 0 29