Making a strong business stronger. 18 June 2013

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1 Making a strong business stronger 18 June

2 Introduction John Barton Chairman 2 2

3 Fleet order Carolyn McCall Chief Executive Officer 3 3

4 Continuation of strategy to drive growth and returns Leverage easyjet s cost advantage, leading market positions and brand to deliver point-to-point low fares with operational efficiency and friendly service for our customers 1. Drive demand, conversion and yield across Europe 2. Build strong number 1 and 2 network positions 3. Maintain cost advantage 4. Disciplined use of capital Sustainable growth (slightly in excess of market c. 3% to 5% per annum) Improved returns Tangible and regular cash returns via 3x cover dividend 4

5 easyjet generates highest returns in sector ROCE easyjet Ryanair Lufthansa Norwegian Vueling airberlin IAG Air France KLM 16% 16% 12% 9% 7% 3% 1% n/a Bubble represents size of ROCE Adj. Asset turnover IAG 1% Lufthansa 12% Vueling 7% airberlin 3% easyjet 16% Norwegian 9% Ryanair 16% % 3.0% 6.0% 9.0% 12.0% 15.0% Adj. NOPAT Margin easyjet s leading ROCE is driven by high asset utilisation 1. Data from company filings sourced by Goldman Sachs. 2. Local corporation tax rates for 2012 sourced from KPMG 3. ROCE shown calculated using leases capitalised at 7x for 12 months to 31 March Lufthansa ROCE is stated including the impact of IAS19 on book equity. Lufthansa have written down a large proportion of book equity under the IAS19 rules. 5. Air France KLM not shown on graph due to 0% ROCE for 12 months to 31 March

6 easyjet s approach to fleet strategy Integrated approach required to deliver lowest fleet cost across the lifecycle Fleet plan flexibility Network requirements define capacity needs Short lead times for capacity decisions Fleet plan defines need for fleet transactions Fleet planning Fleet procurement Lowest lifecycle cost Business case driven decisions Negotiate fleet transactions with range of suppliers manufacturers and lessors Maximising transaction benefits Lowest cost of Finance ownership Identify funding requirements Portfolio approach 70/30 owned / leased mix Alignment of owners interests with operators' obligations Maintenance Lowest cost of and support Engineering Maintain asset technical integrity Define and plan business needs Maximise value from strategic supplier relationships 6

7 Existing arrangements with Airbus (Current Contract) Contract provides for up to 315 aircraft Original contract announced in 2002 for 120 firm orders and 120 purchase rights additional purchase rights approved by shareholders 230 have been delivered as at 31 May further deliveries by options and 31 purchase rights remaining 0 Delivered to date Further deliveries Options Purchase rights Excludes the 2 ex GB Airways aircraft 7

8 New technology options available to easyjet Airframe First delivery / First firm airline order Fuel saving 1 Airbus A320neo family 2015 / Virgin America 15% 1 Boeing 737 MAX family 2017 / Southwest 13% 2 Bombardier CSeries 2014 / Lufthansa (for Swiss) 20% 3 Engine P&W PurePower PW1000G CFM LEAP Available on aircraft family Airbus A320neo Bombardier CSeries Airbus A320neo Boeing 737 MAX 1. Manufacturer s estimate vs. current generation A Manufacturer s estimate vs. today s most efficient single aisle airplanes 3. Manufacturer s estimate vs. in production aircraft in its class 8

9 Highly competitive, rigorous and thorough process Selection criteria Technical review Mission capability Fleet planning Financial analysis Transaction Requirements Airframe and engine suitability Technology risk assessment Ability to meet future environmental standards Minimise any payload loss carried across network Minimum take-off weight and engine thrust Minimise fuel burn Deliver capacity needs of 10 year fleet plan Minimise investment in current generation aircraft Fleet delivery flexibility Maximise cost / benefit Minimise cost per seat Minimise P&L impact of any transaction Price Commercial benefits Support Guarantees 2012 Jan May 2013 Jun Jul

10 New Framework Arrangements with Airbus 2002/6 Contract with Airbus New Framework Arrangements (Current Contract) Contract provides for up to 315 aircraft Original contract announced in 2002 for 120 firm orders and 120 purchase rights additional purchase rights approved by shareholders 230 have been delivered as at 31 May further deliveries by options and 31 purchase rights remaining Bridge (Current Contract) 35 A320 current generation with CFM engines 33 options 1 2 purchase rights Aircraft for delivery between 2015 and options 2 and 29 purchase rights remaining New Generation contract 100 new generation A320neo aircraft Aircraft for delivery from 2017 to 2022 Engines ceiling price agreed with either CFM or Pratt & Whitney price may improve A further 100 purchase rights over A320 family aircraft to be exercised by As part of the exercise of options the final 2 remaining ex-gb Airways deliveries have been cancelled 2. Expire 30 September

11 Why Airbus has been selected All manufacturers demonstrated ability to meet easyjet s performance requirements Airbus selected on superior economics price represents a very substantial discount from the list price level of discounts applicable to the 35 Current Generation A320 Aircraft is in line with the price concessions applicable to aircraft previously delivered under the Existing Airbus Contract level of discounts with regard to the 100 New Generation A320neo Aircraft is greater than the level of discount price concessions, in percentage terms relative to the relevant list price, granted under the Existing Airbus Contract Airbus also demonstrated flexibility and capacity to support easyjet s fleet plan easyjet has secured favourable delivery dates from Airbus 11

12 We have delivered on our objectives 1. Introduce more cost efficient 180 plus seater aircraft to replace our 156 seat A319s 2. Improve on our current cost advantage over competitors on our routes through the introduction of the next generation of more fuel efficient aircraft 3. Support our prudent planned capacity increases of c.3% -5%; in line with our current strategy of delivering sustainable growth and returns 4. Retain our leading market positions; as our existing fleet ages and older aircraft exit the fleet 5. Continue to benefit from the flexibility available in our fleet planning arrangements, ensuring that we maintain the ability to phase timing of deliveries to reduce the risk of holding surplus capacity 12

13 Enhances easyjet s cost advantage Move to 180 seat A320 enhances easyjet s cost per seat advantage Move to new generation will allow easyjet to maintain its cost advantage 7-8% 4-5% Current generation A319 Fuel Maintenance Crew Ground ops and navigation Ownership Other Current generation A320 Fuel Ownership New generation A320neo Total cost saving of 11-12% against current 156 seat aircraft Chart assumes fuel at US$1,100/tonne 13

14 Profitable opportunities within existing markets Share of traffic at easyjet s top 20 airports Growth in existing markets easyjet has approximately 22% share of capacity at its top 20 airports equating to around 46m seats Other LCC 51m seats Non-LCC transfer (est) 26m seats EZJ 46m seats Non-LCC P2P (est) 86m seats Other low cost carriers (LCCs) have ~25% share Non-LCCs account for 53%, with 12% estimated to be for connections to long-haul flights New Framework Arrangements Profitable opportunities for easyjet to grow capacity at c.3% to 5% a year 2% to 4% capacity growth from new routes or increased frequencies 1% capacity increase from larger aircraft on existing routes A further 41% or 86m seats opportunity within easyjet s top 20 airports Source: Market size sourced from OAG data based on easyjet definition of short-haul routes; estimates of transfer traffic obtained from airport and company external announcements. P2P = point to point; LCC = Low-cost carrier. 14

15 Flexibility and increasing the proportion of A320s in the fleet Fleet plan base case Current Generation A320 1, 2 32% 36% 39% 42% 41% 41% 40% 39% 39% Current Generation A319 1, 2 68% 64% 61% 57% 52% 44% 41% 33% 25% New Generation A320neo 1, % 7% 15% 19% 28% 36% Average age of fleet (years) Seats flown growth 4.7% 4.6% 5.4% 4.8% 3.0% 3.0% 3.0% 2.8% 3.1% Maximum fleet 1, Minimum fleet At the end of the relevant Financial Year 2. Based on fleet plan base case 3. Does not include the purchase rights 15

16 Flexible arrangements to de-risk the fleet plan 300 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Fleet Plan FY22 FY FY20 FY FY18 FY17 FY16 FY15 FY FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Ability to downsize fleet to 165 aircraft by 2022 if conditions dictate 16

17 Financial impact of the new framework arrangements Chris Kennedy Chief Financial Officer 17 17

18 Rigorous analysis underpins the Board s recommendation Rigorous and robust financial modelling Head to head comparison of costs over a life of 20 years for aircraft which met easyjet s requirements, discounted to NPV using easyjet s WACC Detailed business plan to 2022 to analyse various fleet scenarios including the scenario where easyjet does not enter into the New Framework Arrangements Modelled on easyjet s existing network and factoring in all cost elements including fuel, navigation, airport operations and maintenance Key assumptions: A maximum age of 16 years in the period 2014 to 2022; An average aviation fuel cost of US$1,100 per metric tonne; and An average US$:GBP exchange rate of US$1.60: 1.00 and a Euro/GBP exchange rate of 1.18: 1.00 Sensitivities show the business case remains robust at varying levels of fuel price and exchange rates Externally validated: Ernst & Young LLP reviewed the construction of the financial models on the basis of the assumptions agreed by the Board BDO LLP reviewed the controls and the overall governance around the process 18

19 New Framework Arrangements aligned to financial objectives Objectives Measures New Framework Agreement Return Targets Earn returns in excess of cost of capital through the cycle Invest in growth opportunities where returns are attractive Improve profit before tax per seat to 5 ROCE 1 including operating leases Capital Structure And Liquidity Ensure robust capital structure Return excess capital to Shareholders Maintain sufficient level of liquidity to manage through the cycle and industry shocks Maximum gearing of 50% Target 4m cash per aircraft Cap of 10m adjusted net debt per aircraft Dividend Policy Target consistent and continuous payouts 3 times cover, subject to meeting gearing and liquidity targets Annual payments based on full year profit after tax Consider returns over 3 times cover to reduce excess capital Aircraft Ownership Maintain flexibility around fleet deployment and size Target of c.70% owned aircraft, c.30% leased aircraft Return on capital employed Normalised profit after tax divided by average capital employed. Normalised profit after tax comprises operating profit adjusted for implied interest on operating leases (calculated at one-third of the charge for aircraft dry leasing for the year), less tax calculated divided by average capital employed at the standard rate of corporation tax ruling at the end of the year. Average capital employed comprises the average sum of Shareholders equity and adjusted net debt (as defined in gearing ) at the start and end of the year; 19

20 Fleet expenditure broadly in line with current levels Additional aircraft 49% 37% 48% 16% Replacement aircraft 42% 39% 12% 54% Maintenance 9% 24% 40% 30% Total 100% 100% 100% 100% Total expected fleet acquisition and overhaul expenditure as a % of easyjet revenue 18% 10% c.8% 10% - 12% Fleet acquisition and overhaul expenditure expected to be funded through a combination of easyjet s internal resources, cashflow, sale and leaseback transactions and debt 1. Based on actual revenue for the Financial Years 2. Based on estimated revenue 20

21 Conclusion Carolyn McCall Chief Executive Officer 21 21

22 Conclusion Continued execution of a strategy that has delivered returns and growth for shareholders Delivers significant cost advantage through fleet replacement Flexibility in arrangements mitigates risk Enhances ability to deliver cash returns to shareholders 22

23 Q&A 23 23

24 Appendix 24 24

25 easyjet generates highest returns in sector All figures expressed in reported local currency units (LCU) easyjet Ryanair Vueling Norwegian airberlin IAG Air France Lufthansa LCU LCU LCU LCU LCU LCU LCU LCU EBIT , ,257 Interest on leases (33%) Adjusted EBIT , ,290 Tax (local enacted rate) NOPAT , Tax rate % 24% 13% 30% 28% 30% 30% 33% 30% Ave. equity 1,587 3, , ,061 4,671 4,900 Ave. net debt / (cash) , ,431 7,054 1,923 Ave. capitalised leases (7.0x) ,693 4,116 2,891 6, Average capital employed 2,032 4, ,679 4,792 9,383 18,133 7,648 ROCE 16% 16% 7% 9% 3% 1% 0% 12% Capitalised leases at 7.0x and local tax rate ROCE - using 24% Tax rate 16% 14% 8% 9% 4% 1% 0% 13% 1. Data from company filings sourced by Goldman Sachs. 2. Local corporation tax rates for 2012 sourced from KPMG 3. ROCE shown calculated using leases capitalised at 7x for 12 months to 31 March Lufthansa ROCE is stated including the impact of IAS19 on book equity. Lufthansa have written down a large proportion of book equity under the IAS19 rules. 5. Air France KLM not shown on graph due to 0% ROCE for 12 months to 31 March

26 Disclaimer This presentation has been furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed on to any other person, directly or indirectly, nor may it be published in whole or in part, for any other purpose. This presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of easyjet plc ( easyjet ) in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of easyjet. Without limitation to the foregoing, these materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold into the United States absent registration under the US Securities Act of 1933, or an exemption there from. This document should not be relied upon, or form the basis for any decision or action, by any person. easyjet nor any other party or any of their respective subsidiary undertakings or affiliates or any of such person's officers or employees, advisors or other representatives, accepts any liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this document or its contents or otherwise arising in connection with the presentation. This document has not been approved by any competent regulatory or supervisory authority. Certain statements in this presentation contain forward-looking statements These forward-looking statements can be identified by the use of forward-looking terminology, including the terms believes, estimates, forecasts, plans, prepares, anticipates, expects, intends, projects, will, targets, aims, may, would, could, continue or, in each case, their negative or other variations or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of easyjet or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In particular, certain statements in this presentation relating to future financial results, plans and expectations regarding easyjet s business, growth and profitability, as well as the general economic conditions to which easyjet is exposed, are forward-looking in nature and may be affected by factors including, but not limited to, those set out in Part 2 (Risk Factors) of the Circular. It is strongly recommended that Shareholders read Part 2 (Risk Factors) of the Circular for a more complete discussion of the factors which could affect easyjet s future performance and the industry in which it operates in the context of the New Framework Arrangements. By attending or reading this presentation you agree to be bound by the foregoing limitations. 26

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