Eindhoven Airport Catchment MIDT Analysis and business cases

May 28 Eindhoven Airport Eindhoven Airport Catchment MIDT Analysis and business cases 1

Introduction The following analysis is based upon MIDT data for bookings made within the immediate catchment area of Eindhoven Airport (EIN) in 27. For this analysis, this was taken to be 1 hours drive time from the airport, which encompasses the Central and South Eastern regions of the Netherlands, elements of Western Germany and Northern Belgium The data reflects OUTBOUND traffic from the catchment using the following airports as their gateways: - CDG - DUS - AMS - BRU - EIN and MST _ 2

EIN Catchment MIDT Market Characteristics 3

Catchment Characteristics _ POS Country Data POS Ctry AMS DUS BRU CDG MST EIN Total Pax Netherlands 776 82 59 19 9 3 949 () Belgium 4 9 423 11 483 Germany 1 221 9 6 247 Total 827 312 492 36 9 3 1,679 Country Netherlands 94% 26% 12% 53% 95% 98% 56% Point of Belgium 5% 3% 86% 31% 1% 1% 29% Sale Germany 1% 71% 2% 17% 4% % 15% Gateway Netherlands 82% 9% 6% 2% 1% % 1% Market Belgium 8% 2% 88% 2% % % 1% Share Germany 4% 9% 4% 2% % % 1% Total 49% 19% 29% 2% 1% % 1% In 27 the catchment generated 1.68 million OUTBOUND passengers captured by MIDT 4

Catchment Characteristics TOP O&D Region Markets Market Share Dest Region AMS BRU CDG DUS EIN MST Total % Total AMS BRU CDG DUS EIN MST Europe 394 278 26 217 3 4 923 55% 48% 57% 74% 69% 1% 48% Asia 14 4 2 3 2 213 13% 17% 8% 7% 1% % 17% North America 18 56 1 19 2 186 11% 13% 11% 3% 6% % 21% Middle East 43 57 1 27 129 8% 5% 12% 2% 9% % 2% Africa 62 46 3 1 1 122 7% 8% 9% 8% 3% % 7% South America 28 8 1 4 4 2% 3% 2% 2% 1% % 1% Oceania 31 4 1 3 4 2% 4% 1% 3% 1% % 3% Carribbean 19 2 1 22 1% 2% % 1% % % 1% Central America 3 1 5 % % % % % % % Total 827 492 36 312 3 9 1,679 1% 1% 1% 1% 1% 1% 1% 5

Catchment Characteristics Top O&D Country Markets Market Share Dest Country AMS BRU CDG DUS EIN MST Total % Total AMS BRU CDG DUS EIN MST USA 89 5 1 16 2 158 9% 56% 32% % 1% % 1% Germany 32 23 7 77 139 8% 23% 16% 5% 56% % % UK 66 29 1 19 3 1 12 7% 55% 24% 1% 16% 2% 1% Italy 43 44 1 12 11 6% 43% 44% 1% 12% % % Spain 41 41 1 16 99 6% 42% 41% 1% 16% % % Thailand 54 5 11 7 4% 76% 8% 1% 15% % % France 28 19 1 11 59 3% 47% 32% 1% 18% 1% % Turkey 17 17 14 49 3% 36% 34% % 3% % % Switzerland 16 16 13 46 3% 36% 35% 1% 29% % % China 28 9 4 1 42 2% 66% 22% 1% 1% % 1% Morocco 19 18 2 39 2% 49% 46% % 5% % % Israel 5 3 1 36 2% 14% 84% 1% 2% % % Austria 12 9 15 35 2% 34% 24% % 42% % % Portugal 16 16 1 33 2% 48% 47% 1% 4% % % Denmark 16 8 5 3 2% 54% 28% % 17% % % Russia 9 8 11 29 2% 32% 28% % 4% % % India 13 1 4 28 2% 47% 37% 1% 15% % 1% South Africa 16 8 1 2 26 2% 6% 29% 2% 9% % % Indonesia 21 2 1 1 25 1% 83% 9% 3% 5% % 1% Sweden 13 7 3 23 1% 55% 29% 2% 14% % % Canada 16 4 2 22 1% 72% 17% 1% 9% % 1% Greece 8 8 6 22 1% 36% 38% % 25% % % Poland 9 8 4 21 1% 41% 38% 1% 2% % % Czech Rep 1 5 5 21 1% 5% 25% 1% 24% % % Other 23 97 2 55 4 47 24% 57% 24% 5% 14% % 1% Total 827 492 36 312 3 9 1,679 1% 1% 1% 1% 1% 1% 1% 6

Catchment Characteristics Top O&D Markets Europe Market Share Dest AMS BRU CDG DUS EIN MST Total % Total AMS BRU CDG DUS EIN MST LHR 28 1 1 8 3 5 5% 57% 21% 1% 16% 5% % MUC 1 7 27 43 5% 22% 16% 1% 61% % % BCN 24 15 4 43 5% 54% 35% 1% 1% % % FCO 18 11 2 32 3% 57% 35% 1% 7% % % ZRH 11 7 1 28 3% 37% 24% 1% 37% % % TXL 7 1 18 26 3% 27% 4% 1% 67% % % VIE 11 7 8 26 3% 41% 28% 1% 31% % % CPH 13 7 4 25 3% 53% 28% 1% 18% % % MXP 1 7 5 22 2% 44% 34% 1% 21% % % MAD 9 8 4 21 2% 42% 36% 1% 21% % % LIS 9 1 1 2 2% 45% 5% 1% 4% % % PRG 1 5 4 19 2% 51% 26% 1% 22% % % CDG 13 4 18 2% 75% % % 25% % % HAM 4 4 9 17 2% 23% 22% 2% 53% % % AMS 1 13 1 2 16 2% % 3% 81% 5% % 11% ATH 6 7 2 15 2% 43% 46% 1% 11% % % SVO 5 3 5 14 1% 4% 21% 1% 38% % % BUD 6 5 2 13 1% 47% 34% 1% 18% % % GVA 5 7 1 13 1% 38% 52% 1% 8% % % BHX 5 4 3 13 1% 4% 34% 1% 24% % 1% ARN 8 2 2 12 1% 68% 16% 3% 13% % % NCE 4 7 1 12 1% 31% 57% 1% 1% % % WAW 5 5 2 12 1% 44% 38% 1% 17% % % HEL 6 3 2 11 1% 57% 26% 1% 15% % 1% DUB 8 2 1 11 1% 69% 21% % 9% % % MAN 4 3 3 11 1% 38% 28% 2% 31% % 1% OTP 6 3 1 1 1% 6% 29% 1% 1% % 1% Other 148 128 8 82 1 368 4% 4% 35% 2% 22% % % Total 394 278 26 217 3 4 923 1% 43% 3% 3% 24% % % 7

EIN Catchment - PRG MIDT Market Characteristics 8

Catchment Characteristics PRG % Market Share POS Country AMS BRU CDG DUS EIN MST Total Total AMS BRU CDG DUS EIN MST Belgium 4 5 24% 8% 87% 1% 5% % % Germany 3 3 14% % 3% 1% 95% % % Netherlands 9 1 1 12 62% 81% 7% % 12% % % Total 1 5 4 19 1% 51% 26% 1% 22% % % % Market Share Fare Class AMS BRU CDG DUS EIN MST Total Total AMS BRU CDG DUS EIN MST Disc Y 9 4 3 17 9% 55% 25% % 19% % % Full Y 1 1 6% 18% 29% 1% 52% % % Prem 1 5% 24% 33% 2% 41% % % Total 1 5 4 19 1% 51% 26% 1% 22% % % 2.5 EIN Catchment - PRG Seasonality 2. 1.5 1..5. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 9

EIN Catchment - BER MIDT Market Characteristics 1

Catchment Characteristics Berlin (BER) % Market Share Dest AMS BRU CDG DUS EIN MST Total Total AMS BRU CDG DUS EIN MST TXL 7 1 18 26 86% 27% 4% 1% 67% % % THF 3 3 11% % 1% % % % % SXF 1 2% % 6% % 4% % % Total 7 5 18 3 1% 24% 16% 1% 59% % % % Market Share POS Country AMS BRU CDG DUS EIN MST Total Total AMS BRU CDG DUS EIN MST Belgium 4 5 15% 5% 9% 3% 2% % % Germany 1 15 17 55% 5% 1% 1% 92% % % Netherlands 6 1 2 9 3% 67% 6% % 26% % % Total 7 5 18 3 1% 24% 16% 1% 59% % % % Market Share Fare Class AMS BRU CDG DUS EIN MST Total Total AMS BRU CDG DUS EIN MST Disc Y 7 4 13 25 81% 28% 17% 1% 54% % % Full Y 1 2 3 8% 6% 26% 1% 68% % % Prem 3 3 11% 4% 8% 2% 86% % % Total 7 5 18 3 1% 24% 16% 1% 59% % % 3.5 3. 2.5 2. 1.5 1. EIN Catchment - BER Seasonality Netherlands Germany Belgium In 27 the catchment generated 1.68 million OUTBOUND passengers captured by MIDT.5. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 11

EIN Catchment Selected UK Destinations MIDT Market Characteristics 12

Catchment Characteristics UK Destinations POS % Market Share Dest Country AMS BRU CDG DUS EIN MST Total Total AMS BRU CDG DUS EIN MST BHX Belgium.2 3.3.1... 3.6 28% 5% 92% 1% 1% % % Germany..1. 2.3.. 2.4 19% 1% 4% % 95% % % Netherland 5. 1..1.7..1 6.8 53% 72% 14% 1% 11% % 1% BHX Total 5.2 4.4.1 3.1..1 12.9 1% 4% 34% 1% 24% % 1% MAN Belgium.1 2.2.1... 2.5 22% 5% 91% 3% 1% % % Germany... 2.6.. 2.7 25% 2% 1% % 97% % % Netherland 4..8.1.8..1 5.8 53% 69% 14% 2% 13% % 2% MAN Total 4.1 3.1.2 3.4..1 1.9 1% 38% 28% 2% 31% % 1% CWL Belgium.1.1.....2 1% 45% 5% 2% % % 3% Germany....3...4 18% 12% 2% % 84% % 2% Netherland 1.4..... 1.4 72% 95% % 1% 1% % 3% CWL Total 1.5.1..3..1 2. 1% 75% 6% 1% 16% % 3% EMA Belgium..6.....6 52% % 99% % % % % Germany....... 2% % 1% % % % % Netherland.4.2.....5 46% 68% 31% % % % % EMA Total.4.8.... 1.2 1% 32% 68% % % % % % Market Share Dest Fare Class AMS BRU CDG DUS EIN MST Total Total AMS BRU CDG DUS EIN MST BHX Disc Y 4.9 3.5.1 2.1..1 11 83% 46% 33% 1% 2% % 1% Full Y.2.1..7.. 1 8% 19% 8% 1% 72% % % Prem.1.8..2.. 1 9% 7% 7% 2% 21% % % BHX Total 5.2 4.4.1 3.1..1 13 1% 4% 34% 1% 24% % 1% MAN Disc Y 4. 2.5.1 2.6..1 9 86% 43% 26% 1% 28% % 1% Full Y..2..6.. 1 8% 2% 24% 4% 71% % % Prem.1.4..2.. 1 6% 13% 54% 5% 28% % % MAN Total 4.1 3.1.2 3.4..1 11 1% 38% 28% 2% 31% % 1% CWL Disc Y 1.5.1..3..1 2 97% 75% 6% 1% 16% % 3% Full Y...... 1% 95% % 5% % % % Prem...... 1% 79% 3% % 7% % 1% CWL Total 1.5.1..3..1 2 1% 75% 6% 1% 16% % 3% EMA Disc Y..4.... 37% % 1% % % % % Full Y.4.3.... 1 6% 52% 47% 1% % % % Prem..... 2% % 1% % % % % EMA Total.4.8.... 1 1% 32% 68% % % % % 13

Catchment Characteristics UK Destinations EIN Catchment - UK Destination Seasonality 1.4 1.2 1..8.6.4.2. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec BHX MAN CWL EMA In 27 the catchment generated 1.68 million OUTBOUND passengers captured by MIDT 14

Business Cases 15

Route Network The following presentation highlights the business opportunity for Easyjet (U2) to operate services between Eindhoven (EIN) and Berlin (SXF) and Prague (PRG) 16

EIN Market Characteristics 17

EIN Current Route Network Weekly Capacity Dest Carrier Flights Seats AGP HV 5 745 ALC HV 5 745 BGY FR 7 1,323 BUD W6 4 72 CIA FR 7 1,323 DUB FR 7 1,323 FAO HV 2 298 GRO FR 7 1,323 HAM OL 1 19 KTW W6 3 54 LCY AF 11 341 MAD FR 7 1,323 MRS FR 7 1,323 NYO FR 4 756 ORY A5 1 19 PSA FR 7 1,323 STN FR 12 2,268 VLC FR 4 756 Source: Flightbase Apr 8 18

EIN Traffic Development Year AMS EIN RTM GRG MST Total 23 39,87 432 625 142 278 41,285 24 42,642 714 1,185 154 315 45,1 25 44,214 98 1,84 162 345 46,785 26 46,129 1,177 1,125 196 33 48,957 27 47,849 1,451 1,134 22 184 5,821 1,6 EIN Traffic Development Market Share Year AMS EIN RTM GRG MST 23 96.4% 1.% 1.5%.3%.7% 24 94.7% 1.6% 2.6%.3%.7% 25 94.5% 2.1% 2.3%.3%.7% 26 94.2% 2.4% 2.3%.4%.7% 27 94.2% 2.9% 2.2%.4%.4% 1,4 1,2 1, 8 6 4 % Annual Growth Year AMS EIN RTM GRG MST Avg 23 24 7% 65% 9% 9% 13% 9% 25 4% 37% -9% 5% 1% 4% 26 4% 2% 4% 21% -4% 5% 27 4% 23% 1% 3% -44% 4% AAGR 5% 35% 16% 9% -1% 5% 2 23 24 25 26 27 Source: EU Stat 19

PRG & BER Existing Service Provision & Market Characteristics 2

Existing Service Provision to BER Weekly Freq Weekly Seats Airport Carrier SXF THF TXL Total SXF THF TXL Total DUS AB 46 46 7,147 7,147 LH 59 59 7,14 7,14 DUS Total 15 15 14,161 14,161 CDG AF 35 35 5,537 5,537 LH 17 17 85 85 CDG Total 52 52 6,387 6,387 AMS HV 7 7 1,43 1,43 KL 34 34 4,852 4,852 AMS Total 41 41 5,895 5,895 BRU LH 22 22 1,1 1,1 SN 38 38 3,463 3,463 U2 7 7 1,92 1,92 BRU Total 7 38 22 67 1,92 3,463 1,1 5,655 DTM AB 16 16 34 34 DTM Total 16 16 34 34 Total 7 38 236 281 1,92 3,463 27,847 32,42 Source: Flightbase Apr 8 21

Existing Service Provision to PRG Airport Carrier Freq Seats DUS LH 18 1,2 OK 13 1,755 DUS Total 31 2,775 CDG AF 28 4,247 OK 27 3,84 QS 6 1,116 CDG Total 61 9,23 AMS KL 14 1,442 NE 13 1,937 OK 25 3,624 AMS Total 52 7,3 BRU NE 7 1,43 OK 18 2,358 SN 25 2,56 BRU Total 5 5,97 DTM U2 7 1,92 DTM Total 7 1,92 Total 21 25,98 Source: Flightbase Apr 8 22

BER Traffic Development % Annual Growth Airport 23 24 25 26 27 % Total 7 24 25 26 27 AAGR 7 v 3 AMS 253 282 343 417 379 26% 11% 22% 22% -9% 11% BRU 17 19 98 11 155 11% 3% -1% 12% 41% 1% DTM 16 22 23 % -1% 4% -1% -1% DUS 721 78 788 857 917 63% -2% 11% 9% 7% 6% MST 87 115 % 33% -1% NRN 95 % -1% Total 1,97 1,194 1,337 1,521 1,451 1% 9% 12% 14% -5% 7% Berlin Traffic Trends 16 14 16 14 EIN Catchment - BER Seasonality 12 12 1 8 6 4 2 23 24 25 26 27 NRN MST DTM BRU AMS DUS 1 8 6 4 2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DUS BRU AMS Source: EU Stat 23

PRG Traffic Development % % Annual Growth Airport 23 24 25 26 27 Total 7 24 25 26 27 AAGR 7 v 3 AMS 326 344 341 378 46 45% 5% -1% 11% 7% 6% BRU 15 18 198 218 275 31% 2% 1% 1% 26% 16% DTM 34 85 82 81 9% 151% -3% -1% 34% DUS 8 92 112 128 135 15% 15% 22% 14% 6% 14% Total 556 649 735 86 897 1% 17% 13% 1% 11% 13% 1 9 8 7 6 5 4 3 2 1 Source: EU Stat EIN Catchment - PRG Seasonality Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DUS DTM BRU AMS 1, 9 8 7 6 5 4 3 2 1 PRG Traffic Development 23 24 25 26 27 DTM DUS BRU AMS 24

Traffic Forecast 25

EIN Market Stimulation Route Existing Mkt Size EIN Mkt Yr 1 % Stim DUB 78 93 13% FCO/CIA 1,198 112 9% MIL/BGY 1,48 112 8% BCN/GRO 1,892 98 5% MAD 1,93 19 6% EIN Stimulation Chart % Stimulation 26% 24% 22% 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% % 2,5 2,4 2,3 2,2 2,1 2, 1,9 1,8 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1, 9 8 7 6 5 4 3 2 1 Existing market Size () Source: EU Stat 26

EIN PRG & BER Forecast EIN Stimulation Chart 26% 24% 22% 2% % Stimulation 18% 16% 14% 12% 1% 8% 6% 4% 2% % 2,5 2,4 2,3 2,2 2,1 2, 1,9 1,8 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1, 9 8 7 6 5 4 3 2 1 Existing market Size () BER PRG Existing Mkt Size 27() 1,5 9 Potential Mkt Stim 8% 11% Potential EIN Stimulated Mkt () 12 99 Yr 1 Maturity Disc 25% 25% Target pax volume () 9 74.25 Yr Tgt Pax LF 85% 85% Projected Carrier Weekly Annual Seats () Projected Pax Freq (A/C Size: 156 seats) () 4 65 55 55 5 81 69 69 6 97 83 83 7 114 97 97 Source: EU Stat 27

Financial Evaluation 28

Sector Operating Costs SXF - EIN Assumptions: The following Sector Operating Costs have been derived from a combination of cost data derived from specific flight plan data (to derive sector block times, fuel consumption and en-route charges) and U2 s 27 annual report where by given cost elements per seat have been transformed into cost elements per block hour hour Sector Operating Cost and Breakeven Analysis 1. Carrier/Service Details Carrier U2 Aircraft type A319 Origin SXF Destination EIN Weekly Freq 7 Avg Fare EUR 31 2. DOC's Per Sector 5. PVC Per Sector Fuel 1,279 Airport Pax Charge(s). Maintenance 249 Commision. En-route charges Landing Charges Fixed Movement costs 388 17 Catering/Other CRS Charge Total PVC's... Handling 89 Crew Allowance/Hotac/Cat) 6. Airport Discounts Per Sector/Pax Yr 1 Other Costs 411 Landing Charges Sector Block time: 55 min flight, 1 min taxi = 1:5 min Contingency Total DOC's 3,36 3. ASC's Per Sector Handling Pax Charge 7. Breakeven Load Factor Analysis Fuel Cost taken to be USD 735 per tonne (figure quoted as hedged cost for 28) Lease Cost 27 Insurance Crew Salaries Total ASC's 517 787 7.1.1 No Discounts Breakeven LF 7.1.2 With Discounts 85% 1EUR = USD 1.53 4. Total Fixed Costs Per Sector Overhead Cost Breakeven LF 85% Total Fixed Costs 4,93 Source: EU Stat 29

Sector Operating Costs SXF EIN Breakeven Breakeven Load Factors Versus Avg Sector Fare Assumptions: Carrier/Service Details Carrier U2 Aircraft type A319 At a planning load factor of 85% the breakeven NETT average fare would have to be EUR 31(excluding govt taxes and other costs passed direct to the passenger If fuel were to cost USD 9 per tonne, 85% breakeven load factor fare moves to EUR 33 per sector Origin SXF Destination EIN Weekly Freq 7 Avg Sector Fare EUR 31 Breakeven LF(%) Vs. Avg Sector Fare 12% Load Factor 1% 97% 94% 9% 87% 85% 8% 6% 82% 8% 77% 75% 4% 2% % 27 28 29 3 31 32 33 34 35 Avg Sector Fare Fare Interval EUR 1 Fare B/E LF Equiv Pax 27 28 29 3 31 32 33 34 35 97% 94% 9% 87% 85% 82% 8% 77% 75% 11,76 17,34 12,77 99,347 97,63 93,637 91,354 87,928 85,644 Source: EU Stat 3

Sector Operating Costs PRG - EIN Assumptions: Sector Operating Cost and Breakeven Analysis 1. Carrier/Service Details Carrier U2 Aircraft type A319 Sector Block time: 1:5 min flight, 1 min taxi = 1:15 min Origin Weekly Freq 2. DOC's Per Sector PRG Destination EIN 5 Avg Fare EUR 34 5. PVC Per Sector Fuel Cost taken to be USD 735 per tonne (figure quoted as hedged cost for 28) Fuel 1,456 Maintenance 288 En-route charges 436 Landing Charges 17 Fixed Movement costs Airport Pax Charge(s). Commision. Catering/Other. CRS Charge. Total PVC's. Handling 89 1EUR = USD 1.53 Crew Allowance/Hotac/Cat) Other Costs 489 6. Airport Discounts Per Sector/Pax Yr 1 Landing Charges Contingency Handling Total DOC's 3,647 Pax Charge 3. ASC's Per Sector 7. Breakeven Load Factor Analysis Lease Cost 311 Insurance Crew Salaries 596 Total ASC's 98 7.1.1 No Discounts Breakeven LF 7.1.2 With Discounts 86% 4. Total Fixed Costs Per Sector Breakeven LF 86% Overhead Cost Total Fixed Costs 4,554 Source: EU Stat 31

Sector Operating Costs PRG EIN Breakeven Assumptions: At a planning load factor of 85% the breakeven NETT average sector fare would have to be EUR 34 (excluding govt taxes and other costs passed direct to the passenger If fuel were to cost USD 9 per tonne, 85% breakeven load factor fare moves to EUR 37 per sector Breakeven Load Factors Versus Avg Sector Fare Carrier/Service Details Carrier U2 Aircraft type A319 Origin PRG Destination EIN Weekly Freq 5 Avg Sector Fare EUR 34 Breakeven LF(%) Vs. Avg Sector Fare 12% 1% 97% 94% 91% 88% 86% 8% 83% 6% 81% 79% 77% Load Factor 4% 2% % 3 31 32 33 34 35 36 37 38 Avg Sector Fare Fare Interval EUR 1 Fare B/E LF Equiv Pax 3 31 32 33 34 35 36 37 38 97% 94% 91% 88% 86% 83% 81% 79% 77% 78,989 76,546 74,13 71,66 7,32 67,589 65,96 64,331 62,73 Source: EU Stat 32