1

2006 Interim Results

03 May 2006

2

Unlocking our potential

Strong foundation– Powerful business model– Great brand– Strong market presence and scale

The key to the future– Building a strong leadership team– Clarity of customer proposition and network– Rigorous detailed management on individual route

performance and costs

Encouraging early signs

3

Priorities and focus

Revenue Costs

NetworkPeople

Rigorous detailed review of individual route performance and cost management

4

Highlights

Good first half performance despite high fuel costs: pre-tax loss better than expectations at £40m

Cost reduction momentum continues: cost per seat ex-fuel down 6% in H1

Revenue performance better than expected: passenger revenue -1.5% per seat, flat adjusting for Easter; ancillary revenue growth excellent +31% per seat

Detailed review underway of network development and yield management

Guidance upgraded with full year pre-tax profit growth now projected at 10% - 15%

5

Profit and loss account

£m H1 2006 H1 2005 Change

Total revenue 630 553 + 14%

Operating costs (602) (520) + 16%

EBITDAR 27 34 - 19%

Finance and ownership (68) (55) + 22%

Pre-tax loss (40) (22) + 86%

Margin (6.4%) (3.9%) -2.5pp

Encouraging H1 but impact of fuel & Easter resulting in margin dilution

6

Profit build-up: contribution per seat

-60

-30

0

30

60

H1 200

5Volu

mePax

rev

Ancil r

evOps

cost

Overhe

adOwne

rship

Fuel

H1 200

6

(£22m)

(£5m)£19m

£20m

(£55m)

£14m

(£9m)(£3m)(47p)

76p

(301p)

112p

(28p)102p

(£40m)

£m

7

Passenger revenue: Easter impact largely offset

H1 2006 H1 2005 Change

Passengers (m) 14.9 13.5 + 10%

Load factor 81.8% 83.8% -2.0pp

Seats (m) 18.2 16.1 + 13%

Pax revenue (£m) 571 514 + 11%

Per seat £31.44 £31.91 - 1.5%

8

Ancillary revenues: strong performance

H1 2006 H1 2005 Change

Ancillary revenue (£m) 59 40 +47%

Per seat £3.23 £2.47 +31%

Change per seat H1 2006Card fees + 15%

Excess baggage / Sporting goods + 64%

Change fees / Rescue fees + 27%

Partner + 70%

In-flight - 8%

Partner revenues show significant improvement

Ancillary revenue per seat in order of revenue contribution

9

Cost per seat: falling costs amid significant fuel rise

Better

Worse

Cost/seat H1 2006

Change vs H1 2005

Change vs H1 2005

Other costs £ 2.32 - 28% - £ 0.92Maintenance £ 2.83 - 21% - £ 0.77Selling £ 1.43 - 12% - £ 0.20Airports / handling £ 10.29 - 2% - £ 0.16Navigation £ 3.01 - 3% - £ 0.09Crew £ 4.14 0% - £ 0.00Ownership £ 3.72 + 8% + £ 0.28Fuel £ 9.14 + 49% + £ 3.01

Total £ 36.89 + 3% + £ 1.17Total (ex fuel) £ 27.75 - 6% - £ 1.84

10

Managing costs: selling and other

-£1.50

-£0.75

£-

£0.75

£1.50

2002 2003 2004 2005 H1 2006

Q1 restructuring completed: 10% fall in head office headcountContinued benefit from reduced rates for aircraft insuranceReduction in consultancy costs of £3m compared to H1 2005

- £1.12

Change in selling and other cost per seat

Focus on efficient low cost head office

11

Managing costs: maintenance

-£1.50

-£0.75

£-

£0.75

£1.50

2002 2003 2004 2005 H1 2006

SRT contract delivering significant savings on A319 maintenanceReduction in fleet mix of 737-300s continuing: all 300s will have left the fleet by early FY 2007Higher proportion of owned A319s reduces maintenance reserves

- 77p

Change in maintenance cost per seat

Engine maintenance contracts being reviewed

12

Managing costs: airports

-£1.50

-£0.75

£-

£0.75

£1.50

2002 2003 2004 2005 H1 2006

Continued efforts to offset inflation at airportsVolume and growth discount savings at Geneva and BaselProgress made on self-handling in Spain: currently self-handling in Asturias and Almeria; Palma, Malaga and Alicante self-handling will commence in H2

- 16p

Change in airport / handling cost per seat

Focus on quality of contribution going forward

13

Managing costs: crew

-£1.50

-£0.75

£-

£0.75

£1.50

2002 2003 2004 2005 H1 2006

Crew pay deal underway: above inflation increases offered reflecting productivity improvements and market adjustmentsProposed 2 year deal will increase unit costs 11p / seat over term: impact of this in H1 offset by efficiency improvements

0p

Change in crew / training cost per seat

Pilot and cabin crew pay negotiations continuing

14

Ongoing challenge to optimise fleet mix and financing

Managing costs: aircraft ownership

-£1.50

-£0.75

£-

£0.75

£1.50

2002 2003 2004 2005 H1 2006

+46p from increase in US interest rates and strengthening USDImproved financing and fleet mix helping to offsetBetter end of lease management delivering further savingsIncrease in owned A319s from 18 to 26 (17% to 23%); 3 A319s funded from operating cashflow

Change in aircraft ownership cost per seat

+ 28p

15

250

300

350

400

450

500

550

600

650

700

750

Oct 04 Jan 05 Apr 05 Jul 05 Oct 05 Jan 06 Apr 06 Jul 06

Managing costs: fuel hedging

Jet A1 price per tonne (US$)Collar ceiling weighted averages

Collar floor weighted averages

H2 $676 / mt

H2 $603 / mt

Amount hedged:H2 44%

16

1.50

1.60

1.70

1.80

1.90

2.00

Oct 04 Jan 05 Apr 05 Jul 05 Oct 05 Jan 06 Apr 06 Jul 06

US$:£

Managing costs: US$ hedging

Amount hedged:H2 80%

H2 $1.83

H2 $1.78

Collar ceiling weighted averages

Collar floor weighted averages

17

Net income and EPS

£m H1 2006 H1 2005 Change

Pre-tax loss (40) (22) + 86%

Tax 11 6 + 84%

Net loss (29) (15) + 87%

EPS (fully diluted) (7.2p) (3.9p) + 86%

Full year effective tax rate 28% FY 2006

18

Strong balance sheet

£m Mar 06 Sep 05Aircraft (inc. deposits) 512 421Cash 726 667Goodwill 310 310Other assets 303 232Total assets 1,851 1,630

Debt 299 217Other liabilities 695 550Shareholders’ funds 857 863Total equity and liabilities 1,851 1,630

Gearing 32% 31%

Gearing defined as (debt + 7 x annual lease payments – cash) divided by (shareholders funds + debt + 7 x annual lease payments – cash)

19

Good cash generation*

350

450

550

650

750

850

Cash 9

/05 EBITDep

n / am

ortW

k cap

ital

Tax / i

nteres

tFina

ncing

Net ca

pex

Cash 3

/06

£667m

£726m

(£107m)

£68m

£8m£126m

£11m

(£47m)

* March 2006 and September 2005 cash balances are shown as reported under IFRS.

20

Conclusion

Encouraging performance for H1

Excellent progress on ancillary revenues

Relentless approach to costs now and going forward

Fuel exposure continues; 44% H2 cover but limited cover beyond

Balance sheet and cash flow remain strong

21

Business ReviewAndy Harrison

22

Priorities and focus: network

Revenue Costs

NetworkPeople

Rigorous detailed review of individual route performance and cost management

23

Network development: capacity growth

Aircraft owned / leased at end of financial year

FY 2005 FY 2006 FY 2007 FY 2008Actual ExpectedExpectedExpected

109 122 138 154

+ 15%Seats flown + 15% + 15%

24

Network development: operated fleet by base

Base 9/05 9/06 Base 9/05 9/06

Gatwick 16 + 2 Belfast 5

Luton 15 + 2 Dortmund 3 + 1

Stansted 13 Basel 3 + 1

Bristol 8 + 1 Glasgow 3 + 1

Berlin 7 + 1 Edinburgh 3

Liverpool 7 + 1 E Midlands 3

Newcastle 6 Malpensa + 3

Paris Orly 5 Tactical 7 - 1

Geneva 5 + 1 Total 109 122

25

Network development: European expansion continues

Base opened March 2006

26

Network development: new non-EU routes

Seats on sale from March 2006

27

Network development: key priorities

0%

20%

40%

60%

80%

100%

2003 2005

Frequency increase Join the dots New airports

69%

16%

27%

43%

41%4%

2003 - 2005 network development concentrated on new airports: looking forward we expect a higher proportion of growth through added frequencies and depth to the existing network

Ongoing review looking at quality of schedule and active management of route by route performance

Focus on managing the diversity of the network: primary airports, secondary airports, sun and ski routes

New Capacity Growth 2003 and 2005

28

Priorities and focus: revenue

Rigorous detailed review of individual route performance and cost management

Revenue Costs

NetworkPeople

29

Revenue: attractive options for business

Internet check-in:

No charge

Hand baggage only

Straight to security

At gate 15 minutes before flight

Apr 2006 available on 50% of departures

Unlimited hand luggage allowance

Change to earlier flight for free

Fixed rescue fee with automatic transfer to next flight

30

Revenue: product innovation

Speedy boarding trial: started March 2006, extended to 10 new routes from May 2006

£10 return to board before category A

Freedom to choose your seat

Uptake at point of sale or through ‘manage my booking’

Small scale early trial demonstrating potential

31

Revenue: maximising ancillaries

Dynamic packaging resulting in year on year improvement to conversion rates:

insurance conversions up significantly since spring 2005

car conversions doubled in same period

Improved collection process throughout the network:

excess luggage

change fees

rescue fees

Addressing in-flight

Introduction of debit card charge in line with other low cost carriers

32

Revenue: fare optimisation

In absolute terms fares remain low: median £38, mean £45

Low pricing optimised by route

Increasing resource focused on yield management

Route by route reviews

0

10

20

30

40

50

Median Mean

easyJet Fare: Apr 05 - Mar 06

£38 £45

Typical Fare Average Fare

33

Priorities and focus: people

Revenue Costs

NetworkPeople

Rigorous detailed review of individual route performance and cost management

34

People: a key point of difference

35

2006 outlook

Passenger revenue: we now anticipate full year passenger

revenue per seat to be broadly in line with 2005

Ancillary revenue: continued focus and new initiatives should

result in around 20% growth per seat for the full year

Cost ex-fuel: down by approximately 5% per seat

Fuel: we assume the price of Jet fuel will stay around current

levels

Profit before tax: we expect pre-tax profit growth for the full

year to be in the range of 10% to 15%

Appendix

37

Operating statistics

H1 2006 H1 2005 Change

Seats (m) 18.2 16.1 + 13%

Load Factor (%) 81.8 83.8 - 2.0pp

Passengers (m) 14.9 13.5 + 10%

ASKs (m) 16,672 14,526 + 15%

RPKs (m) 13,642 12,150 + 13%

Stage Length (km) 918 903 + 2%

Sectors 118,782 106,705 + 11%

38

Calculated amounts

H1 2006 H1 2005 Change

Total Revenue per pax (£) 42.39 41.03 + 3%

Cost / ASK (p) 4.02 3.96 + 2%

Cost / ASK (ex fuel) (p) 3.02 3.28 - 8%

39

H1 2005 profit & loss: summary IFRS adjustments*

£m UK GAAP Change IFRS

Total revenue 553 - 553

Operating costs (516) + 3 (519)

EBITDAR 37 - 3 34

Finance and Ownership (60) - 5 (55)

Pre-tax loss (31) + 9 (22)

Margin (5.6%) 1.7pp (3.9%)

Elimination of goodwill amortisation is the key difference

* Further details of the changes under IFRS are given in the full accounts and in the 20 January 2006 release “Explanation of the financial impact following adoption of International Financial Reporting Standards (“IFRS”)”

40

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