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Making a strong business stronger

18 June 2013

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Introduction

John Barton Chairman

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Fleet order

Carolyn McCall Chief Executive Officer

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Continuation of strategy to drive growth and returns

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

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

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easyJet Ryanair Lufthansa Norwegian Vueling airberlin IAG Air France KLM

16% 16% 12% 9% 7% 3% 1% n/a

ROCE

Bubble represents size of ROCE

easyJet’s leading ROCE is driven by high asset utilisation

Adj. Asset turnover

easyJet generates highest returns in sector

easyJet 16%

Ryanair 16%

Vueling 7%

Norwegian 9%

airberlin 3%

IAG 1%

Lufthansa 12%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0.0% 3.0% 6.0% 9.0% 12.0% 15.0%

Adj. NOPAT Margin

1. Data from company filings sourced by Goldman Sachs.

2. Local corporation tax rates for 2012 sourced from KPMG www.kpmg.com/global/en/services/tax/tax-tools.

3. ROCE shown calculated using leases capitalised at 7x for 12 months to 31 March 2013.

4. 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 2013.

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Lowest cost of

ownership • Identify funding

requirements

• Portfolio approach – 70/30

owned / leased mix

• Alignment of owners’ interests with operators' obligations

easyJet’s approach to fleet strategy

Integrated approach required to deliver lowest fleet cost across the lifecycle

Lowest cost of support

• Maintain asset technical integrity

• Define and plan business needs

• Maximise value from strategic supplier relationships

Lowest lifecycle cost • Business case driven decisions

• Negotiate fleet transactions

• with range of suppliers –

• manufacturers and lessors

• Maximising transaction benefits

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

Maintenance and Engineering

Finance

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Existing arrangements with Airbus

• Contract provides for up to 315 aircraft

• Original contract announced in 2002 for 120 firm orders and 120 purchase rights

• 2006 – 75 additional purchase rights approved by shareholders

• 230 have been delivered as at 31 May 2013

• 15 further deliveries by 2014

• 39 options and 31 purchase rights remaining

2003 - 2014 (Current Contract)

Excludes the 2 ex GB Airways aircraft

230

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39

31

0

50

100

150

200

250

300

350

Delivered to date Further deliveries

Options Purchase rights

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New technology options available to easyJet

Airframe First delivery / First firm airline order

Fuel saving1

Airbus A320neo family 2015 / Virgin America 15%1

Boeing 737 MAX family 2017 / Southwest 13%2

Bombardier CSeries 2014 / Lufthansa (for Swiss) 20%3

1. Manufacturer’s estimate vs. current generation A320 2. Manufacturer’s estimate vs. “today’s most efficient single aisle airplanes” 3. Manufacturer’s estimate vs. “in production aircraft in its class”

Engine Available on aircraft family

P&W PurePower PW1000G • Airbus A320neo

• Bombardier CSeries

CFM LEAP • Airbus A320neo

• Boeing 737 MAX

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Highly competitive, rigorous and thorough process

Technical review

• Airframe and engine suitability

• Technology risk assessment

• Ability to meet future environmental standards

• Price

• Commercial benefits

• Support

• Guarantees

• Maximise cost / benefit

• Minimise cost per seat

• Minimise P&L impact of any transaction

2012 Jan – May 2013 Jun – Jul 2013

Fleet planning

Financial analysis

Transaction

• Deliver capacity needs of 10 year fleet plan

• Minimise investment in current generation aircraft

• Fleet delivery flexibility

Selection criteria

Requirements

Mission capability

• Minimise any payload loss carried across network

• Minimum take-off weight and engine thrust

• Minimise fuel burn

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New Framework Arrangements with Airbus

• 35 A320 current generation with CFM engines

• 33 options1

• 2 purchase rights

• Aircraft for delivery between 2015 and 2017

• 6 options2 and 29 purchase rights remaining

• 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 2025

New Framework Arrangements

1. As part of the exercise of options the final 2 remaining ex-GB Airways deliveries have been cancelled 2. Expire 30 September 2013

• Contract provides for up to 315 aircraft

• Original contract announced in 2002 for 120 firm orders and 120 purchase rights

• 2006 – 75 additional purchase rights approved by shareholders

• 230 have been delivered as at 31 May 2013

• 15 further deliveries by 2014

• 39 options and 31 purchase rights remaining

2002/6 Contract with Airbus

2003 - 2014 (Current Contract)

2015 - 2017 Bridge (Current Contract)

2017 - 2022 New Generation contract

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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

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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

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Enhances easyJet’s cost advantage

Chart assumes fuel at US$1,100/tonne

Move to new generation will allow easyJet to maintain its cost advantage

Total cost saving of 11-12% against current 156 seat aircraft

Move to 180 seat A320 enhances easyJet’s cost per seat advantage

Current generation

A319

Fuel Maintenance Crew Ground ops and

navigation

Ownership Other Current generation

A320

Fuel Ownership New generation A320neo

4-5%

7-8%

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Profitable opportunities within existing markets

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.

EZJ 46m seats

Non-LCC P2P (est)

86m seats

Non-LCC transfer (est)

26m seats

Other LCC 51m seats

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 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

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Flexibility and increasing the proportion of A320s in the fleet

2014 2015 2016 2017 2018 2019 2020 2021 2022

Fleet plan – base case1 226 231 241 256 261 264 269 276 276

Current Generation A3201, 2

32% 36% 39% 42% 41% 41% 40% 39% 39%

Current Generation A3191, 2

68% 64% 61% 57% 52% 44% 41% 33% 25%

New Generation A320neo1, 2

- - - 1% 7% 15% 19% 28% 36%

Average age of fleet (years)1

5.8 6.4 7.2 7.6 7.7 7.8 8.3 8.0 7.9

Seats flown growth 4.7% 4.6% 5.4% 4.8% 3.0% 3.0% 3.0% 2.8% 3.1%

Maximum fleet1, 3 226 237 247 262 279 300 301 306 298

Minimum fleet1 226 215 217 223 185 167 177 162 165

1. At the end of the relevant Financial Year 2. Based on fleet plan – base case 3. Does not include the purchase rights

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Flexible arrangements to de-risk the fleet plan

226 231

241

256 261

264 269

276 276

125

150

175

200

225

250

275

300

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Fleet Plan

Ability to downsize fleet to 165 aircraft by 2022 if conditions dictate

FY14

FY15

FY16 FY17

FY22

FY18

FY19

FY20

FY21

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Financial impact of the new framework arrangements

Chris Kennedy Chief Financial Officer

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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

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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

• ROCE1 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;

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Fleet expenditure broadly in line with current levels

2005-20121 2013 – 20142 2015-20172 2018-20222

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 2005 – 2012 Financial Years 2 . Based on estimated revenue

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Conclusion

Carolyn McCall Chief Executive Officer

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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

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Q&A

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Appendix

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easyJet generates highest returns in sector

easyJet Ryanair Vueling Norwegian airberlin IAG Air France Lufthansa

LCU LCU LCU LCU LCU LCU LCU LCU

EBIT 390 718 34 1,047 31 -52 -219 1,257

Interest on leases (33%) 31 33 43 346 198 143 322 33

Adjusted EBIT 421 751 77 1,393 229 91 103 1,290

Tax (local enacted rate) -101 -94 -23 -390 -68 -43 -107 -381

NOPAT 320 657 54 1,003 161 48 -5 909

Tax rate % 24% 13% 30% 28% 30% 30% 33% 30%

Ave. equity 1,587 3,290 227 1,982 -26 5,061 4,671 4,900

Ave. net debt / (cash) -238 54 -331 3,004 703 1,431 7,054 1,923

Ave. capitalised leases (7.0x) 683 661 823 6,693 4,116 2,891 6,409 826

Average capital employed 2,032 4,005 719 11,679 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 www.kpmg.com/global/en/services/tax/tax-tools.

3. ROCE shown calculated using leases capitalised at 7x for 12 months to 31 March 2013.

4. 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 2013.

All figures expressed in reported local currency units (LCU)

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