1 1 1

Interim results Analyst and investor presentation

10 May 2011

Introduction Carolyn McCall

Chief Executive

2 2

Making progress despite tough environment

First half pre-tax loss of £153 million in line with guidance

Net cash improved by £148 million to £230 million

On target against all capital structure metrics

Improved position in Mainland Europe in line with plans:

easyJet capacity grew 17.9% versus market growth of 2.1%*

Management actions delivering:

Benefits from amended brand licence

Recovery in ancillary revenues

Improved operational performance

Good progress on delivery of strategic initiatives

3 3

*source OAG

Finance review Chris Kennedy

Chief Financial Officer

4 4

Financial results

5 5

£m H1’11 H1’10 Change

B/(W)

Total revenue 1,266 1,171 8.1%

Fuel (383) (305) 25.6%

Operating costs excluding fuel (928) (843) 10.1%

EBITDAR (45) 23 (295.7)%

Ownership costs (108) (102) 5.9%

Loss before tax (153) (79) (93.7)%

Margin (12.1)% (6.7)% (5.4)ppt

Seats (million) 28.1 25.3 11.1%

Total revenue per seat 45.11 46.35 (2.7)%

Total cost per seat excluding fuel (36.94) (37.37) 1.2%

Fuel cost per seat (13.64) (12.09) (12.8)%

Loss before tax per seat (5.47) (3.11) (75.9)%

Financial results

6

£m H1’11 H1’10 Change

B/(W)

Loss before tax (153) (79) (93.7)%

Tax credit 39 20 96.7%

Loss after tax (114) (59) (93.2)%

Loss per share 27 pence 14 pence (92.9)%

Return on capital employed (7.5)% (3.7)% (3.8)ppt

Return on equity (7.5)% (4.4)% (3.2)ppt

Effective Tax Rate is expected to be 26% in F’11

-1.55-0.27

Loss per seat

7 7

-3.20

-3.40

-3.60

-3.80

-4.00

-4.20

-4.40

-4.60

-4.80

-5.00

-5.20

-5.40

-5.60

-5.80

H1 2011

0.00

Other

costs

+0.20

Crew Disruption

+0.13

Fuel (inc fx) Revenue

-5.47

FX (ex fuel)

+0.11

H1 2010

-3.11

-3.00

-0.98

Currency impact

8 8

Currency split - total costs Currency split - total revenue

Swiss Franc

Sterling 47%

Euro

Other

2%

35%

24%

34%

Swiss Franc

Sterling

6%

US Dollar Euro

Other

1%

H1 2011 currency impact favourable / (adverse)

EUR USD

Revenue (13) -

Fuel - (27)

Costs excluding fuel 23 (5)

-4.5%

0.3%

6.1% 3.6%

2.4%

-0.4%

7.7% 9.8%

6.0%

Continued strong load factors

9 9

H1 ‘11 H1 ‘10 Change

Passengers (m) 23.9 21.5 11.6%

Load factor (%) 85.4% 85.0% 0.4ppt

Seats (m) 28.1 25.3 11.1%

Sector length (km) 1,069 1,072 (0.3)%

Total revenue (£m) 1,266 1,171 8.1%

Total revenue per seat (£) 45.11 46.35 (2.7)%

@ constant currency (£) 45.37 46.35 (2.1)%

Q2’11

84.1%

14.6%

Q1’11

86.7%

Q4’10

90.9%

7.0%

Q3’10

86.1%

1.7%

Q2’10

84.2%

Q1’10

85.8%

Load factor

Capacity growth

Total revenue per seat at constant currency

Passenger and ancillary revenues

10 10

H1 ‘11 H1 ‘10 Change

Passenger revenue (net of passenger taxes) (£m) 980 913 7.5%

Gross passenger revenue per seat (£) 40.69 41.22 (1.3)%

Net passenger revenue per seat (£) 34.91 36.12 (3.3)%

Ancillary revenue incl. checked bag (£m) 286 258 10.4%

Ancillary revenue per seat (£) 10.20 10.23 (0.3)%

£ change in ancillary revenue per seat vs H1 2010

Bag charging (0.33)

Fees and charges 0.64

Partner and In–flight revenues (0.34)

Total (0.03)

Low single digit growth in UK unit revenues offset by investment in

mainland Europe

10

Revenue per seat

11 11

46.40

46.20

46.00

45.80

45.60

-0.76

FX

-0.26

H1 2010

+46.35

Other routes Ancillary

revenue

Investment

routes*

-0.87

+45.11

H1 2011 Passenger

taxes

0.00

44.60

45.00

44.80

45.20

45.40

Impact of fuel

12

H1 ‘11 H1 ‘10 Change B/(W)

Fuel $ per metric tonne

market rate 850 662 (188)

effective price 769 744 (25)

US dollar rate

market rate 1.59 1.60 (1 cent)

effective price 1.60 1.74 (14 cents)

Actual cost of fuel £ per metric tonne 481 429 (52)

12 12 12 12

£52 per metric tonne increase equal to £43m cost or £1.55 per seat,

volume impact is additional £34m

Impact of disruption

3,477 sectors lost due to snow and

external strike action

Total impact in H1 of £31million

Additional cost £24m

Lost contribution £7m

Actions in place to offset most of

the £31m impact

Reduction in cost per incident of

10% compared to H1‟10

Planned recovery of H1 disruption cost by end of FY2011

£m

Contribution from

additional

revenue activities

17

Cost savings 11

28

• 3 extra peak lines of flying

• Fees & charges price changes

• Distribution channels

• Bag pricing on longer sectors

• • Merchant fees

• Engineering

• Airports

13

Cost per seat - key drivers

14 14 14 14 14

Favourable/(Adverse)

£ cost per

seat ex fuel Reported

Constant

Currency Drivers

Ground Operations 14.38 2.8%

1.1% Procurement and efficiency initiatives

offsetting price inflation and mix

Crew 6.58 (6.2)% (6.8)% Planned investment in crew to ensure

capacity and robustness ahead of

summer

Navigation 4.28 4.2% (0.3)% Regulatory price increase offset by

savings from careful route planning and

weight management

Maintenance 3.02 1.8% 2.4% Benefit of SRT deal and ongoing

savings initiatives

Overhead 4.75 3.7% 2.6% Tight control of overheads and

improvement in disruption cost per

incident

Brand Licence 0.07 nm nm New brand licence royalty

Ownership costs 3.86 1.2% 5.4% Higher proportion of A320s and return of

more expensive Boeing and ex GB

aircraft

Total cost (ex fuel) 36.94 1.2% 0.2%

Fuel and foreign exchange hedging

Sensitivities:

$10 movement per mt impacts F‟11 second half PBT by $3.4m

One cent movement in £/$ impacts F‟11 second half PBT by £0.8m

15 15

Fuel requirement US dollar

requirement

Euro surplus

Six months ending 30 September 2011 64% at $755/tonne 80% at $1.60/£ 64% at €1.10/£

Full year ending 30 September 2011 70% at $734/tonne 76% at $1.60/£ 64% at €1.10/£

Full year ending 30 September 2012 41% at $909/tonne 71% at $1.59/£ 55% at €1.13/£

Fleet

16 16 16 16

Mar 2011 Sept 2010 Change

A319 (operating lease) 61 46 15

A319 (finance lease) 6 6 -

A319 (owned) 95 107 (12)

A320 (operating lease) 6 6 -

A320 (finance lease) 5 2 3

A320 (owned) 18 15 3

Main fleet 191 182 9

B 737-700 (operating lease) 7 8 (1)

GB Airways A320 (operating lease) 1 2 (1)

GB Airways A321 (owned) - 4 (4)

Sub-fleet * 8 14 (6)

Total fleet 199 196 3

Owned or finance lease 62% 68% (6)%

Operating lease 38% 32% 6%

* Four aircraft in the sub-fleet were returned to lessors during April 2011

Owned / Leased – target 70:30 mix

17

March - 11 May - 11 July - 11

Target

Leased

Owned

Continued strong cash generation

18 18 18 18 18 * Includes money market deposits but excludes restricted cash

+43

+362

+292

1,500

(204)

1,100

Capex

1,350

March

2011*

1,250

1,300

Financing Tax,net int,

fx & other

(84)

Net working

capital

1,150

Operating

profit

(144)

September

2010*

+1,172

March

2010*

1,650

1,600

1,200

1,400

0

1,450

1,050

1,550

+1,358

+1,437

Depn &

amort

Strong balance sheet

19 19 19 19 19 19

£m Mar ‘11 Mar ‘10

Sept ’10

Fixed assets 1,932 1,739 1,928

Cash and money market deposits 1,437 1,358 1,172

Goodwill and other intangible assets 451 450 452

Other assets 568 585 451

Total assets 4,388 4,132 4,003

Debt 1,217 1,276 1,212

Other liabilities 1,662 1,514 1,290

Shareholders‟ equity 1,509 1,342 1,501

Total equity and liabilities 4,388 4,132 4,003

Gearing* 26% 33%** 33%**

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

x annual lease payments – cash)

**Prior Year gearing restated for current year methodology (i.e. excluding restricted cash)

20

Business review Carolyn McCall

Chief Executive

20

Fix operational performance

Fix On Time Performance

Focus on first wave and turnaround

Better supervision and partnership of ground handling and airport agencies

Get Gatwick back on track

Fix crew

Rosters tested early

Training schedule aligned to demand

Mitigate ATC and airport industrial action:

Firebreaks in schedule

Improved disruption management; localised decision making

21 21 21

Result: robust, reliable and punctual operation

Improved operational performance

Improved On Time Performance

across the network

Gatwick OTP returned above

network average

Improved customer satisfaction -

up 8% to 82% in the quarter to

March 2011

OTP back in line with competitors

22 22 22

78

80

82

84

76

74

72

70

68

66 2

0

Avg YTD 10

73 68

75

84

74 73

Avg YTD 11

73 74 75

82 78

76

Lufthansa

British Airways

Ryanair

KLM

Air France

easyJet

Flightstats.com - 6 months to end March

2011

22

Amended brand licence

Approved by EGM December 2010

Royalty payment to easyGroup IP of

0.25% of total revenue

Capped at £3.95 million in F‟11 and

£4.95 million in F‟12

Benefiting easyJet:

Nectar deal – access to 17 million

consumers and marketing support

e.g. TV advertising

VisitBritain partnership – £9m

benefit to easyJet over 3 years

Unlock Tourist Boards

23 23

Delivering against our objectives

To grow fares through continued network optimisation and

driving the business traveler proposition harder;

To grow ancillary revenues through both yield management of

fees and charges and partner and in-flight revenues through

better execution and innovation; and

Smart cost management by reducing complexity and disruption

costs in the business and continuing to drive procurement

initiatives in airports, ground handling and maintenance.

24 24

Targets: 12% Return on Capital employed through the cycle;

£5 PBT per seat

November 2010 results statement:

Robust business model

25 25 25

Financially strong

£220million net cash

Un-drawn facilities of $0.5bn

Strong consumer appeal

Across leisure and business

Leading short-haul network

Leading presence on Top 100 routes

Strong positions in key markets

Good range of leisure and business

destinations

Low cost and efficient

Scale and cost advantage

High asset utilisation (average of 11 hours a

day)

Consistently industry leading load factors

Clear strategy to improve margins

easyJet strongly positioned to adjust over time to higher fuel costs

Industry leading load factors

* Source gfk

0%

10%

20%

30%

40%

50%

60%

Would strongly

recommend

Would recommend

Unsure Unlikely to recommend

Definately would not

recommend

BA Ryanair easyJet

Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11

Strong consumer appeal

Strategy implementation update

1. People

2. Network

3. Passengers travelling on business

4. Ancillary revenues

5. Cost management

26

CEO

Europe Customer &

Revenue Marketing Operations Finance

Support Function

Mike

Campbell

Cath

Lynn

Peter

Duffy

Warwick

Brady

Chris

Kennedy

Carolyn McCall

People and strategy aligned

AMB rebuilt and focused on customers, people, cost and OTP

Bonus targets aligned across the business

Targets set for: OTP, customer satisfaction, cost per seat and PBT

Longer term incentives aligned to ROCE

Structure better aligned to strategy and business deliverables

Flat and lean organisation

Improved focus on mainland Europe, Brand and Customer

27 27 27

28

Network optimisation

Progress H1:

Invested frequency on key business routes

e.g. London to Amsterdam, Paris to Toulouse

Launched new leisure routes e.g. Bristol to

Fuerteventura

Gained valuable peak time slots and

improved position in mainland Europe

Underperforming routes exited – more than 20

routes cut from network in F‟11

Focus H2:

Optimise profitability shift capacity in July and

August from Business to leisure

Focused growth in mainland Europe

Continued investment in frequency

Goal: To improve underlying ROCE of the network through optimisation

of schedule and route portfolio

Daily freq A/B routes June 2nd week

0

5

10

15

20

25

30

1 2 3 4 5 6

count of routes

daily rotations

2009 2010 2011

* A and B routes are those to locations suitable

for passenger travelling on Business i.e.day or

short trips.

28

Targeted growth in key markets

29 29 29 29

Spain

+4%

Italy

+6%

France

+11%

UK +4%

Switzerland +14%

Source: OAG Figures

Netherlands

+24%

Mainland

Europe

up 10%

easyJet „scheduled‟ capacity up 6% in H2*

* Schedule capacity equate to OAG i.e. planned

capacity before any cancellations due to volcano or

ATC issues

Investments drive improved unit revenues

Unit revenues influenced by market capacity:

Step 1 – easyJet investment

Step 2 – competitor capacity reduction

Step 3 – market capacity reduction and unit revenue improvement

30

Route 2 Route 1

2005 2006 2007 2008 2009 2010

Capacity RPS

Year

RPS Comp cap EZY cap total cap

2005 2006 2007 2008 2009 2010

Capacity

Year

RPS Comp cap EZY cap total cap

RPS

Passengers travelling on business

Progress H1:

Punctuality improved

Frequency increase on key business routes

London-Amsterdam up to 13 a day

Milan-Paris up to 8 a day

Flexible fare tested on GDS

Sales force recruitment underway

Focus H2:

Operational robustness

Build frequency on key routes

Flexi-fare rollout on easyJet.com

TMC‟s negotiation

31 31

Goal: To drive additional contribution of by delivering improvements in

product and distribution for passengers travelling on business

easyJet markets

easyJet capacity

* A and B routes are those to locations suitable

for passenger travelling on Business i.e.day or

short trips.

90

markets 370

markets

56%

44%

Passengers travelling on business

32

Building blocks for business proposition

Improve punctuality

Build product

- Increased frequency

- Launch Flexi Fare

Recruit Salesforce

Distribution

- TMC Incentives

- Payment Settlement Solutions

- Industry Standard Booking Process

FY 11 FY12

Improve punctuality

Build product

- Increased frequency

- Launch Flexi Fare

Recruit salesforce

Distribution

- TMC Incentives

- Payment settlement solutions

- Industry standard booking process

FY13

Marketing / CRM

Ancillary revenues back on track

Progress in H1:

Bag pricing increased – bags back

on track

Booking fee increased to £8 from

£5.50

Improved online merchandising

Focus H2:

Re-negotiation of car partnerships

Refreshed in-flight range launched

in April

33 33

Q4 2010 Q3 2010

-0.5%

Q2 2011 Q1 2011

Per seat yoy change in ancillary revenues

Goal: To grow ancillary revenues through yield management of fees

and charges and better execution of partner and in-flight

Maintaining easyJet’s cost advantage

Progress H1:

Unit costs ex fuel fell across all

categories apart from Crew

Improved operational resilience

Disruption costs 10% lower per incident

Implemented plans to increase

number of lower cost A320

Focus H2:

Focused easyJet leans projects

sponsored by CFO

Improve fuel burn

Fair and realistic pay settlements in

light of fuel price escalation

Tight control of overheads

34 34

Cost ex fuel per ask*

Goal: To maintain cost advantage by ensuring below inflation unit cost

movement through procurement, crew flexibility and operational excellence

easyJet has a significant cost advantage

compared to carriers flying to similar airports

* Source: Deutsche Bank

Case study: maintenance costs

Leverage existing contracts

by renegotiation

Move Base maintenance to a

lower cost location

Increased utilisation of Luton

Facility

In source end of lease activity

35

Maintenance cost per seat reducing despite

strengthening of the dollar

£3.06

2009 2011 F

Reduce maintenance costs without compromising

safety or operational performance

Flexible approach to capacity

Phase 1 - Summer 2011

8% planned growth in seats flown

Investing to support strategy, 64% hedged at $755 a metric tonne

Phase 2 – October 2011 onwards

Aim to use flexibility to keep the fleet size at c. 204 for Winter 11/12 and Winter

12/13

Conservative approach to capacity growth

Focus on maturing existing investments whilst market adjusts to higher fuel

costs

Phase 3 – medium term 2013 onwards

Continue to believe in the mid-term growth opportunities for easyJet that we

outlined in November 2010

36 36 36 36 36 36

294

239

Forward bookings in line

37

Second half bookings in-line with prior year

May distorted by impact of volcano (seats and loads)

Nearly half of available summer seats now sold

37

May June July August September

F'11 F'10

37 37 37

% seats sold *

* As at 6th May 2011

Outlook

Capacity (seats flown)

FY +11% reported, +9% ex volcano

H2 +12% reported, +8% ex volcano

Revenue per seat (constant currency)

FY broadly flat

H2 slightly ahead of prior year

Cost per seat ex fuel (constant currency)

FY down 2% (assuming no further significant disruption)

Dividend in line with policy of cover of 5 x

38

“Based on our performance in the first half, the impact of the strengthening of

the euro on our cost base, which has been largely offset by a compensating

benefit on revenues and current yield trends, the outlook for the full year

remains in line with expectations at current fuel and exchange rates.”

Summary

Doing what we said we would do

Fixed punctuality and reliability

Fixed crew numbers

Customer satisfaction improving

Team in place

Good progress on cost

Strategy implementation on track

Challenging environment but easyJet strongly positioned

Advantaged network

Strong consumer appeal

Well financed; low cost and efficient

Committed to delivering ROCE of 12% through the cycle

Maintain strong balance sheet

Formulaic dividend policy - 5 times cover

39 39

40 40 40 40

Q&A

41 41 41

Appendix

Fleet plan

42 42 42 42 42 42

294

239

30 Sept 2011 30 Sept 2012 30 Sept 2013

A319 167 158 153

A320 35 55 66

A321 1

B737 2 - -

Total 204 213 220

Net increase in fleet size 8 9 7

4% 4% 3%

Net capital expenditure $249m $400m $600m

RASK and CASK

43 43

H1 ‘11 H1 ‘10 Change B/(W)

Total revenue per seat 45.11 46.35 (2.7)%

at constant currency 45.37 46.35 (2.1)%

RASK at constant currency (pence) 4.24 4.32 (1.8)%

Total cost per seat ex fuel 36.94 37.37 1.2 %

at constant currency 37.30 37.37 0.2%

CASK ex fuel at constant currency (pence) 3.49 3.49 flat

44 44

Disclaimer

This communication is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001; or (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. Persons within the United Kingdom who receive this communication (other than those falling within (i) and (ii) above) should not rely on or act upon the contents of this communication. Nothing in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion contained in the Financial Services and Markets Act 2000.

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