Making a strong business stronger

18 June 2013

Introduction
John Barton Chairman

2 2

Fleet order
Carolyn McCall Chief Executive Officer

3 3

Continuation of strategy to drive growth and returns

Leverage easyJets 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

easyJet generates highest returns in sector

ROCE
easyJet
16%

Ryanair
16%

Lufthansa
12%

Norwegian
9%

Vueling
7%

airberlin
3%

IAG
1%

Air France KLM

n/a

Bubble represents size of ROCE

Adj. Asset turnover
5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 0.0% 3.0% airberlin 3% 6.0% Adj. NOPAT Margin IAG 1% Lufthansa 12%

Vueling 7%
easyJet 16% Norwegian 9% 9.0% 12.0%

Ryanair 16%

15.0%

easyJets leading ROCE is driven by high asset utilisation

1. 2. 3. 4. 5. Data from company filings sourced by Goldman Sachs. Local corporation tax rates for 2012 sourced from KPMG www.kpmg.com/global/en/services/tax/tax-tools. ROCE shown calculated using leases capitalised at 7x for 12 months to 31 March 2013. 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. Air France KLM not shown on graph due to 0% ROCE for 12 months to 31 March 2013.

easyJets 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

Lowest lifecycle cost

Business case driven decisions Negotiate fleet transactions with range of suppliers manufacturers and lessors Fleet Maximising transaction procurement benefits

Fleet planning Finance

Lowest cost of ownership

Identify funding requirements Portfolio approach 70/30 owned / leased mix Alignment of owners interests with operators' obligations

Lowest cost of Maintenance support and Engineering Maintain asset technical

integrity Define and plan business needs Maximise value from strategic supplier relationships

Existing arrangements with Airbus

2003 - 2014 (Current Contract) 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
350

300

31 39 15

250

200

150

230 have been delivered as at 31 May 2013 15 further deliveries by 2014 39 options and 31 purchase rights remaining

100

230

50

0 Delivered to date Options Further deliveries Purchase rights

Excludes the 2 ex GB Airways aircraft

New technology options available to easyJet

Airframe First delivery / First firm airline order 2015 / Virgin America Fuel saving1 15%1

Airbus A320neo family

Boeing 737 MAX family

2017 / Southwest

13%2

Bombardier CSeries
Engine P&W PurePower PW1000G

2014 / Lufthansa (for Swiss)

Available on aircraft family Airbus A320neo Bombardier CSeries

20%3

CFM LEAP

Airbus A320neo
Boeing 737 MAX

1. 2. 3.

Manufacturers estimate vs. current generation A320 Manufacturers estimate vs. todays most efficient single aisle airplanes Manufacturers estimate vs. in production aircraft in its class

Highly competitive, rigorous and thorough process

Selection criteria Technical review Mission capability Requirements
Airframe and engine suitability

2012

Jan May 2013

Jun Jul 2013

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

Fleet planning

Deliver capacity needs of 10 year fleet plan Minimise investment in current generation aircraft Fleet delivery flexibility

Financial analysis Transaction

Maximise cost / benefit Minimise cost per seat Minimise P&L impact of any transaction Price Commercial benefits Support Guarantees

New Framework Arrangements with Airbus

2002/6 Contract with Airbus
2003 - 2014 (Current Contract) 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

New Framework Arrangements

2015 - 2017 Bridge (Current Contract) 35 A320 current generation with CFM engines
33 options1 2 purchase rights

2017 - 2022 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

Aircraft for delivery between 2015 and 2017 6 options2 and 29 purchase rights remaining

230 have been delivered as at 31 May 2013 15 further deliveries by 2014

39 options and 31 purchase rights remaining

A further 100 purchase rights over A320 family aircraft

to be exercised by 2025

1. 2.

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

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Why Airbus has been selected

All manufacturers demonstrated ability to meet easyJets 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 easyJets 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 easyJets cost advantage

Move to 180 seat A320 enhances easyJets cost per seat advantage
7-8%

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

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

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Profitable opportunities within existing markets

Share of traffic at easyJets 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

Other LCC 51m seats

EZJ 46m seats

New Framework Arrangements

Non-LCC transfer (est) 26m seats

Non-LCC P2P (est) 86m seats

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 easyJets 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.

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Flexibility and increasing the proportion of A320s in the fleet

2014 2015 Fleet plan base case1 Current Generation A3201, 2 Current Generation A3191, 2 New Generation A320neo1, 2 Average age of fleet (years)1
226 32% 68% 5.8 4.7% 226 226 231 36% 64% 6.4 4.6% 237 215

2016
241 39% 61% 7.2 5.4% 247 217

2017
256 42% 57% 1% 7.6 4.8% 262 223

2018
261 41% 52% 7% 7.7 3.0% 279 185

2019
264 41% 44% 15% 7.8 3.0% 300 167

2020
269 40% 41% 19% 8.3 3.0% 301 177

2021
276 39% 33% 28% 8.0 2.8% 306 162

2022
276 39% 25% 36% 7.9 3.1% 298 165

Seats flown growth

Maximum fleet1, 3 Minimum fleet1

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

FY14 300 276 275 256 250 226 225 231 FY20 FY19 261 264 269 276 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Fleet Plan

FY22

FY21

241

200 FY18 FY17 FY16 FY15 FY14 150

175

125 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

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

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Financial impact of the new framework arrangements

Chris Kennedy Chief Financial Officer

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Rigorous analysis underpins the Boards recommendation

Rigorous and robust financial modelling
Head to head comparison of costs over a life of 20 years for aircraft which met easyJets requirements, discounted to NPV using easyJets 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 easyJets 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
Return Targets
Earn returns in excess of cost of capital through the cycle Invest in growth opportunities where returns are attractive

Measures
Improve profit before tax per seat to 5 1 ROCE including operating leases

New Framework Agreement

Capital Structure And Liquidity

Ensure robust capital structure Maximum gearing of 50% Return excess capital to Target 4m cash per aircraft Cap of 10m adjusted net debt per Shareholders Maintain sufficient level of liquidity aircraft to manage through the cycle and industry shocks 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 Target of c.70% owned aircraft, c.30% leased aircraft

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Dividend Policy

Aircraft Ownership

Maintain flexibility around fleet deployment and size

Return on capital employedNormalised 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;

Fleet expenditure broadly in line with current levels

2005-20121 Additional aircraft Replacement aircraft Maintenance Total
49% 42% 9% 100%

2013 20142
37% 39% 24% 100%

2015-20172
48% 12% 40% 100%

2018-20222
16% 54% 30% 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 easyJets 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

All figures expressed in reported local currency units (LCU) EBIT Interest on leases (33%) Adjusted EBIT Tax (local enacted rate) NOPAT Tax rate %

easyJet LCU
390 31 421 -101 320 24%

Ryanair LCU
718 33 751 -94 657 13%

Vueling Norwegian airberlin LCU LCU LCU

34 43 77 -23 54 30% 1,047 346 1,393 -390 1,003 28% 31 198 229 -68 161 30%

IAG LCU
-52 143 91 -43 48 30%

Air France Lufthansa LCU LCU

-219 322 103 -107 -5 33% 1,257 33 1,290 -381 909 30%

Ave. equity Ave. net debt / (cash) Ave. capitalised leases (7.0x) Average capital employed

1,587 -238 683 2,032

3,290 54 661 4,005

227 -331 823 719

1,982 3,004 6,693 11,679

-26 703 4,116 4,792

5,061 1,431 2,891 9,383

4,671 7,054 6,409 18,133

4,900 1,923 826 7,648

ROCE Capitalised leases at 7.0x and local tax rate

16%

16%

7%

9%

3%

1%

0%

12%

ROCE - using 24% Tax rate

16%

14%

8%

9%

4%

1%

0%

13%

1. 2. 3. 4. 5.

Data from company filings sourced by Goldman Sachs. Local corporation tax rates for 2012 sourced from KPMG www.kpmg.com/global/en/services/tax/tax-tools. ROCE shown calculated using leases capitalised at 7x for 12 months to 31 March 2013. 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. Air France KLM not shown on graph due to 0% ROCE for 12 months to 31 March 2013.

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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 i t 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 easyJets business, growth and profitability, as well as the gener al 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 easyJets 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.
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