Analyst and Investor Presentation Tuesday 12 May 2015 Introduction - - PowerPoint PPT Presentation

H1 2015 Results Analyst and Investor Presentation

Tuesday 12 May 2015

Introduction

Carolyn McCall Chief Executive Officer

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• 153
• 113
• 61
• 53

7

• 12.1%
• 7.6%
• 3.8%
• 3.1%

0.2%

• 14.0%
• 12.0%
• 10.0%
• 8.0%
• 6.0%
• 4.0%
• 2.0%

0.0% 2.0%

• 180
• 160
• 140
• 120
• 100
• 80
• 60
• 40
• 20

20 2011 2012 2013 2014 2015

Proven strategy, execution and returns

Loss or profit before tax PBT margin

Continued improv

• vement in w

winter perform

• rman

ance  Good revenue performance in the first half, benefitted from Easter in the second quarter  Disciplined approach to capacity allocation  Performance benefitted from fuel and foreign exchange  Focus on building strong network positions with new base openings

Improved winter performance

3

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A business model which is hard to replicate

4

Unique network Digital leadership Cost advantage Financial strength

21.6% 19.9%

• 0.7%
• 1.4%

12.0% 8.5% 0.9%

• 5%

0% 5% 10% 15% 20% 25%

• 5%

15% 35% 55% 75% 95% 115%

easyJet

AF-KLM Norwegian Air Berlin1

IAG Lufthansa Group Ryanair

Source: Airline Analyst / easyJet analysis

42% 25% 21% 32% 36% 47% 50% 29% 27% 43% 40% 53%

Gatwick No1 Edinburgh No1 Nice No1 Malpensa No1 Geneva No1 Basel No1 2011 market share 2015 H1 market share 2.4% 4.9% 3.3% 3.3% 4.5%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% ea easyJet et Ry Ryanair air Nor

• rwegian

egian Vuel eling* g*

Sector-length adjusted CASK incl-fuel (CAGR Sep 2011-2014) * Vueling CASK CAGR is over the period Dec-10 to Dec-13 ROCE Gearing

Source: Unique network data from OAG scheduled data, as at 6 April2015

Financial review

Chris Kennedy Chief Financial Officer

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Result before tax increased

0.21 0.17 0.63 0.34 (1.70)

• 2
• 1

1 2 3 H1 2015 (1.28) Crew resilience, de-icing and disruption Other costs A320 Mix (0.61) easyJet lean Easter revenue Revenue ex Easter 1.07 FX 0.55 Fuel ex A320 mix 1.04 H1 2014

Profit/(loss) per seat bridge

Extern rnal al factors rs

 Robust demand  Increased capacity  Fuel price  Foreign exchange x Winter weather x Regulated airport charges x Disruption  Capital allocation  Revenue management system  Digital and data  Allocated seating  easyJet lean initiatives  Engine selection  A320 mix  Managing disruption  Airport deals

Manage gement actions

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Financial results: Result before tax increased

£m £m H1 2015 H1 2014 Change Change Total revenue 1,767 1,702 65 3.8% Fuel (516) (537) 21 3.9% Operating costs excluding fuel (1,121) (1,101) (20) (1.8%) EBITDAR 130 64 66 103.8% Ownership costs (123) (117) (6) (5.5%) Profit/loss before tax 7 (53) 60 n/a EBITDAR Margin 7.3% 3.7% 3.6ppt Profit/(loss) before tax margin 0.4% (3.1%) 3.5ppt

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Financial results: Increase in EPS

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£m £m H1 2015 H1 2014 Change Profit/(loss) before tax 7 (53) 60 Tax credit/(charge) (2) 12 (14) Profit/(loss) after tax 5 (41) 46 Earnings/(loss) per share 1.3p (10.4p) 11.7p

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Revenue per seat growth in the first half

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£m £m H1 2015 H1 2014 Change Passengers (m) 28.9 27.6 4.4% Load factor (%) 89.7% 89.0% +0.7ppt Seats (m) 32.2 31.1 3.6% Average sector length (km) 1,072 1,074 (0.2%) Total revenue (£m) 1,767 1,702 3.8% Total revenue per seat (£) 54.91 54.80 0.2% @ constant currency (£) 56.21 54.80 2.6%

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easyJet strategy delivers further revenue growth

Year on year drivers of revenue per seat change (£/Seat)

54.91 1.30 0.27 0.34 0.80 54.80 H1 2015 FX Initiatives Easter Underlying trading H1 2014

• Yield

management of bags

• Performance of

allocated seating

• Disciplined management of

capacity

• Digital and Revenue

Management System developments

• Increased load factor

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Growth in RPS vs. capacity

£ p per seat H1 2015 H1 2014 Chang nge At c constant currency ency

Gross seat revenue 61.12 61.00 0.2% 2.7% Passenger taxes (7.07) (7.12) 0.7% (3.4%) Net seat revenue 54.05 53.88 88 0.3% 2.6% Non-seat revenue 0.86 0.92 6.2% (1.9%) Total l revenue 54.91 54.80 80 0.2% 2.6%

H1 1.4% Q2 3.7% Q1 2.9% 4.3% 2.6% 3.6%

easyJet capacity growth RPS growth at constant currency

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Revenue per passenger increase

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£ per passenge ger H1 2015 H1 2014 Change At constant currency Gross seat revenue 68.13 68.54 (0.6%) 1.9% Passenger taxes (7.88) (8.00) 1.4% (2.6%) Net seat revenue 60.25 60.54 (0.5%) 5%) 1.8% Non-seat revenue 0.96 1.03 (7.0%) (2.7%) Total l revenue 61.21 61.57 (0.6%) %) 1.8%

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Currency impact

Average effective Euro rate for revenue for H1’15 was €1.24 (H1’14: €1.19) Average effective Euro rate for costs for H1’15 was €1.30 (H1’14: €1.20)

H1 2015 currency impact favourab able le / ( (advers rse) EUR CHF US USD Other Total Revenue (35) (4) 1 (3) (41) Fuel (1)

• 6
• 5

Costs excluding fuel 50

• 2

2 54 Total 14 14 (4) (4) 9 (1) 18 18

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Sterling, 27% Euro, 31% USD, 35% Swiss Franc, 6% Other, 1%

Currency split – total revenue Currency split – total costs

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Weakening of the euro

1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45

March Feb Jan Dec Nov Oct

GBP: euro rates (spot)

Impact act of € /£ rate e on P&L £m £m Q1 Q1 Q2 Q2 H1 H1 Revenue

(22) (13) (35)

Fuel

1 (2) (1)

Costs excluding fuel

19 31 50

Total

(2) 16 14

Continued weakening of the Euro versus Sterling during H1 2015 with bookings posted at a lower rate than the cost incurred

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FY 2015 FY 2014

Table data as of 7 April 2015

Key booking period

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Impact of fuel

Significant market fuel price reductions have not been fully reflected in the effective (post-hedge) price due to the operation of easyJet’s hedging

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H1 2015 H1 2014 Chan ange ge B/(W) /(W)

Fuel $ p $ per metric tonne

Market rate 707 994 287 Effective price 925 993 68

US dollar ar rate

Market rate 1.55 1.64

• 9 cents

Effective price 1.59 1.58 1 cents Actual cost of fuel £ per metric tonne 581 629 48

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Cost per seat excluding fuel - key drivers

NB: This year’s net exchange gain/loss at constant currency is, by definition, always zero. Therefore, the variance at constant currency represents the prior year exchange gain/loss, and the percentage variance will always be 100%.

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Cost per seat excluding fuel Variance at Constant Currency Variance at Constant Currency Weighting

• f variance

£ £ % %

• Charges at regulated airports increased as anticipated,

primarily in Germany and Italy

• Increase in de-icing costs following the more adverse

weather conditions compared to prior year

• Offset by savings of new airport and ground handling

contracts and lean initiative savings

• Pay increase broadly in line with inflation
• Increase in salaries due to the early recruitment of crew to

build a resilient operation ahead of the three new crew base

• penings

Navigation 3.99 (0.11) (2.6%) (0.3%)

• Inflationary increases
• Benefit of the revised engine contract
• Offset by increase in average age of the fleet, ahead of

delivery of the new generation aircraft from 2017

Overhead 5.34 (0.19) (3.6%) (17.2%)

• Higher disruption costs
• Depreciation on new aircraft purchased
• Offset against decreasing lease costs

Net Exchange gains/(losses) (0.13) (0.16) (100.0%) (0.4%)

• The effect of movements in foreign exchange rates on

Balance sheet revaluation

Total CPS excluding fuel 38.66 (1.13) (2.9%) (2.9%) Total CPS including fuel 56.54 (0.04) (0.1%) (0.1%) (1.8%) (3.3%) 7.40 Maintenance 3.22 0.07 3.7% Airports and Ground handling 14.88 Ownership 3.96 (0.07) (0.49) (1.2%) (0.4%) 2.1% (2.4%)

Drivers

(3.2%) Crew (0.18)

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Management actions taken to control costs

Cost per seat bridge

0.38 0.08 0.30 54.74 0.31 0.53 0.32 54.70 56.50 Other Load factor Crew resilience A320 Mix 0.17 easyJet lean 0.63 Before manageme ment nt action

• n

FX H1 2015 1.85 De-icing and disruption Fuel 1.07 Inflation Regulated airports H1 2014

Management action External factors

Including: Airports – £0.36 Maintenance initiatives – £0.24

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Increasing proportion of A320’s

H1 2015 H1 2014 Change A319 (operating lease) 50 54 (4) A319 (owned / finance lease) 99 99 A319 Total 149 153 (4) (4) A320 (operating lease) 18 18 A320 (owned / finance lease) 63 49 14 A320 20 Total 81 81 67 67 14 14 Total l fleet 230 220 220 10 10 Unencumbered 102 85 85 17 Operating lease 30% 33% (3ppt) Percentage of A320s in fleet 35% 30% 5ppt

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19 19 Footer box on intersect of lines line h=8.03 9 and v=8.75 with font 10pt Arial not bold 226 241 257 280 295 315 316 323 322 268 231 206 216 197 200 279 294 304 304 311 311 175 200 225 250 275 300 325 350 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

Contracted Max Contracted Min Base Case

Flexibility in fleet planning

Maximum, minimum and base case fleet size under agreement

Flexible fleet arrangements to respond appropriately to market conditions

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

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Strong balance sheet

*Gearing defined as ‘net debt (adjusted by adding seven times aircraft dry leasing costs for a rolling 12 months) divided by the sum of shareholders’ equity and adjusted net debt.’

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£m £m H1 2015 H1 2014 Property, plant and equipment 2,720 2,416 Goodwill and other intangible assets 476 477 Other assets 602 399 Liabilities (excluding debt) (2,475) (2,080) 1,323 1,212 Debt 560 620 Cash and money market deposits (976) (1,069) Net cash (416) (449) Shareholders' equity 1,739 1,661 Capital employed 1,323 1,212 Gearing 20% 18%

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Cashflow

40 34 45 271 180 50 459 65 7 Capex Ordinary dividend Tax, net interest and other 976* 31 March h 2015 FX Net working capital Depreciation and amortisation Operating profit 1 October 2014 985* Other Borrowings

* Includes money market deposits but excludes restricted cash

£m £m

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Fleet expenditure

2005-2012 2013-14 2015-2017 2018-2022 Additional aircraft 49% 52% 64% 29% Replacement aircraft 42% 28% 12% 44% Maintenance 9% 20% 24% 27% T

• tal

100% 100% 100% 100%

T

• tal expected fleet

acquisition and

• verhaul expenditure

as a % of easyJet revenue 18% 9% 11% 10%

Fleet acquisition and overhauls will be funded through a combination of easyJet’s internal resources, cashflow, sale and leaseback transactions and debt

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Fuel and foreign exchange hedging

Sensitivities

• $10 per tonne change in fuel price will impact the full year pre-tax result by +/- $1.9 million
• One cent movement in the £/$ will impact the full year pre-tax result by +/- £0.9 million
• One cent movement in the £/€ will impact the full year pre-tax result by +/- £0.3 million

Fuel requirement US dollar requirement Euro surplus CHF surplus lus

Six months ending 30 September 2015 84% at $905 / metric tonne 83% at $1.58/£ 82% at €1.18/£ 93% at CHF1.47/£ Full year ending 30 September 2015 87% at $927 / metric tonne 84% at $1.59/£ 85% at €1.18/£ 99% at CHF1.47/£ Full year ending 30 September 2016 79% at $862 / metric tonne 73% at $1.63/£ 67% at €1.23/£ 61% at CHF1.46/£

As at 8 May 2015

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Business review

Carolyn McCall Chief Executive Officer

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easyJet well placed to win in competitive market

Proven strategy, execution and returns

Cost advantage Strong balance sheet Digital leadership Compelling network Affordable fares

Custome stomer

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Impact of lower fuel environment

• Hedging levels mean that it has taken time for the lower oil price

to feed into fares

• Consumers benefit through lower fares
• Legacy airlines continue to transfer capacity to their “low cost”

carriers

• Opportunity to add extra capacity above what has already been

announced is limited

26

Short rt term Mediu ium term Long term

• Inefficient capacity is likely to stay in the market longer
• Fares likely to fall as a result of lower oil
• A low cost base, structural advantage and strong balance sheet will win

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Germanwings

Transavia Other

Competitive capacity environment

Source: Market capacity data from OAG scheduled data, as at 6 April2015 easyJet markets based on internal easyJet definition.

Short-haul market easyJet city to city pairs 27 5.9% 6.8% 4.1% 5.0% 5.5% 6.2% 6.7% 6.6% Capacity change total SH Market easyJet capacity change Competitors on easyJet markets Capacity change easyJet markets

Summer 14 Summer 15

BA at Heathrow Ryanair at Stansted Capacity change total short haul market

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United Kingdom +3.3% 3% France +6.9 .9 % Italy +9.6 .6 % Spain +3.5% 5% Switzerland +11.3% 3% Germany +15.0 .0 %

Source : OAG, scheduled data and Internal easyJet projection May 2015. Country capacity growth is based on network touching seats.

Disciplined investment over summer

Overall c. 6.2% capacity growth over summer

3.3% 5.4% 3.8% 6.9% 3.3% 9.6% 3.5% 4.6% 11.3% 10.4% 15.0% 4.3%

Market growth easyJet growth in the market

Netherlands +20.4% 4%

5.4% 20.4%

Portugal +13.8 .8%

9.7% 13.8%

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1. Network

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A unique network which is hard to replicate

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42% 25% 21% 32% 36% 47% 50% 29% 27% 43% 40% 53%

Gatwick No1 Edinburgh No1 Nice No1 Malpensa No1 Geneva No1 Basel No1 2011 market share 2015 H1 market share

Leading presence on top 100 routes Market leading route frequencies No.1 & 2 positions at slot constrained airports Strong market share built over time

7.0 4.0 5.0 4.5 3.0 1 2 3 4 5 6 7 8

easyJet Ryanair Vueling Norwegian Wizz

Average route frequencies per week Number of market pairs operated between top 100 primary airports

Slot constrained during peak times easyJet No.1 or No.2 position

1. Network

Source: OAG

5 10 15 20 25 30 35 40 45 50

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Continuing to invest in the network

Amsterdam

• New base at Schiphol Airport
• Three based aircraft
• Fourth aircraft from October

2015

• Increasing capacity in Summer

2015 by over 20%

Porto

• Second Portuguese base
• Two based aircraft
• Manchester, Bristol and

London Luton routes to be launched in Summer 2015

• Increasing capacity for

Summer 2015 by 20%

• Porto base will provide

additional network flexibility

Naples

• Base opened in spring 2014 with 2

based aircraft

• Will increase to 3 based aircraft for

Summer 2015

• Capacity will increase by over 7% this

Summer

1. Network

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Proven yield model

2. Demand

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Digital and Brand Revenue Management System Product Customer Relationship Management

HOW WE SELL

• Strong and

improving brand positions

• Mobile app
• Flight tracker
• Mobile host
• Push notifications
• Demand based

system

• Dynamic

continuous pricing

• Yield management
• f allocated seating

and bags

• Extensive data
• Historic picture of

customer’s experience

• Personalised

communications

• Loyalty trial
• Business

passenger initiative

• Allocated seating
• easyJet Holidays
• Inflight and

ancillary revenue

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Digital leadership

2. Demand

New flight tracker Personalised and live updates direct from Operations Control Centre Proactive push notifications Passport scanning save/retrieve Touch ID ‘Inspire me’ emails – targeted and personalised Open and upfront

32

Apple Watch app

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Digital leadership – Mobile Host at Gatwick

Provides guidance and next step instructions to passengers during their day of travel

3%

2. Demand

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Managed spend

• pportunity

97% Direct spend

• pportunity

85%

3% 15%

2. Demand

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Driving “serious consideration to purchase” across Europe

54% 65% 64% H1 H1 '13 H1 H1 '14 H1 H1 '15 69% 70% 72% H1 H1 '13 H1 H1 '14 H1 H1 '15 59% 61% 65% H1 H1 '13 H1 H1 '14 H1 H1 '15

easyJet has increased the level of ‘serious consideration’ to purchase in key markets Growth of c considerat atio ion levels in m markets with dominan ant legacy carrie iers rs

+3% +8% +6% +6% +6% +6% 10% +6% +6%

Note: NL tracking data only available from H2, 2013 59% 61% 65% H1 H1 '13 H1 H1 '14 H1 H1 '15 29% 34% 37% H1 H1 '13 H1 H1 '14 H1 H1 '15 23% 26% 29% H1 H1 ' '13 H1 H1 ' '14 H1 H1 ' '15

Source: Millward Brown Note: Netherlands tracking data only available from H2, 2013

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RMS and CRM development

2. Demand

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Revenue management system

• Bespoke and proprietary revenue

management system

• Demand based system which

maximises the revenue from a flight

Continuous development

• Able to predict and duplicate decisions

made by pricing managers

• Assigning sales profile curves to each

individual flight

• Continuous dynamic price setting
• Yield management of allocated seating

and bags

Customer profile Travel history Transaction history Contact details / history Channel data

• Customer data at the heart of easyJet
• Leverage data, insight and technology to

personalise every customer touch point

Customer relationship management

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Continuing to drive business passenger initiative

Progress in the half

• European short-haul market estimated

to be c.165 million seats

• Managed Business sector presents

biggest opportunity

BCG analysis 2014

easyJet market share across the direct segment is 15%

Managed spend

• pportunity

97% Direct spend

• pportunity

85%

3% 15%

easyJet market share across the managed segment is

3%

2. Demand

• Growth in passengers in line with

expectations with strong growth in Inclusive fares

• 59% increase in GDS utilisation
• Second bag across Business fares and

easyJet Plus card holders

• Fast track security for easyJet plus card

holders at 35 airports

• Strengthening sales teams in Germany,

France and the Netherlands

Addressable market

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Future sustainable cost savings

easyJet lean

easyJet lean will deliver £30 million - £40 million in sustainable savings per annum over the next 5 years

Governa rnanc nce and milestone

• nes

Emb mbedde dded d throug

• ughout

hout easyJet t cultur ture Long g and short rt term rm savi vings ngs Cover vers the total tal cost t base

Maintenance cost savings Gatwick single terminal consolidation

3. Cost Advantage

37

Lifestyle option programs for crew Ground handling initiatives Regulated and unregulated airport deals Fuel efficient engines – CFM International

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Fleet up-gauging and 186 seat option on A320’s

• A320 aircraft delivered from May

2016 to have 186 seats

• Retrofit of existing fleet to start in

Winter 2016

• Retrofit complete by summer

2018

• 2% cost per seat saving vs. 180

seat A320

186 seat option for A320 aircraft

3. Cost Advantage

38

• A320’s replacing A319’s in the fleet
• 20 A320’s will enter the fleet in

2015

• A320 neo aircraft to enter fleet in

2017

• Maintaining our cost advantage

Fleet up-gauging

180 0 seats ts 186 6 seats ats 186 6 sea eats ts

Current generation A320 New generation A320neo

2% 2%

Current generation A320

4-5% 5%

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Progress against financial policies and metrics

Capital discipline Capital structure Liquidity Dividend policy Returns

+ + +

= Objectives

• High asset efficiency
• Maintain high level of fleet flexibility
• Ensure robust capital structure
• Retain ability to invest in profitable

growth opportunities

• Maintain sufficient liquidity to

manage through industry shocks

• Target consistent and continuous

payments

• Return excess capital to shareholders

Metric

• Maintain industry leading returns
• Top quartile ROCE
• Fleet size flexibility of

between 204 and 316 aircraft by 2019

• Gearing: 15% to 30%
• Moving to 80:20 ratio
• n owned vs. leased

aircraft

• £4 million cash per

aircraft

• 40% ordinary dividend

payout ratio

Gearing defined as net debt (adjusted by adding seven times aircraft dry leasing payments for a rolling 12 months) divided by the sum of shareholders’ equity and adjusted net debt

Progress

• ROCE of 20.5% in the

year ended 30 September 2014

• 230 aircraft with 9.7 hours

asset utilisation in six months to 31 March 2015

• Gearing: 20% as @ 31

March 2015

• 30% leased as @ 31 March

2015

• £4.2 million cash per

aircraft as @ 31 March 2015

• Ordinary dividend

payment increased by 11.9 pence or 35.5% to 45.4 pence per share 4. Capital Discipline

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89.8% 50.6% 91.2% 50.8%

Apr May Jun Jul Aug Sep H2

Summer '14 Summer '15

H2 forward bookings

% seats sold *

H2 (April 2015 to September 2015) as at 08 May 2015

H2 bookings in line with prior year

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Outlook

Capaci city y (seats s flown)

• H2 c.+6.2% (before disruption)
• FY c.+5% (before disruption)

Revenue p per seat (constan ant currency)

• Q3: down around 4 percentage points
• H2: decrease by low single digit percentage points

Cost per seat ex fuel (constan ant currency)

• FY c.+2.5% (assuming normal disruption levels)

Cost per seat including ing fuel (constan ant currency)

• FY c.-1.0% (assuming normal disruption levels)

FX FX

• H2: c.£40 million adverse movement from foreign exchange rates
• FY: c.£20 million adverse movement from foreign exchange rates

Fuel

• H2: unit fuel costs £60 million to £85 million favourable
• FY: unit fuel costs £95 million to £120 million favourable

Rates at 8 May 2015 £/USD: 1.5433 £/EUR: 1.3693 Unit fuel guidance based on Jet fuel trading range of $550/ metric tonne to $750 / metric tonne

easyJet continues to be well placed to grow revenue and profit this year, delivering sustainable returns to shareholders due to its compelling network, low cost base and strong balance sheet

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Summary

Proven strategy, execution and returns

• easyJet has built the leading business model in short-haul European aviation
• Continuing to build strong number one and number two positions
• Pipeline of initiatives to maintain cost advantage
• Transforming customer experience through digital leadership
• Sustainable returns through disciplined use of capital

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Q & Q & A A

appe ppendIx ndIx

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Aircraft cashflows including overhauls

Figures based on contracted fleet commitments. USD/GBP $1.50, EUR/GBP 1.30Euro

Aircraft FY 2015 FY 2014

Number of aircraft deliveries 20 9

Cashflows (GBP) £m FY 2015 FY 2014

Final delivery payments 347 148 Pre delivery payments 68 174 Heavy maintenance - owned fleet 66 23 T

• tal

481 345 Heavy maintenance - leased fleet 79 73 T

• tal cash flows (GBP)

£560m £418m

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Disclaimer

Certain statements in this presentation constitute or may constitute forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding the Company’s future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward- looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market

• conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this
• presentation. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking

statements reflect knowledge and information available at the date of this presentation and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this presentation should be construed as a profit forecast or profit estimate and no statement in this presentation should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company. 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;

• r (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. This presentation has been furnished to you solely for information and may not be reproduced, redistributed or passed on to any other person, 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

• f any offer to buy or subscribe for, any securities of easyJet plc (“easyJet”) in any jurisdiction nor should it 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. easyJet has not verified any of the information set out in this presentation. Without prejudice to the foregoing, neither easyJet nor its associates nor any officer, director, employee or representative of any of them accepts any liability whatsoever for any loss however arising, directly or indirectly, from any reliance on this presentation or its contents. This presentation is not being issued, and is not for distribution in, the United States (with certain limited exceptions in accordance with the US Securities Act of 1933) or in any jurisdiction where such distribution is unlawful and is not for distribution to publications with a general circulation in the United States. By attending or reading this presentation you agree to be bound by the foregoing limitations.

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