1. Presentation to Universita’Roma3 Low Cost-Modello differenziato di Business 13 th of December 2010 1

2. 2 easyJet Business Model  easyJet’s business model is centred on being: low cost, financially strong and highly efficient  Building Europe’s number one air transport network – by establishing a dense point-to- point network serving Europe’s largest unique catchments through convenient airports  Providing a strong customer proposition and strong visible brand  Dynamic fares…if you book early, you pay less  Optional extras – pay only for what you need  Distribution - over 98% initial sales on-line  Operate a highly utilised fleet

3. 3 Europe’s best performing airline-Highlights 2010  easyJet’s advantaged network and improved consumer demand has driven strong revenue performance  Total revenue per seat up 5.1% reported, +3.3% at constant currency  Seats flown grew by 6.0%, with a 15.9% increase in mainland Europe  Market share has grown from 6.5% to 7.6% over the last year  Underlying profit per seat grew by £2.53 to £3.36  Fuel costs reduced by £2.19 per seat as higher priced hedges rolled off  Mix improvement offset the increased costs of disruption  Return on equity grew 3.1ppt to 8.6%  Continued strong cash generation, net cash flow from operations improved by £229m to £363m 3 * Excludes interest income

4. 4 easyJet has strengthened 4

5. 5 Cost per seat - key drivers 5

6. 6 Delivering cost savings  Additional £65m of cost reduction identified Original target p.a. by F’11 Increased target p.a. by F’12 Ownership - exit expensive aircraft from fleet £40m£30m Maintenance - in-sourcing, SRT deal & further contract renegotiation, efficiency projects £8m£35m Overheads - leverage scale £6m£10m Airports & Handling – handing & volume deals, check-in process improvement, some self handling & low cost terminals £9m£60m Crew – productivity & flexibility initiatives, Boeing exit (no requirement to ring fence crew), new rostering systems £30m£35m Fuel – GPU usage, flight planning, fuel reporting and pilot technique £30m£20m Total £125m£190m Delivers a net benefit to the bottom line of £1 per seat by end F’12

7. 7 Efficient fleet management 77 1 includes 4 aircraft held for sale (4 x A320) which will exit the fleet by 30.09.10

8. 8 easyJet’s Growth  First flight operated on the 10 th November 1995 between Luton and Glasgow  Average year on year growth of 15% 2006 -2008 Passenger Growth  20 bases across Europe inc. Rome (FCO) established in 2009  Further mid-term growth 7.5% per annum - over 5 year  48.8 M passengers transported in 2010 (+7,9%)

9. 9 easyJet’s phenomenal growth in Europe  easyJet has seen continued growth since start of operations in 1995  easyJet is No3 in Italy, No2 in France and Spain and No1 in the UK

10. 10 Network- What we are interested in  Slots in primary, congested Airports, to attract good yields  Airfields is not our Business  Good catchment areas, with natural, healthy mix of outgoing and incoming passengers  Airports with different services for different Airlines models  Airports available to share investments principles  Airports which come up with ideas to promote, and not kill, high load factor  Less spreadsheets, more facts  Point to point- W patterns are operational and cost burdening

11. 11 Network – Connecting Convenient Airports  UK’s largest airline  Europe’s 4 th largest airline Accessible Network:  Over 300m inhabitants within one hours drive on an easyJet airport Increasing diversity  Pan European Network – 53% of passengers originate from outside the UK  Third of flying does not touch the UK Vital Network Statistics:  29 countries  20 bases  123 airports  More than 500 routes  196 aircraft  48.8 million passengers

12. 12 Breadth and depth of network  Leading presence on Europe’s top 100 routes  Strong, defendable positions  London Gatwick No.1  Milan Malpensa No.1  Geneva No.1  Paris No.2  Berlin Schönefeld No.1

13. 13 Efficient fleet management 13

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16. 16 easyJet growth in Fiumicino  Start of Operations in November 08  Start of based operations in November 09  Steady, Constant growth year on year

17. 17 easyJet in Ciampino  Decrease of traffic in favour of FCO started in 2009  Process continues based on slots and infrastructures availability

18. 18 Differential pricing for LCC’s = Growth  Airports across Europe moving to ‘pay for use’ & ‘differential pricing’ – rewarding efficient use of Airports  Establishing a differential pricing structure should be easier and does not need to represent a downgraded quality of services  Low cost does not mean no seats and no shops  More efficient infrastructure usage allows for differential pricing (as per EU regs) e.g.:  Parking positions accessible by foot (walk in-walk out everywhere); no buses, no airbridges  Per usage charges; not per departing passenger

19. 19 The Key Economic Driver- “The passenger”  Growth incentives to be encouraged at all airports, especially where infrastructure changes are not possible, to reward growth in overall traffic volumes  A charging structure that favours efficient airlines; with lesser passenger weighted charges, delivers demonstrable and measurable benefits:  Higher load factors and therefore more passengers driving commercial revenues for airport  Lower environmental impact of air travel for passengers, through efficient use of aircraft

20. 20 …..we need each other to get the job done! easyJetAirports

21. 21 Thank you!