20th November 2007

Highlights

Strong improvement in underlying financial performance

4 Revenue + 11 %

4 Profit before Tax + 48 %

4 PBT Margin + 2.7 pp

4 Earnings per Share + 50 %

4 Return on Equity + 3.5 pp

4 Net cash flow from operating activities + 20 %

2
Highlights

15.0%
200 PBT (£m) ROE %
191 13.6%
12.0%
150
9.0% 10.1%
129
100
6.0% 7.2% 7.1%
6.4%
79 83
69
50
3.0%

0 0.0%
1905
2003
2003 2004
2004 2005
2005 2006
2006 2007
2007 1905
2003 2004
2004 2005
2005 2006
2006 2007
2007

Profit and return on equity momentum continues

3
Highlights – Turning Europe Orange

4 Fleet Growth

4 20 A319s delivered in the year

4 14% capacity growth (flown seats)
4 137 aircraft at 30 September, 107 A319s; 30 737-700s

4 European network optimisation

4 Opened 17th base at Madrid

4 19 routes culled, 46 new routes launched
4 Flying 289 routes through 77 airports in 21 countries

4 Margin improvement

4 Tough cost management, unit cost down 6%

4 Ancillary revenue development, up 47 pence per seat

4
Profit performance

£m 2007 2006 Change

Total revenue 1,797 1,620 + 11%

Operating costs (1,499) (1,341) + 12%

EBITDAR 298 279 + 7%

Finance and ownership (107) (150) -29%

Underlying profit before tax 191 129 +48%

NATS / Airline Group 11

Profit before tax 202 129 + 56%

Margin (underlying) 10.6% 7.9% +2.7pp

Profit per seat (pence) 430p 332p + 98p

Momentum continues with underlying margin improved by 2.7pts

5
Passenger revenue

2007 2006 Change

Passengers (m) 37.2 33.0 + 13%

Load factor 83.7% 84.8% -1.1pp

Seats (m) 44.5 38.9 + 14%

Ticket revenue (£m) 1,626 1,488 + 9%

Per seat £36.57 £38.28 - 4.5%

Revenue per pax £43.67 £45.17 -3.3%

Gross Revenue per pax £47.87 £47.71 +0.3%

Yields impacted by doubling of APD in UK

6
Ancillary revenues
2007 2006 Change

Ancillary revenue (£m) 171 131 +30%

Per seat £3.85 £3.38 +14%

Change per seat 2007

4.00 Per seat (£)
Card fees - 1% 3.85
3.50
Fees & Charges (incl. + 26% 3.38
3.00
Speedy Boarding)
Partner + 20% 2.50
2.51
Baggage / Sporting + 31% 2.00 2.14 2.14
goods
1.50
In-flight - 3% 2003 2004 2005 2006 2007

Strong start for Speedy Boarding

Ancillary revenue per seat in order of revenue contribution 7
Cost per seat
Cost/seat Change vs Change vs
2007 2006 2006

Ownership £ 2.40 - 37% - £1.44

Maintenance £ 2.21 - 22% - £0.61
Better

Overheads £3.77 - 9% - £0.35

Fuel £ 9.57 - 4% - £0.41
Airports / handling £ 10.39 + 0% + £0.04
Worse

Navigation £ 3.19 + 2% + £0.07

Crew £ 4.59 + 12% + £0.47

Total £ 36.12 - 5.8% - £ 2.22

Total (ex fuel) £ 26.55 - 6.4% - £ 1.81

Good progress in ownership and maintenance costs

8
Aircraft ownership
Change in cost per seat
£0.50
£-
-£0.50
-£1.00 - 144p
-£1.50
-£2.00
2003 2004 2005 2006 2007
4 Improving fleet mix
4 A319s represent 78% of fleet (71% last year)
4 737-300s returned with lower than expected cost
4 Reducing financing cost
4 Benefit from weaker USD (effective rate $1.89 from $1.79)
4 Non repetition of £10m wet lease costs last year

Continuing benefits from fleet mix and financing

9
Maintenance
Change in cost per seat
£0.25
£-
-£0.25
-£0.50 - 61p
-£0.75
2003 2004 2005 2006 2007
4 Benefit from new GE engine maintenance deal
4 One off catch up at new rates
4 On going savings
4 Benefit from the elimination of B737-300s from fleet and mix change to
owned A319s
4 Benefit from weaker USD (effective rate $1.89 from $1.79)

Bringing easyTech in-house; dual running costs in 2008

10
Airports and ground handling
Change in cost per seat
£1.50
£1.00
£0.50
+ 4p
£-
-£0.50
2003 2004 2005 2006 2007
4 Effect of STN increased rates from April 2007
4 Adverse mix variance with more flying to primary airports (CDG, AMS
and MAD)
4 Full year benefits from ground handling savings in Spanish airports

Ground handling efficiencies help to offset airport inflation

11
Crew
Change in cost per seat

£0.50
£0.25 + 47p

£-
-£0.25
-£0.50
2003 2004 2005 2006 2007
4 Higher than normal winter recruitment and training costs to address
Summer 2006 crew shortages
4 Net increase in headcount by 363 pilots
4 Flight deck and cabin crew pay deals add 17 pence per seat

Opportunities to improve crew planning efficiency

12
Overheads
Change in cost per seat

£0.50
£-
- 35p
-£0.50
-£1.00
-£1.50
2003 2004 2005 2006 2007
4 Hangar 89 move completed on time and on budget
4 Reduction in insurance rates, 14 pence per seat
4 Call centre outsourcing, one off costs taken in 2007

Maintain overhead costs at current levels to leverage growth

13
Net income, EPS and ROE

£m 2007 2006 Change

Pre-tax profit 202 129 + 56%

Tax 50 35 + 41%
Effective rate 25% 27%

Net profit 152 94 + 62%

EPS 36.6p 23.2p + 58%
ROE 14.3% 10.1% +4.2pp
*

Underlying 15%
ROE
13.6%

Pre-tax profit 191 10%

10.1%

Net profit 145 7.2% 7.1%

5%

EPS 34.8p
0%
ROE 13.6% 2004 2005 2006 2007

Anticipated effective tax rate at 25% for 2008

14
Strong balance sheet
£m Sep 07 Sep 06
Fixed Assets 936 696
Cash & money market deposits 913 861
Goodwill 310 310
Other assets 357 322
Total assets 2,516 2,189

Debt 519 480

Other liabilities 845 726
Shareholders’ funds 1,152 983
Total equity and liabilities 2,516 2,189

Gearing* 20% 31%

*Gearing defined as (debt + 7 x annual lease payments – cash incl. restricted cash) divided by (shareholders funds + debt + 7 x annual
lease payments – cash incl. restricted cash)
15
Good cash generation

1,200
£69m

(£17m)
1,100
£66m

£34m

1,000
£172m

(£272m)
900 £913m

£861m
800
Cash EBIT Depn / Wk Tax, Net Financing Net capex Cash &
9/06 amort capital int. & Money
Other Mkt Deps
9/07

10 aircraft cash acquired in the year to September 2007

16
Aircraft financing
Fleet Ownership Sep 2005 Sep 2006 Sep 2007

B737-700 Op. Leased 32 32 30

B737-300 Op. Leased 22 3 -

A319 Op. Leased 37 43 46

Fin. Leased - 6 6
Owned 18 38 55
Mortgage Debt 18 35 42
Cash Acquired - 3 13

Total A319 55 87 107

Total Fleet 109 122 137

Operating Leases 83% 64% 55%

Owned & Fin Leases 17% 36% 45%

Medium term financing target; 70% owned, 30% leased

Ownership percentages are year end figures. 17
Jet hedging summary – FY08
Jet Hedging Position Oct 07 to Sep 08
820
Price
780 Hedge 40% Hedged @ max $735

740
T

700
USDperM

660

620

580

540
Oct- Dec- Feb- Apr- Jun- Aug- Oct- Dec- Feb- Apr- Jun- Aug-
06 06 07 07 07 07 07 07 08 08 08 08

4 Average effective cost per metric tonne $688 in 2007, up 4.4% from $659 in
2006
4 2008 cover: 40% hedged with a mixture of forwards and caps and a maximum
rate of $735 per tonne

Sensitivity: $10 per tonne movement equivalent to $13m per annum

18
FX hedging summary – FY08
Forex Hedging Position Oct 07 - Sep 08
2.20

Rate
Hedge
2.10
USDper MT

2.00
68% Hedged @ 1.95

1.90

1.80
Oct- Dec- Feb- Apr- Jun- Aug- Oct- Dec- Feb- Apr- Jun- Aug-
06 06 07 07 07 07 07 07 08 08 08 08

4 Average USD rate in 2007 was $1.89, up from $1.79 in 2006

4 Around 40% of cost base is denominated in USD
4 2008 cover: mixture of forwards and caps/collars

Sensitivity: 1c change in exchange rate equivalent to £3m per annum

19
Business Review

20
Turning Europe Orange

4 Fleet Growth

4 120 A319 orders with 88 options

4 Medium term organic growth at 15%
4 GB Airways introduces additional gauges, A320 and A321

4 European network optimisation

4 Announced doubling of French capacity; CDG and LYS bases

4 GB Airways builds presence at Gatwick
4 Pan-European network with high coverage and frequency appealing to all
customer segments

4 Margin improvement

4 Continued development of ownership costs

4 Tough management of overheads
4 Strong pipeline of ancillary revenue initiatives

21
Fleet growth
250
216
Year End Fleet Size
200 190
164
GB
150 137 A319
122
109 B700
100
92 B300
74

50

0
2003 2004 2005 2006 2007 2008 2009 2010

4 Capacity growth 2007/08

4 Seats +12% (+18% with GB Airways)
4 ASKs +16% (+30% with GB Airways)
4 Average age of fleet 2.7 years
4 GB Airways; 9 A320s and 6 A321s
4 Review of gauge options
4 Boeings due to be returned by 2011

22
European network - today

4 30% of our total network

capacity is now deployed at
our mainland European
bases (up from 23% in 2006)

4 Developing a unique pan -

European network which
appeals to all key customer
segments Need BSL 4
4 Low fares
4 Convenient airports
4 Quality schedule

4 Performance Management
4 19 routes culled
4 46 routes launched
4 58 frequency increases
4 65 schedule improvements

23 Aircraft number as at 30.9.07

European network - customers

Business VFR & Short breakers Long breakers

people Commuters

Low fares Low fares Low fares Low fares

Convenient Convenient Convenient Convenient

airports airports airports airports

Right times of day Right times of day Right times of day Right times of day

Range of Range of
High frequency High frequency
destinations destinations

To easyJet, all are valuable and all are profitable.

24
European network - competition

* Using scheduled capacity market share from CAA and OAG data

UK market share 18%; Continental Europe market share 2%

25
European network – quality focus

London GB Airways takes easyJet to 24% of Gatwick slots

After 6 years, number 1 at Gatwick with over 8m
passengers and 33 aircraft (inc 13 GB Airways)
Milan 7 aircraft based at Malpensa after 18 months,
commitments to increase to 15 aircraft by end of 2008
Weak legacy incumbent with high GDP per capita
Paris Announcement of twin base at Charles De Gaulle
complementing Orly presence, followed by Lyon base
in spring
Number 2 airline in France and establishing easyJet as
the alternative French airline
Madrid 6 aircraft confirmed and over 2m pax carried to date
Number 1 low cost carrier in Madrid
Geneva Base grown to 8 aircraft
Number 1 airline in Geneva

26
European network - coverage

300

289 Consumers (m)

273
250

240
226
200
194

150 161

100
easyJet Ryanair KLM Air France Lufthansa British
Airways

289m consumers within 60 minutes drive time of an easyJet airport –

Europe’s number 1 transport network
27
Understanding the network strategy
Legacy airline easyJet now easyJet future

Hub-dependent Base-dependent Independent routes:

routes routes More customer
choice, at lowest
cost (highest aircraft
utilisation, lowest
crew cost)
28
GB Airways purchase
4 LGW:
4 easyJet’s largest base
4 attractive yields
4 large, high income catchment area
4 slot constrained

4 GB:
4 profitable, well-run airline, albeit with margins constrained by franchise
relationship
4 high overheads and high aircraft ownership costs
4 already transitioning towards low-cost model; few legacy issues

4 Attractions of GB to easyJet:
4 combined business 24%* of LGW slots (easyJet 17% + GB 7%); BA 25%
4 LHR routes continue to 29th March 2008 and thereafter routes transfer to LGW;
the 4 LHR slots are not included in the acquisition
4 young fleet of 15 Airbus A320 family aircraft in common with existing easyJet
fleet
4 19 new destinations giving network development options
4 674 crew, 284 in support functions
*Source: recent Gatwick Airport Ltd data
29
Improving margins - cost opportunities

31.00
Cost per seat excl. fuel (£)
30.76
30.03
29.00
28.78
28.36

27.00

26.55

25.00
2003 2004 2005 2006 2007

4 Fleet mix and financing: 30 x 737-700 returns

and increasing on balance sheet financing
4 Ground handling efficiencies to offset Airport
inflation
4 Network optimisation: utilisation & crew
efficiencies
4 Continue to leverage overheads
30
Improving margins - initiatives

4 Speedy boarding
4 Successful roll-out across whole network
4 FY08 check-in enhancement at selected airports

4 First bag charge launched for flying from 1

October 2007

4 Dynamic packaging of hotels and easyJet

Holidays site launched June 2007

4 GDS agreement announced with Amadeus and

Galileo allowing corporate travel agencies
easier access to low fares

4 Gate Gourmet announced as new in-flight

partner – transition now completed

31
Outlook

4 This winter we expect total revenue per seat to be broadly in line with
last year

4 For summer 2008 we expect the effect of annualising APD, checked

bag charges and growing ancillary revenues to result in total revenue
per seat being slightly ahead of the previous year

4 High fuel costs will be partly offset by the weak US dollar, however
we anticipate an overall increase in GBP unit fuel costs

4 Unit costs excluding fuel are anticipated to be similar to last year

4 We anticipate an increase in underlying profit before tax of around

20% in 2008

4 The above outlook excludes the proposed acquisition of GB Airways.

Excluding one-off costs of around £12m we expect the acquisition to
be earnings enhancing in the current financial year

32
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
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33