2007 Interim Results

09 May 2007

1 Highlights

4 Margin improved by 4.0pp as loss before tax reduced from £40m to £17m

4 Total revenue grew by 14% to £719m

4 Passenger revenues up 0.8% or £0.26 to £31.70 per seat

4 Ancillary revenues up 18% or £0.58 to £3.81 per seat

4 Costs ex-fuel down 2.1% or £0.57 to £27.18 per seat

4 12 month rolling return on equity at 11.9% for March 2007, up from 5.6% for 12m to March 2006

4 Strong balance sheet with £905m cash and gearing at 21%

4 Guidance maintained: full year pre-tax profit up 40% to 50%

2 Highlights

4 11% increase in passenger numbers to 16.4 million

4 Madrid base opened February 2007 with 4 A319 aircraft

4 16 new routes launched - network on sale is now 292 routes serving 75 airports across 20 countries

4 100th Airbus delivered in April 2007 4 1 new A319 taken every 12 days since September 2003

4 Speedy boarding implemented throughout network

4 Network development: 4 More focus on time sensitive passengers 4 Extending our market footprint

3 Profit and loss account

£m H1 2007 H1 2006 Change

Total revenue 719 630 + 14%

Operating costs (679) (603) + 13%

EBITDAR 40 27 + 45%

Finance and ownership (57) (67) - 16%

Pre-tax loss (17) (40) - 58%

Margin (2.4%) (6.4%) +4.0pp

Loss per seat (pence) (85p) (222p) + 137p

Margin improved by 4.0pp with seasonal loss reduced to £17m

4 Return on equity and profit per seat progression £4

16%

£4

14% £3.72

£3 £3.32

12%

£3

PBT 10%per seat £2.38 11.9%

£2

8% £2.16 10.1%

£2

6% 7.1%

£1

4% 5.3% Return on

£1 equity2%

0% £0 Sep-04Sep 04 Sep-05Sep 05 Sep-06Sep 06 Mar-07 Mar 07 12 month rolling 5 Passenger revenue

H1 2007 H1 2006 Change

Passengers (m) 16.4 14.9 + 11%

Load factor 81.2% 81.8% -0.6pp

Seats (m) 20.2 18.2 + 12%

Pax revenue (£m) 642 571 + 12%

Per seat £31.70 £31.44 + 0.8%

6 Ancillary revenues

H1 2007 H1 2006 Change Ancillary revenue (£m) 77 59 +32%

Per seat £3.81 £3.23 +18%

Change per seat H1 2007

Card fees + 2% Change / Rescue / Speedy boarding fees + 15% Partner + 56% Excess baggage / Sporting goods + 40% In-flight - 8%

Ancillary revenue per seat in order of revenue contribution 7 Cost per seat

Cost/seat Change vs Change vs H1 2007 H1 2006 H1 2006 Ownership £ 2.81 - 25% - £0.91 Better Maintenance £ 2.31 - 18% - £0.52 Airports / handling £ 10.25 - 0% - £0.05

Worse Navigation £ 3.05 + 1% + £0.04 Fuel £ 9.18 + 1% + £0.05 Overheads £4.06 + 8% + £0.30 Crew £ 4.71 + 14% + £0.57

Total £ 36.36 - 1.4% -£0.52 Total (ex fuel) £ 27.18 - 2.1% -£0.57

8 Aircraft ownership

Change in aircraft ownership cost per seat

£1.50 £0.75 £- -£0.75 - 91p -£1.50 2003 2004 2005 2006 H1 2007 4 Improved fleet mix and financing 4 A319s represent 76% of fleet up from 60% in March 2006 4 Owned aircraft increased from 23% to 41% of fleet 4 Benefit from weaker USD (effective rate $1.87 from $1.78) 4 Continued reduction in lease return costs

4 Ongoing savings through leveraging Airbus deal

9 Maintenance

Change in maintenance cost per seat

£1.50 £0.75 £- -£0.75 - 52p -£1.50 2003 2004 2005 2006 H1 2007

4 Benefit from the elimination of B737-300s from fleet and mix change to owned A319s 4 Benefit from weaker USD 4 Reduction in unscheduled one-off maintenance

4 Tender for engine maintenance nearing completion

10 Airports and ground handling

Change in airport / handling cost per seat

£1.50 £0.75 £- -5p -£0.75 -£1.50 2003 2004 2005 2006 H1 2007

4 Reduction in Spanish ground handling costs with benefits from Madrid and Barcelona still to come 4 Weaker Euro and Swiss franc offsetting mix effect 4 Reduction in winter de-icing costs

4 Continued pressure in H2 with Stansted rates changing

11 Overheads

Change in overhead cost per seat

£1.50 + 30p £0.75 £- -£0.75 -£1.50 2003 2004 2005 2006 H1 2007

4 Increase in legal and IT related costs 4 Increased share based payments & timing of bonus provisions 4 Full year forecast in line with expectations of reduced unit overhead costs

4 Options for call centre under review

12 Crew

Change in crew / training cost per seat

£1.50 + 57p £0.75 £- -£0.75 -£1.50 2003 2004 2005 2006 H1 2007

4 Effect of salary inflation circa 17 pence per seat 4 Successful winter recruitment programme has impacted average efficiency (+400 pilots and +900 cabin crew recruited) 4 Higher retention rates for both pilots and cabin crew

4 Crew requirements in place for summer 2007

13 Net income, EPS and ROE

£m H1 2007 H1 2006 Change

Pre-tax loss (17) (40) - 58%

Tax 4 11 - 60%

Net loss (13) (29) - 56%

EPS (fully diluted) (3.0p) (7.2p) - 57%

Return on Equity 11.9% 5.6% + 6.3pp (rolling 12 month)

4 Full year effective tax rate around 26%

14 Strong balance sheet

£m Mar 07 Sep 06 Aircraft (incl. deposits) 795 699 Cash 905 861 Goodwill 310 310 Other assets 333 254 Total assets 2,343 2,124

Debt 493 480 Other liabilities 859 661 Shareholders’ funds 991 983 Total equity and liabilities 2,343 2,124

Gearing* 21% 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

£m 1100 £14m £162m £4m 1000

£905m 900 £861m £17m (£128m)

(£25m) 800

700

T l 7 g ex 0 int. in p / EBI pita t c 3 h 9/06 amort a e s / c n an t ca n k / in e ash Ca p x F N C e W D Ta 16 US$ forward hedging 2.00 US$:£ weighted average values

1.90 20% fwd @ $1.91

$1.88 1.80 60% collars $1.77

1.70

Sep 05 Dec 05 Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 SepH2 80%07 1.60

4 80% exposure hedged for H2 FY07

17 800Fuel forward hedging

750Jet A1 price per tonne (US$) weighted average values

$776 700 22% collars $699 650

36% fwd @ $659 600

550 Sep 05 Dec 05 Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Sep 07 H2 58% 500

4 58% exposure hedged for H2 FY07

18 Business Review

19 Business review

4 Priorities and focus

4 Fleet and growth

4 Network development

4 Business product Revenue Costs 4 Competitive landscape

4 Environmental issues

4 People People Network

20 Focus, growth and margin improvement

4 Continued focus on our targets 4 15% growth 4 15% ROE

4 Yield improvement 4 Network development 4 Yield mix (e.g. business traveller)

4 Ancillary revenue 4 Car hire, hotels, In-flight

4 Operational efficiency

4 Aircraft ownership 4 Fleet mix

21 Fleet and order book

4 31 March fleet of 127 Aircraft 4 97 Airbus A319s 4 30 -700s

4 Order book: 4 95 Airbus A319s on order for delivery 2007 – 2010 4 123 further Airbus A320 family options available through 2015

4 Rapid growth of Airbus fleet 4 100th A319 April 2007 4 1 new A319 added every 12 days since Sep 2003

22 15% annual capacity growth planned

Committed aircraft owned / leased at end of financial year

122 137 149 174

Planned seat growth + 15% + 15% + 15%

Actual Expected Expected Expected FY 2006 FY 2007 FY 2008 FY 2009

23 Base expansion concentrated in Europe

Base 9/06 9/07 Base 9/06 9/07 Gatwick 18 +2 Madrid +4

Luton 17 Belfast 5

Stansted 13 +1 Paris Orly 5 +1

Bristol 9 +1 Basel 4

Berlin 8 Dortmund 4

Liverpool 8 Glasgow 4

Geneva 6 +2 3 +1

Newcastle 6 +1 E Midlands 3

Malpensa 3 +4 Tactical 6 -2

Total 122 137

24 Revenue growth greatest in continental Europe

% of total Growth in revenue by location revenue of route versus prior year

Europe – H1 FY 06 + £41m Europe 30% H1 FY 07 + £62m

UK – + £17m Europe 55% + £10m

UK - £1m Domestic 15% - £1m

-£10 £0 £10 £20 £30 £40 £50 £60 £70 25 Madrid base launch & network

4 Madrid base launched Feb 2007 4 4 aircraft 4 18 routes total 4 9 new routes 4 3 domestics 4 6 countries 4 Load factor to date over 80%

4 Complements existing Spanish network 4 72 routes 4 11 airports 4 8m pax last 12m

26 Strategic network development

Primary Secondary Tertiary

Heartland Increased Frequency London - Geneva - Newcastle - Madrid Lisbon Faro

Join the London - London - Bristol - Dots Glasgow Pisa Krakow

New Frontier New London - Madrid - Bristol – Airports Zurich Casablanca La Rochelle

4 Balanced network development focusing on each area

27 Network development in the winter schedule

4 16 new routes

4 14 routes culled

4 Frequency increases on 35 routes*

4 Timing improvements on 18 routes

* Capacity increases over 15% year on year 28 Improving product attractiveness

4 Product improvements through network development 4Frequency increases e.g. Newcastle - Belfast 4Timing improvements e.g. Berlin - Bristol

4 Speedy boarding introduction

4 High brand awareness 4 60% - 99% brand awareness in core countries

4 Strong customer satisfaction 4 92% of passengers would recommend easyJet*

4 Best Low Cost Airline – Business Traveller Awards 4 8th consecutive year

* Source: Dec 2006 Customer Satisfaction Survey, Jan 2007 European Brand Monitor 29 Competitive landscape: competition overlap analysis

70% Monarch Airlines - 12 (# of market pairs overlapping)

60% British Airways - 48

bmi british midland - 11

50% Swiss - 20

bmibaby - 20 How important we are to them

40%

Jet2.com - 15 flyglobespan - 4 Air Berlin - 22 30% Air - 18

Wizz - 5 KLM - 7 Alitalia - 16 How important they are to us Iberia - 17 flybe. - 17 20% Vueling Airlines - 5 Clickair - 4 Ryanair - 35 germanwings / Eurowings - 9 Spanair - 5 10%

Air One - 6 Lufthansa - 16 (market pair overlap, weighted by seats)

0%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%30 50% Revenue environment

4 Tough comparatives from summer 2006 4 Passenger rev / seat up over 11% year on year in summer 2006

4 H2 growth rate (seats) approximately 18% versus 11% in H2 FY06

4 Competition – some shift in emphasis but generally remains intense 4 1+ competing airline on 170 / 217 market pairs 4 1+ low-cost competitor on 117 / 217 market pairs 4 European capacity growing despite tight aircraft supply

4 UK Air Passenger Duty (“APD”) doubled from £5 to £10 4 Impacting ~45% of easyJet flights 4 Particularly significant for UK domestic routes

31 Ancillary Revenue Growth +18% to £3.81 per seat

4 Partner revenues continue to drive unit growth

4 New contracts with hotel and car partners

4 In-flight challenges

4 Speedy boarding in place across network

4 Dynamic packaging roll out on more languages and products

4 Continuing opportunity for improved execution and innovation

32 The environment

The easyJet Environmental Code

4 Efficient in the air 4 Efficient on the ground 4 Leading the way in developing a greener future easyJet’s Environmental Credentials:

4 Modern fleet: average age 2.3 years 4 High load factors averaging >80% 4 Point to point direct services

4 Reduced our unit CO2 emissions* by 18% since 2000 4 A traditional airline would burn 27% more fuel per passenger km 4 easyJet supports inclusion of aviation into the European Emissions Trading Scheme (“ETS”)

* CO2 per passenger km 33 People

4 Recruiting for growth 4 Recruitment for summer 07 complete 4 Over 400 pilots recruited since Sept 4 Over 900 cabin crew recruited 4 Increasing crew retention

4 European expansion 4 Madrid base opened, crew on local contracts 4 Ground handling employees in

4 Hangar 89 move March 2007

4 Cor Vrieswijk joined as Operations Director January 2007

4 Crew levels in place for summer 2007

34 Outlook

4 Growth measured in available seats will accelerate during the summer months leading to approximately 15% growth for the full year to September 2007.

4 As we stated last winter, we continue to see pressure on yields in the summer against high comparatives from last year and due to continued competition.

4 Low fares underpin our growth and in the 2nd half we have reduced many of our lead-in fares and increased our promotional activity to sustain high load factors in weaker market conditions.

4 Our low fares are supported by maintaining focus on ancillary revenues and our cost base. We anticipate further progress on unit cost reductions, excluding fuel, in the second half and for the full year we anticipate unit fuel costs to be slightly down year on year.

4 Our guidance remains unchanged, for the full year to September 2007 we expect pre-tax profit growth of 40% to 50%. 35 Focus, growth and margin improvement

4 Continued focus on our targets 4 15% growth 4 15% ROE

4 Yield improvement 4 Network development 4 Yield mix (e.g. business traveller)

4 Ancillary revenue 4 Car hire, hotels, In-flight

4 Operational efficiency

4 Aircraft ownership 4 Fleet mix

36 Appendix Operating statistics

H1 2007 H1 2006 Change

Seats (m) 20.2 18.2 + 12%

Load Factor (%) 81.2 81.8 - 0.6pp

Passengers (m) 16.4 14.9 + 11%

ASKs (m) 19,108 16,672 + 15%

RPKs (m) 15,790 13,642 + 16%

Stage Length (km) 944 918 + 3%

Sectors 131,167 118,782 + 10%

38 Calculated amounts

H1 2007 H1 2006 Change

Average Fare (£) 39.03 38.45 + 2%

Total Revenue per pax (£) 43.73 42.39 + 3%

Cost / ASK (p) 3.85 4.02 - 4%

Cost / ASK (ex fuel) (p) 2.88 3.02 - 5%

RASK 3.76 3.78 - 0%

39 Profit per seat build up

£m 0 £19m -10 91p -20 £12m (£1m) (£17m) 58p (5p) -30 (85p) £5m (£1m) 26p -40 (3p) (£6m) (£40m) (30p) (£5m) -50 (222p)

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