Africa’s Low Cost Airline Rubicon Diversified Investments Plc. Q2 2012 Disclaimer

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2 Introductions

Ed Winter Richard Blakesley CEO CFO

3 Three Pillars of Success

Stelios and easyGroup Lonrho Unrivalled low-cost airline • 100 years African Experience start-up experience • Reputation

Fly540 • Strong Platform • 4 Hubs, fly rights, existing revenues

4 Africa – the Last Frontier of Growth…

• A vibrant emerging region GDP and private consumption annual growth 2011-2016 10.0%

• 7 of top 10 fastest growing countries 9.0% India China globally 8.0%

• Consumer market of 1 billion people 7.0%

6.0% • Growing middle class Asia-Pacific* Africa 5.0% • Political reform, improving education and Middle East 4.0% governance, debt restructuring Russia GDP growthGDP 2011-2016 3.0% USA Latin America • African oil, minerals and food supply 2.0% Japan

increasingly recognised 1.0% Europe • $1.6 trillion+ forecast consumer spend by 0.0% 2020 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Real private consumption growth, 2011-2016 Bubble size proportional to real GDP at PPP (Purchasing Power Parity) in 2016 • Propensity to fly in West Africa is 1 seat per *-Asia-Pacific excludes Japan, China and India 13,000 people per year. In the developed Source: Global Insight, Airbus GMF world this figure is 1-2 seats per person … with a massively underserved aviation sector

5 Democratising Air Travel in Africa

European Standards of Safety, Security & Quality

“Peoples Champion” Modern Jets; proven Low cost airline model

First Mover Advantage Reliability and Punctuality

Distribution: evolving from multi- High Density Regional African channel to internet Network

Low Fares: $80 average, starting from $20 plus tax

6 Low Cost Airlines Create a New Market

• Low fares stimulate the market Air travel The European experience - London to Eastern Europe – People fly more often – People who didn’t fly now fly – Trade flows more freely • Low Cost Airlines focus on generating a new market – not taking market share from existing airlines • Many similarities between Eastern Europe and Africa: Source: CAA Research – Capacity constrained by regulation – Limited internet and credit card penetration – Bus routes to be replaced by air

7

A319 Platform for Stimulating Demand

Illustrative seat pricing scenario for 80% load factor at average $80 per seat

8 East Africa Strategy – Build Mature Market

Current 2015 (E) • Fly 540 operation launched 2006 Aircraft () 2 x CRJ100 15 x A319 • Current average fares of $110 2 x Dash8 • 5 A319’s proposed within 12 months Aircraft 1 x CRJ100 5 x A319 • Relatively mature market (Tanzania) 1 x Dash8 • Increase capacity and frequency on existing routes Destinations 15 26 • Build route network Monthly Pax 45,000 525,000 • Supportive Governments – no national (capacity) carrier in Tanzania • Add flights to South Africa, North Africa, West Africa & Middle East in future

9 Route Networks

Juba Cairo

Mogadishu Wajir

Kampala Khartoum

Garissa Musoma Lagos Kigali Addis Ababa Accra Butare Port Harcourt Mwanza

Bujumbura Mt. Kilamanjaro Arusha Kinshasa

Zanzibar Lusaka Lilongwe Dar Es Salaam Harare Gabarone Bulawayo

Johannesburg

Durban

10 Dar es Salaam Route Networks

Cairo

Jeddah Kampala Eldoret

Garissa Kisumu Musoma Kigali Nairobi Mwanza Lamu

Malindi Arusha Lagos Bujumbura Mt. Kilamanjaro Accra

Lushoto Dar Es Salaam Lusaka Songea Mtwara

Francistown Harare

Windhoek Bulawayo Lilongwe Gabarone Johannesburg Lusaka

Durban Cape Town

11 Ghana Strategy – First Mover Advantage

Current 2016 (E) • Fly 540 operation launched November 2011 Aircraft 1 x ATR72 15 x A319 • 2nd aircraft to be added in August Destinations 4 20 • Expansion across Economic Community Of Monthly Pax 9,000 395,000 West African States (ECOWAS) (capacity) • No national carrier in Ghana • Only 4 of 16 ECOWAS countries connected directly daily to Accra • Supportive Government • Sub-hubs to be added over time, eg Dakar, Abidjan • Flights to Nairobi and Luanda to be added in future

12 West Africa: Substantial Further Potential

Illustrative Route Network - 2015

13 Route Illustration – Accra to Kumasi

• 110 buses per day linking these 2 main cities in Ghana (3600 passengers) • Bus passengers currently pay approx. $20 for a single fare • need just 10% of the bus traffic to fill 4 flights per day • Average fare of $50 would be profitable for FastJet

14 Angola Strategy – Profitable Growth

• Operation launched January 2011 after exhaustive 3-year process Current 2015 (E) • Dynamic economy, averaging 11% GDP Aircraft 3 x ATR72 5 x A319 growth in last 10 years Destinations 7 15 • Current average fares of over $100 Monthly Pax 26,000 130,000 • No competition except national carrier (capacity) • Potential to switch to A319 in medium term • Increase capacity and frequency on existing routes • Build regional route network (eg South Africa, Congo)

15 Distribution – Challenges & Opportunities

Today: cash-based payments at Future: mobile payments are our offices already ahead of the UK

16 Challenges and Opportunities

• Passenger Departure Taxes • Fuel Cost • Currency and Fuel Hedging • Regulatory • Infrastructure

17

FastJet Illustrative Revenue Build-up

** **

**

* Represents 4 Months in 2012 ** End of year annualised

The above shows illustrative targets, subject to additional capital, and based on capacity at 80% load factor, 7 flights per day per aircraft and annualised monthly pax at $80 average fare 18 Industry Profitability Comparisons

• Below is latest EBITDAR* from published account data for comparable low-cost carriers • “African Potential” shows an illustrative estimate of potential steady state EBITDAR margin by reference to other low cost carriers operating in developing markets

EBITDAR 35.0%

30.0%

Developed Markets 25.0%

20.0%

15.0%

10.0%

5.0%

0.0% EasyJet Southwest Airlines Westjet GOL Air Arabia African Potential Air Asia

Source: Published Company Accounts * Earnings Before Interest Taxes Depreciation Amortisation and Rent is a measure which adjusts for the different financing structures used to own or lease aircraft fleets

19 Proposed Fleet Plans

• A319 fleet deployment proposed via dry-leasing – Good availability of supply – Attractive lease terms – First LOI signed for September / October delivery • Supported by: – Funds raised in December 2011 ($15m) – Cash flows from Fly540 • Further debt and equity funding required for full-scale FastJet launch

20 Capital Structure

• 1.3 billion shares issued (pre-easyGroup) • £50 million / $80 million market cap at 4p/share • $15m raised in December 2011; further fund raising required for FastJet launch • Shareholders as follows:

% Lonrho 74 easyGroup Holdings* 5

Investors – existing 19

Fly540 Kenya minority shareholders 2

Total 100

Existing Directors/Management Options 7

Warrants 1

21 Summary

• Africa’s Low Cost Airline • Safe, reliable and punctual flights • Highly experienced low-cost carrier team • 100 years of African business experience. Unique Fly540 pan-African platform • Huge untapped market of 1 billion people – the last frontier of growth • Democratising air travel • Grow profitably to more than 12 million passengers per year at circa $80 average ticket price….

… creating a billion-dollar business focused on Africa

22 Board of Directors

• David Lenigas, Executive Chairman Executive Chairman of Lonrho Plc • Ed Winter, Chief Executive Officer Founder and COO of low cost carrier Go, subsequently COO of easyJet • Richard Blakesley, Chief Financial Officer 15 years investment banking experience, working as a mergers and acquisitions specialist for Lehman Brothers, Chase Manhattan and JP Morgan. • Geoffrey White, Executive Director Chief Executive Officer of Lonrho Plc • Robert Burnham, Non-Executive Director Over 25 years board and senior management experience in the IT services and telecoms sector, including for Lorien plc and QA plc • Following easyGroup share issuance & fund raising: – Stelios to join as Non-Executive Director

23