Prelim Results Part 2 of 4

easyJet PLC
26 November 2002

easyJet plc Preliminary results Part 2 of 4



Operational and financial review





The following tables set forth certain consolidated operating and profit and
loss account data.  Where statistics are 'average' numbers in the 'acquired in
year' column, the average represents the values from the two months of ownership
of Go Fly, averaged across the twelve months.


Selected consolidated operating data                                       Year ended 30 September
(unaudited)                                                                   2002                         2001

                                                               Continuing     Acquired       Total
                                                                operations     in year

Number of aircraft owned/leased at end of year(1)                       37          27          64           26
Average number of aircraft owned/leased during year(2)                30.7         4.5        35.2         21.7
Number of aircraft operated at end of year(3)                           36          27          63           25
Average number of aircraft operated during year(4)                    29.8         4.4        34.2         21.1
Sectors(5)                                                          80,503       9,436      89,939       57,513
Block hours(6)                                                     125,154      17,194     142,348       92,049
Number of routes operated at end of year                                47          36          83           35
Number of airports served at end of year                                20       23(7)          35           17
Owned/leased aircraft utilisation (hours per day)(8)                  11.2        10.5        11.1         11.6
Operated aircraft utilisation (hours per day)(9)                      11.5        10.7        11.4         12.0
Available seat kilometres ('ASK')(millions)(10)                      9,381       1,388      10,769        7,003
Passengers(11)                                                  10,151,549   1,198,801  11,350,350    7,115,147
Load factor(12)                                                      84.6%       85.8%       84.8%        83.0%
Revenue passenger kilometres ('RPK')(millions)(13)                   8,000       1,218       9,218        5,903
Average internet sales percentage during the year(14)                91.4%       85.1%       90.9%        86.5%
Internet sales percentage during final month of financial year       92.0%       85.8%       89.9%        91.0%
(15)
Average sector length (kilometres)                                     782         993         804          817

Footnotes can be found at the end of this section.



Results of operations                                      Year ended 30 September
(unaudited)                                                 2002                          2001            Year on
                                                                                                      year change
                                          Continuing    Acquired     Total
                                          operations     in year
                                                £000        £000      £000        %       £000      %           %

Revenue(16)                                  485,855      65,989   551,844    100.0   356,859   100.0        54.6

Ground handling charges, including          (44,143)     (4,637)  (48,780)      8.8   (33,338)    9.3        46.3
salaries
Airport charges                             (66,761)     (6,739)  (73,500)     13.3   (39,595)   11.1        85.6
Fuel                                        (47,719)     (7,497)  (55,216)     10.0   (47,101)   13.2        17.2
Navigation charges                          (33,386)     (4,394)  (37,780)      6.8   (22,538)    6.3        67.6
Crew costs, including training              (53,360)     (4,457)  (57,817)     10.5   (39,901)   11.2        44.9
Maintenance, including reserves             (44,881)     (7,635)  (52,516)      9.5   (28,180)    7.9        86.4
Advertising                                 (17,020)     (2,352)  (19,372)      3.5   (13,308)    3.7        45.6
Merchant fees & incentive pay                (8,450)       (652)   (9,102)      1.6    (6,788)    1.9        34.1
Gift of shares                                     -           -         -        -    (1,796)    0.5           -
Swiss VAT charges                                  -           -         -        -    (1,981)    0.6           -
Costs of integrating businesses of
easyJet and Go Fly
                                             (6,205)       (852)   (7,057)      1.3          -      -           -
Other costs(17)                             (51,607)     (6,730)  (58,337)     10.6   (41,636)   11.7        40.1
EBITDAR(18)                                  112,323      20,044   132,367     24.0    80,697    22.6        64.0

Depreciation                                (18,265)       (412)  (18,677)      3.4   (18,457)    5.2         1.2
Goodwill amortisation                        (3,091)           -   (3,091)      0.6      (168)    0.0     1,739.9
Aircraft dry lease costs                    (34,191)     (6,836)  (41,027)      7.4   (23,283)    6.5        76.2
Aircraft long-term wet lease costs                 -           -         -               (666)    0.2           -
Total operating profit  (EBIT)                56,776      12,796    69,572     12.6    38,123    10.7        82.5

Net interest receivable/(payable)                                   10,523      1.9     2,010     0.6       423.5
Committed contribution to Deutsche BA                              (1,359)      0.3          -      -           -
Amounts written off investments                                    (7,159)      1.3          -      -           -
Income before tax                                                   71,577     13.0    40,133    11.2        78.3

Tax                                                               (22,568)      4.1    (2,226)    0.6       913.8

Retained profit for the year                                        49,009      8.9    37,907    10.6        29.3

Earnings per share (pence)

Basic                                                                14.61               13.47                8.5
Diluted                                                              13.89               12.79                8.6

Basic, before goodwill  amortisation                                 15.53               13.53               14.8
Diluted, before goodwill amortisation                                14.78               12.84               15.1



Footnotes can be found at the end of this section.




Selected consolidated pro forma operating and financial data for Go Fly
(unaudited)

The following tables set provide certain unaudited pro forma consolidated
operating and profit and loss account data for Go Fly for the 12 months ended 30
September 2002.


Selected consolidated operating data                              Year ended 30 September 2002
(unaudited)                                                                               2002

Number of aircraft owned/leased at end of year(1)                                           27
Average number of aircraft owned/leased during year(2)                                    22.8
Number of aircraft operated at end of year(3)                                               27
Average number of aircraft operated during year(4)                                        22.3
Sectors(5)                                                                              49,121
Block hours(6)                                                                          83,049
Number of routes operated at end of year                                                    36
Number of airports served at end of year                                                    23
Owned/leased aircraft utilisation (hours per day)(8)                                      10.0
Operated aircraft utilisation (hours per day)(9)                                          10.2
Available seat kilometres ('ASK')(millions)(10)                                          6,496
Passengers(11)                                                                       5,845,047
Load factor(12)                                                                          80.4%
Revenue passenger kilometres ('RPK')(millions)(13)                                       5,492
Average internet sales percentage during the year(14)                                    82.5%
Internet sales percentage during final month of financial year (15)                      85.8%
Average sector length (kilometres)                                                         893



The breakdown in costs in the following table does not include exceptional items
related to the acquisition of Go Fly.

Results of operations                                            Year ended 30 September 2002
(unaudited)                                                       £000s                     %

Revenue(16)                                                      282,980                100.0

Operating costs

Ground handling charges, including salaries                     (22,977)                  8.1
Airport charges                                                 (32,794)                 11.6
Fuel                                                            (38,462)                 13.6
Navigation charges                                              (19,957)                  7.1
Crew costs, including training                                  (23,588)                  8.3
Maintenance, including reserves                                 (33,769)                 11.9
Advertising                                                     (14,573)                  5.1
Merchant fees & incentive pay                                    (3,781)                  1.3
Other costs(17)                                                 (31,552)                 11.1

Selected aircraft financing costs

Aircraft dry lease costs                                        (38,002)                 13.4




Financial year 2002 compared with financial year 2001

Revenue

easyJet's revenue increased 54.6 per cent from £356.9 million to £551.8 million,
from financial year 2001 to financial year 2002.

Revenue from continuing operations increased by 36.1 per cent to £485.9 million
in financial year 2002.  This increase reflected a 42.7 per cent growth in
passenger volumes, from 7.1 million to 10.2 million passengers, partly offset by
a 6.0 per cent decline in average fares.   The number of passengers carried
reflected an increase in the size of the easyJet fleet in operation from an
average of 21.1 aircraft to an average of 29.8 aircraft and an increase in the
average load factor achieved from 83.0 per cent to 84.6 per cent.

Revenue from non-ticket sources, within ongoing operations, includes in-flight
sales of food and beverages, excess baggage charges, change fees, credit card
booking fees and commissions received from products and services sold such as
hotel and car hire bookings and travel insurance.  In financial year 2002, £23.8
million was earned from non-ticket sources, up 101.1 per cent from the prior
year.  This increase is higher than the growth in passenger volumes and
primarily reflects the full year effect of credit card booking fees, which were
introduced in April 2001, the renegotiation of contractual arrangements and the
exploration of new revenue earning opportunities.

Revenue arising from Go Fly, from 31 July, the date of acquisition, was £66.0
million, reflecting the 1.2 million passengers flown on the 27 aircraft operated
by Go Fly in the two months of August and September.



Ground handling charges, including salaries

easyJet's ground handling charges increased by 46.3 per cent from £33.3 million
to £48.8 million, from financial year 2001 to financial year 2002.

Ground handling charges from continuing operations increased by 32.4 per cent to
£44.1 million in financial year 2002. The increase in third-party ground
handling charges reflects the increase in the number of sectors flown and the
higher rates charged at certain primary airports where much of easyJet's organic
growth was centred in 2002.  Ground handling at Geneva and Luton grew less than
the level of passenger increase reflecting the improved efficiency of
self-handling at these airports.  Ground handling charges in financial year 2001
also included the start-up costs of self-handling at Geneva.

The ground handling charges arising from Go Fly, from 31 July, the date of
acquisition, were £4.6 million.



Airport charges

easyJet's external airport charges increased by 85.6 per cent from £39.6 million
to £73.5 million from financial year 2001 to financial year 2002.

Airport charges from continuing operations increased by 68.6 per cent to £66.8
million in financial year 2002.  This increase was attributable to the increase
in the number of sectors flown, increases in charges at certain airports
following the events of 11 September 2001 and the full year effect of the
increases in charges at London Luton, which were raised in February 2001.  The
increase also reflects the higher rates charged at certain primary airports
where much of easyJet's organic growth was centred in 2002.

Airport charges arising from Go Fly, from 31 July, the date of acquisition, were
£6.7 million.



Fuel

easyJet's fuel costs increased by 17.2 per cent from £47.1 million to £55.2
million from financial year 2001 to financial year 2002.

Fuel charges from continuing operations increased by 1.3 per cent to £47.7
million in financial year 2002.  This increase was considerably lower than the
36.0 per cent increase in number of block hours flown by easyJet.  This change
is due to a approximately 20.5 per cent decline in easyJet's average unit US
dollar fuel cost, compared with the previous year, resulting in a benefit to
easyJet of approximately £11.9 million.  The strengthening of the value of
sterling against the US dollar, the currency in which fuel prices are
denominated, over the course of financial year 2002 also provided a benefit of
approximately £1.1 million.  The improved fuel burn of the new Boeing 737-700
aircraft, compared to the older Boeing 737-300 aircraft, assisted the
year-on-year change in fuel cost.  Fuel charges in financial year 2001 also
included the cost of a financial instrument taken out in September 2001 to cap
the Group's fuel price over six months.

Fuel charges arising from Go Fly, from 31 July, the date of acquisition, were
£7.5 million.



Navigation charges

easyJet's navigation charges increased by 67.6 per cent from £22.5 million to
£37.8 million from financial year 2001 to financial year 2002.

Navigation charges from continuing operations increased by 48.1 per cent to
£33.4 million in financial year 2002.  This increase was principally
attributable to the increased number of sectors flown in financial year 2002 as
well as an increase in unit charges following the events of 11 September 2001.
The increase was partially offset by a 4.3 per cent decrease in the average
sector length to 782 kilometres (2001: 817 kilometres).

Navigation charges arising from Go Fly, from 31 July, the date of acquisition,
were £4.4 million.



Crew costs, including training

easyJet's crew costs increased by 44.9 per cent from £39.9 million to £57.8
million from financial year 2001 to financial year 2002.

Crew costs from continuing operations increased by 33.7 per cent to £53.4
million in financial year 2002.  The increase in crew costs resulted from an
increase in headcount during the financial year 2002 to service the additional
sectors and aircraft operated by easyJet during the year and the recruitment and
training necessary for aircraft not yet delivered.

Crew costs arising from Go Fly, from 31 July, the date of acquisition, were £4.5
million.



Maintenance, including reserves

Maintenance expenses, including reserves, increased by 86.4 per cent from £28.2
million to £52.5 million from financial year 2001 to financial year 2002.

Maintenance costs from continuing operations increased by 59.3 per cent to £44.9
million in financial year 2002.  easyJet's maintenance expenses consist
primarily of the cost of routine maintenance and spare parts and reserve
payments for the estimated future cost of heavy maintenance and engine overhauls
on aircraft operated by easyJet pursuant to dry leases.  The extent of the
required annual maintenance reserve payment is determined by reference to the
number of flight hours and cycles permitted between each engine shop visit and
heavy maintenance overhaul on aircraft airframes.  The increase in maintenance
costs was largely due to the addition of a net eleven leased aircraft to the
fleet (and the resultant increase in flying) and the fact that during financial
year 2002 all new aircraft were financed under operating leases, necessitating
the payment or provision of maintenance reserve liabilities.

Aircraft financed by operating lease incur reserves for maintenance, while the
corresponding maintenance effect for owned aircraft is dealt with through a
depreciation charge under aircraft ownership.

The maintenance costs arising from Go Fly, from 31 July, the date of
acquisition, were £7.6 million.



Advertising

Advertising costs increased by 45.6 per cent per cent from £13.3 million to
£19.4 million from financial year 2001 to financial year 2002.

Advertising costs from continuing operations increased by 27.9 per cent to £17.0
million in financial year 2002.  In May 2002, easyJet commenced flying four new
routes from Paris, the largest new market launched since easyJet commenced its
services in London in 1995.  Consequently much of the increased advertising
expenditure was focused in this market.  Despite this, spend per passenger was
approximately ten per cent lower than the previous year which is principally due
to market maturation.  In addition, the majority of organic growth during the
period came from starting new routes linking cities already served by easyJet
and increasing frequencies on existing routes.  This focus on developing network
density resulted in lower advertising than was required to establish new
markets.

Advertising costs arising from Go Fly, from 31 July, the date of acquisition,
were £2.4 million.



Merchant fees and incentive pay

Merchant fees and incentive pay increased by 34.1 per cent from £6.8 million to
£9.1 million from financial year 2001 to financial year 2002.

Merchant fees and incentive pay from continuing operations increased by 24.5 per
cent to £8.5 million in financial year 2002.  Merchant fees and incentive pay
includes the costs of processing fees paid to credit card companies on all of
easyJet's credit and debit card sales and the per-seat sold/transferred
commission paid as incentive pay to easyJet's telesales staff.  In financial
year 2002, approximately 82 per cent of bookings were made using credit cards
compared with 87 per cent in financial year 2001. This reduction, due to the
introduction in April 2001 of a customer credit card fee, reduced the rate of
growth of credit card processing fees to below that of the increase in passenger
numbers during financial year 2002.  Incentive pay paid to telesales personnel
remained flat year-on-year due to the rise in initial sales made over the
internet, from 86.5 per cent of initial seats sold during financial year 2001 to
91.4 per cent of initial seats sold during financial year 2002.

Merchant fees and incentive pay arising from Go Fly, from 31 July, the date of
acquisition, was £0.7 million.



Gift of shares

£1.8 million was charged in 2001, principally in respect of granting a one-off
gift of shares to certain employees of the group, which crystallised upon the
company obtaining a listing on the London Stock Exchange during 2001.  The
charge to the profit and loss account during the year was based upon the
estimated fair value of the shares of the company at the date it granted the
shares to the employees.



Swiss VAT charges

£2.0 million was charged in 2001, in respect of a court decision against easyJet
Switzerland.  The Swiss Federal Tax Administration ('SFTA') brought a claim
against easyJet Switzerland, relating to VAT on tour operators for services
provided.  Following successive proceedings and appeals, in 1998 the Federal
Recourse Committee for VAT matters, a specialised court dealing with tax
matters, ruled in favour of easyJet Switzerland, stating that its charter
operations were not subject to VAT.  In 1999, the SFTA appealed against this
decision to the Swiss Federal Court (the highest court in Switzerland) and
gained a decision in its favour during the 2001 financial year.  The total
amount claimed by the SFTA is approximately £9.4 million plus interest estimated
at approximately £1.0 million.  The group believes that the majority of this has
now been be re-claimed from its customers.  Taking into account amounts that the
group believes it will collect from these customers has resulted in a net profit
and loss account charge of approximately £1.0 million, plus interest of
approximately £1.0 million.



Cost of integrating businesses of easyJet and Go Fly

Costs of integrating the businesses of Go Fly and easyJet were £7.1 million in
financial year 2002.  Included within these costs are £5.1 million as an accrual
for the costs of the Management Combination Incentive Plan (the 'Combination
Plan').  The Plan is designed to reward key participants in the process of
combining the businesses of easyJet and Go Fly with free shares if performance
milestones are met within certain periods.  Good progress has been made towards
the three performance milestones of single brand, single AOC and combination
completion.  Other costs have been incurred in respect of systems, property and
consultancy costs.



Other costs

Other costs increased by 40.1 per cent from £41.6 million to £58.3 million from
financial year 2001 to financial year 2002.

Other costs from continuing operations increased by 23.9 per cent to £51.6
million in financial year 2002.  This cost category includes the salary costs of
all easyJet's personnel other than flight crew, cabin crew and ground handling
personnel, and therefore includes the salary costs attributable to easyJet's
administrative, management, engineering, operational and network management
functions.  Salaries in this category increased, reflecting the rise in
personnel numbers throughout easyJet necessary to manage and maintain easyJet's
business as the scope of its operations grew during financial year 2002 and in
preparation for the further increase in the scale of easyJet's operations.

Other items in this cost category include administrative and operational costs
(not included elsewhere), the costs associated with short-term aircraft wet
leases, compensation paid to passengers, certain other items, such as currency
exchange gains and losses and the profit or loss on the disposal of fixed
assets.  Many of these costs also increased as the scope of operations grew.

The significant increase compared to financial year 2001 was mainly as a result
of higher insurance costs, which rose dramatically after the events of 11
September 2001.  Aircraft insurance costs rose from £1.9 million in financial
year 2001 to £14.5 million in financial year 2002.  These costs were offset
slightly by lower disruption costs principally due to the milder weather
experienced in the first half of the financial year, compared to the previous
year.

Other costs arising from Go Fly, from 31 July, the date of acquisition, were
£6.7 million.



Depreciation

Depreciation charges increased by 1.2 per cent from £18.5 million to £18.7
million from financial year 2001 to financial year 2002.

easyJet's depreciation charge from continuing operations fell by 1.0 per cent to
£18.3 million in financial year 2002. The depreciation charge reflects
depreciation on owned aircraft and capitalised aircraft maintenance charges, and
also includes depreciation on computer systems and other assets.  easyJet has
owned ten B737-300 aircraft over the period and the slight decrease in
depreciation primarily reflects the improvement in the value of sterling against
the US dollar, the currency in which the majority of easyJet's assets are
denominated and the fact that all aircraft introduced to the fleet during the
period were financed under operating lease, with none of the owned aircraft
being disposed.

The depreciation charges arising from Go Fly, from 31 July, the date of
acquisition, were £0.4 million.  Go Fly did not own any of its 27 aircraft over
the period.



Goodwill amortisation

Goodwill amortisation charges increased from £0.2 million to £3.1 million from
financial year 2001 to financial year 2002.  This increase reflects the
amortisation of goodwill that arose on the acquisition of Go Fly, provisionally
set at £349.8 million, and this is being amortised to the consolidated profit
and loss account over its estimated useful economic life of 20 years.  In
financial year 2002, this charge was £2.9 million.  The balance of goodwill
amortisation of £0.2 million arose from the acquisition of easyJet Switzerland
SA and is amortised to the consolidated profit and loss account over its
estimated useful economic life of 20 years.



Aircraft dry lease costs

easyJet's aircraft dry lease costs comprise the lease payments paid by easyJet
in respect of those aircraft in its fleet operated pursuant to dry operating
leases. Aircraft dry lease costs increased by 76.2 per cent from £23.3 million
to £41.0 million from financial year 2001 to financial year 2002.

easyJet's dry leasing costs from continuing operations increased by 46.8 per
cent per cent to £34.2 million in financial year 2002. This increase was
principally due to all aircraft introduced to the fleet during the period being
under operating lease.  During the period twelve new Boeing 737-700 aircraft
were added to the fleet, with one Boeing 737-300 aircraft being returned to its
lessor.  Over the period, easyJet has benefited from the strengthening of the
value of sterling against the US dollar, the currency in which lease costs are
denominated, over the course of financial year 2002 and a very favourable
leasing market.  As a consequence, easyJet has seen its average leasing cost per
aircraft fall by around 20 per cent, year-on-year.

Aircraft dry lease costs arising from Go Fly, from 31 July, the date of
acquisition, were £6.8 million.  All 27 of Go Fly's aircraft are under operating
lease.



Aircraft long-term wet lease costs

easyJet's aircraft wet lease costs comprise the lease payments paid by easyJet
in respect of those aircraft in its fleet operated pursuant to 'ACMI' leases
(that is, leases of an aircraft plus crew, maintenance and insurance) of a
duration of more than one month.  The £0.7 million charge in financial year 2001
relates to the costs incurred leasing one aircraft for one month under a five
month wet lease for the summer 2000 season.   This aircraft was returned to the
lessor as planned at the end of October 2000.



Net interest

Net interest reflects interest paid or payable by easyJet net of interest
received or receivable by easyJet. easyJet's net interest receivable increased
from £2.0 million in financial year 2001 to £10.5 million in financial year
2002. easyJet's interest paid or payable primarily relates to financing costs
associated with loans used to finance the acquisition of certain aircraft.
easyJet's interest paid or payable declined from £8.2 million in financial year
2001 to £5.2 million in financial year 2002.  This decline reflects the effects
of lower interest rates, the improvement in the value of sterling against the US
dollar, the currency in which the majority of easyJet's debt is denominated, the
financing of all aircraft delivered in 2002 through operating leases and the
decline in interest bearing debt due to loan repayments.  Interest received or
receivable increased from £10.2 million in financial year 2001 to £15.8 million
in financial year 2002, reflecting increased cash balances held by easyJet
during the year, in particular due to the strong cash generation of the
business, the financing of all aircraft deliveries during the year by
sale-and-leaseback, and the proceeds from the placing and open offer in November
2001 and the Rights Issue in July 2002.



Committed contribution to result of Deutsche BA

In August 2002, easyJet and British Airways entered into an Option agreement
under which the group was granted an option to acquire 100 per cent of the share
capital of British Airways' wholly owned subsidiary Deutsche BA Holding GmbH ('
Deutsche BA').  The group is able to exercise the option at any time until April
2003 (extendable by the group until August 2003).  The group has agreed to
second personnel equivalent to three full time managers to Deutsche BA for no
charge as consultants.  The group has also committed to pay British Airways e0.6
million (£0.4 million) per month from the signing of the option agreement to the
date of the option being exercised or expired.  These costs are also included in
this cost category.  In financial year 2002, Deutsche BA related costs were £1.4
million.



Amounts written off investments

easyJet is one of seven shareholders in The Airline Group Limited, a consortium
of airlines which owns a minority interest in the company that operates the UK
air traffic control system (NATS).  During the year, the impact of the events of
11 September 2001 contributed to a substantial reduction in NATS revenue.  As a
result there is now a long period before which the Group expects to realise a
return.  Accordingly, the Board has decided to be prudent and to provide for the
investment in full.



Taxation

In financial year 2002, easyJet incurred a tax charge of £22.6 million, an
effective tax rate of 31.5 per cent.  The effective tax rate is higher than the
UK standard rate of tax due to purchased goodwill not being tax deductible, and
an increase in deferred tax due to the adoption of the FRS 19 accounting
standard.  During the year, the share price has reduced and as a result there
has been a partial claw back of tax allowances granted in previous years in
respect of the gain on share options.  These increases were offset by brought
forward losses available in the UK, and an exemption from cantonal and communal
tax charges for easyJet Switzerland.



Retained profit for the year

For the reasons described above, easyJet's retained profit after interest and
taxes increased by 29.3 per cent from £37.9 million in financial year 2001 to
£49.0 million in financial year 2002.



Earnings per share

The basic earnings per share increased by 8.5 per cent from 13.47 pence in the
financial year 2001 to 14.61 pence in the financial year 2002, (2001 restated to
reflect the bonus element implicit within the rights issue of shares during
2002).

The basic earnings per share, before goodwill amortisation, increased by 14.8
per cent from 13.53 pence in the financial year 2001 to 15.53 pence in the
financial year 2002, (2001 restated to reflect the bonus element implicit within
the rights issue of shares during 2002).

Footnotes

(1)   Represents the number of aircraft owned (including those held on lease
arrangements of more than one month's duration) at the end of the relevant
financial year.

(2)   Represents the average number of aircraft owned (including those held on
lease arrangements of more than one month's duration) during the relevant
financial year.

(3)   Represents the number of owned/leased aircraft in service at the end of
the relevant financial year. Owned/leased aircraft in service exclude those in
maintenance and those which have been delivered but have not yet entered
service.

(4)   Represents the average number of owned/leased aircraft in service during
the relevant financial year. Owned/leased aircraft in service exclude those in
maintenance and those which have been delivered but have not yet entered
service.

(5)   Represents the number of one-way revenue flights.

(6)   Represents the number of hours that aircraft are in actual service,
measured from the time that each aircraft leaves the terminal at the departure
airport to the time that such aircraft arrives at the terminal at the arrival
airport.

(7)   Represents the number of airports served by Go Fly at the year end.  Of
the 23 airports served by Go Fly, 8 were airports common to both networks.

(8)   Represents the average number of block hours per day per aircraft owned/
leased during the relevant financial year.

(9)   Represents the average number of block hours per day per aircraft operated
during the relevant financial year.

(10)Represents the sum by route of seats available for passengers multiplied by
the number of kilometres those seats were flown.

(11)Represents the number of earned seats flown by easyJet. Earned seats include
seats that are flown whether or not the passenger turns up (except for those
passengers which have purchased flexible fare seats), because easyJet is
generally a no-refund airline and once a flight has departed a no-show customer
is generally not entitled to change flights or seek a refund. Earned seats also
include seats provided for promotional purposes and to easyJet staff for
business travel.  For those passengers which have purchased flexible fare seats,
the seat is only recognised on the earlier of the date the passenger flies and
the date on which the flexible fare expires.

(12)Represents the number of passengers as a proportion of the number of seats
available for passengers. No weighting of the load factor is carried out to
recognise the effect of varying flight (or 'stage') lengths.

(13)Represents the sum by route of passengers multiplied by the number of
kilometres those passengers were flown.

(14)Represents the number of seats initially sold over the internet divided by
the total number of seats initially sold, during the relevant financial year.
Sales that are originally made via the internet, but are later amended by phone,
are included.

(15)Represents the number of seats initially sold over the internet divided by
the total number of seats initially sold, during the final month of the relevant
financial year. Sales that are originally made via the internet, but are later
amended by phone, are included.

(16)When easyJet makes refunds to customers, it records refunds made in the
pre-flight period as reductions in revenue and any refunds made post-flight as
marketing expenses, included in 'Other costs', above.

(17)Includes principally administrative and operational costs not included
elsewhere, the costs associated with short-term aircraft wet leases, insurance
and any post-flight refunds, together with certain other items, such as currency
exchange gains and losses and profit or loss on the disposal of fixed assets.

(18) EBITDAR is defined by the company as earnings before interest, taxes,
depreciation, amortisation and lease payments (excluding the maintenance reserve
component of operating lease payments).   Maintenance reserve costs are charged
to the cost heading, 'Maintenance'.


                      This information is provided by RNS
            The company news service from the London Stock Exchange                  ZZG