JET AIRWAYS (I) LTD

Presentation on Financial Results Q1 2013

1 Aug 03, 2012 1

Agenda
Domestic operating environment

Jet Airways performance highlights

JetLite performance highlights

Outlook

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Domestic operating environment

3 3

Domestic industry.
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7.00

6.00

5.00

4.00

3.00

Q1 13 vs Q1 12 Industry capacity 5% Industry pax 1%

Q1 13 vs Q1 12 9W+S2 capacity 13% 9W+S2 pax 10%

2.00

1.00

Jun'11
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Jul'11

Aug'11

Sep'11

Oct'11

Nov'11

Dec'11

Jan'12

Feb'12

Mar'12

Apr'12

May'12

Jun'12

Industry Capacity

9W+S2 Capacity

Industry Pax

9W + S2 Pax 4
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Q1 FY13 - Major Network changes

Deletions
TRV-SHJ-TRV BOM-RUH-BOM (2nd Freq)

Effective
May'12 May'12

Additions
CCU-BKK-CCU (2nd Freq) BOM-DXB-BOM (4th Freq)

Effective
May'12 May12

DEL-CMB-DEL
BOM-JNB-BOM MAA-DXB-MAA MAA-KUL-MAA

May'12
Jun'12 Jun'12 Jul'12

BOM-KWI-BOM (2nd Freq)

Jun'12

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Performance highlights Q1 FY2013

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Financial highlights Q1 FY2013

Total Revenues INR 47.1 Billion (USD 847 Million) vs INR 35.8 Billion (USD 801 Million) Q1 FY12 up 32% Fuel Cost INR 19.7 Billion (USD 354 Million) vs INR 15.6 Billion (USD 350 Million) for Q1 FY12 up 26% EBITDAR of INR 7,395 Million (USD 133 Million); vs EBITDAR of 3,477 (USD 78 Million) for Q1 FY12 up 113% Profit before Tax of INR 333 Million (USD 6.0 Million) vs Loss of INR 1,568 Million (USD 35 Million) for Q1 FY12 Profit after Tax of INR 247 Million (USD 4.4 Million) vs Loss of INR 1,232 Million (USD 28 Million) for Q1 FY12

Revenue Passengers carried 4.86 Million; Up 19.5% over Q1 FY12

Achieved Seat Factor of 82.7% vs 78.5% in Q1 FY12
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* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12

Summary Q1 FY2013
(USD Million) DOMESTIC Q1 FY'13 Q1 FY'12 INTERNATIONAL Q1 FY'13 Q1 FY'12 TOTAL Q1 FY'13 Q1 FY'12

Total Revenues Of which Op. Revs Total Expenditure Of which Fuel Mark to Market - Derivatives Contribution receivable from Lessors towards maintenance Exchange Fluctuation gain / (loss) Profit / (Loss) after Tax EBITDAR Margin %

371.8 356.6 363.0 144.4 0.4 (6.2) 1.5 53.4 15.0%

345.9 337.4 372.9 141.4 0.01 13.3 (0.3) (6.5) 26.7 7.9%

475.4 468.2 466.6 209.3 0.4 (6.2) 3.0 79.5 17.0%

455.6 454.9 489.7 208.4 0.01 13.3 (0.3) (21.1) 51.1 11.2%

847.2 824.8 829.6 353.8 0.8 (12.4) 4.4 133.0 16.1%

801.4 792.3 862.5 349.8 0.0 26.5 (0.6) (27.6) 77.8 9.8%

* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12

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Company operating parameters Q1 FY2013

Traffic Parameters
Q1 FY'13 Q1 FY'12 Better / (Worse) %

Number of Departures ASKMs Mio RPKMs Mio Passenger Load Factor % Block Hours Revenue Passengers (Million) Revenue per RPKM in INR Cost per ASKM in INR Break Even Seat Factor (%) Cost per ASKM in INR w/o Fuel Break Even Seat Factor (%) w/o Fuel Average Gross revenue per passenger in INR* Average Gross revenue per passenger in USD* Period end Fleet size Average operating fleet size during period Average Head Count Aircraft Utilisation

47,109 10,285 8,502 82.7% 104,603 4.86 4.39 3.61 82.2% 1.70 38.6% 8,090 $145.5 103 96.3 12,722 11.9

42,150 9,319 7,311 78.5% 98,129 4.07 3.78 3.26 86.2% 1.58 41.9% 7,304 $163.4 97 90.0 13,347 12.0

11.8% 10.4% 16.3% 4.2 points 6.6% 19.5% 16.1% -10.6% 4.0 points -7.0% 3.3 points 10.8% -11.0% 6.2% 7.0% 4.7% -0.4%

* Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12
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* Break even S.F% and cost /askm is excluding Extra Ordinary items 9

Company P&L Q1 FY2013

INR Million
Q1 FY'13

INR Million
Q1 FY'12 Better / (Worse) %

INCOME Operating Revenues Non Operating Revenues Total Revenues IN USD Mio EXPENDITURE Employees Remuneration & Benefits Aircraft Fuel Expenses Selling & Distribution Expenses Other Operating Expenses Aircraft Lease Rentals Depreciation Interest Total Expenditure IN USD Mio Mark to Market - Derivatives Contribution receivable from Lessors towards maintenance Exchange Fluctuation gain / (loss) PROFIT/ (LOSS) BEFORE TAXATION IN USD Mio IN USD Mio (excl Extraordinary Items) Provision for taxation PROFIT / (LOSS) AFTER TAXATION IN USD Mio EBITDAR IN USD Mio Margin %

45,873 1,244 47,116 $847.2 4,017 19,674 3,741 11,046 2,756 2,404 2,499 46,137 $829.6 43 (689) 333 $6.0 $17.6 86 247 $4.4 7,395 $133.0 16.1%

35,416 408 35,824 $801.4 3,606 15,637 3,394 9,301 2,073 2,235 2,309 38,554 $862.5 1 1,187 (25) (1,568) -$35.1 -$61.1 (336) (1,232) -$27.6 3,477 $77.8 9.8%

29.5% 204.9% 31.5%

-11.4% -25.8% -10.2% -18.8% -33.0% -7.6% -8.3% -19.7%

121.3%

120.1% 112.6%

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* Non-operating revenues include Profit on SLB of aircraft and Engines of INR 740 Mio * ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12 10

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A. Domestic operations

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Market share Q1 FY2013

Go Air, 7.1%
(6.4% for Q1FY12)

SpiceJet, 18.3%
(14.0% for Q1FY12)

Indigo, 24.9%
(19.7% for Q1FY12)

Jet+JetLite, 27.9% Kingfisher, 5.0%

(19.9% for Q1FY12) (25.5% for Q1FY12)

Indian Airlines, 16.9%

(14.5% for Q1FY12)

Jet Airways Q1 FY13 - 21.2% Q1 FY12 18.0%

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Jetlite Q1 FY13 - 6.7% Q1 FY12 7.6% 12 12

Source: Press report

Domestic operating parameters Q1 FY2013

Traffic Parameters
Q1 FY'13 Q1 FY'12 Better / (Worse) %

Number of Departures ASKMs Mio RPKMs Mio Passenger Load Factor % Block Hours Revenue Passengers (Million) Revenue per RPKM in INR Cost per ASKM in INR Break Even Seat Factor (%) Cost per ASKM in INR w/o Fuel Break Even Seat Factor (%) w/o Fuel Average Gross revenue per passenger in INR* Average Gross revenue per passenger in USD*

37,330 3,705 2,822 76.2% 60,036 3.31 6.11 4.63 75.7% 2.46 40.2% 5,451 $98.0

32,746 3,216 2,399 74.6% 54,874 2.78 5.56 4.52 81.4% 2.56 46.0% 5,004 $112.0

14.0% 15.2% 17.6% 1.6 points 9.4% 19.0% 10.0% -2.3% 5.7 points 3.8% 5.8 points 8.9% -12.4%

* Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12

* Break even S.F% and cost /askm is excluding Extra Ordinary items

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Domestic P & L Q1 FY2013

INR Million
Q1 FY'13

INR Million
Q1 FY'12 Better / (Worse) %

INCOME Operating Revenues Non Operating Revenues Total Revenues IN USD Mio EXPENDITURE Employees Remuneration & Benefits Aircraft Fuel Expenses Selling & Distribution Expenses Other Operating Expenses Aircraft Lease Rentals Depreciation Interest Total Expenditure IN USD Mio Mark to Market - Derivatives Contribution receivable from Lessors towards maintenance Exchange Fluctuation gain / (loss) PROFIT/ (LOSS) BEFORE TAXATION IN USD Mio IN USD Mio (excl Extraordinary Items) Provision for taxation PROFIT / (LOSS) AFTER TAXATION IN USD Mio EBITDAR IN USD Mio Margin %

19,833 844 20,677 $371.8

15,081 379 15,460 $345.9

31.5% 122.6% 33.7%

2,526 8,032 1,867 4,436 1,533 586 1,205 20,186 $363.0 22 (345) 168 $3.0 $8.8 86 82 $1.5 2,972 $53.4 15.0%

2,051 6,320 1,409 4,105 1,077 598 1,106 16,667 $372.9 0.5 593 (13) (625) -$14.0 -$27.0 (336) (289) -$6.5 1,195 $26.7 7.9%

-23.1% -27.1% -32.5% -8.1% -42.4% 2.0% -8.9% -21.1%

126.9%

128.3%

148.6%

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* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12

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B. International operations

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International operating parameters Q1 FY2013

Traffic Parameters
Q1 FY'13 Q1 FY'12 Better / (Worse) %

Number of Departures ASKMs Mio RPKMs Mio Passenger Load Factor % Block Hours Revenue Passengers (Million) Revenue per RPKM in INR Cost per ASKM in INR Break Even Seat Factor (%) Cost per ASKM in INR w/o Fuel Break Even Seat Factor (%) w/o Fuel Average Gross revenue per passenger in INR* Average Gross revenue per passenger in USD*

9,779 6,580 5,680 86.3% 44,567 1.55 3.54 3.04 85.8% 1.27 35.8% 13,739 $247.0

9,404 6,103 4,912 80.5% 43,255 1.28 2.92 2.60 89.0% 1.07 36.7% 12,286 $274.9

4.0% 7.8% 15.6% 5.8 points 3.0% 20.4% 21.2% -16.8% 3.2 points -18.1% 0.9 points 11.8% -10.1%

* Average revenue per passenger includes Fuel Surcharge * ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12 * Break even S.F% and cost /askm is excluding Extra Ordinary items

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International P & L Q1 FY2013

INR Million
Q1 FY'13

INR Million
Q1 FY'12 Better / (Worse) %

INCOME Operating Revenues Non Operating Revenues Total Revenues IN USD Mio EXPENDITURE Employees Remuneration & Benefits Aircraft Fuel Expenses Selling & Distribution Expenses Other Operating Expenses Aircraft Lease Rentals Depreciation Interest Total Expenditure IN USD Mio Mark to Market - Derivatives Contribution receivable from Lessors towards maintenance Exchange Fluctuation gain / (loss) PROFIT/ (LOSS) BEFORE TAXATION IN USD Mio IN USD Mio (excl Extraordinary Items) EBITDAR IN USD Mio Margin %
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26,040 400 26,439 $475.4

20,335 29 20,364 $455.6

28.1% 1287.2% 29.8%

1,491 11,642 1,874 6,610 1,222 1,818 1,294 25,951 $466.6 22 (345) 165 $3.0 $8.8 4,423 $79.5 17.0%

1,555 9,316 1,985 5,196 996 1,637 1,202 21,888 $489.7 0.50 593 (13) (943) -$21.1 -$34.1 2,282 $51.1 11.2%

4.1% -25.0% 5.6% -27.2% -22.7% -11.1% -7.6% -18.6%

117.5%

93.8%

17 * ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12 17

EBITDAR margin

25%

15%

5%

-5%

-15% Domestic International Jetlite

Q1FY12 9% 11% -3%

Q2FY12 -9% 14% -7%

Q3FY12 2% 8% 6%

Q4FY12 5% 13% 8%

Q1FY13 15% 17% 15%

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* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12 18

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Summary balance sheet

INR Million As on 30-Jun-12 I EQUITY AND LIABILITIES Shareholders' Funds Non Current Liabilities Current Liabilities TOTAL EQUITY AND LIABILITIES In USD Million II. ASSETS Non Current Assets Current Assets, Loans & Advances TOTAL ASSETS In USD Million 179,739 37,413 217,152 $3,904.6 176,096 34,105 210,201 $4,131.7 12,649 99,554 104,949 217,152 $3,904.6 13,218 92,947 104,036 210,201 $4,131.7 INR Million As on 31-Mar-12

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* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 50.875 for FY12 19

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JetLite (India) Limited

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Financial highlights Q1 FY2013

Total Revenues INR 5.6 Billion (USD 101 Million); vs INR 4.3 Billion (USD 97 Million) in Q1 FY12 up 30% Fuel Cost INR 2.8 Billion (USD 50 Million) vs INR 2.8 Billion (USD 62 Million) for Q1 FY12 up 2% EBITDAR of INR 860 Million (USD 16 Million); vs INR - 148 Million (USD 3 Million) for Q1 FY12

Profit before Tax of INR 117 Million (USD 2.1 Million); vs loss of INR 52 Million (USD 1.2 Million) for Q1 FY12
Profit after Tax of INR 117 Million (USD 2.1 Million); vs loss of INR 53 Million (USD 1.2 Million) for Q1 FY12
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Revenue Passengers carried 1.08 Million vs 1.20 Million in Q1 FY12 Achieved Seat Factor of 79.3%; vs 80.1% in Q1 FY12
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* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12

Operating parameters Q1 FY13

Traffic Parameters
Q1 FY'13 Q1 FY'12 Better / (Worse) %

Number of Departures ASKMs Mio RPKMs Mio Passenger Load Factor % Block Hours Revenue Passengers (Million) Revenue per RPKM in INR Cost per ASKM in INR Break Even Seat Factor (%) Cost per ASKM in INR w/o Fuel Break Even Seat Factor (%) w/o Fuel Average Gross revenue per passenger in INR* Average Gross revenue per passenger in USD* Period end Fleet size Average operating fleet size during period Average Head Count Aircraft Utilisation

9,888 1,249 991 79.3% 15,485 1.08 5.15 4.10 79.7% 1.84 35.8% 4,940 $88.8 17 16.4 1,072 10.4

10,063 1,447 1,159 80.1% 17,265 1.20 3.44 3.38 98.3% 1.47 42.6% 3,451 $77.2 18 17.2 1,052 11.0

-1.7% -13.7% -14.6% - 0.8 points -10.3% -10.0% 49.6% -21.4% 18.6 points -25.5% 6.8 points 43.2% 15.1% -5.6% -4.6% -1.9% -6.0%

* Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12
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Income statement Q1 FY13

INR Million
Q1 FY'13

INR Million
Q1 FY'12 Better / (Worse) %

INCOME Operating Revenues Non Operating Revenues Total Revenues IN USD Mio EXPENDITURE Employees Remuneration & Benefits Aircraft Fuel Expenses Selling & Distribution Expenses Other Operating Expenses Aircraft Lease Rentals Depreciation Interest Total Expenditure IN USD Mio Contribution receivable from Lessors towards maintenance Exchange Fluctuation gain / (loss) PROFIT/ (LOSS) BEFORE TAXATION IN USD Mio IN USD Mio (excl Extraordinary Items) PROFIT / (LOSS) AFTER TAXATION IN USD Mio EBITDAR IN USD Mio Margin %
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5,585 47 5,632 $101.3 419 2,828 410 1,068 830 7 99 5,661 $101.8 147 117 $2.1 -$0.5 117 $2.1 860 $15.5 15.4%

4,288 33 4,321 $96.7 425 2,770 299 941 685 18 87 5,225 $116.9 860 (8) (52) -$1.2 -$20.2 (53) -$1.2 (148) -$3.3 -3.4%

30.3% 42.0% 30.3%

1.5% -2.1% -36.9% -13.5% -21.2% 58.4% -13.2% -8.3%

324.0%

322.3% 682.4%

* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12 23

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Balance Sheet
INR Million As on 30-Jun-12 I EQUITY AND LIABILITIES Shareholders' Funds Non Current Liabilities Current Liabilities TOTAL EQUITY AND LIABILITIES In USD Million II. ASSETS Non Current Assets Current Assets, Loans & Advances TOTAL ASSETS In USD Million 777 7,176 7,953 $143.0 2,791 4,460 7,250 142.5 (14,065) 13,802 8,216 7,953 $143.0 (14,183) 13,058 8,375 7,250 142.5 INR Million As on 31-Mar-12

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* ROE used for conversion: 1 USD = INR 55.615 for Q1 FY13 and 1 USD = INR 44.70 for Q1 FY12 24

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Outlook

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Outlook
Q2 domestic trends to reflect seasonality in yield and seat factors Competitive pricing activity expected to impact revenues

Reduction in commission structures paid to agents

Strong Load factors on International flights Discontinuation of Loss making routes Sale / Sale & Lease back of aircraft Crude oil prices continue to be a concern Rupee Devaluation will impact performance Focus on Ancillary Revenues
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Thank You

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Disclaimer

Certain statements in this release concerning Jet Airways future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in the aviation business including those factors which may affect our cost advantage, wage increases, our ability to attract and retain professionals, time and cost overruns on various parameters, our ability to manage our international operations, liability for damages, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital, and general economic conditions affecting our industry. Jet Airways may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. Jet Airways does not undertake to update any forwardlooking statement that may be made from time to time by or on behalf of the company.
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