JET AIRWAYS (I) LTD. Presentation on Financial Results Q4 FY08

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1 JET AIRWAYS (I) LTD Presentation on Financial Results Q4 FY08 June 24,

2 Agenda Domestic operating environment Jet Airways performance highlights JetLite performance highlights Consolidated Jet Airways & JetLite performance Outlook 2 2 2

3 Domestic operating environment 3 3 3

4 Imbalance in demand & supply still persists. Seat Capacity in industry continued to grow at 18% in Q4 Against this, passenger growth was only 11%. Consistent increases in Fuel surcharges have led to traffic growth to taper off from highs of 40+% in FY 2007 leading to airlines selling at cheaper basic fares. Despite increases in surcharges, overall yields have been reducing Industry losses estimated ~USD 1.0 billion for FY 2008 and if current trends continue, FY 2009 losses could be ~USD 2.0 billion 4 4 4

5 Impact of crude oil price increases - Domestic ATF currently forms close to 45% of airline operating costs Prices have gone up ~ 100% over the last 18 months Price increases from Feb to June 2008 has resulted in an additional monthly cost burden of USD 21 mio for Jet alone Estimated fuel cost per passenger carried (Jet) is USD 85 As against this, average yield per passenger is only USD 150 Overall, the industry is losing over USD 20 per passenger This signifies close to a 20% oversupply or imbalance which has to lead to route / capacity rationalisation 5 5 5

6 Performance highlights Q4 FY

7 Financial highlights Q4 FY08 Total Revenues of INR 27.3 Billion (USD Million) Up 37% over Q4 FY07 EBITDAR of INR 2,122 Million (USD 52.9 Million) Down 54% over Q4 FY07 Loss Before Tax of INR 3,742 Million (USD 93.3 Million) Loss After Tax of INR 2,212 Million (USD 55.1 Million) Revenue Passengers carried 3.17 Million Up 17% from 2.71 Million in Q4 FY07 Achieved Seat Factor of 70.9% Down from 72.6% in Q4 FY07 * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

8 Summary Q4 FY08 (USD Million) DOMESTIC INTERNATIONAL TOTAL Q4 08 Q4 07 Q4 08 Q4 07 Q4 08 Q4 07 Total Revenues Of which Op. Revs Total Expenditure Of which Fuel (Loss)/Profit before Tax (27.6) 27.2 (65.6) 0.7 (93.3) 27.9 (Loss)/Profit after Tax (65.6) 0.7 (55.1) 20.3 EBITDAR Margin % 12.1% 24.1% 1.6% 20.5% 7.7% 23.2% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

9 Key events Addition of 6 aircraft to fleet (2 B777, 1 A330 and 3 B737) Launched Flights to Gulf in January Kuwait from Delhi/ Kochi Bahrain from Mumbai/ Kochi Muscat from Kozhikode/ Kochi Doha from Mumbai/ Kozhikode Announced codeshare with Air Canada effective February 9 9 9

10 Company operating parameters Q4 Traffic Parameters Jan 08-Mar 08 Jan 07-Mar 07 Variance % Number of Departures 34,004 29, % ASKMs Mio 7,684 4, % RPKMs Mio 5,452 3, % Passenger Load Factor % 70.9% 72.6% -1.7 points Block Hours 77,284 57, % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 82.6% 67.1% 15.5 points Cost per ASKM in INR w/o Fuel % Break Even Seat Factor (%) w/o Fuel 49.0% 42.2% 6.8 points Average Gross revenue per passenger in INR* 7,768 6, % Average Gross revenue per passenger in USD* % Period end Fleet size % Average fleet size during period % Average Head Count Gross 12,777 10, % Aircraft Utilisation % * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

11 Company P&L Q4 INR Million INR Million Jan 08-Mar 08 Jan 07-Mar 07 Variance % INCOME Operating Revenues 27,599 19, % Non Operating Revenues (329) % Total Revenues 27,270 19, % IN USD Mio EXPENDITURE Employees Remuneration & Benefits 3,528 2, % Aircraft Fuel Expenses 10,802 5, % Selling & Distribution Expenses 2,761 2, % Other Operating Expenses 8,386 4, % Aircraft Lease Rentals 1,483 1, % Depreciation 2,503 1, % Interest 1, % Total Expenditure 31,012 18, % IN USD Mio (LOSS)/PROFIT BEFORE TAXATION (3,742) 1, % IN USD Mio (93.3) 27.9 Provision for taxation (1,530) % (LOSS)/PROFIT AFTER TAXATION (2,212) % IN USD Mio (55.1) 20.3 EBITDAR 2,122 4, % IN USD Mio Margin % 7.7% 23.2% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY07 11

12 A. Domestic operations

13 Domestic operating parameters Q4 Traffic Parameters Jan 08-Mar 08 Jan 07-Mar 07 Variance % Number of Departures 29,070 27, % ASKMs Mio 2,997 2, % RPKMs Mio 2,218 2, % Passenger Load Factor % 74.0% 70.3% 3.7 points Block Hours 50,160 46, % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 80.2% 63.5% 16.7 points Average Gross revenue per passenger in INR* 5,614 5, % Average Gross revenue per passenger in USD* % * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

14 Domestic P & L Q4 INR Million INR Million Jan 08-Mar 08 Jan 07-Mar 07 Variance % INCOME Operating Revenues 16,001 15, % Non Operating Revenues (335) % Total Revenues 15,666 15, % IN USD Mio EXPENDITURE Employees Remuneration & Benefits 2,094 2, % Aircraft Fuel Expenses 5,297 4, % Selling & Distribution Expenses 1,962 1, % Other Operating Expenses 4,711 3, % Aircraft Lease Rentals 1,149 1, % Depreciation 1,119 1, % Interest % Total Expenditure 16,774 14, % IN USD Mio (LOSS)/PROFIT BEFORE TAXATION (1,108) 1, % IN USD Mio (27.6) 27.2 EBITDAR 1,937 3, % IN USD Mio Margin % 12.1% 24.1% 14 * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

15 Key performance drivers Revenue impacted by Gross yield (including YQ) in Q4 FY08 higher by 2.9 % over Q4 FY07 Seat factor at 74.0% in Q4 FY08 vs 70.3% in Q4 FY07 Passenger numbers higher by 4.6% in Q4 FY08 vs Q4 FY07 Fuel prices up in Q4 Fuel rates were higher by 30% compared to Q4 FY07 and 7.4% higher than Q3 FY08 Provision for MTM (Mark to Market) on derivative transactions impacted results to the extend of INR mio (USD 17.2 million) and foreign exchange losses were INR mio (USD 2.8 million) for the quarter

16 B. International operations

17 International operating parameters Q4 Traffic Parameters Jan 08-Mar 08 Jan 07-Mar 07 Variance % Number of Departures 4,934 2, % ASKMs Mio 4,687 1, % RPKMs Mio 3,234 1, % Passenger Load Factor % 69.0% 76.6% -7.6 points Block Hours 27,124 11, % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 88.1% 76.0% 12.1 points Average Gross revenue per passenger in INR* 16,483 15, % Average Gross revenue per passenger in USD* % * Average revenue per passenger includes Fuel Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

18 International P & L Q4 INR Million INR Million Jan 08-Mar 08 Jan 07-Mar 07 Variance % INCOME Operating Revenues 11,598 4, % Non Operating Revenues 6 4 Total Revenues 11,605 4, % IN USD Mio EXPENDITURE Employees Remuneration & Benefits 1, % Aircraft Fuel Expenses 5,505 1, % Selling & Distribution Expenses % Other Operating Expenses 3,675 1, % Aircraft Lease Rentals % Depreciation 1, % Interest 1, % Total Expenditure 14,238 4, % IN USD Mio (LOSS)/PROFIT BEFORE TAXATION (2,633) % IN USD Mio (65.6) 0.7 EBITDAR % IN USD Mio Margin % 1.6% 20.5% 18 * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

19 One time/ extraordinary impact (International) Impact of aircraft on ground of wide-body aircraft for the period Jan to Mar 08 amounted to ~ USD 6 million Impact of higher composition of expats vs Indian pilots and also deployment of expats as first officers instead senior commanders (P1/P2) USD 9 million Route launch expenses USD 1.5 million

20 Performance highlights FY

21 Summary FY 08 (USD Million) DOMESTIC INTERNATIONAL TOTAL FY 2008 FY 2007 FY 2008 FY 2007 FY 2008 FY 2007 Total Revenues 1, , , ,702.6 Of which Op. rev 1, , , ,623.6 Total Expenditure 1, , , ,690.8 Of which Fuel (Loss)/Profit before Tax (144.3) (43.9) (102.8) 11.8 PBT (excl. Sale & Lease back) (37.0) 7.4 (144.3) (43.9) (181.3) (36.5) (Loss)/Profit after Tax (144.3) (43.9) (63.1) 6.4 EBITDAR Margin % 10.3% 16.0% 5.2% 7.2% 8.5% 14.3% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY07 PBT and PAT figures for FY08 and FY07 includes profit from sale- leaseback of USD 78.5 million and USD 48.3 million respectively EBITDAR excludes profit from sale- leaseback

22 Company operating parameters FY08 Traffic Parameters Apr 07-Mar 08 Apr 06-Mar 07 Variance % Number of Departures 126, , % ASKMs Mio 24,447 17, % RPKMs Mio 16,914 12, % Passenger Load Factor % 69.2% 69.5% -0.3 points Block Hours 267, , % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 76.0% 71.4% 4.6 points Cost per ASKM in INR w/o Fuel % Break Even Seat Factor (%) w/o Fuel 45.3% 43.0% 2.3 points Average Gross revenue per passenger in INR* 7,002 6, % Average Gross revenue per passenger in USD* % Period end Fleet size % Average fleet size during period % Average Head Count Gross 11,750 9, % Aircraft Utilisation % * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

23 Company P & L FY08 INR Million INR Million Apr 07-Mar 08 Apr 06-Mar 07 Variance % INCOME Operating Revenues 88,111 70, % Non Operating Revenues 6,704 3, % Total Revenues 94,815 74, % IN USD Mio 2, ,702.6 EXPENDITURE Employees Remuneration & Benefits 12,052 9, % Aircraft Fuel Expenses 32,930 24, % Selling & Distribution Expenses 9,829 8, % Other Operating Expenses 25,792 18, % Aircraft Lease Rentals 5,633 6, % Depreciation 7,778 4, % Interest 4,927 2, % Total Expenditure 98,941 73, % IN USD Mio 2, ,690.8 (LOSS)/PROFIT BEFORE TAXATION (4,126) % IN USD Mio (102.8) 11.8 IN USD Mio (excl Profit on sale of aircraft) (181.3) (36.5) Provision for taxation (1,595) % (LOSS)/PROFIT AFTER TAXATION (2,531) % IN USD Mio (63.1) 6.4 EBITDAR 7,508 10, % IN USD Mio Margin % 8.5% 14.3% 23 * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

24 A. Domestic operations

25 Domestic operating parameters FY08 Traffic Parameters Apr 07-Mar 08 Apr 06-Mar 07 Variance % Number of Departures 113, , % ASKMs Mio 12,073 12, % RPKMs Mio 8,565 8, % Passenger Load Factor % 70.9% 70.2% 0.7 points Block Hours 194, , % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 73.1% 69.8% 3.3 points Average Gross revenue per passenger in INR* 5,403 5, % Average Gross revenue per passenger in USD* % * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

26 Domestic P & L FY08 INR Million INR Million Apr 07-Mar 08 Apr 06-Mar 07 Variance % INCOME Operating Revenues 57,631 57, % Non Operating Revenues 6,676 3, % Total Revenues 64,308 60, % IN USD Mio 1, ,390.3 EXPENDITURE Employees Remuneration & Benefits 9,169 8, % Aircraft Fuel Expenses 19,648 18, % Selling & Distribution Expenses 6,974 6, % Other Operating Expenses 15,924 13, % Aircraft Lease Rentals 3,977 4, % Depreciation 4,342 3, % Interest 2,609 2, % Total Expenditure 62,642 58, % IN USD Mio 1, ,334.6 (LOSS)/PROFIT BEFORE TAXATION 1,665 2, % IN USD Mio IN USD Mio (excl Profit on sale of aircraft) (37.0) % EBITDAR 5,917 9, % IN USD Mio Margin % 10.3% 16.0% 26 * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

27 B. International operations

28 International operating parameters FY08 Traffic Parameters Apr 07-Mar 08 Apr 06-Mar 07 Variance % Number of Departures 12,776 6, % ASKMs Mio 12,374 5, % RPKMs Mio 8,350 3, % Passenger Load Factor % 67.5% 68.0% -0.5 points Block Hours 72,598 36, % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 83.2% 79.7% 3.5 points Average Gross revenue per passenger in INR* 16,536 14, % Average Gross revenue per passenger in USD* % * Average revenue per passenger includes Fuel Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

29 International P & L FY08 INR Million INR Million Apr 07-Mar 08 Apr 06-Mar 07 Variance % INCOME Operating Revenues 30,480 13, % Non Operating Revenues 28 4 Total Revenues 30,507 13, % IN USD Mio EXPENDITURE Employees Remuneration & Benefits 2,883 1, % Aircraft Fuel Expenses 13,282 5, % Selling & Distribution Expenses 2,855 1, % Other Operating Expenses 9,868 4, % Aircraft Lease Rentals 1,656 2, % Depreciation 3, % Interest 2, Total Expenditure 36,299 15, % IN USD Mio (LOSS)/PROFIT BEFORE TAXATION (5,791) (1,908) % IN USD Mio (144.3) (43.9) EBITDAR 1, % IN USD Mio Margin % 5.2% 7.2% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

30 Summary balance sheet Jet Airways INR Million As on 31-Mar-08 INR Million As on 31-Mar-07 I SOURCES OF FUNDS Shareholders' Funds 45,517 22,373 Loan Funds 116,025 60,563 Deferred payments towards Jet Lite Investments 4,125 - Deferred Tax Liability 1,602 3,311 TOTAL SOURCES OF FUNDS 167,269 86,246 In USD Million 4, ,984.0 II. APPLICATION OF FUNDS Net Fixed Assets: 153,075 72,920 Investments 14, Current Assets, Loans & Advances 35,394 33,645 Less: Current Liabilities & Provisions 35,953 21,008 Net Current Assets (559) 12,637 TOTAL APPLICATION OF FUNDS 167,269 86,246 In USD Million 4, , * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

31 Ongoing initiatives

32 Ongoing initiatives Network expansion Launched flights to Hong Kong via Mumbai on 14 April Daily flights to Abu Dhabi from Mumbai and Delhi eff. April Additional frequencies to Doha (from Kozhikode) and Muscat (from Mumbai) in April Introduced Mumbai Bangkok effective May 7 Flights from Mumbai to San Francisco via Shanghai introduced from June 14 Rights to operate to Dubai expected shortly

33 Increased B737 utilisation Additional flights to the Gulf have helped increased aircraft utilisation on the B737 from 10.1 hours to 10.5 hours. By August 08 full network rationalisation will be in place & this will increase aircraft utilisation to ~ 11 hours. These routes are being operated with existing aircraft which are used for domestic operations New routes started are as under: Kochi Doha v.v.(april 18, 2008), Mumbai - Muscat v.v.(april 21, 2008) Mumbai Abu Dhabi v.v.(april 23, 2008) Delhi Abu Dhabi (April 23, 2008)

34 Corporate Sales update and front cabin loads Corporate Sales units have been established in USA, UK, Benelux, India, HKG and SIN. Over 2,500 corporate deals in place of which ~ 600 are for international. First class seat factors on International routes are up from 27% in January to 40% in May Business class loads continue to be around 50% largely because of new flights to the Gulf which we began from Jan

35 JetLite (India) Limited 35

36 Operational Highlights Increased daily capacity by 6.7% seats in FY 08 vs. to FY 07 in domestic operation. Market share up from 6.9% in Q1 to 7.2% in Q4 (Current Market Share is 8.6%) Average seat factor for the FY 08 is 70.8% vs 67.5% previous year Loss before tax of Rs. 4,396 million in FY 08 vs Rs. 6,877 million in FY 07 Revenue per RPK in FY 08 is INR 3.4 vs INR 4.6 in FY 07 Cost per ASK (CASK) in FY 08 is INR 3.2 vs INR 4.3 in FY 07 despite higher fuel costs CASK w/o fuel down ~40% vs pervious year (Rs in FY 08 vs Rs in FY 07) Unit cost reduction of 26% over FY 07 Aircraft utilization increased by 9% over FY 07 Head count lower by 31% over FY 07 36

37 Operating parameters Q4 FY08 Traffic Parameters JAN-08 TO MAR-08 DOMESTIC INTERNATIONAL TOTAL Number of Departures 9, ,288 ASKMs Mio 1, ,437 RPKMs Mio Passenger Load Factor % 69.6% 65.0% 69.5% Block Hours 19, ,671 Revenue Passengers (Million) Revenue per RPKM in INR Cost per ASKM in INR Break Even Seat Factor (%) 106.8% 63.9% 104.5% Cost per ASKM in INR w/o Fuel Break Even Seat Factor (%) w/o Fuel 54.7% 42.8% 54.1% Average Gross revenue per passenger in INR* 4,334 4,590 4,348 Average Gross revenue per passenger in USD* Average Net revenue per passenger INR* 3,776 4,353 3,803 Average Net revenue per passenger USD* Period end Fleet size Average fleet size during period Aircraft Utilisation Head Count 2,561 * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 37

38 Income statement Q4 FY08 Particulars Figs in INR Mio JAN-08 TO MAR-08 DOMESTIC INTERNATIONAL TOTAL INCOME Operating Revenues 3, ,809 Non Operating Revenues Total Revenues 3, ,874 IN USD Mio EXPENDITURE Employees Remuneration & Benefits Aircraft Fuel Expenses 2, ,313 Selling & Distribution Expenses Other Operating Expenses 1, ,211 Aircraft Lease Rentals Depreciation (4) (0) (4) Interest Total Expenditure 5, ,506 IN USD Mio PROFIT BEFORE TAXATION (1,635) 2 (1,633) IN USD Mio (40.7) 0.1 (40.7) EBITDAR (881) 49 (832) IN USD Mio (22.0) 1.2 (20.7) Margin % -24% 26% -22% Helicopter depreciation of whole year written back in Q4 ROE used for conversion: 1 USD = INR for FY08 38

39 Operating parameters FY08 Traffic Parameters FY 08 FY 07 Variance % Number of Departures 40,423 41,154-2% ASKMs Mio 5,664 5,816-3% RPKMs Mio 4,009 3,926 2% Passenger Load Factor % 70.8% 67.5% 3.3 points Block Hours 76,534 79,353-4% Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 93.5% 92.5% 1.1 point Cost per ASKM in INR w/o Fuel % Break Even Seat Factor (%) w/o Fuel 50.8% 61.7% points Average Gross revenue per passenger in INR* 4,341 6,010-28% Average Gross revenue per passenger in USD* % Average Net revenue per passenger INR* 4,110 5,703-28% Average Net revenue per passenger USD* % Period end Fleet size % Average fleet size during period % Aircraft Utilisation % Head Count 2,561 3,712-31% * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY07 39

40 Income statement FY08 Particulars FY 08 FY 07 Figs in INR Mio Variance % INCOME Operating Revenues 14,891 19,966-25% Non Operating Revenues % Total Revenues 15,055 20,147-25% IN USD Mio EXPENDITURE Employees Remuneration & Benefits 1,969 2,520-22% Aircraft Fuel Expenses 8,170 8,291-1% Selling & Distribution Expenses 1,386 2,250-38% Other Operating Expenses 4,823 9,714-50% Aircraft Lease Rentals 2,742 3,728-26% Depreciation % Interest % Total Expenditure 19,451 27,025-28% IN USD Mio PROFIT BEFORE TAXATION (4,396) (6,877) -36% IN USD Mio (109.6) (158.2) IN USD Mio (excl Profit on sale of aircraft) Provision for taxation Current Tax 0 0 Fringe Benefit Tax PROFIT AFTER TAXATION (4,415) (6,897) -36% IN USD Mio (110.0) (158.7) EBITDAR (1,457) (2,809) -48% IN USD Mio (36.3) (64.6) M argin % -10% -14% 4 points * FY 07 Pax revenue include the Support of Rs. 4,000 million from Sahara Group. * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY07 40

41 Balance Sheet FY08 INR Million As on 31-Mar-08 INR Million As on 31-Mar-07 I SOURCES OF FUNDS Shareholders' Funds 6,608 6,608 Subordinated Debt 4,012 - Loan Funds 4,259 3,833 TOTAL SOURCES OF FUNDS 14,878 10,440 In USD Million II. APPLICATION OF FUNDS Net Fixed Assets: 1,500 1,154 Investments 8 8 Deferred Tax Asset Current Assets, Loans & Advances 5,005 5,081 Less: Current Liabilities & Provisions 6,103 5,856 Net Current Assets (1,098) (775) Profit & Loss Account 13,844 9,429 TOTAL APPLICATION OF FUNDS 14,878 10,440 In USD Million * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY07 41

42 Consolidated Performance FY

43 Consolidated P&L for FY 2008 Apr 07-Mar 08 INR Million INCOME Operating Revenues 102,456 Non Operating Revenues 6,757 Total Revenues 109,213 IN USD Mio 2,722 EXPENDITURE Employees Remuneration & Benefits 13,888 Aircraft Fuel Expenses 40,700 Selling & Distribution Expenses 11,137 Other Operating Expenses 30,144 Aircraft Lease Rentals 8,216 Depreciation 8,018 Interest 5,225 Total Expenditure 117,328 IN USD Mio 2,924 (LOSS)/PROFIT BEFORE TAXATION (8,115) IN USD Mio (202.3) IN USD Mio (excl Profit on sale of aircraft) (280.8) Provision for taxation (1,576.5) (LOSS)/PROFIT AFTER TAXATION (6,539) IN USD Mio (163.0) EBITDAR 6,586 IN USD Mio Margin % 6.4% * ROE used for conversion: 1 USD = INR for FY08 43

44 Consolidated Balance Sheet INR Million As on 31-Mar-08 I SOURCES OF FUNDS Shareholders' Funds 43,427 Subordinated Debt 4,012 Loan Funds 118,484 Deferred payments towards Jet Lite Investments 4,125 Deferred Tax Liability 1,603 TOTAL SOURCES OF FUNDS 171,651 In USD Million 4,278.4 II. APPLICATION OF FUNDS Net Fixed Assets: 173,077 Investments 111 Current Assets, Loans & Advances 37,953 Less: Current Liabilities & Provisions 41,410 Net Current Assets (3,457) Profit & Loss Account 1,919 TOTAL APPLICATION OF FUNDS 171,651 In USD Million 4, * ROE used for conversion: 1 USD = INR for FY08 44

45 Outlook

46 Outlook Q1 trends for passengers and yields will reflect low seasonality Recent implementation of Minimum fare levels by Jet would ease pressure on yields Fuel surcharge increased in June. Current YQ for domestic: INR 2,250 for sector distance =<750 kms INR 2,900 for distance > 750 kms Jet intends to implement Zero commission structure by Oct 08 Oil prices will necessitate some capacity right sizing in the industry

47 Thank You

48 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 forward-looking statement that may be made from time to time by or on behalf of the company

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