JET AIRWAYS (I) LTD. Presentation on Financial Results Q2 FY10

JET AIRWAYS (I) LTD Presentation on Financial Results Q2 FY10 October 27, 2009 1 1 1

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

Domestic operating environment 3 3 3

Domestic growth is showing 6.00 Q2 10 vs Q2 09 Industry capacity 5% Industry pax 24% Q2 10 vs Q2 09 9W+S2 capacity 10% 9W+S2 pax 3% 5.00 Seats/ mth ( Million) 4.00 3.00 2.00 1.00 - Jul'08 Aug'08 Sep'08 Oct'08 Nov'08 Dec'08 Jan'09 Feb'09 Mar'09 Apr'09 May'09 Jun'09 Jul'09 Aug'09 Sep'09 Industry Capacity 9W+S2 Capacity Industry Pax 9W + S2 Pax 4 * 9W numbers impacted due to 5 days of strike in September 4 4

Performance highlights Q2 FY 10 5 5 5

Key events Q2 FY10 and future plans Commenced daily service from Delhi to Hongkong, Cochin to Sharjah, Mumbai to Riyadh and additional frequency from Mumbai to Bangkok. Jet Konnect now a major part of domestic capacity Launching Bangkok to Gaya via Varanasi, Hyderabad to Dubai, Mumbai to Dhaka 6 6 6

Impact of Pilots strike There was a strike by Indian pilots during the second week of September Impacted 5 days of operations; September 8 th to September 12 th 2009 1,294 domestic and 184 international flights were cancelled The estimated revenue loss on account of such strike was ~ USD 16.0 mio The variable cost on cancellation was ~ USD 5.0 mio 7 7 7

Financial highlights Q2 FY10 Total Revenues INR 23.8 Billion (USD 495.0 Million); -26.9% vs Q2 FY09 EBITDAR of INR 2,459 Million (USD 51.1 Million) vs EBITDAR of INR 1,898 (USD -40.4 Million) for Q2 FY09 Loss Before Tax of INR 4,067 Million (USD 84.5 Million) vs loss of INR 5,785 (USD 123.2 Million) for Q2 FY09 Loss After Tax of INR 4,067 Million (USD 84.5 Million) vs loss of INR 3,845 (USD 81.9 Million) for Q2 FY09 Revenue Passengers carried 2.8 Million; Down 1.2% over Q2 FY09 Achieved Seat Factor of 77.0%; Up from 66.3% in Q2 FY09 8 8 8

Company operating parameters Q2 FY10 Traffic Parameters Jul 09-Sep 09 Jul 08-Sep 08 Variance % Number of Departures 31,525 34,514-8.7% ASKMs Mio 6,914 8,416-17.9% RPKMs Mio 5,322 5,579-4.6% Passenger Load Factor % 77.0% 66.3% 10.7 points Block Hours 73,485 81,324-9.6% Revenue Passengers (Million) 2.79 2.83-1.2% Revenue per RPKM in INR 3.21 4.71-31.8% Cost per ASKM in INR 3.02 3.85-21.5% Break Even Seat Factor (%) 94.0% 81.7% 12.3 points Cost per ASKM in INR w/o Fuel 1.89 1.84 2.6% Break Even Seat Factor (%) w/o Fuel 58.9% 39.2% 19.7 points Average Gross revenue per passenger in INR* 6,592 9,936-33.7% Average Gross revenue per passenger in USD* 137.0 211.6-35.2% Average Net revenue per passenger INR* 6,122 9,298-34.2% Average Net revenue per passenger USD* 127.3 198.0-35.7% Period end Fleet size 85 84 1.2% Average fleet size during period 83.7 84.8-1.4% Average Head Count# Gross 12,080 13,442-10.1% Aircraft Utilisation 10.6 10.5 1.4% 9 * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge 9 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 9

Company P&L Q2 FY10 INR Million INR Million Jul 09-Sep 09 Jul 08-Sep 08 Variance % INCOME Operating Revenues 23,250 31,213-25.5% Non Operating Revenues 559 1,371-59.2% Total Revenues 23,810 32,584-26.9% IN USD Mio 495.0 693.8 EXPENDITURE Employees Remuneration & Benefits 3,019 3,572-15.5% Aircraft Fuel Expenses 7,800 16,878-53.8% Selling & Distribution Expenses 2,508 2,778-9.7% Other Operating Expenses 7,464 9,883-24.5% Aircraft Lease Rentals 2,016 1,625 24.1% Depreciation 2,359 2,082 13.3% Interest 2,365 1,565 51.2% Total Expenditure 27,532 38,383-28.3% IN USD Mio 572.3 817.3 Excess Depr Reversal due to change in method - - Cenvat Credit Availed - - Mark to Market - Derivatives (345) 14 PROFIT/ (LOSS) BEFORE TAXATION (4,067) (5,785) -29.7% IN USD Mio (84.5) (123.2) PROFIT / (LOSS) AFTER TAXATION (4,067) (3,845) 5.8% IN USD Mio (84.5) (81.9) EBITDAR 2,459 (1,898) 229.5% IN USD Mio 51.1 (40.4) Margin % 10.6% -6.1% 10 10 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 10

A. Domestic operations 11 11 11

Market Share in Q2 FY10 Jet Airways + Jetlite 25.5% (9W- 17.8%, S2-7.6%) Indian Airlines 16.8% Kingfisher 23.0% SpiceJet 12.6% Paramount 2.0% MDLR 0.4% Indigo 14.1% Go Air 5.7% 12 Source: Press report 12 12

Domestic operating parameters Q2 FY10 Traffic Parameters Jul 09-Sep 09 Jul 08-Sep 08 Variance % Number of Departures 24,647 27,730-11.1% ASKMs Mio 2,314 2,621-11.7% RPKMs Mio 1,614 1,753-7.9% Passenger Load Factor % 69.8% 66.9% 2.9 points Block Hours 40,939 46,203-11.4% Revenue Passengers (Million) 1.91 2.05-6.5% Revenue per RPKM in INR 4.49 7.38-39.2% Cost per ASKM in INR 4.67 5.73-18.5% Break Even Seat Factor (%) 104.0% 77.7% 26.3 points Cost per ASKM in INR w/o Fuel 3.29 3.08 7.0% Break Even Seat Factor (%) w/o Fuel 73.4% 41.7% 31.7 points Average Gross revenue per passenger in INR* 4,080 6,697-39.1% Average Gross revenue per passenger in USD* 84.8 142.6-40.5% Average Net revenue per passenger INR* 3,785 6,311-40.0% Average Net revenue per passenger USD* 78.7 134.4-41.5% * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge 13 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 13 13

Domestic P & L Q2 FY 10 INR Million INR Million Jul 09-Sep 09 Jul 08-Sep 08 Variance % INCOME Operating Revenues 8,623 15,014-42.6% Non Operating Revenues 510 229 123.0% Total Revenues 9,134 15,243-40.1% IN USD Mio 189.9 324.6 EXPENDITURE Employees Remuneration & Benefits 1,637 1,786-8.3% Aircraft Fuel Expenses 3,183 6,952-54.2% Selling & Distribution Expenses 1,578 1,464 7.8% Other Operating Expenses 3,455 5,172-33.2% Aircraft Lease Rentals 1,030 1,224-15.9% Depreciation 632 830-23.9% Interest 1,110 715 55.2% Total Expenditure 12,624 18,142-30.4% IN USD Mio 262.4 386.3 Mark to Market - Derivatives (172) 14 PROFIT/ (LOSS) BEFORE TAXATION (3,663) (2,886) -26.9% IN USD Mio (76.1) (61.4) PROFIT / (LOSS) AFTER TAXATION (3,663) (946) -287.2% IN USD Mio (76.1) (20.1) EBITDAR (1,230) (359) 242.4% IN USD Mio (25.6) (7.6) Margin % -14.3% -2.4% 14 14 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 14

B. International operations 15 15 15

International operating parameters Q2 FY10 Traffic Parameters Jul 09-Sep 09 Jul 08-Sep 08 Variance % Number of Departures 6,878 6,784 1.4% ASKMs Mio 4,600 5,795-20.6% RPKMs Mio 3,708 3,827-3.1% Passenger Load Factor % 80.6% 66.0% 14.6 points Block Hours 32,546 35,121-7.3% Revenue Passengers (Million) 0.88 0.78 12.8% Revenue per RPKM in INR 2.66 3.49-23.9% Cost per ASKM in INR 2.19 3.00-26.9% Break Even Seat Factor (%) 82.5% 86.0% - 3.5 points Cost per ASKM in INR w/o Fuel 1.19 1.29-7.7% Break Even Seat Factor (%) w/o Fuel 44.7% 36.9% 7.8 points Average Gross revenue per passenger in INR* 12,068 18,459-34.6% Average Gross revenue per passenger in USD* 250.9 393.0-36.2% Average Net revenue per passenger INR* 11,215 17,156-34.6% Average Net revenue per passenger USD* 233.1 365.3-36.2% * Average revenue per passenger includes Fuel Surcharge 16 16 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 16

International P & L Q2 FY10 INR Million INR Million Jul 09-Sep 09 Jul 08-Sep 08 Variance % INCOME Operating Revenues 14,627 16,199-9.7% Non Operating Revenues 49 1,142-95.7% Total Revenues 14,676 17,341-15.4% IN USD Mio 305.1 369.2 EXPENDITURE Employees Remuneration & Benefits 1,382 1,786-22.6% Aircraft Fuel Expenses 4,617 9,926-53.5% Selling & Distribution Expenses 930 1,315-29.3% Other Operating Expenses 4,009 4,711-14.9% Aircraft Lease Rentals 986 401 146.1% Depreciation 1,727 1,252 38.0% Interest 1,256 850 47.8% Total Expenditure 14,908 20,241-26.3% IN USD Mio 309.9 431.0 Mark to Market - Derivatives (172) PROFIT/ (LOSS) BEFORE TAXATION (404) (2,899) 86.1% IN USD Mio (8.4) (61.7) PROFIT / (LOSS) AFTER TAXATION (404) (2,899) 86.1% IN USD Mio (8.4) (61.7) EBITDAR 3,688 (1,539) -339.6% IN USD Mio 76.7 (32.8) Margin % 25.2% -9.5% 17 17 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 17

Performance highlights H1 FY10 18 18 18

Financial highlights H1 FY10 Total Revenues INR 48.1 Billion (USD 999.8 Million); -21.9% vs H1 FY09 EBITDAR of INR 6,368 Million (USD 132.4 Million) vs EBITDAR of INR -4,318 (USD -91.9 Million) for H1 FY09 Loss Before Tax of INR 6,320 Million (USD 131.4 Million) vs loss of INR 3,594 (USD 76.5 Million) for H1 FY09 Loss After Tax of INR 6,320 Million (USD 131.4 Million) vs loss of INR 2,411 (USD 51.3 Million) for H1 FY09 Revenue Passengers carried 5.4 Million; Down 9.9% over H1 FY09 Achieved Seat Factor of 75.2%; Up from 66.9% in H1 FY09 * The H1 FY 09 numbers include one time impact of change in depreciation policy from WDV to SLM for narrow body aircraft 19 of INR 9,159 Million or USD 195 Million 19 19

Balance Sheet Jet Airways standalone INR Million INR Million As on As on 30-Sep-09 31-Mar-09 I SOURCES OF FUNDS Shareholders' Funds 33,947 34,184 Loan Funds 147,862 160,485 Deferred payments towards Jet Lite Investments 2,750 2,750 TOTAL SOURCES OF FUNDS 184,559 197,419 In USD Million 3,836.6 3,892.3 II. APPLICATION OF FUNDS Net Fixed Assets: 160,498 168,451 Investments 16,450 17,450 Current Assets, Loans & Advances 40,211 43,507 Less: Current Liabilities & Provisions 41,534 34,603 Net Current Assets (1,323) 8,904 Profit & Loss Account 8,935 2,614 TOTAL APPLICATION OF FUNDS 184,559 197,419 In USD Million 3,836.6 3,892.3 20 20 ROE used for conversion: 1 USD = INR 48.105 for H1 FY10 and 1 USD= INR 50.72 for FY09 20

JetLite (India) Limited 21 21 21

Operational Highlights Q2 FY 10 vs Q2 FY 09 Average Seat factor 71.8% vs 61.2% same quarter FY 09 Passengers carried increased by 7.3% over same quarter FY 09 Market Share increased to 7.6% from 7.4% vs Q2 FY 09 H FY 10 vs H1 FY 09 Average Seat factor 72.7% vs 66.9% same period FY 09 Passengers carried decreased by 3.8% over same period FY 09 22 22 22

Financial Highlights Q2 FY 10 vs Q2 FY 09 Total Revenues of INR 3.0 Billion (USD 63.3 Million); -29% vs Q2 FY09 Negative EBITDAR of INR 350.2 Million (USD 7.3 Million) vs negative INR 1826.6 Million (USD 38.9 Million) for Q2 FY 09. Loss before Tax of INR 1,261 Million (USD 26.2 Million) vs loss of INR 2,725 Million (USD 58.0 Million) in Q2 FY 09 H1 FY 10 vs H1 FY 09 Total Revenues of INR 7.2 Billion (USD 149.7 Million); -16% vs H1 FY09 EBITDAR of INR 488.3 Million (USD 10.2 Million) vs negative INR 2,963.6 Million (USD 63.1 Million) for H1 FY 09. Loss before Tax of INR 1,239 Million (USD 25.8 Million) vs loss of INR 4,761 Million (USD 101.4 Million) in H1 FY 09 23 23 23

Operating parameters Q2 FY10 Traffic Parameters Jul '09-Sept '09 Jul '08-Sept '08 Variance % Number of Departures 10,133 10,831-6% ASKMs Mio 1,324 1,509-12% RPKMs Mio 950 923 3% Passenger Load Factor % 71.8% 61.2% 10.6 pts. Block Hours 17,888 20,323-12% Revenue Passengers (Million) 0.87 0.81 7.3% Revenue per RPKM in INR 2.9 4.3-33% Cost per ASKM in INR 3.0 4.4-31.7% Break Even Seat Factor (%) 105% 104% 1.5 pts. Cost per ASKM in INR w/o Fuel 1.8 2.1-17% Break Even Seat Factor (%) w/o Fuel 62% 50% 11.9 pts. Average Gross revenue per passenger in INR* 3,234 5,048-35.9% Average Gross revenue per passenger in USD* 67 107-37% * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge 24 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 24 24

Income statement Q2 FY10 Figs in INR Mio Particulars Jul '09-Sept '09 Jul '08-Sept '08 Variance % INCOME Operating Revenues 3,008.3 4,265.1-29.5% Non Operating Revenues 37.0 28.8 28.5% Total Revenues 3,045.2 4,293.9-29.1% IN USD Mio 63.3 91.4 EXPENDITURE Employees Remuneration & Benefits 373.0 536.7-31% Aircraft Fuel Expenses 1,619.5 3,406.5-52% Selling & Distribution Expenses 292.57 317.4-8% Other Operating Expenses 1,073.5 1,831.1-41% Aircraft Lease Rentals 829.2 801.7 3% Depreciation 21.2 13.7 54% Interest 97.8 111.7-12% Total Expenditure 4,306.7 7,018.9-39% IN USD Mio 89.5 149.4 PROFIT BEFORE TAXATION (1,261.5) (2,725.0) -54% IN USD Mio (26.2) (58.0) Provision for taxation - 5.0 PROFIT AFTER TAXATION (1,261.5) (2,730.0) -54% IN USD Mio (26.2) (58.1) EBITDAR (350.2) (1,826.6) -81% IN USD Mio (7.3) (38.9) Margin % -11.6% -43% 31.2pts 25 25 ROE used for conversion: 1 USD = INR 48.105 for Q2 FY10 and 1 USD= INR 46.965 for Q2 FY09 25

Outlook 26 26 26

Outlook Industry capacity under check; demand growth starting to show Q3 trends for passengers and yields will reflect high seasonality Manpower rationalisation and renegotiation of contracts will continue to impact costs positively in coming quarters JAK close to 2/3 rd of domestic capacity; seat factors in high 70s International seat factors expected to remain strong Fund raising to be done through QIP and Sale and Lease back 27 27 27

Thank You 28 28 28

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. 29 29 29