1

June 2005

Jet Airways (India) Limited

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

company.

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Agenda

1. Aviation growth in India

2. The Jet Airways story

3. Performance Highlights 2004 – 2005

4. Update on International Operations

5. Key Strategies for FY 2006

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Aviation Sector has shown Strong Growth

Domestic Passengers Growth International Passengers Growth

12.914.0

15.3

18.6

12.713.7

10.0

12.0

14.0

16.0

18.0

20.0

FY00 FY01 FY02 FY03 FY04 FY05

Pass

enge

rs (m

illion

)

Indian aviation sector growth has accelerated in recent years

11.913.2

15.0

18.0

11.5 12.3

10.0

12.0

14.0

16.0

18.0

20.0

FY00 FY01 FY02 FY03 FY04 FY05

Pass

enge

rs (m

illion

)FY00-05 CAGR 7.9%

FY02-05 CAGR 13.0%FY00-05 CAGR 9.4%

FY02-05 CAGR 14.8%

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Jet Airways - Past decade

1,010774436Revenue (US$mn)

322237114EBITDAR (US$mn)

8.14

42

FY2005

6.91

41

FY2004FY2000

29Period End Fleet

4.87Pax carried (mn)

Growth profile

1992 1993 1995 2003

Company Incorporated

Commenced air taxi operations

Granted “scheduled

airline” status

Commenced flights to Colombo

and Kathmandu

1994 1996

First to introduce modern generation B737 300s / 400s /

500s in India

20001997 1998 1999 2001 2002 2004

First to introduce new

generation B737 700s & 800s in India

First purchased aircraft

delivered

Crossed US$500mn revenues

More than 30mn pax

carried from

inception

First to introduce new

generation B737 900s in India

Jet Airways has had an Unmatched Success Story

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Rapidly Growing PAX & Cargo Traffic

6.41 6.918.14

5.93 5.82

0.0

2.0

4.0

6.0

8.0

FY01 FY02 FY03 FY04 FY05

Pass

enge

rs (m

illion

)

As of February 2005, Jet had carried over 50 million passengers since inception

FY’05 : 8.14 mill (Growth of 18% over FY04) FY’05 : 98,838 Tons (Growth 14% over FY04)

98,83786,749

74,65765,385

55,914

0

20,000

40,000

60,000

80,000

100,000

FY01 FY02 FY03 FY04 FY05

(Ton

nes)

Passengers Carried Cargo Carried

FY02-05 CAGR 11.8%

FY01-05 CAGR 15.3%

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Flexible and Efficient Fleet Strategy

Aircraft Type

4 5 8 8 8 8

109 8 6 6

34 8

11 1212 12

89

10 1313 14

2 2

10

0

10

20

30

40

50

'Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05

Num

ber o

f airc

rafts

ATR B737-400 B737-500B737-700 B737-800 B737-900

2932

38

41 41 42

Aircraft Utilisation

9.79.4 9.5

10.2

8.0

8.4

8.8

9.2

9.6

10.0

10.4

FY02 FY03 FY04 FY05

Hou

rs /

Day

per

airc

raft

Quick and efficient turnarounds; young age (4.5 years) &common fleet structure enables higher aircraft utilization

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• Highest standards of services through regular

monitoring of Customer Feedback and Operational

Reports.

• Feedback are regularly monitored, analysed and

necessary corrective action taken.

• Standards on operational process flows which are

time measurable like Baggage analysis are also set.

• Baggage arrival standards

High Service Standards

15 mins10 mins7 mins4 mins

Target -Last Bag

Last Bag

Target -First Bag

First Bag

Baggage arrival (after checks-on) -Domestic

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• On-board Service Trackers feedback FY05

• Comments from passengers are also monitored. FY05 feedback is as under

High Service Standards

-95%-97%Total Experience with Jet Airways

90%96%95%97%Overall rating for Cabin crew

88%

91%

Ratings-CP

84%

93%

Target-CP

79%

91%

Ratings-EY

76%Overall rating for food

93%Overall Rating for Airport Services

Target-EY

Service Tracker ratings (Domestic)

9.9

Complaints per 10,000 pax

5.4

Appreciations per 10,000 paxPax Complaints /

Appreciations

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Key Management Team

The Management team is same with the exception of

Capt. Gustav Baldauf, who has joined us as Vice President Flight Operations. He is ex-Austrian Airways and comes with over 25 years experience.

Capt. K. Mohan is now Vice President Flight Operations (Special Projects).

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Unmatched Operational Reliability

Notes : 15 min. tolerance, expressed in percentage is the number of flights cleared for take off by the engineering department within 15 minutes of the scheduled time of departure

Notes: 15 min. tolerance, expressed in percentage is the total number of flights that take off within 15 minutes of the scheduled time of departure

““Pride in ExcellencePride in Excellence”” Award from Boeing Award from Boeing for last 2 consecutive years for 00 min.for last 2 consecutive years for 00 min.

Technical Dispatch Reliability Average on Time Performance

99.3%

99.6% 99.6%

98.9%

99.4% 99.4%99.0%

99.5%99.6%

99.2%

99.4%99.3%

98.0

98.5

99.0

99.5

100.0%

FY00 FY01 FY02 FY03 FY04 FY05

Tech

nica

l dis

patc

h re

liabi

lity

Boeing ATR

84.8%

78.1%76.6%

88.4%90.3%

85.8%

86.3%

93.7%93.9%

90.3%

60.0

70.0

80.0

90.0

100.0%

FY00 FY01 FY02 FY03 FY04

Ave

rage

on

time

perf

orm

ance

Boeing ATR

FY05

90.4%

83.5%

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Jet’s Dominant Positioning

Current Status:

38,0006,20012,00033,800# of seats per day

288110110275# flights per day

58+202322+342+5# of destinations served (+international)

62172145Fleet size

37%5%14%43%FY 2005 Market Share

Indian Airlines(1)

Jet is the leading domestic airline in India, positioned to reap the benefits of the expanding Indian economy

New Entrants :

Kingfisher – commenced ops on 9th May ’05; SpiceJet – commenced ops on 23rd May,

Go Airways, Indus Airways other among possible entrants

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Major Highlights (2004 – 2005)

• Total Revenues of INR 44,201 Million (USD 1.01 Billion); up 24%

over FY 2004.

• Profit Before Tax of INR 5,821 Million (USD 133 Million); up 227%

over FY 2004.

•Profit After Tax of INR 3,920 Million (USD 89.6 Million); up 140%

over FY 2004.

• Revenue Passengers increased to 8.14 Million from 6.91 Million in

FY 2004; up by 17.8%.

• Achieved Seat factor of 71.3 %, up from 63.9 % in FY 2004.

• Break Even Seat Factor at 61.6%, down from 62.6% in FY 2004.

* ROE used for conversion: 1 USD = INR 43.75

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Major Highlights (2004 – 2005)

• Average Market share for the year at 42.9%. (44.2% for

March 2005).

• Earnings per share (Face Value of INR 10) at INR 52.29 from

INR 21.37 in FY 2004

• Current Ratio at 3.4 :1; up from 1.7:1 in FY 2004

• Debt to Equity (Leverage) Ratio at 1.45 times from 6.0 times

as at March 2004.

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Key Parameters

Performance Highlights FY 2005

Traffic Parameters Apr'04-Mar'05 Apr'03-Mar'04 Variance Variance

(%)

Number of Departures 96,417 90,667 5,750 6.3%ASKMs Mio 9,808 9,164 645 7.0%RPKMs Mio 6,992 5,852 1,140 19.5%Passenger Load Factor % 71.3% 63.9% 7.4 pointsBlock Hours 153,857 140,908 12,949 9.2%Revenue Passengers (Million) 8.14 6.91 1.24 17.9%Average Net revenue per passenger (INR) 4,429 4,032 397 9.8%Average fleet size during period 41.3 40.4 0.9 2.2%Aircraft Utilisation (hrs per day) 10.2 9.5 0.7 7.8%Average Head Count

Gross 7,082 6,608 474 7.2%Net 5,652 5,310 342 6.4%

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Summarised Statement of Profit & Loss

Apr'04-Mar'05 Apr'03-Mar'04 Variance %

Audited Audited over P/Y

INCOMEOperating Revenues 43,380 34,474 25.8%Non Operating Revenues 822 1,183 -30.5%Total Revenues 44,202 35,657 24.0%

EXPENDITUREEmployees Remuneration & Benefits 3,747 2,822 32.8%Aircraft Fuel Expenses 10,517 7,418 41.8%Selling & Distribution Expenses 5,591 4,264 31.1%Other Operating Expenses 9,433 9,062 4.1%Aircraft Lease Rentals 1,986 2,266 -12.4%Depreciation 4,570 5,152 -11.3%Interest 2,537 2,891 -12.3%Total Expenditure 38,381 33,876 13.3%

PROFIT BEFORE TAXATION 5,821 1,781 226.8%Provision for taxation Current Tax 460 150 206.3% Deferred Tax 1,441 - 0.0%PROFIT AFTER TAXATION 3,920 1,631 140.4%

EBITDAR 14,092 10,908 29.2%EBITDAR Margin 32.5 31.6 2.8%

in INR Million

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Summarised Balance Sheet

As on As on31-Mar-05 31-Mar-04

I. SOURCES OF FUNDS

Shareholders' Funds 20,397 5,354

Subordinated Debt 3,341 3,081

Loan Funds 26,307 29,019

Deferred Tax Liability 1,949 507

TOTAL SOURCES OF FUNDS 51,994 37,961

II. APPLICATION OF FUNDS

Net Fixed Assets: 26,406 31,268

Investments 15,957 2,334

Current Assets, Loans & Advances 20,444 11,322

Less: Current Liabilities & Provisions 10,814 8,142

Net Current Assets 9,630 3,179

Profit & Loss Account - 1,180

TOTAL APPLICATION OF FUNDS 51,994 37,961

in INR Million

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Unit Costs/ RevenuesRev/RPK vs Cost/ASK

5.01

5.28

3.13

3.25

2.00

2.75

3.50

4.25

5.00

5.75

Rev / RPK 5.28 5.01

Cost / ASK 3.25 3.13

2004-05 2003-04

In IN

R

USc12.1

USc7.4 USc7.2

USc11.5

* ROE used for conversion: 1 USD = INR 43.75

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Break even v/s achieved Seat Factor

71.3%

63.9%

61.6%62.6%

56.0%

58.0%

60.0%

62.0%

64.0%

66.0%

68.0%

70.0%

72.0%

74.0%

Period

Perc

enta

ges

Seat Factor % 71.3% 63.9%Break Even % 61.6% 62.6%

2004-05 2003-04

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Post IPO – Financial Structure

• Initial Public Offer (IPO) in February 2005.

• Current Market capitalization over INR 110,000 million (USD 2.5

billion).

• Post IPO, repaid Preference Shares to IFC in March 2005.

• Prepaid Subordinated Debt by 31 May 2005.

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Post IPO events

• The Company commenced operations on the following

international routes

Routes Effective Aircraft Type

Mumbai – Singapore April 14, 2005 B737 – 800Chennai – Kuala Lumpur May 18, 2005 B737 – 800Mumbai – London May 23, 2005 A340 – 300E

• The initial feedback from the passengers on these International

routes shows that we have been able to maintain the high

standards of service.

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Fleet Commitments

• ATR72-500s

•Current Fleet of 8 ATR72-500s

•Extended 5 ATR72-500 expiring FY06 by additional 2 years

• Narrow Body

•Current Fleet of 36 B737s

•FY06 – Q1 – 3 additional B737-800s leased

•FY06 – Q2 – 1 additional B737-700 leased

•FY06 – Q3 – 2 additional B737-800s leased

•FY06 – Q4 – 1 additional B737-800 purchased

•Between July 2006 and October 2007 – 10 B737s (9 purchased and one

leased)

• Wide Body

•Current – 3 A340-300E

•LOI – 4 A330-200 aircraft

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Key Strategies for FY 2006

• Sustain Market Leadership in Domestic Operations

• Maintain High Product & Service Quality on both Domestic and International routes

• Achieve profitable growth in International Operations

• Operate a young and modern fleet

• Prime Focus on controlling/ reducing costs

• Preserve and maintain strong, team-oriented and customer focused culture

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Thank You