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STRATEGIC REPORTThe restrictions on travel imposed bygovernments in response to COVID-19have had a devastating impact on airtravel. Our fleet was grounded for all buttwo weeks of the third quarter and in thefourth quarter we were able to operateless than 40% of our previously plannedcapacity. Our easyJet holidays business,whilst still only small, has proven that itsflexible, low-risk business model is wellsuited to this environment.Revenue for the full year decreasedto 3,009 million (2019: 6,385 million).The Group reported a headline loss beforetax of 835 million (2019: 427 millionprofit) and basic headline loss per shareof 178.1 pence (2019: 88.7 pence headlineearnings per share). Total loss before taxof 1,273 million (2019: 430 million profit)and a non-headline loss of 438 million(2019: 3 million gain) led to basic totalloss per share of 264.9 pence (2019:88.6 pence earnings per share).DIVIDENDSeasyJet’s dividend policy is to payshareholders 50% of headline earningsafter tax. Given that we made a lossthis year, there will be no dividend paidfor the 2020 financial year (2019:43.9 pence per share).COVID-19Whilst COVID-19 has led to extremechallenges for the airline industry, easyJetis well positioned for the recovery. Ourleading network based on number one andtwo positions at primary airports, acontinued focus on short-haul flying, ourcustomers’ trust in the easyJet brand andour enhanced biosecurity procedures, aswell as our outstanding value proposition,all give us confidence that easyJet willprosper again in the future. easyJet hasraised over 2.4 billion in liquidity since theoutbreak of the pandemic, in order tostrengthen its investment-grade balancesheet.OUR BOARDHaving served nine years on the easyJetBoard, Andy Martin stepped down inAugust 2020 and Charles Gurassa isstepping down in December 2020, in linewith corporate governance best practice.I would like to thank Charles and Andyfor their very significant contributionand wise counsel over those nine years.Julie Southern has succeeded Charles asSenior Independent Director. CatherineBradley CBE joined the Board in January2020 and succeeded Andy Martin as Chairof the Finance Committee in August. MoniMannings joined the Board in August 2020,succeeding Moya Greene DBE as Chair ofthe Remuneration Committee in October.Moya Greene has decided not to standfor re-election at the next AGM afterserving three years, and I would like tothank Moya for her significant contributionduring that time. Our Chief Financial OfficerAndrew Findlay will be leaving easyJet inFebruary 2021 and will be replaced byKenton Jarvis.Further details of these changes areincluded in the Governance report onpage 78.OUR PEOPLEIn response to the COVID-19 pandemiceasyJet has launched a major restructuringprogramme. This has included a proposalto reduce headcount by up to 30% acrossthe business. We have launched anemployee consultation process on theseproposals. I would like to extend my thanksto all of easyJet’s employees, who havecontinued to provide the warmest welcomein the sky, despite the ongoing uncertaintyand challenging circumstances.Details of how we engage with ourstakeholders can be found on page 12.SUSTAINABILITYOur overall sustainability goal is to leadand challenge global aviation to carbonneutral while positively impacting ourcommunities and our people. We were theworld’s first major airline to operate carbonneutral flights across our entire network,by offsetting the carbon emissions fromthe fuel used for all of our flights, and wecontinue to work tirelessly to minimise thecarbon impact of our operations. We aresupporting the development of newtechnologies – including hybrid, electricand hydrogen planes – so we can playour part in reinventing aviation to bemore sustainable in the future. We arealso looking for more ways to take actionbeyond carbon, including rapidly reducingour waste and single-use plastic usage.THE FUTUREWhile the airline industry is in a time ofcrisis and IATA predicts that demandmay not recover to 2019 levels until 2024we continue to believe that easyJet’swell-established business model and solidfinancials provide a strong foundation toweather these extreme challenges, andto drive profitable growth and long-termshareholder returns in the future.JOHN BARTONNon-Executive ChairmanThere have also been a number of changesto the Airline Management Board. PeterBellew joined easyJet as Chief OperatingOfficer in January 2020 bringing with himconsiderable experience from his formerroles as Chief Operations Officer of Ryanairand Chief Executive Officer of MalaysiaAirlines. Other changes to the AirlineManagement Board over the course of theyear are detailed in the Governance reporton page 86.www.easyJet.com9

BUSINESS MODELOur strong foundationOur robust business model makes it easy, affordable andsustainable for our customers to travel, which drives growthand returns for our shareholders.OUR RESOURCESFINANCIAL CAPITALeasyJet has a strong capital base, with a market capitalisationof 2.3 billion1 and a net debt position of 1,125 millionat 30 September 2020 (2019: net debt of 326 million).easyJet’s credit ratings are amongst the strongest in the world foran airline.AIRCRAFTeasyJet operates a modern fleet of Airbus A320 familyaircraft, of which circa 63% are owned. We are investingin new generation aircraft which are more fuel efficient2,3 leadingto lower operating costs and lower carbon emissions over time.PEOPLEeasyJet has a highly skilled workforce of over 14,000 people,including over 4,000 pilots and 8,000 cabin crew members.4bbb/Baa3CREDIT RATING342AIRCRAFT42019: 331OVER14,000EMPLOYEES42019: 15,000SUPPLIERSeasyJet partners with key suppliers to deliver many of itsoperational and commercial activities. Our partners arecarefully selected and significant emphasis is placed onmanaging these relationships, with the aim of encouragingincremental innovation and performance.SLOTS AND BRANDeasyJet has a valuable portfolio of slot pairs at slot-constrainedprimary airports, as well as flying rights across Europe and AOCs5in the UK, Switzerland and Austria.82%SUPPLIERPAYMENTS ON TIME2019: 85%89%CAPACITY ATSLOT-CONSTRAINED AIRPORTS62019: 88%TECHNOLOGY AND DATAeasyJet is aiming to become the world’s most data-driven airline.We are seeing significant benefits already from operationalresilience processes and predictive maintenance. Our revenueshave been benefitting from data projects in late yield initiativesand differential seat pricing.1.2.3.4.5.6.10510MVISITS TOALL DIGITAL PLATFORMS2019: 700mBased on share price of 5.02 at 30 September 202015% fuel-saving A320neo versus previous generation A320Around 50% quieter on takeoff and landing than previous-generation aircraftAs at 30 September 2020Air Operator CertificatesBased on level 2 and level 3 airports as updated by IATA on 30 June 2020 and defined under IATA Worldwide Slot Guidelines as at 1 August 2019easyJet plc Annual Report and Accounts 2020

STRATEGIC REPORTBUSINESS ACTIVITIESWHAT WE DOWe are a low-cost Europeanpoint-to-point airline. We useour cost advantage, operationalefficiency and leading positions inprimary airports to deliver low fares,seamlessly connecting Europe withthe warmest welcome in the sky.easyJet is the seventh1 largest airlinein the world, with 342 aircraftand 48 million customers across35 countries and 154 airports.AIRPORTS2ROUTES21549812019: 1592019: 1,051easyJet holidays was launchedin 2019 in order to offer holidaypackages which also encouragesthe 97% of customers travellingon leisure to spend morewith us, rather than bookaccommodation elsewhere.HOW WE DO IT Our leading position at slotconstrained airports with highcustomer demand allows usto deliver profitable growthand resilient returns over thelong term Our cost efficiency is achievedthrough long-term strategicpartnerships with key airports andground-handling operators easyJet has a focus on providingservices which our customers value The new easyJet holidays offeringhas been tailored to the needs ofthe ‘easyJet generation’.Destinations1. Based on sectors flown, as reported by OAG as at September 2019. 2020 data not available2. As at 30 September 2020www.easyJet.com11

STAKEHOLDER ENGAGEMENTour engagement with stakeholdersOur stakeholders are an important part of our operations and are referencedthroughout this report. We have set out below details of who our keystakeholders are, how we have engaged with them and the associatedoutcomes. For our Section 172 Statement, please see page 90.CustomersKEY FOCUS Safety Ease of booking Sustainability Cost and affordability Choice (time of flying,destinations, ancillaryofferings) Minimising disruptionWHY AND HOW WEENGAGEWe flew 48 million passengers in 2020. This includesindividuals who booked flight-only trips with us for leisureor business, as well as those who booked easyJet holidays. We want to win our customers’ loyalty, and thereforeit is important we engage with and understand ourcustomers to make sure our product and serviceremain competitive Ease of making changes We regularly survey our customers to find out abouttheir experiences post travel and prior to launching anew product offering. We measure our performance inpart through our Customer Satisfaction KPI, set out onpage 33. We also monitor sentiment via social mediatracking versus competitors, and brand strength acrossEurope via the Brand TrackerOUTCOMES Our crew interact with customers on a daily basis, andthis is fed back to management through regular crewfeedback sessions and online forums We want to seamlessly connect our customers acrossEurope and beyond, yet we know that our customersare increasingly thinking about their carbon impact– with 94% of customers thinking about sustainabilitymore, or as much as before (see our materialityassessment on page 39). easyJet wants to lead theaviation industry in addressing this challenge. Havingconsidered the feedback from customers and otherstakeholders, the Board approved a new sustainabilitystrategy in November 2019, offsetting carbon emissionsfrom the fuel used for all our flights from that date– the first major airline to do so. The Board recogniseshowever that offsetting is only an interim measure,and continues to support the development of newtechnologies to decarbonise aviation for the longerterm. For more information, see the Sustainabilitysection starting on page 36 COVID-19 has unfortunately meant that the Group hadto take difficult decisions that have heavily impactedour customers, including grounding the fleet, cancellingflights and rearranging schedules. This led tounprecedented demand for our customer service teamsto process booking changes and refunds. With many12easyJet plc Annual Report and Accounts 2020 When customers need extra support, our customerservices teams help with special assistance requestsor arrangements when travel is disrupted. We interactwith customers via our customer call centres based inthe UK and overseas, and on social media When we restarted our flying programme in June 2020,our Chief Executive Officer and other Airline ManagementBoard members flew on some of the first flights to seehow the new biosecurity measures were received bycustomers Customer sentiment and feedback is regularly reportedto the Airline Management Board and PLC Boardof them being based in countries that were themselveslocked down, our service levels fell short of what ourcustomers have come to expect from us and customerfeedback reflected this. As a result of the feedbackreceived, decisive action was taken, including a short-terminvestment to expand our customer management centres(CMCs) which has led to an improvement in the servicelevels we can offer. Customer feedback has been positiveand overall satisfaction in the CMCs has since increased tothe highest level in the last 12 months. For those customerswho have flown with us since June, strong operationalperformance has resulted in the customer satisfactionrating being higher than the prior year Understanding our customers and their desire for ease,choice and value led to the re-launch of easyJet holidaysin November 2019, which has been positively received bycustomers. Further feedback from customers during thepandemic led to the launch of the easyJet holidays‘Protection Promise’ in October 2020, which incorporates abest price guarantee, a full refund if the holiday is cancelledup to 28 days before departure (free of fees), and anoverhaul of the standard terms and conditions allowingcustomers to book with confidence

STRATEGIC REPORTemployees Wellbeing and mentalhealth Diversity and inclusion Fair pay and benefits We want to attract, retain and develop the right people,as they are fundamental to easyJet’s success. Engagingeffectively with them is key to doing this successfully In addition to our employee engagement platform,we have country and base teams which manage andinteract with staff on a daily basis Board member Moya Greene DBE has engagedwith employees through her role as the EmployeeRepresentative Director and she has attended threemeetings of the UK and European employeerepresentative bodies during the year We have a number of employee representative groupsacross Europe. We also engage with 28 trade unionsacross eight countries, and have undertaken anextensive consultation exercise during the year as setout below Communication with employees has been vital duringthe uncertainty of the pandemic. Johan Lundgrenupdated employees frequently, including throughweekly email and video messages, and managementhave regularly engaged with employee representativebodies and unions across the network on the impact ofthe pandemic on the business. In addition Moya GreeneDBE has brought the employee voice into theboardroom in her role as the Employee RepresentativeDirector, ensuring the employee’s perspective ishighlighted in any Board decision making process The sudden and extensive reduction in demand asa result of the pandemic led to the need to right sizeour operations, to ensure we were able to successfullynavigate the unprecedented circumstances. This ledto the launch of a number of employee consultationprocesses on proposals to reduce staff numbers byup to 30%. These were managed through therepresentative bodies across Europe, with consultationsphased to meet the needs of each jurisdiction, andsome of which are ongoing. The Board’s aim was tominimise the impact on employees, protecting as manyjobs as possible, understanding the uncertainty andconcern faced by employees. As a result of theconstructive working partnership with our representativegroups we have, so far, had minimal compulsoryredundancies, providing some re-assurance to ouremployees at this time. However, the overall process willresult in up to 30% of our roles being removed from thebusinessWHY AND HOWWE ENGAGE Training and careerdevelopmentOUTCOMES Health, safety andworking conditionsKEY FOCUSWe have over 14,000 employees across nine countries inEurope, including over 4,000 pilots and 8,000 cabin crew. We also provide a wide range of support for employees’physical and mental wellbeing, which has been particularlyimportant during the pandemic and increase in workingfrom home We continue to help our employees to learn and develop,providing training and development opportunities at everystage of their careerwww.easyJet.com13

STAKEHOLDER ENGAGEMENT CONTINUEDSuppliersShareholdersGround-handling agents manage the logistics operationsat airports, such as baggage handling and aircraft loadingand unloading.Some of our major shareholders are set out on page 129.Our current fleet of 342 aircraft is supplied by Airbus.The fleet is maintained by specialist suppliers.As a company listed on the London Stock Exchange,our shares are publicly traded.We have a strategic partnership with DHL to providethese services at Gatwick, Bristol and Manchester.KEY FOCUS Compliance withregulations Health and safety Safety SustainabilityWHY AND HOWWE ENGAGEWe have a number of other key suppliers, including criticaltechnology suppliers, fuel providers, aircraft lessors andhoteliers for easyJet holidays. We want to be number one or two in primary airports andprovide value by efficiency. This means having an open,constructive and effective relationship with all suppliers,as we believe they are integral to the Group’s success Treatment of suppliers Consumer protection The Executive Directors engage with senior executives of ourmajor suppliers on a regular basis to understand the health oftheir businesses, and have met or spoken with them duringthe year We have a strong strategic relationship with the primaryairports and work with them as strategic partners We have an established supplier relationship managementframework, which provides a toolkit and guidance for easyJetmanagers who lead relationships with key partners. Understanding the financialand sustainableperformance of thebusiness Creation of long-term value Share price and dividendreturns We engage with our shareholders regularly and consultwith our major shareholders on specific issues tounderstand their views. During the year management andmembers of the Board led engagement on the mattersbeing put forward at the 2020 Annual General Meeting(AGM), the shareholder-requisitioned General Meeting (GM)in May and the equity placing and related GM in July. Ourcorporate brokers and proxy solicitation agents also spoketo a significant number of shareholders and providedfeedback to the Board. Further details are included onpage 89 Facilities were made available for all shareholders to askquestions live at the AGM and GMs held during the year,as well as the ability to submit questions in advanceOUTCOMES We have an active engagement programme withinstitutional investors through our Investor Relationsdepartment, including results presentations and individualinvestor meetings With the approval of the Board, management negotiatedthe deferral of aircraft purchases with Airbus during theyear. This provided a significant reduction to capitalexpenditure in the short term, which was important to helpus manage through the immediate impact of the pandemic.However, in the longer term, the Board is mindful that theAirbus contract provides the ability to renew and modernisethe fleet, reduce easyJet’s carbon footprint and lower costsover the longer term, providing the flexibility to respond tofuture demand – all of which are in our shareholders’ andwider stakeholders’ interests We worked in partnership with many suppliers to reducecosts during the early stages of the pandemic. This includedrenegotiating with airports and ground handlers, whilst alsoensuring that both the supplier and easyJet remainsuccessful, sustainable businesses. We were also able todefer time-dependent maintenance spend due to reducedflying. In some cases this has also meant changing paymentterms. Our standard payment terms are payment within60 days, however longer payment terms were negotiated(up to 120 days) with certain suppliers depending on thecommercial situation and on a case by case basis. easyJethas reduced payment terms to 30 days to suppliers witha turnover of less than 1 million to support cash flow forsmall companies14easyJet plc Annual Report and Accounts 2020 We were pleased to gain the overwhelming support ofindependent shareholders at the AGM, the May 2020 GMand for the equity placing, all of which play an importantpart in ensuring we remain a successful and sustainablecompany in the future. The engagement we undertook inthe lead-up to these events meant that we could explainthe Board’s position and answer any questions shareholdershad, which resulted in gaining their support Further details are set out in the Governance section whichstarts on page 78

communities Compliance withregulations Health and safety Local employment Treatment of suppliers Safety Sustainability Consumer protection Sustainability, includingcarbon and other aircraftemissions; aircraft noise;energy usage; recyclingand waste The Executive Directors and our country managers engagewith senior members of government and regulatory bodies.During the year this contact has focused on our effortsaround sustainability, and the travel restrictions imposedby governments as a result of the pandem

Our strategic priorities are a plan of action which enables us to pursue our purpose. 4 easyJet plc Annual Report and Accounts 2020. FOR MORE DETAILS PLEASE SEE OUR KPIS ON PAGE 32 Sustainability Strategy How we measure (KPIs) Our promise SAFE AND RESPONSIBLE ON OUR CUSTOMERS' SIDE IN IT TOGETHER ALWAYS EFFICIENT