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28 January 2021 EASYJET TRADING STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2020 Q1 performance in line with expectations due to continued discipline and flexibility Strengthened liquidity , investment grade rating maintained and structural cost out programme delivering and on track ● ● Government restrictions and uncertainty impacting demand Brand strength , network and operational flexibility ensure easyJet is well positioned to capture demand when it returns Summary Over the course of the pandemic easyJet has responded decisively having successfully reset the cost base and driven down costs in all areas of the business . easyJet has maintained its strong , investment grade balance sheet , improved its debt repayment profile and secured further liquidity through a new c . £ 1.4 billion loan facility . All these actions will see the airline emerge from the pandemic more efficient , with its cost base reset . easyJet's first quarter financial performance was in line with management expectations despite increased uncertainty due to the changing environment which saw strengthened travel restrictions across Europe . These restrictions and the continued uncertainty regarding their future removal are the main driver of decreased customer demand . Despite this we have successfully maintained our disciplined focus and agile approach on matching capacity to available demand while maintaining high customer satisfaction . Subject to continued progress on vaccinations , together with the future relaxation of government travel restrictions across Europe , we are anticipating a release of pent - up demand for travel . Research by easyJet conducted among 5,000 European consumers between 8 and 20 January this year showed that 65 % have or plan to make a travel booking in 2021 , with existing easyJet customers even more likely to travel rising to almost three quarters planning a trip this year . We retain the flexibility to rapidly ramp up to capture that demand . In addition to this , due to the airline's network of primary airports and trusted brand , easyJet is uniquely placed to take advantage of the material reduction in competitor capacity at our key bases . We continue to invest in the right opportunities - we are growing at Gatwick and will have a record 71 aircraft based there this summer and our initiatives in ancillaries and easyJet holidays are expected to generate material opportunities for future profit growth . Commenting , Johan Lundgren , easyJet Chief Executive said : " Our performance in the period was in line with management expectations , despite more stringent restrictions coming into place . " We have taken the right actions to emerge leaner with a reduced cost base and the retrenchment of legacy carriers at key airports will provide additional opportunities for easyJet . Page 1 of 9