Corporate Presentation

Corporate Presentation
December 2016
March 2017
 Disclaimer

The information in this presentation has been prepared by Spicejet Limited (the “Company”) and has not been independently verified. No representation or warranty
expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained
herein. The information presented or contained in these slides is current as of the date hereof and is subject to change without notice, and its accuracy is not
guaranteed. Neither the Company, nor any of its advisers or representatives, nor any of their respective affiliates makes any undertaking to update any such
information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. No consideration has been given to the
particular objectives, financial situation or particular needs of any recipient. Neither the Company nor any of its advisors or representatives, nor any of their respective
affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss arising from the use of this presentation or its contents or otherwise arising in
connection with this presentation. By assessing this presentation, you are agreeing to be bound by the trailing restrictions.

This presentation is intended for financial institutions and professional investors only and is not intended for distribution or reproduction to, or use by, retail investors.
This presentation is also not intended for distribution or reproduction to, or use by, any person or entity in any jurisdiction or country where such distribution or use
would be contrary to law or regulation.

The information in this presentation is given in confidence, and reproduction of this presentation, in whole or in part, or disclosure of any of its contents, without prior
consent of the Company, is prohibited. This presentation should be distributed and read in its entirety. This presentation remains the property of the Company and on
request must be returned and any copies destroyed.

This presentation is for information and convenient reference and does not constitute or form part of, and should not be construed as, any offer for sale or subscription
of, or solicitation of any offer to buy or subscribe for, any securities of the Company nor should it, or any part of it, form the basis of, or be relied on in connection with,
any contract or commitment whatsoever. This presentation does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any
securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended or an
exemption from such registration.

Please refer to the financial statements of the Company that have been filed with the stock exchanges and is available on the Company’s website. This presentation is
not intended to be fully inclusive and may not contain all of the information that you may consider material. This presentation contains historical information of the
Company that should not be regarded as an indication of future performance or results.

Certain statements in these slides may be considered forward-looking. These statements are based on management’s current expectations and are subject to
uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors.

By accepting any copy of this presentation, you agree to be bound by the foregoing limitations.

2
Table of Contents

1 Industry Snapshot

2 Spicejet: Fact Sheet

3 Corporate Strategy

4 Key Financials and Stock Price Performance

5 The Road Ahead – In Short

3
Table of Contents

1 Industry Snapshot

2 Spicejet: Fact Sheet

3 Corporate Strategy

4 Key Financials and Stock Price Performance

5 The Road Ahead – In Short

4
 Indian Elephant: Marching along at Increasing Pace

Real GDP CAGR from CY2015 to CY2021E

Strong Economic Growth 7.6%

6.1%
5.3%

India retains its position as the
3.5% 3.4% World average of 3.6%
fastest growing major economy of
the world ahead of China in FY16 1.9% 1.8% 1.7%

S&P, Moody’s and Fitch project

India’s GDP to grow between 7.5% India China ASEAN-5 Middle East & North Sub-Saharan Africa Latin America & European Union Advanced economies
- 8% in the coming financial years Africa Caribbean

Source: IMF, World Economic Outlook, October 2016

Population CAGR
0.4% 1.3% 0.7% 1.3% 0.7% (0.1% (0.4%) 1.0% 2.0% 0.2% 1.0% 0.1% 0.5% 0.4% 1.1% (0.1)% 1.2% 1.7% 1.7% 1.2%
Continued Population Growth (CY2015-CY2021)
1,373 1,293

2nd most populous country with 322 255 204 143 127 121 102 82 78 69 64 61
1.29 billion people growing at a 48 46 36 31 24 5
CAGR of 1.3%

Italy
China

Indonesia
USA

Colombia

Canada

Malaysia

Australia
Mexico
Japan

Plilippines
Brazil

Germany

Turkey

Thailand

Spain

Norway
France
India

Russia
Note Population date for all countries, actual and estimates, are from the IMF, World Outlook, October 2016. CY2015 population data is updated for all countries except India, Brazil and Thailand , for which data
has been estimated by the IMF. CY2016 to CY2021 population data for all countries are estimates by the IMF.

Top 5 emerging markets with best India’s global middle class

Expansion of the Middle Class middle class potential (2015-2030) (millions of people)

Over the 2015-2030 period, the

Indian median income per
household is set to increase by
89.8% in real terms to reach
US$10,073 (in constant 2014 prices)

By 2030, the number of middle class
households in India will exceed 90
million, retaining its current rank as
the world’s 2nd largest middle class Source: IEMS
Source: Euromonitor International

5
 Indian Air Travel Market Potential

Strong Growth in Tourism Domestic nationals’ visits within India (million) Indian nationals’ departures from India (million)
1,432 20

Total contribution of Travel & 1,283 18
1,143 17
Tourism to GDP was INR8,309.4bn 1,045 15
14
(6.3% of GDP) in 2015 and is 865
forecast to rise by 7.5% p.a. to
INR18,362.2bn (7.2% of GDP) by
2026

Acc. to IATA India’s air travel sector
supports 8 million jobs and
contributes USD 72 billion in the CY2011 CY2012 CY2013 CY2014 CY2015 CY2011 CY2012 CY2013 CY2014 CY2015
GDP Source: India Tourism Statistics, Ministry of Tourism

Low Aircraft Penetration Rates Annual Trips per Capita – CY 2015

4.56

One of the lowest penetration
2.88
rates – 0.08 annual trips per capita 2.01 2.00
1.63
1.33 1.17 1.11 1.05 1.00
for CY 2015 0.34 0.35 0.39 0.40 0.50 0.50 0.55 0.81 0.85
0.08

Lowest amongst developing

Philippines

Thailand

Spain
India

China

Indonesia

Russia

Colombia

Malaysia

Australia

USA

Canada

France
Turkey

Norway

Italy

Germany
Brazil
Mexico

Japan
nations like Brazil, Turkey,
Indonesia and China Source: Airbus Global Market Forecast 2016

Expansion in Infrastructure Domestic Air Passenger Traffic Forecast (Top 10 Markets)

& Capacity to Support Growing 12.0%
Demand 10.0% 2015-2025 CAGR 2025-2035 CAGR

Public-private partnerships 8.0%

State-of-the-art greenfield airports 6.0%
– work on for brownfield airports 4.0%

Domestic India is projected to be
2.0%
fastest growing aviation market at
11% CAGR (2015-25) and 9% CAGR 0.0%
Domestic India Domestic PRC Domestic Turkey Domestic Asia Domestic Sub Domestic South Domestic South Domestic Brazil Domestic North Domestic
(2015-2035) Emerging Sahara Africa America Africa Africa Caribbean
Source: Airbus Global Market Forecast 2016

6
 Indian Air Travel Market Demand & Supply

Strong underlying demand ASK of Domestic Scheduled Services (billion) RPK of Domestic Scheduled Services (billions)
to match supply

This is clearly a growth market. 81 82

98 97

Supply growth has been in line 81
85
80
67 66
79 76 59 59
with Demand. 57
68 53
59 61
44

Domestic growth has seen a spurt 38

in the last 2 years on account of

economic buoyancy and
reasonable fares due to low ATF
prices. FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 10M 10M FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 10M 10M
FY16 FY17 FY16 FY17

The National Aviation Policy
Source: DGCA

2016, will further give a boost to

ASK of International Scheduled Services (billions) RPK of International Scheduled Services (billions)
regional connectivity and will
drive demand from the secondary
and tertiary cities. 82
65
76 76
69 72 70 60 59
68

Creation of Regional Connectivity 62 64 62 54 55 54
50 48
fund for VGF through a small levy 45
41
per departure on domestic flights¹
is positive for airline operators

International keeps opening up

and the travel patterns are
becoming more Point to point. FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 10M 10M FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 10M 10M
FY16 FY17 FY16 FY17
Source: DGCA

Notes:
1. Except on Cat II/ Cat IIA routes, RCS routes and small aircraft below 80 seats at a rate as decided by the Ministry from time to time
 Indian Aviation Market: Competitive Landscape

Market Share Capacity Share

Airline Promoter Service Type Fleet Size Aircraft Type Airports(1)
(Domestic) (Domestic)

66-D
AirIndia Govt of India 13.9% 14.6% FSC 146 Airbus, Boeing
35-Int

51-D
Jet Airways Naresh Goyal 18.0% 17.1% Dual 1051 Airbus, Boeing, ATR
22-Int

36-D
IndiGo Interglobe Ltd. 39.9% 41.2% LCC 126 Airbus-A 320
5-Int

39-D
SpiceJet Ajay Singh 12.9% 11.7% LCC 49* Boeing 737 and Q400
6-Int

Go Air Wadia Group 8.3% 7.8% LCC 24 Airbus - 320 23-D

Source: Company website and Internet search

* Company operates 2 aircrafts on wet lease ; (1) Doesn't include data for subsidiaries

India Domestic Full-Service Carriers vs. Low-Cost Carriers Market Share – LCCs have been consistently gaining market share with CAPA estimates
suggesting they will reach 65-70% in near future
LCC Market Share FSC Market Share

39.2% 36.6% 35.1% 35.8%

54.4% 50.2%

60.8% 63.4% 64.9% 64.2%

45.6% 49.8%

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

8
 Private Indian LCCs: Creating sustainable presence
through a younger & efficient fleet
Average Age 1
Average: • Relatively young fleet
10.1 amongst Indian operators
Average:
Average: Average: 6.5
7.3 • Induction of new generation
5.6
planes will help in reducing
11.6
average fleet age & effect
9.2 9 9
7.7 8.3 better efficiencies in costs,
6.6 6.3 6.6 7.1
5.3 5.5 5 5.1 5.4 5.4 reliability and customer
3.2 convenience.
IndiGo Go Air SpiceJet Jet Airways Air India Cebu Thai AirAsia AirAsia Air Arabia Pegasus RyanAir EasyJet Spirit Gol JetBlue WestJet Southwest
Pacific Air Malaysia Airlines Airlines • Spicejet fleet would be one
of the youngest in the
Indian LCCs operating in LCCs operating in LCCs operating in Industry globally post
Carriers Asia (ex-India) EMEA Americas expansion
Source: Planespotters.com

Fleet size 1
726 • Indian carriers compare
favorably with their Asian
counterparts

379 • With extremely aggressive

fleet expansion plans, all
240 228 private players set for
146 126 124 119 massive growth in capacity
105 78 79 99
49 59 51 38
24
• Spicejet will look to grow
Air India IndiGo Jet Airways SpiceJet Go Air AirAsia Cebu Thai AirAsia RyanAir EasyJet Pegasus Air Arabia Southwest JetBlue Gol WestJet Spirit responsibly plans to have 50
Malaysia Pacific Air Airlines Airlines
narrow body and 25-30
regional aircraft by 2020.
Indian Carriers LCCs operating in Asia LCCs operating in EMEA LCCs operating in
Source: Planespotters.com (ex-India) Americas

Note: 1. Data for JetLite (subsidiary of Jet Airways) is excluded in Average Age and Fleet Size

9
Table of Contents

1 Industry Snapshot

2 Spicejet: Fact Sheet

3 Corporate Strategy

4 Key Financials and Stock Price Performance

5 The Road Ahead – In Short

10
 What Differentiates Us from Other Listed Players

#1 Best performing Indian airline stock in terms of investor returns over the last 2 years

#2 One of the few airlines globally to turn in eight successive quarters of profitability after near shutdown

Unique two pronged fleet strategy among Indian operators to adapt to existing infrastructure conditions &
#3 different demand profiles

Optimised network with strong foothold in domestic market and substantial presence in regional and
#4 international operations. With this networth demonstrating profitability, Spicejet is in a better position to take
advantage of the growth witnessed in tier 2 / tier 3 cities

#5 Increasing market share despite crowded industry – 90%+ Load factor for 22 months in a row

Strong management team with Mr. Ajay Singh at the helm – pioneer of low cost aviation in India and industry
#6 face

Best positioned to capitalize on aviation growth backed by strong demand from India’s secondary centres

11
Length and Width of Our Operations

42,300 ~ Pax carried per day

320 ~ Flights per day

39 Domestic destinations

6 International destinations

12
 Statistical Snapshot to Our Business

Change of control again –Ajay

History and Corporate Started in May 2005 – 2nd Change of control in 2010 – Singh takes over following
Matters largest airline by Jul’14 Acquired by Marans scheme of reconstruction and
revival in Feb’15

B737-700 B737-800 B737-900 Q400

Includes 2 on wet lease to
2 in operation 26 in operation 4 in operation 17 in operation
Fleet Details Avg. age 9.63 Avg. age 7.10 Avg. age 8.76 Avg. age 5.41
address short term capacity gap
and seasonal demand
yrs yrs yrs yrs

Passenger Load Factor:

Passengers Ferried:
Scale of Operations 42,300 per day
12.82 million Jan’17
Market Share:
93.6% - Highest load factor in
12.8% on domestic operations
industry consistently since
(Jan’17)
Apr’15

CMP: Rs.75.45
Investor Returns since Jan’15
52week H/L: Rs. 85.60 / 54.50
Share Market Data Market Cap: ~Rs. 48,900 Mn
Promoter Shareholding: 60.3% (announcement of change in
control): 318%
(1st Mar’17)

13
 Key Management

Management Team

Ajay Singh
Chairman & MD

GP Gupta
Kiran Koteshwar Debojo Maharshi Shilpa Bhatia Arun Kashyap
Chief Administrative
CFO Chief Marketing Officer Head of Sales and Revenue Head of Engineering
Officer

Kamal Hingorani Manjiv Singh Chandan Sand Capt. Mishra

SPS Suri
SVP IFSD & Customer Head Cargo and Head of Legal & Company Chief of Flight Safety
Head of Flight Operations
relations Merchandize Secretary

The Company has undertaken a management reorganization and change in work practices – This renewed structure allows
for creative freedom to maximise profitability & has shown results

14
Table of Contents

1 Industry Snapshot

2 Spicejet: Fact Sheet

3 Corporate Strategy

4 Key Financials and Stock Price Performance

5 The Road Ahead – In Short

15
 Corporate Strategy

 Maximize asset utilization  Monitoring and improving fuel

 Expand international consumption
 Focus on Key sectors  Readiness for Import of Fuel or
Hedging
 Develop regional markets with
Q400  Lower Aircraft acquisition &
associate maintenance costs
 Dynamic fleeting capability to
address seasonality variations Revenue  Bring down other costs by
Low cost insourcing or securing long terms
 Sizing capacity to demand
maximization /
operations contracts
Optimization

Consolidate Increase
operations & Ancillary
 Maintain Fleet reliability strengthen  Maximize passenger related
 Develop a continuous line of
revenue
financials ancillaries through a range of
trained professionals through its Value-based products
Academy
 Implement and maintain high  Integrate travel related services
level of Automation like Hotels, Vacations, Car Hire
 Highly skilled and motivated etc.
work force  Develop Cargo and Merchandise
 Build its financials to avoid business units
shocks

16
 Continue to Consolidate Market Presence and
have a Strong Brand Connect
Significant Improvement in OTP
Growth in Market Share Market Leader in terms of Load Factor
(at four Metro Airports)

39.8% 93.6% 86.4%

36.1%
76.7%
90.8%
90.0% 71.0% 71.5%
89.0% 69.1% 70.3%
88.8%
62.7%
86.7% 86.8%
23.3% 85.9%
84.2% 46.7%
18.6% 18.0%
81.8%
12.8% 14.1%

10.4%
9.3%
8.2% 7.1%

2.3%

Spicejet Air India Jet Airways Indigo Go Air Others Spicejet Air India Jet Airways + Indigo Go Air Mumbai Bangalore Hyderabad Delhi
+ Jet Lite Others Jet Lite

Dec’14 Jan'17 Dec’14 Jan'17 Dec’14 Jan'17

Will increase market share by gaining stronger presence in profitable & key markets

Increased regional connectivity together with focus on international expansion to propel market share gain

Market leading load factors testament to strong brand connect and improving OTP performance

17
 Current Fleet and Expansion Plans
Focus on Increasing International & Regional Presence; Create Strong Foothold Domestically

Boeing Fleet Bombardier Fleet

Aircraft Type • Boeing 737-700 • Boeing 737-800 • Boeing 737-900 • Q400

Fleet Size • 2 aircraft • 24 aircraft • 4 aircraft • 17 aircraft
Seat capacity • 149 Y • 186 / 189 Y • 212 Y • 78 Y
Fleet Age* • 9.63 • 6.86 • 8.76 • 5.41

• Operates 17 Q400s: 13 on finance lease

and 4 on dry operating lease
• Operates 30 B737 family aircraft on operating lease
• Serves 39 domestic and 6 international routes • With 78 seats each, these serve as
excellent connecting agents for niche
Description • Additionally, the company operates 2 aircraft on wet lease making it routes with high passenger yields
a total of 32 narrow body operations.
• Provide the airline with significant
• Key lessors include ALC, Apollo, AWAS, BBAM, BOCA, ICBC, MCAP
flexibility to develop regional routes and
test new markets

• Plans to have a narrow body fleet of around 50 aircraft by 2020 • Plans to have a regional fleet of around
Expansion plans 25-30 aircraft by 2020
• Placed an order with Boeing for 205 aircraft for long term narrow
body aircraft • Fleet expansion to serve regional routes

18
 Sustain Profitability with focus on increasing
Margins by Rationalizing Cost Structure
Manpower optimisation to Renegotiation of unfavourable Fuel saving methods such as Fuel hedging,
cater to maximise utilisation & contracts and SLA management lightweight seats being considered. Invested in
increased productivity Fuel dashboard software system for monitoring
fuel conservation measures.

Rationalize Flight
Operating Cost

Cost reduction initiatives by Drastic improvement in efficiencies of key Dynamic fleeting to address
dedicated cross-functional functions like cargo handling and call seasonality variations
task-force centre after being taken in-house

Work in progress for direct import of Increase contribution of

ATF – estimated cost saving of 12- direct sales; Spicejet APP
15% on fuel cost was launched.

Manage
structural
matters

Route optimization – reduce Focus on increasing ancillary

unproductive flight time; revenues through travel related
Will invest in technology & opportunities
upgrading aircraft specifications.

19
 Leverage on the Spicejet Brand Strength :
Increasing focus on ancillary revenue
Campaigns based on Leveraging Strong Brand Recall –
Targeting to be more Customer Friendly
Maximum Bang for every Marketing Buck

Trendy Taglines – Getting the Point Across with High Impact

Focused Marketing and Promotion Campaigns riding on Spicejet’s Strong Brand Recall to Deliver Maximum Impact at Optimum Cost

20
Improving OTP Changing Perception

21
Table of Contents

1 Industry Snapshot

2 Spicejet: Fact Sheet

3 Corporate Strategy

4 Key Financials and Stock Price Performance

5 The Road Ahead – In Short

22
 Improved Operational Efficiency Bringing Stability
to our Financials
Profit and Loss Account(1) Balance Sheet(1)

Annual Financial Performance – SpiceJet recorded first full year of Net Profit in 5 years in FY’16 Net worth
Rs. MN

Net Revenue from Operations EBITDAR(2) Net Profit

Rs. MN Rs. MN Rs. MN
(1,472)
(2,244)
62,387 14,456 4,072
56,007
51,727 50,204

39,433 (6,316)
8,163
(1,911)
4,675 (9,945)
3,348 (10,859)
(6,058)
(6,871) FY12 FY13 FY14 FY15 FY16
794
(10,032) Calculated as sum total of share capital and reserves and
FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 surplus (including share application money, if any)

Eighth successive profitable quarter with a profit of INR 181.1 crore for the quarter ending Dec 31, 2016, despite Net Debt
a softening of demand due to demonetization. Rs. MN

Net Revenue from Operations EBITDAR(2) Net Profit

15,112
Rs. MN Rs. MN Rs. MN 14,610

12,919 12,163
44,875
3,890 9,202

6,195

4,743 1,811
16,027 4,842 1,490
15,064 13,785 3,334
589
11,032 10,291 14,394 35,717 3,081 2,693 5,409 11,183 730 290 2,399 3,419
FY12 FY13 FY14 FY15 FY16
Q1 Q2 Q3 YTD Q1 Q2 Q3 YTD Q1 Q2 Q3 YTD
FY16 FY17 FY16 FY17 FY16 FY17 Calculated as sum total of long term and short term
borrowings net of cash and bank balances

Note 1: Source – BSE filings

Note 2: EBITDAR is calculated as total income net of (i) operating expenses (ii) employee benefit expenses (iii)other expenses and adding rentals

23
 Operational Turnaround Rubbing off on Stock Price

Price Performance – Rebased to 100 Price Performance – Rebased to 100

Last 1 year Since 15th January, 2015 (Change of Control) till date
Comparison with Domestic Peers

140 540

440
120
340
100
240
80
140

60 40
01-Feb-16 04-May-16 29-Jul-16 30-Oct-16 09-Jan-17 15-Jan-15 06-Jul-15 23-Dec-15 14-Jun-16 02-Dec-16

SpiceJet -16% Jet Airways -26% Indigo -1% Sensex 16% SpiceJet 303% Jet Airways 0% Indigo 14% Sensex 2%

Price Performance – Rebased to 100 Price Performance – Rebased to 100

Last 1 year Since 15th January, 2015 (Change of Control) till date

400 220
Comparison with Global

350
300 170

250
Peers

120
200
150 70
100
50 20
01-Feb-16 14-Apr-16 26-Jun-16 07-Sep-16 19-Nov-16 15-Jan-15 01-Jun-15 16-Oct-15 01-Mar-16 16-Jul-16 03-Dec-16

Thai Airways 133% Cathay Pacific -3% Qantas Airways -4% Thai Airways 23% Cathay Pacific -32%
Qantas Airways 62% AirAsia -1%
AirAsia 94% Air Arabia 10% Singapore Airlines -6% Air Arabia -17% Singapore Airlines -15%

Best performing Indian airline stock in terms of investor returns over the last 2 years
Source Bloomberg as of 02ndMarch 2017
Thank You
SpiceJet Limited
Regd. Office: Indira Gandhi International
Airport, Terminal 1D, New Delhi – 110 037

Website: www.spicejet.com;
Email: investors@spicejet.com;
T: +91 124 3913939;
F: +91 124 3913844