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December 2016

Corporate PresentationCorporate Presentation

January 2018

2

Disclaimer

The information in this presentation has been prepared by Spicejet Limited (the “Company”) and has not been independently verified. No representation or warrantyexpressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions containedherein. 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 notguaranteed. Neither the Company, nor any of its advisers or representatives, nor any of their respective affiliates makes any undertaking to update any suchinformation subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. No consideration has been given to theparticular objectives, financial situation or particular needs of any recipient. Neither the Company nor any of its advisors or representatives, nor any of their respectiveaffiliates 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 inconnection 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 usewould 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 priorconsent of the Company, is prohibited. This presentation should be distributed and read in its entirety. This presentation remains the property of the Company and onrequest 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 subscriptionof, 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 anysecurities 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 anexemption 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 isnot intended to be fully inclusive and may not contain all of the information that you may consider material. This presentation contains historical information of theCompany 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 touncertainty 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.

3

Table of Contents

1 Industry Snapshot

2 Spicejet: Fact Sheet

3 Corporate Strategy

4 Key Financials and Stock Price Performance

4

Table of Contents

1 Industry Snapshot




5

Real GDP Growth ProjectionCY2016 – CY2022E

7.7%

6.0%

5.2%

3.5%

3.1%

2.2%1.9% 1.8%

India China ASEAN-5 Middle East &North Africa

Sub-SaharanAfrica

Latin America &Caribbean

European Union Advancedeconomies

World average of 3.7%

Source: IMF, World Economic Outlook, October 2017

Indian Economy:Steady Growth Supported by Strong Fundamentals

India is likely to reclaim itsposition as the fastest growingmajor economy of the worldahead of China in CY18 accordingto World Bank.

Growth projections of Indianeconomy range from 6.7% to7.1% for FY 18 and expects~7.45% for FY19.

With 1.31 billion population base,the share of elite, affluent andaspirers households is expectedto increase to 36% of the totalwhile the share of strugglers isexpected to drop to 18% by 2025.

Total FDI inflows in Indiaincreased at CAGR of 15% fromFY13 to FY17.

Strong Economic Growth

34 36

45

5660

0

10

20

30

40

50

60

70

FY13 FY14 FY15 FY16 FY17

FDI Inflows into India

Source: Department of Industrial Policy & Promotion

Note: 1. CY2016 population data is updated for all countries except Germany, for which data has been estimated by the IMF. CY2017 to CY2022 population data for all countries are estimates by the IMF.2. Income distribution is calculated in constant 2015 dollars, $1 = 65 Rupees

(> 30.8)

USD

$ b

illio

n

Source: BCG Report “The New Indian: The Many Facets of a Changing Consumer”, March 2017

Indian Households by Income (Millions) 2

8255

121

140

40

61

1733

6.5 15.8

2015 2025

Strugglers Next billion Aspirers Affluent Elite(15.4-30.8)(7.7-15.4)(2.3-7.7)(<2.3)

Household Income ($ ‘000) (>30.8)

6

Indian Aviation: Market Forecast

Population and Fleet Size

10.7%

7.6% 7.4%8.0%

5.8%5.0%

4.3%5.0%

4.5%

5.8%6.8%

5.7%

4.3%5.4%

6.5%

4.6%3.9%

4.6%

2.8%

4.5%

0%

2%

4%

6%

8%

10%

12%

Domestic India Domestic PRC Domestic Turkey DomesticEmerging Asia

Domestic SubSahara Africa

Domestic SouthAmerica

Domestic SouthAfrica

Domestic Brazil Domestic NorthAfrica

DomesticCaribbean

2016-2026 CAGR 2026-2036 CAGR

Source: Airbus Global Market Forecast, June 2017

2.50

0.98

1.301.321.29

0.76

0.37

1.84

0.43 0.41 0.38 0.36 0.35 0.09

United StatesBrazilIndonesiaVietnamChinaSouth AfricaIndia

2036 2016

Domestic Air Passenger Traffic Forecast(Top 10 Markets)

Annual Trips per Capita

According to Airbus, Domestic India is projected to be fastest growing aviation market at 10.7% CAGR (2016-26)

4.1 x

Source: Airbus Global Market Forecast , June 2017Source: Internet research, World Economic Outlook, October 2017

1,3831,309

323 259 20693 56

8,000

0

2,000

4,000

6,000

8,000

10,000

0

400

800

1,200

1,600

China India UnitedStaes

Indonesia Brazil Vietnam SouthAfrica

Population Fleet Size

Mill

ion

Indian Aviation: Demand & Supply Trends

69 72

62

70 76

82

91

76

84

FY11 FY12 FY13 FY14 FY15 FY16 FY17 10M FY17 10M FY18

50 54

48

55 60

65

71

59

68


53 59 57 59

67

81

99

82

96


68

79 76 81

85

98

117

97

111


RPK of Domestic Scheduled Services (billions)

ASK of International Scheduled Services (billions)

Source: DGCA data (January 2018)

RPK of International Scheduled Services (billions)

ASK of Domestic Scheduled Services (billions)




7

Demand growth has outpaced growth in supply in the last 2 years on account of economic buoyancy and reasonable fares due to low ATF prices

Indian Domestic Full-Service Carriers vs. Low-Cost Carriers Market ShareLCCs consistently gaining market share and expect to reach 75% -80% within two years as per CAPA

8

Indian Aviation: Competitive Landscape

Airline PromoterMarket Share(1) #

(Domestic)Capacity Share(1) *

(Domestic)Service Type(2) Fleet Size(2) Aircraft Type(2) Airports(2)

Air India Govt of India 13.3% 13.8% FSC 154A319, A320, A320N, A321, B747, B777, B787, ATR42/72

72-Dom44-Int

Jet Airways Naresh Goyal 16.5% 15.9% Dual 119 A330, B737, B777, ATR7244-Dom20-Int

IndiGo InterGlobe Enterprises 39.7% 40.5% LCC 155 A320, A320N, ATR41-Dom7-Int

SpiceJet Ajay Singh 12.7% 11.4% LCC 603 B737, Q40044-Dom7-Int

GoAir Wadia Group 9.6% 9.4% LCC 32 A320, A320N 23-Dom

Vistara Tata Group 3.6% 4.4% FSC 19 A320 18-Dom

Air Asia AirAsia, Tata Sons 4.3% 4.5% LCC 14 A320 17 - Dom

Source: (1) DGCA (January 2018)(2) Company website and Internet search (31st January 2018)

49.8%60.8% 63.4% 64.9% 64.2% 67.6%

50.2%39.2% 36.6% 35.1% 35.8% 32.4%

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

LCC Market Share FSC Market Share

Source: DGCANote:(3) Company operates 4 aircrafts on wet lease ; #Percentage of total passengers carried; *Percentage of total ASKM deployed

9

Indian Aviation: Airport Development

Operational airports in

India, out of total 464

airports and airstrips 1125

Airports aimed to be

operational across the

country by 2020 2250

Airports to be connected by

Airport Authority of India

under UDAN scheme in the

first phase 3

22

Cr INR budget allocated to

Civil Aviation Ministry for

FY 18, an increase of 22%

as compared to Union

Budget for FY17

5,168

Cr INR will be invested by

AAI in upgrading airport

infrastructure over a period

till 2019-20 3

17,500

FDI allowed under

automatic route in

Greenfield Projects &

74% for brownfield

projects 1

100%

Income tax for airport

projects for a period of 10

years by govt. 10%

Installations of Radar,

VOR/DVOR and Distance

Measuring Equipment

across all major air-routes

over Indian landmass 3,4

208Source: 1. DGCA, 2. Make in India 3. AAINote: 4. Includes 29 Radar installations, 89 VOR/DVOR installations & 90 Distance Measuring Equipment installations

10

Table of Contents

1 Industry Snapshot




11

Key Highlights: Strong Performance, Consistent Execution

One of the few airlines globally to turn in twelve successive quarters of profitability after near shutdown (1)

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

#2

#3 Average OTP of 82% since June’16 at metro stations – One of the leading OTP in the industry(2)

#4 Industry Leading Load Factor of 90%+ for 34 months in a row (2)

#5Unique two pronged fleet strategy helps in optimizing network and adapting to existing infrastructure conditions & different demand profiles

#6Strong foothold in domestic market and substantial presence in regional and international operations. Spicejet is in a better position to take advantage of the growth witnessed in tier 2 / tier 3 cities

Note: 1. Data as of January 2018, 2. Source: DGCA (January 2018)

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

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

12

Route Network

~ Pax carried per day54,450

~ Flights per day400

Domestic destinations 44

International destinations7

Note: Data for January 2018

13

Operations Overview

History and Corporate Matters

Started in May 2005, 2nd largest airline by Jul’14

Change of control in 2010,Acquired by Marans

Change of control again,Ajay Singh takes over following scheme of reconstruction and

revival in Feb’15

Fleet Details(1)

Scale of OperationsPassengers Ferried:

54,450 per day1.49 million per month(2)

Market Share(2):12.6% on domestic operations

Passenger Load Factor(2):95.0% - Highest in industry

(domestic) consistently

Total Fleet Size60 aircraft

Share Market Data(1)

CMP: Rs.124.8552week H/L: Rs. 154 /58

Market Cap: ~Rs. 74,425 Mn(31st January ’18)

Promoter Shareholding: 60.03%

Stock Performance since Jan’15 (announcement of change in

control): 566%

B737-700Fleet: 2 aircraft



Q400Fleet: 22 aircraft

Note: (1) Data as of 31st January 2018(2) Source: DGCA Statistics as of 31st January 2018

14

Management

The Company has a strong management team supported by robust middle management

Ajay Singh

Chairman & MD

Leadership Team

Manjiv Singh

Chief Project Officer

SPS Suri

Executive Vice President Flight Operations

Chandan Sand

Sr. Vice President

Legal & Company Secretary

GP Gupta

Chief Strategy Officer & Accountable Manager

Kiran Koteshwar

Chief Financial Officer

Debojo Maharshi

Chief Marketing Officer

Arun Kashyap

Executive Vice President Engineering & Maintenance

Shilpa Bhatia

Chief Sales & Revenue

Officer

Bhavesh Mishra

Sr. Vice President & Chief of Flight Safety

Kamal Hingorani

SVP & Head - IFSD & Customer Experience

Surajit Banerjee

Sr. Vice President & Head -

Human Resources

15

Awards and Recognition

Spicejet PR was awarded the best ‘Individual: Consultancy Professional’ award at Fulcrum 2016

Awarded the ‘Best Check-in Initiative’ by Future Travel Experience global awards for its introduction of Bluetooth Low Energy (BLE) beacons and Near Field Communication (NFC) technology.

SpiceJet received 'Asia's Greatest Brands - 2016' award at the Asia One Awards and SpiceJet CMD Ajay Singh and CFO Kiran Koteshwar were honored with 'Global Asian of the year' and 'Asia's Greatest CFO 2016' awards respectively

Awarded as ‘Best Historic Turnaround’ at the 9th ASSOCHAM International Conference & Awards 2016

Won the ‘Best Domestic Airline for South India’ award by DDP TravTalk 2016

Voted as ‘Best Transportation’ brand and ‘Best Airline’ brand in India by Brand Trust Report 2016

Public relations (PR) campaign ‘Rising like a Phoenix’ awarded at the Global SABRE Awards as among the 40 best PR campaigns in the world

2016

2016

Awarded for ‘Best Employee Engagement’ at the 4th DMA-Thomas Associates National Award 2016

2016

SpiceJet CMD Mr. Ajay Singh received the ‘DDP Game Changer’ award at the North India Travel Award 2016

SpiceJet CMD Mr. Ajay Singh received the ‘World Travel Leaders’ award at the World Travel Market Awards in London 2016

2017

2017Awarded as “Best Domestic Airline” at the 10th ASSOCHAM International Conference & Awards

SpiceJet was conferred the CAPA Chairman’s Order of Merit for fastest turnaround 2017

16

Table of Contents

1 Industry Snapshot




17

Corporate Strategy

Maximize passenger related ancillaries through a range of value-based products

Integrate travel related services like hotels, vacations, car hire etc.

Develop cargo and merchandise business units

Maintain fleet reliability

Develop a continuous line of trained professionals through its academy

Implement and maintain high level of automation

Highly skilled and motivated work force

Build its financials to avoid shocks

Monitoring and improving fuel consumption

Readiness for import of fuel or hedging

Lower aircraft acquisition & associate maintenance costs

Bring down other costs by insourcing or securing long terms contracts

Maximize asset utilization

Expand international

Focus on key sectors

Develop regional markets with Q400

Dynamic fleeting capability to address seasonality variations

Sizing capacity to demandLow Cost

Operations

Increase Ancillary Revenue

Consolidate Operations &

Strengthen Financials

Revenue Maximization /

Optimization

18

Industry leading load factors and improving OTP performance testament to increasing passenger confidence

Well placed to tap the smaller and regional routes that are driving disproportional market growth

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

Market Leader in terms of Load Factor

Consolidating Market Presence and Strengthening Performance

Source: DGCA

Note: * Average of 04 metro stations

Maintain operational efficiency with strong focus on high OTP and low cancellations

Growth in Market Share

Source: DGCA

4%

6%

8%

10%

12%

14%

16%

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

65%

75%

85%

95%

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Significant Improvement in OTP *

Source: DGCA

40%

50%

60%

70%

80%

90%

100%

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

• Operates 22 Q400s: 13 on finance lease and 9 on operating lease

• With 78 seats each, these serve as excellent connecting agents for niche routes with high passenger yields

• Provide the airline with significant flexibility to develop regional routes and test new markets

• Operates 34 B737 family aircraft on operating lease

• Serves 44 domestic and 7 international routes

• Additionally, the company operates 4 aircraft on wet lease making it a total of 38 narrow body operations.

19

Current Fleet and Expansion PlansFocus on Increasing Regional & International Presence; Create Strong Foothold Domestically

Boeing Fleet Bombardier Fleet

Fleet Size (1)

Seat capacity

Aircraft Type • Boeing 737-700

• 2 aircraft

• 149 Y

• Boeing 737-800

• 32 aircraft 2

• 189 Y

• Boeing 737-900

• 4 aircraft

• 212 Y

• Q400

• 22 aircraft

• 78 Y

Expansion plans

Description

• January 2017: Placed an order with Boeing for 155 firm and 50 options for B737 Max aircraft

• June 2017: Placed an order with Bombardier for purchase of 25 and purchase right for 25 Q400 aircraft at Paris Air Show

Note: (1) Data as of 31st January 2018(2) Include 04 aircraft on wet lease

• June 2017: Entered into an MOU with Boeing for 20 B737 Max 10 aircraft and 20 conversions from previous order at Paris Air Show

20

Sustain Profitability: Focus on increasing Margins by Reducing Costs

Continuous Focus on

Reducing Costs

Manage StructuralMatters

Focus on increasing ancillary revenues through travel related

opportunities

Increase contribution of direct sales; Spicejet APP

was launched.

Manpower optimisation to cater to maximise utilisation & increased productivity

Drastic improvement in efficiencies of key functions like cargo handling and call centre after being taken in-house

Renegotiation of unfavourable contracts and SLA management

Fuel saving methods such as fuel hedging, lightweight seats being considered. Invested in fuel dashboard software system for monitoring fuel conservation measures.

Route optimization – reduce unproductive flight time;

Will invest in technology & upgrading aircraft specifications.

Dynamic fleeting to address seasonality variations

Work in progress for direct import of ATF – estimated cost saving of 12-

15% on fuel cost

Cost reduction initiatives by dedicated cross-functional task-force

21

Increasing Focus on Ancillary Revenue

Ancillary Products & Services* Ancillary Products and Services Focussed Communication

Excess Baggage Charges

Spice Max Seats

Meals

Pre Book Seats

Insurance

Hand Baggage

My Flexi Plan

Spice Vacations

Priority Check in

Lounge

Visa

Cab

Note: * The list is not exhaustive

22

Increasing Brand Acceptance

Improving OTP Changing perception Targeting to be more Customer Friendly

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

23

Table of Contents

1 Industry Snapshot




24

Improved Operational Efficiency Bringing Stability to our Financials

Net worthRs. MN

(2,244)

(9,945)

(14,852)

(10,389)

(6,091)


Net DebtRs. MN

20,193

17,140

14,553

11,2389,543


Profit and Loss Account(1) Balance Sheet(1)

Net Revenue from OperationsRs. MN

58,051

64,371

54,629 53,038

63,424


EBITDAR(2)

Rs. MN

8,163

3,348 4,675

15,643 16,549


Net ProfitRs. MN

(1,911)

(10,032)

(6,871)

4,498 4,307


Annual Financial Performance – SpiceJet recorded second successive profitable year

Revenue/ExpensesRs. MN

EBITDAR & EBITDAR margin(%)(2)

Rs. MN

Net Profit & Profit Margin (%)Rs. MN

Quarterly Financial Performance – SpiceJet recorded eleventh successive profitable quarter

1,811

2,400

11%11%

0%

2%

4%

6%

8%

10%

12%

0

500

1,000

1,500

2,000

2,500

3,000

FY17Q3 FY18Q3

EAT EAT margin

• Calculated as sum total of long term and short

term borrowings net of cash and bank balances

• Debt is substantially on account of finance lease

on Q400 aircraft

Calculated as sum total of share capital and other equity

Note 1: Source – BSE filingsNote 2: EBITDAR is calculated as total income net of (i) operating expenses (ii) employee benefit expenses (iii)other expenses and adding rentals

4,842

5,970

28% 28%

0%

5%

10%

15%

20%

25%

30%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

FY17Q3 FY18Q3

EBITDAR EBITDAR Margin

17,09015,278

21,109

18,710

Revenue Expenses

FY17Q3 FY18Q3

70

90

110

130

150

170

190

210

230

250

31-Jan-17 30-Apr-17 31-Jul-17 31-Oct-17 31-Jan-18

SpiceJet 92% Sensex 30%

Operational Turnaround Rubbing off on Stock Price

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

Price Performance – Rebased to 100Last 1 year

Source Reuters as of 31st January 2018

Price Performance – Rebased to 100Since 15th January, 2015 (Change of Control) till date

26

0

100

200

300

400

500

600

700

800

900

15-Jan-15 15-Jul-15 15-Jan-16 15-Jul-16 15-Jan-17 15-Jul-17 15-Jan-18

SpiceJet 566% Sensex 28%

Thank YouSpiceJet LimitedRegd. Office: Indira Gandhi International Airport, Terminal 1D, New Delhi – 110037

Website: www.spicejet.com; Email: [email protected];T: +91 124 3913939; F: +91 124 3913844

For detailed quarter/annual financial performance information, visit investor section on our company website

mailto:[email protected]

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