Jet Airways (India) Limited

(Under Corporate Insolvency Process)

Teaser for Prospective Resolution Applicant

20 July, 2019

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Disclaimer
Grand Thornton (GT) and SBI Capital markets (SBICAP) have been appointed by the
Resolution Professional as Professional advisors and Process advisors respectively for
assisting in the Resolution process of Jet Airways (India) Limited (“JAL” or “Company”).
The information provided herein in this presentation has been prepared basis collation of
information from various sources within JAL. GT and SBICAP have not done an
independent assessment/verification of the information collated.

Neither GT nor SBICAP shall be liable for any damages whether direct or indirect,
incidental, special or consequential including lost revenue or lost profits that may arise
from or in connection with the use of this presentation. This presentation may contain
confidential, proprietary and/or legally privileged information and it must be kept
confidential by the recipient. Further, no representation or warranty, expressed or implied,
is made or given by or on behalf of GT or SBICAP as to the accuracy, authenticity,
completeness or fairness of the information or opinions contained in this presentation and
GT or SBICAP do not accept any responsibility or liability for any such information or
opinions and therefore, any liability or responsibility is expressly disclaimed.

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Contents
Sl No. Title Slide No.

1. Aviation Industry – India 4

2. India’s untapped potential 6

3. Company Background 9

4. Company History 11

5. Company Information 14

6. Key Financials & Operational Metrics 17

7. Current Status of the Aircrafts 19

8. Employee Strength 21

9. Frequent Flyer Programme 23

10. Investment Rationale 25

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1. Aviation Industry
- India

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1. | Aviation Industry - India
Introduction
3.0 | Claims from Financial Creditors and other Creditors
• India is currently the third largest domestic civil aviation market in the world. Aviation is playing a key
role in connecting Indians to the remotest corners of the country and to the world. With around 200
mn passenger trips annually, Indian aviation market is expected to grow more than five times to a
billion trips in the next decade or two.
• India has amongst the most liberal Foreign Direct Investment (FDI) policies in aviation sector across
the world. India allows 100% FDI in airports and many other associated businesses and a significant
minority position in airlines.
• In December 2018, Indian aviation completed 52 consecutive months of double digit growth. The
Indian aviation market is on a high growth path. Total passenger traffic to, from and within India,
during Apr-Nov 2018 grew by around 15% year on year as compared to around 6% globally. India is
now the seventh largest aviation market with 187 mn passengers (to, from and within India) in FY
2017-18. It is expected to become the third largest by 2022.
• India may have around 190-200 operational airports in 2040. Its top 31 cities may have two airports
and the cities of Delhi and Mumbai three each. The incremental land requirement is expected to be
around 150,000 acres and the capital investment (not including cost of acquiring land) is expected to
be around USD 40-50 bn.
• Air cargo throughput is projected to quadruple to 17 mn tons in FY 2040. Cargo processing will be
completely paperless and dwell times reduced to just 1-2 hours. India's freighter fleet is likely to
expand multifold with the growth in e-commerce. India will gradually become a transshipment hub for
entire South Asia.

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2. India’s untapped
potential

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2. | India’s untapped potential (1/2)
• The unprecedented growth being witnessed in the Indian aviation market, though impressive, is
3.0lower
significantly | Claims
than itsfrom Financial
untapped Creditors
potential. A and1.35
nation of nearly other Creditors
bn people, with a middle class
of over 350 mn (and growing) should be flying, at conservative estimates, over 700 mn passengers
per annum. The FY2018 figure of 187 mn passengers is a small fraction of that.
• The key reasons behind low air penetration in the past were manifold:
a) Treatment of air travel as an 'exotic luxury product’
b) Short-term approach to planning
c) High oil prices
d) High taxes
e) Sub-optimal infrastructure and
f) Shortage of skilled professionals etc.
• All this is now changing, with successive governments at the federal, state and district level realizing
the catalytic effect of the aviation sector on the local economy, infrastructure, tourism and
employment creation. Each of these are critical for a nation with over half its population below the
age of 25, yearning for satisfying jobs and high quality of life.
• In February 2018, India's Finance Minister announced India's plans for a five-fold increase in its
airport capacity to handle over a billion trips a year under a new initiative called 'NABH Nirman‘
(NABH - NexGen Airports for Bharat; Nirman - Development).

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2. | India’s untapped potential (2/2)
• In Budget 2019, Government has proposed to hike the foreign direct investment ( FDI) limit in
domestic3.0 | Claims
air carriers fromfrom Financial
existing Creditors
49%. The government willand other Creditors
also implement measures to make the
country a hub of aircraft leasing & aviation finance.
• The National Civil Aviation Policy (NCAP 2016) signaled the government's intent to radically alter the
sector's growth trajectory. NCAP's flagship program - Regional Connectivity Scheme (RCS or UDAN)
is taking flying to the masses by offering subsidized fares as low as USD 35 for a one hour flight.
With a growing economy, rising incomes and supportive policy environment, the growth story is
likely to continue.

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3. Company
Background

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3. | Company Background
• JET AIRWAYS (INDIA) LIMITED (“JET”) is a Public Limited Company listed on both BSE and NSE.
3.0 | “Jet
• The company Claims from
Airways Financial
(India) Limited” hasCreditors
its registeredand
officeother Creditors
at Siroya Centre, Sahar Airport
Road, Andheri (E), Mumbai - 400 099.
• Shareholding as on March 31, 2019

Particulars Current Stake

Promoter 51.00%
Etihad Airways 24.00%
Public 25.00%
Total 100.00%
• JET AIRWAYS (INDIA) LIMITED (“JET”) was facing liquidity crunch & on 17 April 2019 temporarily
suspended all its international & domestic operations.
• The cash-strapped company went into bankruptcy after the Mumbai bench of the National Company
Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of lenders on June 20.
• Pursuant to an order dated June 20, 2019 of NCLT Mumbai Bench, Corporate Insolvency Resolution
Process (CIRP) has been initiated for Jet Airways (India) as per the provisions of Insolvency and
Bankruptcy Code, 2016.
• Upon initiation of CIRP, the powers of the Board of Directors of the company have been suspended
and shall be exercised by the Resolution Professional. Mr. Ashish Chhawchharia has been
appointed as the Resolution Professional to take forward the CIRP process for Jet Airways.

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4. Company
History

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4. | Company History (1/2)
• Inception: 1992 – 2005
3.0 | Claims from Financial Creditors and other Creditors
• 1992: Incorporated by Mr. Naresh Goyal (promoter)
• May-1993: Commenced operations as an air taxi operator with a fleet of four leased Boeing
737-300 a/c
• Jan-1995: Granted scheduled airline status
• Mar-2004: First international flight commenced (Chennai – Colombo)
• Feb-2005: IPO (Indian exchanges)
• 2006 - 2012: Expansion
• Commenced operations to the UK (2005) and the US (2007) and started the use of wide
bodied a/c
• 2006: Maintenance hangar opened in Mumbai
• Apr-2007: Acquired Air Sahara and rebranded as Jet Lite
• 2007: Opened Brussels gateway with flights from India – US
• 2008: Focus on high-value regional international expansion (mainly Gulf)

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4. | Company History (2/2)
• 2013 - Ongoing: Strategic growth
3.0 | Claims from Financial Creditors and other Creditors
• Nov-2013: Etihad Airways acquired a 24% stake for a total consideration of Rs. 2,058 crores.
($380m). It further invested Rs 859 crores towards 50.1% equity investment in Jets Frequent
Flyer Programme, (Jet Privilege)
• Dec-2014: Repositioned as a single brand and uniform full-service operator
• 2016: Strategic commercial agreement with Delta and Air France-KLM, shifted European hub to
Amsterdam
• 2017: Entered an ECA with Air France-KLM

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5. Company
Information

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5. | Company Information (1/2)
• Fleet Size
• The3.0 | Claims
Company had afrom Financial
fleet size Creditors
of 112 aircrafts and other
as on 31.03.2019 (OutCreditors
of which, 3 were owned
by the Company, 96 were taken on Operational lease & balance 13 were taken on Financial
lease).
• As on 15.07.2019, the fleet size reduced to 12 aircrafts i.e. 6 Boeing 777, 3 Airbus 330 and 3
Boeing 737.
• 6 Boeing 777: On Financial Lease. Out of the 6 Boeing 777, 1 aircraft is arrested at Amsterdam
Airport.
• 3 Airbus 330: On Financial Lease. 1 out of the 3 Airbus 330 is leased to International Airline .
• 3 Boeing 737: Owned by the Company.
• Slots
• Slots are allotted to airlines in two groups: Winter schedule and summer schedule. The winter
schedule starts on the last Sunday of October and the summer schedule starts on the last
Sunday of March.
• Slots are governed by the IATA WSG (International Ops) and MoCA Slot allocation guidelines
(Domestic Ops).
• Prior to halting operations, the Company had various prime slots at Domestic (Mumbai, Delhi,
Chennai, etc) & International Airports (Heathrow, Amsterdam, Singapore, HongKong, etc).
• Since the Company’s operations have been temporarily suspended, the slots have been
temporarily reallocated to other airlines.
• The Company needs to provide Winter 2019 schedule by 30th September 2019 in order to
revisit allocation of slots by MOCA/DGCA.

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5. | Company Information (2/2)
• Bilateral Rights
3.0 | Claims from Financial Creditors and other Creditors
• Rights are allocated in terms of only frequencies or only seats or in both frequencies & seats.
This is based on the way entitlements are specified under India's bilateral with that country.
• Prior to halting operations, the Company had Bilateral rights from various countries i.e.
Amsterdam to Mumbai, Heathrow to Mumbai, etc.
• Since the Company’s operations have been temporarily suspended, Bilateral rights are
temporarily withdrawn by UAE, Hong Kong, Qatar, Singapore & UK.
• Given the dynamic situation of the company, MOCA may reassess the position in this regard at
the end of S19 to ensure connectivity to/from India is not adversely impacted.
• Codeshare Agreements
• Codeshare agreements are the agreements that are signed between two airlines to publish and
market a flight under their own designator. The airline under codeshare arrangements puts a
code on the other airline of this arrangement to sell seats in order to provide a wider network to
their own passengers.
• The Company had Code share agreements with various interline partners, 21 codeshare
partners i.e. Air Canada, Air France, etc. In view of current situation of the company, as of
today all the existing partner agreements are suspended until further notice.

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6. Key Financials
& Operational
Metrics

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6. | Key Financials & Operational Metrics
• Key Financials of Jet Airways
FY2017* FY2018*
S. No. Particulars
(Amt. in Mn.) (Amt. in Mn.)
1 Revenue from Operations 2,15,523 2,32,865
2 Profit/Loss after Tax 14,823 (7,676)
3 Financial Borrowings 69,679 50,856
4 Short Term Borrowings 2,525 2,096
5 Other Financial Liabilities 24,752 31,886
* Audited Standalone figures
• The Company had also availed Non-Fund based facilities from various banks.

• Operational Metrics
S. No. Indicator FY2017* FY2018*
1 Number of Departures 202,265 211,964
2 Available Seat KM (in Mn.) 50,451 55,579
3 Revenue Passenger KM (in Mn.) 41,088 46,404
4 Passenger Load Factor (%) 81.4 83.5
5 Revenue Passenger (in Mn.) 24.40 27.19
6 Net Revenue per Passenger KM (INR) 4.21 4.11
* Audited Standalone figures.

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7. Current Status
of the Aircrafts

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7. | Current status of the Aircrafts
Past Data (Dec 2018) – Owned & Leased Present Data - Owned & Leased (Jet
3.0 | Claims from Financial Creditors and other Creditors
Airways)
Owned Aircrafts 3

Financial Leased Aircrafts 9

Financial Leased Aircrafts 13

Operational Leased Aircrafts 101

Owned Aircrafts 3
0 20 40 60 80 100 120

9W (Jet Airways)

Aircraft type – Registered Location of the registered aircrafts

6 3

2 2
3 3

1 1 1 1 1

B777 B737 A330 Mumbai Delhi Hyderabad Amsterdam Etihad/Air Serbia

FL Owned B777 B737 A330

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8. Employee
Strength

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8. | Employee Strength
3.0 | Claims from Financial Creditors
Particulars and other Creditors
March-19 June-19

Number of Employees 13,318 8,845

211
483
Function wise Employees Data
(20th June 2019) – 8,845 992

Ground Services

3,725
Inflight Services

Engineering
1,456
Flight Operations

Corporate Services

Commercial

1,978

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9. Frequent Flyer
Programme

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9. | Frequent Flyer Programme
• Jet Privilege Private Limited (JPPL) is an independent, loyalty and rewards Management Company
formed in3.02014
| Claims
with the from
aim toFinancial Creditors
manage, market, operate and otherdevelop
and further Creditors
JetPrivilege – an
internationally acclaimed award winning loyalty and rewards programme.
• Jet Airways (India) Limited holds 49.9% of the JPPL programme and the rest is owned by Etihad
Airways.
Jet Privilege Private Limited
Financial Year (INR Mn) CY2018* CY2017* CY2016*
Revenue** 5,731.09 5,408.29 4,877.23
EBITDA 1,798.51 2,260.74 1,984.39
PAT 1,298.16 1,216.43 928.36
Cash *** 8,389.37 8,957.69 5,827.87
Loans & Advances from Parent Co. (if any)**** NIL NIL NIL
Loans & Advances to Parent Co. (if any)**** NIL NIL NIL
External Debt NIL NIL NIL
Outstanding's from Jet Airways India Ltd.
Trade receivables 1,135.43 229.93 425.87
Prepaid Ticket purchase agreement 2,824.21 634.80 853.64
* CY means 12 month calendar period of Jan-Dec.
** Revenue excludes interest income from fixed deposit with bank.
*** Cash include bank balance and fixed deposit with bank.
**** Parent Co. means Etihad Airways PJSC

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10. Investment
Rationale

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10. | Investment Rationale
• Jet Airways has been a strong brand & was the preferred airlines for business travellers.
3.0 | Claims from Financial Creditors and other Creditors
• Premium Airline - Jet Airways is known for its globally acclaimed premium service.
• Experienced Employee Pool – Jet Airways has an experienced pool of Pilots, Engineers,
Technicians, etc.
• Differentiated product: Full-service carrier, 2 / 3 class product, global distribution.
• Frequent Flyer Programme: Large airline loyalty programme with 8.7m members, 5 co-branded
cards, 150+ program partners, 2.5K+ award tickets redeemed daily.
• Had Strong partnerships: 20 code shares, 14+ interline relationships that bring in 16% of total
revenue. Only airline in India with an ECA with AF-KL. Abu Dhabi, Amsterdam, Paris, Singapore
schedules are built around partner connections. The same can be reinitiated once the airline is
operational.
• When the airlines were fully operational, it used to have one third of Mumbai flying slots and one fifth
of Delhi flying slots. Basis the discussions with the regulator, these slots will be considered favorably
depending upon the level of operations upon recommencement.

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 Thank You!

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