As a SHAREHOLDER, in which companies would you INVEST?

1. As a SHAREHOLDER, in which companies would you INVEST?

2. My Comments Positive Excellent presentation Great evidence of research Good conclusion Critical Perhaps too much writing on some slides.

3. INDEX • Introduction • Airlines Comparison • Ryanair • EasyJet • Iberia • SAS Group • Conclusion • Clarity and Transparency • Timeliness • Corporate Social Responsibility • Auditor Independence • Clarity of Strategy • Corporate Governance • Human Resources • Availability of Historical Information • Shareholders information including analysis and reports • Key Financial Statements

4. INTRODUCTION The airline industry like, many other industries, has clearly been hard struck by the global financial crisis. This presentation will show which of the airline companies on the European market, that we believe, has the best potential for future growth and sustainability and could keep its profitability or cover the essential costs. The Airlines Comparison Table will help us to determine in which companies we are going to concentrate. We found it easier to chose the best companies because the not-selected ones had a lack of key information. As we will see there are some areas where these airlines are not completely clear and trustful to invest in.

5. AIRLINES COMPARISON

6. RYANAIR • Clarity and Transparency • Ryanair supply to the public the relevant information about them. • They provide people financial, environment impacts, board committees, auditors and some more information. • BUT there is not enough Historical Information. • Timeliness: all data is up to date • Corporate Social Responsibility: Ryanair has a commitment to • Society • Customers • Investors • Employees • Suppliers • Environment: Ryanair is currently the industry leader in terms of environmental efficiency and it is constantly working towards further improving its performance.

7. RYANAIR • Auditor Independence: The role and responsibilities of the Audit Committee are set out in its written terms of reference, which are available on the Company's website www.ryanair.com • Clarity of Strategy: Manage to be a solid business with enough liquidity and high gross and net margins. • Corporate Governance: The directors are committed to maintaining the highest standards of corporate governance and this statement describes how Ryanair has applied the main and supporting principles set out in Section 1 of the Combined Code on Corporate Governance (June 2008)

8. RYANAIR • Human Resources: Current vacancies are shown on the official website. • Availability of Historical Information: Historical information since 1999 till 2009. • Shareholders information including analysis and reports Reports on: • Traffics • Quarterly results, annual information • Evolution of corporate governance, progress in cost cutting • Key financial statements: Ryanair provides the balance sheet, the income statement and cash flow of 2004 – 2011.

9. EASYJET • Clarity and Transparency: EasyJet provides the relevant information They also supply different reports: auditors, financial… Most information is clear and shows a balance between CLARITY, readability and TRANSPARENCY. • Timeliness: All the available information is up to date. • Corporate Social Responsibility: EasyJet has a commitment to: • Employees • Customers • Investors • Suppliers • ENVIRONMENT: EasyJet’s goal is to find ways to minimize its environmental impact in the future and to lead the way in shaping a greener future for aviation.

10. EASYJET • Auditor Independence: EasyJet has audited the accounts for the year ended 30 September 2009 which comprise the Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of recognized income and expense, Company balance sheet, Company cash flow statement and the related notes. In EasyJet Auditor Independence Report it is available the Respective responsibilities of Directors and auditors, Scope of the audit of the accounts, Opinion on accounts, Opinion on other matters prescribed by the Companies Act 2006 and the Matters on which we are required to report by exception. • Human Resources: There is a link on its website where you can apply for a job if you are interested in. You can find either Features Vacancies on the Ground or Features Vacancies in the air.

11. EASYJET • Clarity of Strategy: EasyJet has a clear strategy. They believe people make the difference. It’s through the efforts of all their people to deliver their four strategic priorities that we will realize their vision. • Safety • Build Europe’s nº 1 air transport network • Develop a winning customer proposition • Deliver low cost and maximize margins • Corporate Governance: easyJet is committed to meeting the required standards of corporate governance. During the year the Board considers that it and the Company have complied with the best practice provisions of Section 1 of the Combined Code on Corporate Governance of the previous year without exception.

12. EASYJET • Availability of Historical Information: Historical information is available, from the 2005 to up to now, which makes it COMPARABLE. • Shareholders information including analysis and reports: There are quarter results, half yearly results, annual reports and accounts, share price information, monthly traffic statistics and facilities such as the financial calendar or an American Depositary Receipt* * An American Depositary Receipt (ADR ) is a security which has been created to permit US investors to hold shares in non-US companies and trade them on the equity markets in the US. • Key financial statements: EasyJet provides the Balance Sheet, Income Statement and Cash Flow.

13. IBERIA • Clarity and Transparency: Iberia’s shareholders and investors can have access to the information considered useful and suitable by the company to ensure the principle of TRANSPARENCY and CLARITY • Timeliness: all the available information is up to date • Corporate Social Responsibility: Iberia has a commitment to • Society • Customers • Investors • Employees • Suppliers • ENVIRONMENT: Iberia has adopted some measures to guarantee a balance between development of its business activities and their impact on the environment.

14. IBERIA • Auditor Independence: The firm Deloitte has audited Iberia’s statements during the financial years 2002, 2003, 2004, 2005, 2006, 2007 and 2008. They have carried out their duties in an objective and independent way. • Clarity of Strategy: Every three years Iberia establishes the main priorities and objectives of its strategic plan. Its new strategic Plan 2012 is to face the worst crisis of the sector and to maintain or even improve the leadership. • Corporate Governance: The structure and proceedings of the corporate bodies of Iberia are in line with the latest rules and recommendations that have been adopted in relation to corporate governance matters.

15. IBERIA • Human Resources: there is a section where the interested people can find all the information they need in order to apply for vacancies. • Availability of Historical Information: In the Operating and Financial Information the shareholder can fin all the Historical Data about passenger and freight traffic. • Shareholders information including analysis and reports: Share price evolution, key ratios, dividends and opinions of market analysts who cover the Company. There are also monthly traffic statistics, quarterly results, annual report and management reports. In the Operating and Financial Information the shareholder can fin all the Historical Data about passenger and freight traffic. • Key financial statements: Distribution and evolution of Iberia’s equity, main shareholders and treasury stock.

16. SAS GROUP • Clarity and Transparency Beyond the average... - Everything from attendance at all 13 board meetings 2009 to passenger and baggage load factor % and weight publically posted and easily accessible. http://www.sasgroup.net/SASGroup/default.asp • Timeliness: Information about shareholders meeting in April 2011 and news about the company is posted daily on their website. • Human Resources: SAS Human resources department tries to make potential employees or trainees attracted to SAS, partly through the website but also by being present in high-schools as a project to make younger students in Denmark interested in SAS. They also provide health and working environment services for the company.

17. SAS GROUP • Corporate Social Responsibility • Participant of the GRI (Global Reporting Initiative) and UN Global Compact program since '03. • SAS works together with the Swedish Aviation Administration to fit out a completely unique ambulance aircraft • Discussions on extending the project in collaboration with UNDP are in progress. • Auditor Independence Deloitte is one of the largest auditor firms and they have been auditors for SAS Group since 2003.

18. SAS GROUP • Clarity of Strategy The strategy is clear and presented as “Core SAS” with five clear and consistent steps to make the company (more) profitable. • Corporate Governance SAS decision making tree, areas of responsibility and the company's legal structure all presented clearly on the corporate governance report downloadable at the website.

19. SAS GROUP • Availability of Historical Information • All annual reports back until year 1992. • SAS quarterly reports and other presentations since 2001. • Key figures and statistics available since 1991. • Shareholders information including analysis and reports There are plentiful reports and analysis on risk, currency exposure, etc. • Key financial statements SAS Group shows an easily visible balance sheet, income statement and cash flow statement in the end of each of their annual reports (both Swedish and English version).

20. CONCLUSION As a SHAREHOLDER we will INVEST in: • EasyJet • Iberia* Because both airlines have: • All the required information clearly available • Significant improvement in the CSR towards the environment • Transparent and timeliness Shareholders’ Information (report, analysis, financial statements) • An auditor that carries out his work freely and in an objective manner • Highest standards of Corporate Governance • Links with full information of current vacancies • Detailed Historical Information * As we can see on the Airlines’ Comparison Table, Iberia and SAS Group are very similar in terms of the disposable information, BUT we consider that while Iberia has a wider market, SAS is concentrated in a more narrow one.

21. THANK YOU FOR YOUR ATTENTION Anna Vilardell Rifà Paula Muñoz Buxeda Carl Greenberg Elizabeth Primo Arjunen