C O R P O R A T E J E T S

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1 CORPORATE JETS

2 2 Watson Farley & Williams OUR AVIATION PRACTICE: CORPORATE JETS Watson Farley & Williamsʹ specialist aviation finance practice provides a full range of legal services in relation to all aspects of the acquisition, financing, operation, leasing and sale of aircraft (both corporate and commercial) and related assets, and also on the restructuring of financing structures and underlying contracts. EXTREMELY GOOD AT GOING THROUGH THE SMALL DETAILS; VERY THOROUGH. CHAMBERS UK 2015 Experienced aviation team Aviation finance is part of our wider asset finance group an area in which we have specialised since our inception in The team consists of experienced lawyers who specialise in work across the aviation industry. Our integrated approach to the aviation industry allows us to provide a seamless service throughout all phases of aircraft finance and leasing transactions. We have the necessary skills to support our clients in all areas: from structuring and implementation to restructuring and including recovery and litigation, as circumstances require. An international service Our aviation team provides high quality cross border advice on aircraft finance and leasing matters from our offices in London, Paris, Hamburg, New York, Singapore, Bangkok and Dubai. We have asset finance and leasing specialists across all our offices and teams are frequently set up to work across borders. This ensures that we can match skill sets with exact client requirements and allows us to offer effective legal services. Biographies of members of our aviation team in London, Paris, Singapore and Dubai are included later in this document.

3 CORORATE JETS 3 Corporate jets We are a leading corporate jet finance and leasing practice. We have acted for financiers, private individuals, large corporates and operators with respect to the acquisition, leasing and financing (both PDP and long term) of a range of corporate jets across the globe. We are at the forefront of developing and simplifying the documents for the financing of corporate jets (including tripartite and security arrangements involving operators and manufacturers). Also, given the large and growing number of transactions in the Middle East, we have hands on experience of a number of Sharia compliant structures. Furthermore, as a result of the global financial crisis, we have been involved in a number of restructurings and repossessions of aircraft (working closely with overseas specialists and litigation teams across our extensive network).... GLOBAL COVERAGE AND... HIGHLY EXPERIENCED SENIOR PARTNERS'... LEGAL 500 ASIA PACIFIC 2015 HIGHLY COMPETENT IN TRANSPORTATION MATTERS, WITH EXTENSIVE EXPERIENCE AND UNDERSTANDING OF FINANCING AND REFINANCING. CHAMBERS EUROPE 2014

4 4 Watson Farley & Williams SELECTED CORPORATE JETS EXPERIENCE RBS Established the standard form documentation for corporate jet financing and acted on the majority of PDP and long term financings of corporate jets undertaken by RBS between 2005 and LLOYDS BANK Advised on the long term financing of one Gulfstream G550 for a European corporate. BNP PARIBAS Advised on the financing of one Bombardier Challenger 605 aircraft to a UAE based high net worth individual and operated by a Dubai-based operator. DEUTSCHE BANK Advised on the long term financing of one Bombardier Global 6000 for a high net-worth Indonesian individual. NIGERIAN INDIVIDUAL Acted for a Nigerian high-net worth individual on the acquisition financing and ultimate disposal of one Dassault Falcon 2000LX. PNC Advised on the restructuring of the financing of two Bombardier Challenger 605 aircraft to a UK-based operator. CIT Advised on the financing of one Embraer Legacy 650 for a Korean Chinese joint venture. BANK OF AMERICA Advised on the leasing of one 2011 Cessna Citation CJ2+ aircraft to a private company. CIT Advised on the Sharia compliant refinancing of one Airbus ACJ319 for a Saudi based client.

5 CORORATE JETS 5 PNC Acted on the repossession of two Bombardier Learjet 60s from German and Italian corporates (including subsequent on sale). CIT Advised on the financing of one Embraer Lineage 1000 for a Kazakh national. LLOYDS TSB Advised on the financing of one Dassault Falcon 900EX for a European corporate. DEUTSCHE BANK Advised on the long term financing of one Bombardier Global 5000 for a high net-worth Thai individual. BANK OF AMERICA Advised on the leasing of one 2011 Cessna Sovereign to a private company. BNP PARIBAS Acted for BNP Paribas and a syndicate of Middle Eastern lenders on the Ijara financing of two Embraer corporate jets for a Middle Eastern operator. CIT Advised on the refinancing of one Gulfstream G550 for a Channel Islands corporate. RUSSIAN INDIVIDUAL Advised a high net worth Russian individual on the financing of one Dassault Falcon 7X. BNP PARIBAS Advised on the PDP and long term financing of one Gulfstream G450 aircraft to a high net worth individual and operated by an operator in South East Asia.

6 6 Watson Farley & Williams TEAM PROFILE NICOLA DAVIES London Nicola Davies joined Watson Farley & Williams in 2012 as a partner in the London based Asset Finance Team. Her practice focuses on aviation and ship finance, with particular emphasis on corporate and commercial jets. Nicola s work has a strong cross-border element and includes sale and purchase, maintenance and lease contracts, tax leasing, and shareholder and joint venture arrangements. JAHNAVI RAMACHANDRAN London [email protected] Jahnavi is a partner in the Aviation Sector Group, based in London. Her principal area of practice is Transport Finance. Jahnavi s experience includes the acquisition financing and leasing of assets including aircraft, ships and rolling stock. Jahnavi has acted for a wide range of banks, lessors and operators and has also spent time on secondment with RBS Aviation Capital to work on special projects, including their US$1bn ʺAirspeedʺ securitisation. Jahnavi s corporate jet work includes advising PNC Bank with respect to the repossession and restructuring of certain corporate jets, acting for the Royal Bank of Scotland plc on a number of corporate jet financings and restructurings with Middle Eastern customers. REX ROSALES London [email protected] Rex is global head of the Aviation Sector Group. His principal area of practice is Transport Finance. Rex has represented banks and other financial institutions, airlines, leasing companies and manufacturers in a variety of asset based financing structures such as operating leases, finance leases, structured debt, synthetic transfers and publicly rated capital markets financings. Rex has advised in four of the six single operator asset backed securitisation transactions which have closed in the Transportation sector in Europe. Rex is also active in the corporate jet sector where he has advised financiers in structures ranging from simple secured loans and finance leases to innovative revolving credit portfolio financings. Rex s corporate jet experience includes advising an American bank in relation to a revolving credit warehouse financing for a portfolio of business jets and acting for various financial institutions and individuals in relation to the acquisition and financing of a number of business jets and helicopters.

7 CORORATE JETS 7 MEHRAAB NAZIR Singapore [email protected] Mehraab is a partner in the Aviation Sector Group, based in Singapore. He joined Watson Farley & Williams as a partner in May Mehraab advises on all aspects of structured and asset finance related matters particularly with regards to aviation and offshore oil & gas assets. Mehraabʹs corporate jet experience includes acting for Lloyds TSB on the financing of a Gulfstream G550, for a high net worth individual on the acquisition and financing of a corporate jet with GE Capital, and for Deutsche Bank on a number of corporate jet financings for its private clients, as well as drafting standard form corporate jet finance and lease documents for a number of European banks. SIVA SUBRAMANIAM Singapore [email protected] Siva is a member of the Aviation Sector Group, based in Singapore. His principal area of practice is Transport Finance. Siva has a wide range of financing and leasing expertise with respect to a number of categories of large ticket assets including aircraft (both corporate and commercial), rolling stock, film, infrastructure, groundhandling and defence related assets. Siva s corporate jet work includes a secondment to RBS Structured Finance to assist in the establishment (amongst other things) of the corporate jet finance team, as well as acting for RBS on the majority of corporate jet financings undertaken during He has also acted for CIT with respect to the synthetic leasing of three Bombardier 650s to an operator based in the Middle East, for PNC with respect to restructuring and repossession of various corporate jet operators in Europe, and for JetBird with respect to the acquisition and financing of a fleet of Embraer Phenom 100s. CHARLES VIGGERS Paris [email protected] Charles Viggers is a partner in the Aviation Sector Group, based in Paris. He focuses on asset finance, with a particular emphasis on the aviation sector. He advises on a wide range of asset based cross border and domestic finance and leasing transactions, acting principally for banks, lessors, export credit agencies and manufacturers. Charles corporate jet experience includes acting for BNP Paribas and a syndicate of Middle Eastern lenders on the Ijara leasing of two Embraer corporate jets for a Middle Eastern operator, and acting for a high networth individual on the cancellation of a corporate jet purchase.

8 8 Watson Farley & Williams ALEXIA RUSSELL Paris [email protected] Alexia Russell joined the Paris office of Watson Farley & Williams as a senior associate in September She specialises in asset finance and leasing (in particular in the sectors of aviation, shipping and rail). Alexia has acted mainly for banks and financial institutions, equity providers, ship owners and charterers. She has experience in documenting and negotiating acquisition, financing and leasing transactions involving principally aircraft, ships and rolling stock. Alexia s corporate jet work includes advising a major international bank in relation to the financing for their clients of a Bombardier BD 700 1A10 Global XRS aircraft, a Learjet 60 aircraft, a Gulfstream G350 aircraft, a Dassault Falcon 2000LX aircraft and an Airbus ACJ320 aircraft. STEPHEN MILLMAN New York [email protected] Stephen Millman is a partner in Watson Farley & Williams New York office. He joined the firm in 2004 and has over 30 years experience in aviation, leveraged leasing, aircraft finance, taxation of partnerships and private equity vehicles and taxation of real estate. Stephen has been cited as a leading US tax lawyer in the Guide to the Leading US Tax Lawyers (published by Euromoney Publications LLC). Stephen s experience includes advising on over $2 billion of aircraft and helicopter leases to lessees such as US Air, United, Federal Express, Qantas and China Air and owners such as Bank of New York, aircraft portfolio sales and lease terminations and aircraft and helicopter finance and sales transactions. SUSANNE BURSTEIN Senior Associate New York [email protected] Susanne Burstein is a senior associate in Watson Farley & Williams' New York office. She joined the firm in 2007 and specialises in asset and structured finance (notably aviation and shipping), acting for and advising banks and financial institutions and aircraft and ship owners and operators on loan and security documentation. Susanne has advised clients on aircraft finance and leasing comprising all types of aircraft from large commercial aircraft, regional jets and turbo-props, to business jets and helicopters. Susanne s experience includes advising on the purchase and lease of commercial aircraft, aircraft financing and re-financings and secured and unsecured financings.

9 CORORATE JETS 9 DAVID CHAMBERLAIN Senior Associate London [email protected] David joined the London office of Watson Farley & Williams as a senior associate in March He works within the firm s Asset Finance Group and specialises in transactional work involving commercial aircraft, corporate jets and helicopters. David s corporate jet experience includes acting for financiers, buyers and sellers on a number of corporate jet financing, sale and purchase transactions involving a wide range of aircraft from Airbus (A319CJ), Boeing (737BBJ), Bombardier (Challenger 605, Global 5000), Cessna (Citation Excel), Dassault (Falcon 50EX, Falcon 7X), Embraer (Phenom 100, Legacy 650), Gulfstream (GIV, GV) and Pilatus (PC-12). David also advises owners on the management and operational arrangements for their corporate jets and has worked with a number of the major operators in the industry in this regard. David also has experience in advising clients on and negotiating contracts for the interior completion of their large wide body aircraft. CAROLINE JOYCE Senior Associate London [email protected] Caroline specialises in aviation finance and leasing, with expertise in both the commercial aircraft and corporate jet spheres. She acts for banks and lessors in connection with sale and purchase, finance and lease arrangements. Caroline s most recent corporate jet work includes advising an international bank on the finance and leasing of a Boeing Business Jet and a Gulfstream G450 aircraft. MICHAEL SAVVA Senior Associate Dubai [email protected] Michael joined the London office of Watson Farley & Williams in 2011 and relocated to Dubai in He specialises in aviation finance, shipping finance (notably offshore installations) and other leasing and asset finance matters. He advises banks, owners and operators on both ECA backed and commercial debt financed projects (including PDP financing) for fleets or commercial aircraft, helicopters and corporate jets. Michael has also advised on the sale and purchase of aircraft and aircraft engines and on engine support arrangements. Michael s corporate jet work includes advising on a term loan facility and finance lease for a Bombardier Global 5000, advising on the PDP financing of up to 25 Embraer aircraft and on the acquisition and financing of a Bombardier Global Express XRS aircraft.

10 10 Watson Farley & Williams REPUTATION HIGHLY REGARDED TRANSPORTATION DEPARTMENT... ON THE AVIATION SIDE, HIGH- PROFILE MANDATES COME FROM BANKS, ARRANGERS AND CORE MANUFACTURERS. CHAMBERS EUROPE 2014 ACTIVE IN THE AVIATION SPACE AND HAS TEAMS ACROSS EUROPE AND NORTH AMERICA CAPABLE OF HANDLING MULTI- JURISDICTIONAL WORK. CHAMBERS GLOBAL 2014 COMMERCIAL AWARENESS: I ENJOY THEIR VERY PROACTIVE APPROACH; I SEE A CERTAIN COMMERCIAL UNDERSTANDING FROM THEM'. CHAMBERS ASIA PACIFIC 2014 AN ESTABLISHED NAME IN THE ASSET FINANCE MARKET, WITH A PROVEN TRACK RECORD... CHAMBERS GLOBAL TRULY TOP NOTCH AND REMARKABLY EFFICIENT PRACTICE... LEGAL 500 EMEA GOING FROM STRENGTH TO STRENGTH IN AVIATION SECTOR. CHAMBERS ASIA PACIFIC 2014 RECOMMENDED FOR ITS ABILITY TO BE PROMPT, RESPONSIVE AND COMMERCIAL... LEGAL 500 UK 2014 CLIENT SERVICE: THEY DO A LOT OF EXTRA SERVICE. THEY RECOGNISE IT S ALL ABOUT THE PERSONAL RELATIONSHIPS. CHAMBERS UK 2014 EXPERTISE: THEY HAVE THE ABILITY TO HANDLE COMPLEX ISSUES AND ATTEND TO THEIR CLIENTS NEEDS. A GOOD FIRM WITH IN-DEPTH KNOWLEDGE OF THE MATTERS IN HAND. CHAMBERS ASIA PACIFIC 2014

11 CORORATE JETS 11 OUR OFFICES Athens Frankfurt Madrid Paris 6 th Floor, Building B 348 Syngrou Avenue Kallithea , Athens T: Ulmenstraβe Frankfurt am Main T: C/ María de Molina, Madrid T: avenue des Champs-Elysées Paris T: Bangkok Unit 902, 9 th Floor GPF Witthayu Tower B 93/1 Wireless Road Patumwan, Bangkok Hamburg Jungfernstieg Hamburg T: Milan Piazza del Carmine Milan T: Rome Piazza Navona Rome T: T: Hong Kong Munich Singapore Dubai Office 1503, Level 15, Tower 2 Al Fattan Currency House PO Box Dubai Units , One Pacific Place 88 Queensway, Hong Kong T: Gewürzmühlstraβe 11 Courtyard Munich T: Battery Road #28-00 Singapore T: T: London New York 15 Appold Street London EC2A 2HB 250 West 55 th Street New York, New York T: T:

12 ATHENS BANGKOK DUBAI FRANKFURT HAMBURG HONG KONG LONDON MADRID MILAN MUNICH NEW YORK PARIS ROME SINGAPORE Publication code number: v1 Watson Farley & Williams 2016 All references to Watson Farley & Williams, WFW and the firm in this document mean Watson Farley & Williams LLP and/or its Affiliated Entities. Any reference to a partner means a member of Watson Farley & Williams LLP, or a member or partner in an Affiliated Entity, or an employee or consultant with equivalent standing and qualification. The transactions and matters referred to in this document represent the experience of our lawyers. This publication is produced by Watson Farley & Williams. It provides a summary of the legal issues, but is not intended to give specific legal advice. The situation described may not apply to your circumstances. If you require advice or have questions or comments on its subject, please speak to your usual contact at Watson Farley & Williams. This publication constitutes attorney advertising. wfw.com