LEADING IS A COMMITMENT

LEADING IS A COMMITMENT

+ LEADING IS A COMMITMENT -- contents 03 ECS Group Key Figures ECS Group is the worldwide leader of GSSA s Our shareholders ECS Group Key Figures 06 strategy Joint interview 08 Our Offer Services we offer The complete freight outsourcing solution Using Cargospot Combining regular and charter flights to create hubs Main hubs created by ECS group 10 Our way of doing business Our values Our key processes Our Commitments 12 Our network 14 Organization 16 Our offices 2

ECS Group A -- ProfilE & Key Figures > ECS Group is the worldwide leader of GSSA s Leading is not an achievement, it is a commitment! A commitment to remain the most innovative, the most creative, the most secure in order to provide our customers with best practices, best services and best tools for their cargo business. Optimizing airline cargo capacities worldwide is our everyday mission and passion. And we take it very seriously. 3

A LEADING IS A COMMITMENT -- ProfilE & Key Figures > Our shareholders Chequers Capital Management Barclays Private Equity Indigo > ECS Group Key Figures 54 32 4 subsidiaries countries 000 customers 600 employees 3handling platforms 456 million turnover 478 000 tons of freight 4

ECS Group A 05

B LEADING IS A COMMITMENT -- Strategy Bertrand SCHMOLL / CEO > After auditing at PwC that I left as a partner, I joined ECS two years after its creation in 2000 as CFO, then Executive Vice-President, and CEO in 2011. > Interview with Bertrand SCHMOLL / CEO Adrien THOMINET / VICE-PRESIDENT SALES & MARKETING 01 / What are your impressions of the past three years? > B.S: The past three years have been particularly chaotic in air freight, with a dizzying freefall in volumes at the beginning of 2009 followed by a pickup towards the end of that same year, and another almost as strong in 2010. Against this backdrop, the ECS Group demonstrated extraordinary resilience. Instead of setting up massive restructuring plans which would have been detrimental to our teams and service quality, we essentially reduced the salaries of the entire management and executives on a voluntary basis, and also carried out highly selective staff reductions. In this way, we were able to maintain the quality of the services we offered our airlines. We were perfectly structured once freight volumes started picking up again. This empty period in air freight also demonstrated the validity of our business line and the model we are developing. Our offer of outsourced freight management means airlines can vary some of their fixed costs, making it much easier for them to pull through the current recession. Over the first months of 2011, freight volumes were brisk and in full swing once more. > A.T: The crisis we went through in 2009 pummelled the air freight industry. Some companies suffered up to a 50% loss in revenue. Our flexibility and responsiveness were crucial in providing the best possible support to our partners during this period. We were able to make up for almost all of our 2009 losses in 2010. We learned a great deal from the experience, which made us stronger and more determined than ever to provide our partners with increasingly economic and increasingly competitive services. 6

ECS Group B Adrien THOMINET / Vice-President Sales & Marketing > After working for Eurowine consulting, I arrived at Aero Cargo Int. in 1995, where I was the managing director, then changed to ECS taking over as VP of sales and marketing in 2008. 02 / What does your market currently look like? Have customer needs changed? > B.S: With the rise in oil prices and increasing competition in the air industry, airlines are feeling the need to concentrate on their core activity, passenger transport, and to reduce their operating costs. Outsourcing freight management fits in seamlessly with this process. We are seeing increasing numbers of airlines, even national ones, seeking these outsourcing solutions. What they are looking for is a partner with an extensive network made up of GSA leaders in their country, able to commit to a certain performance and with solid financial standing. We are the only GSA group able to offer airlines this today. > A.T: The market has become highly competitive, and the specter of the 2009 crisis makes airlines cautious. Customers have increasingly high service expectations. Our company is doing its utmost to meet them, with a larger network, greater sales impact, more dedicated services, new products, marketing and innovation. ECS constantly endeavours to provide new, strategic solutions to its partners, thank to the strength of its network. 03 / What do your customers gain from entrusting you with their global contracts? > B.S: As we said earlier, we are the only GSA with the network and structure for airline-specific needs. We are also the only company with know-how in the management of global contracts. We are capable of managing the entire cargo business of an airline, thus guaranteeing better income at lower cost. passengers and cargo forces them to seek the most effective and innovative services. ECS offers them exclusive support, both in terms of marketing and services. Airlines are seeking stronger, more reactive and innovative partners. We fit the bill to a tee. 04 / Are you going to pursue your organic and external growth strategies in the years to come? > B.S: The purpose of developing our network is to offer airlines global geographical coverage with leading positions in each country. The point is not to pile up a heap of companies in some countries and be absent in others. Rather, we want to build a coherent, structured whole with standardised high service quality. We are well structured in Europe and North America. The two geographical areas for development now are South America and Asia. We plan to do so through both organic and external growth, depending on the quality of local players and opportunities that arise. We have demonstrated our capacity to integrate external growth operations and present airlines with a coherent offer. We plan to keep doing so. > A.T: Air transport flows are changing considerably in the new global economic equilibrium. It is ECS job to develop its network and enter developing markets such as Asia, India and South America. > A.T: Our customers requirements in terms of air freight income increase every day. Airline competition both for 7

c LEADING IS A COMMITMENT Our Offer 8

C LEADING IS A COMMITMENT -- Our Offer > Services we offer > Using Cargospot + Providing airlines with outsourced services for airfreight operations, including handling, loading and ground transport, throughout our network of countries and destinations established by contract. + Supplying charter cargo services for special purposes, including the creation of routes. This is a fully automated information system which connects airlines, handlers and forwarding agents in a completely secure environment. It ensures that ECS customers maintain quality reporting practices, online access to reservations, an interface with the warehouse, confirmation monitoring, a pre-invoicing system which allows airlines to evaluate their freight sales turnover, and follow-up on the entire chain of operations. > The complete freight outsourcing solution + ECS handles the entire freight chain: sales, reservations, trucking, handling, freighting and interline operations. Contracts, invoicing, payment, reporting: all these operations are managed from a single counter. > Main hubs created by ECS group: + Cancun. + Santo Domingo. + Dakar (Abidjan, Bamako, Nouakchott). + Douala (Brazzaville, N Djamena, Libreville). + The Group offer includes GSSA, Handling (storage and supervision of goods between the forwarding agent and the airline) and Charter flights for all operations, both scheduled and one-off. > Combining regular and charter flights to create hubs + To maximise cargo capacities of passenger planes. + To bridge the remaining distance to final cargo destination with our own charter freighters. + To offer faster cargo transportation at competitive prices. + To optimize load factor on underutilised routes. + To create regular cargo routes. 9

ECS Group D -- Our way of doing business > Our key processes > Our Commitments 01 Comprehensive IT network with Cargospot 02 Efficiency and transparency on accounting procedures 03 Regular updates of our Service Level Agreements 04 Service Agreements updated live relative to market conditions 01 Operational experience 02 Offering the largest worldwide GSSA organization 03 Offices covering all points of the cargo compass 04 Sharing same values and processes while speaking more than 85 languages > Our values + Trust + Respect + Passion 10

ECS Group D Our way of doing business 04 11

E LEADING IS A COMMITMENT -- Our network United States + Miami + New York + Los Angeles + Chicago + Atlanta + Fort Lauderdale + Houston + San Francisco Dominican Republic + Santo Domingo French West Indies + Fort de France + Pointe-à-Pitre Colombia + Bogota Ecuador + Quito + Since 1998 our development strategy has been based on series acquisition of the leading GSSA companies in various key countries. + These branch of ECS now think work and act together upgrading our outsourcing product to a truly global level. To support our global network we are sensitive to cultural differences and the specifics of individual markets. 12

ECS Group E Norway + Oslo Denmark + Copenhaguen United Kingdom + London + Glasgow + Manchester Ireland + Dublin France + Paris + Lyon + Marseille + Nantes Belgium + Brussels Sweden + Stockholm Finland + Helsinki Netherlands + Amsterdam Italy + Milan + RomA Germany + Frankfurt + Dusseldorf + Munich + Hamburg + Berlin Austria + Vienna Hungary + Budapest Bulgaria + Sofia Ukraine + Kiev Poland + Warsaw Slovakia + Bratislava Czech Republic + Prague Spain + Madrid + Barcelona + Valencia + Alicante + las palmas + Bilbao Romania + Bucharest Switzerland + Zurich + Geneva china + Beijing + shanghai + canton hong kong + Hong Kong niger + niamey United Arab Emirates + dubai India + Delhi + Mumbai + Chennai vietnam + Hanoi Singapore + Singapore la réunion + Saint-Denis 13

E LEADING IS A COMMITMENT Organization Bertrand Schmoll CEO > We are seeing increasing numbers of airlines, even national ones, seeking these outsourcing solutions. What they are looking for is a partner with an extensive network made up of GSA leaders in their country, able to commit to a certain performance and with solid financial standing. We are the only GSA group able to offer airlines this today. Adrien Thominet Marketing and Commercial > Our customers requirements in terms of air freight income increase every day. Airline competition both for passengers and cargo forces them to seek the most effective and innovative services. ECS offers them exclusive support, both in terms of marketing and services. 14 Jonas Drewsen Business development > The ECS Group is the largest and most successful GSSA organisations in the world. We strongly believe in a one stop shop for our airline customers. We believe in offering total tailormade solutions, that fits their need perfectly in these days of downsizing their own organizations, so that they won t lose any momentum. In the ECS Group we believe that the need of airlines, wanting to outsource their sales and marketing to larger and more global organizations like ours, will increase heavily in the coming years. At ECS we will spend the coming years, with full focus on strenghtening our already existing relations with the airlines we proudly represent, while we at the same time meticiously will search all the markets for new opportunities and partnerships. Our vision is clear. We want to be the most professional GSSA organisation in the world. And we believe in what we are doing! Jérôme Martin CFO > Cargo trade picked up quickly in 2010, and air transport enjoyed strong demand, more than other forms of transportation. This had a very positive effect on our turnover. Since our Group underwent no major restructuring in 2009, from the beginning of the recovery we had all resources required to handle demand. With all these elements in hand, we were able to revive business and bolster our financial standing. All indicators are positive as 2011 takes off. So we can confidently plan the funding required for our growth and development projects. Finally, the Group s stable shareholder base over the last six years has been of major use in implementing and achieving our projects.

ECS Group E Regional managers Uli Baersch North Central America > In the USA the airline industry has faced tremendous changes during the past 36 month. Besides of heavy fuel price changes resulting in higher operating costs air cargo industry customers are now confronted with climbing expenses for security measurements. All those line items have had impact on the operating results of Airlines and the tendency to outsource sales activities not only in remote areas in the USA, as well in main gateways is getting more and more attractive. This offers great opportunity for Globe Air Cargo having a well established all territory covering network in the USA. GAC USA faces those challenges with great excellence by guiding potential customers into the right direction. GAC USA has a huge customer base and the right mix of Airlines to offer domestic as well as Asian carriers solutions for a full outsourcing of its sales & marketing strategy to the right GSA. Jesus Escolar South America > This region is one of the ones that is economically growing very fast and emerging from the crisis. Mainly, Brazil is the real economic engine of the region, besides the fact that they are organizing the two major sporting events in the coming years: The FIFA World Cup and The Olimpic Games. ECS has a clear growth strategy in this region and by the end of the year we will be in Brazil, and on the next two years, we will have presence in the other major countries of the region such as Chile, Argentina and Mexico, as well as the strength of our existing offices in Colombia, Ecuador and Dominican Republic. Within our plans are projects with the Airline Companies of the region that we represent, as the launch of freighter operations to the region ex Europe. Wolf Taborsky Eastern Europe > The Austrian and Eastern European Markets have been one of the fastest to recover after the financial crisis in 2009 and has seen the largest growth in the European community in the last 18 months. Based on this stable growth the Globe Air offices in the area have produced the highest volumes of cargo since they were established. I am sure this trend will continue into the coming years as the region offers a low cost base to attract potential economic invertors. The ECS offices in the area will continue to grow their airline portfolios by offering the airlines and the forwarding agents a little bit more than the rest of the market. Mark Pulling Middle East and Indian sub-continent > The Indian sub-continent is undergoing staggering economic growth fuelled by young populations desperate to participate in world trade markets. All of the countries in this area are striving to provide themselves with the national transport infrastructures to support export industries with full order books. All global companies such as ECS are positioning themselves to be part of the next key global growth area that is South Asia. The challenge is one ECS relishes and is confident of its own growth in this booming economic region. We have a prospective network of new offices for India and other areas of the sub-continent and the company is looking forward to meteoric growth in these countries. There is no possible doubt that this area will compete with China to have the largest economy by 2015 and ECS will have a leading position in the GSA providers for the region. Lars-Ola Gunnarsson China South East Asia > Asia is a huge and to a large extent still untapped opportunity for international GSA companies to provide services to airlines in the region as well as to the fast growing number of Non-Asian carriers opening up Asia lanes. The Asia aviation market will continue to boom based on the region s role as the world s factory and an expected huge growth in number of travellers particular related to China. New airlines are being launched, new market segments are opening up and our opportunities as a GSA are simply very encouraging. The ECS Group has ambitious targets to be part of this growth, new entities in key locations in Asia are being established and highly motivated and experienced teams are created to aggressively market the services we as a global GSA organization can deliver to airline customers, big or small 15

F LEADING IS A COMMITMENT Our network 16

ECS Group F -- Our offices /GSSA in Europe Belgium / AEROCARGO INTERNATIONAL NV - founded in 1999, 4 employees, - 8 400 tons transported in 2010 - manager: Wim Van Nerum Brucargo building 704 Room 195 Box 29 1931 Brucargo Zaventem Belgium Belgium / GLOBE AIR CARGO NV - founded in 1989, 11 employees, - 13 100 tons transported in 2010 - manager: Jan Vercruysse Brucargo Building 704 Box 39, Office 199 B - 1931 Brussels Airport Belgium Austria / Globe Air Cargo GmbH - founded in 1997, 10 employees, - 11 800 tons transported in 2010 - manager: Wolf Maria Taborsky Air Cargo Center 262 Gate 6; 1 st Floor Room A01.104 P.O. box 125 A-1300 VIENNA AIRPORT Bulgaria / Globe Air Cargo - founded in 2004, 2 employees, - 350 tons transported in 2010 - manager: Tania Mlechenkova Sofia Airport Institute of Air Transport Floor 1, Office 108 1540 Sofia, BULGARIA 17

F LEADING IS A COMMITMENT -- Our offices /GSSA in Europe Denmark / NordicGSA ApS - founded in 2003, 10 employees, - 9 200 tons transported in 2010 - manager: Thomas Frederiksen Kystvejen 32 2770 Kastrup Denmark Ireland / Globe Air Cargo Ltd - founded in 1989, 5 employees, - 1 400 tons transported in 2010 - manager: Paula Harper Unit 2, Old Quarry Industrial Park Blanchardstown Dublin 15 united kingdom / globe air cargo ltd - founded in 1989, 23 employees, - 27 100 tons transported in 2010 - manager: Mark Pulling Unit 8 Radius Park St Anthonys Way Feltham Middlesex TW14 0NG France / GLOBAL SERVICES HANDLING S.A.S. - founded in 2000, 58 employees, - 38 700 tons transported in 2010 - manager: Pierre Perez 14 rue de la Belle Borne Bâtiment Sogaris n 1 / Porte 6 BP 17125 95 701 Tremblay en France ROISSY CDG France / EFIS FRET SYSTEM S.A. - founded in 1992, 3 employees, - 1 600 tons transported in 2010 - manager: Alain Boussard Roissytech Cargo 4 1 rue du Pré BP 15524 95709 ROISSY CDG Cedex FRANCE 18

ECS Group F Finland / OY NORDICGSA AB - founded in 2003, 6 employees, - 4 100 tons transported in 2010 - manager: Petri Pikkarainen P.O. Box 199 01530 VANTAA FINLAND Germany/ Globe Air Cargo GmbH - founded in 1991, 34 employees, - 37 800 tons transported in 2010 - manager: Heiner K. Sass Waldecker Strasse 9 D-64546 Mörfelden-Walldorf Germany/ Aero Cargo International GmbH - founded in 2007, 7 employees, - 3 200 tons transported in 2010 - manager: Antonio Oliveira Waldecker Strasse 7 D-64546 Mörfelden-Walldorf Czech Republic / Globe Air Cargo s.r.o. - founded in 2003, 3 employees, - 600 tons transported in 2010 - manager: Jaroslava Sebkova K letisti 57 / 1049 CZ - 161 00 Praha 6 France / Globe Air Cargo System S.A. - founded in 1986, 16 employees, - 36 000 tons transported in 2010 - manager: Franck Tordjman Aéroport Charles De Gaulle Roissytech Cargo 4 1 rue du Pré BP 15524 95709 Roissy CDG Cedex France / Aerocargo International S.A. - founded in 1986, 44 employees, - 54 300 tons transported in 2010 - manager: Alain Boussard Aéroport Charles De Gaulle Roissytech Cargo 4 1 rue du Pré BP 14207 95709 Roissy CDG Cedex 19

F LEADING IS A COMMITMENT -- Our offices /GSSA in Europe NORWAY / NORDICGSA AS - founded in 2004, 8 employees, - 9 900 tons transported in 2010 - manager: Carl Christian Skage P.0 Box 58 NO - 2051 Jessheim /Oslo Norway SWITZERLAND / GLOBE AIR CARGO LTD - founded in 1995, 9 employees, - 2 600 tons transported in 2010 - manager: Heinz Bruetsch Schaffhauserstrasse 146 CH - 8302 Kloten Netherlands / Globe Air Cargo BV - founded in 2003, 6 employees, - 11 200 tons transported in 2010 - manager: Mariët Zöllner Aalsmeerderweg 604 1437 EJ, Rozenburg-Schiphol The Netherlands spain / GENERAL AIRLINE SERVICES, S.L. - founded in 1990, 34 employees, - 30 000 tons transported in 2010 - manager: Jesús Escolar Centro de Carga Aérea Edificio Servicios Generales - Oficina 602 28042 Madrid (Spain) spain / GLOBE AIR CARGO S.L - founded in 1993, 15 employees, - 11 100 tons transported in 2010 - manager: Carlos Lázaro Centro de Carga Aérea Edificio Servicios Generales - Oficina 602 28042 - Madrid (Spain) italy / GLOBE AIR CARGO SRL - founded in 2000, 24 employees, - 25 000 tons transported in 2010 - manager: Carlo Gonzato via Alessandro Volta, 2 21015 LONATE POZZOLO ( Varese) 20

ECS Group F sweden / NORDIC GSA AB - founded in 1996, 16 employees, - 14 100 tons transported in 2010 - manager: Ingela Berlin P.O. BOX 162 195 24 MARSTA SWEDEN sweden / Universal GSA AB - founded in 2007, 2 employees, - 2 500 tons transported in 2010 - manager: Åsa Persson Stadiongatan 60 SE-217 62 Malmö Sweden poland / Globe Air Cargo Sp. z o.o. - founded in 2004, 3 employees, - 600 tons transported in 2010 - manager: Olena Krajewska ul. Wirażowa 35 pok. 303 02-158 Warszawa Slovakia / Globe air cargo sro - founded in 2004, 1 employee, - 750 tons transported in 2010 - manager: Marcus Eggerstorfer P.O. BOx BA2-178 Letisko M.R Stefanika 820 01 Bratislava 21 Slovakia UKRAINE / GLOBE AIR CARGO - founded in 1994, 10 employees, - 700 tons transported in 2010 - manager: Gennadiy Yakubouych Borysa Gmyri str 1/2 Office 61 02140 Kyiv Ukraine hungary / Globe Air Cargo Hungary Kft - founded in 2001, 2 employees, - 1 300 tons transported in 2010 - manager: László Bóta Budapest Széchenyi utca 42 1174 Hungary ROMANIA / GLOBE AIR CARGO SRL - founded in 2007, 2 employees, - 400 tons transported in 2010 - manager: Claudia Vasilescu Intl Airport Henri Coanda Strasse Aurel Vlaicu 11C Delamode Building,Rm01, Otopeni,073100,jud Ilfov 21

F LEADING IS A COMMITMENT -- Our offices /GSSA in america USA / Globe Air Cargo Inc, - founded in 1992, 20 employees, - 44 200 tons transported in 2010 - manager: Ulrich Baersch 7205 NW 19th Street Corporate Center Drive Suite 406 Miami, FL 33126 USA / CARGO SERVICES, INC. - founded in 1989, 190 employees, - 77 700 tons transported in 2010 - manager: Robert Booth 1601 nw 70 th avenue Miami, FL 33126 USA / Cool time arrivals - founded in 2009, 16 employees, - 24 500 tons transported in 2010 - manager: Jose E. Campos 1601 Nw 70 Th Avenue Miami, Fl 33126 Dominican Republic / Globe Air Cargo Inc - founded in 2005, 2 employees, - 900 tons transported in 2010 - manager: Ulrich Baersch Roberto Pastoriza #158 3er Nivel,local 301 Edificio Europa Santo Domingo, Dominican Republic colombia / GLOBE AIR CARGO LTDA - founded in 1995, 4 employees, - 150 tons transported in 2010 - manager: Jorge Alberto Fernandez Bernal Bogotá - Colombia Calle 51 No 71 B 30 ECUADOR / GTFG AIR CARGO CIA. LTDA. - founded in 1995, 3 employees, - 400 tons transported in 2010 - manager: Gilberto Guerrero Arbelaez av. amazonas N48-149 Sector aeropuerto Quito 22

ECS Group F -- Our offices /GSSA in asia SINGAPORE / GLOBE AIR CARGO FAR EAST PTE LTD - founded in 2009, 2 employees, - 700 tons transported in 2010 - manager: Sanjay Kumar 95 AIRPORT CARGO ROAD #02-218 Sats Airfreight Terminal 2 SINGAPORE 819461 Hong Kong / Globe Air Cargo (H.K.) Company Ltd - founded in 2001, 2 employees, - manager: Gil Coimbra Unit 708, 7/F Grand City Plaza 1, Sai Lau Kok Road Tsuen Wan N.T., Hong Kong UNITED ARAB EMIRATES / GLOBE AIR CARGO FZE - founded in 2007, 2 employees, - 2 300 tons transported in 2010 - manager: Shiranka Leo West Wing 6, Block B 1st Floor - Room 140 Dubai Airport Free Zone P O Box 54826 - Dubai U.A.E. 23

Roissytech Fret 4 1, rue du Pré 95709 Roissy CDG 24 Tél: +33 1 48 16 72 50 www.euro-cargo.com