Aircraft Financing and Leasing in Asia

2 nd Annual Embry-Riddle Aviation Symposium Aircraft Financing and Leasing in Asia Thursday 5 th February 2015 Singapore Supported by Sponsored by

AGENDA Chairman: Prof. Graham J. F. Hunt, Head of Asia, Embry-Riddle Aeronautical University, Asia 9.00 Registration & Welcome Coffee 9.30 Opening Remarks from Aeropodium Panagiotis Panagopoulos, CEO & Founder, Aeropodium Opening Remarks from the Chairman Prof. Graham J. F. Hunt, Head of Asia, Embry-Riddle Aeronautical University, Asia SESSION I 9.50 Financing engines: Meeting the requirements of Asian airlines Ben Hughes, Marketing & Business Development Director, Rolls-Royce & Partners Finance 10.20 The opportunity for Asia-Pacific aviation Is it time? Peter Negline, Head, Strategy & Market Research, BOC Aviation 10.50 Q&A SESSION 11.00 Networking Coffee Break SESSION II 11.30 An update on leasing out of Hong Kong Peter Huijbers, Regional Commercial Head, Asia Pacific & Latin America, Hong Kong Aviation Capital 12.00 Recent developments and changes in the aircraft leasing industry Roland H. Moore Esq., Aviation Attorney 12.30 Q&A SESSION 12.40 Networking Lunch SESSION III 14.00 Aviation finance outlook 2015 Robert Lamoureux, VP & Senior Regional Director, Asia Pacific, Commercial Air, CIT 14.30 Financing new aircraft pre-delivery payments Paul Jebely, Global Head of Aviation Finance, Clyde & Co 15.00 Q&A SESSION

15.10 Networking Coffee Break SESSION IV 15.40 Negligent entrustment - Is this a real risk for lessors and financiers? Anthony Frances, Partner, Kennedys 16.10 Lessor-favoured aircraft, a look at the assets Thomas Kaplan, Senior Valuation Analyst, Ascend Flightglobal Consultancy 16.40 Q&A SESSION 17.00 Concluding Remarks from the Chairman SPEAKERS Anthony Frances, Partner, Kennedys Anthony specializes in aviation and marine matters with an emphasis on commercial, regulatory and operational matters. On the aviation side, Anthony acts for airlines, aircraft operators (including VVIP and corporate), financiers, aircraft management companies and related aviation suppliers. Anthony also undertakes significant work for airlines and operators on the operational, transactional and insurance side in the Middle East and the Mediterranean. He has particular expertise in operational and regulatory matters with an emphasis on corporate, VVIP/Government and regional operators. Anthony also handles a variety of shipping and marine matters including marine losses, charterparty, sale and purchase disputes as well as dealing with flag, class and regulatory issues. He acts for a number of EU based shipowners and shipmanagers. Anthony has worked in Australia, the United Kingdom and Middle East for a number of years and has extensive experience of cross border and EU/non-EU compliance and regulatory frameworks. Peter Huijbers, Regional Commercial Head, Asia Pacific & Latin America, Hong Kong Aviation Capital Peter Huijbers has been with Hong Kong Aviation Capital, a leading global aircraft lessor, since 2012 as its Regional Commercial Head, Asia Pacific and Latin America responsible for airline leasing relationships. Mr. Huijbers is based in Hong Kong, has over 28 years of aviation industry experience, and has been employed in senior commercial positions at BMW Rolls-Royce, Lufthansa Technik as well as being Managing Director at Nordcapital Aviation and a Managing Director of VIA Capital Partners. Mr. Huijbers experience covers the full spectrum of technical, commercial and capital markets and he has dealt extensively with the senior management of airlines, banks, aircraft investors and closedend funds globally. Peter is a member of the International Society of Transport Aircraft Trading (ISTAT) and has been a member of the Board of Directors from 2005-2011. Mr. Huijbers played a key role in the ISTAT Globalization Initiative growing both ISTAT s European presence as well as developing an initial presence in Asia with a very successful first ISTAT China conference in May 2011. Since mid 2012, Mr. Huijbers is a member of the ISTAT Foundation and its Scholarship Committee being responsible for the Asia Pacific region. Mr. Huijbers graduated with distinction from the Technical University in Eindhoven, NL, and has a Master of Science degree in Industrial Engineering and Management Science and is fluent in Dutch, German and English.

Prof. Graham J. F. Hunt, Head of Asia, Embry-Riddle Aeronautical University, Asia Graham Hunt began his career in the New Zealand Air Force (RNZAF) and was awarded a Defence Doctoral Scholarship to the US. He studied at the University of Pittsburgh and at Wright-Patterson Air Force Base (Human Factors laboratory), where he discovered aviation human factors and gained his Ph.D In 1990 he was appointed founding professor of Aviation Human Factors and the Head of the School of Aviation at Massey University. In this position he led a research program for the Civil Aviation Authority of New Zealand (CAANZ) to design a competency-based Commercial Pilot License (CPL). This led to the implementation of the world s first integrated academic and professional certification airline pilot degree - the Bachelor of Aviation Air Transport Pilot. This achievement was recognized by ICAO as an alternative means of compliance for the CPL. Later, he was invited to join ICAO s Flight Crew Licensing and Training Panel (FCLTP) in Montreal which eventually produced competency-based Multi-crew Pilot License (MPL. In 2009 Professor Hunt joined Embry-Riddle Aeronautical University (ERAU) and was appointed Head of Asia where he is based in Singapore. As well as his administrative role with ERAU, Professor Hunt continues to teach human factors and safety management courses. He is currently a member of the ICAO s International Pilot Training Consortium (IPTC) Pilot Competencies Workstream. His passion for understanding how human competency can be identified, trained for and assessed remains a key focus of his professional interests. Professor Hunt is the co-founder with Dr. Richard Jensen of the International Journal of Aviation Psychology and is a past president of the New Zealand Division of the Royal Aeronautical Society. Paul Jebely, Global Head of Aviation Finance, Clyde & Co Paul serves as the firm's global head of aviation finance. He is recognized as a leading aviation lawyer, advising a range of clients on billions of dollars of commercial and business aircraft finance transactions. Paul has been repeatedly recognised by legal directories such as Chambers, Legal 500 and Who's Who as a "very highly rated" leading individual in aviation finance and singled out as a "courteous capable attentive driven...extremely competent... and commercial in his advice. He is commonly quoted by the Financial Times, Wall Street Journal, Bloomberg, the China Business Network and various industry publications on the basis of his expertise in the aviation markets in Asia and Africa in particular. Based in Hong Kong, Paul is admitted to practice law in England, New York and Ontario. He is experienced in negotiating and executing international commercial and business aircraft and engine financing, leasing and trading transactions, and in advising in respect of various enforcement and repossession situations. He has advised clients that together represent the full range of industry participants in respect of transactions concerning all class of commercial and business aircraft. Prior to joining Clyde & Co, Paul worked in London, Toronto and Kuwait. He led the aviation group (Asia and Middle East & Africa) for another major international law firm. Paul is the course director and a lecturer for the IFLR and Euromoney Aviation Finance Legal Training Course. Paul regularly speaks at and chairs industry conferences as well as provides in-house training to clients. Thomas Kaplan, Senior Valuation Analyst, Ascend Flightglobal Consultancy Thomas joined Ascend s London office, but has since relocated to Hong Kong to better serve clients in Asia. He focuses on the commercial aviation market and aircraft asset values. Thomas began his career in the aviation industry in 2005 working for a components manufacturer supplying the major players in Montreal s aerospace industry including Bombardier and Pratt & Whitney Canada. He has since lived in New York, where he studied business and finance, as well as in Dubai, where he worked as a management consultant for A.T. Kearney. Thomas holds a mechanical engineering degree from McGill University and an MBA from Columbia Business School. Robert Lamoureux, Vice President & Senior Regional Director - Asia Pacific, CIT Aerospace Robert joined CIT Aerospace in 2009 to lead its Asia Pacific regional office. He came from Emirates Airlines, based in Dubai, where he spent seven years as Vice President Procurement Aircraft. Prior to his time at Emirates, he was with Cathay Pacific Airways in Hong Kong for ten years in various

positions, mainly focusing on aircraft trading and procurement. He started his aviation career at Air Canada in Montreal as a propulsion engineer. Robert holds a Bachelor s degree in Mechanical Engineering from McGill University and an MBA from the John Molson School of Business (Concordia University), both located in Montreal. He also holds a Private Pilot Licence. Robert and his family have lived abroad for the last 22 years and currently reside in Singapore where CIT Aerospace Asia office is located. Roland H. Moore Esq., Aviation Attorney Roland Moore concentrates his aviation law practice primarily on domestic and international airline transactions, particularly with respect to aircraft finance, operating leases, aircraft acquisitions and sales agreements, airline related purchasing and sales agreements. Roland has over 35 years experience in the aviation industry, having started his airline career with Eastern Airlines in New York and Miami. He served as in-house corporate legal counsel and as a director of legal affairs for 21 years and also as vice-president of its hotel subsidiaries and commuter airline operations. He has been special counsel and advisor to Pan Am, BAX Global, Aero Peru, GECAS, Capital Cargo / ATI, and at least two foreign government owned airlines in Asia and Africa. During the Eastern and Pan Am liquidations, Roland was appointed special counsel to the Trustees representing the estates in the disposition of their fleets of Boeing, Douglas, Airbus and Lockheed aircraft. He was the author of virtually every aircraft purchase, lease and sale agreement for Eastern during this period, and was credited in the New York Southern District Bankruptcy Court as having authored and negotiated more of these types of transactional documents than perhaps any lawyer in the United States over 500. In addition to his busy aviation practice, Roland has been formerly an adjunct professor of aviation law for thirteen years at Embry Riddle Aeronautical University and a guest lecturer at numerous international aviation industry conferences. He is a former Vice Chairman of the Florida Bar Aviation Law Committee and past chair of the Florida Governor s Aviation Advisory Committee. Roland has been a member of ISTAT for over 25 years, was past chair of the ISTAT Foundation, chair and co-chair of the ISTAT Scholarship Committee, and helped organize ISTAT Asia. In 2013 he was appointed ISTAT Trustee Emeritus. He earned his law degree at the University of Miami and attended graduate courses at Harvard University. Peter Negline, Head, Strategy & Market Research, BOC Aviation Peter Negline is the Head of Strategy and Market Research at BOC Aviation in Singapore. Peter is responsible for advising the CEO on all factors external to the company, including the global macroeconomy, financing markets, airline industry performance, aircraft manufacturers and competition in the leasing markets. Previously, he covered the Middle East investor market for BOC Aviation. Peter joined BOC Aviation in 2008 from Tiger Aviation, a Singapore based LCC, where he was the CFO. Prior to joining the airline industry, Peter was a research analyst covering the Asia- Pacific Transportation sector in Hong Kong for 12 years. Before moving to Asia, Peter worked for 10 years with a number of investment banks in Australia, including working on the Qantas IPO in 1995.

SPONSORS CIT Aerospace As one of the world's leading aircraft leasing organizations, CIT Aerospace provides leasing and financing packages including operating leases and structuring and advisory services for commercial airlines worldwide. CIT Aerospace owns and finances a fleet of more than 350 commercial aircraft leased and financed to more than 110 customers in 50 countries. cit.com/aerospace Guggenheim Aviation Partners Guggenheim Aviation Partners, LLC (GAP) is an asset management firm focused exclusively on managing commercial aviation assets to generate above-average risk-adjusted returns. GAP s expert management team has a proven track record of successfully executing multiple exit strategies amid changing market conditions. Since inception, GAP has completed over $5.5 billion of aircraft asset transactions. Currently, GAP has management and investment responsibility for a $737 million closed-end fund which, as of September 2013, owns 60 commercial aircraft leased to airlines and cargo operators globally. GAP s clients include institutional investors such as insurance companies, pension plans, corporations, fund of funds, endowments, and foundations, and high-net-worth (HNW) individuals, family offices, consultants, and advisors. GAP is a division of NY-based Guggenheim Partners, a global asset manager and supervisor, whose clients entrusted with more than $190 billion in AUM which includes consulting services for clients whose assets are valued at approximately $39 billion as of November 30, 2013. GAP and its Guggenheim affiliate provide clients with investment expertise and service from a global network of offices throughout the Americas, Europe, and Asia. Titan Aviation Titan Aviation is an industry specialist, offering a wide array of services, including aircraft management, chartering, sales, leasing, and aviation human resources. Built on a strong business ethos of trust, value and service, Titan stands out for its responsiveness and transparent business practices, distinctively offering highly skilled and professional service at a very competitive cost. Its team consists of aviation professionals, covering all categories of the industry, including general, corporate and commercial aviation. Titan s unique aircraft management program ensures total freedom for the owners and offers them a convenient one-stop-shop solution. The company takes care of all aspects related to the aircraft acquisition process, including purchase agreement review, registration formalities, crew selection, and maintenance centre appointment, etc. Titan s technical team is experienced and qualified to inspect and take delivery of various types of aircraft, and has been providing exceptional service to many owners over the last few years. For more information, visit www.titanaviation.aero