Aircraft Finance 2010 by SkyhawkSS

SPECIAL REPORT

AIRCRAFT FINANCE 2010

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FOREWORD

FOREWORD Welcome to Flightglobal Insight’s Aircraft Finance 2010 special report, brought to you in association with CFM International and prepared using information from the extensive Flightglobal Premium portfolio. The report provides an analytical overview of the year 2009 looking at order and transaction activities, the finance and leasing market, and what appraisers expect this year. 2009 saw a total of 1,276 deliveries between Airbus, Boeing, ATR, Bombardier and Embraer. This compares with 1,185 deliveries in 2008. The year 2010 should see fewer deliveries as manufacturers manage their backlogs. Airbus and Boeing backlog account for 6,860 aircraft with Airbus having about 100 aircraft more in its backlog than Boeing. On the regional side, the aircraft backlog has plummeted to 634 at the end of last year from 861 aircraft at the end of 2008. Significantly, the 483 net orders by the five manufacturers reported in 2009 reflected the current market conditions. Availability of aircraft continued to grow last year. At year-end there were more than 1,160 aircraft available in the turboprop, regional jet, narrowbody and widebody markets. This compares with 1,050 aircraft available in the marketplace at the end of 2008.

is estimated at around 14.5% compared with 13.7% a year ago. GECAS and ILFC dominate the lessors rankings with their combined fleet of 2,645 aircraft (40% of the world leased fleet) with a value of $73.3 billion. Airbus and Boeing divide almost equally the narrowbody and widebody market share of the worldwide leased fleet. GECAS dominates by a large margin in the regional jet lessor ranking with a fleet of 326 aircraft. The turboprop lessor market is the only one where other lessors such as Nordic Aviation Capital and GOAL stand out. The report also includes a breakdown of aircraft finance transactions which took place in 2009, this information has been extracted from the Flight Deals database which is maintained by the Flight Data Research team. It has been displayed in various ways, enabling you to browse through the deals by operator, aircraft model, month, value and participant. Finally, the report offers opinion from appraisers at Avitas, Collateral Verifications, Fintech, IBA and MBA, who reflect on 2009 and provide insight into what we might expect during this year. We hope that you find this information useful and that the Aircraft Finance Special Report 2010 will be a helpful reference source of closing all your aircraft transactions this year.

The number of aircraft parked has also gone up over the past 12 months. At January 2010, there were 3,526 turboprop, regional jet, narrowbody and widebody aircraft parked compared with 3,189 aircraft at January 2009. Over the past year, the widebody parked fleet has gone up by 39%, the narrowbody parked fleet by 10% while the regional jet parked fleet was up 11.5%. Only the turboprop parked fleet saw an actual decrease in numbers over the past 12 months, from 733 aircraft to 699. An estimated 12.2% of the widebody fleet is now parked compared with 9.6% in January 2009 and this trend is set to continue with more widebody freighters parking in the desert. On the narrowbody side the parked fleet

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Aircraft Finance 2010 | Flightglobal Insight | 3

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AIRCRAFT FINANCE 2010

CONTENT FLEET WATCH: 2009 Aircraft order highlights of the year

LEASING OUTLOOK Top 50 lessors by fleet size Top 50 lessors by fleet value Top lessors by aircraft market group Leasing company historical backlog Share of leased fleet by manufacturer

9 10 11 12 12

DEALS DATABASE 2009 Aircraft finance deals announced by CAO Part 1: by customer Part 2: by aircraft model Part 3: by participant

13 19 26

MARKET OUTLOOK Appraisers reviews

TO FIND OUT MORE ABOUT FLIGHTGLOBAL INSIGHT AND REPORT SPONSORSHIP OPPORTUNITIES, CONTACT: Flightglobal Insight Quadrant House, The Quadrant Sutton, Surrey, SM2 5AS, UK Tel: + 44 (20) 8652 8724 Fax: +44 (20) 8652 3898 Email: insight@ﬂightglobal.com Website: www.ﬂightglobal.com/insight Aircraft Finance 2010 | Flightglobal Insight | 5

AIRCRAFT FINANCE 2010

FLEET WATCH: 2009 Net orders hit lowest point in seven years but record high for Airbus and narrowbody deliveries According to the Flightglobal ACAS database, commercial aircraft orders for the year 2009 ended at 656, down by 64% on 2008 and representing the lowest yearly volume of net orders in seven years. In fact, the net order total for 2009 was a massive 81% decrease on the year 2007 where an historical high had been reached in net orders with 3,425. Some 1,055 new orders came in during 2009, but were offset by 399 cancellations.

aircraft market in March 2009 with a total of 50 orders for its narrowbody CSeries. The Canadian manufacturer also won the regional jet battle scoring 45 net orders against Embraer’s 16. China’s Commercial Aircraft Corporation of China (COMAC) entered the regional market in 2009 with its ARJ21 receiving 30 orders at the end of the year. In the turboprop market, French manufacturer ATR totalled 52 net orders and Bombardier 37.

A low net total was recorded back in 2002 with net orders of 333, relating to regional jet cancellations, reﬂecting the effect of the demise of the Fairchild Dornier 328JET and 728 programmes.

Narrowbody net orders totalled 435 for the year with Airbus in the lead with 207 orders for its A320 family aircraft, followed by the Boeing 737 with 187 and the CSeries with 50. Narrowbody net orders decreased sharply by 54% on the previous year, the lowest point in ﬁve years.

Airliner market 10-year view - backlog 9,000

518

Turboprop 2,384

552

6,000

2,561

7,000

2,260

713

672

8,000

Regional Jet

1,461

472

Widebody

1,196

4,531

4,870

4,590

Narrowbody

3,528

728 659 1,845

2,795

671 739 1,873

867 680

2,120

1,000

2,474

2,000

1,964

1,319 771

3,000

751

4,000

1,298

5,000

Widebody net orders came in at only 28, a signiﬁcant drop of 94% on the record achieved in 2008. Airbus is again a clear market leader with 71 new orders recorded for the A330, A350 and A380, but they also suffered a net loss of seven aircraft from the Airbus A340 orderbook. Meanwhile, Boeing received 23 new orders for the 747, 767 and 777, but suffered 59 cancellations for its 787 programme resulting in Boeing’s widebody net order ﬁgure for the year of minus 36.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Source: ACAS (February 2010)

Overall, the order backlog ended the year 2009 at 7,831, down 682 on the previous year. Airbus emerged as the leader in the 2009 order battle with 271 net orders for the year, followed by Boeing with 142. Bombardier ofﬁcially entered the mainline 6 | Flightglobal Insight | Aircraft Finance 2010

There were a total of 66 net orders for regional jets during the year, down sharply by 72% on the previous year numbers. Turboprop net orders stood at 127 aircraft, only slightly down from a net ﬁgure of 132 in 2008. Europe is the region which experienced the highest number of net orders by customer in 2009 with 218 (397 orders minus 179 cancellations) representing a world share of 33%. In January 2009, Irish ﬁnance house Aircraft Purchase Fleet took over Air One’s Airbus order for 44 A320s, 12 A330s and 12 A350XWBs, also ordering 10 additional A320s in March. Hungarian low-cost carrier Wizz Air ordered 50 A320s in July while Turkish Airlines (THY) placed orders for 48 aircraft, a mix of A319s, A321s, 777s and A330s. Lufthansa was

AIRCRAFT FINANCE 2010

Airliner market 10-year view - net orders 267

3,500

403

3,250 3,000 2,750 2,500 195

285

Regional Jet

239

Narrowbody

1,759

435

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 NOTE:

China’s United Eagle Airlines placed the largest regional order of the year with 30 COMAC ARJ21s followed by American Eagle Airlines with 22 Bombardier CRJs. Spanish regional carrier Air Nostrum ordered 15 CRJs and 10 ATR72s. The bulk of regional cancellations in 2009 came from China’s Hainan Airlines with 25 Embraer ERJ-145s, Brasil Rodo Aereo with 20 195s and Italy’s My Way Airlines with 15 CRJs. India’s IndiGo also swapped 30 A321s for the A320 model. DELIVERIES Orders for commercial aircraft in 2009 might have been low, but deliveries showed the highest ﬁgure in history. The total yearly deliveries of aircraft has been on a continuous climb since 2003 and totalled 1,338 in 2009, an all time high.

956

1,378

1,466

427

342

348

212

368

250

297 222

797

750 500

256

270

1,250 1,000

Widebody

483

681

1,750

451

620

2,000

1,500

996

Turboprop

2,250

placed orders for 16 A321s and two ATR72s.

2001 turboprop net orders: -19 2002 regional orders: -126

Source: ACAS (February 2009)

the ﬁrst air carrier to place an order for the CSeries with 30. Ireland-based lessor Lease Corporation International is the other customer for the CSeries with 20 and they also ordered ﬁve A330s.

A record ﬁgure of 774 narrowbody deliveries was completed during the year, an increase of 14% on 2008 as Airbus delivered 402 A320 family and Boeing 372 737s. It is also the ﬁrst time since 1968 that narrowbody deliveries exceeded 700 units during the year.

In South America, Chile’s LAN Airlines ordered 20 A320s, 10 A319s and cancelled a single 777. In the Middle East, Qatar Airways ordered 20 A320s and four A321s, with UAE’s DAE Capital ordering 10 747s and eight 777s. In the Asia-Paciﬁc region, China Eastern Airlines ordered 16 A330s while Vietnam Airlines

The widebody market showed a growth of 13% on the previous year totalling 205 deliveries, the best performance since 1999. Airbus totalled 96 for its A330, A340 and A380 models while Boeing delivered 88 777s, 13 767s and eight 747s.

Airliner market 10-year view - deliveries 139

142 280

220

137

205 182

197

205 186

278

Regional

152

774

676

697

645

147 455

Regional jet deliveries totalled 220, a 21% decrease on 2008 while 139 turboprops were delivered. Manufacturers Bombardier, Embraer and ATR delivered 147, 136 and 48 aircraft, respectively.

Narrowbody

516

155

175 612

504

200

651

500

300

Turboprop

Widebody

600

400

336

340

202

199

800 700

326

900

433

1,000

307

1,100

347

110

1,200

116

1,300

242

1,400

Airbus delivered a total of 498 aircraft in 2009, a record high for the manufacturer following on from four record years in a row. Boeing totalled 481 aircraft deliveries, also a strong performance and their most productive in eight years, although the American manufacturer surpassed that delivery ﬁgure from 1998 to 2001.

100 0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Source: ACAS (February 2010)

To see all the monthly Fleet Watch summaries, visit: www.ﬂightglobal.com/ﬂeetwatch Aircraft Finance 2010 | Flightglobal Insight | 7

AIRCRAFT FINANCE 2010

8 | Flightglobal Insight | Aircraft Finance 2010

AIRCRAFT FINANCE 2010

LEASING OUTLOOK Top 50 lessors by ﬂeet size TOP 50 LESSORS BY FLEET SIZE Rank Leasing company 2009 (2008) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 35 37 38 39 39 39 42 43 43 45 46 46 48 49 50

(1) (2) (3) (4) (5) (9) (6) (8) (7) (10) (16) (11) (19) (13) (12) (18) (17) (20) (21) (25) (22) (27) (23) (24) (33) (26) (27) (27) (30) (35) (32) (30) (41) (37) (39)

(41) (40) (41)

(50)

GECAS ILFC Boeing Capital CIT Group Babcock & Brown RBS Aviation Capital Aviation Capital Group AerCap AWAS BAE Systems Asset Mgt Skyworks Leasing LLC Nordic Aviation Capital Aircastle Investment BOC Aviation MacQuarie Aircraft Leasing Saab Aircraft Leasing PALS ATR Asset Management ORIX Aviation Allco Equipment Leasing Sumisho A/c Asset Mgt Sky Holdings Pembroke Group Genesis Lease GOAL GAAM BCI Aircraft Leasing ALAFCO Volito Aviation Guggenheim Aviation Bombardier Capital DAE Capital Waha Leasing Jetscape VGS Aircraft Holding Ltd AAR Aircraft & Engine Group GMT Global Republic Aviation Doric Asset Finance Sojitz Aircraft Leasing Bavaria Int'l A/c Leasing Global Knafaim Leasing Aldus Aviation Ltd ITOCHU Airlease Q Aviation Boeing Aircraft Holding Amentum Capital Aircraft Purchase Fleet Lease Corporation Intl AerDragon Aviation Partners Avequis TOTAL

number 1,508 1,137 301 289 285 241 239 216 208 157 139 133 131 130 121 120 104 101 100 68 67 60 56 55 52 50 45 44 43 42 35 33 32 31 29 29 24 21 20 20 20 16 15 15 13 12 12 10 7 5 6,641

Total ﬂeet change units +/5.0% 3.8% -2.9% -3.7% 1.8% 17.6% 2.1% 1.9% -2.8% -15.6% 1.5% 15.7% -0.8% 83.1% -4.7% -7.0% 44.4% 0.0% -10.7% 6.3% 15.5% 30.4% 19.2% 1.9% 23.8% -5.7% -8.2% 69.2% -6.5% 0.0% -16.7% 37.5% 3.2% 24.0% -3.3% -6.5% 26.3% 50.0% -13.0% 0.0% 25.0% 60.0% 7.1% 0.0% -7.1% 140.0% 0.0% 0.0% 600.0% 66.7% 4.3%

+72 +42 -9 -11 +5 +36 +5 +4 -6 -29 +2 +18 -1 +59 -6 -9 +32 +0 -12 +4 +9 +14 +9 +1 +10 -3 -4 +18 -3 +0 -7 +9 +1 +6 -1 -2 +5 +7 -3 +0 +4 +6 +1 +0 -1 +7 +12 +10 +6 +2 276

Wide 165 307 19 45 25 2 11 20 50

Fleet by type Narrow Reg jet Turboprop

38 23 14

997 827 271 224 259 223 228 192 155 1 91 16 93 107 106

12 22 6 7 11 6 3 3 8 10

76 40 61 53 31 47 11 47 32 34 41 32

326 3

20 11

20 1 16 4 3 112 25 4

44 113

1 120

101 12 6

14 2 18 5

2 21

13 12 2 3 15 14 2 8 2 8 9 5 7 2 954

20 9 18 29 26 9 7 18 20 12 12 7 4 6 12 3 7 3 4,609

11 11

16 1

617

461

NOTES: Figures based on ﬂeet data from the Flightglobal ACAS database for year-end December 2009. Total ﬂeet is owned and managed.

Aircraft Finance 2010 | Flightglobal Insight | 9

AIRCRAFT FINANCE 2010

Top 50 lessors by ﬂeet value TOP 50 LESSORS BY FLEET VALUE Rank 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

Leasing company (2008) (1) (2) (3) (4) (5) (11) (7) (8) (6) (9) (10) (12) (13) (15) (18) (14) (20) (21) (17) (16) (19) (26) (27) (42) (25) (30) (24) (35) (22)

(29) (28) (33) (34) (36) (32) (38) (31) (39) (47)

ILFC GECAS CIT Group RBS Aviation Capital Babcock & Brown BOC Aviation Aviation Capital Group AerCap AWAS Boeing Capital Aircastle Investment MacQuarie Aircraft Leasing Allco Equipment Leasing Sumisho A/c Asset Mgt Doric Asset Finance ORIX Aviation ALAFCO Skyworks Leasing LLC Pembroke Group DAE Capital Genesis Lease GAAM Waha Leasing GOAL Guggenheim Aviation Amentum Capital Lease Corporation Intl BCI Aircraft Leasing Nordic Aviation Capital PALS Volito Aviation Jetscape BAE Systems Asset Mgt Sky Holdings Aircraft Purchase Fleet GMT Global Republic Aviation VGS Aircraft Holding Ltd Sojitz Aircraft Leasing ATR Asset Management Aldus Aviation Ltd Bavaria Int'l A/c Leasing ITOCHU Airlease Q Aviation AerDragon Aviation Partners Saab Aircraft Leasing Boeing Aircraft Holding AAR Aircraft & Engine Group Bombardier Capital Avequis Global Knafaim Leasing TOTAL

Total ﬂeet value $m $change 39,382 33,911 8,566 8,120 6,757 5,884 5,058 4,965 4,878 3,515 3,420 2,752 2,688 2,315 2,172 2,051 1,768 1,734 1,722 1,674 1,446 1,358 1,125 932 870 726 722 710 706 692 635 582 571 524 518 507 489 485 483 385 364 349 325 302 298 290 284 256 254 246 160,770

-11.9% -3.6% -14.9% 4.5% -5.8% 68.1% -9.1% 4.3% -16.2% -22.4% -17.7% -18.2% -4.5% -0.8% 34.6% -26.6% 58.3% -21.4% 68.0% 30.5% -16.3% -21.5% -5.5% 63.3% 29.9% 103.4% 0.0% -12.8% 37.5% 81.0% -23.3% 40.0% -37.8% 50.4% 0.0% -10.2% -15.6% -26.5% 5.9% 65.4% -19.4% -13.6% -30.8% 624.1% -4.5% -40.2% -4.1% 45.6% 102.4% 20.8% -3.3%

Total ﬂeet

Average value $ m change

1,137 1,508 289 241 285 130 239 216 208 301 131 121 68 67 21 100 44 139 56 33 55 50 32 52 42 12 10 45 133 104 43 31 157 60 12 24 29 20 101 16 20 15 15 7 120 13 29 35 5 20 6,641

34.6 22.5 29.6 33.7 23.7 45.3 21.2 23.0 23.5 11.7 26.1 22.7 39.5 34.6 103.4 20.5 40.2 12.5 30.7 50.7 26.3 27.2 35.2 17.9 20.7 60.5 72.2 15.8 5.3 6.7 14.8 18.8 3.6 8.7 43.2 21.1 16.9 24.3 4.8 24.1 18.2 23.3 21.6 43.2 2.5 22.3 9.8 7.3 50.7 12.3 24.2

-15.1% -8.2% -11.7% -11.1% -7.5% -8.2% -11.0% 2.4% -13.8% -20.1% -17.1% -14.1% -10.1% -14.2% -10.2% -17.8% -6.5% -22.5% 41.0% -5.1% -17.8% -16.8% -8.4% 31.9% 29.8% -15.3% 0.0% -5.0% 18.9% 25.3% -17.9% 12.9% -26.3% 15.3% 0.0% -28.9% -12.7% -15.4% 5.9% 3.4% -19.4% -19.3% -30.8% 3.4% 2.6% -35.6% 2.5% 74.7% 21.4% -3.4% -7.4%

Managed only $m share 341 3,131 146 1,034 5,831 914 94 1,391 0 68 9 553 0 1,724 1,417 188 423 1,734 35 0 0 1,358 0 504 0 0 0 0 237 0 423 191 571 524 0 0 25 340 21 0 0 0 0 0 276 0 0 0 0 0 23,503

NOTES: Figures based on ﬂeet values from the Flightglobal ACAS database and Avitas estimates for year-end December 2009. 10 | Flightglobal Insight | Aircraft Finance 2010

0.9% 9.2% 1.7% 12.7% 86.3% 15.5% 1.9% 28.0% 0.0% 1.9% 0.3% 20.1% 0.0% 74.5% 65.2% 9.2% 23.9% 100.0% 2.1% 0.0% 0.0% 100.0% 0.0% 54.1% 0.0% 0.0% 0.0% 0.1% 33.5% 0.0% 66.6% 32.8% 100.0% 100.0% 0.0% 0.0% 5.0% 70.0% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% 92.4% 0.0% 0.0% 0.0% 0.0% 0.0% 14.6%

AIRCRAFT FINANCE 2010

Top lessors by aircraft market group WIDEBODY LESSORS BY FLEET VALUE 2009

NARROWBODY LESSORS BY FLEET VALUE 2009 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Company GECAS ILFC RBS Aviation Capital CIT Group Babcock & Brown Aviation Capital Group AerCap BOC Aviation Boeing Capital AWAS MacQuarie Aircraft Leasing Sumisho A/c Asset Mgt ORIX Aviation Aircastle Investment Allco Equipment Leasing ALAFCO Genesis Lease GAAM Skyworks Leasing LLC Pembroke Group DAE Capital Volito Aviation Aircraft Purchase Fleet VGS Aircraft Holding Ltd Sojitz Aircraft Leasing PALS Bavaria Int'l A/c Leasing Sky Holdings Guggenheim Aviation AerDragon Aviation Partners

Value $m 20,872 20,664 7,722 5,777 5,388 4,713 3,776 3,615 2,881 2,627 2,279 1,929 1,555 1,552 1,316 1,267 1,205 1,149 950 746 683 630 518 489 458 441 364 347 334 302

Fleet 997 827 223 224 259 228 192 107 271 155 106 61 76 93 40 34 47 47 91 31 20 41 12 29 18 92 20 53 32 7

Change +41 +35 +36 +6 +1 +5 -5 +51 -4 -2 -6 +9 -12 +0 +2 +18 +1 -3 +2 +8 +7 -3 +12 -1 -3 +27 +0 +12 -4 +6

REGIONAL JET LESSORS BY FLEET VALUE 2009 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 17 19 19 20

Company GECAS BAE Systems Asset Mgt Aldus Aviation Ltd Jetscape GOAL RBS Aviation Capital Waha Leasing Bombardier Capital Allco Equipment Leasing CIT Group Skyworks Leasing LLC BCI Aircraft Leasing Pembroke Group Genesis Lease Amentum Capital Nordic Aviation Capital AWAS ILFC ITOCHU Airlease MacQuarie Aircraft Leasing Babcock & Brown

Value $m 4,342 498 385 330 294 275 203 200 176 138 129 86 45 34 17 11 10 10 6 6 3

Fleet 326 112 16 11 18 16 11 21 6 20 25 5 14 2 1 4 3 3 1 1 1

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Company Value $m ILFC 18,707 GECAS 8,640 CIT Group 2,651 BOC Aviation 2,269 AWAS 2,242 Doric Asset Finance 1,917 Aircastle Investment 1,868 Babcock & Brown 1,365 Allco Equipment Leasing 1,197 AerCap 1,184 DAE Capital 991 Pembroke Group 931 Waha Leasing 785 Skyworks Leasing LLC 655 Lease Corporation Intl 636 Boeing Capital 552 Guggenheim Aviation 536 ALAFCO 501 Amentum Capital 490 MacQuarie Aircraft Leasing 468 ORIX Aviation 425 GMT Global Republic Aviation 399 Sumisho A/c Asset Mgt 386 Aviation Capital Group 345 BCI Aircraft Leasing 330 PALS 251 Boeing Aircraft Holding 232 Q Aviation 232 GAAM 209 Genesis Lease 208

Fleet 307 165 45 23 50 14 38 25 22 20 13 11 12 23 7 19 10 10 5 14 12 15 6 11 8 12 9 8 3 6

Change +7 +0 -14 +8 -4 +4 -1 +4 +3 +9 +2 +4 +1 +0 +7 -2 +4 +0 +3 +0 +0 +0 +0 +0 -3 +5 -1 +2 +0 +0

TURBOPROP LESSORS BY FLEET VALUE 2009 Change +30 -19 +6 +7 +5 +0 +4 +8 +0 -3 +0 +0 -2 +0 +0 +0 +0 +0 +1 +0 +0

Rank 1 2 3 4 5 6 7 8 9 10 10 11 11

Company Nordic Aviation Capital ATR Asset Management GOAL Saab Aircraft Leasing Boeing Capital ORIX Aviation GECAS Bombardier Capital BAE Systems Asset Mgt AerCap Volito Aviation Pembroke Group Allco Equipment Leasing

Value $m 634 483 340 298 81 70 58 56 49 5 5 0 0

Fleet 113 101 20 120 11 12 20 14 44 4 2 0 0

Change +19 +0 +6 -9 -3 +0 +1 -15 -7 +0 +0 -1 -1

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AIRCRAFT FINANCE 2010

Leasing company historical backlog LEASING COMPANY YEAR-END JET AIRCRAFT ORDER BACKLOG AND SHARE OF TOTAL Aircraft group Narrowbody Widebody Regional TOTAL

2005 Units Share % 763 30 199 18 23 9 985 24

2006 Units Share % 423 12 157 11 0 0 580 11

2007 Units Share % 569 13 290 13 20 3 879 12

2008 Units Share % 642 13 277 11 20 3 939 11

2009 Units Share % 757 17 347 15 13 2 1117 15

NOTES: Figures based on ﬂeet data from the Flightglobal ACAS database for year-end 2009. Share = share of total order backlog in units.

Share of leased ﬂeet by manufacturer REGIONAL AIRCRAFT

NARROWBODY Manufacturer Airbus Boeing MD/Boeing Total survey

Fleet value $m Share 49,550 50% 48,949 49% 539 1% 99,038 100%

Fleet size Units Share 1,847 40% 2,504 54% 258 6% 4,609 100%

Fleet value $m Share 22,850 44% 28,114 54% 1,490 3% 52,454 100%

Fleet size Units Share 385 40% 515 54% 54 6% 954 100%

WIDEBODY Manufacturer Airbus Boeing MD/Boeing Total survey

ALL MAINLINE AIRCRAFT Manufacturer Airbus Boeing MD/Boeing Total survey

Fleet value $m Share 72,400 48% 77,063 51% 2,029 1% 151,491 100%

Fleet size Units Share 2,232 40% 3,019 54% 312 6% 5,563 100%

ALL AIRCRAFT IN SURVEY Manufacturer Boeing Airbus Embraer Bombardier MD/Boeing ATR BAE Systems Saab Fokker Fairchild/Dornier Total survey

Fleet value $m Share 77,063 47.9% 72,400 45.0% 4,271 2.7% 3,029 1.9% 2,029 1.3% 999 0.6% 505 0.3% 322 0.2% 146 0.1% 5 0.0% 160,770 100.0%

12 | Flightglobal Insight | Aircraft Finance 2010

Fleet size Units Share 3,019 45.5% 2,232 33.6% 246 3.7% 315 4.7% 312 4.7% 190 2.9% 148 2.2% 128 1.9% 47 0.7% 4 0.1% 6,641 100.0%

Manufacturer BAE Systems Bombardier Embraer Fokker Total survey

Fleet value $m Share 456 6% 2,363 33% 4,257 59% 122 2% 7,198 100%

Fleet size Units Share 104 17% 240 39% 237 38% 36 6% 617 100%

TURBOPROP AIRCRAFT Manufacturer ATR BAE Systems Bombardier Embraer Fairchild/Dornier Fokker Saab Total survey

Fleet value $m Share 999 48% 49 2% 666 32% 14 1% 5 0% 25 1% 322 15% 2,081 100%

Fleet size Units Share 190 41% 44 10% 75 16% 9 2% 4 1% 11 2% 128 28% 461 100%

AIRCRAFT FINANCE 2010

DEALS DATABASE 2009 AIRLINER FINANCE DEALS ANNOUNCED IN 2008 WITH ANALYSIS BY OPERATOR/LESSOR Part 1: by customer AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Customer

Country

Adria Airways Aegean Airlines Aegean Airlines Aegean Airlines Aer Lingus AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap AerCap Aerdragon Aviation Partners Aerdragon Aviation Partners Aeroflot-Russian Airlines Aeroflot-Russian Airlines Aeroflot-Russian Airlines AeroLogic AeroMexico AeroMexico AerVenture AerVenture Air Berlin Air Berlin Air Berlin Air Berlin Air China Air China Air Europa Air Europa Air France Air France Air France Air France Air France Air France Air France Air France

Slovenia Greece Greece Greece Ireland Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Ireland Ireland Russia Russia Russia Germany Mexico Mexico Ireland Ireland Germany Germany Germany Germany China China Spain Spain France France France France France France France France

Aircraft Aircraft model number 2 1 3 1 1 3 3 1 1 1 1 10 1 1 1 1 1 4 1 1 1 1 6 6 10 1 2 1 15 5 1 3 1 3 3 4 2 2 1 1 1 2 1 2 2 2

CRJ-900 A320-232 A320-232 A320-232 A330-302 A330-300 A330-200 A330-300 A330-243 A330-243 A330-323 A330 family A330 family A330-243 A330-243 A330-243 A330-343 A330 family A330-343 A330-343 A320-214 A320-214 A321-211 A321-211 SSJ 100-95 777-200LRF 190-100LR 190-100LR A320 family A320-214 A319-112 A320-214 737-800 A320-214 737-800 A321-213 195-200LR 195-200LR 777-300ER 190-100LR 777-300ER A380-861 A320-214 A380-861 777-200LRF 777-300ER

Engine

Month

Financing structure

CF34-8C5 V2527-A5 V2527-A5 V2527-A5 CF6-80E1A4B

Feb Apr Jun Oct Jun Feb Mar Mar Jun Jun Jun Jul Sep Sep Sep Nov Nov Nov Nov Dec Feb Apr Mar Jul Aug May Jan Dec Mar Mar Apr Aug Dec Dec Apr Apr Mar Apr Feb Feb Jul Jul Jul Sep Dec Dec

SLB SLB SLB ECA ECA PDP PDP PDP ECA ECA ECA PDP PDP ECA ECA ECA ECA PDP ECA ECA Finance lease Term loan ECA PDP SLB Bridge loan SLB SLB ECA ECA Finance lease SLB SLB SLB French lease French lease Term loan Finance lease Finance lease Cash Finance lease Conditional sale structure French lease German KG fund market SLB SLB

TRENT 772C-60 TRENT 772B-60 PW4168A

TRENT 772B-60 TRENT 772B-60 TRENT 772C-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B3/3 CFM56-5B3/3 SaM146 GE90-110B1 CF34-10E6 CF34-10E6 CFM56-5B4/3 CFM56-5B6/3 CFM56-5B4/3 CFM56-7B26/3 CFM56-5B4/3 CFM56-7B26/3 CFM56-5B2/3 CF34-10E7 CF34-10E7 GE90-115BL2 CF34-10E5 GE90-115BL2 GP7270 CFM56-5B4/3 GP7270 GE90-110B1 GE90-115BL2

Aircraft Finance 2010 | Flightglobal Insight | 13

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Customer

Country

Air France Air France Air France Air Mauritius AirAsia X Aircastle Aircastle Aircraft Purchase Fleet Aircraft Purchase Fleet ALAFCO ALAFCO ALAFCO ALAFCO ALAFCO ALAFCO ALAFCO ALAFCO Alaska Airlines Alaska Airlines Alaska Airlines Alaska Airlines Alaska Airlines Alaska Airlines Amentum Capital American Airlines American Airlines American Airlines Arik Air Augsburg Airways Austral Lineas Aereas Avianca Avianca Avianca Avianca Aviation Capital Group Aviation Capital Group Aviation Capital Group AWAS AWAS Azul Linhas Aereas Brasileiras BA CityFlyer BA CityFlyer Berjaya Air BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation British Airways British Airways British Airways

France France France Mauritius Malaysia Ireland Ireland Ireland Ireland Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait United States United States United States United States United States United States Ireland United States United States United States Nigeria Germany Argentina Colombia Colombia Colombia Colombia United States United States United States Ireland Ireland Brazil United Kingdom United Kingdom Malaysia Singapore Singapore Singapore Singapore Singapore Singapore Singapore United Kingdom United Kingdom United Kingdom

14 | Flightglobal Insight | Aircraft Finance 2010

Aircraft Aircraft model number 1 1 1 1 3 1 1 2 4 1 1 1 4 2 2 1 1 2 1 5 1 1 1 4 2 16 4 2 1 20 1 12 2 1 3 2 3 2 5 2 6 5 2 3 4 1 5 3 7 2 2 3 1

777-300ER 777-300ER 777-300ER A330-202 A330-343 A330-243 A330-243 A320-216 A320-216 A320-214 A320-214 A320-214 A320-214 A320-214 A320-232 A320-214 A320-214 737-800 737-800 737-800 737-800 737-800 737-800 190-100LR 737-800 737-800 777-200ER A340-541 190-100LR 190-100AR A330-243 A320-214 A320-214 A330-243 737-800 A320-214 737-800 A330-343 737-800 195-200AR 170-100LR 190-100SR ATR72-500 737-700 737-700/800 737-800 A320 family A320-232 737-800/900 777-300ER 777-200ER A320-232 777-200ER

Engine

Month

Financing structure

GE90-115BL2 GE90-115BL2 GE90-115BL2 CF6-80E1A4B TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 CFM56-5B6/3 CFM56-5B6/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 V2527-A5 CFM56-5B4/3 CFM56-5B4/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B27/3 CF34-10E5 CFM56-7B24/3 CFM56-7B27/3 TRENT 892B-17 TRENT 553-61 CF34-10E5A1 CF34-10E5 TRENT 772B-60 CFM56-5B4/3 CFM56-5B4/3 TRENT 772B-60 CFM56-7B CFM56-5B4/3 CFM7-56-7B TRENT 772B-60 CFM56-7B CF34-10E7 CF34-8E5 CF34-10E PW127F CFM56-7B22/3 CFM56-7B CFM56-7B26/3

Dec Dec Dec Oct Jun Jun Dec May Oct Jan Feb Apr Apr Apr Apr May May May Jun Dec Dec Dec Dec Dec Apr Jun Jun Jan Dec Dec Jun Aug Aug Dec Jul Sep Nov Jun Oct Jan Jun Jun Sep Oct Oct Oct Oct Oct Dec Dec Jun Jun Dec

Conditional sale structure Conditional sale structure Conditional sale structure ECA ECA ECA ECA Finance lease ECA ECA ECA ECA ECA ECA ECA ECA ECA Mortgage loan Finance lease SLB SLB Mortgage loan Mortgage loan Commercial debt Finance lease EETC EETC ECA Finance lease Loan SLB ECA SLB SLB US Ex-Im ECA Finance lease PDP PDP Brazilian Development Bank Brazilian Development Bank Brazilian Development Bank ECA US Ex-Im US Ex-Im US Ex-Im ECA ECA US Ex-Im US Ex-Im JOLCO JOLCO JOLCO

V2527-A5 CFM56-7B GE90-115BL2 TRENT 895 V2527-A5 TRENT 895

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Customer

Country

British Airways Cathay Pacific Cathay Pacific Cebu Pacific Air CIT Group CIT Group CIT Group CIT Group CIT Group Continental Airlines Continental Airlines Continental Airlines Continental Airlines Continental Airlines Continental Airlines Copa Airlines Croatia Airlines DAE Capital DAE Capital DAE Capital DAE Capital Delta Air Lines easyJet easyJet easyJet Egyptair Egyptair Egyptair El Al Israel Airlines Emirates Emirates Emirates Emirates Emirates Emirates Emirates Emirates Emirates Ethiopian Airlines Ethiopian Airlines Ethiopian Airlines Etihad Airways Etihad Airways Finnair Finnair

United Kingdom China, Hong Kong China, Hong Kong Philippines United States United States United States United States United States United States United States United States United States United States United States Panama Croatia United Arab Emirates United Arab Emirates United Arab Emirates United Arab Emirates United States United Kingdom United Kingdom United Kingdom Egypt Egypt Egypt Israel United Arab Emirates United Arab Emirates United Arab Emirates United Arab Emirates United Arab Emirates United Arab Emirates United Arab Emirates United Arab Emirates United Arab Emirates Ethiopia Ethiopia Ethiopia United Arab Emirates United Arab Emirates Finland Finland

Aircraft Aircraft model number 1 2 6 2 2 1 2 1 1 1 12 3 1 1 2 2 3 1 1 8 1 1 7 2 4 6 6 5 2 1 2 1 2 1 2 3 3 2 8 8 2 1 1 2 4

777-200ER 747-400ERF 777-300ER ATR72-500 A330-243 A320-200 A330-300 A320-200 A330-200 737-900ER 737-800 757-200 767-400EREM 777-200ER 777-200ER 737-800 DHC8-402Q 777-200LRF 777-200LRF 737-800 777-200LRF 737-700 A320-214 A320-214 A320-214 170-100LR 170-100LR 737-800 737-800 777-200LR 777-300ER A380-861 777-300ER A380-861 A380-861 A380-861 777-300ER 777-300ER DHC8-402Q 787-8 787-9 A340-642 A340-642 190-100LR A330-302

Engine

Month

Financing structure

TRENT 895 PW4062A GE90-115BL2 PW127F TRENT 772B-60

Dec Mar Sep Feb Feb Oct Oct Dec Dec Mar Nov Nov Nov Nov Nov Jul Jul Mar Apr Jun Jun Dec Sep Nov Nov Feb Feb Aug Jun Jan Feb Feb Jun Sep Sep Sep Oct Oct Mar Apr Apr Sep Sep Feb Apr

Finance lease US Ex-Im SLB ECA ECA ECA ECA ECA ECA Term loan EETC EETC EETC EETC EETC US Ex-Im SLB US Ex-Im US Ex-Im US Ex-Im US Ex-Im Mortgage loan Finance lease SLB SLB Finance lease Finance lease US Ex-Im US Ex-Im SLB German KG fund market Finance lease US Ex-Im German KG fund market Finance lease ECA US Ex-Im US Ex-Im Export Development Canada PDP PDP ECA ECA Cash Cash

CFM56-7B26/3

GE90-94B CFM56-7B27/3 PW150A GE90-110B1 GE90-110B1 CFM56-7B26/3 GE90-110B1 CFM56-7B26/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CF34-8E5 CF34-8E5 CFM56-7B26/3 CFM56-7B26/3 GE90-110B1 GE90-115BL2 GP7270 GE90-115BL2 GP7270 GP7270 GP7270 GE90-115BL2 GE90-115BL2 PW150A Genx-1B64 TRENT 556A2-61 TRENT 556A2-61 CF34-10E5 CF6-80E1A4B

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Delivering critical aircraft market information to your business Aircraft Finance 2010 | Flightglobal Insight | 15

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Customer

Country

Finnair Finland Finnair Finland FlyDubai United Arab Emirates FlyDubai United Arab Emirates Garuda Indonesia Airways Indonesia GECAS United States GECAS United States GoAir India GOL Transportes Aereos Brazil Guggenheim Aviation Partners United States Guggenheim Aviation Partners United States Guggenheim Aviation Partners United States Guggenheim Aviation Partners United States Guggenheim Aviation Partners United States Gulf Air Bahrain Hawaiian Airlines United States Hawaiian Airlines United States Hong Kong Intl Aviation Lsg China, Hong Kong Hong Kong Intl Aviation Lsg China, Hong Kong ILFC United States ILFC United States ILFC United States ILFC United States ILFC United States ILFC United States Jazeera Airways Kuwait Jazeera Airways Kuwait Jazeera Airways Kuwait Jet Airways India JetBlue Airways United States JetBlue Airways United States JetBlue Airways United States Jetscape United States Jetscape United States KLM cityhopper Netherlands KLM cityhopper Netherlands KLM cityhopper Netherlands KLM cityhopper Netherlands KLM Royal Dutch Airlines Netherlands KLM Royal Dutch Airlines Netherlands KLM Royal Dutch Airlines Netherlands KLM Royal Dutch Airlines Netherlands KLM Royal Dutch Airlines Netherlands KLM Royal Dutch Airlines Netherlands Korean Air South Korea LCI Ireland LCI Ireland LCI Ireland LCI Ireland Lion Airlines Indonesia Lion Airlines Indonesia Lufthansa Germany M1 Commercial jets Lebanon Malaysia Airlines Malaysia 16 | Flightglobal Insight | Aircraft Finance 2010

Aircraft Aircraft model number 3 1 2 4 8 2 7 2 7 4 5 6 1 2 8 2 1 3 3 1 1 3 1 1 1 2 2 1 1 1 1 1 2 1 4 2 1 4 1 1 1 1 1 1 1 1 1 2 2 7 6 2 2 5

A330-302 A330-302 737-800 737-800 737-800 A320-214 A320-232 A320-214 737-800 747-8 777-200LRF A330-200F 777-300ER A330-243 A320-214 A330-243 A330-243 A330-343 A330-343 A319-132 A319-133 A320-214 A321-211 A330-243 777-300ER A320-214 A320-214 A320-214 A330-202 A320-232 A320-232 A320-232 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 737-700 190-100LR 777-300ER 777-300ER 777-300ER 737-700 777-300ER A330-343 777-300ER A330-343 A330-343 737-900ER 737-900ER 195-200LR 190-100LR ATR72-500

Engine

Month

Financing structure

CF6-80E1A4B CF6-80E1A4B CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-5B4/3 V2527-A5 CFM56-5B4/3 CFM56-7B27/3 GEnx-2B67 GE90-110B1

Oct Dec Nov Nov Mar Apr Apr Jun Nov Jan Jan Jan Oct Nov Oct Jun Dec Jul Jul Apr Apr Apr Apr Apr Jun Apr Dec Dec Mar Jan Feb Mar Jan Dec Jun Sep Nov Dec Apr May May Sep Oct Oct Sep Apr May May Jun Apr Sep Feb Dec Jul

ECA ECA SLB SLB SLB ECA ECA SLB PDP PDP PDP PDP Finance lease Limited-recourse term loan Loan PDP Operating lease Finance lease PDP ECA ECA ECA ECA ECA Loan SLB ECA Finance lease Term loan Term loan Term loan Term loan Term loan Brazilian Development Bank Loan Finance lease Bridge loan SLB Finance lease JOLCO US Ex-Im US Ex-Im US Ex-Im & mismatch loan US Ex-Im US Ex-Im Term loan Finance lease Finance lease Commercial debt US Ex-Im Finance lease Cash Term loan ECA

GE90-115BL2 TRENT 772B-60 CFM56-5B4/3 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 V2524-A5 V2527M-A5 CFM56-5B4/3 CFM56-5B3/3 TRENT 772B-60 GE90-115BL2 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CF6-80E1A4B V2527-A5 V2527-A5 V2527-A5 CF34-10E6 CF34-10E6 CF34-10E5 CF34-10E5 CF34-10E5 CF34-10E5 CFM56-7B22/3 CF34-10E5 GE90-115BL2 GE90-115BL2 GE90-115BL2 CFM56-7B22/3 GE90-115BL2 TRENT 772B-60 GE90-115BL2 TRENT 772B-60 TRENT 772B-60 CFM56-7B26/3 CFM56-7B26/3 CF34-10E6 CF34-10E5A1 PW127F

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Customer

Country

Malaysia Airlines Malaysia Airlines Middle East Airlines (MEA) Middle East Airlines (MEA) Niki Niki Norwegian Oman Air Oman Air Qantas Qantas Qantas Qantas Qatar Airways Qatar Airways Qatar Airways Qatar Airways Qatar Airways RBS Aviation Capital RBS Aviation Capital RBS Aviation Capital RBS Aviation Capital

Malaysia Malaysia Lebanon Lebanon Austria Austria Norway Oman Oman Australia Australia Australia Australia Qatar Qatar Qatar Qatar Qatar Ireland Ireland Ireland Ireland

Aircraft Aircraft model number 5 2 1 1 2 1 7 2 2 3 1 1 3 1 1 1 1 2 1 2 1 4

ATR72-500 ATR72-500 A320-200 A330-243 190-100LR A321-211 737-800 A330-343 A330-243 A330-203 A330-203 A380-842 737-800 777-200LR 777-300ER 777-200LR 777-300ER A320-232 A320-214 A320-232 A319-112 A320-214

Engine

Month

Financing structure

PW127F PW127F

Jul Oct Feb Feb May May Aug Nov Dec Jan Jan Sep Dec Jul Jul Aug Aug Dec Jun Jun Jul Jul

JOL with commercial debt JOLCO Finance lease Finance lease Finance lease ECA US Ex-Im ECA ECA SLB SLB ECA French lease Loan Loan Finance lease Finance lease Finance lease ECA ECA ECA ECA

TRENT 772B-60 CF34-10E5A1 CFM56-5B3/3 CFM56-7B26/3 TRENT 772B-60 TRENT 772B-60 CF6-80E1A4 CF6-80E1A3 TRENT 972-84 CFM56-7B26/3 GE90-110B1 GE90-115BL2 GE90-110B1 GE90-115BL2 V2527-A5 CFM56-5B4/3 V2527-A5 CFM56-5B3/3 CFM56-5B4/3

Online

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Aircraft Finance 2010 | Flightglobal Insight | 17

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Customer

Country

RBS Aviation Capital Ryanair Ryanair Ryanair Ryanair Scandinavian Airlines (SAS) Scandinavian Airlines (SAS) Shenzhen Airlines Southwest Airlines Southwest Airlines Southwest Airlines Spring Airlines TAM Linhas Aéreas TAM Linhas Aéreas TAM Linhas Aéreas TAM Linhas Aéreas TAM Linhas Aéreas TAM Linhas Aéreas Thai Airways International Thai Airways International Tianjin Airlines Tiger Airways Travel Service Airlines Travel Service Airlines TRIP Linhas Aéreas TUI AG TUI AG TUI AG TUI AG Turkish Airlines (THY) Turkish Airlines (THY) Turkish Airlines (THY) Turkish Airlines (THY) US Airways US Airways Vietnam Airlines Vietnam Airlines Virgin Atlantic Airways Virgin Blue Airlines Virgin Blue Airlines Virgin Blue Airlines WIZZ Air WIZZ Air WIZZ Air WIZZ Air

Ireland Ireland Ireland Ireland Ireland Sweden Sweden China United States United States United States China Brazil Brazil Brazil Brazil Brazil Brazil Thailand Thailand China Singapore Czech Republic Czech Republic Brazil Germany Germany Germany Germany Turkey Turkey Turkey Turkey United States United States Vietnam Vietnam United Kingdom Australia Australia Australia Hungary Hungary Hungary Hungary

Aircraft Aircraft model number 3 5 15 6 8 3 1 3 10 6 5 3 2 1 1 3 2 2 2 6 2 1 2 2 4 2 1 1 3 2 1 2 1 1 2 6 16 6 4 2 2 3 1 4 1

A320-232 737-800 737-800 737-800 737-800 CRJ-900 737-800 A320 737-700 737-700 737-700 A320-214 A321-231 A320-214 A320-214 A319-132 A321-200 A330-223 A330-343 A330-343 190-100LR A320-232 737-800 737-800 175-200AR 737-800 737-800 737-700 737-700 A321-231 737-800 A321-232 A321-232 A321-231 A330-243 ATR72-500 A321-200 A330-300 737-800 737-700 190-100AR A320-232 A320-232 A320-232 A320-232

Engine

Month

Financing structure

V2527-A5 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CF34-8C5 CFM56-7B26/3

Jul Jan Jan Jun Nov Mar Dec Apr Apr May Jul Apr Feb Jun Jul Aug Nov Nov Apr May Sep Nov Oct Oct Jun Apr May Aug Dec Jan Nov Dec Dec Jul Nov Jun Sep Jun Mar Apr May Jun Jun Jun Aug

ECA JOLCO US Ex-Im US Ex-Im US Ex-Im Export Development Canada JOLCO SLB SLB SLB Finance lease SLB ECA SLB SLB Spanish operating lease PDP PDP Finance lease ECA SLB SLB US Ex-Im PDP Brazilian Development Bank SLB SLB SLB SLB SLB JOL ECA Finance lease SLB SLB Loan Loan SLB SLB Finance lease SLB PDP SLB SLB SLB

CFM56-7B24/3 CFM56-7B24/3 CFM56-7B24/3 CFM56-5B4/3 V2533-A5 CFM56-5B4/3 CFM56-5B4/3 V2524-A5 PW4170A TRENT 772B-60 TRENT 772B-60 CF34-10E5 V2527-A5 CFM56-7B27/3 CFM56-7B27/3 CF34-8E5 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B22/3 CFM56-7B20/3 V2533-A5 CFM56-7B26/3 V2530-A5 V2530-A5 V2533-A5 TRENT 772B-60 PW127M

CFM56-7B26/3 CFM56-7B22 CF34-10E5 V2527-A5 V2527-A5 V2527-A5 V2725-A5

NOTES: Aircraft ﬁnance deals announced during 2009 by CAO with analysis by operator, ﬁnancier and aircraft type. The aircraft transaction information contained in this section does not include any second-hand deals.

18 | Flightglobal Insight | Aircraft Finance 2010

AIRCRAFT FINANCE 2010

DEALS DATABASE 2009 Part 2: by aircraft model AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Aircraft model

Engine

170-100LR 170-100LR 170-100LR 175-200AR 190-100AR 190-100AR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100LR 190-100SR 195-200AR 195-200LR 195-200LR 195-200LR 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700/800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800

CF34-8E5 CF34-8E5 CF34-8E5 CF34-8E5 CF34-10E5 CF34-10E5 CF34-10E6 CF34-10E6 CF34-10E5 CF34-10E5 CF34-10E5 CF34-10E5A1 CF34-10E5 CF34-10E5 CF34-10E5 CF34-10E5 CF34-10E6 CF34-10E6 CF34-10E5 CF34-10E5 CF34-10E5A1 CF34-10E5A1 CF34-10E CF34-10E7 CF34-10E6 CF34-10E7 CF34-10E7 CFM56-7B22 CFM56-7B22/3 CFM56-7B24/3 CFM56-7B24/3 CFM56-7B24/3 CFM56-7B22/3 CFM56-7B22/3 CFM56-7B22/3 CFM56-7B20/3 CFM56-7B26/3 CFM56-7B CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B24/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3

Aircraft Operator number 6 6 6 4 2 20 2 2 1 2 1 2 4 2 2 1 1 1 4 4 1 2 5 2 2 2 2 2 1 10 6 5 1 3 1 3 1 4 5 15 8 4 2 2 3 1

Egyptair Egyptair BA CityFlyer TRIP Linhas AĂŠreas Virgin Blue Airlines Austral Lineas Aereas AeroMexico Jetscape Air France Finnair KLM Royal Dutch Airlines Niki KLM cityhopper KLM cityhopper Tianjin Airlines KLM cityhopper AeroMexico Jetscape Amentum Capital KLM cityhopper Augsburg Airways M1 Commercial jets BA CityFlyer Azul Linhas Aereas Brasileiras Lufthansa Air Europa Air Europa Virgin Blue Airlines KLM Royal Dutch Airlines Southwest Airlines Southwest Airlines Southwest Airlines TUI AG BOC Aviation KLM Royal Dutch Airlines TUI AG Delta Air Lines BOC Aviation Ryanair Ryanair Garuda Indonesia Airways Virgin Blue Airlines American Airlines TUI AG Air China TUI AG

Month

Financing structure

Feb Feb Jun Jun May Dec Jan Jan Feb Feb May May Jun Sep Sep Nov Dec Dec Dec Dec Dec Dec Jun Jan Feb Mar Apr Apr Apr Apr May Jul Aug Oct Oct Dec Dec Oct Jan Jan Mar Mar Apr Apr Apr May

Finance lease Finance lease Brazilian Development Bank Brazilian Development Bank SLB Loan SLB Term loan Cash Cash JOLCO Finance lease Loan Finance lease SLB Bridge loan SLB Brazilian Development Bank Commercial debt SLB Finance lease Term loan Brazilian Development Bank Brazilian Development Bank Cash Term loan Finance lease Finance lease Finance lease SLB SLB Finance lease SLB US Ex-Im US Ex-Im SLB Mortgage loan US Ex-Im JOLCO US Ex-Im SLB SLB Finance lease SLB French lease SLB

Aircraft Finance 2010 | Flightglobal Insight | 19

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Aircraft model

Engine

737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800/900 737-900ER 737-900ER 737-900ER 747-400ERF 747-8 757-200 767-400EREM 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200LR 777-200LR 777-200LR 777-200LRF 777-200LRF 777-200LRF 777-200LRF 777-200LRF 777-200LRF 777-300ER 777-300ER 777-300ER

CFM56-7B27/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B26/3 CFM56-7B CFM56-7B27/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B CFM56-7B27/3 CFM56-7B27/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 CFM7-56-7B CFM56-7B27/3 CFM56-7B26/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B27/3 CFM56-7B26/3 CFM56-7B26/3 CFM56-7B CFM56-7B26/3 CFM56-7B26/3 CFM56-7B26/3 PW4062A GEnx-2B67

TRENT 895 TRENT 892B-17 GE90-94B TRENT 895 TRENT 895 GE90-110B1 GE90-110B1 GE90-110B1 GE90-110B1 GE90-110B1 GE90-110B1 GE90-110B1 GE90-110B1 GE90-110B1 GE90-115BL2 GE90-115BL2 GE90-115BL2

20 | Flightglobal Insight | Aircraft Finance 2010

Aircraft Operator number 2 6 2 1 16 8 3 2 7 5 1 5 2 2 12 8 1 2 4 3 7 1 1 5 1 1 3 1 7 1 7 6 2 4 3 1 2 4 1 2 1 1 1 1 1 5 1 1 1 1 2 1 2 1

Alaska Airlines Ryanair El Al Israel Airlines Alaska Airlines American Airlines DAE Capital Aviation Capital Group Copa Airlines Norwegian Egyptair BOC Aviation AWAS Travel Service Airlines Travel Service Airlines Continental Airlines Ryanair Turkish Airlines (THY) FlyDubai FlyDubai Aviation Capital Group GOL Transportes Aereos Air Berlin Alaska Airlines Alaska Airlines Alaska Airlines Alaska Airlines Qantas Scandinavian Airlines (SAS) BOC Aviation Continental Airlines Lion Airlines Lion Airlines Cathay Pacific Guggenheim Aviation Partners Continental Airlines Continental Airlines British Airways American Airlines Continental Airlines Continental Airlines British Airways British Airways Emirates Qatar Airways Qatar Airways Guggenheim Aviation Partners DAE Capital DAE Capital AeroLogic DAE Capital Air France Air France Emirates LCI

Month

Financing structure

May Jun Jun Jun Jun Jun Jul Jul Aug Aug Oct Oct Oct Oct Nov Nov Nov Nov Nov Nov Nov Dec Dec Dec Dec Dec Dec Dec Dec Mar Apr Sep Mar Jan Nov Nov Jun Jun Nov Nov Dec Dec Jan Jul Aug Jan Mar Apr May Jun Dec Feb Feb May

Mortgage loan US Ex-Im US Ex-Im Finance lease EETC US Ex-Im US Ex-Im US Ex-Im US Ex-Im US Ex-Im US Ex-Im PDP US Ex-Im PDP EETC US Ex-Im JOL SLB SLB Finance lease PDP SLB SLB SLB Mortgage loan Mortgage loan French lease JOLCO US Ex-Im Term loan US Ex-Im Finance lease US Ex-Im PDP EETC EETC JOLCO EETC EETC EETC JOLCO Finance lease SLB Loan Finance lease PDP US Ex-Im US Ex-Im Bridge loan US Ex-Im SLB Finance lease German KG fund market Finance lease

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Aircraft model

Engine

777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 787-8 787-9 A319-112 A319-112

GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 GE90-115BL2 Genx-1B64 CFM56-5B6/3 CFM56-5B3/3

Aircraft Operator number 1 2 1 1 1 1 1 6 1 1 3 2 1 2 2 1 1 1 8 2 1 1

KLM Royal Dutch Airlines Emirates ILFC Qatar Airways Air France Qatar Airways Korean Air Cathay Pacific KLM Royal Dutch Airlines KLM Royal Dutch Airlines Emirates Emirates Guggenheim Aviation Partners Air France BOC Aviation Air France Air France Air France Ethiopian Airlines Ethiopian Airlines Air Berlin RBS Aviation Capital

Month

Financing structure

May Jun Jun Jul Jul Aug Sep Sep Sep Oct Oct Oct Oct Dec Dec Dec Dec Dec Apr Apr Apr Jul

US Ex-Im US Ex-Im Loan Loan Finance lease Finance lease US Ex-Im SLB US Ex-Im US Ex-Im & mismatch loan US Ex-Im US Ex-Im Finance lease SLB US Ex-Im Conditional sale structure Conditional sale structure Conditional sale structure PDP PDP Finance lease ECA

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Aircraft Finance 2010 | Flightglobal Insight | 21

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Aircraft model

Engine

A319-132 A319-132 A319-133 A320 A320 family A320 family A320-200 A320-200 A320-200 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-214 A320-216 A320-216 A320-232 A320-232 A320-232 A320-232 A320-232 A320-232 A320-232 A320-232 A320-232 A320-232 A320-232

V2524-A5 V2524-A5 V2527M-A5

CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B4/3 CFM56-5B6/3 CFM56-5B6/3 V2527-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5

22 | Flightglobal Insight | Aircraft Finance 2010

Aircraft Operator number 1 3 1 3 15 5 1 1 1 1 1 1 5 1 2 4 1 3 2 2 3 1 1 1 2 1 1 1 4 12 2 3 2 7 8 4 2 3 2 1 2 4 1 1 1 2 1 7 3 3 1 3 2

ILFC TAM Linhas Aéreas ILFC Shenzhen Airlines AerVenture BOC Aviation Middle East Airlines (MEA) CIT Group CIT Group ALAFCO Aerdragon Aviation Partners ALAFCO AerVenture ALAFCO ALAFCO ALAFCO Aerdragon Aviation Partners Spring Airlines Jazeera Airways GECAS ILFC ALAFCO ALAFCO TAM Linhas Aéreas GoAir RBS Aviation Capital Air France TAM Linhas Aéreas RBS Aviation Capital Avianca Avianca Air Berlin Aviation Capital Group easyJet Gulf Air easyJet easyJet Air Berlin Jazeera Airways Jazeera Airways Aircraft Purchase Fleet Aircraft Purchase Fleet JetBlue Airways JetBlue Airways JetBlue Airways ALAFCO Aegean Airlines GECAS WIZZ Air British Airways WIZZ Air Aegean Airlines RBS Aviation Capital

Month

Financing structure

Apr Aug Apr Apr Mar Oct Feb Oct Dec Jan Feb Feb Mar Apr Apr Apr Apr Apr Apr Apr Apr May May Jun Jun Jun Jul Jul Jul Aug Aug Aug Sep Sep Oct Nov Nov Dec Dec Dec May Oct Jan Feb Mar Apr Apr Apr Jun Jun Jun Jun Jun

ECA Spanish operating lease ECA SLB ECA ECA Finance lease ECA ECA ECA Finance lease ECA ECA ECA ECA ECA Term loan SLB SLB ECA ECA ECA ECA SLB SLB ECA French lease SLB ECA ECA SLB SLB ECA Finance lease Loan SLB SLB SLB ECA Finance lease Finance lease ECA Term loan Term loan Term loan ECA SLB ECA PDP JOLCO SLB SLB ECA

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Aircraft model

Engine

A320-232 A320-232 A320-232 A320-232 A320-232 A320-232 A320-232 A321-200 A321-200 A321-211 A321-211 A321-211 A321-211 A321-213 A321-231 A321-231 A321-231 A321-232 A321-232 A330 family

V2527-A5 V2527-A5 V2725-A5 V2527-A5 V2527-A5 V2527-A5 V2527-A5

CFM56-5B3/3 CFM56-5B3/3 CFM56-5B3/3 CFM56-5B3/3 CFM56-5B2/3 V2533-A5 V2533-A5 V2533-A5 V2530-A5 V2530-A5

Aircraft Operator number 4 3 1 3 1 1 2 16 2 6 1 1 6 4 2 2 1 2 1 10

WIZZ Air RBS Aviation Capital WIZZ Air BOC Aviation Aegean Airlines Tiger Airways Qatar Airways Vietnam Airlines TAM Linhas AĂŠreas Aeroflot-Russian Airlines ILFC Niki Aeroflot-Russian Airlines Air China Turkish Airlines (THY) TAM Linhas AĂŠreas US Airways Turkish Airlines (THY) Turkish Airlines (THY) AerCap

US VALUATION CONFERENCE

2010 7th and 8th October 2010, Washington

,,, *(+ !* ) $# $# ' # $"

Month

Financing structure

Jun Jul Aug Oct Oct Nov Dec Sep Nov Mar Apr May Jul Apr Jan Feb Jul Dec Dec Jul

SLB ECA SLB ECA ECA SLB Finance lease Loan PDP ECA ECA ECA PDP French lease SLB ECA SLB ECA Finance lease PDP

# *#% ' !! ! $%%$')*# ). )$ ' #(, '( )$ ' ) ! &* () $#( # # ),$' , ) ! # '! # # ' ' ) 2# # '( ) ) ##* ! !* ) $# $# ' # $#1) " (( # % # " ! # # #

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' ' ! " ) #*" ' $ ' %! ( $' '! # - *) + ( 0 $$ '!. )$ +$ ( %%$ #)" #) 0 !! *( $#

Aircraft Finance 2010 | Flightglobal Insight | 23

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Aircraft model A330 family A330 family A330-200 A330-200 A330-200F A330-202 A330-202 A330-203 A330-203 A330-223 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-243 A330-300 A330-300 A330-300 A330-300 A330-302 A330-302 A330-302 A330-302 A330-323 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A330-343 A340-541 A340-642 A340-642 A380-842

Engine

CF6-80E1A4B CF6-80E1A4B CF6-80E1A4 CF6-80E1A3 PW4170A TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772C-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772C-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60

CF6-80E1A4B CF6-80E1A4B CF6-80E1A4B CF6-80E1A4B PW4168A TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 772B-60 TRENT 553-61 TRENT 556A2-61 TRENT 556A2-61 TRENT 972-84

24 | Flightglobal Insight | Aircraft Finance 2010

Aircraft Operator number 1 4 3 1 6 1 1 3 1 2 2 1 1 1 1 1 1 2 1 1 1 2 2 1 1 2 1 3 1 6 2 4 1 3 1 1 1 2 2 6 2 3 2 3 3 1 2 1 1 2 1 1 1

AerCap AerCap AerCap CIT Group Guggenheim Aviation Partners Jet Airways Air Mauritius Qantas Qantas TAM Linhas Aéreas CIT Group Middle East Airlines (MEA) ILFC Aircastle Avianca AerCap AerCap Hawaiian Airlines AerCap AerCap AerCap Guggenheim Aviation Partners US Airways Aircastle Avianca Oman Air Hawaiian Airlines AerCap AerCap Virgin Atlantic Airways CIT Group Finnair Aer Lingus Finnair Finnair AerCap LCI Thai Airways International LCI Thai Airways International LCI AirAsia X AWAS Hong Kong Intl Aviation Lsg Hong Kong Intl Aviation Lsg AerCap Oman Air AerCap AerCap Arik Air Etihad Airways Etihad Airways Qantas

Month

Financing structure

Sep Nov Mar Dec Jan Mar Oct Jan Jan Nov Feb Feb Apr Jun Jun Jun Jun Jun Sep Sep Nov Nov Nov Dec Dec Dec Dec Feb Mar Jun Oct Apr Jun Oct Dec Jun Apr Apr May May Jun Jun Jun Jul Jul Nov Nov Nov Dec Jan Sep Sep Sep

PDP PDP PDP ECA PDP Term loan ECA SLB SLB PDP ECA Finance lease ECA ECA SLB ECA ECA PDP ECA ECA ECA Limited-recourse term loan SLB ECA SLB ECA Operating lease PDP PDP SLB ECA Cash ECA ECA ECA ECA Term loan Finance lease Finance lease ECA Commercial debt ECA PDP Finance lease PDP ECA ECA ECA ECA ECA ECA ECA ECA

AIRCRAFT FINANCE 2010 AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Aircraft model

Engine

A380-861 A380-861 A380-861 A380-861 A380-861 A380-861 ATR72-500 ATR72-500 ATR72-500 ATR72-500 ATR72-500 ATR72-500 CRJ-900 CRJ-900 DHC8-402Q DHC8-402Q SSJ 100-95

GP7270 GP7270 GP7270 GP7270 GP7270 GP7270 PW127F PW127M PW127F PW127F PW127F PW127F CF34-8C5 CF34-8C5 PW150A PW150A SaM146

Aircraft Operator number 1 2 1 2 2 3 2 6 5 5 2 2 2 3 8 3 10

Emirates Air France Emirates Emirates Air France Emirates Cebu Pacific Air Vietnam Airlines Malaysia Airlines Malaysia Airlines Berjaya Air Malaysia Airlines Adria Airways Scandinavian Airlines (SAS) Ethiopian Airlines Croatia Airlines Aeroflot-Russian Airlines

Month

Financing structure

Feb Jul Sep Sep Sep Sep Feb Jun Jul Jul Sep Oct Feb Mar Mar Jul Aug

Finance lease Conditional sale structure German KG fund market Finance lease German KG fund market ECA ECA Loan ECA JOL with commercial debt ECA JOLCO SLB Export Development Canada Export Development Canada SLB SLB

NOTES: Aircraft ďŹ nance deals announced during 2009 by CAO with analysis by operator, ďŹ nancier and aircraft type. The aircraft transaction information contained in this section does not include any second-hand deals.

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INSIDE AIR FINANCE

2010

Where is the money coming from? 19th May 2010, The Royal Aeronautical Society London W1J 7BQ

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Aircraft Finance 2010 | Flightglobal Insight | 25

AIRCRAFT FINANCE 2010

DEALS DATABASE 2009 Part 3: by participant AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

Aircraft model

AerCap Aircastle Aircastle Aldus Aviation Amentum Capital Babcock & Brown Babcock & Brown Bahrain Islamic Bank Bank of America Bank of China Bank of China Bank of China Bank of China Bank of Tokyo Mitsubishi Bank of Tokyo Mitsubishi Bank of Tokyo Mitsubishi Bank of Tokyo Mitsubishi Bank of Tokyo Mitsubishi Bank of Tokyo Mitsubishi Bank of Tokyo Mitsubishi Banque Libano-Francaise Barclays Capital Bayern LB Bayern LB Bayern LB Bayern LB BCI Aircraft Leasing BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas

Lessor Lessor Lessor Lessor Lessor Equity arranger Lessor Arranger Lessor Participant Participant Participant Participant Debt arranger Participant Participant Participant Participant Participant Participant Arranger Sole arranger, Structuring agent Participant Participant Participant Participant Lessor Lender, Sole arranger Joint arranger Underwriter Underwriter Underwriter Underwriter Underwriter Debt lead arr.,Facility agent,Lease arr.,Security trust. Debt lead arr.,Facility agent,Lease arr.,Security trust. Agent, Co-arranger, Security trustee Participant Participant Joint arranger Arranger, Facilty agent, Security trustee Arranger, Underwriter Joint arranger Participant Participant Debt arranger

Virgin Atlantic Airways Avianca Avianca Virgin Blue Airlines KLM cityhopper KLM Royal Dutch Airlines TUI AG Gulf Air easyJet British Airways British Airways British Airways British Airways ILFC British Airways British Airways Qatar Airways Qatar Airways British Airways British Airways Middle East Airlines (MEA) AirAsia X TAM Linhas Aéreas KLM Royal Dutch Airlines CIT Group CIT Group Turkish Airlines (THY) CIT Group Aeroflot-Russian Airlines ILFC ILFC ILFC ILFC ILFC Air China Air China Thai Airways International British Airways British Airways Southwest Airlines Malaysia Airlines Malaysia Airlines Aeroflot-Russian Airlines Qatar Airways Qatar Airways TAM Linhas Aéreas

A330-300 A330-243 A330-243 190-100AR 190-100LR 737-700 737-800 A320-214 A320-214 777-200ER A320-232 777-200ER 777-200ER 777-300ER 777-200ER A320-232 777-200LR 777-300ER 777-200ER 777-200ER A330-243 A330-343 A321-231 737-700 A320-200 A330-300 A321-231 A330-243 A321-211 A319-132 A319-133 A320-214 A321-211 A330-243 737-800 A321-213 A330-343 777-200ER A320-232 737-700 ATR72-500 ATR72-500 A321-211 777-200LR 777-300ER A319-132

26 | Flightglobal Insight | Aircraft Finance 2010

Aircraft Month Financing number structure 6 1 1 2 4 1 2 8 2 2 3 1 1 1 2 3 1 1 1 1 1 3 2 1 1 2 2 2 6 1 1 3 1 1 3 4 6 2 3 5 5 5 6 1 1 3

Jun Jun Dec May Dec Apr Apr Oct Nov Jun Jun Dec Dec Jun Jun Jun Jul Jul Dec Dec Feb Jun Feb Oct Oct Oct Jan Feb Mar Apr Apr Apr Apr Apr Apr Apr May Jun Jun Jul Jul Jul Jul Jul Jul Aug

SLB SLB SLB SLB SLB Finance lease SLB Loan SLB JOLCO JOLCO JOLCO Finance lease Loan JOLCO JOLCO Loan Loan JOLCO Finance lease Finance lease ECA ECA US Ex-Im ECA ECA SLB ECA ECA ECA ECA ECA ECA ECA French lease French lease ECA JOLCO JOLCO Finance lease ECA JOL with commercial debt

PDP Loan Loan Spanish operating lease

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

Aircraft model

BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BNP Paribas BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon

Arranger Arranger Arranger Arranger Arranger, Debt arranger, Equity arranger Participant Participant Participant Lessor Lessor Lessor Lessor Lessor Lessor Lessor Lessor Lessor Lessor Agent, Arranger Agent, Arranger Agent, Arranger Agent, Arranger Agent, Arranger Agent, Sole arranger, Underwriter Agent, Co-arranger Facility agent, Sole arranger, Under. Agent, Arranger Agent, Arranger Agent, Lead arranger Agent, Lead arranger Agent, Joint arranger Agent, Lead arranger Sole arranger, Sole underwriter Co-arranger Arranger, Debt provider

Avianca Qantas Lion Airlines Emirates Malaysia Airlines Aviation Capital Group British Airways British Airways Virgin Blue Airlines Southwest Airlines Southwest Airlines Cathay Pacific Air France Air France TUI AG Alaska Airlines Air Berlin Air Berlin

A320-214 A380-842 737-900ER 777-300ER ATR72-500 737-800 777-200ER 777-200ER 737-800 737-700 737-700 777-300ER 777-200LRF 777-300ER 737-700 737-800 737-800 A320-214 747-8 777-200LRF A330-200F A320-214 737-800 ATR72-500 777-300ER A320-214 A320-214 A321-231 A320 family A320-214 A321-211 747-400ERF 777-200LRF A319-112 737-800 737-700 A320-214 A320-232 A320-214 A320-214 777-200LRF A320-214 A330-343 777-300ER 190-100LR 777-300ER A330-343 A320-214 737-800 A330-343 A330-302 777-200ER A320-232 A330-243 A330-323 A320-214 A320-232 737-800

Sole agent, Sole arranger, Sole under.

Agent, Arranger Agent, Lender Agent, Arranger Agent, Arranger Arranger Agent, Arranger Agent, Lead arranger Co-arranger Overall arranger Arranger Agent, Co-arranger, Security trustee Agent, Arranger Agent, Arranger Joint arranger, Joint underwriter Agent, Sole arranger, Underwriter Arranger Arranger Agent, Arranger Agent, Arranger Agent, Arranger Agent, Arranger Agent, 'Lead arranger

Guggenheim Aviation Partners Guggenheim Aviation Partners Guggenheim Aviation Partners

ALAFCO Ryanair Cebu Pacific Air Air France Aerdragon Aviation Partners ALAFCO TAM Linhas AĂŠreas AerVenture AerVenture Aeroflot-Russian Airlines Cathay Pacific DAE Capital Air Berlin American Airlines Virgin Blue Airlines ALAFCO ALAFCO ALAFCO ALAFCO DAE Capital ALAFCO LCI LCI KLM Royal Dutch Airlines KLM Royal Dutch Airlines Thai Airways International ALAFCO Ryanair LCI Aer Lingus British Airways British Airways AerCap AerCap RBS Aviation Capital RBS Aviation Capital Alaska Airlines

Aircraft Month Financing number structure 12 1 6 2 2 3 1 1 4 10 6 6 2 2 3 6 1 3 4 5 6 1 15 2 1 1 1 2 15 5 6 2 1 1 2 2 4 2 2 1 1 1 2 1 1 1 6 1 6 2 1 2 3 2 1 1 2 1

Aug Sep Sep Oct Oct Nov Dec Dec Mar Apr May Sep Dec Dec Dec Dec Dec Dec Jan Jan Jan Jan Jan Feb Feb Feb Feb Feb Mar Mar Mar Mar Mar Apr Apr Apr Apr Apr Apr Apr Apr May May May May May May May Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun

ECA ECA Finance lease US Ex-Im JOLCO Finance lease JOLCO Finance lease SLB SLB SLB SLB SLB SLB SLB SLB SLB SLB PDP PDP PDP ECA US Ex-Im ECA Finance lease Finance lease ECA ECA ECA ECA ECA US Ex-Im US Ex-Im Finance lease Finance lease Finance lease ECA ECA ECA ECA US Ex-Im ECA Finance lease Finance lease JOLCO US Ex-Im ECA ECA US Ex-Im Commercial debt ECA JOLCO JOLCO ECA ECA ECA ECA Finance lease

Aircraft Finance 2010 | Flightglobal Insight | 27

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

Aircraft model

Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon Calyon China Development Bank China Development Bank China Development Bank CIC CIC CIC CIC CIC CIC CIC CIC CIC CIC Citibank Citibank Citibank Citibank Citibank Citibank Citibank Citibank Citibank

Joint arranger Agent, Joint arranger Joint bookrunner, Joint structuring agent Agent, Arranger Joint arranger Sole arranger, Sole underwriter

Southwest Airlines Aeroflot-Russian Airlines Aviation Capital Group Air France Air France Air France RBS Aviation Capital RBS Aviation Capital RBS Aviation Capital Qatar Airways Qatar Airways AerCap Aviation Capital Group Korean Air KLM cityhopper easyJet AerCap Berjaya Air Aircraft Purchase Fleet Emirates AWAS Travel Service Airlines Travel Service Airlines Aegean Airlines

737-700 A321-211 737-800 777-300ER A380-861 A320-214 A319-112 A320-214 A320-232 777-300ER 777-200LR A330-243 A320-214 777-300ER 190-100LR A320-214 A330-243 ATR72-500 A320-216 777-300ER 737-800 737-800 737-800 A320-232 777-300ER A330-202 190-100LR A330-243 737-800 737-800 A330-343 777-200ER A330-243 A330-343 777-200ER A330-302 A330-343 A330-343 A330 family A320-216 ATR72-500 A320-214 A380-861 777-300ER ATR72-500 737-800 737-700 737-800 777-300ER 737-900ER A320-214 A320-232 A330-243 777-300ER 737-800 777-200LRF A380-861 A380-861

Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee

Joint arranger Joint arranger Agent, Arranger Joint arranger Facility agent, Lead arranger Agent, Arranger Agent, Arranger, Joint underwriter Agent, Arranger Sole arranger Agent, Sole arranger, Underwriter Joint bookrunner, Joint structuring agent Sole agent, Sole arranger, Sole under. Agent, Arranger Arranger Sole arranger, Sole underwriter Facility agent, Lead arranger Agent, Arranger Agent, Arranger Sole arranger, Underwriter Agent, Arranger Arranger Agent, Arranger Arranger Agent, Arranger Agent, Arranger Arranger Agent, Arranger Participant Participant Participant Debt provider Debt provider Joint underwriter Participant Co-arranger Arranger Sole arranger Sole arranger Participant Arranger Sole arranger Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee Facility agent, Joint arr., Security trustee Sole arranger

28 | Flightglobal Insight | Aircraft Finance 2010

Guggenheim Aviation Partners

Air Mauritius KLM cityhopper AerCap Ryanair Aviation Capital Group AerCap British Airways Aircastle AerCap British Airways Finnair Hong Kong Intl Aviation Lsg Hong Kong Intl Aviation Lsg AerCap Aircraft Purchase Fleet Malaysia Airlines easyJet Air France Guggenheim Aviation Partners

Malaysia Airlines Alaska Airlines Delta Air Lines Qantas Air France Lion Airlines GECAS GECAS Aircastle Emirates DAE Capital DAE Capital Emirates Emirates

Aircraft Month Financing number structure 5 6 3 1 2 1 1 4 3 1 1 1 2 1 2 7 1 2 4 3 5 2 2 1 1 1 1 1 8 3 1 1 1 1 1 1 3 3 4 2 5 7 2 1 2 1 1 3 1 7 2 7 1 2 8 1 2 3

Jul Jul Jul Jul Jul Jul Jul Jul Jul Aug Aug Sep Sep Sep Sep Sep Sep Sep Oct Oct Oct Oct Oct Oct Oct Oct Nov Nov Nov Nov Nov Dec Dec Dec Dec Dec Jul Jul Nov May Jul Sep Sep Oct Oct Dec Dec Dec Dec Apr Apr Apr Jun Jun Jun Jun Sep Sep

Finance lease PDP US Ex-Im Finance lease Conditional sale struct.

French lease ECA ECA ECA Finance lease Finance lease ECA ECA US Ex-Im Finance lease Finance lease ECA ECA ECA US Ex-Im PDP US Ex-Im PDP ECA Finance lease ECA Bridge loan ECA US Ex-Im Finance lease ECA JOLCO ECA ECA Finance lease ECA Finance lease PDP PDP Finance lease JOL with comm. debt

Finance lease German KG fund mrk.

Finance lease JOLCO Mortgage loan Mortgage loan French lease Conditional sale struct.

US Ex-Im ECA ECA ECA US Ex-Im US Ex-Im US Ex-Im Finance lease ECA

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

Aircraft model

Citibank Citibank Citibank Citibank Citibank Citibank Citibank Citibank Citibank Commerzbank Commerzbank Commerzbank Commerzbank Commerzbank

Arranger Arranger Arranger Arranger Arranger Sole arranger Sole arranger Participant Participant

BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation Oman Air Oman Air BOC Aviation BOC Aviation Niki Niki British Airways British Airways British Airways Qantas Qantas Vietnam Airlines Qatar Airways Aviation Capital Group Continental Airlines Continental Airlines Continental Airlines Continental Airlines

A320 family A320-232 737-700 737-700/800 737-800 A330-343 A330-243 737-800/900 777-300ER A321-211 190-100LR 777-200ER A320-232 777-200ER A330-203 737-800 ATR72-500 777-200LR A320-214 737-800 757-200 767-400EREM 777-200ER

Commonwealth Bank of Australia Commonwealth Bank of Australia

Credit Suisse Credit Suisse Credit Suisse Credit Suisse Credit Suisse Credit Suisse Credit Suisse

www.rati.com

Debt provider, Sole arranger, Sole under. Debt provider, Sole arranger, Sole under.

Participant Participant Participant Senior debt provider Arranger Participant Joint arranger Joint arranger Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent

Aircraft Month Financing number structure 5 3 3 4 1 2 2 7 2 1 2 2 3 1 1 3 6 1 2 12 3 1 3

Oct Oct Oct Oct Oct Nov Dec Dec Dec May May Jun Jun Dec Jan Dec Jun Aug Sep Nov Nov Nov Nov

ECA ECA US Ex-Im US Ex-Im US Ex-Im ECA ECA US Ex-Im US Ex-Im ECA Finance lease JOLCO JOLCO JOLCO SLB French lease Loan Finance lease ECA EETC EETC EETC EETC

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Aircraft Finance 2010 | Flightglobal Insight | 29

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

DAE Capital DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank DekaBank Deutsche Bank Deutsche Bank Deutsche Bank Deutsche Bank Doric Asset Finance Doric Asset Finance Dr Peters Group Dr Peters Group Dubai Islamic Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank DVB Bank EastMerchant Ethiopian Airlines Ethiopian Airlines Finnair Finnair Aircraft Finance GECAS GECAS GECAS GECAS GECAS GECAS GECAS GECAS GECAS Genesis Lease

Lessor Participant Participant Participant Participant Participant Participant Participant Participant Participant Participant Participant Participant Participant Arranger Debt arranger Participant Participant Arranger Equity arranger Arranger Equity arranger Lead arranger Lessor Arranger Arranger Senior debt provider Arranger Arranger Arranger Arranger Arranger Arranger, Debt provider, Underwriter Arranger, Debt provider, Underwriter Participant Arranger Arranger Arranger Sole arranger Lead arranger Debt arranger Arranger Debt arranger Arranger Cash payment Cash payment Participant Cash payment Lessor Lessor Lessor Lessor Lessor Lessor Lessor Lessor Lessor Lessor

Garuda Indonesia Airways ALAFCO Ryanair ALAFCO Cathay Pacific ALAFCO ALAFCO ALAFCO KLM Royal Dutch Airlines ALAFCO Ryanair AerCap AerCap AerCap Air Mauritius ILFC Qatar Airways Qatar Airways Turkish Airlines (THY) Emirates Emirates Emirates Air France FlyDubai Jetscape Ryanair JetBlue Airways AerCap Air Europa Jet Airways Continental Airlines LCI Aerdragon Aviation Partners Thai Airways International Alaska Airlines AeroLogic WIZZ Air AWAS Hawaiian Airlines Lion Airlines

30 | Flightglobal Insight | Aircraft Finance 2010

Aircraft model

737-800 A320-214 737-800 A320-214 747-400ERF A320-214 A320-214 A320-214 777-300ER A320-214 737-800 A330-243 A330-323 A330-243 A330-202 777-300ER 777-200LR 777-300ER 737-800 777-300ER A380-861 777-300ER A380-861 737-800 190-100LR 737-800 A320-232 A330-300 195-200LR A330-202 737-900ER A330-343 A320-214 A330-343 737-800 777-200LRF A320-232 A330-343 A330-243 737-900ER Guggenheim Aviation Partners A330-243 Augsburg Airways 190-100LR M1 Commercial jets 190-100LR Air France A380-861 Ethiopian Airlines 787-8 Ethiopian Airlines 787-9 Finnair 190-100LR Finnair A330-302 TAM Linhas AĂŠreas A320-214 WIZZ Air A320-232 Aegean Airlines A320-232 WIZZ Air A320-232 GoAir A320-214 WIZZ Air A320-232 Air Berlin A320-214 Tiger Airways A320-232 FlyDubai 737-800 US Airways A321-231

Aircraft Month Financing number structure 8 1 15 1 2 2 1 1 1 1 6 2 1 1 1 1 1 1 1 2 1 2 2 2 2 5 1 3 2 1 1 1 1 2 2 1 3 2 2 6 2 1 2 2 8 2 2 4 1 1 3 4 2 1 3 1 4 1

Mar Jan Jan Feb Mar Apr Apr May May May Jun Jun Jun Sep Oct Jun Jul Jul Nov Feb Sep Feb Sep Nov Jan Jan Jan Feb Mar Mar Mar Apr Apr Apr May May Jun Jun Jun Sep Nov Dec Dec Sep Apr Apr Feb Apr Jun Jun Jun Jun Jun Aug Aug Nov Nov Jul

SLB ECA US Ex-Im ECA US Ex-Im ECA ECA ECA US Ex-Im ECA US Ex-Im ECA ECA ECA ECA Loan Loan Loan JOL German KG fund mrk German KG fund mrk German KG fund mrk German KG fund mrk

SLB Term loan JOLCO Term loan PDP Term loan Term loan Term loan Term loan Term loan Finance lease Mortgage loan Bridge loan PDP PDP PDP Finance lease Limited-recour. term loan

Finance lease Term loan German KG fund mrk

PDP PDP Cash Cash SLB SLB SLB SLB SLB SLB SLB SLB SLB SLB

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

GOAL GOAL Goldman Sachs Goldman Sachs Goldman Sachs Goldman Sachs Goldman Sachs Goldman Sachs Goldman Sachs Guggenheim Aviation Partners Helaba Landesbank Helaba Landesbank Helaba Landesbank HSBC Bank HSBC Bank HSBC Bank HSBC Bank HSBC Bank HSBC Bank HSH Nordbank HSH Nordbank HSH Nordbank HSH Nordbank HSH Nordbank HSH Nordbank HSH Nordbank HSH Nordbank HSH Nordbank HSH Nordbank

Asset manager Asset manager Joint bookrunner Joint bookrunner

Adria Airways Croatia Airlines American Airlines American Airlines Emirates Continental Airlines Continental Airlines Continental Airlines Continental Airlines US Airways Air France Qatar Airways Qatar Airways Arik Air Emirates GECAS GECAS Vietnam Airlines Etihad Airways Emirates JetBlue Airways Emirates JetBlue Airways JetBlue Airways AerCap KLM cityhopper AerCap AerCap Amentum Capital Spring Airlines Shenzhen Airlines Air China Air China British Airways British Airways Tianjin Airlines

Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China Industrial and Commercial Bank of China

ING ING ING ING Instituto de Credito OďŹ cial Investec Global Aircraft Fund Jetscape Jetscape JPMorgan Chase

Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent

Lessor Participant Joint arranger Joint arranger Senior debt provider Co-arranger, Co-underwriter, Debt provider Participant Participant Lead arranger Arranger Arranger, Debt provider, Lessor, Under. Arr., Junior debt prov., Lender, Under. Co-arranger, Co-underwriter, Debt provider Arranger, Debt provider, Lender, Under. Arranger, Debt provider, Lender, Under. Arranger, Debt provider Arranger, Debt provider, Underwriter Debt prov., Sole arr., Sole lend., Sole under.

Agent, Lender, Security trustee Debt provider Lessor Lessor Debt lead arranger Debt lead arranger Participant Participant Lessor Co-arranger Participant Participant Participant Participant Participant Participant Co-arranger Lessor Lessor Lessor Participant

Aircraft model

CRJ-900 DHC8-402Q 737-800 777-200ER 777-300ER 737-800 757-200 767-400EREM 777-200ER A330-243 777-300ER 777-300ER 777-200LR A340-541 A380-861 A320-214 A320-232 ATR72-500 A340-642 777-200LR A320-232 A380-861 A320-232 A320-232 A330-300 190-100LR A330 family A330 family 190-100LR A320-214 A320 737-800 A321-213 777-200ER A320-232 190-100LR Guggenheim Aviation Partners 777-300ER British Airways 777-200ER British Airways 777-200ER British Airways 777-200ER British Airways A320-232 British Airways 777-200ER British Airways 777-200ER Air Europa 195-200LR Qantas A330-203 AeroMexico 190-100LR AeroMexico 190-100LR Egyptair 737-800

Aircraft Month Financing number structure 2 3 16 4 3 12 3 1 3 2 1 1 1 2 1 2 7 6 1 1 1 1 1 1 1 4 10 1 4 3 3 3 4 2 3 2 1 1 1 2 3 1 1 2 1 2 1 5

Feb Jul Jun Jun Oct Nov Nov Nov Nov Nov Feb Aug Aug Jan Feb Apr Apr Jun Sep Jan Jan Feb Feb Mar Mar Jun Jul Sep Dec Apr Apr Apr Apr Jun Jun Sep Oct Dec Dec Jun Jun Dec Dec Apr Jan Jan Dec Aug

SLB SLB EETC EETC US Ex-Im EETC EETC EETC EETC SLB Finance lease Finance lease Finance lease ECA Finance lease ECA ECA Loan ECA SLB Term loan Finance lease Term loan Term loan PDP Loan PDP PDP Commercial debt SLB SLB French lease French lease JOLCO JOLCO SLB Finance lease JOLCO Finance lease JOLCO JOLCO JOLCO Finance lease Finance lease SLB SLB SLB US Ex-Im

Analyse your performance Purchase individual Airline Business annual rankings and surveys. The latest traffic and financial analysis & reports delivered quickly to your desktop in Excel format. For more details: www.flightglobal.com/datasets

Aircraft Finance 2010 | Flightglobal Insight | 31

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

KfW KfW Korea Development Bank Korea Development Bank Landesbank Baden-Wurttemberg Landesbank Baden-Wurttemberg Macquarie AirFinance Macquarie AirFinance Macquarie AirFinance MCAP Mitsubishi UFJ Mitsubishi UFJ Mitsubishi UFJ Mitsubishi UFJ Mizuho Corporate bank Mizuho Corporate bank Mizuho Corporate bank Mizuho Corporate bank Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley National Bank of Egypt National Bank of Egypt Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance Natixis Transport Finance NBB Leasing Co Ltd NBB Leasing Co Ltd NBB Leasing Co Ltd Nord LB Nord LB Nord LB Nord LB Nord LB Nord LB Nord LB

Joint underwriter Participant Participant Co-arranger Participant Arranger Lessor Lessor Lessor Lessor Participant Participant Participant Participant Participant Participant Participant Participant Joint bookrunner Joint bookrunner Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Joint bookrunner, Joint structuring agent Debt provider Debt provider Participant Agent, Co-arranger, Lender Joint arranger Fronting bank Joint arranger Lead arranger Arranger Arranger, Underwriter Arranger Arranger Arranger Joint arranger Arranger Agent, Arranger Agent, Arranger Arranger, Lender Arranger, Lender Agent, Joint arranger, Lender Arranger, Lender Arranger, Lender Arranger Joint arranger Lessor Arranger Equity provider Debt provider Co-arranger Participant Participant Participant Co-arranger Agent, Joint arranger, Joint underwriter

easyJet Qatar Airways Korean Air

32 | Flightglobal Insight | Aircraft Finance 2010

Aircraft model

A320-214 A320-232 777-300ER Guggenheim Aviation Partners 777-300ER AirAsia X A330-343 Etihad Airways A340-642 Qantas A330-203 TUI AG 737-800 FlyDubai 737-800 Avianca A320-214 British Airways 777-200ER British Airways A320-232 British Airways 777-200ER British Airways 777-200ER British Airways 777-200ER British Airways A320-232 British Airways 777-200ER British Airways 777-200ER American Airlines 737-800 American Airlines 777-200ER Continental Airlines 737-800 Continental Airlines 757-200 Continental Airlines 767-400EREM Continental Airlines 777-200ER Egyptair 170-100LR Egyptair 170-100LR Air France 777-300ER Air Europa 195-200LR Air France A380-861 Norwegian 737-800 Qatar Airways 777-300ER Lion Airlines 737-900ER KLM Royal Dutch Airlines 777-300ER KLM Royal Dutch Airlines 777-300ER GOL Transportes Aereos 737-800 TAM Linhas Aéreas A321-200 TAM Linhas Aéreas A330-223 Air France 777-300ER Air France 777-300ER Turkish Airlines (THY) A321-232 Turkish Airlines (THY) A321-232 CIT Group A320-200 CIT Group A330-200 Scandinavian Airlines (SAS) 737-800 Alaska Airlines 737-800 Jazeera Airways A320-214 Jazeera Airways A320-214 Hawaiian Airlines A330-243 TUI AG 737-700 Air France A380-861 Turkish Airlines (THY) 737-800 Emirates 777-300ER Air Berlin A319-112 GECAS A320-214 GECAS A320-232 LCI A330-343 LCI 777-300ER LCI A330-343

Aircraft Month Financing number structure 7 2 1 1 3 1 3 1 2 2 2 3 1 1 2 3 1 1 16 4 12 3 1 3 6 6 1 2 2 7 1 6 1 1 7 2 2 1 1 2 1 1 1 1 1 2 1 1 1 2 1 2 1 2 7 2 1 2

Sep Dec Sep Oct Jun Sep Jan May Nov Aug Jun Jun Dec Dec Jun Jun Dec Dec Jun Jun Nov Nov Nov Nov Feb Feb Feb Apr Jul Aug Aug Sep Sep Oct Nov Nov Nov Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Aug Sep Nov Feb Apr Apr Apr May May Jun

Finance lease Finance lease US Ex-Im Finance lease ECA ECA SLB SLB SLB SLB JOLCO JOLCO JOLCO Finance lease JOLCO JOLCO JOLCO Finance lease EETC EETC EETC EETC EETC EETC Finance lease Finance lease Finance lease Finance lease Conditional sale struct.

US Ex-Im Finance lease Finance lease US Ex-Im US Ex-Im & mism. loan

PDP PDP PDP Conditional sale struct. Conditional sale struct.

ECA Finance lease ECA ECA JOLCO Mortgage loan ECA Finance lease Operating lease SLB German KG fund mrk

JOL German KG fund mrk

Finance lease ECA ECA Finance lease Finance lease Commercial debt

AIRCRAFT FINANCE 2010

AIRCRAFT FINANCE DEALS ANNOUNCED BY CAO IN 2009 Participant name

Participant type

Operator

Aircraft model

Nord LB PEFCO PEFCO PEFCO RBS Aviation Capital RBS Aviation Capital RBS Aviation Capital Royal Bank of Canada Royal Bank of Scotland Royal Bank of Scotland Royal Bank of Scotland Royal Bank of Scotland Sahaab Leasing Santander Santander Santander Societe Generale Societe Generale Standard Chartered Bank Standard Chartered Bank Standard Chartered Bank Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Sumitomo Mitsui Techcombank Techcombank Union Bank VEB Leasing

Facility agent Lender Lender Underwriter Lessor Lessor Lessor Participant Participant Participant Participant Participant Lessor Participant Participant Equity arranger

Air France Norwegian KLM Royal Dutch Airlines KLM Royal Dutch Airlines Aegean Airlines TAM Linhas Aéreas easyJet British Airways British Airways British Airways British Airways British Airways Jazeera Airways GECAS GECAS TAM Linhas Aéreas Air China Air China Qatar Airways Qatar Airways Qatar Airways ALAFCO TAM Linhas Aéreas ALAFCO ALAFCO ALAFCO KLM Royal Dutch Airlines ALAFCO ALAFCO British Airways British Airways Qatar Airways Qatar Airways Air France RBS Aviation Capital RBS Aviation Capital RBS Aviation Capital Aviation Capital Group British Airways British Airways Vietnam Airlines Vietnam Airlines Arik Air Aeroflot-Russian Airlines

A380-861 737-800 777-300ER 777-300ER A320-232 A320-214 A320-214 777-200ER 777-200ER A320-232 777-200ER 777-200ER A320-214 A320-214 A320-232 A319-132 737-800 A321-213 777-200LR 777-300ER A320-232 A320-214 A321-231 A320-214 A320-214 A320-214 737-700 A320-214 A320-214 777-200ER A320-232 777-200LR 777-300ER A380-861 A319-112 A320-214 A320-232 A320-214 777-200ER 777-200ER ATR72-500 A321-200 A340-541 SSJ 100-95

Debt lead arr, Facility agent, Lease arr., Sec. trust. Debt lead arr, Facility agent, Lease arr., Sec. trust.

Participant Participant Participant Participant Participant Co-arranger Participant

Participant Debt arranger Participant Participant Participant Participant Participant Participant Participant Joint arranger Joint arranger Joint arranger Joint arranger Participant Participant Participant Participant Junior debt provider Lessor

Aircraft Month Financing number structure 2 7 1 1 1 1 4 1 2 3 1 1 2 2 7 3 3 4 1 1 2 1 2 4 2 1 1 1 1 2 3 1 1 2 1 4 3 2 1 1 6 16 2 10

Sep Aug Sep Oct Apr Jul Nov Dec Jun Jun Dec Dec Apr Apr Apr Aug Apr Apr Jul Jul Dec Feb Feb Apr Apr Apr Apr May May Jun Jun Jul Jul Jul Jul Jul Jul Sep Dec Dec Jun Sep Jan Aug

German KG fund mrk

US Ex-Im US Ex-Im US Ex-Im & mism. loan

SLB SLB SLB JOLCO JOLCO JOLCO JOLCO

Finance lease SLB ECA ECA Spanish op. lease French lease French lease Loan Loan Finance lease ECA ECA ECA ECA ECA Finance lease ECA ECA JOLCO JOLCO Loan Loan Conditional sale struct.

ECA ECA ECA ECA JOLCO Finance lease Loan Loan ECA SLB

Aircraft Finance 2010 | Flightglobal Insight | 33

AIRCRAFT FINANCE 2010

34 | Flightglobal Insight | Aircraft Finance 2010

AIRCRAFT FINANCE 2010

MARKET OUTLOOK What appraisers expect in 2010 We asked five appraisers to review the market in 2009 and to take a look ahead in 2010 What was the most important event in 2009? AVITAS’ VP - Asset Valuation Doug Kelly: “I think the most important aviation event was the first flight of the 787 in December. After two and a half years of delays, Boeing finally proved that it was worth the wait. Boeing still has its work cut out for them as they try to complete flight test and deliver the first aircraft by the end of this year. Despite all the delays and production problems, the 787 Dreamliner will no doubt be a huge success for Boeing and a game-changer for the industry. While the 787 was the most important aviation event of the year, the “Miracle on the Hudson” of US Airways Flight 1549 was definitely the industry’s feel-good news story of the year.” Collateral Verifications’ VP - Commercial Aviation Services Gueric Dechavanne: “The most important event is more of a non-event: the fact that none of the major leasing companies, such as ILFC, CIT, RBS, etc… were actually sold to outside investors. This says a lot about the leasing business and what investors think of the risk and potential volatility that can take place during downturns.” IBA’s senior analyst Alice Gondry: “The most important event of 2009 has to be the maiden flight of the 787 aircraft, which has been plagued for over two years with delays, as a result of electrical wiring problems and the Boeing employees’ strike. To add to Boeing’s woes, some customers have cancelled their orders and others have asked for compensation payment. Let’s hope that this will provide impetus in a programme that has been fairly deflated of recent.” Fintech Aviation Services’ MD Oliver Stuart-Menteth: “The successful completion of the first Boeing 787 test flight.”

What would be the major event(s) in 2010? Kelly: “I think bankruptcies, mergers and the sale of ILFC will define the major events of 2010. Certainly the JAL bankruptcy and their plans to phase out their 747400s over three years will have a big impact on the market. Continental Airlines’ decision to switch from the SkyTeam Alliance to join the Star Alliance makes a Continental/United merger more likely during the year. As for ILFC, I would have expected something to happen before now, either sale of the entire company or a partial sale. Potential suitors may be waiting for the financial markets to improve so they can get a reasonable return on their money before consummating a deal. Another event that is on the horizon is whether Airbus and Boeing will announce a re engined programme for the current generation narrowbodies. This may be necessary to ward off competitive threats from the new aircraft programmes such as Bombardier’s CSeries, China’s COMAC C-919 and Russia’s United Aircraft MS-21. Key airlines that may force the issue are Air France for Airbus and Southwest for Boeing. Strong support from these two strategic customers will likely force the manufacturers to launch the re engined programmes this year for entry into service around 2015.” Dechavanne: “Three events: air freight traffic showing stable signs of recovery/growth, major aircraft orders from several of the US carriers (Delta/American) and the acquisition or partial acquisition of one of the major leasing companies by major investment firm.” Gondry: “Along the same line, the delivery of the 787 aircraft and entry into service with airline operator should be momentum, and will put downward pressure on the older competing aircraft such as the 767. Also, IBA believes that aircraft values and lease rates should stabilise by the end of 2010 and the industry will set itself back on the route to recovery. The spring of 2010 will be crucial and tense for airlines, as the breaking point of their finances, and the realisation of Aircraft Finance 2010 | Flightglobal Insight | 35

AIRCRAFT FINANCE 2010

u whether or not they have enough cash to ride out the Gondry: “Values are being affected by the classic supstorm.”

Stuart-Menteth: “The major events in 2010 will be (a) Continued deferrals and increased cancellations of both Boeing and Airbus orders as airlines realise that traffic is not going to recover as fast as corporate planning had forecasted, (b) Continued consolidation amongst flag carriers, (c) Continued renaissance of the turboprop in the 50-70 seat market.” Have lease rates changed over the past three months? If yes, by how much in percentage? Kelly: “I think looking at rates over the last year is more relevant than last three months. We have seen narrowbodies and widebodies decline 10-20% with the newer, in production aircraft declining less than the older, out-of-production models.” Dechavanne: “Narrobody and widebody lease rates have dropped 5-10% in the last three months, depending on the aircraft type and its vintage.” (We are, however, seeing signs of stability in lease rates which tells me that we may be close to the bottom from a lease rental standpoint.) Gondry: “Lease rates are down but have held pretty stable over the past three months at the low end of their range. Narrowbody aircraft are finding placement more easily than widebody aircraft. The newest 737NG and A320 aircraft are holding better than their older counterparts as more efficient equipment is now more readily available.” Stuart-Menteth: “Lease rates for narrowbodies are down but have remained flat over the past three months. Widebodies have remained flat or decreased by 5% depending upon type.” Have aircraft values changed over the past three months? If yes, by how much in percentage?

ply and demand imbalance, increased aircraft storage and rising availability. New-build aircraft benefit from better value retention, with market values dropping to a lesser extent than their older counterparts, between 2% and 3%. Older aircraft are experiencing value drops in the 6-8% range. Widebodies have been more affected, as current traffic does not justify for large capacity aircraft, and calls for lower cargo hold.” Stuart-Menteth: “Over the past three months narrowbody aircraft trading prices have remained flat. Widebodies prices have either remained flat or fallen by 2% over the period, depending on the aircraft type.” Which aircraft saw the greatest recovery in 2009? Kelly: “I wouldn’t use the term recovery. I would say that the 737-800 held its value the best in 2009.” Dechavanne: “No aircraft recovered in 2009.” Gondry: “The 737NG aircraft display optimistic market characteristics with aircraft available for sale or lease and parking capped. Whilst the aircraft do find placement, they do so with pressure on values and lease rates. Equally, whilst there is room for upward movement on current market value for members of the A320 family, the aircraft still received substantial orders over 2009. The A330-200 has been less affected than other widebody models by operators’ fleet restructuring, and parking is currently limited to 10 aircraft amongst seven operators, mainly leasing companies. A total of 13 aircraft traded during 2009, including some sale and leaseback transactions on new delivered aircraft with Avianca and US Airways.” Stuart-Menteth: “The fragile increase in traffic witnessed mid-2009 led to an increased demand in new (maximum five years old) Boeing 737-700/800 and A320/A319 aircraft models.” Which aircraft performed the worst in 2009?

Kelly: “Average value declines would be similar to lease rates.” Dechavanne: “On average both narrowbodies and widebodies dropped in value by about 5-10% in the last three months. The only exception was the Boeing 767-300ER, which saw a drop in value of about 1030% depending on the vintage.” 36 | Flightglobal Insight | Aircraft Finance 2010

Kelly: “The 737 classics and 50-seat regional jets performed the worst.” Dechavanne: “I would have to say the Boeing 767300ER as it lost anywhere from 20-50% of its value and lease rates dropped 15-20% over the course of the year.”

AIRCRAFT FINANCE 2010

Gondry: “The recession has been fatal to the McDonnell Douglas models, whose storage levels are beyond recovery and will force the aircraft to part-out and accelerated retirement. They are representative of older technology aircraft, whose technologies are not viable in tight economic operating environment. 747-400 aircraft are being parked and eventually retired, resulting in value pressures.”

Gondry: “The second-hand widebody market will eventually recover also later than the narrowbody market, as more finances are required behind their transactions. Further, traffic levels would have to increase to justify the purchase of higher capacity models. IBA believes that secondary market transactions for widebody aircraft will recover in line with traffic level at the back end of 2010.”

Stuart-Menteth: “In general the Boeing 757/767 sector faired the worst as a result of the banks unwillingness to lend against such assets narrowing the market to purchasers who could fund transactions internally.”

Stuart-Menteth: “Demand for widebodies will be fragmented and split by generation and further sub-split by age. Demand for 767-300ER and A300-600 pre-2000 models will continue to ﬂounder with the freight market or part out the only realistic options. The A340-500/600 demand will remain low and highly speculative. Early vintage 747-400 demand will remain stagnant. Demand for A330s and 777s will remain relatively strong where such routes demand capacity.”

Do you see the second-hand market for narrowbodies improving in 2010? Kelly: “No, don’t think it is likely until airlines start making money. Avitas projects a recovery beginning in 2011 with a return to Base Values around 2014.” Dechavanne: “No, however, I do think that there will be a lot more activity in the second-hand market during 2010, which will lead to improvements in 2011.” Gondry: “As the aviation industry recovers, aircraft that are currently parked or available should find placement resulting in secondary market transactions. Financing will ease and enable some operators to afford good specification models at a low rate. IBA believes that there are some worthwhile equipment currently advertised on the market. It remains that prices paid are very much a function of the aircraft specification and maintenance conditions.” Stuart-Menteth: “The narrowbody market will continue to improve slowly so long as the production rate and deliveries are managed prudently by the OEMs.” Do you see the second-hand market for widebodies improving in 2010? Kelly: “No and the JAL bankruptcy is not going to help the 747-400 market. Again, Avitas projects a recovery beginning in 2011 with a return to Base Values around 2014.” Dechavanne: “Same as for narrowbodies. I do think that there will be a lot more activity in the second-hand market this year, which will lead to improvements in 2011.”

With oil prices rising towards $80 a barrel (compared with around $44 in early January 2009), do you expect oil prices to hit $100 in 2010? Kelly: “Yes but only for a short time. I don’t think an oil price of over $100 a barrel is sustainable for the long term because the supply is plentiful. Oil prices will remain volatile due to unexpected short-term events but we are more likely to see the price of oil continue in the $70 to $80 per barrel range for the long run.” Dechavanne: “No, although oil prices will most likely rise a bit further due to the colder winter season, I don’t think that the price will reach $100 this year. I would expect it to stabilize in the $80 range for most of the year.” Gondry: “IBA sees oil prices being highly volatile still, and whilst we do not expect to see oil prices reach their record high of $150, oil prices of $100 seems fairly realistic for 2010. Already in January, oil prices have experienced a hike as the Northern hemisphere has been hit by a cold wave.” Stuart-Menteth: “Assuming that OPEC act rationally then Fintech is of the opinion that the cost of oil will gradually increase in line with global GDP but will be contained within the $75-$100 price bracket for 2010.”

Aircraft Finance 2010 | Flightglobal Insight | 37

AIRCRAFT FINANCE 2010

u Do you anticipate more aircraft to be parked in 2010? Why?

Kelly: “Yes, because airlines are not making money and they will continue to restructure and downsize their operations. We could see an additional 600-1,000 aircraft parked and retired over the next year.” Dechavanne: “No, I feel that the current level of parked aircraft will most likely stay the same. Most operators have already downsized their fleets and parked what needed to be parked. Unless we see another major bankruptcy from a large carrier, I do not see this trend changing.” Gondry: “In 2009, operators have continued to face lower traffic, especially premium and cargo traffic, and lower yields, and have matched their fleet accordingly. Delivery deferrals have taken place but order cancellations have been kept to a minimum. IBA believes that all required aircraft parking as part of fleet restructuring has taken place and does not expect parking level to increase any further. There might be some aircraft being parked under some scenarios of operators’ default and aircraft repossession, but IBA sees parking levels as being currently at their peak.” Stuart-Menteth: “I would expect to see approximately the same quantity of aircraft parked though as demand slowly returns, the composition of the parked fleet will change, as airlines place the most cost efficient aircraft into service. Oil prices will of course be a large determinate in deciding the fate of older generation aircraft.” How much (in percentage) new 2010 deliveries will not have financial support? Kelly: “Zero percent. All aircraft will get financed one way or the other either through banks, leasing companies, credit markets, governments or manufacturers. The cost of financing may be higher than desired but all the aircraft will get financed.” Dechavanne: “Zero percent. I believe that all aircraft will find some type of financial support. The capital is out there… just being offered under different terms and conditions.” Gondry: “IBA believes that financing should ease up throughout 2010, and has noticed that even during 38 | Flightglobal Insight | Aircraft Finance 2010

the recession, airlines have proved innovative in finding ways to fund their aircraft deliveries. Export Credit Agencies have been more involved, with new players in the market and capital markets are opening. Manufacturers have also been financing aircraft as a last resort. Only few whitetails occurred last year, and this year should see even fewer deliveries not met by financial support, around 1% of new deliveries.” Stuart-Menteth: “Pre-delivery payment financing will continue to be troublesome but this will ease progressively as further liquidity flows into the market and improved financial results are posted by operators. The funding gap will in 2010 be driven more by the natural supply and demand versus credit risk, rather than the characteristics of a finite funding pool, and in this respect one would expect that less than 5% of all new deliveries will not receive funding.”

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