PK AIRFINANCE PK AirFinance is a leading provider and arranger of loans secured by commercial aircraft, aircraft engines, and helicopters. PK AirFinance serves , aircraft traders, lessors, investors, financial institutions and manufacturers worldwide. PK AirFinance is affiliated with GECAS.

Aircraft Engines Operator 320+ 50+ 90+

Countries Years of Experience Team 70+ 30+ 18+

3 PK PRODUCTS

Senior Mortgage Loans We include features such as Full payout loans Balloon loans Floating/Fixed Interest Rate Non-recourse loans Mixed Currencies Syndicated loans Limited Recourse

Finance Leases To structure an optimal solution for every transaction, we consider Conditional Sales Accounting Treatment Purchase of Loans Tax Treatment Legal Structure PDP Loans Asset Risk Credit Risk Bridge Loans Currency Risk Interest Rate Risk Seasonal Cash Flows

4 5 PORTFOLIO SPLIT BY COLLATERAL TYPE

66 RR EE non-GEnon-GE engine engine 66 TT FF PK PORTFOLIO

AA II 66 OLOL 6 OLCOOLCO

AA EE E E A A LL A A A A CISCIS

N RN GE R 7 T FGE 7 GET F GE

I NN OL DI OLCOOL D D R R OLCO D GE GE T 7 T 7 F F GE GE

PORTFOLIO SPLIT BY PRODUCT TYPE PORTFOLIO SPLIT BY REGION

7 7 I EE IOL D E E OLOLCO D D L L OLCO D NN CIS CIS

7 7 E E E L N E LCIS N 7 7 CIS March 2018 March 2018

March 2018

$343,200,000 Secured Term Financing

Secured by Secured by AirFinance Deal of the Year Award in Asia 2018 $343,200,000Sixteen Secured Boeing Term B737 Financing-900ER

Secured by

Sixteen Boeing B737-900ER

Provided by Provided by Cathay United Bank Cathay United Bank Korean Development Bank Korean Development Bank PK AirFinance PK AirFinanceProvided by

Arranged by Cathay UnitedArranged Bank by Korean Development Bank PK PKAIRFINANCE AirFinancePK AirFinance g Arranged by A GECASPK COMP AirFinanceANY A GECAS Company PK AirFinance A GECAS Company

8 KEY TRANSACTIONS

 - December 2016 - December 2016

  EUR186,318,000  EUR186,318,000Term Financing  Term FinancingSecured by Secured by Three Airbus A330-300 Equipped with Three6 CF6 -Airbus80E1A3 A330 Engines-300 Equipped with 6 CF6-80E1A3 Engines

GE_Imagination.pdf 1 03/09/2018 09:55 Provided by

PK AirFinanceProvided by g PK AIRFINANCEPK- A GECAS AirFinance Company A GECAS -COMPA GECASANY Company as Arranger, Security Trustee, Agent and Lender PK AIRFINANCE as Arranger, Security Trustee, Agent and Lender g A GECAS COMPANY

NeosTombstone.indd 1 23/10/2018 09:48

9 - January 2018 February 2018

$125,000,000 Senior Secured Term Financing $116,000,000 $15,000,000 Mezzanine Secured Term Financing Senior Secured Term Loan For and €99,940,900 One Airbus A350-900 Adjustable Dollar Equivalent Loan in Euro Secured by

Six Airbus A320-200NEO Arranged and Provided by equipped with CFM56-LEAP-A1 engines

Provided by PK AirFinance Airbus Bank

Arranged by and

PK AIRFINANCEPK AirFinance PK AIRFINANCEPK AirFinance g - A GECAS Company A g - A GECAS Company GECAS COMPANY A GECAS COMPANY

166706_Ethiopian Tombstone.indd 1 23/05/2018 14:12 KEY TRANSACTIONS

10 September 2018 June 2018

$338,500,000 Secured Term Financing

Secured by

Six Airbus A321-200 leased to $62,000,000 Engine Term Financing

For Six Boeing B737-800 leased to Three CFM56-LEAP-1B25 Four CFM56-7B27 Three Airbus A319-100 leased to

Provided by PK AirFinance Credit Agricole

Arranged & Provided by Arranged by PKPK AIRFINANCEAirFinance PKPK AIRFINANCEAirFinance g g A GECAS Company A AGECAS GECAS Company COMPANY A GECAS COMPANY

1111 COMPANY HISTORY

2018 PK AirFinance closes first ever JOLCO 2015 Global Transportation Finance Deal of debt financing for an African carrier – the Year Asia Award for ICBC Leasing/ Ethiopian – nominated “Africa Lease Garuda JOLCO financing of three Deal of the Year 2018” A320-200 PK closed first A350-900 deals GECAS /PK win Airfinance “Deal of the 2000 General Electric Capital Corportation Year in Asia” award for 51 Aircraft deal buys PK Airfinance with Lion Air 1979 PK Finans established in Luxembourg Company has $5.9bn in portfolio by PKbanken Sweden volume Cumulative origination reached $37bn 2017 PK AirFinance closes first deals on new technology 737MAX 2016 PK AirFinance arranges first euro loans, finances first Boeing 787-9s and Airbus A320NEOs deliveries

12 13 14 Collateral 31/12/2018 AIRCRAFT AIRLINES 31/12/2018

Asset Type Total B747-400SF 2 Garuda Solaseed A320-200 69 B777-200LR 2 Aerolineas Argentinas Sri Lankan B737-800 68 B787-9 2 Aeromexico Germanwings Sun Express A319-100 37 EMB-170 2 AirAsia Go Air TAM GOL B737-900ER 24 CF6-80EA4/B 2 TAME Hainan TAP A321-200 19 CFM-1A26 2 Air Thomas Cook Airlines S92 19 GEnx-2B67 2 IndiGo Tigerair Australia ATR72-600 14 PW4170 2 Titan Airways EMB-190 11 Trent 772B-60 2 Transavia A330-200 10 Trent XWB 2 Jet Airways Travel Service EMB-175LR 9 A330-900 1 Asiana Jet2.com TUI Travel plc AW139 9 ATR72-500 1 ASL France KAAN Turkey Turk Hava Yollari PW4090 8 B737-400 1 Atlas Intl. B.V. Ukraine A330-300 7 B737-400SF 1 AtlasGlobal KLM United B737 MAX 8 7 B747-400ERF 1 Azul S.A. Ural Airways VivaAeroBus A321-200N 7 CFM-1B25 1 Myanma Viva Columbia CFM56-7B 7 GE90-115B-SP 1 Bristow Norwegian Air Shuttle A320-200NEO 6 Grand 404 Nouvelair CFM56-7B24 6 CHC Group OK Airways West Atlantic B737-700 5 Chengdu Airlines Peach Wizz Air B777-200IGW 5 China Eastern Pegasus Yakutia GP7270 5 AirAsia, Inc. Yamal PW4168 5 COPA Phillippine Airlines S76D 5 Delta Air PT Lion Mentari Eastar Jet Republic B747-400F 5 GE90-115B 3 Ethiopian Sky Chile CFM56-5B 3 Finaircraft Sky Angkor A350-900 2 Small Planet Airlines B737-800 2 Smartlynx

15 THEBASIC STRUCTURES THE BASIC STRUCTURES

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22 PK AirFinance CompanyPresentation2009 CT RU gage rt ST n

16 ce oa e in IC eL rl rFinan Ai in Ai rl PK AS Ai an Mo Lo EB TH 9 00 n2 io at nt se re yP mpan Co ce rFinan Ai PK 22 HOW WEHOWCALCWEULATCAETLCHEULATODETDSHE ODDS

HOW WE CALCULATE THE ODDS

AssetRisk AssetRisk Credit Risk Credit Risk

Aircraft ValueProjection Aircraft ValueProjection

With Confidence Bands With Confidence Bands

AirlinePerformance AirlinePerformance Probability Probability

Outstanding Amount Outstanding Amount

Balloon Recourse Or Balloon Recourse Or Non-Recourse Non-Recourse

0 1 2 3 4 5 6 7 8 9 10 0 1 2 3 4 5 6 7 8 9 10

PK AirFinance CompanPKyPAirFinanresentceatioCon2mpan0092yPre3 sentation200923

1717 BASIC DATA WE NEED TO DISCUSS YOUR TRANSACTION

Transaction Aircraft Financed amount Type Currency Year of manufacture Repayment profile Serial Number Interest rate basis Registration (floating/fixed) Engine Type Max Take-Off Weight Borrower Specifications Name Maintenance Program Financials and Condition Jurisdiction Underlying Lease Airline Lessee Name Term Financials Rent Jurisdiction Maintenance Reserves Return Conditions Lease Deposit

18 MEET THEPKTEAM WHERE TO FIND US

London Shannon LuLuxembourgxembourg Toulouse NeNorwalkwYork Tokyo

Singapore

PK AirFinance CompanyPresentation2009 25 19 MEET THE PK TEAM

LUXEMBOURG TOULOUSE LONDON

Paul Meijers Frank Withofs Tina Hongisto Serge Michels Per Waldelöf Christophe Bernardini President Portfolio & Treasury Administration Administration Marketing Marketing

SHANNON

Guillaume Degemard Max Jonsson Yvonne Chenery Saida Douah Virginia Izaguirre Niall Cronin Marketing Risk & Analysis Contracts Administration Administration Marketing

20 NORWALK TOKYO

Maggie Morrow Shinji Sato Yoshifumi Sakuragi Marketing Marketing Marketing

SINGAPORE

Claudia Barston Miyuki Hayashi Akiko Kawaguchi Marketing Administration Contracts

21 22 CONTACT LIST www.pkair.com

Name Business Phone E-mail Name Business Phone E-mail London Shannon The Ark, 201 Talgarth Road, Hammersmith, London W6 8BJ, United Kingdom Aviation House Shannon, County Clare, V14 AN29, Ireland Bernardini, Christophe +44 20 7302 6165 [email protected] Cronin, Niall +353 61 706940 [email protected] Luxembourg - PK AirFinance SARL Singapore European Bank and Business Center, 6D, Route de Trèves, L-2633 Senningerberg, 11 North Buona Vista Drive, Singapore 138589 SG Luxembourg Barston, Claudia +65 6326 3132 [email protected] Meijers, Paul +352 34 20 30 24 [email protected] Chenery, Yvonne +352 34 20 30 22 [email protected] Tokyo – GE Capital Asset Finance GK Douah, Saida +352 34 20 30 27 [email protected] Akasaka Park Bldg., 5-2-20, Akasaka, Minato-ku, Tokyo, Hongisto, Tina +352 34 20 30 23 [email protected] Sato, Shinji +81 (3) 35 88 61 55 [email protected] Izaguirre, Virginia +352 34 20 30 28 [email protected] Hayashi, Miyuki +81 (3) 35 88 62 94 [email protected] Jonsson, Max +352 34 20 30 26 [email protected] Kawaguchi, Akiko +81 (3) 55 44 37 93 [email protected] Michels, Serge +352 34 20 30 20 [email protected] Sakuragi, Yoshifumi +81 (3) 35 88 95 34 [email protected] Withofs, Frank +352 34 20 30 21 [email protected] Toulouse - PK Air Norwalk - PK AirFinance US, INC. 17 avenue Didier Daurat, Immeuble Socrate, Blagnac 31702 France 901 Main Avenue, The Towers, Norwalk CT 06851-1168, USA Waldelöf, Per +33 5 6731 0032 [email protected] Morrow, Maggie +1 203 842 5204 [email protected] Degemard, Guillaume +33 5 3460 5048 [email protected]

23 R.C.S. Luxembourg B27840 • Capital USD 10,000,000 • PK AirFinance S.à r.l.