Seoul, 20th March 2019
François Collet Vice President Structured Finance Bertrand Guedez Structured Finance Manager
Investing in, operating, leasing and trading Airbus aircraft Safe Harbour Statement
Disclaimer In addition to historical information, this presentation can include forward-looking statements. Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
These factors include but are not limited to: Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses; Significant disruptions in air travel (including as a result of terrorist attacks); Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar; The successful execution of internal performance plans, including cost reduction and productivity efforts; Product performance risks, as well as programme development and management risks; Customer, supplier and subcontractor performance or contract negotiations, including financing issues; Competition and consolidation in the aerospace and defense industry; Significant collective bargaining labour disputes; The outcome of political and legal processes including the availability of government financing for certain programmes and the size of defense and space procurement budgets; Research and development costs in connection with new products; Legal, financial and governmental risks related to international transactions; Legal and investigatory proceedings and other economic, political and technological risks and uncertainties. As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see the most recent Airbus SE Registration Document, including the Risk Factors section. Any forward-looking statement contained in this presentation speaks as of the date it is made. Airbus SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new information, future events or otherwise.
Rounding Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
2 Manufacturer Support & Sell Down
Aviation Market & Financing Trends
Product Update
3 Airbus Financing & Guarantees Team: Our Role
Airbus Customers
Harald Wilhelm Chief Financial Officer
Jean-Baptiste Pons Aircraft Financiers Head of Integrated Treasury
Financing & Guarantees Team
Leveraging on market knowledge and relationships in order to connect financiers and customers
4 Investors reach out to bring new liquidity into Aviation
Contribution Investment Savings Return Premium
Pension Investment Return Fixed Income Coverage Insurance Sovereign Asset Pension Hedge product Companies Funds Managers Funds Funds
Consumer Base
Airlines
Demand for Airline air travel revenue Demand for Air Travel
5 Junior Debt Fund - Tamweel Aviation Finance (TAF) Airbus . TAF I - From 2012 to 2018 (fund closed) support to aircraft financing
. TAF II - From 2018 Continued innovation to best support . More investors expected Airbus customers in to join TAF II as Limited Partners. aircraft financing . Lots of interest from Asia.
Captive Bank – Providing independent financing solutions to the aviation industry
2014 - 2018 4 years of operations Teaming up with banks, lessors and institutional investors BANK to support aircraft financing for our customers;
6 Airbus
Balthazar: Private Insurance Cover support to aircraft • Coverage: Aircraft Finance Non Payment Insurance
• Insured: Aircraft Funders (e.g. Debt, Private Placement) financing
Airbus • Risk: Airline default • Level of risk insured: 100% of loan exposure Private Insurance Law Airline • Term: up to 12 years fully amortising Cover for Aviation Firms Backed Finance • Advance rate: Up to 85% LTV, similar advance rates to BALTHAZAR ECA financing • Transaction Structure: Benchmark to standard SPC Broker Financiers loan/finance lease structure & documentation as per LMA standard
Asset • All-in cost: insurance premium + bank margin + fees Manager • Validity: Ability to offer indicative coverage up to 18 months before delivery
7 Export Credit Agency (ECA) Financing Overview
• An Export Credit Agency (ECA), is a private or quasi-governmental institution that act as an intermediary between national governments and exporters to issue export financing ECA • The primary role of the ECAs is to support exports on behalf of governments: Financing
ECAs support exports on behalf of governments Europe: Guarantees against airline credit risk • All ECAs are governed by the same rules: Aircraft Sector Understanding (ASU) 6 Airbus aircraft supported by the ECAs in 2018 Canada: Direct lending to airlines
8 Applying to ECA financing: new process and timeline Applying to ECA Customer request for ECA financing Delivery financing ECA financing 12 months at least introduction
Airbus Airbus At least, 12 months ECA Documentation pre-application Closing Internal Compliance assessment (airline, bank, ECAs) before the first process process delivery Airbus ECA application commitment
Airbus facilitates the coordination with ECA government bodies Assist in the interface with banking community
9 Manufacturer Support & Sell Down
Aviation Market & Financing Trends
Product Update
10 Airbus Airbus GMF: Traffic forecast Global
Asian Financial 25.0 Oil Gulf Crisis 9/11 SARS Crisis Market Crisis Crisis Airbus GMF 2018: 4.4% growth p.a. Forecast 20.0 x2 Traffic has proven 15.0 to be resilient to external shocks and doubles every 10.0 x2 15 years
5.0 x2
0.0 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 2027 2032 2037 Source: ICAO, Airbus GMF 2018
11 Review and outlook of industry key drivers Industry GDP and RPK growth Fuel price review and 10.0% 150.0 124.5 y-o-y % 7.5% 8.0% 114.8 8.0% 6.9% 6.5% 120.0 5.8% 6.3% 6.0% 87.6 outlook RPK 81.3 6.0% 90.0 66.7 66.7 3.2% 3.2% 3.1% 52.1 4.0% 2.5% 2.7% 2.7% 2.5% 60.0 2.0% GDP 30.0 USD / barrel 2019 figures: 0.0% 0.0 (forecast)
6% traffic growth Passenger load factor Airline net result 82.1% load factor 85.0% 50.0 USD bn. 40.0
81.9% 82.1% 30.0 37.7 81.5% 36.0 34.2 35.5 ~ 81.3 $/b. fuel price 80.0% 32.3 80.4% 80.5% 79.9% 79.8% 20.0 10.0 10.7 13.8 Source: 75.0% 0.0 IATA 2013 2014 2015 2016 2017 2018 2019 Airline Industry Economic Performance estimate forecast December 2018 update
12 Evolution of airline net results and margins since 2004
EBIT margin Net result (%) (USD bn.) Airline 10.0 40.0 Net Profit (USD bn.) 37.7 profitability 8.0 34.2 35.5 % Margin 36.0 30.0 32.3 6.0 20.0 4.0 Airline profitability 17.3 14.7 13.8 10.0 consolidating in 2.0 10.7 8.3 9.2 5.0 positive territory - 0.0 -5.6 -4.1 -4.6 -2.0 -10.0 -4.0 -20.0 -6.0 -26.1
-8.0 -30.0
-10.0 -40.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: IATA Airline Industry Economic Performance December 2018 update estimate forecast 13 20-year demand for 37,400 new aircraft worth 5.8 trillion 2018-2037 new deliveries
≤ 230 Seats S 28,550 (76%) S $3.2 tn (54%) ≤ 300 Seats M 5,480 (15%) M $1.4 tn (25%) ≤ 350 Seats L 1,760 (5%) L $0.6 tn (10%) ≥ 350 Seats XL 1,590 (4%) XL $0.6 tn (11%)
37,400 $5.8 trillion aircraft units aircraft value
14 Notes: Passenger aircraft (≥ 100 seats) | Jet freight aircraft (>10 tons) Source: Airbus GMF 2018 Asia-Pacific lead in world traffic will increase further by 2037 RPK traffic by airline domicile (trillions)
% of 2017 20-year % of 2037 world RPK growth world RPK Asia/Pacific 2017 traffic 2018-2037 additional traffic
30.9% 5.6% 38.5% Europe
26.6% 3.4% 22.1% North America
21.8% 2.5% 15.2% Middle East
9.1% 6.0% 12.3% Latin America 20-year world annual 5.2% 4.6% 5.4% CIS traffic growth 4.4% 3.8% 4.0% 3.5% Africa
0 2 4 6 8 2.6% 5.1% 3.0% Trillions
15 Airbus Airbus GMF – Fleet forecast: Global Demand for new passenger aircraft per region Market Forecast M, L, XL North America 20-year demand S 5,070 Europe & CIS M, L, XL 900 for more than S 6,510 S Total 5,970 M, L, XL 1,780 36,000 new Total 8,290 passenger aircraft Asia – Pacific S 12,490 M, L, XL 3,150 Total 15,640 Note: Latin America Africa & M.E. Passenger aircraft (≥100 seats) S 2,430 S 2,060 Rounded figures to the nearest 10 M, L, XL 280 M, L, XL 1,900 Circle diameter proportional to Total 2,710 Total 3,960 43% % share on total demand Total Source: 2018 – 2037 demand for Airbus GMF 2018 new passenger aircraft S 28,550 M, L, XL 8,010 16 Total 36,560 Airbus and Boeing share on net orders since 1995 Industry 100 market share 75 Stable duopoly
50 No over production Two families of standard products 25
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
17 Airbus and Boeing order backlog Industry backlog A220 476 A320ceo / neo 5,962 B737NG / MAX 4,668 Combined backlog of over 13,000 A330ceo / neo 293 767/787 712 aircraft A350 XWB 603 777 423 A380 56 747-8 23 Total 7,390 Total 5,826
Note: Data to end of February 2019
18 Breakdown of 2018 FY deliveries by source of financing Airbus EDC & ECA Airlines deliveries financing Airline Debt 1% Airline Cash 13% Cash & 100% commercial Capital Markets Lessors 35% of deliveries through commercial financing Lessor Cash 800 23% 100% 62% Aircraft 62% of deliveries Lessor Debt financed by Lessors 3% 1% Lessor SLB Note: 24% Share in number of aircraft Data to end of December 2018 ECA Airline Source: Airbus
19 Top 15 lessors by commercial aircraft fleet size, 2008 vs. 2018 Evolving 2008 5,300 aircraft lessor North America Europe M.E. & Asia – Pacific landscape
3,700 aircraft 500 aircraft 1,100 aircraft
Note: Lessor fleet: Airbus and Boeing aircraft in commercial service or on order, figures rounded to the nearest 100
Source: FlightGlobal, fleet in service, data as per end of December
20 Top 15 lessors by commercial aircraft fleet size, 2008 vs. 2018 Evolving 2018 8,300 aircraft lessor North America Europe M.E. & Asia – Pacific landscape
3,100 aircraft 1,300 aircraft 3,900 aircraft Lessor centre of gravity moving east Growth of top 15 lessor fleet by 50+% in 10 years Note: Lessor fleet: Airbus and Boeing aircraft in commercial service or on order, figures rounded to the nearest 100
Source: FlightGlobal, fleet in service, data as per end of December
21 Lessor unsecured issuance since 2014 USD Lessor 55.5bn 20.0 unsecured USD bn. 16.0 issuance
12.0 Lessors taking 19.9 8.0 advantage of 14.2 strong investor 4.0 appetite 7.2 5.8 7.3 - 1.1 Lessors are 2014 2015 2016 2017 2018 2019 becoming common conduits/ investment platform for capital market investors Note: Data to end of January 2019
Source: investment bank data, company financial statements 22 Lessor Lessor Term Loan and ABS issuance since 2014 USD Term Loan 34,3bn 12.0 and ABS USD bn. ABS 10.0 6.3 issuance 8.0 ABS Engine 6.0 0.3 Capital Markets 4.0 are back in the 3.3 Term Loan 3.7 4.2 5.8 6.3 financing of mid- 2.0 and end-of-life 2.1 1.1 - 0.8 0.4 aircraft 2014 2015 2016 2017 2018 2019
Note: Data to end of January 2019
Source: Investment bank data, company financial statements
23 Cap Town Convention: Repossession of collateral worldwide Aircraft repossession
Adequate repossession rights for lenders in 73 countries Some jurisdictions w/o CTC provide same benefits Entry into force through local law Signature
Source: Aviation Working Group Unidroit world map as of Decembre 2018
24 Pro-active actions for the benefit of lenders and lessors Bank regulatory burden steadily increasing – Basel IV (Source: DVB) More regulation and Basel III / IV means:
RTS . Less European and US bank capacity; EBA ECB ESRB LMAA JST ITS . More room for investors and capital market transactions; BaFin BuBa Data Point Model ESMA . More room and opportunities for Asian banks. SREP ILAAP EIOPA SSM ICAAP OECD Stresstests MaRisk I MaRisk II MaRisk III Basel III STEs MiFiD2 BEPS ICAAP IFRS 13 MiFiR AEOI FATCA CRS Basel I MaH MaH MaK Basel II BilMoG Basel 3.5 MaSan AQR ALMM
1988 1992 1996 2000 2002 2004 2006 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Funding AnaCredit Plan FINREP BCBS QIS QIS QIS CVA AVC 2.0 Basel IV Prudent Valuation 239 AVA BCBS CEBS EBA CRD IV IFRS 9 248 IAS Stress Stress CRR IFRS 10 IRRBB CCP ITS LCR AVA QIS QIS COREP II NSFR FINREP BCBS COREP 265 FRTB 25 Investing in aviation
Highly regulated Long-Term view Aviation industry Aircraft financing industry on the aviation is less volatile match with Mobile asset easy sector / Excellent than other sectors investors’ to repossess track record expectations Manufacturer Support & Sell Down
Aviation Market & Financing Trends
Product Update
27 Airbus product overview in capacity and range Airbus Product Capacity Family
Most complete and far-sighted product family
Range Note: product position is illustrative 28 Airbus & Bombardier a bright future ahead
A winning partnership
The partnership opens a new era in the industry with two giants joining together the best of their product portfolio.
October 2017 Airbus and Bombardier sign historic partnership
29 A220 532 57 475 unbeatable Orders Deliveries Backlog fuel efficiency End January 2019 A220 Customers
orders Start-up 532 « Moxy » 19 customers
GTLK
End of January 2019
31 Unmatched flexibility and lowest risk
Providing value to any operation
Low cost per trip
Lowest cost per seat
The cost per seat is "so low" on the jet that the carrier can afford to operate sectors with relatively low load factors, in the knowledge that it has flexibility to accommodate more passengers at other times. airBaltic CEO Martin Gauss Source: Flight Global Article November 13, 2017 A320 unbeatable 14 661 8 638 6 023 fuel efficiency Orders Deliveries Backlog
End January 2019 A320 Family has the strongest operator base
Operators A320 300 Family 278 A320 operators
250 More than 8 new operators 200 +45% per year, on operators average, over in a decade the last 10 years 150
100 End 2018 Source: Ascend In-service passenger aircraft (excluding private company use etc.)
34 Efficiency 20% Cabin Efficiency A320 clear Engine Improvements Sharklets product strategy
15% Non-stop New Engines innovation Sharklets built on proven values Up to 4% Sharklets Fuel Savings per Seat
2012 2015 Future
35 A320 Family deliveries Upsizing with A320 Family deliveries (% units) A321 A318, A319, A320 deliveries
13% 16% 18% 21% of A320 31% 37% 36% 32% ~40% 41% Family deliveries are A321
Source: Airbus order intake as of end of October 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 36 The A321 A321 presence within the 757 biggest operators has already Number of Aircraft Worldwide number of aircraft 400 replaced 757 351 350 A321 1,764 757s 300 99 158 250 200 A321 orders A321 757 7 out of the 10 largest 757 150 69 220 6 operators fly now 100 1 the A321 50 127 116 12 77 8 65 34 35 31 0 13 15 24
Source: FlightGlobal Fleet Analyzer February 2019, In-service fleet
37 A320ceo secondary market lease transactions 2018 A320ceo has an active North America 9 Europe 75 Asia-Pacific 37 secondary Air Transat 2 x A320 (CFM) Aeroflot 3 x A320 (CFM) Air Busan 2 x A320 (IAE) Air Corsica 1 x A320 (CFM) Allegiant Air 5 x A320 (CFM) Air France 8 x A320 (CFM) AirAsia (India) 1 x A320 (CFM) market American Airlines 2 x A320 (IAE) Air Malta 1 x A320 (CFM) Cathay Dragon 1 x A320 (IAE) Atlantis Armenian 1 x A320 (IAE) IndiGo 17 x A320 (CFM/IAE) Avion Express 3 x A320 (CFM/IAE) British Airways 1 x A320 (IAE) 5 x A320 (IAE) Brussels Airlines 3 x A320 (CFM) Indonesia AirAsia 1 x A320 (CFM) 134 lease transitions DAT 1 x A320 (IAE) JC International 1 x A320 (CFM) easyJet Europe 15 x A320 (CFM) Edelweiss Air 1 x A320 (CFM) Jetstar Japan 1 x A320 (IAE) Ellinair 2 x A320 (CFM) 1 x A320 (IAE) 95 Leases Ernest Airlines 1 x A320 (CFM) KC International 1 x A320 (CFM) FlyOne 1 x A320 (IAE) Sky Angkor 1 x A320 (CFM) GetJet Airlines 2 x A320 (CFM/IAE) 39 Lease extensions Latin America Gowair 1 x A320 (CFM) Spring Airlines 1 x A320 (CFM) Iberia 2 x A320 (CFM) Tianjin Airlines 2 x A320 (IAE) & Caribbean 9 1 x A320 (CFM) Tigerair Australia 1 x A320 (IAE) Laudamotion 3 x A320 (CFM/IAE) 79 CFM-powered Onur Air 1 x A320 (IAE) Virgin Australia 1 x A320 (IAE) Aruba Airlines 1 x A320 (IAE) Orange2fly 2 x A320 (IAE) Avianca Group 4 x A320 (CFM/IAE) Small Planet Airlines 3 x A320 (CFM/IAE) Smartlynx 3 x A320 (CFM) 55 IAE-powered Azul 1 x A320 (IAE) 1 x A320 (IAE) Africa & LATAM 1 x A320 (CFM) Thomas Cook Airlines 1 x A320 (CFM) Middle East 4 2 x A320 (IAE) TAP Air Portugal 1 x A320 (CFM) Ural Airlines 1 x A320 (CFM) 52 Operators, 3 new 1 x A320 (CFM) AMC Airlines 1 x A320 (IAE) Source: FlightGlobal Fleets Analyser. Lease VIA Airways 1 x A320 (IAE) Israir 1 x A320 (IAE) Vueling Airlines 1 x A320 (CFM) 01/01/2018 ~ 31/12/2018. Includes Lease extension 5 x A320 (CFM/IAE) Jazeera Airways 1 x A320 (CFM) leases & lease extensions of used New Operator Wizz Air 2 x A320 (IAE) Saudia 1 x A320 (CFM) aircraft, excludes sub- & wet leases Yamal Airlines 2 x A320 (CFM) 38 A330 powering 1 734 1 441 293 into the future Orders Deliveries Backlog
End February 2019 A330: Largest operator base…ever A330 Passenger airline operator base evolution since Entry Into Service (250-300 seater category) 120 operator base advantage A330-200/300 118 100 A330neo has great 80 appeal for today’s A330 operators
Operators 60 55 787
45 767-300/400
40 38 777-200
26 A340-200-300 20 23 A350-900 Source: Ascend Online December 2018 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 40 A330 secondary market lease transactions in 2018
North America 8 Europe 26 Asia-Pacific 16 53 Lease Air Transat 3 x A330-200 (RR) Air France 4 x A330-200 (GE) AirAsix X 2 x A330-300 (RR) 1 x A330-200 (RR) Aer Lingus 1 x A330-200 (GE) Asiana 2 x A330-300(GE) transactions American 4 x A330-300 (PW) Aeroflot 2 x A330-200 (RR) Hong Kong Airlines 2 x A330-200 (RR) Aigle Azur 2 x A330-200 (PW) Malaysian Airlines 5 x A330-200 (PW) Atlasglobal 1 x A330-200 (GE) QANTAS 1 x A330-200 (GE) Brussels Airlines 3 x A330-300 (RR) SriLankan 1 x A330-200 (RR) 37 Leases Evelop 1 x A330-200 (PW) Thai AirAsia X 3 x A330-300 (RR) HiFly 1 x A330-200 (PW) 16 Lease extension Ifly 2 x A330-200 (GE/PW) Nordwind 2 x A330-200 (PW) 24 Airlines, 4 new Onur Air 1 x A330-200 (RR) Virgin Atlantic(i) 4 x A330-200 (PW) 37 A330-200 Wamos Air 2 x A330-200 (PW) 16 A330-300 Latin America & Caribbean 2 Africa & RR-powered Middle East 1 21 Avianca 2 x A330-200 (RR) 24 PW-powered Almasria Universal 1 x A330-200 (GE) 8 GE-powered Source: FlightGlobal Fleets Lease Analyser as at 31st December, Lease extension 2018. Includes dry leases & lease extensions. New Operator (i) Virgin Atlantic is a new operator of the A330-200 41 March 2019 Seconadary Market Building on A330 operational excellence 238 firm orders 17 operators 15 out of 17 currently operate A330 Lowest-risk solution for 1 new widebody operator
Customers Lease Placements
2 Undisclosed customers A350 XWB 852 249 603 Shaping the future Orders Deliveries Backlog of air travel
End February 2019 Americas Europe Asia & Pacific 107 orders 174 orders 295 orders A350 XWB worldwide success
Africa & Middle East 174 orders 852 Firm orders 48 Customers
Leasing Companies Corporate Jet 73 orders 1 orders
UNDISCLOSED End February 2019 28 undisclosed orders
44 A350 A350-900 A350-1000 325 passengers 366 passengers XWB Family ICN Two sizes with similar long range capability
A350-900 8,100nm A350-1000 8,000nm
Typical 3-class configurations Typical airline rules, 200 nm alternate 85% annual headwinds
45 Lessors are actively buying and selling A350 XWBs
A350 XWB sales transactions involving lessors 40 30 20 Sale & Lease-back 10 Lessor-to-Lessor sale 0 2014 2015 2016 2017 2018
Lessors known to have been involved in A350 XWB SLBs and sales between lessors(i):
Airlines known to have been involved in A350 XWB SLBs and sales between lessors(i):
(i) May not be a comprehensive list. Source: FlightGlobal Fleets Analyser. Data reported as at 31st December, 2018 46 A380 will fly for decades 14 251 234 to come Operators Orders Deliveries
47 Programme status
Emirates will take delivery of 14 more A380s All Nippon Airways will take delivery of 3 A380s
48 A380s will fly for decades to come
A380s will fly for many We will continue to We look forward to years to come and we support our customers supporting the fleet, as will of course continue to with aftermarket services the A380 continues to fully support the for years to come. delight travellers, for operators. many years to come.
49 20/03/2019 Unique passenger experience, for decades to come Hi Fly A380
Already flown for Norwegian, Air Austral & Thomas Cook
Contracted with one customer for all of Summer 2019
“So far it looks like a few more units shall join the fleet.”
“It seems that 2019 will be great, so for the moment we are happy with our investment. We are happy with the decision to put the first A380 on the wet-lease market.” Quotes from Forbes, FlightGlobal Hi Fly President & CEO Paulo Mirpuri Contact Details
François Collet Bertrand Guedez Vice President – Structured Finance Structured Finance Manager
Airbus SAS Airbus Singapore Pte Ltd T +33 5 67 19 02 79 1 Rond-Point Maurice Bellonte 12 Seletar Aerospace Link M +33 6 16 97 13 87 31707 Blagnac M +65 9820 1821 Singapore 797553 E [email protected] France E [email protected]
51 Thank you
Happy to answer any question
52 © AIRBUS (Airbus S.A.S., Airbus Operations S.A.S., Airbus Operations GmbH, Airbus Operations LDT, Airbus Operations SL, Airbus China LTD, Airbus (Tianjin) Final Assembly Company LTD, Airbus (Tianjin) Delivery Centre LTD). All rights reserved. Confidential and proprietary document. This document and all information contained herein is the sole property of AIRBUS. No intellectual property rights are granted by the delivery of this document or the disclosure of its content. This document shall not be reproduced or disclosed to a third party without the express written consent of AIRBUS S.A.S. This document and its content shall not be used for any purpose other than that for which it is supplied. The statements made herein do not constitute an offer. They are based on the mentioned assumptions and are expressed in good faith. Where the supporting grounds for these statements are not shown, AIRBUS S.A.S. will be pleased to explain the basis thereof. AIRBUS, its logo, A300, A310, A318, A319, A320, A321, A330, A340, A350, A380, A400M are registered trademarks.