Airfinance Journal School 2019

首屇中国航空金融学院 China School 11 & 12 June 2019 • 6月11日至12日 Airfinance Journal China 2019 中国航空金融年会 13 & 14 June 2019 • 6月13日至14日 Airfinance Journal China Awards 2018 中国航空金融和租赁颁奖典礼 月 日 13 June 2019 • 6 13 The St. Regis Shanghai Jingan, China

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airfinancejournal.com/ChinaAF a news @AirfinanceNews Airfinance Journal Airfinance Journal China School 2019 首屇中国航空金融训练课程 11 & 12 June 2019 • 6月11日至12日

Chinese / English simultaneous translation will be provided 中英文同声传译

In the inaugural Airfinance Journal China School, we will bring together over 15 senior industry professionals to share valuable market updates and equip participants with practical knowledge across spectrums of aviation finance and leasing.

During the two-day training, curriculum will cover but not limited to aircraft valuation methodologies, risk management in aircraft financing, fleet management tactics and equity performance assessment.

This intensive course is designed for aviation new joiners who wish to gain familiarity with the industry quickly or professionals who hope to refresh existing knowledge.

Course leader: 1225 Lunch

1400 Understanding the engine as an asset class • The engine leasing market • The business model th Day 1: Tuesday 11 June • The importance of engine maintenance • Residual values and exit strategies • The engine OEMs in the aftermarket 0815 Registration Shaojun Zhu, CFM Marketing Director, Greater China, GE Aviation 0910 Welcoming remarks by Airfinance Journal 1440 How do lessors choose a tax efficient jurisdiction for aircraft leasing 0915 Overview of aircraft leasing market • Latest developments in tax treaties • Background of aircraft leasing • Evolving tax regimes of tax efficient jurisdictions • Industry fundamentals and key drivers • Key considerations for choosing a tax efficient jurisdiction for • Rise of Chinese lessors and their future growth path registration • Aircraft valuation and residual value risk • Typical structures of the transactions Lune Wang, Director and Deputy General Manager, • Taxation in cross-border leasing Comsys () Leasing Company Pieter Burger, Partner, Financial Services Tax, Deloitte

0955 Risk management for lessors 1520 Networking coffee break • Risk management framework • Asset risk 1550 The application of PRC bankruptcy law in aircraft financing • Airline credit risk and evaluation and leasing in China • Balance between risk & return • Liability risk • Will a default ever happen in China? • Jurisdictional risk and repossession considerations • Lessors’ and lessees’ rights • Liability – lessors vs. lessees Andrew Weixi, Executive Director, Aviation Leasing Department, • Termination of lease term and dispute resolution CMB Financial Leasing Yi Liu, Partner, Rui Bai Law Firm 1035 Networking break 1630 Dispute resolutions 1105 Airline strategy and management • What is a dispute? Documenting dispute resolution procedures • Evolving airline business models • Choice of governing law • How do airlines’ business models affect the selection of aircraft? • Resolving disputes • Key considerations for leasing vs buying • Enforcing securities • Gaining competitiveness through mergers and acquisitions • • Cape town treaties and repossession David Yu, Managing Director, Chief Investment Officer, and • Recent case study Co-Founder, Inception Aviation Holdings Jackson Chow, Partner, Bryan Cave Leighton Paisner

1145 Remarketing of aircraft 1710 End of day one • Asset management strategies for airlines and lessors • Remarket procedures, documentation and records • Negotiation management • Single vs portfolio asset remarketing • Case studies • Remarketing challenges in 2019 Vincent Lam, SVP Pacific – Aircraft Remarketing,Air Partner

http://bit.ly/ChinaSchool #AFJChinaSchool Airfinance Journal China School 2019 首屇中国航空金融训练课程 11 & 12 June 2019 • 6月11日至12日

Chinese / English simultaneous translation will be provided 中英文同声传译

Day 2: Wednesday 12th June

0830 Registration 1230 Lunch

0850 Introduction of course by course leader • Welcoming note 1350 Case Study: Bidding on an airline’s RFP • The airline industry today This is an interactive case study inspired by real cases. Guided by • Key drivers of air transport the speakers, the audience will be split into groups to make a bid Pierre Briens, Managing Director, Head of Aviation, Transportation and win an airline RFP. Sector, Investment Banking Asia Pacific,BNP Paribas The objective of the Case Study is to put the participants in an Avi- 0920 Managing the risks in aircraft financing ation Banker’s shoes during the entire RFP process with an airline. In order to win the mandate, each team will have to juggle with the • Credit risk: Assessing the solvability of an airline to meet its LT requirements imposed by airline on the transaction structure, their debt and lease obligations internal constrains and the competition. • Asset risk: Understanding liquidity, life cycles and market values of aircraft and engines • Structural risks: Getting LTV, security package and structural cash Pierre Briens, Managing Director, Head of Aviation, Transportation flows right Sector, Investment Banking Asia Pacific,BNP Paribas • Repossession & remarketing risk: Legal & practical considerations Pierre Briens, Managing Director, Head of Aviation, Transportation , Vice President, Transportation Sector, Investment Bank- Sector, Investment Banking Asia Pacific,BNP Paribas Vivien Guo ing Asia Pacific,BNP Paribas

1000 A focus on commercial debt: The core option for most air- lines & lessors 1520 Networking coffee break • Financing menu for airlines and lessors • Secured vs unsecured debt 1540 Distribution of aviation assets to the bank and fixed income • Financing airlines vs lessors markets • Single aircraft vs portfolios • Reason for distributing aviation assets • Managing contingent currency and interest rate risk • Finding liquidity and matching it with the appropriate risk profile • PDP financing • Recent dynamics on the loan market Vivien Guo, Vice President, Transportation Sector, Investment Bank- Alexis Postel-Vinay, Head of Loan & Structured Credit Syndicate, ing Asia Pacific,BNP Paribas Asia Pacific,BNP Paribas

1040 Networking coffee break 1620 M&A and IPOs in the aviation sector • Types of M&A deals 1100 Debt capital markets • Common tension points between buyers and sellers • Transaction, private vs public placements • Why do airlines IPOs • Senior unsecured and secured notes • Typical valuation methods • ABS and EETCs Sylvain Magne, Managing Director, Head of Advisory and Capital • ECA guaranteed bonds Markets, Transportation & Infrastructure Sector, Investment Banking Andy Lai, Managing Director, Head of Origination & Structuring, Asia Pacific,BNP Paribas Asset Finance & Securitisation, Asia Pacific,BNP Paribas 1700 Cape Town Convention – why is it one of the key internation- 1130 Derivatives for the aviation industry al treaties affecting aviation • Interest rate risk: Fixed vs floating • What is Cape Town Convention • Fuel price volatility • Cape Town Convention’ advantages to aircraft financiers, lessors • Currency risk and airlines Brian Tsoi, Managing Director, Head of Corporate FXLM Sales China, • Insolvencies and default remedies Global Markets, BNP Paribas • How has it evolved over the last decade? Paul Ng, Partner, Milbank 1200 Japanese operating lease with call option • JOLCO fundamentals 1740 Course summary and close of day two • Key considerations • NK vs TK investors • What will happen tomorrow? Norio Besshi, Director, Optimization, Structured Leasing & Transpor- tation, BNP Paribas

http://bit.ly/ChinaSchool #AFJChinaSchool Airfinance Journal China 2019 中国航空金融年会 13 & 14 June 2019 • 6月13日至14日

Chinese / English simultaneous translation will be provided 中英文同声传译

Air passenger traffic volume in China has grown extensively and the country is expected to dominate the world’s aviation market by 2022. Slowing economic growth, escalating fuel prices and heightened customer expectations are some reasons for increasingly fierce competition within the aviation industry. Join us atAirfinance Journal China 2019 to identify business opportunities and explore solutions to the challenges below: › How will trade uncertainty affect the aviation industry in China? › What are the implications of rising fuel price for airlines fleet planning strategies? › What is the outlook for various sources of capital available in the market? › How can Chinese lessors and airlines prepare for currency turbulence? › Will we see more Asian and Chinese lessors making use of aircraft securitization?

2018 Attendees By Sector Our two days programme will bring together over 700 2% 1% senior executives from airlines, leasing companies, 4% 4% 4% financial institutions and investment houses to examine the most pressing issues and opportunities of the 9% 40% aviation finance landscape with at least 62% of senior 8% executives and their direct reports.

27%

Lessor Airline Bank OEM Advisory firm Government agency Law firm Servise provider Investor Asset management firm Apprasier Consultancy Trader Rating agency

Over 44 airlines now registered for Airfiannce Journal China:

• Air Bridge Cargo Airlines • Himalaya Airlines • • Air Canada • Airlines • Sino-LAC Airlines • • IndiGo Airlines • • Air • Jet Airways • Star Jet China • Air Premia • Jiangxi Airlines • • Airfrance/KLM • Juneyao Airlines • • Airways • Korean Air • TransAsia Airways • Airlines • • Turkish Airlines • • Lufthansa • Uni-Top Airlines • • Norwegian Air Shuttle • Volga-Dnepr Group • • Pan Pacific Airlines • West Wind Aviation Group of Companies • Flynas Company • Red Air • XiamenAir • Frontier Airlines • SF Express • YTO Cargo Airlines • Guangdong Longhao Airlines • • Zhongzhou Airlines • Hainan Airline •

airfinancejournal.com/ChinaAF #AFJChina Airfinance Journal China 2019 中国航空金融年会 13 & 14 June 2019 • 6月13日至14日

Chinese / English simultaneous translation will be provided 中英文同声传译

Day 1: Thursday 13th June 1235 Lunch

0800 Registration and refreshments 1405 InvestHK Presentation Karen Mak, Senior Manager, InvestHK 0905 Chairman’s opening remarks Li Ling, Global Head of Aviation, Bocomm Leasing 1420 Panel discussion: Challenges of lessor financing in the current market condition What is the outlook for various sources of capital available in the 0915 Briefing: The state of China’s aviation economy • • The impact of macroeconomy on the aviation industry in China market? • How will trade uncertainty affect the aviation industry in China? • How to cope with airline credit risks • Analysis and forecast of passenger and cargo traffic flows • How the latest aircraft and engine issues are affecting business Moderator operations Laura Mueller, Managing Director, Airfinance Journal Moderator Speaker Brian O’Callaghan, Partner, Aircraft Leasing Audit, Deloitte Geoffrey Jackson, Executive Director, US-China Aviation Panelist , Managing Director, Aircraft Financing Solutions Group, Cooperation Program (ACP) Bob Roy Aviation Capital Group , President & CEO, 0935 Keynote presentation: The next ten years Manuel Cordero Cusco Aviation • Financial performance of Chinese airlines Eamonn Forbes, Chief Commercial Officer, FPG Amentum • Airline credit risk Anders Solem, Managing Director & Head of Marketing, China and • The internationalization of Chinese lessors North Asia, Nordic Aviation Capital • Managing the upcoming aircraft redelivery bow wave Kenneth Loo, Senior Vice President, Novus Aviation Capital Sun Lei, Senior Vice President, Bocomm Leasing 1505 Networking coffee break 0955 Keynote presentations: The next ten years A look at the history of the Commercial Aviation Leasing industry in 1535 Panel discussion: Passing through currency turbulence China and an outlook for its future within the global market • Are we seeing a trend of lessors accessing financing from the capital market? Peter Chang, Chief Executive Officer,CDB Aviation • Loan syndication between international and Chinese banks What is the outlook of the USD/CNY exchange rate? 1015 Networking coffee break • • How can Chinese lessors and airlines prepare for currency turbulence? 1050 Keynote presentation Li Peng, Deputy CEO, ICBC Financial Leasing Moderator Laura Mueller, Managing Director, Airfinance Journal 1110 Airlines’ perspectives Panelist • Is demand maintaining increasing momentum? Jane Sun, Director, Transportation & Offshore, Structured Asset • What are the implications of rising fuel price for airlines fleet Finance, ANZ planning strategies? Nikolai Lvov, Director, Global Aviation – Asia Pacific, Citi • What is the development path for newly established regional Sandra Chen, Managing Director, Fontainburg Aviation Capital airlines? Jasper Tan, Head of Aviation Finance, Asia Pacific,NORD/LB Moderator Laura Mueller, Managing Director, Airfinance Journal 1620 Mega banks’ panel Panelist • Interpretation of foreign exchange policies and their impact on lessors’ fundraising activities Hon Lam, General Manager, Hong Kong and Southern China, Air How will Chinese mega banks support C919 acquisition? Canada • Diversification of domestic financing tools Li Bing, Chief Financial Officer, • Chen Ke, Chief Financial Officer and Secretary of Board, Moderator , Assistant General Manager, Financial Markets Department, Spring Airlines Zhu Limi Minsheng Financial Leasing 1140 In conversation: Bringing C919 to the market Panelist • Order books and delivery schedule Zheng Haitao, Senior Manager, Transportation, Corporate Banking • Where does C919 fit on the market? Department, Bank of China • How can airlines finance C919s? Long Fei, Deputy Director, Project Appraisal Department I, Moderator China Development Bank , General Manager, Aviation Finance, Global Finance Laura Mueller, Managing Director, Airfinance Journal Terry Yang Panelist Department, ICBC Wang Ke, Assistant GM of Marketing and Sales Department, COMAC David Yu, Managing Director and Chief Investment Officer,Inception 1645 Close of day one and cocktail reception Aviation Holdings Charles Zhou, Executive Director, Aviation Finance, Standard 1830 Reception for Airfinance Journal China Awards Gala Dinner Chartered Bank 1930 Airfinance Journal China Awards Gala Dinner 1210 Presentation by KPMG: How is US tax reform affecting Chinese leasing companies? Becky Wong, Director, KPMG

airfinancejournal.com/ChinaAF #AFJChina Airfinance Journal China 2019 中国航空金融年会 13 & 14 June 2019 • 6月13日至14日

Chinese / English simultaneous translation will be provided 中英文同声传译

Day 2: Friday 14th June 1055 Chinese lessors’ panel • How to differentiate between Chinese and international lessors? • What risks and challenges do you foresee in the coming years? 0830 Registration and refreshments • How to prepare for the winter and cope with the USD/CNY currency risks? 0900 Chairman’s opening remarks Moderator Laura Mueller, Managing Director, Airfinance Journal 0905 In conversation with Airbus and Boeing Panelist , Head of Commercial, Greater China & North Asia, • Estimated aircraft demand from the China market Nick Seah • Orders and delivery schedule CDB Aviation , Marketing Director of Aviation Finance, • How new generation models fit into Chinese airline and lessor Alfred Wang CIB Leasing , Executive Director, fleets Ma Jie CMB Financial Leasing Lune Wang, Director and Deputy General Manager, Comsys (Tianjin) Moderator Leasing Company Laura Mueller, Managing Director, Airfinance Journal Hu Xige, Director, Aviation Department, Everbright Financial Leasing Panelist Gong Hui, Marketing Director, China, Airbus 1135 Panel discussion: The latest development on portfolio Richard Wynne, Managing Director – China Marketing, securitization Boeing Commercial Airplanes (BCA) • How competitive is asset securitization compared to other aircraft financing options? 0935 Presentation: Regional aircraft and turboprop updates • Is maintaining a high investment grade rating important? • Investor appetites and preferences , Chief Representative, China, Wang Qi ATR • Will we see more Asian and Chinese lessors making use of aircraft securitization? 0950 Engine OEM presentations Moderator • Features and reliability of new generation engines Kevin Butler, Managing Director for UK & Ireland, TMF Group • Production rate Panelists • Cost-efficiency of engine programmes Paul Ng, Partner, Milbank Moderator Clarence Leung, Asset Finance and Leasing Tax Partner, PwC Laura Mueller, Managing Director, Airfinance Journal Weili Chen, Head, Capital Market Aircraft Financing, Standard Panelist Chartered Bank Justin Phelan, Vice President Marketing, Engine Lease Finance Corporation 1205 Chairman’s closing remarks and followed by lunch Shaojun Zhu, CFM Marketing Director, Greater China, GE Aviation Paul Finklestein, Vice President, Marketing, Pratt & Whitney Sarah McLaren, Vice President – Customers, Rolls-Royce

1025 Networking coffee break

airfinancejournal.com/ChinaAF #AFJChina Registration To take advantage of group discounts or if you have any questions about the event, please email registrationsasia@airfinancejournal.com Prices

China School China Conference 11-12 June 13-14 June

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