Lender Presentation April 2021

STRICTLY PRIVATE AND CONFIDENTIAL

Disclaimer

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(“BHFC”, together with Barclays, HSBC, MUFG, Santander and RBCCM, in their capacities as the mandated lead arrangers or co-managers for the Facilities (collectively, the “Arrangers”)) based on information disclosed by Signature Aviation plc and its subsidiaries (collectively, “Signature Aviation” or the “Companies”) or from publicly available sources, at the request of Brown Bidco Limited (“Bidco”) in connection with the syndication of the acquisition debt facilities (the “Facilities”) of Brown Group Holding, LLC (the “Initial Borrower”) in relation to the proposed acquisition (the “Possible Transaction”) of the Companies by Blackstone Infrastructure, Blackstone Core Equity, Global Infrastructure Partners and Cascade Investment (collectively, the “Buyers”) and their respective affiliates. For the purposes of this letter, “MUFG” means MUFG Bank, Ltd., MUFG Union Bank, N.A., MUFG Securities Americas Inc. and/or any of affiliates of MUFG as determined to be appropriate by MUFG. 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Overview of Presenters

Mark Johnstone Chief Executive Officer Signature Aviation

David Crook Group Finance Director Signature Aviation

Michael Diverio Managing Director Blackstone

Phil Iley Partner Global Infrastructure Partners

John O’Brien Cascade Investment

Meeting Agenda

I. Transaction Overview

II. Consortium & Management Overview

III. Company Overview

IV. Credit Highlights

V. Financial Overview

Appendix – Supplemental Transaction & Financial Information

Transaction Overview Section I

Transaction Overview

• On February 5, 2021, Brown Bidco Limited (“Bidco”), a newly formed company to be owned by Blackstone Infrastructure and Blackstone Core Equity (collectively, "Blackstone"), Global Infrastructure Partners (“GIP”) and Cascade Investment (“Cascade”) (collectively, “the Consortium”), made a cash offer for the shares of Signature Aviation plc (LSE: SIG) ("Signature” or the "Company") other than Signature shares owned or controlled by Cascade and the Bill and Melinda Gates Foundation Trust for a total consideration of $5.6 billion(1) or ~16x Underlying EBITDA of $349 million(2) for year ended December 31, 2019

 Cascade owns approximately 17% of the outstanding stock of Signature today and will roll its existing stake into Bidco

 Pro Forma for the transaction, Blackstone, GIP and Cascade will own 35%, 35% and 30%, respectively, of Bidco

• Headquartered in London, United Kingdom, Signature is the world’s largest FBO operator, providing refueling, property management, ground handling, de-icing and related services to the Business & General Aviation (“B&GA”) market

 For the LTM period ended December 31, 2020, Signature generated Revenue and Pro Forma Adjusted EBITDA of $1,414 million and $327 million(3), respectively (23% Pro Forma Adjusted EBITDA margin)

• The transaction will be financed with the following:

 $350 million 5-year Revolving Credit Facility, expected to be undrawn at close (the “Revolver”)

 $1,800 million 7-year Term Loan B (the “Term Loan B”) which is expected to be reduced (or, if ERO sale is consummated after closing, prepaid down) to approximately $1,680mm using the net proceeds of the agreed sale of the ERO business(4)

 Estimated $4,157 million equity contribution (71% of pro forma capitalization)

• Based on 2020 Pro Forma Adjusted EBITDA of $327 million(3), Total Net Leverage will stand at 5.1x pro forma for the sale of the ERO business

• The transaction is expected to close in the second quarter of 2021

(1) Net of associated proceeds from ERO divestiture. (2) Excludes ERO. (3) For illustrative purposes only and noting that no definitive decision has been taken or intention formed by the Consortium and subject to further diligence following the transaction. $327 million EBITDA amount excludes ERO and includes illustrative Consortium cost savings opportunity of $70 - $80 million over 4 years, noting that this is subject to further diligence and review with the Company following the transaction. For additional detail, please refer to the EBITDA reconciliation on page 35. (4) To the extent the sale of ERO is closed prior to closing and the proceeds are paid to existing shareholders, reducing the purchase price, the Company will receive approximately $140 million of net proceeds subject to tax recovery, and the allocated Term Loan B amount will be reduced by approximately $120 million. To the extent the sale of ERO is consummated after closing, approximately $120 million of proceeds are expected to be used to partially repay the Term Loan B.

Sources & Uses and Pro Forma Capitalization

Total Sources Total Uses Amount Amount Revolver ($350mm) $- Equity Purchase Price $4,727 Term Loan B 1,800 Repay Existing Net Debt 978 Blackstone Contributed Equity 1,455 Transaction Fees / Other Expenses 167 GIP Contributed Equity 1,455 Cash to Balance Sheet 25 Cascade Contributed & Rollover Equity 1,247 Financing Fees 60

Total Sources $5,957 Total Uses $5,957

Pro Forma Capitalization Contemplated Transaction Pro Forma ERO Close x12/31/20 x12/31/20 FYE December 31st Amount % of Total PF Adj. EBITDA Δ Amount % of Total PF Adj. EBITDA Cash $25 $25 Revolver ($350mm) - - Term Loan B 1,800 (120) 1,680 Total Debt $1,800 30% 5.1x $1,680 29% 5.1x Net Debt 1,775 5.0x 1,655 5.1x Blackstone Contributed Equity 1,455 1,455 GIP Contributed Equity 1,455 1,455 Cascade Contributed & Rollover Equity 1,247 1,247 Total Equity $4,157 70%(1) $4,157 71%(1)

Total Capitalization $5,957 100% 16.9x $5,837 100% 17.8x

Pro Forma Adjusted EBITDA(2) $352(3) $327

Note: To the extent the sale of ERO is closed prior to closing and the proceeds are paid to existing shareholders, reducing the purchase price, the Company will receive approximately $140 million of net proceeds subject to tax recovery, and the allocated Term Loan B amount will be reduced by approximately $120 million. To the extent the sale of ERO is consummated after closing, approximately $120 million of proceeds are expected to be used to partially repay the Term Loan B; Pro forma capitalization excludes the Company's current pension and other post-retirement benefit liabilities. (1) Assumes purchase of 100% of shares of the Company, which is the expected acquisition plan, however to the extent the acquisition is consummated pursuant to an "offer", as low as 75% of the shares may be acquired; Note, total equity split reflects the 35%, 35%, and 30% equity ownership by Blackstone, GIP, and Cascade in Bidco. (2) For illustrative purposes only and noting that no definitive decision has been taken or intention formed by the Consortium and subject to further diligence following the transaction. $327 million EBITDA amount excludes ERO and includes illustrative Consortium cost savings opportunity of $70 - $80 million over 4 years, noting that this is subject to further diligence and review with the Company following the transaction. For additional detail, please refer to the EBITDA reconciliation on page 35. (3) Includes ERO Underlying EBITDA, net of support costs.

Summary Terms of Senior Secured Credit Facilities

Borrower: Brown Group Holding, LLC (the “Initial Borrower”) and Signature Aviation US Holdings, Inc. (together with the Initial Borrower, the “Borrowers”)

The direct parent ("Holdings") of Brown Bidco Limited, Brown Minority Holdco LLC, Brown Minority Topco LLC, and each direct and indirect English and Luxembourg-organized Guarantors: subsidiary of Holdings that directly or indirectly holds equity in the Borrowers (collectively, the "Holdco Guarantors"), and each wholly-owned domestic subsidiary of the Borrowers, subject to customary exceptions for US secured financings (the "Subsidiary Guarantors")

Security: First priority security interest in all equity held by the Holdco Guarantors and substantially all assets of the Borrowers and Subsidiary Guarantors, subject to certain exceptions

Facility: Revolver Term Loan B

Amount: $350 million $1,800 million(1)

Tenor: 5 years(2) 7 years

Undrawn Fee: 37.5 – 50.0 bps N/A

Call Protection: None 101 “soft call” for 6 months

Amortization: None 1.00% per annum

• Free and Clear Basket: Greater of (i) $327 million(3) and (ii) 1.00x LTM Pro Forma Adjusted EBITDA • Ratio Based Incurrence: – First Lien Debt: Unlimited amounts subject to a First Lien Net Leverage Ratio of 5.35x Incremental Facilities: – Junior Lien Debt: Unlimited amounts subject to a Secured Net Leverage Ratio of 5.85x – Unsecured Debt: Unlimited amounts subject to either (i) a Total Net Leverage Ratio of 6.35x or (ii) an Interest Coverage Ratio of 2.00x – “No worse than” prongs for each of the ratios above if incurred in connection with a permitted acquisition or investment • MFN: 100 bps for 6 months, subject to certain carve-outs

Mandatory • Excess Cash Flow: 50%, with step-downs to 25% and 0% at First Lien Net Leverage Ratio’s of 4.85x and 4.35x, respectively Prepayments: • Asset Sales: 100%, with step-downs to 50% and 0% at First Lien Net Leverage Ratio’s of 4.85x and 4.35x, respectively, with customary reinvestment rights

Negative • Usual and customary for facilities of this type, including limitations on debt incurrence, liens, investments (including mergers & acquisitions), restricted payments and asset Covenants: sales

Financial Springing First Lien Net Leverage ratio set at 40% cushion with no step-downs, tested None Covenant: when 40% of the facility is drawn

(1) To the extent the sale of ERO is closed prior to closing and the proceeds are paid to existing shareholders, reducing the purchase price, the Company will receive approximately $140 million of net proceeds subject to tax recovery, and the allocated Term Loan B amount will be reduced by approximately $120 million. To the extent the sale of ERO is consummated after closing, approximately $120 million of proceeds are expected to be used to partially repay the Term Loan B. (2) Springing maturity set 91 days inside maturity of the 2026 existing senior notes, to the extent more than $200 million remains outstanding. (3) For illustrative purposes only and noting that no definitive decision has been taken or intention formed by the Consortium and subject to further diligence following the transaction. $327 million EBITDA amount excludes ERO and includes illustrative Consortium cost savings opportunity of $70 - $80 million over 4 years, noting that this is subject to further diligence and review with the Company following the transaction. For additional detail, please refer to the EBITDA reconciliation on page 35.

Indicative Transaction Timeline

April 2021 May 2021 June 2021 July 2021 S M T W T F S S M T W T F S S M T W T F S S M T W T F S 1 2 3 1 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 2 3 4 5 6 7 8 6 7 8 9 10 11 12 4 5 6 7 8 9 10 11 12 13 14 15 16 17 9 10 11 12 13 14 15 13 14 15 16 17 18 19 11 12 13 14 15 16 17 18 19 20 21 22 23 24 16 17 18 19 20 21 22 20 21 22 23 24 25 26 18 19 20 21 22 23 24 25 26 27 28 29 30 23 24 25 26 27 28 29 27 28 29 30 25 26 27 28 29 30 31 30 31

Key Dates Market Holidays

Key Dates Events

April 13th Launch General Syndication

April 27th Lender Commitments Due

Second Quarter Target Close and Fund of 2021

Consortium & Management Overview Section II

Consortium Introduction

• The Consortium has significant experience investing across the aviation, transportation, infrastructure, and hospitality sectors

• The Signature investment thesis is aligned with the Consortium’s general investment approach of providing patient, long-term capital

• Our best-in-class operating teams will drive significant value creation

• Joint focus on observing ESG principles, delivering superior customer service, and driving operational efficiency form the core of the Signature investment thesis

Cascade • Blackstone, Global Infrastructure Partners, and Cascade Investment LLC have a history of collaboration

Long-Term Investment Horizon and Shared Strategic Vision for Signature

Consortium Introduction (Cont’d) Cascade Investment LLC

• Founded in 1985, Blackstone is a New • Founded in 2006, GIP is a New York-based • Cascade is a Washington state-based York-based private equity firm with private equity firm with approximately $71 investment company that manages the approximately $619 billion in AUM(1) billion in AUM assets of William H. Gates III

• Blackstone is an active investor across • GIP is an independent investor specialized • Chief Investment Officer Michael Larson transportation, infrastructure and hospitality in investing in the energy and transport has led Cascade since its formation in 1995 sectors infrastructure sectors

• Blackstone’s scale, expertise and network • GIP invests in high quality assets with • With a global focus, Cascade provides provide access to relationships and potential for outperformance, and aims to patient, long-term capital to companies macroeconomic insights, helping strengthen deliver superior returns by combining deep across a wide range of industries Overview and grow its portfolio companies industry knowledge and operating expertise • Cascade takes an active role in the • Professionals across Blackstone are • GIP’s mission includes not just creating governance of many of its largest holdings leaders in organizations committed to ESG value for its investors, but ensuring its principles, serving as board members, and businesses deliver high quality service to establishing nonprofits for social the communities and customers that each • Cascade has been a shareholder in

responsibility serve Signature Aviation since 2009 Select Select Portfolio

Dedicated Investors With Strong Track Record of Business Transformation; Deep Commitment to Signature with 71% Equity Contribution (1) As of December 31, 2020.

Consortium Investment Thesis

• With 179 FBOs(1) globally, Signature is the largest player in the industry, including a presence at each of the top 10 airports and 37 High Quality of the top 50 airports in North America, and presence at 2 of the top 3 airports in Europe Asset Base • Portfolio weighted toward larger, faster growing Tier 1(2) and Tier 2(3) locations and places a unique focus on fractional and charter operators, which have outperformed the general aviation market

• Signature is well positioned to benefit from emergence of new more-affordable private aviation business models that are growing the market by increasing access through services such as rate cards and flexible charter models increasing ease of use Strong Industry Tailwinds • Resilient business jet movements have nearly rebounded to pre-COVID levels while commercial remains suppressed; significant opportunity for private fleet operators to take advantage of cuts to commercial flight routes and meet demand for non-discretionary executive travel

Operational • Continue to build an efficient and technology-enabled organization to deliver best in class customer service whilst seeking to Efficiency and optimize processes and productivity Process • Leverage the Consortium’s collective expertise and operational capabilities as well as its combined substantial experience in the Improvement transport sector

Considerable • Continue developing the business by investing in the customer offering and future growth of its footprint, both through organic growth Accretive and targeted bolt-on acquisitions Investment Opportunities • Continue to broaden the range of non-fuel service offerings and additional on-ground customer offerings

Environmental and Social • Signature is a leader in environmental and sustainability initiatives among FBO operators, with the goal of net-zero carbon emissions Responsibility • Taking a leadership role in the B&GA market focused on offering customers lower carbon alternatives when possible Leadership

Significant Opportunity To Accelerate Operational Improvements as a Private Entity (1) Excludes 162 EPIC locations and 13 Signature Select locations. (2) Tier 1 airports defined as locations that exceed ~2.5mm gallons of fuel annually. (3) Tier 2 airports defined as locations that are between 750k and 2.5mm gallons of fuel annually.

Revenue and Cost Savings Opportunities

Revenue and Cost Rationalization Opportunities Despite Signature’s Greater Scale, Margins Are Significantly Lower Than Atlantic • Revenue growth opportunities from improved customer proposition, more Significant Margin focused operations and further investment in the business Expansion (2) 29.2% • Illustrative Consortium cost savings opportunity of $70 - $80 million over 4 Opportunity years, noting that this is subject to further diligence and review with the Company following the transaction

• Continuation of the Company’s back-office optimization program (1) currently in process 16.6% • Savings related to potentially re-domiciling the headquarters to the United States following a review of the organizational structure and Signature headquarters • Optimizing performance of business operations, including in relation to improved procurement and capacity management, as well as other opportunities • The Company will work to remove ~$12 million of ERO support costs 2020A 2020A upon the completion of its announced sale to StandardAero

Case Studies: EBITDA Margin Expansion Under GIP Ownership

64% 61% 55% 52% 44% 35%

2012 2019 2009 2019 2006 2016 At Acquisition At Acquisition At Acquisition Successful Track Record of Improving Margins of Portfolio Companies Source: Company filings. (1) Based on 2020 Underlying EBITDA (excl. ERO) and includes share-based payment expense. (2) For the year ended December 31, 2020, Atlantic Aviation generated $667 million of revenue and $195 million of EBITDA excluding non-cash items.

Experienced Management Team with a Track Record of Success Years with Years in Signature Industry • Became Group CEO in April 2018; joined the Group in 2008 as Group Corporate Development Director before becoming CFO, Signature Flight Support in 2009 Mark Johnstone • In September 2012, Mark took over as Managing Director of APPH, managing the turnaround of the business ahead of Group Chief its successful sale in February 2014 13 19 Executive Officer • In March 2014, Mark became Managing Director EMEA, Flight Support with responsibility for Signature Flight Support • Chartered Accountant; holds an Honours degree from Bristol University

• Joined the Group in April 2015 as Group Financial Controller and was appointed to the Board as Group Finance David Crook Director on June 2017 Group Finance • Prior roles include Head of Group Finance at AZ Electronic Materials, and general management and finance roles within 5 5 Director Sun Chemical, Telewest Global, Vantico Group and Corus Group • Qualified Accountant; holds an MBA from Warwick Business School

• Joined the Group in August 2018; significant experience in General Counsel roles, both in the US and globally, including Maria Garton eleven years in the aviation sector Group General • Prior to joining the Group, was Director and Associate General Counsel, Global Transactions and Compliance for 3 11 Counsel Lockheed Martin Aeronautics; began her career working in corporate law and litigation in New York and Washington • Holds a JD from Columbia University School of Law and a BS from the University of Virginia

• Joined the Group in July 2013 as President and Chief Operating Officer of ASIG before becoming President and Chief Tony Lefebvre Operating Officer of Signature TECHNICAir™ in February 2017; over 25 years’ experience in the aviation industry Chief Operating • Prior to Signature Aviation, was the Chief Operating Officer of Spirit Airlines and previous to that role he was with US 7 25 Officer, Signature Airways serving as their Managing Director Europe • Holds a BA from the University of Maryland

• Joined the Group in 2009 and held a number of senior finance roles at Signature before being appointed CFO, Global Shawn Fallon Engine Services Americas and then CFO, Global Engine Services Chief Financial • Joined the Group from Flight Options LLC, the US fractional private jet operator 12 16 Officer, Signature • Graduated with honors from The Wharton School, University of Pennsylvania, MBA program and holds a Bachelor of Business Administration, Accounting and Finance from John Carroll University

• Joined the Group in April 2017 as Senior Vice President Strategy and Business Development and was appointed Chief Commercial Officer, Signature in July 2018 Shawn Hall • Previous roles include 11 years of military service in the United States Navy as a Naval Aviator and Tactics Instructor Chief Commercial 3 14 Pilot in the F/A-18 Hornet and Super Hornet, as well as Associate Partner with McKinsey Officer, Signature • Holds an MPA from Harvard University’s Kennedy School of Government, an MBA from Northwestern University’s Kellogg School of Management, and a BS from the United States Military Academy at West Point Tenured Management Team with Decades of Sector Experience

Company Overview Section III

Signature Aviation Overview

Business Description Consistent High Quality Locations and Services • Signature is the world’s largest FBO operator, providing refueling, property management, ground handling, de-icing and related services to the B&GA market

• 2020 Revenue: $1,414 million

• The Company operates 179 locations(1) Signature Teterboro Signature Austin Signature Miami

• Signature has a presence at 37 of the top 50 B&GA airports in North America, as measured by departures

• Approximately 1/3rd of Signature’s locations are sole-source

• Global base of over 8,000 customers Signature Baton Rouge Signature Nashville Signature London Biggin Hill

Geographic Footprint(1)(2) Business Model Overview • Signature charges a dollar margin independent of cost of jet fuel, Fuel with fuel costs passed through to the customer Margin • FBOs provide the only fueling option for private travelers

Hangar • Recurring rental revenue from tenants Revenue • Hangar space is often constrained at airports

Ground • Signature provides handling services for the movement of aircraft Handling • Handling fees are charged to customers who do not purchase fuel

Signature (179 locations)(1) Related • Other services include de-icing, water and lavatory services, and Services tenant offices

Signature is the Global Leader in FBO Services (1) Excludes 162 EPIC locations and 13 Signature Select locations. (2) Excludes Hong Kong and Cape Town.

Growing Market with Strong Secular Tailwinds, Highly Correlated with GDP Growth

(Business jet(1) flight hours in thousands; Real U.S. GDP in trillions of $)

‘09 – ‘19 CAGR 6,000 $25 From 2009 to 2019, Business Jet(1) Flight Hours 4.3% business jet(1) flight hours grew Real U.S. GDP 2.3% 1.9x faster than Real U.S. GDP

5,000

4,000 $20 Real Real U.S. GDP

Flight Hours Flight 3,000 (1)

Business Jet Business 2,000 $15

1,000

0 $10 (2) (3) (4) (4) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E

U.S. Macroeconomic Activity is the Most Reliable Indicator of Business Aviation Flight Demand, and is Projected to Increase Source: FAA, U.S. BEA, Honeywell. (1) Represents Turbine Turbo Jets per FAA. (2) 2020 assumes 23% YoY decline over 2019, in line with decline in business jet movements. (3) Assumes traffic returns to 2019 levels by mid-2021 per Honeywell, and assumes first half of 2021 as an average of 2019 and 2020 levels. (4) Assumes growth in-line with prior FAA estimates.

Secular Trends are Driving Long-term Growth in Business Aviation

Growing TAM Through Significantly Reduced Commercial Alternatives 1 2 3 High Demand for Business Aircraft Improved Accessibility from Airline Route Cutting

• The business aviation addressable market has • COVID-19 has forced airlines to consolidate • Strong secular trends, accelerated by the been greatly expanded due to a lower cost of routes and reduce point-to-point travel options, impacts of COVID-19, continue to drive elevated entry moving back toward the historic hub-based demand for business aircraft • The growth of charter, fractional ownership, and model • The level of pre-owned business aircraft membership operators has eliminated the need • Significant increase in point-to-point travel available for sale is at a 12-year low to own an aircraft to utilize business travel times for commercial aircraft that often • Charter operators are expanding their fleets to • There are approximately 3.7 million require a connecting flight keep up with demand and HNWI are individuals in the United States with a net • Business aviation’s ability to reduce travel times transitioning to use business aviation as a worth between $5 and $10 million is a key differentiator primary mode of air travel • Many of these individuals did not have • C-Suite executives view business aviation as • Inventory of pre-owned aircraft peaked in access to private aviation under the old the most efficient solution to travel to non- 2009 at ~15% of the installed base; gradually paradigm; however, they now represent a centralized operations declined to today’s levels at <6% of the target customer installed base

Recovery of U.S. Passenger Traffic(2) Post 9/11 Business Jet Inventory

80 ~3 Years to Return to Peak: Total Available for Sale Pre-Crisis Levels ~15% Aircraft as a % of Active Fleet for Sale 16% (1) 3.0 Aircraft of % a as ActiveSale Fleet for 240% YoY increase 70 in memberships September 14% 60 2001 2.5 Peak: ~3,000 Current: 12% 1,349 50 2.0 10% 59% YoY(1) increase 40 in memberships 1.5 8%

passengers (millions) (millions) passengers 30 6% 1.0 20 4%

(1) (000s) Sale for Available Total 0.5 29% YoY increase Current: 2% Number of Number 10 in memberships 5.6% 0% 0 0

‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21

10 11 12 13 14 15 16 17 18 19 20 21 2001 2002 2003 2004 09 U.S. Airline Operating Environment and Secular Trends Strongly Support Business Aviation Source: Company filings and presentations, Wall Street Research, Amstat, Bureau of Transportation Statistics. (1) 2020 YoY. (2) Includes both domestic and international flights for all carriers; all numbers are for scheduled services.

Signature is the Global Leader in FBO Services With Locations Covering Key Cities in North America

Top 50 North American Business & General Aviation Airports FBO Share at Top 200 U.S. Private Airports (Business & General Aviation Departures)(1)

Presence at Top 50 Business & General Aviation Airports 37 33

24% 20 Various Other Independents 50% Atlantic 13% 7 7 5

Million Air Atlantic Million Air Jet Aviation TAC Air Various 3% Other Independents Jet Aviation Ross Aviation TAC Air Sheltair 2% 2% 3% 3%

Signature is Present at the Largest & Highest Quality Locations Note: Data as of 2019. (1) Departures allocated by operator presence at an individual airport; estimated based on number of FBOs, not actual movements.

Signature Operates in the Most Attractive Market Segments

Operating in Larger, Faster Growing Airports… …with a Higher Proportion of Faster-Growing Charter / Fractional Customers

Share Based on Gallons of Fuel Consumed Share Based on Gallons of Fuel Consumed

2009 – 19 2009 – 19 Disproportionate Share at Tier 1(1) Locations High Focus on Fractional / Charter Customers CAGR(4) CAGR(4)

Tier 1(1) 39% 53% 57% 4.7% Fractional & 57% Fractional / Charter Charter: 5.0%(5)

29% Tier 2(2)

33% 3.6% General 46% Aviation 42% General 32% Aviation: 2.7% Tier 3(3) 11% 3.1%

Total U.S. Market Signature Airports Total U.S. Market Signature Airports

Approximately 90% of Signature's FBOs are at Tier 1 and Tier 2 Airports Source: Oxford Economics; Federal Reserve Bank of Minneapolis; Moody’s Analytics; U.S. Federal Aviation Administration. (1) Tier 1 airports defined as locations that exceed ~2.5mm gallons of fuel annually. (2) Tier 2 airports defined as locations that are between 750k and 2.5mm gallons of fuel annually. (3) Tier 3 airports defined as locations that are less than 750k gallons of fuel annually. (4) Represents growth of total U.S. B&GA fuel consumption. (5) Weighted average CAGR.

Vision: To Be at the Forefront of the Industry’s Transformation

Evolving Private Aviation Business Models Environmental Focus Electric Aircraft

• Fleet & charter services providers are • Renewed focus on ESG and carbon • Smaller Electric Aircraft (EA) are expected to commercializing a historically niche travel reduction driving push towards Sustainable enter service by the mid-2020s, initially with a offering Aviation Fuel (SAF) 300-mile range

• Increased penetration of previous business • SAF is a blended fuel which reduces direct • EA with longer ranges are not expected until class passengers flying private through ride- net lifecycle greenhouse gas emissions by post-2030, but offer new use cases for larger share is shifting old ways of flying in elevated 25% passenger transportation needs luxury

• New customers will access Signature FBOs • In late 2020, Signature became the world’s • Not expected to have a material impact on as innovative technology allows fleet & first FBO operator to establish a permanent operations or profitability charter operators to expand their supply of SAF addressable market • Could accelerate adoption of “European • Signature has committed to the Paris model” where Signature charges a parking • Higher passenger traffic drives ability to up- Agreement Goal of reducing its controllable and handling fee for usage of facilities sell additional value-added services and Scope 1 and 2 emissions to Net Zero by (subject to further diligence and review with

Signature Participation Signature expand revenue opportunity 2050 the Company following the transaction)

Signature is Well Positioned to Help Drive Fundamental Industry Change

Credit Highlights Section IV

Key Credit Highlights

1 Proven Demand of U.S. Business Jet Usage Through the Pandemic

2 Diversified Portfolio of FBO Locations and Customers

3 Intrinsic Value in Track Record and Long-Term Leases

4 Highly Variable Cost Base Linked to Demand

5 Discretionary Earnings Generating CapEx

6 Strong Free Cash Flow Conversion

1 Proven Demand of U.S. Business Jet Usage Through the Pandemic

U.S. Travel Activity: % Change in YoY Volumes

120% U.S. Business Jet Movements (FAA) Commercial Traveler Throughput

110% (1) +14.1% 100%

90%

(1) 80% (40.6%)

70%

60%

50%

40%

30%

20%

10%

0% (2) Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

% YoY Monthly Change in U.S. Business Jet (29%) (75%) (51%) (24%) (17%) (17%) (15%) (14%) (15%) (12%) (10%) (13%) 8%(3) Movements: % YoY Monthly Change in Commercial Traveler (52%) (95%) (90%) (81%) (74%) (71%) (68%) (64%) (63%) (62%) (62%) (60%) (48%)(3) Throughput:

Business Aviation has Performed Significantly Better Than Commercial Aviation Over the Last 12 Months Source: FAA, TSA, FlightAware, ETMSC. Note: All data as of 03/31/2021. (1) Shows one-day change from 03/31/2019 to 03/31/2021. (2) Data through 03/02/2021 shows YoY change from 2020 on a weekly basis; data from 03/03/2021 onwards shows YoY change from 2019 on a weekly basis. (3) Shows full-month change over March 2019 data.

2 Diversified Portfolio of FBO Locations and Customers

Overview of Customer Base 2020 Revenue by Customer Type(3) • Signature benefits from a global and diverse customer base of over 8,000 customers

• Maintains long-term relationships across all of its market segments General • The busiest B&GA airport in the U.S., Teterboro, accounts for less than Aviation & 5% of total annual U.S. movements Other 40% Fractional / • Healthy mix between high-volume fleet operators and HNWI that own Charter aircraft 60%

• Compared to its peers, Signature is over-indexed to charter and other large fleet customer groups which have grown faster than other customer segments historically

• Maintains a strong relationship with NetJets

Geographic Footprint(1)(2) 2020 Revenue by Geography(4)

RoW 9% NA Northeast NA Central 26% 19%

NA Southeast NA West 21% 25% Signature (179 locations)(1)

Signature Has Over 8,000 Global Customers Note: Percentages may not add up to 100% due to rounding. (1) Excludes 162 EPIC locations and 13 Signature Select locations. (2) Excludes Hong Kong and Cape Town. (3) Customer type revenue is U.S. bases only; excludes property management, rebates, and journal entries. (4) “NA” stands for North America; NA Northeast includes Canada; NA Southeast includes the Caribbean.

3 Intrinsic Value in Track Record and Long-Term Leases

Overview of Historical Signature Lease Term (U.S. FBO Long-Term Leases) Long-Term • Long-tenured leases with an average of 17 years (# of Years) Leases With remaining historically Proven Ability • In the last five years, only 2 of Signature’s lease To Renew renewals went to RFPs Mean: 17 19 18 18 18 18 • Many airports have a limited amount of development 17 17 17 17 space to accommodate potential new FBO providers 17 Land & Lease 16 Availability • Well-performing incumbents are frequently given extension options, limiting the number of leases offered up to market

• Minimum standards are developed by each airport to ensure both quality and financial viability Minimum Standards • Incumbent FBOs are able to evolve with airport conditions and help establish minimum standards, ultimately resulting in superior customer service

• The FBO industry is highly-fragmented, with incumbents Strong advantaged based on track record Customer / Airport • By consistently fulfilling its contractual obligations, being Authority a good citizen in the communities where it operates, and Relationships maintaining strong relationships with airports, Signature is able to renew leases with less risk

• FAA and other country aviation authorities grant assurance rules to encourage airports to establish Regulatory minimum standards Approvals & Standards • Most airports require operators to have a lengthy operating history, limiting the number of qualified operators 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note: All numbers exclude EMEA and are from the annual reports.

Signature is Well Positioned with Long-Dated Leases

4 Highly Variable Cost Base Linked to Demand

Cost Structure Overview(1) Signature Aviation Cost Allocation

• Signature's variable costs consist primarily of fuel and labor

• Manages its labor cost aggressively while remaining competitive Fixed ~25%

• Other variable costs include overhead such as direct labor, equipment costs, Ground Service Equipment fleet running costs, Variable and general costs associated with maintaining facilities ~75%

• Signature’s fixed costs consist primarily of leases (rent for airports)

Signature’s Variable Cost Base Allows for Stable Returns in All Economic Climates; Fuel Costs are Passed Through to Customers Source: Wall Street Research. (1) Based on the Consortium’s diligence (which has been subject to the limitations of the public company context).

5 Discretionary Earnings Generating CapEx

Key Highlights

• Total CapEx has averaged ~3% of Revenue historically(1) with annual maintenance spend comprised of equipment, fixtures/furniture and light refreshes

• When a lease is up for renewal, the lessor often requires Signature to commit to capital improvement projects in return for a long-term lease

• Signature typically begins negotiations several years in advance, working with the airport to preemptively identify investment opportunities and spending capital where it has the highest ROI

Signature Capital Expenditures ($mm)

$78 $71 $66 $60

2017 2018 2019 2020

CapEx Provides Strong ROI and Drives Earnings Growth Note: $ in millions; FYE 12/31. Excludes discontinued operations. (1) From 2017 – 2019.

6 Strong Free Cash Flow Conversion

Historical Free Cash Flow Conversion(1)(2) Commentary • Signature’s stable EBITDA margins and limited capital expenditures drive strong cash conversion

• Free cash flow conversion(1)(2) has historically been ~80%

82.6% 81.7% • Limited exposure to commodity price fluctuations, as fuel costs 80.1% are passed through to customers

• Company has demonstrated stable performance in both high and 69.0% low commodity cost environments

• Low physical capital intensity, as primary operating assets are under long-term leases

• Modest maintenance capital expenditure requirements primarily comprised of equipment, fixtures / furniture and light refreshes

• Ability to reduce discretionary capital expenditures (i.e. lease- renewal capital expenditures, growth projects, etc.) in a short timeframe

• Signature demonstrated strong, positive free cash flow generation at ~70% in 2020, despite a material reduction in flight volume due to stay-at- home restrictions imposed in response to COVID-19

• Management took decisive action across its cost base, including the reduction of labor hours (while still maximizing the labor pool) and rent reductions

• Initiated a material reduction in previously guided capital 2017A 2018A 2019A 2020A expenditures, while still pursuing certain growth initiatives

Resilient Free Cash Flow Profile with Limited Impact from COVID-19 (1) Excludes discontinued operations. Free Cash Flow Conversion defined as Adjusted EBITDA less CapEx, divided by Adjusted EBITDA. (2) For illustrative purposes only and noting that no definitive decision has been taken or intention formed by the Consortium and subject to further diligence following the transaction.

Financial Overview Section V

Historical Financial Performance

Revenue Adjusted EBITDA(1) Revenue Impacted by Fuel Price Movement Fluctuations in Fuel Pricing Are Passed Onto the Customer

Pre-IFRS Post-IFRS

$2,261 $2,128

$354 $357 $1,643 $344 $327 $1,414 75 252

21.0% 16.7% 15.8% 17.8%

2017A 2018A 2019A 2020A 2017A 2018A 2019A 2020A Adjusted EBITDA Illustrative Cost Savings Opportunity Adjusted EBITDA % Margin

Capital Expenditures Free Cash Flow(1)(2)

$284 $284 $292 $78 $249 $71 $66 $60 75

174 5.5% 82.6% 80.1% 81.7% 3.7% 69.0% 3.3% 2.9%

2017A 2018A 2019A 2020A 2017A 2018A 2019A 2020A Total CapEx CapEx (% of Revenue) Free Cash Flow Illustrative Cost Savings Opportunity FCF Conversion (%)

Note: $ in millions; FYE 12/31. Excludes discontinued operations. (1) Illustrative Consortium cost savings opportunity of $70 - $80 million over 4 years, noting that this is subject to further diligence and review with the Company following the transaction. For additional detail, please refer to the EBITDA reconciliation on page 35. (2) Free Cash Flow defined as Adjusted EBITDA less CapEx; Free Cash Flow Conversion defined as Adjusted EBITDA less CapEx, divided by Adjusted EBITDA.

Conclusion

1 Proven Demand of U.S. Business Jet Usage Through the Pandemic

2 Diversified Portfolio of FBO Locations and Customers

3 Intrinsic Value in Track Record and Long-Term Leases

4 Highly Variable Cost Base Linked to Demand

5 Discretionary Earnings Generating CapEx

6 Strong Free Cash Flow Conversion

Appendix – Supplemental Transaction & Financial Information

Pro Forma Organizational Structure

Blackstone GIP Cascade

35% Blackstone GIP

Investment Vehicles

BROWN MIDCO LIMITED Brown Minority Topco LLC

BROWN BIDCO LIMITED Brown Minority Holdco LLC

~98% ~2%

Brown Group Holding LLC Signature Aviation Ltd

Intermediary Holdcos

. $350 million Revolving Credit Facility Signature Aviation US Non-US Restricted . $1,800 million Term Loan B Holdings, Inc. Subsidiaries

US Subsidiaries Borrower

Guarantors

Note: Corporate structure above reflects only the material operating subsidiaries of the Company and is not fully comprehensive.

Pro Forma Adjusted EBITDA Reconciliation

EBITDA Reconciliation Commentary

($mm; FYE 12/31) 2019 2020 A • CARES Act Funding: Removes CARES Act grant income that Net Income $41 ($19) was used to offset against U.S. payroll costs primarily during the second half of 2020. Finance costs 180 126 Investment income (11) (2) B • Sponsors’ Flight Normalization Adjustment: In 2020, the Tax (credit) / charge (18) (5) Company experienced significant declines in flight activity as a Depreciation and amortization 235 233 result of COVID-19, given stay-at-home restrictions and limited business-related travel. Flight volume trends improved in 2H 2020, Other impairment losses 13 5 reaching ~85% of prior year levels from September to November Transaction costs - 3 2020. This adjustment reflects the run-rate impact of flight volume Gain on other disposals - (2) trends for 2020 as if the Company operated at 85% of prior year flight volumes for the full 2020 fiscal year. Restructuring costs 6 9

Other exceptional items 37 6 C • Sponsors’ Illustrative Cost Savings Opportunity (subject to Impact of IFRS 16 (133) (123) further diligence and review with the Company following the transaction): Includes removal of UK plc public company costs, Underlying EBITDA (excl. ERO) $349 $228 ERO support costs, continuation of the Company’s back-office Share-based payment expense 9 6 optimization program, re-domiciling headquarters to the United A CARES Act funding - (61) States, optimizing the performance of business operations, including improved procurement and capacity management, and B Sponsors' flight normalization adjustment - 79 other potential opportunities. Adjusted EBITDA (excl. ERO) $357 $252

C Sponsors' illustrative cost savings opportunity 75 Pro Forma Adjusted EBITDA (excl. ERO) $327

Memo: ERO Underlying EBITDA $37 ERO support costs (12) Pro Forma Adjusted EBITDA (incl. ERO) $352