Company Overview 2 Executive Summary Introduction Company Overview Aircraft Division Helicopter Division Operations Freighter Aircraft Helicopter MRO: Engine and Founded in 1936 and headquartered in New Zealand, Airwork Holdings Leasing & Flight component overhaul, parts Limited (“Airwork”, or the “Company”), is a global aviation provider with the Operations design and manufacturing, unique capability to provide a fully tailored aviation service from heavy “Power by the Hour” Freighter Aircraft program, maintenance and engineering through to operations and charter of aircraft Engineering (internal upgrade/refurbishment ranging from Boeing 737s to light turbine helicopters & external) Helicopter Leasing & Airwork is the third largest combination freight airline / freighter lessor Freighter Aircraft Line Flight Operations and the fifth largest freighter aircraft drylessor in the world and Heavy Maintenance Full training accreditation The Company owns and operates 36 aircraft, inclusive of two additional A321- Full training accreditation for Pilots and Engineers 220s, and 55 helicopters for Pilots and Engineers Airwork was acquired in 2017 by Rifa Precision Machinery Ltd. (“Rifa”), a Chinese publicly listed company Airwork currently employs approx. 400 people and its businesses are located at Ardmore for Helicopter MRO & Leasing Services, Mangere and Brisbane for Fleet 22 Boeing 737 Aircraft 50 owned; 5 operated Fixed Wing Operations and Ireland for Fixed Wing Leasing 12 Boeing 757 Aircraft 2 Airbus 321-200 Aircraft Key New Zealand, Australia, New Zealand, Australia, Customer France, Russia, Ireland, Papua New Guinea, Locations Belgium, Iceland, Romania, Indonesia, Africa, Germany, South Africa South America, Canada, Spain Key Express Freight / Logistics Gov’t & Emergency Sectors Services Aircraft Dry Leasing Utility services (powerline, Charter Services firefighting etc.) Resources Tourism & Corporate Charter STRICTLY PRIVATE & CONFIDENTIAL ExecutiveSummary AircraftDivision: Aircraft Leasing and Flight Ops Overview Airwork Aircraft Fleet (1) Airwork is a narrowbody freighter specialist and exclusively deploys narrowbody freighters in its dry lease portfolio, its freight airline flight ops and its MRO service B737 – 300F offerings Airwork owns a fleet of 36 aircraft consisting of the Boeing 737-300F, 737- 400F, B737 – 400F 757-200F, and Airbus 321-200 (conversion feedstock) Airwork has been acquiring passenger aircraft and converting them to freighters for over 10 years B757 – 200F Airwork has completed 18 x B737F conversions and plans further conversions for this type A321 – 200 Airwork has completed 8 x B757F conversions which are now on Dry Lease and 4 more are in Airwork’s B757F conversion program 35 Total Aircraft Airwork owns several A321s and plans A321 conversions Dry Lease Flight Ops In Conversion The B757F dry lease program is Airwork’s up-gauge freighter offering, still a narrowbody but with twice the capacity of the B737-400F • Airwork entered the B757F conversion business in 2017 • The B757F market to date has been monopolized and concentrated with the major integrators like FedEx, UPS and DHL Airwork is the global market leader of the B757F dry lease product Airwork’s business is focused on the creation & optimal deployment of its fleet of flexible narrowbody freighter aircraft STRICTLY PRIVATE & CONFIDENTIAL Global Presence and Capability – Fixed Wing & Helicopters AFW: NZ, Australia & South Pacific inc. PNG, Honiara, Fiji & New Caledonia Australian Airline Acquisition: Australia, NZ & Asean up to China Aviastar Alliance: China, Hong Kong, Macau up to Russia & across to Liege “Mediterranean/Middle East/Caribbean/Central America lease deployment partner” Western Europe Dry Lease Partner/Customers: Ireland, Spain, France, Hungary, Belgium, UK & Iceland Airwork Helicopters: Today Australia, NZ Asia Pacific, South Africa Growth area: Americas, including North and South, Gabon Africa CAAC Part 145 certification Re-engagement with mining company Rio Tinto STRICTLY PRIVATE & CONFIDENTIAL Company Overview Company Snapshot Vision: An agile and global company creating world class service Mission: To be responsive to our customers and provide safe, smart and efficient solutions D E L I V ER COMMITMENT We walk the talk, achieve agreed-upon results, follow through and bridge the gap S AF E T Y & REL I ABI L I T Y CUST O MER F O C U S We act consciously to keep ourselves, our We build trusting relationships through our colleagues and our customers safe in all that ethics and actions, delivering a unique we do experience with value added services INNOVATION & C H AN G E VALUE CREAT I ON We encourage innovation, we are adaptive to Expertise and Focus change and we build collective team creates customer and staff capabilities satisfaction STRICTLY PRIVATE & CONFIDENTIAL Company Overview Timeline Since its founding in 1936, Airwork has grown to become the 3rd largest combination freight airline / freight lessor in the world and the 5th largest freighter aircraft dry lessor in the world *Airwork receives Canadian Approval (Transport Canada) *Airwork receives EASA Maintenance Organization certificate *RIFA *Airwork list on the NZ Stock Exchange acquires *Established a helicopter 100% of the *ADAC Contract to maintain 14 helicopters maintenance facility shares in Airwork *Established first light *Airwork extends Toll ACMI gas turbine repair and contract to 2022 *Boeing Fleet overhaul facility in NZ *Parcelair JV expands to 35 *Awarded NZ Post/Freightways Aircraft. *Airwork wins Australian Contract First *List on the NZ Stock *Airwork starts operating 757Freighter Government agency *Commenced 4x B737-400F Exchange its first large jet for Conversion contract to provide dry leases in Europe freight operations upgrade and support Delivered services *Commenced South American January 19 Helicopter Operations 1936 1957 1984 1985 1989 1999 2004 2009 2012 2013 2014 2015 2016 2019 2017 *Airwork acquires its *Business is *Airwork *FAA Certification first Boeing 737-300 *European (EASA) established at acquired by awarded *A321 fleet Rongotai Airfield investor group *Air Methods *Ardmore building type added near Wellington *Airwork commences certification achieved December including Hugh *Airworkair freight enters joint ventureinto first providing all flight *Airwork receives Contract extension completed services to Air Palau Honeywell Service 2019 Jones *Six 737’s purchased *Boeing fleetextended to *Commenced NZ Centre Engine Test Police Helicopter from Qantas for 19 cell Certification freight conversion Contract *First BK117 Fire Fighting contracts in Spain STRICTLY PRIVATE & CONFIDENTIAL Company Overview Leadership Team Name Title Aviation Experience Joined Airwork Background Chris has held the Airwork CEO role since 2013, prior roles include GM of Chief Executive Chris Hart 15 years the Helicopter business as well as the Aircraft Division. Chris is a Officer 2005 graduate from Auckland University Phil joined Airwork after 20 years as a CFO of NZ FMCG businesses. Chief Financial Phil Wiltshire 5 years 2019 Phil began his career at Deloitte and also worked in various finance Officer roles at Air New Zealand Chief Operating 2018 Mark has over 30 years experience in helicopter and other aviation Mark Delany Officer 30 years businesses. Mark has both operational experience, experience as a pilot, and management experience as an executive Strategy and Development – Claude has over 38 years of experience as a military helicopter and Claude Alviani Helicopter Division 38 years 2010 commercial pilot. Previously, Claude held the position of Aviation Assurance Advisor to a major oil and gas company Investor Florence has over 16 years experience advising corporates on their Florence Wong Relations 3 years 2017 investment strategy. Recently, Florence spent time as the Head of the China Business Group at Ernst & Young Shane has a background in general management, operations, sales and Shane McMahon Helicopter 3 years 2017 BU GM marketing. In 2002, Shane joined Navman and held the role of Head of Business Development Greg Chase Aircraft Flight Ops BU 20 years 2003 Greg has 20 years experience in a variety of management roles for the GM Aircraft Flight Ops Business and has been GM Flight Ops since mid 2019 Ellen Phillips Aircraft 30 years 2014 Ellen has over 30 years experience in global airline business Conversion and development and fleet planning and has led Airwork’s Aircraft Leasing BU GM Conversion and Lease business for 7 years Simon has over 30 years experience in the finance and aviation industries. Simon Lange Aust/Asia Air 30 years 2013 Freight BU GM He began with Airwork as GM of Strategy and Acquisitions and has since become GM Freight Development STRICTLY PRIVATE & CONFIDENTIAL Company Overview Airwork Divisions Aircraft Division Flight Ops NZ / Freighter Conversions Line Maintenance Aircraft Leasing Australia Helicopter Division MRO Sales & Leasing Operations Digital STRICTLY PRIVATE & CONFIDENTIAL Company Overview Certifications Segment Certifications Helicopter MRO Services and Sales Aircraft Operations and Leasing Helicopter Operations Airwork Africa STRICTLY PRIVATE & CONFIDENTIAL Company Overview Ownership Overview Rifa Overview Rifa Business Segments Airwork is a wholly owned subsidiary of Rifa Precision Machinery Ltd (“Rifa”) Rifa is listed on the Shenzhen Stock Exchange with a market capitalization of approximately $670 million In addition to owning Airwork, Rifa is a high-end computer