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Embry-Riddle Aviation Symposium

Aircraft Financing

and Leasing in Asia

Sunday 9th February 2014

Singapore Aviation Academy (SAA)

Singapore

Sponsored by

Media Partners

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SYMPOSIUM AGENDA Chairman: Prof. Graham J. F. Hunt, Head of Asia, Embry-Riddle Aeronautical

University, Asia 8.30 Registration & Networking Coffee 9.00 Opening Remarks from Aeropodium Panagiotis Panagopoulos, CEO & Founder, Aeropodium Opening Remarks from the Chairman

Prof. Graham J. F. Hunt, Head of Asia, Embry-Riddle Aeronautical University, Asia

SESSION I

9.10 Aviation boom in Asia: Do the numbers tell the truth?

George Arnokouros, Vice President Legal, AerCap

9.40 Financing start up airlines

Brian O'Dwyer, Former Group Chief Financial Officer of Skywest Airlines

10.10 Q&A SESSION 10.20 Networking Coffee Break

SESSION II 10.50 Airworthiness and delivery conditions from the airline perspective: A case study

and its impact on the industry

Roland H. Moore Esq., Aviation Attorney

11.20 Opportunities and challenges for aircraft financing and leasing in China

Peter Huijbers, Regional Commercial Head, Asia Pacific & Latin America, Hong Kong

Aviation Capital

11.50 Asset value protection - A lessor perspective and the role a MRO can play

towards lessees and lessors

Ton van Rooijen, Director Remarketing Support Center, Fokker Services

12.20 Q&A SESSION 12.30 Networking Lunch

SESSION III

13.50 CSeries: Leading in a new reality in the Asian market Philippe Poutissou, VP Marketing – Bombardier Commercial Aircraft

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14.20 Impact of changing aircraft economic lives

Yong Kang Tay, Associate, ICF SH&E

14.50 Aviation finance from an operating lessor (and airline!) perspective

Robert Lamoureux, Vice President & Senior Regional Director - Asia Pacific, CIT Aerospace

15.20 Q&A SESSION 15.30 Networking Coffee Break

SESSION IV 16.00 Turboprop leasing – The tool for regional development

Rod Mahoney, Chief Operating Officer, Avation

16.30 Airline jet fuel price volatility - Dynamic hedging and alternative solutions

Dr Malick Sy, Professor of Finance, RMIT Australia and ERAU

17.00 Q&A SESSION 17.10 Concluding Remarks from the Chairman

SPEAKERS

George Arnokouros, Vice President Legal, AerCap

George is with AerCap since 2007 and he is currently based in Singapore. AerCap is one of the world's leading aircraft leasing companies. George has extensive experience in aircraft leasing and trading in Asia. George studied law in the universities of Athens (Greece), East Anglia (UK) and Utrecht (the Netherlands). George was associated with the University of Utrecht (the Netherlands) for 5 years as a research and teaching fellow. George has published in leading legal journals on issues of contract and commercial law. Peter Huijbers, Regional Commercial Head, Asia Pacific & Latin America, Hong Kong

Aviation Capital

Peter Huijbers has been with Hong Kong Aviation Capital, a leading global aircraft lessor, since 2012 as its Regional Commercial Head, Asia Pacific and Latin America responsible for airline leasing relationships. Mr. Huijbers is based in Hong Kong, has over 28 years of aviation industry experience, and has been employed in senior commercial positions at BMW Rolls-Royce, Lufthansa Technik as well as being Managing Director at Nordcapital Aviation and a Managing Director of VIA Capital Partners. Mr. Huijbers’ experience covers the full spectrum of technical, commercial and capital markets and he has dealt extensively with the senior management of airlines, banks, aircraft investors and closed-end funds globally. Peter is a member of the International Society of Transport Aircraft Trading (ISTAT) and has been a member of the Board of Directors from 2005 - 2011. Mr. Huijbers played a key role in the ISTAT Globalization Initiative growing both ISTAT’s European presence as well as developing an initial presence in Asia with a very successful first ISTAT China conference in

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May 2011. Since mid 2012, Mr. Huijbers is a member of the ISTAT Foundation and its Scholarship Committee being responsible for the Asia Pacific region. Mr. Huijbers graduated with distinction from the Technical University in Eindhoven, NL, and has a Master of Science degree in Industrial Engineering and Management Science and is fluent in Dutch, German and English.

Prof. Graham J. F. Hunt, Head of Asia, Embry-Riddle Aeronautical University, Asia Graham Hunt began his career in the New Zealand Air Force (RNZAF) and was awarded a Defence Doctoral Scholarship to the US. He studied at the University of Pittsburgh and at Wright-Patterson Air Force Base (Human Factors laboratory), where he discovered aviation human factors and gained his Ph.D In 1990 he was appointed founding professor of Aviation Human Factors and the Head of the School of Aviation at Massey University. In this position he led a research program for the Civil Aviation Authority of New Zealand (CAANZ) to design a competency-based Commercial Pilot License (CPL). This led to the implementation of the world’s first integrated academic and professional certification airline pilot degree - the Bachelor of Aviation Air Transport Pilot. This achievement was recognized by ICAO as an alternative means of compliance for the CPL. Later, he was invited to join ICAO’s Flight Crew Licensing and Training Panel (FCLTP) in Montreal which eventually produced competency-based Multi-crew Pilot License (MPL). In 2009 Professor Hunt joined Embry-Riddle Aeronautical University (ERAU) and was appointed Head of Asia where he is based in Singapore. As well as his administrative role with ERAU, Professor Hunt continues to teach human factors and safety management courses. He is currently a member of the ICAO’s International Pilot Training Consortium (IPTC) Pilot Competencies Workstream. His passion for understanding how human competency can be identified, trained for and assessed remains a key focus of his professional interests. Professor Hunt is the co-founder with Dr. Richard Jensen of the International Journal of Aviation Psychology and is a past president of the New Zealand Division of the Royal Aeronautical Society.

Robert Lamoureux, Vice President & Senior Regional Director - Asia Pacific, CIT

Aerospace

Robert joined CIT Aerospace in 2009 to lead its Asia Pacific regional office. He came from Emirates Airlines, based in Dubai, where he spent seven years as Vice President Procurement Aircraft. Prior to his time at Emirates, he was with Cathay Pacific Airways in Hong Kong for ten years in various positions, mainly focusing on aircraft trading and procurement. He started his aviation career at Air Canada in Montreal as a propulsion engineer. Robert holds a Bachelor’s degree in Mechanical Engineering from McGill University and an MBA from the John Molson School of Business (Concordia University), both located in Montreal. He also holds a Private Pilot Licence. Robert and his family have lived abroad for the last 22 years and currently reside in Singapore where CIT Aerospace Asia office is located. Rod Mahoney, Chief Operating Officer, Avation

Rod Mahoney is the Chief Operating Officer and Executive Director of the London stock exchange-listed aircraft leasing company Avation PLC, which he joined at the end of 2011. Since that time Avation PLC has successfully trebled its asset base and specializes in the leasing of turboprop and single-aisle aircraft. Avation PLC’s headquarters are in Singapore. Before this appointment, Rod consulted to Skywest Airlines of Australia on fleet procurement and business development and contributed to the establishment of a wet-lease

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regional ATR operation on behalf of Virgin Australia. Subsequently, Skywest Airlines was successfully sold to Virgin Australia in 2013. Prior to that, Rod was a management consultant to Virgin Blue where he worked mainly on the establishment of the business plan and start-up of the international airline V Australia and the acquisition of the B77-300ERs. Prior to that, he held various senior executive positions at Airbus for 23 years, including Vice President, Sales for the Pacific region and Vice President, Sales for the China region and other positions in sales covering Europe, Africa and Asia. He holds a Bachelor of Science degree in Aeronautical Engineering, a Master’s degree in Air Transport from Cranfield University and a Masters of Applied Finance from Macquarie University in Sydney. Mr Mahoney holds dual citizenship of the UK and Australia and resides in Singapore. He is a graduate member of the Australian Institute of Company Directors and a member of the Singapore Institute of Directors.

Roland H. Moore Esq., Aviation Attorney

Roland Moore concentrates his aviation law practice primarily on domestic and international airline transactions, particularly with respect to aircraft finance, operating leases, aircraft acquisitions and sales agreements, airline related purchasing and sales agreements. Roland has over 35 years experience in the aviation industry, having started his airline career with Eastern Airlines in New York and Miami. He served as in-house corporate legal counsel and as a director of legal affairs for 21 years and also as vice-president of its hotel subsidiaries and commuter airline operations. He has been special counsel and advisor to Pan Am, BAX Global, Aero Peru, GECAS, Capital Cargo / ATI, and at least two foreign government owned airlines in Asia and Africa. During the Eastern and Pan Am liquidations, Roland was appointed special counsel to the Trustees representing the estates in the disposition of their fleets of Boeing, Douglas, Airbus and Lockheed aircraft. He was the author of virtually every aircraft purchase, lease and sale agreement for Eastern during this period, and was credited in the New York Southern District Bankruptcy Court as having authored and negotiated more of these types of transactional documents than perhaps any lawyer in the United States – over 500. In addition to his busy aviation practice, Roland has been formerly an adjunct professor of aviation law for thirteen years at Embry Riddle Aeronautical University and a guest lecturer at numerous international aviation industry conferences. He is a former Vice Chairman of the Florida Bar Aviation Law Committee and past chair of the Florida Governor’s Aviation Advisory Committee. Roland has been a member of ISTAT for over 25 years, was past chair of the ISTAT Foundation, chair and co-chair of the ISTAT Scholarship Committee, and helped organize ISTAT Asia. In 2013 he was appointed ISTAT Trustee Emeritus. He earned his law degree at the University of Miami and attended graduate courses at Harvard University. Brian O'Dwyer, Former Group Chief Financial Officer of Skywest Airlines

Brian O’Dwyer is an experienced corporate finance professional having completed 49 corporate finance transactions (including twenty in the aviation sector) with a total deal value of US$15 billion. Most recently, Brian was the Group Chief Financial Officer of Skywest Airlines Limited which was listed on the London Stock Exchange AIM and the Australian Stock Exchange until the successful sale to Virgin Australia in 2013. Prior to joining Skywest, Brian was an investment banker at Credit Suisse in Singapore, Chicago and New York where he specialized in corporate finance. His experience includes debt and equity capital raising, mergers and acquisitions for clients in the private sector including a number of airline and aviation clients in the United States and Asia. He was also

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a strategy and operations management consultant with A.T. Kearney in Chicago before joining Credit Suisse. Brian is based in Singapore and holds a BS in Industrial Engineering from Columbia University and an MBA in Finance from Duke University. Brian is also a private, commercial, instrument, multiengine and seaplane rated pilot.

Philippe Poutissou, VP Marketing – Bombardier Commercial Aircraft Philippe Poutissou was appointed to his current position as Vice President, Marketing, Bombardier Commercial Aircraft, in September 2008. He has worldwide responsibility for market forecasts, airline analysis, sales campaign support, branding and media relations for Bombardier’s QSeries, CRJ Series and CSeries airliners. Mr. Poutissou joined Bombardier as an aerodynamics engineer in 1995 and was involved in the development, testing and certification of the Q400 regional airliner, Bombardier’s leading turboprop aircraft that entered revenue service in 2000. He then assumed management duties as Manager and then Director, with responsibility for Airline Analysis and Marketing activities in Europe, Middle East, Africa, Asia and Oceania. A professional engineer registered in the Province of Ontario, Mr. Poutissou earned a degree in Engineering Physics from Queen’s University in 1992, and a Masters of Science in Aeronautics from the University of Washington in 1994. He is based at Bombardier Commercial Aircraft headquarters in Toronto, Canada. Yong Kang Tay, Associate, ICF SH&E

Mr. Tay is based in ICF SH&E’s Asia-Pacific office in Singapore. He joined the firm in September 2011 as an Associate. Mr. Tay primarily supports the firm’s assignments with market and financial analyses. He has worked with a diverse range of clients – including the major OEMs, MROs, airlines and aircraft operators, aircraft lessors, financial institutions and government bodies. He is also involved in developing and maintaining the firm’s globalization database.

Ton van Rooijen, Director Remarketing Support Center, Fokker Services After 16 years working in various marketing roles with the aircraft manufacturer Fokker Aircraft, Ton joined the Dutch aircraft leasing company Aircraft Financing & Trading BV in 1996. Within AFT Ton was responsible for (i) lease- and contract management for AFT's owned aircraft as well as for aircraft lease portfolios of third parties and (ii) research, selection and analysis of potential investment opportunities in regional aircraft. On January 1 2012 Ton has started a new career with aircraft service provider Fokker Services. In it's job as Director Remarketing Support Center Ton is responsible for (i) assisting airlines and lessors in the remarketing of Fokker aircraft and (ii) developing and marketing aircraft- and airline support concepts for out of production aircraft. In addition to concepts for Fokker aircraft, Fokker Services has developed similar concepts for the Bombardier Classic family of aircraft. Ton has an extensive knowledge on asset value protection and over 30 years of experience at various levels and disciplines in the aviation industry. These areas of experience make him the right person to address the topic "Asset value protection - A lessor perspective and the role a MRO can play towards lessee and lessor".

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SPONSORS CIT Aerospace As one of the world's leading aircraft leasing organizations, CIT Aerospace provides leasing and financing packages – including operating leases and structuring and advisory services – for commercial airlines worldwide. CIT Aerospace owns and finances a fleet of more than 350 commercial aircraft leased and financed to more than 110 customers in 50 countries. cit.com/aerospace Guggenheim Aviation Partners

Guggenheim Aviation Partners, LLC (GAP) is an asset management firm focused exclusively on managing commercial aviation assets to generate above-average risk-adjusted returns. GAP’s expert management team has a proven track record of successfully executing multiple exit strategies amid changing market conditions. Since inception, GAP has completed over $5.5 billion of aircraft asset transactions. Currently, GAP has management and investment responsibility for a $737 million closed-end fund which, as of September 2013, owns 60 commercial aircraft leased to airlines and cargo operators globally. GAP’s clients include institutional investors such as insurance companies, pension plans, corporations, fund of funds, endowments, and foundations, and high-net-worth (HNW) individuals, family offices, consultants, and advisors. GAP is a division of NY-based Guggenheim Partners, a global asset manager and supervisor, whose clients entrusted with more than $190 billion in AUM which includes consulting services for clients whose assets are valued at approximately $39 billion as of November 30, 2013. GAP and its Guggenheim affiliate provide clients with investment expertise and service from a global network of offices throughout the Americas, Europe, and Asia. ICF SH&E

For over 50 years, ICF SH&E has been providing objective, independent regulatory, technical, financial, and commercial guidance to aviation clients throughout the industry. We help clients manage assets and operations, mitigate risk, and maximize return on investments. ICF SH&E has worked with airports, airlines, MROs, OEMs, governments, agencies, owners, operators and the financial community throughout the world, earning a reputation for providing trustworthy expertise, knowledge and advice. Our multidisciplinary teams include former airline and airport executives, maintenance and operations specialists, financial analysts, and other aviation experts offering highly specialized skills in aviation fundamentals. In addition, through thousands of client engagements, ICF SH&E has developed proprietary databases and analytic tools that help aviation clients better understand operational costs, market trends, energy efficiency, environmental compliance, pricing, and bottom-line impact. Founded in 1963 by former airline executives, and continuing to recruit from within the industry, ICF SH&E's professionals have a unique understanding of the challenges facing the industry and are bettered positioned to offer the insight and solutions demanded by those affected.