Business Jets in China, Growth & Risks

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0© 2012 1BlueHorizon Group - www.1bluehorizon.com All rights reserved1BHG | Aeropodium Conference Aircraft Repossession 09.12.12
‘JOIN THE DEBATE’
BIZJETS IN CHINA
CHINESE ARE BANKING ON THAT BUSINESS: GROWTH AND RISKS…
December 2012
1BHG, the ‘idea factory’ thinking ahead strategies www.1bluehorizon.com
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AGENDA
1 Introduction
2 Historical Market Development in China
3 China Market Characteristics
4 Future Trend and Key Success Factors in China Market
5 Executive Summary
© 2012 1BlueHorizon Group - www.1bluehorizon.com All rights reserved
11BHG | Aeropodium Conference Aircraft Repossession 09.12.12
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Large and medium business jet accounts for 70% of total fleet while
Gulfstream and Bombardier are the leading OEMs in China market
Note: China Business jet fleet structure by 2011 – by aircraft size and by OEM
Source: CAAC, Company website, 1BlueHorizon Group Research & Analysis
The segmentation is structured through a combination of range, cabin volume and price according to Business and Commercial
Aircraft Magazine
 Large – Prices between $46M and $68M, offering over 5,000 NM of range and 1,500 ft3 (42.5 m3) to 3,000 ft3 (85.0 m3)
 Medium - Prices between $18M and $42M, offering 3,100 to 5,000 NM of range and 700 ft3 (19.8 m3) to 1,500 ft3 (42.5 m3)
 Light - Prices between $7M and $18M, offering 1,700 to 3,100 NM of range and 300 ft3 (8.5 m3) to 700 ft3 (19.8 m3)
Large and medium business jet accounts for around 70% of total fleet in China
Gulfstream and Bombardier are dominated in China business jet market – 68% of total fleet

Large business jet has much higher market share in China than other
markets and continue gaining market share
Source: GAMA, CAAC, 1BlueHorizon Group Analysis
Large Medium Light
Business Jet
Deliveries
Will the segment
structure in China
market keep current
trend or change in
future to be consistent
with global structure?
China
Global
2005 - 2010 2010 2011 - 2030

China has a very low number of business jet fleet relative to it’s size of
economy
China historical fleet development
2010 Business jet fleet by region
 However, by 2011,
China still only has a
very low number of
business jet fleet
relative to it’s size of
economy - As the 2nd
large economy in the
world, China accounts
for only around 1% of
global fleet in 2010 and
1.3% in 2011
 During 2000-2007,
China business jet was
developed in a very
slow pace, the
accumulated deliveries
for business jet is less
than 50 units
 Since 2008, China
market demand jump
from a small pool of
fleet units base
China accounts for only 1% of
global business jet fleet in 2010
and 1.3% in 2011
1.3%
Source: GAMA, CAAC, 1BlueHorizon Group Analysis

Because of the barrier of underdevelopment of infrastructures and
regulatory limitation for general aviation
Source: NBAA report (http://www.nbaa.org/ops/intl/mid/20121126-china-accelerates-opening-of-low-level-airspace.php), 1BlueHorizon Group Analysis
The infrastructure of general aviation industry is
under development
− Shortage of airport
− Limitation of air traffic control capacity and capability
− Lack of FBO
− Limitation of MRO service capacity and capability
Low altitude aviation is controlled by the Army of
China and general aviation is constricted -
altitude below 600 meter is still not open to the
publics
Commercial air traffic has already occupied the
limited altitude released by China Army
Limited air traffic release for business jet - black
out period in some airports (Beijing etc)
Regulatory limitationUnder development of infrastructures
China Accelerates Opening the sky, a recent very good news!
In what is widely seen as a move heralding the long-awaited boom in China’s civil aviation market,
government officials now say more than a third of the country’s airspace below 4,000 meters (13,000
feet) is now open to general aviation. Even this will more ease the helicopter business, including for
VIP transport, it path the way for Business Jet general aviation.
The opening of China’s airspace is now expected to be completed by 2020 – years ahead of
schedule, according to the deputy secretary of the National Air Traffic Management Committee…

However China business jet demand started increasing sharply in the global
demand downturn period
Source: GAMA; CAAC, OEM’s financial report, 1BlueHorizon Group Research
China Business Jet Delivery (units)
Global Business Jet Delivery (units)
1.5% 1.9% 4.3% 5.6% 7.1%1.4%1.1%Market
share
Note : China business jet delivery unit including HongKong, Taiwan and Macau
Global business jet
deliveries decline
significantly during
2008-2011 due to global
financial crisis
China market deliveries
experienced sharply
increasing during 2008-
2011 from a low unit
base and already
account for 7.1% of
global deliveries in 2011
CAGR
31%

And is expected to keep sustainable overgrow to other markets in the next
20 years
Source: Ascend, Bombardier forecast, excluded very light jet and large corporate airline categories, 1BlueHorizon Group Research & Analysis
127%698%
10 year
growth rate
China Business Jet Delivery Forecast
46%738%
10 year
growth rate
40%28%
10 year
growth rate
Global Business Jet Delivery Forecast
43%47%10 year
growth rate
China Business Jet Fleet Forecast
Global Business Jet Fleet Forecast
Highlights
China market demand
is expected to keep
sustainable overgrow
to other market in the
next 20 years
Around 10% of total
business jet demand
will come from China in
2011-2030
 China business jet
fleet will account for
around 8% of global
fleet from a low base of
1.3% in 2011

Mainly driven by robust economic growth, wealth creation, increasing
corporate profit, strong government support and penetration growth
Robust economic
growth
Wealth creation
Corporate profit
Increasing
Penetration
growth
Strong
government
support
 China economy experienced rapid growth in the past 10 years to become the global top
2 high GDP country, future growth will be slow down to adjust the economy structure,
but will still keep robust
A increasing big pool of super wealthy people have set their sights on private jets as the
next must-have accessory, like exotic cars, yachts and luxury real estate
 Fast economic growth in the last decade generated many large and profitable state
owned and private companies who will be the potential buyers of business jet
China government promised to release more traffic rights of altitude between 600 to
1500 step by step to promote the development of general aviation industry
China government encourage the investment in general aviation infrastructure – airport
and operational infrastructure, FBO, FSS, facilities of air traffic control, maintenance and
fuel distributions
Improvements in infrastructure and regulatory limitation and increasing adoption and
acceptance of business jet will drive the growth of penetration which is much lower than
other countries with similar GDP per capita level
Sustainable growth of GDP per capital will also support the future penetration growth

China economy experienced rapid growth in the past 10 years and is
expected to continue robust growth
Source: China statistic year book; World Bank, 1BlueHorizon Group Research
CAGR
8.4%
CAGR
7.0%
China historical GDP development and forecast
Recession
China GDP experienced rapid growth in the past 10 years, even in the period of global
recession in 2008-2010, China GDP is expected to continue robust growing in 2011-2020

Continuous wealth creation provide a big pool of potential business jet
customers
Source: Hurun Research Institute; Forbes, 1BlueHorizon Group Analysis
Number of wealth people pool and regional distribution in China
CAGR
25%
CAGR
25%
CAGR 6% CAGR
35%
CAGR
35%
Number of wealthy people with > 1 billion USD assets A increasing big pool of super
wealthy people have set their
sights on private jets as the next
must-have accessory, like exotic
cars, yachts and luxury real
estate
Around 13% of super wealthy
people (with >100 million RMB
net assets) are interested in
buying business jet

Increasing number of large corporate and their profit improvement will also
support business jet demand growth
Source: J.P.Morgan Aerospace and Defense; Business Jet Monthly – December 2010; Wind Information, 1BlueHorizon Group Analysis
467
407
524
728
825
‐20%
‐10%
0%
10%
20%
30%
40%
50%
‐
100
200
300
400
500
600
700
800
900
2007 2008 2009 2010 2011
Average netprofit Growth rate
Global Corporate Profits vs. Business Jet Deliveries (number of aircraft 1995 – 2013E)
Average Net Profit for Companies listed in Mainland China
(million RMB)
470
716
969
1117
2008 2009 2010 2011
Number of Listed Company
(with net profit >100 million RMB)
Net profit for China listed companies
decreased by 13% in 2008 comparing
to 2007 due to global financial crisis
However it recovered quickly in 2009
and hit to the peak of YoY growth rate
(39%) in 2010
Profit growth in 2011 slowed down, but
still robust
The potential pool of company that can
afford business jet keep growing in the
past several years

Government support will help progressively removal the barrier of
infrastructure shortage and regulatory limitation
Source: Chinese government 5 year plan for general aviation industry
Encourage general aviation enterprises and
private sector to take part in:
‒ Construction of general aviation airports
and operational infrastructure facilities
‒ Building up and perfecting the facilities of
air traffic control, maintenance and fuel
distribution
‒ Forming a group of flight service stations
(FSS)
‒ Introducing fixed base operations (FBO)
‒ Establishing new fuel distribution centers
in Harbin, Hohhot, Urumuchi and Zhuhai
Nurture 3 to 5 leading companies for general
aviation
Expand maritime patrol and country wide
search and rescue
Highlights
Scheduled civil transport
airport
188 ≥ 230
General Aviation Fleet Hour
140K 300K
General Aviation Aircraft
1,010 ≥ 2,000
Pilots
24,000 40,000

Improvements in infrastructures and regulatory limitation and increasing
adoption and acceptance will drive the growth of penetration
Source: GAMA
2011 Business Jet Penetration in the G20 and others
Business Jets/
Capita (M)
GDP (K$)/ Capita
CER, 423
UK, 419
AUS, 139
INDO, 19
CHINA, 62
Market forecast
Forecasters correlate
business jets numbers and
per capita levels
Business jet penetration in
China is much lower than
other G20 countries with
similar level of GDP per
capital due to the barrier of
shortage of infrastructure
and regulatory limitation
Under the assumption that
business jets as a function of
capita and GDP is constant
throughout the world, China
is expected to experience a
step change in business jets
ownership if can removal the
barrier

Sustainable growth of GDP per capital will also support the future
penetration growth
Source: China statistic year book, 1BlueHorizon Group Analysis
 China GDP per capita keep
rapid growth in 2001 -2011 and
reach to USD4000+ level in
2009 that is the demand start
point for general aviation
 GDP per capita will keep
sustainable growth in this
decade that will drive the
sustainable demand increase of
business jet
 Big gap on GDP per capita
among different provinces will
cause the geographic unbalance
of business jet demand

As the aviation industry in China is set to take off, Chinese and foreign
companies are banking on the business of corporate aircraft
China's business jet market could help propel the aviation industry

However realization of growth will really depends on how fast China can
remove the barriers to growth
Source: 1BlueHorizon Group Analysis
Air traffic
restriction
Under development
of infrastructure
Human Resource
Shortage
High Operation
/maintenance cost
Slow Certification,
Registration and
approval process
Limited air traffic release for
business jet - black out
period in some airports
(Beijing etc) since
commercial air traffic has
already occupied the limited
altitude released by China
Army
Shortage of airport
Shortage of facilities of air
traffic control, maintenance
and fuel distribution
Lack of FBO (fixed based
operator)
Lack of in-country MRO and
training capabilities and
capacities
Limited capacity of air traffic
control management
Shortage of pilots
Shortage of well trained and
qualified MRO engineers and
other service personnel
Preapproval is required to
buy business jet
Certification and registration
process is complicated
The whole process will take
more than 3 months
High operation cost :USD 80-
90K per flight
Lack of aircraft size
differentiation in landing,
handling and navigation fees
High maintenance fee: USD
per year
‒ Small size: 800-1100K
‒ Medium/large size: 1.6-2.4
million
Challenges
in China
Market

Under development of infrastructures – airport, air traffic control capacity,
FBO, MRO service capacity and capability
Source: CAAC, 1BlueHorizon Group Analysis
USA
 Airport – 14,951
 Paved – 5,000
 Scheduled service
airport – 376
China
 Airport – 398
 Military based and
airfield – 190
 Scheduled service
airport – 188
 Current air traffic control system is difficult to meet
diversified air traffic requirements – especially rapid
growth of general aviation, cargo and branch line air
traffics
 Weak air traffic management in medium to small
airports in tier 2/3 cities
 IT system is not well integrated
 Lack of qualified air traffic control personnel
Limitations of air traffic control capacity
 Only 3 FBO (Fixed Based Operation) in China –
Shanghai, Beijing and Shenzhen
‐ Shanghai Hawker Pacific FBO in Shanghai
Hongqiao Airport
‐ Beijing Capital Jet FBO in Beijing airport
‐ Shenzhen Jinlu FBO in Shenzhen airport
Lack of FBO
 In-country maintenance, overhaul and training
capabilities and capacities is unlikely to keep pace
with fleet growth
 Lack of MRO suppliers for business jet in mainland
China
Lack of MRO
Shortage of Airport

Shortage of human resources - especially pilots and MRO engineers
Source: CAAC, Boeing forecast, 1BlueHorizon Group Analysis
Shortage of Pilots in China Market
Shortage of MRO Engineers in China Market
560
24
US China
73
24
30
19
Total pilot
required
Current pilot base New pilot to be
provided
Gap
Number of Pilot by 2010 (‘000) Pilot Gap forecast for China Market by 2030 (‘000)
 China market required total
73,000 pilot by 2030 for both
commercial and business jet
 China has 24,000 pilots by
2010
 China can only train 1500
new pilots per year based on
current capacity due to lack of
pilot training school, coach
and high training cost (double
to triple on US cost)
300
60
240
Total MRO engineer
required
Current MRO
engineer base
Gap
MRO engineer
Gap forecast for
China Market by
2030 (‘000)
 China market required 300,000 qualified
MRO engineers by 2015 based on fleet
growth forecast
 But China only has 60,000 MRO engineer
(including MRO management personnel) by
2010
 Most of MRO engineers are lack of
knowledge/ experience in MRO for business
jet models

High operation cost – account for 5-8% on top of total business jet purchase
price per year
1%
3%
3% 7%
Insurance fee Fixed operation cost Variable operation cost Total operation cost
Foreign registry Chinese registry
US$ US$
Ground Handling Fees 6,750.00 4,500.00
Airline countervailing fee 4,400.00 0.00
Navigation Fee 1,400.11 175.01
Total Fees 12550.11 4,675.01
 Variable cost calculation is
based on 300 fleet hour per year
 Operation cost percentage is
based on total purchasing cost
including import tax, VAT, logistic
cost and agency cost
 Fix operation cost includes
airport parking fee, safety
checking fee, training fee,
maintenance fee and etc
 Variable operation cost includes
all flight operation fee – salary of
pilot, cleaning and other related
fee, fuel cost, flight insurance fee
and etc
Example: Hong Kong – Shanghai return
 Flight operation fee in China
differs between foreign registry
jet and Chinese registry jet
 Flight operation fee for foreign
registry jet is much higher than
that for Chinese registry jet
Business jet annual operation cost in China – Challenge 850 example
Source: 1BlueHorizon Group Research & Analysis

As Chinese customer prefer well recognized brands and large business jet
regardless of trip length
Chinese Customer demand characteristics
Product Feature
Service
Requirement
Price Sensitivity
 Well recognized
brands
 Super medium to
large cabin aircraft
regardless of trip
length
 New or nearly new
aircraft
 Luxury decoration
with specific
requirements
 Full seats loading -
business and political
leaders travel with
entourages
 Couch for head
person to lie down on
 Full service
package since
most of them are
the first time
buyers, including
‐ Business jet model
selection
‐ Consulting
‐ Price negotiation
‐ Financing
‐ Import and logistic
‐ License application
‐ Operation
management
‐ Used aircraft
disposition in future
 Relatively low price
sensitivity
 Airlines
 Real Estate
 Casinos and gaming
 Chemicals
 Oil and Gas
 Coal mining
 Electronics
 Flight trainingWhite
good manufactures
 IT
 Energy
 Bank
 Advertising
 Entertainment
Customer Structure
Source: 1BlueHorizon Group Analysis

Key success factors in China market
 Chinese customers are very keen on well
recognized brand
 Increasing brand awareness and establish
great brand reputation in China market
Recognized
brand
 Deep understanding on customer ‘s demand
characteristics by segmentation in China
market
 Introduce right products to the market with
high flexible configuration
Right
products
 Developing right go to market model fit for
China market is a must
 It can be tailored with successful experience
from other markets, not just copy - paste
Right go to
market model
 Offering full service package are important
since Chinese customers are lack of
experience
 Providing super quality service is also key to
build up long term relationship with Chinese
customers
Excellent
service
 Critical to long term success since it can not
only improve the reaction speed to market
needs but also provide significant total cost
advantage to customers
 Obtain other benefits from Chinese
government since it is encouraged
Local
manufac-
turing
footprint and
engineering
capability
 Develop right partnership strategy – set up
JV with Chinese companies can accelerate
the pace of market entry and mitigate the
risks
 Build up partnership with right partner –
SOE can help acquire more resources from
Chinese government
Right
partnership
Adapting to Chinese customers: most of the time Chinese people will use
an idiom 入乡随俗 , meaning when in Rome, do as the Romans do…

Executive Summary - Growth and risks of repossession in China
 China account for a very low number of business jet fleet relative to it’s size of economy
 And business jet penetration is also much lower than other G20 countries with similar level of GDP
per capital
 Because of the barrier of underdevelopment of infrastructures and regulatory limitation for general
aviation in the past
China business jet
industry has not grown
substantially in the past
But it is expected to
boom and keep
sustainable growth in
the next 20 years
Attractive opportunities
in all aspects of business
aviation but also risks
associated
Focus on six key
success factors in China
market
 However China business jet demand started increasing sharply in the global demand downturn period
(2008-2011)
 And is expected to keep sustainable overgrow to other markets in the next 20 years
 Mainly driven by robust economic growth, wealth creation, increasing corporate profit, strong
government support and penetration growth
 Market growth provide attractive opportunities in all aspects of the whole industry chain
 However realization of growth will really depends on how fast China can remove the barrier to growth
– air traffic restriction, underdevelopment of infrastructures, human resource shortage, high operation
cost and slow certification, registration and approval process
 Increase brand awareness and build up great brand reputation
 Introduce right products fit customer’s demand characteristics to the market
 Develop right go to market model-can be tailored with successful experience, not copy-paste
 Provide full service package and super service to build up long term customer relationship
 Establish local manufacturing footprint and build up local engineering capability
 Develop right partnership strategy – JV with Chinese companies might be the right approach

SHOUKRAN - THANK YOU
LEONARD FAVRE
Partner, Group Managing Director
1BlueHorizon Group
P.O. Box 34154 M +971 50 6164007 (U.A.E.)
Abu Dhabi M +41 79 2080256 (Switzerland)
United Arab Emirates leof007
leo@1bluehorizon.com
www.1bluehorizon.com
Abu Dhabi | Bern | Madrid | Montreal | Paris
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APPENDIX
1 Introduction
2 Historical Market Development in China
3 China Market Characteristics
4 Future Trend and Key Success Factors in China Market
5 Executive Summary
© 2012 1BlueHorizon Group - www.1bluehorizon.com
APPENDIX 1 - 3
All rights reserved
24
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1BHG | Aeropodium Conference Aircraft Repossession 09.12.12

Appendix 1: Major business jet dealers in China market
Source: Company website, 1BlueHorizon Group Research & Analysis
Dealer Name Ownership
structure
OEM product Major customer
SOE/Private /
WOE/JV
Bom‐
bardier
Gulf‐
stream
Cess‐
na
Embra
er‐
Dass‐
aulat
Hawke
r
Govern‐
ment
SOE Private
Com.
Foreign
Com.
Indi‐
vidual
Avion Pacific
Limited
WOE √ √ √ √
Sino Private
Aviation
WOE √ √ √ √ √
CBAJET Private √ √ √ √ √ √
CPAC Private √ √
PTE WOE √ √ √ √
Lily Jet Private √
Chinaga Private √ √
Jinggong Private
Asia Pacific WOE √ √
ACASS WOE
Westjet
Aircraft
WOE √
Zhuhai Xirui GA JV √ √
AVIATION
SUPPLIES
WOE √ √ √

Appendix 2: Major operation company in China market
Key operator Ownership
structure
Service provided or business model Fleet
2011
Major customer
SOE/Private /
WOE/JV
Friction Charter Operation
mandate
Govern‐
ment
SOE Private
Company
Foreign
Company
Individual
Deer Jet (
Beijing Capital
Airlines)
HNA Group:70%
Beijing Tourism
Group:30%
√
√
44
√
√
√ √
√
BAA Private √ √ 32
Beijing Airlines (Air
China)
SOE √ √ 10 √
Lily Jet Private √ √ √ 10 √ √ √ √
Shanxi Sanjin SOE 8 √ √
Mingsheng Private √ √ 7 √ √ √ √
Donghai Jet SOE √ √ 7 √ √ √ √
China Eastern
Executive
SOE √ √ 5 √ √ √
Yasheng Medevac √ 3 √
Sichuan Xingyao Private √ √ 2
Big White Bear Private √ √ 2
Zhongfei SOE √ √ 2 √ √

Appendix 3: Major business jet MRO suppliers in China market
MRO supplier Ownership
structure
MRO service OEMs/Models MRO service type
SOE/Private
/ WOE/JV
Bom‐bardier Gulf‐
stream
Cess‐na Embrae
r‐
Dass‐
aulat
Haw‐ker Modifi
cation
Air
frame
Com‐
ponent
Line Engin
e
TAMECO
(Xiangyu)
JV √
CIRRUS GA JV
ZhongFei JV √
Shanghai
Hawker Pacific
JV CE‐680 √
Falcon 7X,
900LX,
2000LX
√ √ √
Tianjin Execujet JV
Sichuan Haite
High
Public listed √
Tianjin Air SOE √
Metrojet WOE √ √
STAECO JV
CRJ
CL604/605
CL850
XRS
G450 √ √
Hawker Haikou
RA3901A
800XP
√

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Asset Management
Fleet Strategy & Planning
With our Fleet Solutions, we can
help you expand your fleet,
transition from older models to
newer aircraft types, or provide
interim capacity. We back our
support with a global team of
technical experts and industry
specialists who will provide you
with the fleet solution and
support that meets your specific
needs.
Interim Management
Knowledge transfer
Finding talent is difficult even at
the best of time. Finding
resources to assist for a short-
term assignment of a proven
heavyweight interim executive
manager to manage a period of
transition, crisis or change within
an organization or to take on
critical projects or senior
positions for a limited time is
even more difficult.
Ahead of Strategies
Three Practices
Shareholders and management
of companies with specialized
needs often choose 1BHG for our
unique custom turnkey solutions.
If you want a business plan or a
feasibility study to assess the
case, or your are burning cash
and running into trouble, or seek
help to assess the case for
entering immunized joint venture
or looking for an interim
management solution…
1BlueHorizon Group® highly
competent seasoned professional
will assist you to propel your
business further… Going the
extra mile ahead of strategies …
1BHG® Business model dedicated to particular Sectors is built around three
Practices providing clients with turnkey solutions to maximize Value Creation
Source: © 1BlueHorizon Group | Business model with Sectors (Horizontals) & Practices (Verticals)
… no matter how complex the issues are!

Interim
Manage-
ment
Managing
Consulting
Asset
Management
 The Management
Consulting (MC) Practice
is our ability to strike a
rapport working side by side
with you and quickly
understanding what you
need when the margin of
error is thin… Providing a
highly targeted surgical
strike (to-the-point) to
improve de performance and
going the extra mile…
 The Interim Management
(IM) Practice help you by
giving comfort and control
with relevant seasoned
advisors whenever and
wherever they are needed…
Whereas a management
consultant provides an
advisory role, Interim
managers with performance
improvement focus are
directly responsible in
delivering quick results,
visible and measurable...
 The Asset Management
(AM) Practice works
individually with each of our
clients to develop creative
strategies and solutions for
all types of aviation
equipment, with innovative
financing models.…
Source: © 1BlueHorizon Group | Practices
Performance improvement
Quick results / Hands-on
Turnkey solutions
Knowledge transfer
Ahead of Strategies…
The 1BlueHorizon® difference
1BlueHorizon Group® three dedicated Practices are built to propel clients
business further with a comprehensive approach ahead of strategies
GENERATINGTHRUSTTO PROPEL
YOUR BUSINESS FURTHER...

“1BlueHorizon Group is the
only consulting firm that
works successfully on all
levels: Board level, middle
management,
implementation"
“1BHG senior personnel
come in with strong
views but integrate
perfectly in our teams"
“1BHG has
convinced us
through it's excellent
industry- and
technology
expertise"
"The 1BHG team
knows perfectly well
how to push the
necessary change"
“1BHG guys are implementation -
oriented and their cooperation
with my people is very good "
“1BHG Practice has
very qualified people
who really know a lot
about our industry"
Testimonials - What do our Customers think about 1BlueHorizon Group®
"In each project step, we
could clearly identify
1BHG's added value and
improve the overall
bottom line"
THE ONLY WAY TO DO GREAT WORK IS TO LOVE WHAT WE DO…
A MILE OF RUNWAY WILL TAKE YOU ANYWHERE
NO ONE HAS EVER COLLIDED WITH THE SKY
Note: A list of qualifications is made available separately

LEGAL DISCLAIMER
© 1BlueHorizon Group®. All rights reserved.
Without the prior written consent of 1BlueHorizon Group®, it is not permitted to modify this document or create derivative works. High quality global airline industry
insight requires investment. Please do not cut & paste the document. Email info@1bluehorizon.com to get / buy additional rights.
This presentation has been prepared by 1BlueHorizon Group® (1BHG or the ‘Company’). This presentation does not constitute or form part of any offer to sell or
issue, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company or in any other entity, nor
shall this document or any part of it, or the fact of its presentation, form the basis of, or be relied on in connection with, any contract or investment decision, nor does
it constitute a recommendation regarding the securities of the Company or any other company.
The information contained in this presentation has not been independently verified. This presentation does not purport to be all-inclusive or to contain all the
information that a prospective investor in securities of the Company may desire or require in deciding whether or not to offer to purchase such securities.
No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its affiliates (within the meaning of Rule 405 under the
US Securities Act 1933) (‘Affiliates’), members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information
or opinions contained in this presentation or any other material discussed verbally. None of the Company or any of its Affiliates, members, directors, officers or
employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising
in connection therewith.
The information in this presentation includes forward-looking statements which are based on the Company's or, as appropriate, the Company's directors' current
expectations and projections about future events. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms
‘believes’, ‘estimates’, ‘plans’, ‘projects, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’ or ‘should’ or, in each case, their negative or other variations or comparable
terminology, or by discussion of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements, as well as those included in any
other material discussed at any analyst presentation, are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments,
including, among other things, the development of its business, trends in its operating industry, and future capital expenditures. In light of these risks, uncertainties
and assumptions, the events or circumstances referred to in the forward-looking statements may differ materially from those indicated in these statements.
Forward-looking statements may and often do materially differ from actual results. None of the future projections, expectations, estimates or prospects in this
presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which
such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the
presentation. Forward-looking statements speak only as of the date of this presentation. Subject to obligations under the listing rules and disclosure rules made by
the Financial Services Authority under Part VI of the Financial Services and Markets Act 2000 (as amended), neither the Company nor any of its affiliates, or
individuals acting on its behalf, undertakes to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or
otherwise. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of
actual results or otherwise.
The information and opinions contained in this presentation and any other are material discussed verbally are provided as at the date of this presentation and are
subject to verification, completion and change without notice.
In giving this presentation, neither the Company nor its advisers and/or agents undertakes any obligation to provide the recipient with access to any additional
information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.

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