3

PK AIRFINANCEPK AirFinance is a leading provider and arranger of loans secured by commercial aircraft, aircraft engines, and helicopters.

PK AirFinance serves airlines, aircraft traders, lessors, investors, financial institutions and manufacturers worldwide.

PK AirFinance is affiliated with GECAS.

Operator

90+

Countries

70+Years of Experience

30+

Aircraft

320+Engines

50+

Team

18+

4

PK PR ODUCTS

Senior Mortgage LoansFull payout loans

Balloon loans

Non-recourse loans

Syndicated loans

Finance Leases

Conditional Sales

Purchase of Loans

PDP Loans

Bridge Loans

We include features such as

Floating/Fixed Interest RateMixed CurrenciesLimited Recourse

To structure an optimal solution for everytransaction, we consider

Accounting TreatmentTax TreatmentLegal StructureAsset RiskCredit RiskCurrency RiskInterest Rate RiskSeasonal Cash Flows

5

6

PORTFOLIO SPLIT BY COLLATERAL TYPE

67%

19%

4%6%

2% 2%

NarrobodyWidebodyRegional JetGE-enginenon-GE engineTurbopropFreighter

46%

35%

10%

9%Airline

Investor

JOL Debt

JOLCO Debt

34%

20%20%

14%

5%7%

Asia

Europe

Middle East - Africa

Latin America

North America

CIS

67%

19%

4%6%

2% 2%

NarrobodyWidebodyRegional JetGE-enginenon-GE engineTurbopropFreighter

46%

35%

10%

9%Airline

Investor

JOL Debt

JOLCO Debt

34%

20%20%

14%

5%7%

Asia

Europe

Middle East - Africa

Latin America

North America

CIS

PK

PO

RTF

OLI

O

7

PORTFOLIO SPLIT BY REGIONPORTFOLIO SPLIT BY PRODUCT TYPE

67%

19%

4%4%

2% 2% 2%

NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine

46%

35%

10%

9%Airline

Investor

JOL Debt

JOLCO Debt

34%

20%20%

14%

5%7%

Asia

Europe

Middle East - Africa

Latin America

North America

CIS

67%

19%

4%4%

2% 2% 2%

NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine

46%

35%

10%

9%Airline

Investor

JOL Debt

JOLCO Debt

34%

20%20%

14%

5%7%

Asia

Europe

Middle East - Africa

Latin America

North America

CIS

67%

19%

4%4%

2% 2% 2%

NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine

46%

35%

10%

9%Airline

Investor

JOL Debt

JOLCO Debt

34%

20%20%

14%

5%7%

Asia

Europe

Middle East - Africa

Latin America

North America

CIS

67%

19%

4%4%

2% 2% 2%

NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine

46%

35%

10%

9%Airline

Investor

JOL Debt

JOLCO Debt

34%

20%20%

14%

5%7%

Asia

Europe

Middle East - Africa

Latin America

North America

CIS

7

8

$343,200,000 Secured Term Financing

Secured by

Sixteen Boeing B737-900ER

Provided by

Cathay United BankKorean Development Bank

PK AirFinance

Arranged by

PK AirFinanceA GECAS Company

March 2018

$343,200,000 Secured Term Financing

Secured by

Sixteen Boeing B737-900ER

Provided by

Cathay United BankKorean Development Bank

PK AirFinance

Arranged by

PK AirFinanceA GECAS Company

March 2018

$343,200,000 Secured Term Financing

Secured by

Sixteen Boeing B737-900ER

Provided by

Cathay United BankKorean Development Bank

PK AirFinance

Arranged by

PK AirFinanceA GECAS Company

March 2018

AirFinance Deal of the Year Award in Asia 2018

g P K A I R F I N A N C EA G E C A S C O M PA N Y

9

KE Y TRANSACTIONS

GE_Imagination.pdf 1 03/09/2018 09:55

NeosTombstone.indd 1 23/10/2018 09:48

g P K A I R F I N A N C EA G E C A S C O M PA N Y

EUR186,318,000 Term Financing

Secured by

Three Airbus A330-300 Equipped with 6 CF6-80E1A3 Engines

Provided by

as Arranger, Security Trustee, Agent and Lender

PK AirFinance- A GECAS Company

- December 2016

EUR186,318,000 Term Financing

Secured by

Three Airbus A330-300Equipped with 6 CF6-80E1A3 Engines

Provided by

as Arranger, Security Trustee, Agent and Lender

PK AirFinance- A GECAS Company

- December 2016

g P K A I R F I N A N C EA G E C A S C O M PA N Y

10

$125,000,000 Senior Secured Term Financing$15,000,000 Mezzanine Secured Term Financing

For

One Airbus A350-900

Arranged and Provided by

and

PK AirFinance- A GECAS Company

February 2018

166706_Ethiopian Tombstone.indd 1 23/05/2018 14:12

KE

Y TR

AN

SA

CTI

ON

S

$116,000,000 Senior Secured Term Loan

and

€99,940,900 Adjustable Dollar Equivalent Loan in Euro

Secured by

Six Airbus A320-200NEO equipped with CFM56-LEAP-A1 engines

Provided by

PK AirFinance Airbus Bank

Arranged by

PK AirFinance- A GECAS Company

- January 2018

g P K A I R F I N A N C EA G E C A S C O M PA N Y g P K A I R F I N A N C E

A G E C A S C O M PA N Y

1111

$62,000,000 Engine Term Financing

For

Three CFM56-LEAP-1B25Four CFM56-7B27

Arranged & Provided by

PK AirFinanceA GECAS Company

June 2018

g P K A I R F I N A N C EA G E C A S C O M PA N Y

$338,500,000 Secured Term Financing

Provided by

PK AirFinanceCredit Agricole

Arranged by

PK AirFinanceA GECAS Company

September 2018

Secured by

Six Airbus A321-200leased to

Six Boeing B737-800leased to

Three Airbus A319-100 leased to

g P K A I R F I N A N C EA G E C A S C O M PA N Y

12

COMPANY HISTORY

2018 PKAirFinanceclosesfirsteverJOLCOdebtfinancingforanAfricancarrier–Ethiopian–nominated“AfricaLeaseDealoftheYear2018” PKclosedfirstA350-900deals GECAS/PKwinAirfinance“DealoftheYearinAsia”awardfor51AircraftdealwithLionAir Companyhas$5.9bninportfoliovolume Cumulativeoriginationreached$37bn

2017 PKAirFinanceclosesfirstdealsonnewtechnology737MAX

2016 PKAirFinancearrangesfirsteuroloans,financesfirstBoeing787-9sandAirbusA320NEOsdeliveries

2015 GlobalTransportationFinanceDealoftheYearAsiaAwardforICBCLeasing/GarudaJOLCOfinancingofthreeA320-200

2000 GeneralElectricCapitalCorportationbuysPKAirfinance

1979 PKFinansestablishedinLuxembourgbyPKbankenSweden

13

14

15

AIR CRAF TCollateral 31/12/2018

Asset Type TotalA320-200 69B737-800 68A319-100 37B737-900ER 24A321-200 19S92 19ATR72-600 14EMB-190 11A330-200 10EMB-175LR 9AW139 9PW4090 8A330-300 7B737 MAX 8 7A321-200N 7CFM56-7B 7A320-200NEO 6CFM56-7B24 6B737-700 5B777-200IGW 5GP7270 5PW4168 5S76D 5B747-400F 5GE90-115B 3CFM56-5B 3A350-900 2B737-800 2

B747-400SF 2B777-200LR 2B787-9 2EMB-170 2CF6-80EA4/B 2CFM-1A26 2GEnx-2B67 2PW4170 2Trent 772B-60 2Trent XWB 2A330-900 1ATR72-500 1B737-400 1B737-400SF 1B747-400ERF 1CFM-1B25 1GE90-115B-SP 1Grand 404

AeroflotAerolineas ArgentinasAeromexicoAirAsiaAir AstanaAir CanadaAir ChinaAir FranceAir ItalyAlitaliaAmerican AirlinesAsianaASL FranceAtlas Intl. B.V.AtlasGlobalAzul S.A.Bangkok AirwaysBlue AirBristowBrussels AirlinesCHC GroupChengdu AirlinesChina EasternComairCOPADelta AirEastar JetEL ALEthiopianFinaircraftflyDubaiFrontier Airlines

GarudaGermaniaGermanwingsGo AirGOLHainanIBERIAIndiGoInterjetJeJu AirJet AirwaysJet2.comKAAN TurkeyKalitta AirKLMKorean AirMalaysiaMyanmaNorwegian Air ShuttleNouvelairOK AirwaysPeachPegasusPhilippines AirAsia, Inc.Phillippine AirlinesPT Lion MentariRepublicS7 AirlinesSky Airline ChileSky AngkorSmall Planet AirlinesSmartlynx

SolaseedSri LankanSun ExpressTAMTAMETAPThomas Cook AirlinesTigerair AustraliaTitan AirwaysTransaviaTravel ServiceTUI Travel plcTurk Hava YollariUkraineUnitedUralVivaAeroBusViva ColumbiaVuelingWest AirWest AtlanticWizz AirYakutiaYamal

A IRLINES 31/12/2018

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THE BASIC STRUCTURES

22 PK AirFinance Company Presentation 2009

THE BASIC STRUCTURES

Airline Loan Investor Loan

PK AirFinance

Airline

Loan Mortgage

Airline

Loan Mortgage

PK AirFinance

SpecialPurpose

Company

Lease

Ass

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Spec

ial

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Com

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Leas

e

Assignment

InvestorEquity

16

17

HOW WE CALCUL ATE THE ODDS

HOW WE CALCULATE THE ODDS

Aircraft Value Projection

Outstanding Amount

With Confidence Bands

Balloon Recourse OrNon-Recourse

Airline PerformanceProbability

Asset Risk Credit Risk

PK AirFinance Company Presentation 2009 23

0 1 2 3 4 5 6 7 8 9 10

HOW WE CALCULATE THE ODDS

Aircraft Value Projection

Outstanding Amount

With Confidence Bands

Balloon Recourse OrNon-Recourse

Airline PerformanceProbability

Asset Risk Credit Risk

PK AirFinance Company Presentation 2009 23

0 1 2 3 4 5 6 7 8 9 10

17

18

TransactionFinanced amountCurrencyRepayment profileInterest rate basis(floating/fixed)

BorrowerNameFinancialsJurisdiction

AirlineNameFinancialsJurisdiction

AircraftTypeYear of manufactureSerial NumberRegistrationEngine TypeMax Take-Off WeightSpecificationsMaintenance Programand Condition

Underlying LeaseLesseeTermRentMaintenance ReservesReturn ConditionsLease Deposit

BASIC DATA WE NEED TO DISCUSS YOUR TRANSACTION

19

MEET THE PK TEAM

New York Tokyo

Luxembourg

PK AirFinance Company Presentation 2009 25

Tokyo

LuxembourgToulouse

Singapore

Shannon

Norwalk

London

WHERE TO FIND US

20

LUXEMBOURG

Paul MeijersPresident

Yvonne CheneryContracts

Tina HongistoAdministration

Saida DouahAdministration

Virginia IzaguirreAdministration

Serge MichelsAdministration

TOULOUSE

Per WaldelöfMarketing

Guillaume DegemardMarketing

Niall CroninMarketing

SHANNON

Christophe BernardiniMarketing

LONDON

MEE T THE PK TE AM

Frank WithofsPortfolio & Treasury

Max Jonsson Risk & Analysis

21

Maggie MorrowMarketing

NORWALK

Claudia BarstonMarketing

SINGAPORE

TOKYO

Shinji SatoMarketing

Yoshifumi SakuragiMarketing

Akiko Kawaguchi Contracts

Miyuki HayashiAdministration

22

23

Name Business Phone E-mail

LondonThe Ark, 201 Talgarth Road, Hammersmith, London W6 8BJ, United Kingdom

Bernardini, Christophe +44 20 7302 6165 c.bernardini@pkair.com

Luxembourg - PK AirFinance SARLEuropean Bank and Business Center, 6D, Route de Trèves, L-2633 Senningerberg, Luxembourg

Meijers, Paul +352 34 20 30 24 p.meijers@pkair.comChenery, Yvonne +352 34 20 30 22 y.chenery@pkair.comDouah, Saida +352 34 20 30 27 s.douah@pkair.comHongisto, Tina +352 34 20 30 23 t.hongisto@pkair.comIzaguirre, Virginia +352 34 20 30 28 v.izaguirre@pkair.comJonsson, Max +352 34 20 30 26 m.jonsson@pkair.comMichels, Serge +352 34 20 30 20 s.michels@pkair.comWithofs, Frank +352 34 20 30 21 f.withofs@pkair.com

Norwalk - PK AirFinance US, INC.901 Main Avenue, The Towers, Norwalk CT 06851-1168, USA

Morrow, Maggie +1 203 842 5204 m.morrow@pkair.com

Name Business Phone E-mail

ShannonAviation House Shannon, County Clare, V14 AN29, Ireland

Cronin, Niall +353 61 706940 n.cronin@pkair.com

Singapore11 North Buona Vista Drive, Singapore 138589 SG

Barston, Claudia +65 6326 3132 c.barston@pkair.com

Tokyo – GE Capital Asset Finance GKAkasaka Park Bldg., 5-2-20, Akasaka, Minato-ku, Tokyo, Japan

Sato, Shinji +81 (3) 35 88 61 55 s.sato@pkair.comHayashi, Miyuki +81 (3) 35 88 62 94 m.hayashi@pkair.comKawaguchi, Akiko +81 (3) 55 44 37 93 a.kawaguchi@pkair.comSakuragi, Yoshifumi +81 (3) 35 88 95 34 y.sakuragi@pkair.com

Toulouse - PK Air17 avenue Didier Daurat, Immeuble Socrate, Blagnac 31702 France

Waldelöf, Per +33 5 6731 0032 p.waldelof@pkair.comDegemard, Guillaume +33 5 3460 5048 g.degemard@pkair.com

CONTACT L IST www.pkair.com

R.C.S. Luxembourg B27840 • Capital USD 10,000,000 • PK AirFinance S.à r.l.