February 2014

The big stuff: the investment value of bizliners

Francois Chazelle, Airbus Corporate Jets

ACJs are only in the top end of the market

Size

Value

ACJs are derived from the most modern airliner family

... and benefiting from the experience of over 7,000 Airbus delivered

A330/A340/A350 FamilyA320 Family A380 Family

A320 ACJ320

A319 ACJ319

A318 ACJ318A330 ACJ330

A350 ACJ350

A340 ACJ340

A380 ACJ380

A321 ACJ321

A unique market positioning

Bizliners offers a unique upgrade and/or alternative solution

Based on public prices and volumes. Including cabin

7X

Glob. 5000

Glob. 6000

Glob. 7000

Glob. 8000

G450

G500

G550

G650

Lineage

BBJ1

BBJ2

ACJ318

ACJ319

ACJ320

20

30

40

50

60

70

80

90

100

0 50 100 150 200 250

Pri

ce (

M$)

Cabin Volume (m3)

ACJ customers

A well balanced customer base

ACJ Charter operators

NB: excludes all ACJs operated by governments, airlines or private owners without the support of a management company

24 VIP charter aircraft with 15 operators

November 2013

Emirates Executive Airbus ACJ319 is…

…1st bizjet with mini-suites

ACJ Management companies

NB: excludes all ACJs operated by governments, airlines or private owners without the support of a management company

15 management companies operating private ACJs

0

10

20

30

40

50

60

70

80

90

100

Dec

-04

Feb-0

5

Apr

-05

Jun-

05

Aug

-05

Oct-0

5

Dec

-05

Feb-0

6

Apr

-06

Jun-

06

Aug

-06

Oct-0

6

Dec

-06

Feb-0

7

Apr

-07

Jun-

07

Aug

-07

Oct-0

7

Dec

-07

Feb-0

8

Apr

-08

Jun-

08

Aug

-08

Oct-0

8

Dec

-08

Feb-0

9

Apr

-09

Jun-

09

Aug

-09

Ind

ex

ed

av

g.

Sh

are

pri

ce

%

AVG Airlines AVG CJ Customers

ACJ customers are less volatile

Airlines vs. Corporate Jet customers

Grouped average

stock values

Selection of large

FTSE 100

companies owning

Large business jets

Selection of top

airline customers

with Airbus aircraft

Bloomberg data

Corporate Jet customers are less sensitive to changes in the economy

Bizliner customers are a class above

Operators and owners of Bizliners have a higher net worth and are less sensitive to

fluctuating economic conditions and shareholder pressure

Ultra High Net Worth Individuals and governments therefore make independent decisions

This means Bizliner customers present a better credit risk

ACJ320

19-50 passengers

4,300 nm

ACJ318

14-19 passengers

4,200 nm

ACJ319

19-30 passengers

6,000 nm

Overview of the Airbus Corporate Jet Family

8 pax and NBAA rules, Range shown without sharklets

Same wide cabin, three different lengths

Travel in the widest, tallest cabin in the market

Air

bu

s A

CJ

Fa

mil

y

Bo

ein

g B

BJ

Em

bra

er L

inea

ge

Gu

lfst

rea

m G

65

0

Bo

mb

ard

ier G

lob

al

60

00

Gu

lfst

rea

m G

45

0/G

550

ACJ318

ACJ319

ACJ320

31.44 m/103 ft 2 in

33.84 m/111 ft 0 in

37.57 m/123 ft 3 in

2.40 m/7 ft 10 in

Longer than ACJ318

3.73 m/12 ft 3 in

Longer than ACJ319

ACJ Family market split

Thanks to their versatility the ACJ318 and ACJ319 are the most popular models

Net orders as of December 2013

ACJ31978

ACJ31822

Rio De Janeiro

LondonMoscow

Honolulu

New York

Dubai

Luanda

Tokyo

Los Angeles

ACJ Family range around London

8 pax

85% max headwinds

200nm diversion

NBAA IFR reserves

ACJ318

ACJ320

ACJ319

(*) Exclusive to ACJ319 and not retrofitable

Structural provisions for SATCOM Aero I/H+

Emergency Locator Transmitter supply and installation

Dual HF system supply and installation

Design weights increased

(e.g. MTOW from 64t up to 76.5t)

Installation of forward heated floor panels

ETOPS 180 min

Airstairs (*)

Highest thrust engines

41,000 ft altitude

ceiling (*)

Installation of 4 additional

centre tanks (ACTs) (*)

(capability up to 6)

Installation of a specific Cargo

Loading System (CLS) for ACTs

Installation of a specific

Fuel System (*)

Airframe structural reinforcements

(*)

Rich & exclusive specifications

ACJ318 optimized layout

Standardized layout with pre-engineered selectable options

Layout shown may include potions

Galley Entourage areaCrew rest Option

Lounge area

Dining areaGuest lavatory (option)

Private officeDouble bed option

Washroom

Elite+ layout19 passengers

Aircraft and outfitting sold as a turnkey package by Airbus

Includes Lufthansa Technik installation of Elite+ cabin outfitting under Airbus supervision, for

which Airbus has an exclusive

Transfer Of Title of green aircraft prior outfitting, allowing creation of a mortgage (or other

liens) on the aircraft for financing purposes

* Bizjet is a Lufthansa Technik subsidiary

ACJ318 is offered as a turnkey package

Unmatchable pricing point for a unique entry level product

ACJ319 Exclusive cabin concept has widespread appeal

Comfortable and practical layout

Saves customer time and effort

On display in Airbus mockup centre in Toulouse

Certificated for public transport

Exclusive cabin concept is widespread

ACJs (<20 pax layout) delivered since lauch of the Airbus cabin concept Dec. 2004

Multitude of choice for fixtures & fittings

Same cabin layout & structure

Easy to refurbish at less than

10% of the cost for a new cabin

Exclusive cabin concept is highly flexible

A worldwide range of Airbus approved cabin outfitters

San AntonioDallas

Woensdrecht Hamburg

BasleToulouse

Xiamen

Indianapolis

ACJs continue to improve as a member of the A320 family

300 million Euros are invested every year to maintain Airbus leadership

HUD: Head Up Display RNP: Required Navigation Performance ROPS: Runway Overrun Protection System OANS: On-board Airport Navigation system

201220112010200920082007

GPS Landing

system

OANSEFB

ROPS

Carbon fiber

brakes as std

Maintenance

programme

HUD

Extended Service

GoalSharklets

78t A320

Engine improvements

Aerodynamic

improvements

RNP 0.1

ROW/ROPS being offered as safety enhancement

Runway overrun warning (ROW)

Enables timely go-around

Runway overrun prevention (ROP)

Maximises stopping ability

Sharklets design

Provisions standard from Q1 2013

Line fit from Q1 2014

• Single piece design

• Innovative materials

• Manufactured by KAL

CFRP panels with full-

depth cores

CFRP panels with

Honeycomb cores

(Upper and lower panels)

CFRP laminated spars

AL diverter

strips

Tip-Cap

Rib-27A

Strobe

light

Navigation

light

1st ACJ319 with Sharklets was delivered in October 2013

Worldwide support

Expert support, whenever you want, wherever you need

Airbus centre

CAE Training centre

99.9% Operational reliability

5 Airbus Training centres(Toulouse, Miami, Hamburg, Beijing and Bangalore)

19 Training centres with CAE

6 Spares Centres(Hamburg, Frankfort, Washington, Beijing,

Singapore and Dubaï)

Dedicated 24/7 Customer Front Desk service: ACJ Exclusive

245 Airbus Field representative located in 167 stations

Main Airbus Field Representative

99.8%

ACJ Excellent operational reliability and availability

With over 100 ACJ318/319/320 in-service, ACJ operators typically fly between

200 (private owner) and 1,100 (VIP charter operators) FH/year.

Airframe Maintenance

No downtime before 20 months

High maintenance intervals

Low maintenance downtime

CHECKS CHECK INTERVAL MANHOURS DOWNTIME

ESTIMATES

Daily 36 h 6 -

Weekly 8 Days 12 -

A 600 FH/4 months 106 -

C (AVG) 20 Mths 1,182 3 days

4C/6Yr 6 Years 5,750 14 days

8C/12Yr 12 Years 10,235 26 days

Modern and efficient engines

ACJ319 engines have a larger fan area and a higher bypass ratio

= Lower fuel burn

= Better Efficiency

EngineFan

diameter

Bypass

Ratio

ACJ319 CFM56-5B 68 in 5.9:1

BBJ CFM56-7B 61 in 5.1:1

G650 BR725 50 in 4.4:1

Global

XRSBR710 48 in 4.2:1

ACJ319–CFM56-5B

68in

Most VIP operators will not have to remove the engine on ACJ318, ACJ319, or ACJ320

While they eventually will on a BBJ, Gulfstream or Global

New aircraft market value

Values: ASCEND V1 Oct 2011 (Except Global Express, G650: 2010 values; Lineage: Airbus estimate) Range: 8 pax NBAA profile

ACJ represents best value for money

Range x Volume / Market value

ACJ Family 2nd hand inventory never exceeds a handful of aircraft

ensuring strong markets values

Low ACJ inventory further helps maintain strong residuals

Source Aircraft produced : From Airbus and Boeing websites as of December 2013

Source Inventory : From controller.com as of December 2013.

Criteria: delivered aircraft up to 2013 included, excluding aircraft shown as owned by Airbus and Boeing

ACJ318 ACJ319 ACJ320 ACJ321 ACJ TOTAL BBJ BBJ2 BBJ3 BBJ TOTAL

Aircraft produced 19 76 12 1 108 106 19 6 131

Inventory 0 2 0 0 2 15 0 0 15

% on inventory 0% 2.6% 0% 0% 1.9% 14,1% 0% 0% 11.5%

Airbus ACJs show strong residual values

Strong residual values sustained throughout the aircraft life

Source for residual value curves: ASCEND , Oct 2012.

Based on Full Life Base Values Inflated

Source for latest transactions: Airbus Corporate Jets

• Average Annual Depreciation

according to ASCEND:

ACJ318 : 1.9%

ACJ319 : 2.5%

Age

• ACJ transaction prices

observed on the secondary

market confirm that trend

ACJs are low-risk strong assets

ACJs retain their resale values extremely well

ACJs are easier to re-market thanks to:

A Strong worldwide network of VIP charter operators and management companies

A Highly versatile cabin layout allowing cost-effective refurbishment

Ease of ACT reconfiguration (unique to Airbus) to match broader mission requirements

Airbus ACJ330 & ACJ340

Gala concept

Widebodies

VVIP section for elegant comfort & privacy

Large premium & economy seating for guests & staff

"Nonstop to the world" range

ACJ330/ACJ340 Gala concept meets most VVIP needs

Beijing

Johannesburg

Lagos

Moscow

New YorkRiyadh

SantiagoSao Paulo

Singapore

Sydney

Papeete

Executive seats Staff seats

Bathroom Bedroom Office Conference

Airbus A330 & A340

Executive seatsVVIP

Door 1 Door 2 Door 3 Door 4

Gala cabin concept combines VIP & airline-style seating

$

$$

More value for your money