An Introduction to Aviation Debt

Deutsche BankResearch


#PositiveImpact

DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 051/04/2021. UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED,PLEASE SEE APPENDIX 1 FOR FURTHER DETAILS.

September 13, 2021

An Introduction to Aviation Debt:Enhanced Equipment Trust Certificates (EETCs),Aircraft Asset-Backed Securities (ABS), SGR Financings,and other types of Airline Secured Debt

Douglas W. Runte, CFAManaging Director Head of Aviation Debt [email protected]

Vivek JohnResearch [email protected]

mailto:[email protected]



Douglas W. Runte, CFA | +1-212-250-9319 | [email protected] 13, 2021

Presentation will be available on conference website

1




Outline

20,910

5,410

15,500

21,270

7,330

10,409

18,817

2

Economic Overview

Capacity and Traffic

Aircraft Market Update

Introduction to Secured Aviation Debt Products

Enhanced Equipment Trust Certificates (EETCs)

Aircraft ABS

Slots, Gates and Routes (SGR)

Spare Parts

Loyalty Programs and Intellectual Property

Aircraft Values

Appendix

EETC Comp Sheet

ABS Rating Changes and Comp Sheet

Aircraft Collateral Guide, Fleet Data and Marketability Grades




Source: IATA, Deutsche Bank

Global Traffic Results & Load Factor

3

WorldShare

Traffic(RPK)

Capacity (ASK)

Change in Load Factor (pp)

LoadFactor

Traffic(RPK)

Capacity(ASK)


LoadFactor

Total Market 100.0% -53.1% -45.2% -12.4% 73.1% 123.9% 80.0% 14.3% 73.1%Asia Pacific 38.6% -62.7% -54.1% -15.4% 67.5% 33.1% 30.9% 1.1% 67.5%

Europe 23.7% -56.5% -46.5% -16.5% 72.5% 121.2% 92.6% 9.4% 72.5%

Latin America 5.7% -44.5% -40.5% -5.8% 79.3% 318.3% 249.5% 13.0% 79.3%

Middle East 7.4% -73.2% -57.5% -30.0% 51.3% 227.7% 153.6% 11.6% 51.3%

North America 22.7% -28.5% -24.7% -4.5% 84.1% 254.8% 101.3% 36.4% 84.1%

System-wide global commercial airlines

July 2021 (% ch vs the same month in 2019) July 2021 (% year-on-year, 2020)

Traffic(RPK)

Capacity (ASK)


LoadFactor

Total Market -64.5% -54.7% -17.9% 64.7%Asia Pacific -64.8% -55.4% -17.2% 64.7%

Europe -74.1% -65.3% -21.5% 63.2%

Latin America -57.1% -52.0% -8.8% 74.0%

Middle East -78.9% -63.1% -32.7% 43.4%

North America -48.0% -36.9% -14.9% 70.2%

System-wide global commercial airlines

Year-to-date (% ch vs the same period in 2019)

Global Traffic % Change: July 2021 vs. July 2019, July 2020

Global Traffic % Change: Year-to-Date Results




Note: Data represented as % change vs. the same month in 2019Source: IATA, Deutsche Bank

Global Traffic Results & Load Factor

80% 76%61%

37%51% 58% 58% 59% 60% 60% 58% 58% 54% 55% 62% 63% 66% 70% 73%

-225%

-180%

-135%

-90%

-45%

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Load Factor (%)Global Growth (%)

Load Factor Global Traffic Growth (RPK) Global Capacity Growth (ASK)

Global traffic has made a significant recovery from the depths of 1H2020, but remainswell below pre-pandemic levels.

Traffic growth has suffered periodic setbacks, particularly in early 2021, as Covid casesrise in various parts of the world and travel restrictions are tightened.

Load factors have shown steady improvement as airlines adjust their schedules to moreappropriately match depressed demand on many routes, particularly long-haulinternational.

Global Traffic Growth vs. Load Factor (Jan 2020 to Jul 2021)

4




Source: Boeing, ICAO, IATA

Global Air Traffic vs. External Shocks

Pandemic induced decline in traffic is unprecedented in the history of modern commercialaviation.

Aircraft traffic has historically rebounded from previous disruptions, including 9/11, SARSand the Global Finance Crisis.

5




IATA Traffic Forecasts – upside revisions in May

6

Source: IATA, Deutsche Bank

Global Traffic Change vs. 2019 Level

The depth and breadth of the effect of Covid on global air travel was underestimated byvirtually all observers of the industry in early 2020.

Downward revisions to IATA’s forecasts for global travel in 2020 were frequent and themagnitude of the changes was consistently downward and deep.

In 2021, with evidence of the effectiveness of vaccines and an expectation of their broaddistribution, IATA’s forecasts have become more positive.

Assessment Date May-2021 Apr-2021 Dec-2020 Nov-2020 Sep-2020 Jul-2020 Jun-2020 May-2020 Apr-2020 Mar-2020 Mar-2020 Feb-2020

2020 -66% -66% -63% -55% -50% -48% -11% to -20% -2% to -5% -1% to -5%

2021 -48% -57% -49% -50% -36% -36% -30% -25% NA NA Baseline Baseline

2022 -12% NA NA NA -25% -25% NA -5% NA NA Baseline Baseline

2023 +5% NA NA NA -10% -10% NA 0% NA NA Baseline Baseline

2024 (approx.) +10% NA NA NA 0% 0% NA NA NA NA NA NA




Global Scheduled Seats - Percentage Change

7

Source: OAG schedules analyser

Significant declines globally, with disparate results between and within regions. Countries with most severe travel restrictions, not surprisingly, show greatest declines in

traffic versus pre-pandemic levels. Mexico and, until recently, China have seen some of the strongest recoveries towards pre-

pandemic traffic levels. Domestic US is also an area of relative strength. Business travel and long-haul intercontinental travel remain relatively weak.

August 2021 versus historical Week of August 30 versus historicalCountries vs Aug-19 vs Aug-20 vs Jul-21United Kingdom -56.4% 15.8% 31.4%South Africa -57.5% 263.2% 20.8%India -27.2% 93.2% 18.6%Japan -49.4% -16.5% 12.0%Germany -48.3% 43.5% 8.5%Spain -25.5% 38.5% 8.1%France -31.3% 36.8% 6.4%UAE -52.2% 56.2% 3.6%Mexico -7.7% 86.5% 1.2%USA -15.6% 62.4% -0.2%Brazil -31.5% 137.2% -0.2%Singapore -81.7% 147.1% -0.3%South Korea -47.3% -6.4% -1.4%China -23.2% -15.2% -26.7%Australia -72.5% 54.8% -40.5%Global -34.3% 29.7% -3.3%

Countries 9/9/2019 9/7/2020 8/30/2021China -5.7% -1.4% 6.2%India -21.8% 90.4% 2.9%United Kingdom -49.6% 44.1% 2.8%Australia -74.7% 33.8% 2.8%Brazil -30.5% 86.7% 1.6%Germany -48.3% 52.4% 0.8%Singapore -81.6% 156.5% -0.3%South Korea -50.6% 11.5% -1.4%USA -15.5% 75.5% -1.8%Mexico -7.2% 48.2% -1.8%UAE -50.2% 45.3% -2.3%Spain -27.1% 77.7% -3.3%Japan -53.6% -9.0% -5.2%South Africa -51.3% 202.7% -5.4%France -38.6% 34.4% -6.7%Global -31.6% 37.4% -0.7%




US capacity trends vs 2019

8

Note: (1) Based on schedule versus schedule data as of September 5, 2021.(2) Asia includes Australia/New Zealand markets; Latin America includes Caribbean markets.Source: Diio Mi and Deutsche Bank Airline Research

US scheduled capacity has shown sequential improvement through the summer and into the early Fall, although concerns around variants of Covid have tempered the outlook for further improvements.

Domestic travel is very strong, with domestic schedules in September 2021 actually above pre-pandemic levels, led by very strong travel to leisure destinations within the US.

International travel to Europe and Asia remains severely depressed, although each market has shown some recovery since early 2021.

Travel to LATAM has recovered strongly, with Mexico and Central America a key driver.

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0%

20%Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21Growth (%, y-o-y)

Total Industry - Domestic USTotal Industry - US to EuropeTotal Industry - US to AsiaTotal Industry - US to LATAMTotal Industry - US to Middle East / Africa

May 2021 Jun 2021 Sep 2021Aug 2021Jul 2021




US air travel – traffic plateaus versus 2019 levels

9

Source: Transportation Security Administration, Deutsche Bank

US TSA Checkpoint Passengers (Current Year vs. 2019)

From Trough on April 15, 2020 Airplane Enplanements (2019, 2020 vs. 2021 YTD)

Travel in the US saw good recovery through much of the summer, before concerns aboutthe Delta variant created some softness towards the end of the summer travel season.

Traffic in the US has been hovering at approximately 80% of pre-pandemic levels, with theremaining gap driven largely by the severe depression in business and long-haul travel.

0

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7-day moving avg. (000s)

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7-day moving avg. (%)

(000s)

Current Year

Current Year - as % of 2019, RHS



Douglas W. Runte, CFA | +1-212-250-9319 | [email protected] 13, 2021 10

Source: Transportation Security Administration, Airlines 4 America

Significant variations in US passenger enplanements by region and state. Northeast and west coast are exceptionally weak, hurt by the sharp decline in business

travel and the lengthy closure of many tourist destinations within their states. More leisure-oriented destinations with fewer Covid-related restrictions have generally

seen relatively stronger passenger performance.

Significant variations in traffic by region and state

% Change in TSA Checkpoints

August 2021 vs. August 2019 July 2021 vs. July 2019




Source: Transportation Security Administration, Eurocontrol, Airports Council International, Deutsche Bank

After lagging for many months, traffic in Europe has outperformed US passengerenplanements since mid-2021.

Air Travel: United States vs. Europe gap closes

US TSA Checkpoint & European Flights (Y-o-2019 % Change)

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Index (7-day moving avg, % on Jan 6, 2021 = 100)

Europe United States




Global Airline Profitability

12

Source: IATA

IATA: Industry-wide net losses large, but diminished in 2Q2021

Global airline profitability, as measured by IATA, reached its nadir in 2Q2020 beforebeginning a slow recovery as airlines adjusted expenses and traffic began to increase inmost parts of the world.

Financial condition of the industry overall is far worse than at the start of the pandemic,with many airlines taking on large amounts of debt (often high coupon) that will take yearsto pay down.




Narrowbody (Excl. RJs) Western Passenger Aircraft - Operating Status (LTM)

Source: Cirium, Deutsche Bank. Note: Dotted lines represent pro-forma stored percentage - adjusted to not include 737 Max storage

Aircraft Market Fundamentals – Improvements

13

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Stored ≤ 20 yrs 3,339 3,217 3,224 3,552 3,289 3,721 3,773 3,330 3,133 2,800 2,570 2,360

Stored >20 yrs 1,266 1,256 1,302 1,377 1,327 1,405 1,455 1,364 1,379 1,333 1,270 1,225

In Service 12,391 12,510 12,507 12,129 12,484 11,992 11,918 12,490 12,709 13,121 13,462 13,777

Deliveries 35 48 53 56 99 39 48 72 41 55 94 67

Scrapped -11 -54 -8 -12 -25 -17 -12 -8 -11 -13 -20 -16

Proforma Stored ≤ 20 yrs (%) 23.0% 22.1% 22.2% 24.4% 22.5% 25.5% 25.9% 22.8% 21.5% 19.2% 17.6% 16.1%

Proforma Stored >20 yrs (%) 51.5% 51.3% 52.2% 54.7% 52.9% 55.3% 56.6% 52.4% 52.1% 49.8% 47.1% 44.8%

Proforma Total Stored (%) 27.1% 26.3% 26.6% 28.9% 27.0% 29.9% 30.5% 27.3% 26.2% 24.0% 22.2% 20.6%

Stored ≤ 20 yrs (%) 25.6% 24.8% 24.8% 27.1% 25.2% 28.2% 28.4% 24.9% 23.8% 21.1% 19.4% 17.7%

Total Stored (%) 29.3% 28.6% 28.8% 31.2% 29.3% 32.2% 32.6% 29.1% 28.2% 25.6% 23.7% 21.9%

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Narrowbody storage improved year over year from 32.6% in July 2020 to 23.6% in July2021.

Narrowbody storage improved sequentially from 22.2% in June 2021 to 23.6% in July2021.

Younger aircraft stored improved year over year from 28.1% to 19.1% in July 2021.




Widebody Western Passenger Aircraft - Operating Status (LTM)

Source: Cirium, Deutsche Bank

Aircraft Market Fundamentals – Improvements

14

Aug-20

Sep-20 Oct-20Nov-20

Dec-20 Jan-21 Feb-21Mar-21

Apr-21May-

21Jun-21 Jul-21

Stored ≤ 20 yrs 1,708 1,634 1,594 1,513 1,461 1,480 1,550 1,443 1,407 1,346 1,315 1,226

Stored >20 yrs 491 478 462 463 425 440 498 483 482 465 441 431

In Service 2,763 2,862 2,921 2,990 3,052 3,008 2,873 2,998 3,020 3,097 3,156 3,236

Deliveries 7 17 21 9 14 4 2 12 17 7 16 2

Scrapped -6 -7 -15 -10 -10 -6 -2 -3 -2 -6 -3 -8

Stored ≤ 20 yrs (%) 40.6% 38.7% 37.7% 36.0% 34.8% 35.4% 37.2% 34.7% 34.0% 32.6% 31.8% 29.8%

Stored >20 yrs (%) 65.0% 63.2% 61.4% 61.0% 57.5% 59.1% 65.6% 62.9% 62.4% 59.6% 56.8% 55.0%

Total Stored (%) 44.3% 42.5% 41.3% 39.8% 38.2% 39.0% 41.6% 39.1% 38.5% 36.9% 35.7% 33.9%

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Widebody storage improved year over year from 44.8% in July 2020 to 33.9% in July2021.

Widebody storage improved sequentially from 35.7% in June 2021 to 33.9% in July 2021.

Younger aircraft stored improved year over year from 40.6% to 29.8% in July 2021.




Parked Mainline Passenger Aircraft – July 2020, June 2021 vs. July 2021

Note: Data excludes 737 Max storageSource: Cirium, Deutsche Bank

Aircraft Fleet – sequential improvement in storage

15

Jul-20 Jun-21 Jul-21 Jul-20 Jun-21 Jul-21

Total Stored 29.0% 22.2% 20.6% 44.8% 35.7% 33.9%0.0 - 4.9 years 13.5% 8.0% 7.1% 26.0% 15.0% 14.1%5.0 - 9.9 years 24.2% 15.2% 15.4% 40.3% 29.5% 27.2%10.0 - 14.9 years 30.8% 24.4% 21.4% 51.8% 47.1% 44.6%15.0 - 19.9 years 38.4% 31.1% 27.6% 64.5% 57.0% 53.7%≥ 20 years 55.9% 47.1% 44.8% 68.3% 56.8% 55.0%

% Widebody Stored

Aircraft Age

% Narrowbody Stored

Storage of narrowbody passenger aircraft as a percentage of the fleet remains far lowerthan widebody aircraft across all age cohorts.

Storage rates for narrowbody aircraft are less than half those of widebody passengeraircraft across all age cohorts except for those older than 20 years.

Despite significant improvements in storage rates since the first half of 2020, particularlyfor narrowbody aircraft, storage rates remain exceptionally high for all age cohorts relativeto pre-pandemic levels. In November 2019, storage rates for the youngest narrowbodypassenger aircraft (those <5 years of age) measured 1.0% compared to 7.1% in July 2021.In November 2019, storage rates for the youngest widebody passenger aircraft (those <5years of age) measured 2.7% relative to 14.1% today.




Passenger Aircraft Storage – Narrowbody vs. Widebody (1990 – 2021YTD)


Aircraft Market Fundamentals – Operating Status

16

Widebody market was soft prior to the onset of Covid in early 2020 and the pandemic hasonly widened the gal between narrowbody and widebody storage rates.

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Passenger Aircraft Storage – Narrowbody vs. Widebody (Jan 2019 – Current)



17

The gap between widebody storage (34%) and narrowbody storage (21%) narrowed veryslightly between June 2021 and July 2021, but remains large.

We believe that widebody storage will remain higher than narrowbody storage for at leastthe next five years and likely well beyond.

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Mainline Aircraft – In-Service Narrowbodies vs Widebodies



18

Narrowbody aircraft as a percentage of the global in-service fleet has been increasingsince 1997.

With the onset of the pandemic, narrowbodies as a percentage of the in-service fleet hasincreased.

The introduction of longer-range narrowbody aircraft will likely accelerate the percentageof narrowbodies as the percentage of the global fleet going forward, we believe.

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Stored aircraft by region – Europe outperforms

Mainline Stored Aircraft Transition – by Region


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Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

%Stored

Asia Pacific Europe Latin America

Middle East North America

Despite a rise in Covid cases in many parts of the world, storage rates for every regionexcept Africa (which represents less than 3% of the global fleet) improved sequentially fromJune 2021 to July 2021.

Storage of aircraft in Europe has improved dramatically since the start of the year, with theregion moving from the highest storage rate among five major air travel regions fromNovember 2020 to March 2021 to the lowest overall storage rate in July 2021. Storage inEurope in early 2021 peaked at 52% and has since improved to 21.7% in July 2021.

Storage of aircraft in Latin America also saw significant improvement from the start of theyear, moving from just over 30% in the first quarter of 2021 to 23.5% in July 2021.

Storage in North America improved from 27.7% in June 2021 to 25.3% in July 2021.




Aircraft Market Update – Changes in Grades

20

Note: Break-up of heat map - No Color: DB marketability grade unchanged since Covid; Red: DB Marketability grade downgraded since Covid; Green: Marketability grade upgraded since CovidSource: Company documents, Cirium, Deutsche Bank

Narrowbody (Excluding Regionals) Western Passenger Aircraft Type

Current PreviousPre-Corona

0.0 - 4.9 years

5.0 - 9.9 years

10.0 - 14.9 years

15.0 - 19.9 years

20.0 - 24.9 years

25.0 - 29.9 years ≥ 30 years

TotalStored

% Stored Backlog

A320neo A A A 92 (7%) 3 (12%) 95 7.4% 2,568A321neo A A A- 62 (11%) 1 (100%) 63 10.9% 2,956A320 A A A 55 (12%) 335 (22%) 326 (29%) 178 (33%) 106 (35%) 55 (42%) 26 (79%) 1,081 26.0% 17737-800 A A A 28 (3%) 192 (10%) 190 (15%) 98 (21%) 121 (29%) 629 13.1% 2737-8 A A A 219 (45%) 0 (0%) 219 44.3% 3,140A321 A- A- A- 56 (13%) 112 (16%) 59 (20%) 48 (33%) 57 (55%) 13 (48%) 345 20.4% 13A319 B+ B+ B+ 1 (4%) 7 (5%) 88 (25%) 117 (28%) 91 (32%) 1 (33%) 305 25.0% 69737-700 B+ B+ B+ 0 (0%) 1 (2%) 44 (15%) 94 (24%) 77 (36%) 216 22.5% 0A220-300 B B- B 13 (11%) 13 10.9% 434737-900/900ER B- B- B 2 (2%) 50 (17%) 27 (28%) 12 (32%) 6 (46%) 97 17.5% 0A220-100 C+ C+ C+ 4 (8%) 3 (60%) 7 13.0% 34A318 C+ C+ C+ 2 (18%) 0 (0%) 2 8.3% 0737-600 C+ C+ C+ 1 (100%) 12 (57%) 5 (56%) 18 58.1% 0737-9 C+ C+ C+ 6 (9%) 6 9.4% 103757-200 C C+ B- 15 (58%) 60 (43%) 59 (57%) 21 (55%) 155 50.2% 0757-300 C C+ C+ 1 (3%) 4 (20%) 5 9.1% 0717 C C C+ 31 (41%) 31 (44%) 62 42.2% 0737-300 C C C+ 40 (43%) 57 (61%) 32 (71%) 129 55.6% 0737-400 C C C+ 15 (54%) 44 (55%) 22 (55%) 81 54.7% 0737-500 C C B- 20 (41%) 48 (56%) 16 (76%) 84 53.8% 0MD-80/90 C- C- C- 41 (89%) 46 (61%) 89 (74%) 176 72.4% 0Other Narrowbody NA NA NA 22 (61%) 22 61.1% 792Total Narrowbody 538 (12%) 704 (15%) 737 (21%) 606 (28%) 674 (37%) 323 (54%) 228 (68%) 3,810 21.9% 10,128

Aircraft Type

Grade Jul-21




Aircraft Market Update – Changes in Grades

21

Widebody Western Passenger Aircraft Type

Current PreviousPre-Corona

0.0 - 4.9 years

5.0 - 9.9 years

10.0 - 14.9 years

15.0 - 19.9 years

20.0 - 24.9 years

25.0 - 29.9 years ≥ 30 years

TotalStored

% Stored Backlog

787-9 B+ B+ B+ 52 (12%) 10 (7%) 62 11.0% 320A350-900 B+ B+ B+ 54 (16%) 14 (38%) 68 18.0% 363787-8 B B B 12 (19%) 44 (15%) 1 (33%) 57 15.6% 39A330-300 B B B+ 14 (14%) 86 (30%) 70 (42%) 25 (29%) 30 (67%) 5 (100%) 230 33.1% 8767-300/300ER B- B- B 9 (33%) 2 (6%) 14 (29%) 42 (38%) 41 (48%) 17 (49%) 125 36.5% 0777-300ER B- B- B 6 (4%) 51 (14%) 51 (23%) 12 (26%) 120 15.7% 11787-10 B- B- B 3 (5%) 3 4.9% 125A330-900neo B- B- B 10 (18%) 10 17.5% 257A350-1000 C+ C+ B- 7 (13%) 7 12.5% 112A330-200 C+ C+ B 3 (11%) 43 (33%) 91 (53%) 66 (54%) 32 (73%) 235 47.4% 8777-200LR C+ C+ C+ 0 (0%) 0 (0%) 18 (42%) 1 (50%) 19 37.3% 0777-200ER C+ C+ B- 7 (100%) 25 (68%) 73 (60%) 95 (50%) 200 56.2% 0777-300 C C+ C+ 19 (95%) 28 (88%) 47 90.4% 0A340-300 C C C+ 2 (50%) 9 (45%) 17 (41%) 6 (67%) 34 45.9% 0A340-600 C C C+ 18 (95%) 33 (89%) 0 (0%) 51 89.5% 0767-200/200ER C C C+ 0 (0%) 3 (43%) 9 (82%) 12 63.2% 0767-400ER C C C+ 10 (67%) 4 (18%) 14 37.8% 0777-200 C C C+ 1 (100%) 4 (100%) 21 (100%) 14 (100%) 40 100.0% 0A380-800 C- C- C 20 (51%) 127 (91%) 58 (94%) 1 (100%) 206 85.1% 3747-400 C- C- C 20 (95%) 33 (73%) 8 (67%) 3 (75%) 64 78.0% 0A340-500 D D C- 4 (80%) 11 (100%) 15 93.8% 0A300/A310 NA NA NA 1 (100%) 0 (0%) 11 (61%) 8 (38%) 20 47.6% 0Other Widebody NA NA NA 5 (71%) 9 (28%) 0 (0%) 4 (80%) 18 40.0% 331Total Widebody 186 (14%) 400 (27%) 341 (45%) 299 (54%) 305 (54%) 85 (59%) 41 (54%) 1,657 33.9% 1,577

Aircraft Type

Grade Jul-21

Note: Break-up of heat map - No Color: DB marketability grade unchanged since Covid; Red: DB Marketability grade downgraded since Covid; Green: Marketability grade upgraded since CovidSource: Company documents, Cirium, Deutsche Bank




Introduction to Secured Aviation Debt Products

22




EETC Market - Overview

EETCs are a form of secured, recourse airline corporate debt with asecurity interest in a pool of commercial aircraft

$90+ billion of EETCs issued from 20+ airlines across 120+ transactions

Since 2009, secured aircraft issuance from airlines and lessors exceeded$100 billion, of which $41+ billion was sold in EETC format

— EETC issuance volume correlated with volume of new aircraft deliveries

EETCs are used both to finance new deliveries and refinance older aircraft

$29 billion of EETCs currently outstanding

23




YAS <GO> for pricing

What are EETCs – Overview

EETC Cash Flows and Pricing— Modeled on Bloomberg

24

SF <GO> for sinking fund analysis

— Principal and interest are contractually stipulated

— Cannot be modified unless the airline issuer enters bankruptcy (unless aircraft loss)




EETC Structural Elements

EETCs (“Enhanced Equipment Trust Certificates”) are a form of securedairline corporate debt with significantly higher credit ratings/credit qualitythan unsecured airline corporate debt

— Collateral:

– Modern aircraft that are usually core to an airline’s fleet

— Collateral Coverage:

Prospectus loan-to-value ranges from <50% to 85%+

25

AA-tranche<50%

A-tranche~50-65%

B-tranche~60-75%

C-tranche~70-85%




Standard EETC Structural Elements (cont.)

— Security Interest:– Under Section 1110 of the US Bankruptcy Code,

bondholders can seize aircraft collateral in 60days if the airline defaults

– 7th Circuit Decision allows co-operation amongcreditors and enhances negotiating leverage withan airline in a default

– Non-US jurisdictions may be subject toprovisions of Cape Town Treaty and/or local lawthat provides for similarly rapid remedies tocertificate holders

– Aviation Working Group (AWG) providesrating of Cape Town compliance publicly(www.awg.aero)

26

Cape Town: OECD Discount

Source: oecd.org





— Liquidity support: 18 months of liquidity (typically more for non-USEETCs) covering three interest payments to provide sufficient time torepossess and remarket any aircraft repossessed in a default without apayment default on interest for all tranches of virtually all issues

– Liquidity facility is only available to pay interest

– There is no liquidity facility or other dedicated source of funds atinception for any repossession/remarketing and other expenses ifneeded after an airline bankruptcy

— Tranching and Cross-subordination: Redirection of cash from juniornotes to senior notes in default to provide protection to seniortranches. Senior tranche generally is the controlling party in the eventof a default and directs rights and remedies (eg, aircraft repossession)

— Higher Ratings: As a result of these security provisions, EETCsgenerally have ratings between one and nine “notches” above theairline’s unsecured rating

27





Multiple classes of debt tranched by seniority: AA-, A-, and B- tranches

– Prior to 2015, A-tranche was senior-most tranche

– Beginning in 2016, AA-tranche is the senior-most tranche

– D-tranche issued, but rarely

– “Super C” and “Super D” have also been issued

— Airline may retain the right to later issue additional subordinatetranches

— Higher tranches have lower (ie, better) loan-to-values (LTVs) and ratings

— Lower tranches have higher (ie, worse) loan-to-values (LTVs) andratings

— Senior tranches tend to have longer maturities than subordinatetranches

– LTVs protected by matching amortization of debt to expecteddepreciation of planes

28





Senior classes have controlling position and higher priority claim oncollateral in event of default

— When senior tranche wrapped, the policy provider is the controllingparty

— Liquidity facility provider can become controlling party if not repaid in acertain period

Junior classes can buy out senior classes at par in a bankruptcy (triggeringevent varies)

— Creates negative convexity for senior tranches (not as relevant forissues trading below par)

— Buy-out right used aggressively in pre-2007 bankruptcies due to abovemarket coupons rather than to protect position of subordinate tranches

— Post-2007 changes to structure make buy-outs rare

US airlines almost certainly have right to repay debt in bankruptcy at parplus accrued interest if it is economically advantageous

29





EETC cash flows

— When the airline is not in bankruptcy, cash flow from airline onequipment notes matches EETC P&I exactly

— Payments may not be modified by airline outside of bankruptcy

– If aircraft are parked, payments must be made in full (or in certaincases, certificates called)

– If aircraft have declined in value, payments must be made in full

– If an aircraft is lost, there is a pro rata par call (aircraft is required tobe insured) or substitution

— If an airline enters bankruptcy, it has the option in the first 60 daysunder Section 1110(a) of the bankruptcy code, to retain control of theaircraft by agreeing to make payments in full. If an airline exercisesSection 1110(a), you can not repossess aircraft unless there is a laterdefault.

– 1110(a) is an affirmation, not an assumption or reinstatement

– Occurs rarely and is not costless, but airline can renege on an1110(a) election in bankruptcy

30




Aircraft financed with EETCs are usually important/essential to anairline’s operation, improving bondholders’ chance of a full recovery evenin the event of an airline bankruptcy

Post-9/11 structure with cross-collateralization and, especially, cross-default, improves security for bondholders and protects less-desirableaircraft collateral within EETC transactions

— Airline can no longer “cherry pick” aircraft to affirm and rejectwithout bondholder consent in bankruptcy

— This change is a significant strengthening of the structure

In late 2019, structure was altered to allow substitution of aircraft— Can substitute any aircraft at any time for any reason

– Aircraft do not need to be same type

– Age must be the same or younger

– Value must be same or higher (but “value” not well defined)

– Ratings must not be negatively affected

— This change is a weakening of the structure, we believe

EETC Collateral

31




Most EETC aircraft are a desirable and core part of an airline’s fleet

— Common aircraft include the Airbus A320 family and Boeing 737family

— Some less attractive aircraft (eg, CRJs, RJ85s, MD80s) have alsobeen financed

— Use of EETC for refinancing aircraft means EETC aircraft are notnecessarily the youngest in an airline’s fleet, as was the case withearlier EETCs

— Average DB Marketability Grade of aircraft in EETCs

– Average Post-9/11 EETC Deal aircraft Rating: 3.4/4.0

EETC Collateral (cont.)

32




What has to go wrong for EETC tranches to be impaired

EETC Risks of Impairment

Airline remains out of bankruptcy

33

NoAirline enters bankruptcy

and affirms EETC aircraft

(Section 1110a)

NoAirline enters bankruptcy and aircraft sale/re-lease proceeds > par value of

EETC tranche(s)

No

No Airline in bankruptcy and sale/re-leasing proceeds + unsecured claim > par

value of EETC tranche(s)

Impaired!

✔ Paid in fullYes

✔ Paid in fullYes

✔ Paid in fullYes

✔ Paid in fullYes




LATAM– “Stalking Horse” bid for aircraft

– Restrictive auction procedures

– Sale of aircraft

– Sale of unsecured claims

– Other issues

Norwegian– “Stalking Horse” bid for aircraft

– Restrictive auction procedures

– Sale of aircraft

– Investor lawsuit

– Other issues

EETC – Recent Developments

34




EETCs – Historic Recoveries

Historic Recovery to date

— EETCs have proven to be remarkably resilient, with EETC senior holdersunimpaired even after an airline bankruptcy in virtually all cases

35

AA-tranche100.0%

A-tranche~ 99.9%

B-tranche~ 98%+

C-tranche~ 96.0%

Source: Deutsche Bank Note: Detailed EETC default study available on request.




EETCs Ratings – Pre-Corona versus Current

EETC Ratings— Virtually all senior and many junior tranches were originally and remain investment-grade

– Ratings as high as double-A were possible at issuance, although since downgraded— Ratings were and remain up to 10 notches higher than underlying unsecured airline

36

Note: Unsecured Rating is based Bloomberg Composite Rating of Senior Unsecured Corporate Bond; EETC composite rating is of recent benchmark transactionSource: Bloomberg Finance LP, Deutsche Bank




Aircraft ABS vs EETCs – Typical Characteristics

EETCs Aircraft ABS

Security Type Secured Corporate ABS

Obligation Recourse Non-recourse

Bloomberg Key Corp Mtge

Ratings Yes Yes

Principal Payments Stipulated Variable

Final Maturity Typically 10 - 12 yearsLegal final ~25 years; expected <10 years

Multiple Tranches Yes Yes

Deal Size $250mm - $2,000mm+ $300mm - $1,200mm+

Collateral PoolUsually fixed, except in event of

lossChanges as aircraft are sold

Lease/Mortgage Terms Match amortization profile Shorter than final maturity

# of Aircraft 1 - 75 20 – 75

Servicer No Yes

Liquidity Facility Yes Yes

Reappraisals No, except in bankruptcy Yes

Section 1110 Always, except for non-US issuers Only US-operated aircraft

Cape Town Convention Yes, by jurisdiction Yes, by jurisdiction

37




Aircraft Lessor Debt: High volume since 20172010 – 2021YTD

Lessor issuance by type (2010 – 2021YTD)

Lessor issuance by type (2010-2021YTD) Lessor issuance by issuer (2010-2021YTD) Lessor debt by size (2010–2021YTD)

Note: Cumulative aircraft lessor issuances from 2010 to 2021YTD, including predecessor companies. Data as of September 7, 2021.Source: Bloomberg Finance LP, Deutsche Bank

:

14.9

3.8

10.7

6.6

11.313.4

9.5

25.7

21.625.2

18.415.3

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021YTD

$b

n

Unsecured Term Loan Secured ABS Hybrid

$1bn and over

22%

$500mm to <$1bn52%

$200mm to

<$500mm

24%

<$200mm

2%

AER/ILFC33%

AerCap17%

Avolon14%

BOCA10%

Aircastle7%

ACG7%

DAE4%

NAC2%

SMBC AC1%

AWAS1%

FLY1%

Other (<1%)

2%

Unsecured

66%

ABS23%

Term Loan7%

Secured3%

Hybrid1%

38




Airline Debt: $171bn of debt since 20092009 – 2021YTD

Airline debt issuance (2010 – 2021YTD)

Note: Pie charts and graphs include public securitization. Data as of September 7, 2021.Source: Bloomberg Finance LP, Company documents, Deutsche Bank

Airline issuance by type 2009 – 2019YTD EETC debt issuance by airline 2009 – 2019YTD

American31%

United31%

Delta8%

Air Canada8%

BA7%

Spirit2%

Emirates2%

LATAM2%

JBLU3%

VA1%

HA1%

NAS1%

THY1%

Iberia0% FedEx

2%

EETC34%

Unsecured18%

FedEx unsecured8%

Term Loan B16%

Secured21%

Convertible3%

7.04.3 4.5 5.6

17.0

7.211.5

8.8 10.4 8.010.5

48.5

27.6

0

10

20

30

40

50

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

$b

n

EETC Unsecured/secured bonds, institutional term loans, and convertible debt

39




Post Crisis ABS Debt Issuance Volume

Aviation ABS Market UpdateAviation ABS Issuance Volume

Note: Data as of September 3, 2021.Source: Company Documents, Bloomberg Finance LP, Deutsche Bank

40

GECAS GECAS AIM ALC SKY GECAS Merx

Emerald JetscapeECAF GECAS Aergo JOLAIR

SKYAldus

BOCA

GoshawkCITBOCA

Seraph

Wings

ALC

Airborne

DAE

Merx

Merx

Avolon

CastlelakeWings

Castlelake

Castlelake

Sculptor

World Star

GECAS

DAE

Elix

ALC

BBAM

BBAM

ACG

DAE

ALC

VX

CastlelakeAWAS

Apollox2

ALC

Apollox2

Carlyle

ApolloCastlelake Castlelake

Apollo

Sapphire

Carlyle

Castlelake

BJETSx2

BJETS

BJETS

BJETSACG

Castlelake

Zephyrus

Aergen

Aergen

KDAC

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

2013 2014 2015 2016 2017 2018 2019 2020 2021YTD

$m

Young Young to Mid-Life Cargo Business Jets Midlife




Comparison of Pre-COVID deals and Post-COVID deals

Select changes to aircraft ABS (2019 deals & 2021 deals)

41

Source: Bloomberg Finance LP, Cirium, Company Documents, Deutsche Bank

A number of important changes have been made to improve the strength of the structures.

Most importantly, the DSCR calculation has been changed from a six month look-backto three months, accelerating the timing of a triggering event in a downturn.

Less positively, the utilization calculation remains difficult to trigger, even in a severedownturn.

Single Twin Freighter Single Twin Freighter Class A Class B Class A Class B Class A Class B2019 92.4% 7.6% 0.0% 86.1% 13.9% 0.0% 66.2% 78.0% 82.4% 97.0% 113.5% 135.0%2021 88.8% 7.5% 3.8% 77.9% 16.7% 5.4% 64.3% 75.8% 89.8% 106.4% 89.0% 105.5%

Transaction Year

% Units % Cirium Market Value Initial LTV (OM) Initial LTV (Cirium) Current LTV (Cirium)

Simple Weighted Mean MedianNorth

America EuropeAsia

PacificMiddle

EastLatin

America Africa Off Lease2019 5.3 3.8 3.7 10.6 10.4 11% 17% 41% 7% 11% 3% 10%2021 8.9 3.8 3.7 6.0 6.0 43% 23% 26% 2% 6% 0% 1%

RemainingLease Term

(at Issuance, yrs)

Aircraft GPA (Avg) Avg. Age (yrs) Geographic Exposure (by Cirium Market Value)

Transaction Year




Comparison of Pre-COVID deals and Post-COVID deals

Select changes to aircraft ABS (2019 deals & 2021 deals)

42


Other structural changes Faster amortization schedule, rent collections test, minimum aircraft test, more

favorable security deposit features and other minor beneficial changes. Other non-structural changes

Initial loan-to-values (per OM appraisals, but not Cirium generic Market Values) haveimproved slightly, average age of aircraft in transactions has gotten materially younger,average DB marketability grade remains quite high, North America averages a higherpercentage of 2021 transactions, with a resulting improvement in airline counterpartyquality, longer remaining lease term.

Single Twin Freighter Single Twin Freighter Class A Class B Class A Class B Class A Class B2019 92.4% 7.6% 0.0% 86.1% 13.9% 0.0% 66.2% 78.0% 82.4% 97.0% 113.5% 135.0%2021 88.8% 7.5% 3.8% 77.9% 16.7% 5.4% 64.3% 75.8% 89.8% 106.4% 89.0% 105.5%

Transaction Year

% Units % Cirium Market Value Initial LTV (OM) Initial LTV (Cirium) Current LTV (Cirium)

Simple Weighted Mean MedianNorth

America EuropeAsia

PacificMiddle

EastLatin

America Africa Off Lease2019 5.3 3.8 3.7 10.6 10.4 11% 17% 41% 7% 11% 3% 10%2021 8.9 3.8 3.7 6.0 6.0 43% 23% 26% 2% 6% 0% 1%

RemainingLease Term

(at Issuance, yrs)

Aircraft GPA (Avg) Avg. Age (yrs) Geographic Exposure (by Cirium Market Value)

Transaction Year




Tranche Original Balance ($bn)

Current Outstanding ($bn)

WA Factor on 9/11 WA Current Factor ABS Recovery EETC Recovery

A 7.4 2.0 95% 27% 73% 100%

B 1.4 0.9 91% 63% 37% 99%

C 1.3 0.9 97% 73% 27% 97%

D 0.9 0.9 99% 95% 5% NA

Total 11.0 4.6 95% 42% 58%

43

Aircraft ABS and Enhanced Equipment Trust Certificates (EETCs) issued pre-9/11had vastly different ultimate recoveries

Both types of debt backed by pools of aircraft

Aircraft ABS non-recourse to beneficial issuer (a lessor)

EETCs recourse to beneficial issuer (an airline)

Historic Recoveries: Aircraft ABS poor, EETCs great

Aggregate Pre-9/11 Benchmark Aircraft ABS and EETCs:

Source: Company Documents, Bloomberg Finance LP, Deutsche Bank




Historic Recoveries: By rating and tranche

By Orig Ratings

Original Ratings Original Balance ($bn)

Current Outstanding ($bn) - RHS WA Factor on 9/11 WA Current Factor Implied Recovery

AAA 0.4 0.0 98% 0% 100%AA 7.0 2.0 95% 28% 72%A 1.2 0.7 90% 59% 41%

BBB 1.1 0.8 97% 69% 31%BB 0.7 0.7 99% 94% 6%NR 0.5 0.5 99% 99% 1%

Total 11.0 4.7 95% 42% 58%

By Tranche

Tranche Original Balance ($bn)

Current Outstanding ($bn) - RHS WA Factor on 9/11 WA Current Factor ABS

Recovery

A 7.4 2.0 95% 27% 73%B 1.4 0.9 91% 63% 37%C 1.3 0.9 97% 73% 27%D 0.9 0.9 99% 95% 5%

Total 11.0 4.7 95% 42% 58%

44

Includes an analysis of 10 transactions issued prior to 9/11 Current factor is not necessarily equal to ultimate principal recovery.

Source: Company Documents, Bloomberg Finance LP, Deutsche Bank




ABS Performance Analysis: Feb 2020 to Aug 2021

Sharp decline in collections, then general but inconsistent improvement

Source: Company Documents, Deutsche Bank

45

0.0

0.3

0.6

0.9

1.2

1.5

1.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Avg. DSCRAvg. Revenue ($,000s)

Rent Payment Utilization Rent End of Lease Payments Others DSCR (RHS)

August Results

Rent payments were up 5.4% sequentially from July 2021. Utilization rent saw a 2.6% sequential decline from July 2021. Other revenue increased 18% sequentially, driven by aircraft sales by two

transactions. Average DSCR declined slightly from 0.75x in July 2021 to 0.74x in August 2021.




ABS Performance – DSCR Analysis

Financial performance of transactions – Sorted by DSCR

Note: Average DSCR is based on the later of 1Q 2018 or the date the transaction started reporting DSCR.Break-up of heat map - No Color: ABS transaction not issued or DSCR not available during the period; Green: all tests passed; Yellow: DSCR ≤ 1.5;Orange: Cash Trap Event triggered; Red: Rapid Amortization Event triggered.Source: Company Documents, Deutsche Bank

46

AASET 2019-1 1.1 1.9 1.1 1.6 1.9 ECAF 2015-1 1.1 1.2 1.2 1.0 0.7 0.7FLCON 2017-1 1.6 1.4 1.8 1.7 1.8 1.8 STARR 2018-1 1.3 2.0 1.9 1.1 0.6 0.7CLAST 2019-1 1.1 1.5 1.1 0.5 1.5 ZCAP 2018-1 1.3 1.7 1.5 0.6 0.7FLCON 2019-1 1.5 1.3 1.5 1.5 SJETS 2017-1 1.1 1.4 1.4 0.9 0.7 0.7BBIRD 2016-1 1.6 1.6 1.6 1.6 1.4 1.4 AASET 2018-2 1.2 2.0 1.1 0.6 0.6HORZN 2019-1 1.0 1.0 1.3 1.3 SAPA 2020-1 0.6 0.7 0.6 0.6CLAST 2021-1 1.5 1.3 1.3 SPRITE 2017-1 1.5 1.7 2.1 1.4 0.6 0.6AASET 2019-2 1.1 1.1 1.2 1.2 WAVE 2019-1 0.9 1.1 0.5 0.5MAPS 2018-1 1.6 1.9 2.0 1.4 1.1 1.1 KSTRL 2018-1 1.2 1.6 1.2 0.6 0.5HORZN 2019-2 0.7 0.6 1.3 1.1 AASET 2017-1 1.1 1.6 1.5 0.8 0.4 0.4AASET 2018-1 1.5 1.6 1.7 1.7 0.9 1.1 PION 2019-1 0.9 1.1 0.4 0.4SAPA 2018-1 1.2 1.8 1.5 1.0 0.8 1.0 MAPS 2019-1 1.0 1.6 1.2 0.5 0.4TBOLT 2017-1 2.2 2.4 3.1 1.7 1.0 1.0 TBOLT 2019-1 0.6 0.9 0.4 0.4HORZN 2018-1 0.9 1.6 0.8 0.9 0.9 SLVRR 2019-1 0.8 1.0 0.4 0.3CLAST 2016-1 1.7 1.5 1.6 1.6 1.0 0.9 WAVE 2017-1 1.2 1.7 1.5 1.1 0.4 0.3JOLAR 2019-1 2.1 2.9 2.8 0.9 0.9 HAIL 2017-1 1.2 1.5 1.8 1.0 0.3 0.3MACH 1 2019-1 1.3 1.5 0.9 0.9 DCAL 2015-1 0.5 0.7 0.3 0.3LAFL 2016-1 1.3 1.4 1.5 1.1 0.9 0.9 SHNTN 2015-1 0.8 1.2 0.8 0.5 0.3 0.3LUNAR 2020-1 1.1 1.0 1.0 0.9 KDAC 2017-1 1.2 1.7 1.8 1.0 0.2 0.2AASET 2020-1 0.6 0.3 0.6 0.8 MRLN 2016-1 1.2 1.8 1.4 1.2 0.2 0.2PROP 2017-1 1.2 1.6 1.3 0.9 0.8 0.8 STARR 2019-1 1.2 1.8 1.2 0.2 0.2TLWND 2019-1 0.7 0.7 0.8 0.8 RPTOR 2019-1 0.7 2.2 0.7 0.1 0.0CLAST 2018-1 1.5 1.4 1.5 1.5 0.8 0.7 METAL 2017-1 0.7 1.5 1.3 0.3 -0.1 -0.4TBOLT 2018-1 1.6 2.0 1.7 0.7 0.7 Average DSCR 1.17 1.66 1.73 1.12 0.75 0.74

ABS Transaction

Average DSCR

FY 2018 FY 2019 FY 2020 ABS Transaction

Average DSCR

FY 2018Jul-21 Aug-21 FY 2019 Jul-21 Aug-21FY 2020




ABS Performance – DSCR Analysis

Financial performance of transactions – Sorted Alphabetically

Note: Average DSCR is based on the later of 1Q 2018 or the date the transaction started reporting DSCR.Break-up of heat map - No Color: ABS transaction not issued or DSCR not available during the period; Green: all tests passed; Yellow: DSCR ≤ 1.5;Orange: Cash Trap Event triggered; Red: Rapid Amortization Event triggered.Source: Company Documents, Deutsche Bank

47

AASET 2017-1 1.1 1.6 1.5 0.8 0.4 0.4 MACH 1 2019-1 1.3 1.5 0.9 0.9AASET 2018-1 1.5 1.6 1.7 1.7 0.9 1.1 MAPS 2018-1 1.6 1.9 2.0 1.4 1.1 1.1AASET 2018-2 1.2 2.0 1.1 0.6 0.6 MAPS 2019-1 1.0 1.6 1.2 0.5 0.4AASET 2019-1 1.1 1.9 1.1 1.6 1.9 METAL 2017-1 0.7 1.5 1.3 0.3 -0.1 -0.4AASET 2019-2 1.1 1.1 1.2 1.2 MRLN 2016-1 1.2 1.8 1.4 1.2 0.2 0.2AASET 2020-1 0.6 0.3 0.6 0.8 PION 2019-1 0.9 1.1 0.4 0.4BBIRD 2016-1 1.6 1.6 1.6 1.6 1.4 1.4 PROP 2017-1 1.2 1.6 1.3 0.9 0.8 0.8CLAST 2016-1 1.7 1.5 1.6 1.6 1.0 0.9 RPTOR 2019-1 0.7 2.2 0.7 0.1 0.0CLAST 2018-1 1.5 1.4 1.5 1.5 0.8 0.7 SAPA 2018-1 1.2 1.8 1.5 1.0 0.8 1.0CLAST 2019-1 1.1 1.5 1.1 0.5 1.5 SAPA 2020-1 0.6 0.7 0.6 0.6CLAST 2021-1 1.5 1.3 1.3 SHNTN 2015-1 0.8 1.2 0.8 0.5 0.3 0.3DCAL 2015-1 0.5 0.7 0.3 0.3 SJETS 2017-1 1.1 1.4 1.4 0.9 0.7 0.7ECAF 2015-1 1.1 1.2 1.2 1.0 0.7 0.7 SLVRR 2019-1 0.8 1.0 0.4 0.3FLCON 2017-1 1.6 1.4 1.8 1.7 1.8 1.8 SPRITE 2017-1 1.5 1.7 2.1 1.4 0.6 0.6FLCON 2019-1 1.5 1.3 1.5 1.5 STARR 2018-1 1.3 2.0 1.9 1.1 0.6 0.7HAIL 2017-1 1.2 1.5 1.8 1.0 0.3 0.3 STARR 2019-1 1.2 1.8 1.2 0.2 0.2HORZN 2018-1 0.9 1.6 0.8 0.9 0.9 TBOLT 2017-1 2.2 2.4 3.1 1.7 1.0 1.0HORZN 2019-1 1.0 1.0 1.3 1.3 TBOLT 2018-1 1.6 2.0 1.7 0.7 0.7HORZN 2019-2 0.7 0.6 1.3 1.1 TBOLT 2019-1 0.6 0.9 0.4 0.4JOLAR 2019-1 2.1 2.9 2.8 0.9 0.9 TLWND 2019-1 0.7 0.7 0.8 0.8KDAC 2017-1 1.2 1.7 1.8 1.0 0.2 0.2 WAVE 2017-1 1.2 1.7 1.5 1.1 0.4 0.3KSTRL 2018-1 1.2 1.6 1.2 0.6 0.5 WAVE 2019-1 0.9 1.1 0.5 0.5LAFL 2016-1 1.3 1.4 1.5 1.1 0.9 0.9 ZCAP 2018-1 1.3 1.7 1.5 0.6 0.7LUNAR 2020-1 1.1 1.0 1.0 0.9 Average DSCR 1.17 1.66 1.73 1.12 0.75 0.74

Jul-21 Aug-21FY 2020FY 2019Jul-21 Aug-21 ABS Transaction

Average DSCR

FY 2018FY 2020FY 2019ABS Transaction

Average DSCR

FY 2018




Aircraft ABS pricing – steady improvement

Aircraft ABS Secondary Trading Price Analysis

48

Source: Bloomberg Finance LP, Deutsche Bank

Aircraft ABS pricing has shown steady improvement in dollar price since 1H2020.

Senior tranches first to recovery, followed steady improvement in subordinate pricing.

0

20

40

60

80

100

120

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26

-Ju

l-2

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4-N

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20

13

-Feb

-21

25

-May

-21

3-S

ep-2

1

Trade Price ($)

A - Tranche B - Tranche C - Tranche




ABS Rating Changes

Source: Bloomberg Finance LP, Company Documents, Deutsche Bank

49

All recent generation aircraft ABS transactions had virtually same ratings bytranche at issuance prior to the pandemic.

– A-tranche rated single-A category

– B-tranche rated triple-B category

– C-tranche rated double-B category

Ratings diverged significantly post-coronavirus

All aircraft ABS transactions placed under review and/or downgraded post-coronavirus

— June 2020: 26 of 136 tranches downgraded by one or more agencies

— September 2020: 128 of 136 tranches downgraded by one or more agencies

— September 2021: 131 of 146 tranches downgraded by one or more agencies

— Largest A-tranche downgrade was nine notches from single-A to single-B

Transactions with weaker airline lessees, shorter average lease terms, lowerDSCRs pre-coronavirus and a higher percentage of widebody aircraft aregenerally most vulnerable to downgrades, we believe




Other Aviation Collateral: Slots, Gates, Routes, Spares

Other collateral can include hard and soft (i.e., intangible) collateral

— Engines and aircraft spare parts

— Ground equipment

— Simulators

— Maintenance facilities and other real estate

— Accounts receivable and cash

— Loyalty programs

— Slots, gates and routes

– While often pledged together, these three are each a distinct type of asset

50





Spare Parts Strengths

— Spares, if in a sufficiently large pool and cross-defaulted, are usually veryimportant if not essential to original airline obligor’s operations and ability torestructure successfully in bankruptcy

— Spares often new and virtually certain to be subject to Section 1110— Spares generally have more transparent pricing than aircraft— Aircraft parts are a worldwide commodity and are mobile assets— Demand for spares are not normally fully correlated geographically— Spares can be transported around the world to where need is greatest

Weaknesses— Collateral can consist of thousands of parts among numerous different

locations– Where are “my” parts?

– May be physically challenging to repossess, particularly in liquidation— Spares have little value without a chain of control and records

– Where are “my” records and where have “my” spares been since birth?– May be challenging to obtain and verify, particularly in liquidation

51





Ground equipment, simulators, real estate, maintenance facilities Strengths:

— Real estate (like a headquarters) may be worth something to someone otherthan an airline, improving marketability

— Ground equipment (tugs, carts, belt loaders, etc.) can literally be driven awayand easily moved to another carrier if repossessed

— Sims are in demand for popular aircraft types and are mobile (to some degree) Weaknesses:

— Ground equipment depreciates rapidly, can be “lost” and is easily replaced— Maintenance facilities are usually tailored to a specific airline and are of little

use to other potential airline users; maintenance facilities often have little valuefor non-airline uses

— Simulators depreciate more rapidly than aircraft— Simulators are specific to a particular aircraft type— Simulators may not be of significant value to many other airlines— Real estate may or may not be attractive given location and design features

52





Slots, Gates, Routes (these are not synonyms) Slots

— The right to take off and land at a particular airport with physical capacitylimitations (generally runways and related air-traffic control constraints) at aparticular hour

Gates— A leasehold on a lease or other airport agreement that generally provides the

right to use a particular jetway and associated holdroom (ie, waiting area) for afinite time period

— Gates and associated airport facilities can generally not be pledged ormortgaged directly, since they are usually owned by an airport or municipalityor airport corporation; instead, a leasehold is granted

Routes— The authorization, usually under treaty or other inter-governmental agreement,

for an airlines to fly between one or more city pairs in different countries— Route authorities with service limitations are becoming rare and are

increasingly replaced with “Open Skies” agreements which effectively allowunlimited service (subject to other non-regulatory constraints)

53





Slots, Gates, Routes (these are not synonyms) Strengths:

— Routes, slots and gates can be very valuable if scarce (and they each often are)— Can often not be replicated easily or at all by the operating airline or its competitors— Slots at physical constrained airports are extremely valuable, as it is impossible to

operate at such an airport without them— Leaseholds on gates can be similarly valuable at physically constrained airports -

many airports have no room for terminal expansion or an expansion would takemany years with many obstacles

Weaknesses:— Transfer or sale of routes may be politically challenging, even if nominally permitted— Route authorities can be modified / revoked / changed or competing route

authorities granted by unilateral government action— Slots can be modified / revoked / changed by unilateral government action— Route authorities increasingly rare as they are replaced with “Open Skies”

agreements— Security interest in leaseholds on gates may not necessarily be perfected, recorded

or transferable

54




Security Interest of Slots, Gates and Routes

Routes

Long but distant history of route authorities being used as collateral and sold to others— Pan Am’s Pacific Routes to United in 1980s

— TWA’s London Routes to American in 1990s

— Pan Am’s Latin Routes to United in 1990s

— Few recent transfers, as restrictive route authorities generally replaced with Open Skies

– Open Skies generally allows unlimited flying between two or more countries

— Collateral often used in Exit Facilities and explicitly approved by the Court at exit

— Collateral pledge of routes and related collateral not challenged in airline bankruptciessince at least 2000, that we are aware of

Gates

Leasehold mortgage can be transferred, but rarely that we are aware of— Continental/Eastern Terminal at LaGuardia to US Airways and ultimately to Delta

— Granting of leasehold is often not perfected or otherwise recorded

— Transfer of leasehold may be precluded by agreements with airport or other parties

— “…it is likely that most, or possibly all, gate leaseholds included in the collateral will beunavailable to satisfy obligations under the notes in the event of foreclosure on thecollateral, and you should not rely on the value of any gate leaseholds….”

55




Security Interest of Slots, Gates and Routes

Slots

Frequently used as collateral and sold to others, but may have governmentinvolvement

— Various carriers purchasing LGA slots from Delta

— Various carriers purchasing DCA slots from US Airways

— Various carriers purchasing LHR slots from others, including recently

— Sales may be mandated or precluded by regulators in conjunction withcompetition concerns

— Slots are typically authorized by government decisions and can be changed (ie,EWR)

— The most tangible of intangible aviation collateral, we believe

56




Appraisal of Slots, Gates and Routes

SGR Appraisals

— Typically performed by a single appraiser, generally ISTAT-certified

— Generally based on the profitability of the entire network associated with SGR,not a sum of the value of the slots, gates and routes individually

— No effort generally made to value gates or routes, although value of slots maybe discussed

— Valuation is made based on detailed internal cost accounting that is notavailable publicly

— Use of discount rate range and terminal value assumptions determined byappraiser

– These assumptions can significantly change valuations

57




Loyalty Programs, Intellectual Property, Brands

Loyalty Programs and associated Intellectual Property

— Relatively new form of financing for the airline sector

— Pledges assets that are critical and likely essential for airline in bankruptcy

– Affirmation factor appears very high in an operating bankruptcy

– Significant rating uplift as a result of high affirmation factor

— Value of assets if extremely high to issuing airline, much less so to others

– Liquidation of airline would likely cause severe impairment to security

— Cash flow generation of pledged assets dependent on contractualarrangements between parties that represents, for the airline, a form of internaltransfer value (eg, price of miles sold versus miles redeemed)

— Assets are intangible and not subject to Section 1110 as are aircraft and parts

– Contractual features and cash flow pledge may provide significantinducement for airline to continue payments in bankruptcy even in theabsence of Section 1110

— Broader question for “essential” secured debt with expectation of affirmation

– When a substantial part of an airline’s obligations are secured by“essential” assets that seemingly require affirmation, is every essentialcreditor effectively an unsecured-like creditor

58




Aircraft Values –

“A riddle, wrapped in a mystery, inside an enigma, but perhaps there is akey.” Winston Churchill, 1939

Not speaking about aircraft values, but could have been

Aircraft values are neither opaque, nor completely transparent, butvarying degrees of translucent

Aircraft Values: Base, Market, Distressed, Others

59




Many definitions of “Value”, several are defined by ISTAT (see istat.org)

— Base Value: The underlying economic value of an aircraft in an open,stable market with a reasonable balance of supply and demand

– Assumes full consideration of aircraft’s “highest and best use”

– Assumes an arm’s length transaction between two parties with anabsence of duress and a reasonable period of time available formarketing

— Base Value is the straight line that bisects the sine wave of MarketValue over time

— Base Value is generally used in EETC and ABS offering documents


60

-3.5

-3

-2.5

-2

-1.5

-1

-0.5

0

0.5

1

1.5

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162

Value

Time

Base Value

Market Value




— Market Value: The most likely trading price that may be generated foran aircraft under the market circumstances that exist at the time inquestion. Assumes that the aircraft is valued for its “highest and bestuse” and that there is no unusual pressure for a prompt sale, with anadequate time for marketing to prospective buyers

— Base Value and Market Value generally assume “half-time” condition

– Physical condition is average for an aircraft of its type and age

– Maintenance time status is at mid-life, mid-time

– Benefits to half-time condition can be given if aircraft is new ornearly new

— Base Value and Market Value can be “desktop” or more specific

– No physical inspection of aircraft or review of its maintenancerecords made for desktop appraisal


61




— Distressed Value: Price at which an aircraft (or other assets such as anengine or spare parts) could be sold in a cash transaction underabnormal conditions – typically an artificially limited marketing timeperiod, the perception of the seller being under duress to sell, an auction,a liquidation, commercial restrictions, legal complications, or other suchfactors that materially reduce the bargaining leverage of the seller andgive prospective buyers a significant advantage that can translate intoheavily discounted actual trading prices

— Appraisal values can be maintenance-adjusted based on actualmaintenance status of the aircraft (often used in aircraft ABS)

– Appraisals do not accord any value to attached leases & EOLpayments unless specified

— ISTAT definitions of appraised value are available at www.istat.org


62


http://www.istat.org/



— EETC Prospectus Depreciation Assumptions

– 3% of initial value per year for first 15 years

– 4% of initial value per year for next 5 years

– 5% of initial value per year for each year after that

– “Tables should not be considered a forecast…but simply amathematical calculation based on one set of assumptions”

— Typical Lessor and Airline Depreciation Assumptions

– 25-year straight-line depreciation down to 15% of original value

— Appraiser Base Value Declines for aircraft ABS

– Vary significantly by aircraft type and vintage

– For representative new aircraft, usually 3-7%+ per year

Aircraft Values: Depreciation

63




APPENDIX

64




Airline Enhanced Equipment Trust Certificates (EETCs) Debt Summary

65




Airline EETCs Debt Summary (as of September 10, 2021)

20,910

5,410

15,500

21,270

17,739

7,330

10,409

18,817


66

Av Life Debt Collateral LTV Coverage Collateral LTV Coverage Plane Plane Ticker Coupon Maturity (Yrs) Rating Curr Market Market Market Distressed Distressed Distressed Age GPA Collateral Summary

AMR 13-1 A AAL 4.000 07-15-2025 3.2 NR / B / BB- 241 122 197% 0.5x 86 281% 0.4x 8.0 2.7 4x777-300ER; AMR 13-2 A AAL 4.950 01-15-2023 1.3 NR / BB / BBB+ 257 300 86% 1.2x 206 124% 0.8x 14.3 3.3 18x737-800; 9x757-200; AMR 14-1 A AAL 3.700 10-01-2026 4.0 NR / BB / BBB- 483 383 126% 0.8x 284 170% 0.6x 7.6 3.3 5xA319-100; 7xA321-200; 5x777-300ER; AMR 14-1 B AAL 4.375 10-01-2022 0.9 NR / B / BB 91 383 150% 0.0x 284 202% 0.0x 7.6 3.3 5xA319-100; 7xA321-200; 5x777-300ER; AAL 15-1 A AAL 3.375 05-01-2027 4.5 NR / BB+ / BB+ 665 537 124% 0.8x 393 169% 0.6x 6.9 3.2 8xA319-100; 5x737-800; 5x777-300ER; 1x787-8; 9xE175; AAL 15-1 B AAL 3.700 05-01-2023 1.4 NR / B / BB 126 537 147% 0.0x 393 201% 0.0x 6.9 3.2 8xA319-100; 5x737-800; 5x777-300ER; 1x787-8; 9xE175; AAL 15-2 AA AAL 3.600 09-22-2027 4.8 Baa1 / A- / NR 445 668 67% 1.5x 501 89% 1.1x 6.0 3.5 3xA319-100; 9xA321-200; 3x737-800; 1x777-300ER; 5x787-8; AAL 15-2 A AAL 4.000 09-22-2027 4.8 Baa3 / BB / NR 183 668 94% 1.1x 501 125% 0.8x 6.0 3.5 3xA319-100; 9xA321-200; 3x737-800; 1x777-300ER; 5x787-8; AAL 15-2 B AAL 4.400 09-22-2023 1.8 Ba2 / B / NR 133 668 114% 0.9x 501 152% 0.0x 6.0 3.5 3xA319-100; 9xA321-200; 3x737-800; 1x777-300ER; 5x787-8; AAL 16-1 AA AAL 3.575 01-15-2028 5.1 Baa1 / A- / NR 445 654 68% 1.5x 495 90% 1.1x 6.0 3.6 11xA321-200; 6x737-800; 1x777-300ER; 4x787-8; AAL 16-1 A AAL 4.100 01-15-2028 5.1 Baa3 / BB / NR 200 654 99% 1.0x 495 130% 0.8x 6.0 3.6 11xA321-200; 6x737-800; 1x777-300ER; 4x787-8; AAL 16-1 B AAL 5.250 01-15-2024 2.1 Ba2 / B / NR 120 654 117% 0.9x 495 154% 0.0x 6.0 3.6 11xA321-200; 6x737-800; 1x777-300ER; 4x787-8; AAL 16-2 AA AAL 3.200 06-15-2028 5.5 Baa1 / A- / NR 447 650 69% 1.5x 495 90% 1.1x 5.3 3.6 11xA321-200; 7x737-800; 2x777-300ER; 2x787-8; AAL 16-2 A AAL 3.650 06-15-2028 5.5 Baa3 / BB / NR 206 650 100% 1.0x 495 132% 0.8x 5.3 3.6 11xA321-200; 7x737-800; 2x777-300ER; 2x787-8; AAL 16-2 B AAL 4.375 06-15-2024 2.2 Ba2 / B / NR 135 650 121% 0.0x 495 159% 0.0x 5.3 3.6 11xA321-200; 7x737-800; 2x777-300ER; 2x787-8; AAL 16-3 AA AAL 3.000 10-15-2028 5.5 Baa1 / A / NR 444 741 60% 1.7x 565 79% 1.3x 4.9 3.5 5xA321-200; 8x737-800; 4x787-9; 8xE175; AAL 16-3 A AAL 3.250 10-15-2028 5.5 Baa3 / BB+ / NR 204 741 87% 1.1x 565 115% 0.9x 4.9 3.5 5xA321-200; 8x737-800; 4x787-9; 8xE175; AAL 16-3 B AAL 3.750 10-15-2025 2.9 Ba2 / B / NR 134 741 106% 0.9x 565 138% 0.0x 4.9 3.5 5xA321-200; 8x737-800; 4x787-9; 8xE175; AAL 17-1 AA AAL 3.650 02-15-2029 5.8 Baa1 / NR / A+ 419 745 56% 1.8x 562 75% 1.3x 4.1 3.4 10xA321-200; 3x737-800; 3x787-8; 1x787-9; 7xE175; AAL 17-1 A AAL 4.000 02-15-2029 5.8 Baa3 / NR / A- 194 745 82% 1.2x 562 109% 0.9x 4.1 3.4 10xA321-200; 3x737-800; 3x787-8; 1x787-9; 7xE175; AAL 17-1 B AAL 4.950 02-15-2025 2.6 Ba2 / NR / BB 120 745 98% 1.0x 562 131% 0.0x 4.1 3.4 10xA321-200; 3x737-800; 3x787-8; 1x787-9; 7xE175; AAL 17-2 AA AAL 3.350 10-15-2029 5.9 Baa1 / NR / A+ 456 809 56% 1.8x 619 74% 1.4x 4.5 3.4 3x737-800; 9x737 Max 8; 3x787-9; 15xE175; AAL 17-2 A AAL 3.600 10-15-2029 5.9 Baa3 / NR / A- 211 809 82% 1.2x 619 108% 0.9x 4.5 3.4 3x737-800; 9x737 Max 8; 3x787-9; 15xE175; AAL 17-2 B AAL 3.700 10-15-2025 2.8 Ba2 / NR / BB 154 809 101% 1.0x 619 133% 0.0x 4.5 3.4 3x737-800; 9x737 Max 8; 3x787-9; 15xE175; AAL 19-1 AA AAL 3.150 02-15-2032 7.3 Baa1 / A- / NR 532 1,025 52% 1.9x 783 68% 1.5x 3.7 3.4 6xA321-200; 7xA321neo; 3x737-800; 3x787-8; 16xE175; AAL 19-1 A AAL 3.500 02-15-2032 7.3 Baa3 / BB+ / NR 266 1,025 78% 1.3x 783 102% 1.0x 3.7 3.4 6xA321-200; 7xA321neo; 3x737-800; 3x787-8; 16xE175; AAL 19-1 B AAL 3.850 02-15-2028 4.3 Ba2 / B / NR 196 1,025 97% 1.0x 783 127% 0.0x 3.7 3.4 6xA321-200; 7xA321neo; 3x737-800; 3x787-8; 16xE175; ACACN 13-1 A ACACN 4.125 05-15-2025 3.2 Baa3 / BB+ / BBB 273 155 176% 0.6x 109 251% 0.4x 7.8 2.7 5x777-300ER; ACACN 15-1 A ACACN 3.600 03-15-2027 4.4 NR / A / A 496 668 74% 1.3x 499 99% 1.0x 5.6 3.3 1x787-8; 8x787-9; ACACN 15-1 B ACACN 3.875 03-15-2023 1.3 NR / BBB- / BBB 107 668 90% 1.1x 499 121% 0.8x 5.6 3.3 1x787-8; 8x787-9; ACACN 15-2 AA ACACN 3.750 12-15-2027 5.0 A3 / A+ / NR 224 316 71% 1.4x 233 96% 1.0x 5.0 3.1 2x777-300ER; 3x787-9; ACACN 15-2 A ACACN 4.125 12-15-2027 5.0 Baa2 / BBB+ / NR 92 316 100% 1.0x 233 135% 0.7x 5.0 3.1 2x777-300ER; 3x787-9; ACACN 15-2 B ACACN 5.000 12-15-2023 1.8 Ba1 / BB / NR 65 316 120% 0.8x 233 163% 0.0x 5.0 3.1 2x777-300ER; 3x787-9; ACACN 17-1 AA ACACN 3.300 01-15-2030 6.3 A3 / NR / AA- 339 644 53% 1.9x 497 68% 1.5x 3.0 3.8 9x737 Max 8; 4x787-9; ACACN 17-1 A ACACN 3.550 01-15-2030 6.3 Baa2 / NR / A 146 644 75% 1.3x 497 98% 1.0x 3.0 3.8 9x737 Max 8; 4x787-9; ACACN 17-1 B ACACN 3.700 01-15-2026 3.1 Ba1 / NR / BBB 104 644 91% 1.1x 497 118% 0.8x 3.0 3.8 9x737 Max 8; 4x787-9; ACACN 18-1 A ACACN 3.670 04-15-2030 5.5 NR / A+ *- / NR 173 215 80% 1.2x 168 103% 1.0x 3.0 3.9 4x737 Max 8; 1x787-9; ACACN 18-1 B ACACN 4.190 04-15-2026 3.6 NR / BBB+ / NR 46 215 102% 1.0x 168 131% 0.0x 3.0 3.9 4x737 Max 8; 1x787-9; ACACN 20-2 A ACACN 5.250 04-01-2029 4.2 NR / A / A- 424 517 82% 1.2x 374 113% 0.9x 11.8 3.4 9xA321-200; 1x777-200LR; 3x777-300ER; 3x787-9; ACACN 20-2 B ACACN 9.000 10-01-2025 2.3 NR / BBB- / BBB- 91 517 100% 1.0x 374 138% 0.0x 11.8 3.4 9xA321-200; 1x777-200LR; 3x777-300ER; 3x787-9;

Issue/Tranche





20,910

5,410

15,500

21,270

17,739

7,330

10,409

18,817


67


ALK 20-1 A ALK 4.800 08-15-2027 4.5 NR / A / A- 890 1,026 87% 1.2x 720 124% 0.8x 7.5 3.2 26x737-800; 16x737-900; 19xE175; ALK 20-1 B ALK 8.000 08-15-2025 2.5 NR / BBB- / BBB 168 1,026 103% 1.0x 720 147% 0.0x 7.5 3.2 26x737-800; 16x737-900; 19xE175; BA 13-1 A IAGLN 4.625 06-20-2024 1.7 Baa2 / A / A+ 407 501 81% 1.2x 369 110% 0.9x 7.6 3.4 6xA320-200; 2x777-300ER; 6x787-8; BA 18-1 AA IAGLN 3.800 09-20-2031 5.0 A2 / NR / AA- 341 571 60% 1.7x 437 78% 1.3x 3.2 3.7 7xA320neo; 2x787-8; 2x787-9; BA 18-1 A IAGLN 4.125 09-20-2031 5.0 Baa2 / NR / BBB+ 166 571 89% 1.1x 437 116% 0.9x 3.2 3.7 7xA320neo; 2x787-8; 2x787-9; BA 19-1 AA IAGLN 3.300 12-15-2032 6.9 A2 / A+ / NR 524 958 55% 1.8x 635 82% 1.2x 2.0 2.7 2xA320neo; 6xA350-1000; BA 19-1 A IAGLN 3.350 06-15-2029 3.9 Baa2 / BBB- / NR 236 958 79% 1.3x 635 120% 0.8x 2.0 2.7 2xA320neo; 6xA350-1000; BA 21-1 A IAGLN 2.900 03-15-2035 8.1 A2 / A / NR 461 730 63% 1.6x 517 89% 1.1x 0.0 3.2 3xA320neo; 1xA350-1000; 3x787-10; BA 21-1 B IAGLN 3.900 09-15-2031 5.5 Baa2 / BBB / NR 91 730 76% 1.3x 517 107% 0.9x 0.0 3.2 3xA320neo; 1xA350-1000; 3x787-10; CAL 07-1 A UAL 5.983 04-19-2022 0.3 Baa3 / A / NR 272 423 64% 1.6x 289 94% 1.1x 12.9 3.2 12x737-800; 18x737-900ER; CAL 07-1 B UAL 6.903 04-19-2022 0.3 Ba1 / A- / NR 10 423 66% 1.5x 289 97% 1.0x 12.9 3.2 12x737-800; 18x737-900ER; CAL 12-1 A UAL 4.150 04-11-2024 2.3 Baa2 / BBB- / NR 457 516 88% 1.1x 364 125% 0.8x 9.4 2.8 17x737-900ER; 4x787-8; CAL 12-2 A UAL 4.000 10-29-2024 2.7 Baa2 / BBB- / BBB+ 445 510 87% 1.1x 361 123% 0.8x 8.3 2.7 18x737-900ER; 3x787-8; DAL 15-1 AA DAL 3.625 07-30-2027 4.9 A2 / A+ / NR 231 303 76% 1.3x 212 109% 0.9x 7.8 2.7 15x737-900ER; DAL 15-1 A DAL 3.875 07-30-2027 4.9 Baa1 / A- / NR 51 303 93% 1.1x 212 133% 0.0x 7.8 2.7 15x737-900ER; DAL 15-1 B DAL 4.250 07-30-2023 1.7 Baa2 / BB+ / NR 71 303 117% 0.9x 212 167% 0.0x 7.8 2.7 15x737-900ER; DAL 19-1 AA DAL 3.204 04-25-2024 Bullet A1 / NR / BBB+ 425 554 77% 1.3x 410 104% 1.0x 3.1 3.2 2xA220-100; 6xA321-200; 2xA350-900; 4x737-900ER; DAL 19-1 A DAL 3.404 04-25-2024 Bullet A3 / NR / BBB 75 554 90% 1.1x 410 122% 0.0x 3.1 3.2 2xA220-100; 6xA321-200; 2xA350-900; 4x737-900ER; DAL 20-1 AA DAL 2.000 06-10-2028 5.0 A1 / A+ / NR 748 795 94% 1.1x 571 131% 0.8x 5.8 2.9 5xA321-200; 6xA330-300; 22x737-900ER; DAL 20-1 A DAL 2.500 06-10-2028 4.4 A3 / BBB / NR 186 795 118% 0.9x 571 164% 0.0x 5.8 2.9 5xA321-200; 6xA330-300; 22x737-900ER; DORIC 12-1 A DORIC 5.125 11-30-2022 0.7 Ba3 / NR / NR 92 125 74% 1.4x 69 135% 0.7x 6.8 1.7 4xA380-800; DORIC 13-1 A DORIC 5.250 05-30-2023 1.0 Ba3 / NR / NR 114 132 86% 1.2x 72 157% 0.6x 8.3 1.7 4xA380-800; HA 13-1 A HA 3.900 01-15-2026 3.6 Ba3 / B- / BB 196 119 164% 0.6x 78 253% 0.4x 7.3 2.3 6xA330-200; HA 13-1 B HA 4.950 01-15-2022 0.3 Caa1 / CCC+ / BB- 45 119 202% 0.0x 78 311% 0.0x 7.3 2.3 6xA330-200; HA 20-1 A HA 7.375 09-15-2027 3.6 NR / NR / A- 205 291 70% 1.4x 226 90% 1.1x 4.5 3.6 6xA321neo; 2xA330-200; HA 20-1 B HA 11.250 09-15-2025 2.1 NR / NR / BB- 41 291 84% 1.2x 226 108% 0.9x 4.5 3.6 6xA321neo; 2xA330-200; FDX 98-1 A FDX 6.720 01-15-2022 0.3 A3 / BBB+ / NR 11 16 72% 1.4x NA NA NA 24.3 NA 3xMD11F; FDX 99-1 A FDX 7.650 01-15-2023 Bullet A3 / BBB+ / NR 7 21 35% 2.9x NA NA NA 22.0 NA 2xA300-600F; FDX 20-1 A FDX 1.875 02-20-2034 8.2 Aa3 / AA- / NR 918 1,339 69% 1.5x NA NA NA 3.4 NA 13x767-300F; 6x777-200LRF; JBLU 19-1 AA JBLU 2.750 05-15-2032 7.7 A2 / NR / A+ 553 754 73% 1.4x 584 95% 1.1x 3.6 3.7 25xA321-200; JBLU 19-1 A JBLU 2.950 05-15-2028 5.5 Baa1 / NR / BBB+ 172 754 96% 1.0x 584 124% 0.8x 3.6 3.7 25xA321-200; JBLU 19-1 B JBLU 8.000 11-15-2027 3.7 Baa2 / NR / BBB- 103 754 110% 0.9x 584 142% 0.7x 3.6 3.7 25xA321-200; JBLU 20-1 A JBLU 4.000 11-15-2032 6.9 A2 / NR / A 615 791 78% 1.3x 613 100% 1.0x 4.3 3.7 24xA321-200; JBLU 20-1 B JBLU 7.750 11-15-2028 4.3 Baa2 / NR / BBB- 163 791 98% 1.0x 613 127% 0.0x 4.3 3.7 24xA321-200;

Issue/Tranche





20,910

5,410

15,500

21,270

17,739

7,330

10,409

18,817


68


LCC 10-1 A AAL 6.250 04-22-2023 1.3 Ba2 / BBB- / NR 93 115 81% 1.2x 81 116% 0.9x 10.6 3.4 1xA320-200; 5xA321-200; 2xA330-200; LCC 11-1 A AAL 7.125 10-22-2023 1.8 Ba2 / BBB- / NR 118 142 83% 1.2x 100 119% 0.8x 11.2 3.4 1xA320-200; 6xA321-200; 2xA330-200; LCC 12-1 A AAL 5.900 10-01-2024 2.4 Ba1 / BBB+ / A 185 268 69% 1.5x 206 90% 1.1x 9.2 3.7 14xA321-200; LCC 12-2 A AAL 4.625 06-03-2025 3.1 Ba1 / BB / A 208 219 95% 1.1x 160 130% 0.8x 8.0 3.2 7xA321-200; 4xA330-200; LCC 13-1 A AAL 3.950 11-15-2025 3.1 Ba1 / BB / A 338 383 88% 1.1x 287 118% 0.8x 7.4 3.4 14xA321-200; 4xA330-200; LCC 13-1 B AAL 5.375 11-15-2021 0.2 Ba3 / B- / BB- 129 383 122% 0.8x 287 163% 0.0x 7.4 3.4 14xA321-200; 4xA330-200; LUV 07-1 A LUV 6.150 08-01-2022 0.6 A2 / A+ / NR 60 134 44% 2.2x 94 64% 1.6x 14.3 3.3 16x737-700; LUV 07-1 B LUV 6.650 08-01-2022 0.5 Baa1 / A / NR 12 134 54% 1.9x 94 77% 1.3x 14.3 3.3 16x737-700; NAS 16-1 B NAS 7.500 11-10-2023 NA WR / NR / WD 50 212 23% 4.3x 170 29% 3.4x 5.0 4.0 10x737-800; NWA 02-1 G2 DAL 6.264 11-20-2021 0.2 Baa1 / BBB+ / WD 6 12 50% 2.0x 7 88% 1.1x 20.0 3.0 1xA330-300; UAL 07-1 A UAL 6.636 07-02-2022 0.7 Ba1 / B+ / NR 135 92 148% 0.7x 47 286% 0.3x 20.6 2.3 2x767-300ER; 4x777-200; 4x777-200ER; UAL 13-1 A UAL 4.300 08-15-2025 3.4 NR / BBB / BBB 470 548 86% 1.2x 388 121% 0.8x 7.2 2.7 18x737-900ER; 3x787-8; UAL 14-1 A UAL 4.000 04-11-2026 3.7 NR / BBB / A- 493 575 86% 1.2x 412 120% 0.8x 7.0 2.9 13x737-900ER; 2x787-8; 1x787-9; 9xE175; UAL 14-1 B UAL 4.750 04-11-2022 0.5 NR / BB / BB+ 97 575 103% 1.0x 412 143% 0.0x 7.0 2.9 13x737-900ER; 2x787-8; 1x787-9; 9xE175; UAL 14-2 A UAL 3.750 09-03-2026 4.1 NR / BBB+ / A 546 696 78% 1.3x 506 108% 0.9x 6.3 2.9 11x737-900ER; 4x787-9; 12xE175; UAL 14-2 B UAL 4.625 09-03-2022 0.9 NR / BB / BBB- 106 696 94% 1.1x 506 129% 0.0x 6.3 2.9 11x737-900ER; 4x787-9; 12xE175; UAL 15-1 AA UAL 3.450 12-01-2027 5.0 A1 / A+ / NR 253 428 59% 1.7x 314 81% 1.2x 6.0 2.9 6x737-900ER; 4x787-9; UAL 15-1 A UAL 3.700 12-01-2022 Bullet Baa1 / BBB / NR 100 428 82% 1.2x 314 112% 0.9x 6.0 2.9 6x737-900ER; 4x787-9; UAL 16-1 AA UAL 3.100 07-07-2028 5.3 A1 / NR / A+ 575 666 86% 1.2x 482 119% 0.8x 4.7 3.1 4x737-800; 5x737-900ER; 7x777-300ER; 2x787-9; UAL 16-1 A UAL 3.450 07-07-2028 5.3 Baa1 / NR / BBB 256 666 125% 0.8x 482 172% 0.0x 4.7 3.1 4x737-800; 5x737-900ER; 7x777-300ER; 2x787-9; UAL 16-1 B UAL 3.650 01-07-2026 3.2 Baa2 / NR / BB+ 181 666 152% 0.0x 482 210% 0.0x 4.7 3.1 4x737-800; 5x737-900ER; 7x777-300ER; 2x787-9; UAL 16-2 AA UAL 2.875 10-07-2028 5.5 A1 / NR / A+ 519 576 90% 1.1x 414 125% 0.8x 4.3 2.9 1x737-800; 3x737-900ER; 7x777-300ER; 2x787-9; UAL 16-2 A UAL 3.100 10-07-2028 5.5 Baa1 / NR / BBB 231 576 130% 0.8x 414 181% 0.0x 4.3 2.9 1x737-800; 3x737-900ER; 7x777-300ER; 2x787-9; UAL 16-2 B UAL 3.650 10-07-2025 3.0 Baa2 / NR / BB+ 165 576 159% 0.0x 414 221% 0.0x 4.3 2.9 1x737-800; 3x737-900ER; 7x777-300ER; 2x787-9; UAL 18-1 AA UAL 3.500 03-01-2030 6.4 A1 / NR / A+ 581 851 68% 1.5x 612 95% 1.1x 3.2 2.9 2x737-800; 6x737 Max 9; 3x777-300ER; 5x787-9; UAL 18-1 A UAL 3.700 03-01-2030 6.4 Baa1 / NR / BBB 222 851 94% 1.1x 612 131% 0.8x 3.2 2.9 2x737-800; 6x737 Max 9; 3x777-300ER; 5x787-9; UAL 18-1 B UAL 4.600 03-01-2026 3.3 Baa2 / NR / BB+ 164 851 114% 0.9x 612 158% 0.0x 3.2 2.9 2x737-800; 6x737 Max 9; 3x777-300ER; 5x787-9; UAL 19-1 AA UAL 4.150 08-25-2031 7.3 A1 / NR / A+ 587 1,053 56% 1.8x 731 80% 1.2x 2.2 2.7 6x737 Max 9; 6x787-10; 10xE175; UAL 19-1 A UAL 4.550 08-25-2031 7.3 Baa1 / NR / BBB 243 1,053 79% 1.3x 731 114% 0.9x 2.2 2.7 6x737 Max 9; 6x787-10; 10xE175; UAL 19-2 AA UAL 2.700 05-01-2032 7.6 A1 / NR / A+ 675 1,075 63% 1.6x 774 87% 1.1x 1.9 3.0 2x777-300ER; 3x787-9; 4x787-10; 10xE175; UAL 19-2 A UAL 2.900 05-01-2028 5.4 Baa1 / NR / BBB+ 274 1,075 88% 1.1x 774 123% 0.8x 1.9 3.0 2x777-300ER; 3x787-9; 4x787-10; 10xE175; UAL 19-2 B UAL 3.500 05-01-2028 3.6 Baa2 / NR / BB+ 208 1,075 108% 0.9x 774 150% 0.0x 1.9 3.0 2x777-300ER; 3x787-9; 4x787-10; 10xE175; SAVE 15-1 A SAVE 4.100 04-01-2028 5.0 NR / BBB / A 312 389 80% 1.2x 303 103% 1.0x 5.1 3.8 3xA320-200; 12xA321-200; SAVE 15-1 B SAVE 4.450 04-01-2024 2.1 NR / BB / BBB 60 389 96% 1.0x 303 123% 0.0x 5.1 3.8 3xA320-200; 12xA321-200; SAVE 15-1 C SAVE 4.930 04-01-2023 Bullet NR / NR / NR 104 389 122% 0.8x 303 157% 0.0x 5.1 3.8 3xA320-200; 12xA321-200; SAVE 17-1 AA SAVE 3.375 02-15-2030 6.3 NR / A- / AA- *- 200 326 61% 1.6x 257 78% 1.3x 3.3 3.9 7xA320-200; 5xA321-200; SAVE 17-1 A SAVE 3.650 02-15-2030 6.3 NR / BBB / A 67 326 82% 1.2x 257 104% 1.0x 3.3 3.9 7xA320-200; 5xA321-200; SAVE 17-1 B SAVE 3.800 02-15-2026 3.9 NR / BB- / BBB 56 326 99% 1.0x 257 126% 0.0x 3.3 3.9 7xA320-200; 5xA321-200; SAVE 17-1 C SAVE 5.110 02-15-2023 Bullet NR / NR / NR 86 326 125% 0.8x 257 159% 0.6x 3.3 3.9 7xA320-200; 5xA321-200; THY 15-1 A THYAO 4.200 03-15-2027 3.2 B2 / B / BB 209 105 199% 0.5x 74 284% 0.4x 6.0 2.7 3x777-300ER;

Issue/Tranche




Notes & Comments to Airline EETCs Debt Summary

Notes:(1) Collateral is effectively cross-defaulted and cross-collateralized. Reference bond documents for complete information.

(2) Collateral is cross-defaulted at maturity. Reference bond documents for complete information.

(3) Certain aircraft are subject to Section 1110. Reference bond documents for complete information.

(4) Aircraft not Section 1110 eligible but are Cape Town eligible. Reference bond documents for complete information.

Comments:

• Collateral market values for aircraft based on Cirium September 2021 Indicative Market Values.

• Distressed Values based on "haircuts" to Cirium Market Value based on an assessment of the marketability ofparticular aircraft types as well as aircraft age.

• Distressed Value Adjustments to Market Value by Aircraft Grade:

• Distressed Value Adjustments to Market Value by Aircraft Age:

• LTV and Coverage do not include any draws on liquidity facility or expenses

Break-up of heat map:• LTV Market & LTV Distressed - Green: 0% < LTV ≤ 80%; Yellow: 80% < LTV ≤ 100%; Red: LTV > 100%.


A (20.0%) A- (22.5%) B+ (25.0%) B (27.5%)

B- (30.0%) C+ (35.0%) C (40.0%) C- (45.0%)

D (50.0%) F (60.0%)

0-4 yrs (0.0%) 5-9 yrs (0.0%) 10-19 yrs (5.0%) 20-29 yrs (15.0%) >=30 yrs (20.0%)

67




Aircraft Asset Backed Securities (ABS) Debt Summary

70




Aircraft ABS – Key Metrics (Sorted by Aug 2021 DSCR)

20,910

5,410

15,500

21,270

17,739

7,330

10,409

18,817


71

Off Lease

Class Class Class NarrowbodyWidebodyA B C % MV % MV

AASET 2019-1 121% 146% 158% 1.1 1.6 1.9 3.0 0% 7% 0% 75.7% 24.3% 3.6 / 3.5 18.3 / 18.07xA319-100; 1xA320-200; 1xA321-200; 2xA330-200;

2xA330-300; 10x737-800; 1x777-200ERFLCON 2017-1 91% 112% 121% 1.6 1.8 1.8 2.6 0% 0% 0% 100.0% 0.0% 4.0 / 4.0 13.6 / 13.7 1xA319-100; 3xA320-200; 1x737-700; 6x737-800

CLAST 2019-1 125% 147% 163% 1.1 0.5 1.5 3.0 0% 9% 0% 81.9% 18.1% 3.6 / 3.5 11.2 / 11.811xA320-200; 3xA321-200; 1xA330-200; 2x737-700;

6x737-800; 3x737-900ER; 2x777-300ER

FLCON 2019-1 128% 152% 166% 1.5 1.5 1.5 2.2 11% 0% 0% 83.2% 16.8% 3.8 / 3.7 14.6 / 14.43xA319-100; 7xA320-200; 2xA330-300;

1x737-700; 7x737-800

BBIRD 2016-1 21% 118% 129% 1.6 1.4 1.4 4.1 3% 3% 0% 56.8% 43.2% 3.7 / 3.5 9.4 / 9.81xA319-100; 6xA320-200; 2xA321-200; 1xA330-300;

5x737-800; 2x777-300ER; 1x787-9; 1xE175HORZN 2019-1 124% 149% 165% 1.0 1.3 1.3 3.8 31% 4% 0% 100.0% 0.0% 3.9 / 3.9 11.2 / 11.6 6xA320-200; 12x737-800; 1x737-900ER

CLAST 2021-1 106% 132% 148% 1.5 1.3 1.3 8.1 0% 0% 0% 81.4% 12.6% 3.5 / 3.4 10.4 / 11.89xA320-200; 3xA321-200; 3x737-800; 1x737-900ER;

1x747-400F; 2x777-300ER; 5xCRJ-900

AASET 2019-2 115% 136% 146% 1.1 1.2 1.2 3.1 11% 10% 0% 85.8% 14.2% 3.6 / 3.6 14.2 / 12.33xA319-100; 11xA320-200; 4xA321-200; 2xA330-200;

1x737-700; 6x737-800; 2x777-200ERMAPS 2018-1 108% 122% 133% 1.6 1.1 1.1 3.1 4% 0% 0% 100.0% 0.0% 3.9 / 4.0 13.5 / 10.6 3xA319-100; 7xA320-200; 1x737-700; 14x737-800HORZN 2019-2 127% 151% 166% 0.7 1.3 1.1 3.1 31% 8% 0% 100.0% 0.0% 4.0 / 4.0 11.2 / 11.6 7xA320-200; 11x737-800

AASET 2018-1 118% 138% 148% 1.5 0.9 1.1 2.2 23% 5% 0% 68.1% 31.9% 3.4 / 3.3 18.3 / 19.71xA319-100; 2xA320-200; 1xA321-200; 2xA330-200;

6x737-800; 1x737-900ER; 2x777-300

SAPA 2018-1 134% 155% 164% 1.2 0.8 1.0 2.4 20% 5% 0% 68.2% 31.8% 3.5 / 3.4 16.8 / 17.04xA319-100; 7xA320-200; 1xA321-100; 5xA330-200;

1xA330-300; 5x737-700; 10x737-800; 1x767-300ER

TBOLT 2017-1 112% 145% 153% 2.2 1.0 1.0 3.1 0% 0% 0% 91.7% 8.3% 3.7 / 3.7 17.4 / 17.62xA320-200; 2xA321-200; 1xA330-200;

4x737-700; 6x737-800

HORZN 2018-1 129% 155% 169% 0.9 0.9 0.9 3.1 29% 6% 0% 100.0% 0.0% 3.9 / 3.9 13.0 / 12.11xA319-100; 11xA320-200;

3x737-700; 13x737-800

CLAST 2016-1 79% 93% 93% 1.7 1.0 0.9 4.4 4% 0% 0% 89.2% 10.8% 3.4 / 3.4 14.2 / 13.9

6xA319-100; 5xA320-200; 2xA321-200;2xA330-200; 1x737-700; 2x737-800;

1x757-200; 4xCRJ-900

JOLAR 2019-1 92% 108% 114% 2.1 0.9 0.9 6.3 0% 7% 0% 57.8% 42.2% 3.9 / 3.7 7.7 / 6.11xA319-100; 7xA320-200; 2xA320neo;

1xA350-900; 3x737-800; 1x787-9

MACH 1 2019-1 103% 123% 1.3 0.9 0.9 4.0 13% 0% 0% 100.0% 0.0% 3.9 / 3.9 11.1 / 11.2 10xA320-200; 10x737-800; 1x737-900ER

Remaining Lease term -

weighted(yrs)

PortfolioName

DSCRCirium LTV

Jul-21 Aug-21Avg.

Type (% MV) Collateral DetailsLease Expirations% TotalMarket

Value

2021

Narrowbody

GPA(Simple /

Weighted)

Age(Mean / Median)

Aircraft DetailsWidebody





20,910

5,410

15,500

21,270

17,739

7,330

10,409

18,817


72

Off Lease


LAFL 2016-1 117% 139% 1.3 0.9 0.9 3.1 29% 3% 0% 65.0% 35.0% 3.8 / 3.7 10.9 / 8.99xA320-200; 1xA321-200; 1xA330-300;

1xA350-900; 7x737-800; 1x777-300ERLUNAR 2020-1 117% 136% 148% 1.1 1.0 0.9 2.9 16% 18% 0% 100.0% 0.0% 3.7 / 3.7 12.9 / 12.2 4xA320-200; 3x737-700; 4x737-800; 1x737-900ER

AASET 2020-1 117% 139% 149% 0.6 0.6 0.8 3.1 4% 0% 4% 86.6% 13.4% 3.6 / 3.5 17.8 / 18.07xA319-100; 6xA320-200; 3xA330-200;

10x737-800; 2x737-900ER

PROP 2017-1 85% 102% 115% 1.2 0.8 0.8 2.9 36% 0% 0% 100.0% 0.0% 2.2 / 2.2 20.6 / 23.0

4xDHC Dash 8-100; 14xDHC Dash 8-200;9xDHC Dash 8-300; 2xDHC Dash 8-400;

8xATR 42-500; 5xATR 72-500; 5xATR 72-600

TLWND 2019-1 111% 131% 143% 0.7 0.8 0.8 5.7 0% 0% 0% 91.3% 8.7% 3.9 / 3.8 7.0 / 6.57xA320-200; 2xA320neo; 2xA321-200;

2x737-800; 1x777-300ER

CLAST 2018-1 135% 159% 173% 1.5 0.8 0.7 4.0 8% 0% 0% 87.1% 12.9% 3.6 / 3.5 12.4 / 13.01xA319-100; 11xA320-200; 1xA321-200; 2xA330-200;

4x737-700; 7x737-800; 3x737-900ER; 1x777-300ER

TBOLT 2018-1 145% 174% 1.6 0.7 0.7 3.2 0% 10% 0% 92.4% 7.6% 3.8 / 3.8 11.9 / 11.28xA320-200; 2xA321-200; 1xA330-200;

1x737-700; 5x737-800

ECAF 2015-1 154% 180% 1.1 0.7 0.7 2.8 33% 0% 0% 65.4% 34.6% 3.6 / 3.5 13.2 / 14.44xA319-100; 3xA320-200; 2xA321-200; 3xA330-300;1x737-700; 12x737-800; 1x777-200ER; 1x777-300ER

STARR 2018-1 106% 138% 148% 1.3 0.6 0.7 2.8 20% 0% 0% 100.0% 0.0% 4.0 / 4.0 12.4 / 11.5 11xA320-200; 11x737-800

ZCAP 2018-1 136% 1.3 0.6 0.7 1.9 9% 19% 7% 76.9% 23.1% 3.5 / 3.5 16.2 / 16.41xA319-100; 5xA320-200; 2xA321-200;

3xA330-200; 2x737-700; 4x737-800

SJETS 2017-1 125% 141% 149% 1.1 0.7 0.7 4.4 0% 0% 0% 75.3% 24.7% 3.7 / 3.6 8.4 / 7.75xA320-200; 3xA321-200; 1xA330-200; 1xA330-300;

1x737-700; 7x737-800; 1x737-900ER; 1x787-8

AASET 2018-2 128% 149% 164% 1.2 0.6 0.6 2.6 3% 3% 4% 74.7% 25.3% 3.6 / 3.6 17.9 / 18.12xA319-100; 10xA320-200; 1xA321-200; 4xA330-200;

2xA330-300; 2x737-700; 13x737-800

SAPA 2020-1 131% 157% 170% 0.6 0.6 0.6 5.4 0% 0% 0% 80.8% 19.2% 3.7 / 3.7 10.0 / 10.02xA319-100; 5xA320-200; 2xA320neo; 1xA321-200;

1xA330-200; 2xA330-300; 6x737-800

SPRITE 2017-1 121% 145% 154% 1.5 0.6 0.6 4.1 0% 7% 0% 84.4% 15.6% 3.8 / 3.7 13.1 / 13.13xA319-100; 5xA320-200; 1xA330-300;

10x737-800; 1x777-300ERWAVE 2019-1 109% 126% 135% 0.9 0.5 0.5 3.9 13% 6% 0% 100.0% 0.0% 3.9 / 3.9 7.1 / 6.3 11xA320-200; 6xA321-200; 6x737-800

KSTRL 2018-1 137% 165% 1.2 0.6 0.5 1.9 15% 12% 0% 84.6% 15.4% 3.5 / 3.6 11.8 / 11.71xA319-100; 7xA320-200; 1xA321-200; 1xA330-200;

1xA330-300; 4x737-800; 2xATR 72-600

AASET 2017-1 135% 161% 168% 1.1 0.4 0.4 2.5 13% 19% 0% 84.0% 16.0% 3.6 / 3.6 17.3 / 19.03xA319-100; 2xA320-200; 2xA330-200;

1x737-700; 8x737-800

Lease Expirations Type (% MV) Collateral Details

PortfolioName

Cirium LTV DSCR Remaining Lease term -

weighted(yrs)Avg. Jul-21 Aug-21

% TotalMarket

Value

2021

Narrowbody Widebody

GPA(Simple /

Weighted)

Age(Mean / Median)

Aircraft Details





20,910

5,410

15,500

21,270

17,739

7,330

10,409

18,817


73

Off Lease


PION 2019-1 122% 144% 152% 0.9 0.4 0.4 3.8 10% 6% 0% 82.7% 17.3% 3.8 / 3.7 8.7 / 8.211xA320-200; 4x737-800; 1x737-900ER;

1x787-8; 1xE190

MAPS 2019-1 102% 126% 136% 1.0 0.5 0.4 5.3 0% 0% 0% 94.1% 5.9% 3.8 / 3.8 12.0 / 10.67xA320-200; 1xA321neo; 1xA330-200;

9x737-800; 1x737-900ERTBOLT 2019-1 133% 157% 0.6 0.4 0.4 2.6 0% 0% 0% 95.2% 4.8% 3.9 / 3.9 12.5 / 13.7 6xA320-200; 3xA321-200; 1xA330-200; 8x737-800

SLVRR 2019-1 129% 151% 161% 0.8 0.4 0.3 5.5 0% 3% 8% 72.7% 27.3% 3.7 / 3.6 9.2 / 11.21xA319-100; 6xA320-200; 1xA321-200; 3x737-700;

4x737-800; 1x777-300ER; 1x787-8

WAVE 2017-1 121% 140% 148% 1.2 0.4 0.3 3.0 10% 13% 8% 92.2% 7.8% 3.7 / 3.7 11.9 / 10.46xA320-200; 1xA330-200; 1x737-700;

8x737-800; 2x737-900ERHAIL 2017-1 139% 161% 187% 1.2 0.3 0.3 3.1 13% 6% 0% 100.0% 0.0% 3.9 / 3.9 16.8 / 17.4 8xA320-200; 5xA321-200; 6x737-800

DCAL 2015-1 145% 168% 175% 0.5 0.3 0.3 3.2 22% 1% 0% 65.4% 34.6% 3.3 / 3.3 15.3 / 15.14xA319-100; 3xA320-200; 2xA321-200; 2xA330-200;

1xA330-300; 1x737-300; 1x737-700; 2x737-800

SHNTN 2015-1 121% 132% 0.8 0.3 0.3 4.9 6% 0% 0% 67.3% 19.8% 3.6 / 3.5 10.3 / 9.76xA320-200; 1xA321-200; 1xA330-200F; 1xA330-300;

5x737-800; 1x737-900ER; 1x777-300; 1x777-300ERMRLN 2016-1 106% 115% 121% 1.2 0.2 0.2 2.2 14% 16% 0% 100.0% 0.0% 3.9 / 4.0 18.4 / 19.1 6xA320-200; 1x737-700; 5x737-800

KDAC 2017-1 124% 146% 159% 1.2 0.2 0.2 2.3 15% 0% 7% 71.3% 28.7% 3.5 / 3.4 16.2 / 15.1

3xA319-100; 9xA320-200; 1xA321-100; 1xA321-200;4xA330-200; 2xA330-300; 4x737-700;

8x737-800; 2x777-200ER

STARR 2019-1 102% 121% 128% 1.2 0.2 0.2 4.6 11% 0% 0% 100.0% 0.0% 3.6 / 3.7 10.3 / 10.33xA319-100; 4xA320-200; 2xA321-200;

4x737-800; 2x737-900ERRPTOR 2019-1 117% 142% 155% 0.7 0.1 0.0 5.3 20% 4% 0% 75.4% 24.6% 3.9 / 3.8 6.4 / 5.7 8xA320-200; 1xA330-300; 6x737-800; 1x787-8

METAL 2017-1 120% 145% 165% 0.7 -0.1 -0.4 6.8 4% 9% 0% 77.4% 20.5% 2.7 / 2.9 10.6 / 12.82xA320-200; 1xA330-200; 1xA330-300;

1x737-800; 4x737-900ER; 7xATR 72-500

CLAST 2017-1R 113% 140% 162% NA NA NA 3.7 0% 0% 0% 80.9% 19.1% 3.5 / 3.5 18.0 / 16.714xA319-100; 10xA320-200; 1xA321-200;

4xA330-300; 4x737-700; 1x737-800

BBIRD 2021-1 87% 103% NA NA NA 2.9 0% 1% 0% 64.7% 35.3% 3.9 / 3.9 4.5 / 3.52xA320-200; 1xA330-200; 1xA330-300;

1x737-800; 4x737-900ER; 7xATR 72-500

MAPS 2021-1 82% 96% 105% NA NA NA 8.4 0% 0% 0% 79.7% 0.0% 3.8 / 3.8 6.6 / 7.62xA320-200; 1xA330-200; 1xA330-300;

1x737-800; 4x737-900ER; 7xATR 72-500

SLAM 2021-1 83% 93% NA NA NA 10.7 0% 0% 0% 88.4% 11.6% 3.8 / 3.9 2.8 / 1.52xA320-200; 1xA330-200; 1xA330-300;

1x737-800; 4x737-900ER; 7xATR 72-500Average DSCR 1.17 0.85 0.74

Age(Mean / Median)

PortfolioName

Cirium LTV DSCR Remaining Lease term -

weighted(yrs)

Aircraft Details

Lease Expirations Type (% MV) Collateral Details

Avg. Narrowbody Widebody

GPA(Simple /

Weighted)Jul-21 Aug-21

% TotalMarket

Value

2021




Notes & Comments to Aircraft ABS – Key Metrics

Notes:

• Average DSCR is based on the later of 1Q 2018 or the date the transaction started reporting DSCR.

• Cirium LTV is based on Cirium Indicative Market Values.

• LTV and Coverage do not include any draws on liquidity facility or expenses.

• Cirium data is as of August 25, 2021.

• Debt outstanding amount used in LTV calculation is as of August 25, 2021.

Break-up of heat map:

• Cirium LTV - Green: 0% < LTV ≤ 80%; Yellow: 80% < LTV ≤ 100%; Red: LTV > 100%.

• DSCR - No Color: ABS transaction not issued or DSCR not available during the period; Green: all tests passed; Yellow: DSCR ≤

1.5; Orange: Cash Trap Event triggered; Red: Rapid Amortization Event triggered.

• Remaining Lease Term (RLT) - Red: RLT ≤ 2 years; Yellow: 2 years < RLT ≤ 4 years; Green: RLT > 4 years.

• Off lease aircraft - Green: No aircraft off lease; Yellow: 0% < Off Lease ≤ 10%; Red: Off Lease >10%.

• Lease Expirations - Green (both Narrowbody and Widebody): No lease expiry during the year; Yellow (Narrowbody): 0% < Lease expiry ≤ 15%; Red (Narrowbody): Lease expiry > 15%; Red (Widebody): Lease expiry > 0%.


74




ABS Rating Changes – Initial Rating vs. Current Rating

Note: Break-up of heat map - No Color: Not rated; Red: Rating downgraded by one or more rating agencies since issuance; Yellow: Rating placed on Watch by one or more rating agencies; Green: Rating upgraded by one or more agenciesSource: Bloomberg Finance LP, Company Documents, Deutsche Bank

75

Portfolio Name ClassCoupon

(%)Debt

IssuedDebt

OutstandingInitial Rating

(Moody's / S&P / Fitch / KBRA)Current Rating

(Moody's / S&P / Fitch / KBRA)DCAL 2015-1 A-1 4.213 545.0 243.9 NR / A / NR / A NR / BB- / NR / BBBDCAL 2015-1 B 5.072 84.0 38.2 NR / BBB / NR / BBB NR / B- / NR / BBDCAL 2015-1 C 4.750 38.0 10.5 NR / BB / NR / BB NR / CCC / NR / CCCECAF 2015-1 A-1 3.473 459.4 65.4 NR / A / A- / NR NR / BB- / BBB / NRECAF 2015-1 A-2 4.947 590.6 458.4 NR / A / A- / NR NR / B+ / BBB / NRECAF 2015-1 B-1 5.802 160.0 87.2 NR / BBB / BBB / NR NR / B- / BB / NRSHNTN 2015-1 A 4.750 747.4 362.4 NR / A / A / NR NR / BBB+ / A / NRSHNTN 2015-1 B 5.750 60.5 33.4 NR / BBB / BBB / NR NR / BB+ / BBB / NRCLAST 2016-1 A 4.450 715.0 165.6 NR / A / NR / A NR / A / NR / A-CLAST 2016-1 B 6.150 130.0 30.5 NR / BBB / NR / BBB NR / BBB / NR / BBB-BBIRD 2016-1 AA 2.487 200.0 85.4 NR / AA / NR / AA NR / AA / NR / AABBIRD 2016-1 A 4.213 540.0 385.3 NR / A / NR / A NR / A / NR / A-BBIRD 2016-1 B 5.682 60.0 42.8 NR / BBB / NR / BBB NR / BBB / NR / BBB-LAFL 2016-1 A 4.300 603.0 435.1 NR / A / NR / A NR / BBB+ / NR / BBB+LAFL 2016-1 B 5.682 106.0 81.8 NR / BBB / NR / BBB NR / BB+ / NR / BB+MRLN 2016-1 A 4.500 209.0 102.6 NR / A- / NR / A NR / BB+ / NR / BBBMRLN 2016-1 B 6.500 25.1 8.7 NR / BBB- / NR / BBB NR / B+ / NR / CCCMRLN 2016-1 C 8.500 16.7 5.9 NR / B+ *- / NR / BB NR / CCC+ / NR / CCCFLCON 2017-1 A 4.581 315.0 92.4 NR / A / NR / A NR / A- / NR / A-FLCON 2017-1 B 6.300 65.0 21.2 NR / BBB / NR / BBB NR / BBB- / NR / BBB-FLCON 2017-1 C 8.500 30.0 9.8 NR / BB / NR / BB NR / BB / NR / B-PROP 2017-1 A 5.300 300.0 141.6 NR / NR / NR / A NR / NR / NR / BBBPROP 2017-1 B 6.900 57.0 28.3 NR / NR / NR / BBB NR / NR / NR / BBPROP 2017-1 C 9.550 54.0 21.8 NR / NR / NR / B NR / NR / NR / CCCTBOLT 2017-1 A 4.212 253.4 152.9 NR / A / NR / A NR / A / NR / A-TBOLT 2017-1 B 5.750 69.3 44.9 NR / BBB- / NR / BBB NR / BBB- / NR / BBB-TBOLT 2017-1 C 4.500 22.0 10.7 NR / BB / NR / BB- NR / BB / NR / CCCAASET 2017-1 A 3.967 479.5 191.8 NR / NR / A / A NR / NR / BBB / BBBAASET 2017-1 B 5.926 88.5 37.3 NR / NR / BBB / BBB NR / NR / BB / BBAASET 2017-1 C 7.385 44.3 10.3 NR / NR / BB / BB NR / NR / CCC / B-






76


(%)Debt

IssuedDebt



(Moody's / S&P / Fitch / KBRA)SJETS 2017-1 A 3.967 657.8 481.1 NR / A / NR / A NR / BBB / NR / BBB+SJETS 2017-1 B 5.682 81.0 63.6 NR / BBB / NR / BBB NR / BB / NR / BB+SJETS 2017-1 C 7.021 42.0 30.1 NR / BB / NR / BB NR / B / NR / CCCMETAL 2017-1 A 4.581 430.0 243.4 NR / NR / A / A NR / NR / B / BBMETAL 2017-1 B 6.500 86.0 49.0 NR / NR / BBB / BBB NR / NR / CCC / BMETAL 2017-1 C1 8.000 55.0 28.8 NR / NR / BB / BB NR / NR / CCC / CCCMETAL 2017-1 C2 9.750 13.8 12.7 NR / NR / B / B NR / NR / CCC / CCCWAVE 2017-1 A 3.844 393.3 292.3 NR / A / NR / A NR / BBB / NR / BBB+WAVE 2017-1 B 5.682 57.8 46.0 NR / BBB / NR / BBB NR / BB / NR / BB+WAVE 2017-1 C 6.656 28.9 20.5 NR / BB / NR / BB NR / B / NR / CCCHAIL 2017-1 A 4.000 445.2 223.5 NR / A / NR / A NR / BB- / NR / BBBHAIL 2017-1 B 5.682 68.3 35.0 NR / BBB / NR / BBB NR / B / NR / BBHAIL 2017-1 C 8.000 66.3 42.0 NR / B / NR / B NR / CCC / NR / CCCKDAC 2017-1 A 4.212 565.0 422.9 NR / A / NR / A NR / BBB / NR / BBBKDAC 2017-1 B 5.926 95.5 73.9 NR / BBB / NR / BBB NR / BB / NR / BBKDAC 2017-1 C 7.385 62.0 44.5 NR / BB / NR / BB NR / B+ / NR / CCCAASET 2018-1 A 3.844 351.7 171.5 NR / NR / A / A NR / NR / B / BBB+AASET 2018-1 B 5.437 58.6 30.1 NR / NR / BBB / BBB NR / NR / CCC / BB+AASET 2018-1 C 6.413 32.0 14.3 NR / NR / BB / BB NR / NR / CCC / CCCSAPA 2018-1 A 4.250 633.0 381.7 NR / NR / A / A NR / NR / BBB / BBB+SAPA 2018-1 B 5.926 97.0 58.7 NR / NR / BBB / BBB NR / NR / BB / BB+SAPA 2018-1 C 7.385 38.4 27.1 NR / NR / BB / BB NR / NR / CCC / CCCMAPS 2018-1 A 4.212 415.0 286.4 NR / A / NR / A NR / BBB+ / NR / A-MAPS 2018-1 B 5.193 55.0 37.9 NR / BBB / NR / BBB NR / BB+ / NR / BBB-MAPS 2018-1 C 6.413 36.5 28.4 NR / BB / NR / BB NR / B+ / NR / CCCCLAST 2018-1 A 4.125 731.2 499.3 NR / NR / A / A NR / NR / A / BBB+CLAST 2018-1 B 5.300 114.6 88.8 NR / NR / BBB / BBB NR / NR / BBB / BB+CLAST 2018-1 C 6.625 65.5 52.5 NR / NR / BB / BB NR / NR / B / CCC






77


(%)Debt

IssuedDebt



(Moody's / S&P / Fitch / KBRA)STARR 2018-1 A 4.089 430.0 284.1 NR / A / NR / A NR / BBB+ / NR / A-STARR 2018-1 B 5.315 120.0 87.9 NR / BBB / NR / BBB NR / BB+ / NR / BBB-STARR 2018-1 C 6.899 36.9 26.9 NR / BB / NR / BB NR / B+ / NR / CCCTBOLT 2018-1 A 4.147 375.0 330.6 NR / NR / A / A NR / NR / BBB / BBB+TBOLT 2018-1 B 5.071 75.0 67.0 NR / NR / BBB / BBB NR / NR / BB / BB+ZCAP 2018-1 A 4.605 336.6 224.3 NR / A / NR / A NR / BBB- / NR / BBB+HORZN 2018-1 A 4.458 476.0 405.8 NR / NR / A / A NR / NR / A / BBB+HORZN 2018-1 B 5.270 91.0 82.0 NR / NR / BBB / BBB NR / NR / BBB / BB+HORZN 2018-1 C 6.657 45.0 42.6 NR / NR / BB / BB NR / NR / B / CCCKSTRL 2018-1 A 4.250 319.8 268.9 NR / NR / A / A NR / NR / BBB / BBBKSTRL 2018-1 B 5.500 59.6 53.5 NR / NR / BBB / BBB NR / NR / BB / BBSPRITE 2017-1 A 4.250 457.0 288.6 NR / A / NR / A NR / BBB / NR / BBB+SPRITE 2017-1 B 5.750 88.0 57.8 NR / BBB / NR / BBB NR / BB / NR / BB+SPRITE 2017-1 C 6.900 40.0 21.1 NR / BB / NR / BB- NR / B+ / NR / CCCAASET 2018-2 A 4.454 488.3 385.4 NR / NR / A / A NR / NR / BBB / BBB+AASET 2018-2 B 5.433 73.4 64.4 NR / NR / BBB / BBB NR / NR / BB / BB+AASET 2018-2 C 6.892 51.4 44.4 NR / NR / BB / BB NR / NR / CCC / CCCMAPS 2019-1 A 4.458 325.7 272.6 NR / A / NR / A NR / BBB+ / NR / BBB+MAPS 2019-1 B 5.560 72.4 65.5 NR / BBB / NR / BBB NR / BB+ / NR / BB+MAPS 2019-1 C 7.385 31.0 27.1 NR / BB / NR / BB NR / B+ / NR / CCCCLAST 2019-1 A 3.967 679.4 506.3 NR / NR / A / A NR / NR / BBB / BBB+CLAST 2019-1 B 5.095 115.0 85.7 NR / NR / BBB / BBB NR / NR / BB / BB+CLAST 2019-1 C 6.899 73.2 66.0 NR / NR / BB / BB NR / NR / CCC / CCCSTARR 2019-1 A 4.089 382.0 231.0 NR / NR / A / A NR / NR / BBB / BBB+STARR 2019-1 B 5.095 69.0 44.6 NR / NR / BBB / BBB NR / NR / BB / BB+STARR 2019-1 C 6.413 23.0 14.5 NR / NR / BB / BB NR / NR / B / CCCJOL Air 2019-1 A 3.967 456.1 385.2 NR / A / NR / A NR / BBB+ / NR / BBB+JOL Air 2019-1 B 4.948 73.8 66.9 NR / BBB / NR / BBB NR / BB+ / NR / BB+JOL Air 2019-1 C 4.000 23.8 24.6 NR / NR / NR / NR NR / NR / NR / NR






78


(%)Debt

IssuedDebt



(Moody's / S&P / Fitch / KBRA)PION 2019-1 A 3.967 428.0 381.1 NR / NR / A / A NR / NR / BBB / BBBPION 2019-1 B 4.948 75.0 71.0 NR / NR / BBB / BBB NR / NR / BB / BBPION 2019-1 C 6.900 26.0 24.7 NR / NR / BB / BB NR / NR / B / CCCAASET 2019-1 A 3.844 300.3 233.4 NR / NR / A / A NR / NR / BBB / BBBAASET 2019-1 B 4.948 54.6 48.8 NR / NR / BBB / BBB NR / NR / BB / BBAASET 2019-1 C 7.500 25.0 22.7 NR / NR / BB / BB NR / NR / CCC / CCCHORZN 2019-1 A 3.721 375.0 329.6 NR / NR / A / A NR / NR / A / A-HORZN 2019-1 B 4.703 69.0 65.9 NR / NR / BBB / BBB NR / NR / BBB / BBB-HORZN 2019-1 C 6.900 41.0 40.9 NR / NR / BB / BB NR / NR / B / CCCSLVRR 2019-1 A 3.967 443.0 401.5 NR / NR / A / A NR / NR / A / BBB+SLVRR 2019-1 B 4.948 73.0 68.8 NR / NR / BBB / BBB NR / NR / BBB / BB+SLVRR 2019-1 C 6.900 32.0 31.0 NR / NR / BB / BB NR / NR / BB / CCCWAVE 2019-1 A 3.597 555.5 501.2 NR / A / NR / A NR / BBB+ / NR / A-WAVE 2019-1 B 4.581 81.7 78.3 NR / BBB / NR / BBB NR / BB+ / NR / BBB-WAVE 2019-1 C 6.413 40.8 41.9 NR / BB / NR / BB NR / B / NR / CCCAASET 2019-2 A 3.376 430.3 366.6 NR / NR / A / A NR / NR / A / A-AASET 2019-2 B 4.458 77.7 68.4 NR / NR / BBB / BBB NR / NR / BBB / BBB-AASET 2019-2 C 6.413 32.4 31.9 NR / NR / BB / BB NR / NR / BB / CCCMACH 1 2019-1 A 3.474 403.0 321.1 NR / NR / A / A NR / NR / A / A-MACH 1 2019-1 B 4.335 74.0 64.3 NR / NR / BBB / BBB NR / NR / BBB / BBB-FLCON 2019-1 A 3.597 404.1 272.5 NR / NR / A / A NR / NR / BBB / BBB+FLCON 2019-1 B 4.791 73.5 50.2 NR / NR / BBB / BBB NR / NR / BB / BB+FLCON 2019-1 C 6.656 36.7 29.2 NR / NR / BB / BB NR / NR / CCC / B-HORZN 2019-2 A 3.425 343.0 316.3 NR / NR / A / A NR / NR / A / A-HORZN 2019-2 B 4.458 61.0 59.5 NR / NR / BBB / BBB NR / NR / BBB / BBB-HORZN 2019-2 C 6.900 36.0 36.7 NR / NR / BB / BB- *+ NR / NR / BB / CCCRPTOR 2019-1 A 4.213 553.0 419.8 NR / A / NR / A NR / BB+ / NR / BB+RPTOR 2019-1 B 5.193 116.5 90.6 NR / BBB / NR / BBB- NR / B+ / NR / BRPTOR 2019-1 C 6.900 56.5 47.3 NR / BB / NR / BB- NR / CCC / NR / CCCTBOLT 2019-1 A 3.671 370.0 315.7 NR / NR / A / A NR / NR / A / A-TBOLT 2019-1 B 4.750 67.0 58.0 NR / NR / BBB / BBB NR / NR / BBB / BBB-






79


(%)Debt

IssuedDebt



(Moody's / S&P / Fitch / KBRA)TLWND 2019-1 A 3.967 510.0 341.5 NR / A / NR / A NR / BBB / NR / A-TLWND 2019-1 B 5.193 81.0 61.3 NR / BBB / NR / BBB NR / BB / NR / BBB-TLWND 2019-1 C 7.000 46.0 36.7 NR / BB / NR / BB- NR / B- / NR / CCCSTARR 2019-2 A 3.536 355.0 24.4 NR / NR / A / A NR / NR / B / BSTARR 2019-2 B 4.581 56.6 3.9 NR / NR / BBB / BBB NR / NR / B- / B-STARR 2019-2 C 6.656 34.7 2.0 NR / NR / BB / BB NR / NR / CCC / CCCAASET 2020-1 A 3.351 325.7 296.6 NR / NR / A / A NR / NR / A / BBB+AASET 2020-1 B 4.335 56.3 55.2 NR / NR / BBB / BBB NR / NR / BBB / BB+AASET 2020-1 C 6.413 26.9 27.3 NR / NR / BB / BB NR / NR / B / CCCSAPA 2020-1 A 3.228 490.0 418.1 NR / NR / A / A NR / NR / A / BBB+SAPA 2020-1 B 4.335 86.0 80.4 NR / NR / BBB / BBB NR / NR / BBB / BB+SAPA 2020-1 C 6.779 44.0 43.8 NR / NR / BB / BB NR / NR / B / CCCLUNAR 2020-1 A 3.376 325.8 158.6 NR / NR / A / A NR / NR / BBB / A-LUNAR 2020-1 B 4.335 53.6 26.4 NR / NR / BBB / BBB NR / NR / BB / BBB-LUNAR 2020-1 C 6.413 29.7 16.8 NR / NR / BB / BB NR / NR / B / CCCCLAST 2021-1 A 3.474 476.3 418.5 A2 / NR / NR / A A2 / NR / NR / ACLAST 2021-1 B 6.656 118.5 103.7 Baa2 / NR / NR / BBB Baa2 / NR / NR / BBBCLAST 2021-1 C 7.000 79.7 66.5 B2 / NR / NR / NR B2 / NR / NR / NRMAPS 2021-1 A 2.521 417.7 412.3 A1 / A / NR / NR A1 / A / NR / NRMAPS 2021-1 B 3.425 72.2 71.3 Baa1 / BBB / NR / NR Baa1 / BBB / NR / NRMAPS 2021-1 C 5.437 50.2 49.0 Ba1 / BB / NR / NR Ba1 / BB / NR / NRSLAM 2021-1 A 2.434 592.4 586.3 A1 / NR / NR / A A1 / NR / NR / ASLAM 2021-1 B 3.422 70.7 70.0 Baa1 / NR / NR / BBB Baa1 / NR / NR / BBBBBIRD 2021-1 A 2.443 630.0 626.7 NR / NR / NR / A A1 / NR / NR / ABBIRD 2021-1 B 3.446 115.0 115.0 Baa1 / NR / NR / BBB Baa1 / NR / NR / BBBCLAST 2017-1R A 2.741 315.0 315.0 NR / A / NR / A NR / A / NR / ACLAST 2017-1R B 3.924 75.0 75.0 NR / BBB / NR / BBB NR / BBB / NR / BBBCLAST 2017-1R C 6.500 60.0 60.0 NR / B- / NR / B NR / B- / NR / B




Western Passenger Fleet Data

80




Age Distribution of Parked Narrowbody Aircraft (%) of Aircraft Type (July 2021)


Aircraft Market Fundamentals

81

Aircraft Type0.0 - 4.9

years5.0 - 9.9

years10.0 - 14.9

years15.0 - 19.9

years20.0 - 24.9

years25.0 - 29.9

years≥ 30 years % Stored

TotalStored

TotalFleet

Avg. Fleet Age (yrs)

A320neo 92 (7%) 3 (12%) 7.4% 95 1,286 2A318 2 (18%) 0 (0%) 8.3% 2 24 16757-300 1 (3%) 4 (20%) 9.1% 5 55 20737-9 6 (9%) 9.4% 6 64 2A321neo 62 (11%) 1 (100%) 10.9% 63 577 2A220-300 13 (11%) 10.9% 13 119 2A220-100 4 (8%) 3 (60%) 13.0% 7 54 2737-800 28 (3%) 192 (10%) 190 (15%) 98 (21%) 121 (29%) 13.1% 629 4,806 10737-900/900ER 2 (2%) 50 (17%) 27 (28%) 12 (32%) 6 (46%) 17.5% 97 555 8A321 56 (13%) 112 (16%) 59 (20%) 48 (33%) 57 (55%) 13 (48%) 20.4% 345 1,690 9737-700 0 (0%) 1 (2%) 44 (15%) 94 (24%) 77 (36%) 22.5% 216 961 16A319 1 (4%) 7 (5%) 88 (25%) 117 (28%) 91 (32%) 1 (33%) 25.0% 305 1,221 16A320 55 (12%) 335 (22%) 326 (29%) 178 (33%) 106 (35%) 55 (42%) 26 (79%) 26.0% 1,081 4,154 12717 31 (41%) 31 (44%) 42.2% 62 147 19737-8 219 (45%) 0 (0%) 44.3% 219 494 3757-200 15 (58%) 60 (43%) 59 (57%) 21 (55%) 50.2% 155 309 25737-500 20 (41%) 48 (56%) 16 (76%) 53.8% 84 156 27737-400 15 (54%) 44 (55%) 22 (55%) 54.7% 81 148 28737-300 40 (43%) 57 (61%) 32 (71%) 55.6% 129 232 27737-600 1 (100%) 12 (57%) 5 (56%) 58.1% 18 31 18Other Narrowbody 22 (61%) 61.1% 22 36MD-80/90 41 (89%) 46 (61%) 89 (74%) 72.4% 176 243 29Total Narrowbody 538 (12%) 704 (15%) 737 (21%) 606 (28%) 674 (37%) 323 (54%) 228 (68%) 21.9% 3,810 17,362 11




Age Distribution of Parked Widebody Aircraft (%) of Aircraft Type (July 2021)


Aircraft Market Fundamentals

82

Aircraft Type0.0 - 4.9

years5.0 - 9.9

years10.0 - 14.9

years15.0 - 19.9

years20.0 - 24.9

years25.0 - 29.9

years≥ 30 years % Stored

TotalStored

TotalFleet

Avg. Fleet Age (yrs)

787-10 3 (5%) 4.9% 3 61 2787-9 52 (12%) 10 (7%) 11.0% 62 566 4A350-1000 7 (13%) 12.5% 7 56 2787-8 12 (19%) 44 (15%) 1 (33%) 15.6% 57 366 7777-300ER 6 (4%) 51 (14%) 51 (23%) 12 (26%) 15.7% 120 764 9A330-900neo 10 (18%) 17.5% 10 57 2A350-900 54 (16%) 14 (38%) 18.0% 68 378 3A330-300 14 (14%) 86 (30%) 70 (42%) 25 (29%) 30 (67%) 5 (100%) 33.1% 230 694 10767-300/300ER 9 (33%) 2 (6%) 14 (29%) 42 (38%) 41 (48%) 17 (49%) 36.5% 125 342 22777-200LR 0 (0%) 0 (0%) 18 (42%) 1 (50%) 37.3% 19 51 12767-400ER 10 (67%) 4 (18%) 37.8% 14 37 20Other Widebody 5 (71%) 9 (28%) 0 (0%) 4 (80%) 40.0% 18 45A340-300 2 (50%) 9 (45%) 17 (41%) 6 (67%) 45.9% 34 74 21A330-200 3 (11%) 43 (33%) 91 (53%) 66 (54%) 32 (73%) 47.4% 235 496 13A300/A310 1 (100%) 0 (0%) 11 (61%) 8 (38%) 47.6% 20 42 30777-200ER 7 (100%) 25 (68%) 73 (60%) 95 (50%) 56.2% 200 356 20767-200/200ER 0 (0%) 3 (43%) 9 (82%) 63.2% 12 19 28747-400 20 (95%) 33 (73%) 8 (67%) 3 (75%) 78.0% 64 82 22A380-800 20 (51%) 127 (91%) 58 (94%) 1 (100%) 85.1% 206 242 8A340-600 18 (95%) 33 (89%) 0 (0%) 89.5% 51 57 16777-300 19 (95%) 28 (88%) 90.4% 47 52 21A340-500 4 (80%) 11 (100%) 93.8% 15 16 16777-200 1 (100%) 4 (100%) 21 (100%) 14 (100%) 100.0% 40 40 23Total Widebody 186 (14%) 400 (27%) 341 (45%) 299 (54%) 305 (54%) 85 (59%) 41 (54%) 33.9% 1,657 4,893 11




Aircraft Operating Data & Fleet Statistics

83

Source: Cirium, Company Documents, Deutsche Bank

Airbus A319-100 Type Single-aisle (3x3 seats) Engines CFM (66%)/IAE (34%) Fleet/In-Service/Stored 1,217 / 928 / 289 (24%)Design Seats 124 2-class / 156 max Fuel/Thrust 8,000gal / 27,000lb x 2 Fleet Age/Backlog/Retired 16yrs / 2 (0%) / 179 (13%)Actual Seats 137 avg / 138 median Range 3,800nm (4,400mi / 7,000km) Operators: In-Service/Fleet/Total 91 / 124 / 125Deliveries 1996 - 2021 MTOW 166,400lb (75,500kg) HHI: In-Service/Fleet/Total 400 / 300 / 300

Length/Span 111ft (34m) / 117ft (36m) Marketability Grade/Outlook B+

Airbus A320-200 Type Single-aisle (3x3 seats) Engines CFM (59%)/IAE (41%) Fleet/In-Service/Stored 4,148 / 3,120 / 1,028 (25%)Design Seats 150 2-class / 189 max Fuel/Thrust 7,200gal / 27,000lb x 2 Fleet Age/Backlog/Retired 12yrs / 17 (0%) / 525 (11%)Actual Seats 171 avg / 174 median Range 3,400nm (3,900mi / 6,300km) Operators: In-Service/Fleet/Total 212 / 298 / 299Deliveries 1989 - 2020 MTOW 172,000lb (78,000kg) HHI: In-Service/Fleet/Total 100 / 100 / 100

Length/Span 123ft (38m) / 117ft (36m) Marketability Grade/Outlook A

Airbus A321-200 Type Single-aisle (3x3 seats) Engines CFM (36%)/IAE (64%) Fleet/In-Service/Stored 1,689 / 1,339 / 350 (21%)Design Seats 185 2-class / 230 max Fuel/Thrust 7,900gal / 33,000lb x 2 Fleet Age/Backlog/Retired 9yrs / 12 (1%) / 69 (4%)Actual Seats 194 avg / 190 median Range 3,200nm (3,700mi / 5,900km) Operators: In-Service/Fleet/Total 85 / 133 / 133Deliveries 1997 - 2021 MTOW 206,100lb (93,500kg) HHI: In-Service/Fleet/Total 500 / 400 / 400

Length/Span 146ft (45m) / 117ft (36m) Marketability Grade/Outlook A-

Airbus A319neo Type Single-aisle (3x3 seats) Engines CFM (83%)/PW (17%) Fleet/In-Service/Stored 0 / 0 / 0 (NA)Design Seats 140 2-class / 160 max Fuel/Thrust 7,100gal / 27,000lb x 2 Fleet Age/Backlog/Retired NA / 67 (NA) / 0 (NA)Actual Seats NA Range 3,700nm (4,300mi / 6,900km) Operators: In-Service/Fleet/Total NA / NA / 5Deliveries 2021 - MTOW 166,400lb (75,500kg) HHI: In-Service/Fleet/Total NA / NA / 4,300

Length/Span 111ft (34m) / 117ft (36m) Marketability Grade/Outlook B-

Airbus A320neo Type Single-aisle (3x3 seats) Engines CFM (54%)/PW (46%) Fleet/In-Service/Stored 1,295 / 1,198 / 97 (7%)Design Seats 165 2-class / 189 max Fuel/Thrust 7,100gal / 27,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 2,556 (>100%) / 0 (0%)Actual Seats 175 avg / 180 median Range 3,400nm (3,900mi / 6,300km) Operators: In-Service/Fleet/Total 87 / 91 / 119Deliveries 2016 - present MTOW 174,200lb (79,000kg) HHI: In-Service/Fleet/Total 300 / 300 / 300


Airbus A321neo Type Single-aisle (3x3 seats) Engines CFM (25%)/PW (75%) Fleet/In-Service/Stored 591 / 534 / 57 (10%)Design Seats 206 2-class / 240 max Fuel/Thrust 8,700gal / 35,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 2,972 (>100%) / 0 (0%)Actual Seats 196 avg / 200 median Range 4,000nm (4,600mi / 7,400km) Operators: In-Service/Fleet/Total 63 / 72 / 105Deliveries 2017 - present MTOW 213,800lb (97,000kg) HHI: In-Service/Fleet/Total 300 / 300 / 300


Airbus A330-200 Type Twin-aisle (2x4x2 seats) Engines GE (28%)/P&W (22%)/RR (50%) Fleet/In-Service/Stored 494 / 275 / 219 (44%)Design Seats 247 2-class / 406 max Fuel/Thrust 36,800gal / 72,000lb x 2 Fleet Age/Backlog/Retired 13yrs / 8 (2%) / 56 (10%)Actual Seats 263 avg / 265 median Range 7,300nm (8,300mi / 13,400km) Operators: In-Service/Fleet/Total 56 / 96 / 96Deliveries 1998 - 2019 MTOW 533,500lb (242,000kg) HHI: In-Service/Fleet/Total 400 / 200 / 200

Length/Span 192ft (58m) / 198ft (60m) Marketability Grade/Outlook C+





84


Airbus A330-300 Type Twin-aisle (2x4x2 seats) Engines GE (22%)/P&W (18%)/RR (60%) Fleet/In-Service/Stored 693 / 479 / 214 (31%)Design Seats 300 2-class / 440 max Fuel/Thrust 36,800gal / 72,000lb x 2 Fleet Age/Backlog/Retired 10yrs / 8 (1%) / 53 (7%)Actual Seats 298 avg / 294 median Range 6,400nm (7,300mi / 11,800km) Operators: In-Service/Fleet/Total 57 / 85 / 86Deliveries 1993 - 2021 MTOW 533,500lb (242,000kg) HHI: In-Service/Fleet/Total 300 / 200 / 200

Length/Span 209ft (64m) / 198ft (60m) Marketability Grade/Outlook B

Airbus A330-800 Type Twin-aisle (2x4x2 seats) Engines RR (100%) Fleet/In-Service/Stored 4 / 3 / 1 (25%)Design Seats 257 2-class / 406 max Fuel/Thrust 36,800gal / 72,000lb x 2 Fleet Age/Backlog/Retired 1yr / 11 (>100%) / 0 (0%)Actual Seats 243 avg / 235 median Range 8,200nm (9,400mi / 15,100km) Operators: In-Service/Fleet/Total 2 / 2 / 4Deliveries 2020 - present MTOW 533,400lb (241,900kg) HHI: In-Service/Fleet/Total 5,600 / 5,000 / 3,800


Airbus A330-900 Type Twin-aisle (2x4x2 seats) Engines RR (100%) Fleet/In-Service/Stored 57 / 48 / 9 (16%)Design Seats 310 2-class / 460 max Fuel/Thrust 36,800gal / 72,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 257 (>100%) / 0 (0%)Actual Seats 303 avg / 298 median Range 7,200nm (8,300mi / 13,300km) Operators: In-Service/Fleet/Total 11 / 13 / 25Deliveries 2018 - present MTOW 533,400lb (241,900kg) HHI: In-Service/Fleet/Total 2,000 / 1,600 / 1,100


Airbus A350-900 Type Twin-aisle (3x3x3 seats) Engines RR (100%) Fleet/In-Service/Stored 379 / 318 / 61 (16%)Design Seats 315 2-class / 440 max Fuel/Thrust 37,200gal / 84,000lb x 2 Fleet Age/Backlog/Retired 3yrs / 362 (96%) / 0 (0%)Actual Seats 304 avg / 305 median Range 8,100nm (9,300mi / 15,000km) Operators: In-Service/Fleet/Total 29 / 39 / 49Deliveries 2014 - present MTOW 617,300lb (280,000kg) HHI: In-Service/Fleet/Total 700 / 500 / 400


Airbus A350-1000 Type Twin-aisle (3x3x3 seats) Engines RR (100%) Fleet/In-Service/Stored 56 / 49 / 7 (13%)Design Seats 369 2-class / 440 max Fuel/Thrust 42,000gal / 97,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 112 (>100%) / 0 (0%)Actual Seats 335 avg / 331 median Range 8,400nm (9,700mi / 15,600km) Operators: In-Service/Fleet/Total 5 / 6 / 13Deliveries 2018 - present MTOW 696,600lb (316,000kg) HHI: In-Service/Fleet/Total 2,600 / 2,300 / 1,300


Airbus A380-800 Type Twin-aisle (3x4x3 seats) Engines RR (43%)/EA (57%) Fleet/In-Service/Stored 242 / 39 / 203 (84%)Design Seats 555 3-class / 853 max Fuel/Thrust 84,600gal / 72,000lb x 4 Fleet Age/Backlog/Retired 8yrs / 3 (1%) / 6 (2%)Actual Seats 510 avg / 516 median Range 8,200nm (9,400mi / 15,200km) Operators: In-Service/Fleet/Total 4 / 16 / 16Deliveries 2007 - 2021 MTOW 1,268,000lb (575,200kg) HHI: In-Service/Fleet/Total 6,500 / 2,600 / 2,700

Length/Span 239ft (73m) / 262ft (80m) Marketability Grade/Outlook C-





85


Type Single-aisle (2x3 seats) Engines RR (100%) Fleet/In-Service/Stored 147 / 86 / 61 (41%)Design Seats 106 2-class / 134 max Fuel/Thrust 3,700gal / 21,000lb x 2 Fleet Age/Backlog/Retired 20yrs / 0 (0%) / 8 (5%)Actual Seats 115 avg / 110 median Range 1,600nm (1,900mi / 3,000km) Operators: In-Service/Fleet/Total 3 / 5 / 5Deliveries 1999 - 2006 MTOW 121,000lb (54,900kg) HHI: In-Service/Fleet/Total 4,500 / 4,300 / 4,500

Length/Span 124ft (38m) / 93ft (28m) Marketability Grade/Outlook C Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 233 / 100 / 133 (57%)Design Seats 126 2-class / 149 max Fuel/Thrust 5,300gal / 22,000lb x 2 Fleet Age/Backlog/Retired 27yrs / 0 (0%) / 637 (68%)Actual Seats 139 avg / 143 median Range 2,200nm (2,500mi / 4,100km) Operators: In-Service/Fleet/Total 44 / 93 / 93Deliveries 1984 - 1999 MTOW 138,500lb (62,800kg) HHI: In-Service/Fleet/Total 400 / 200 / 400

Length/Span 110ft (33m) / 95ft (29m) Marketability Grade/Outlook C Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 148 / 70 / 78 (53%)Design Seats 147 2-class / 189 max Fuel/Thrust 5,300gal / 23,000lb x 2 Fleet Age/Backlog/Retired 28yrs / 0 (0%) / 111 (37%)Actual Seats 154 avg / 158 median Range 2,000nm (2,300mi / 3,700km) Operators: In-Service/Fleet/Total 26 / 60 / 60Deliveries 1988 - 2000 MTOW 150,000lb (68,000kg) HHI: In-Service/Fleet/Total 900 / 400 / 900

Length/Span 120ft (36m) / 95ft (29m) Marketability Grade/Outlook C Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 31 / 12 / 19 (61%)Design Seats 120 2-class / 138 max Fuel/Thrust 6,900gal / 22,000lb x 2 Fleet Age/Backlog/Retired 18yrs / 0 (0%) / 38 (55%)Actual Seats 117 avg / 126 median Range 2,500nm (2,900mi / 4,700km) Operators: In-Service/Fleet/Total 3 / 4 / 4Deliveries 1998 - 2006 MTOW 145,500lb (66,000kg) HHI: In-Service/Fleet/Total 3,800 / 2,900 / 3,800

Length/Span 102ft (31m) / 113ft (34m) Marketability Grade/Outlook C+ Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 961 / 769 / 192 (20%)Design Seats 141 2-class / 149 max Fuel/Thrust 6,900gal / 26,000lb x 2 Fleet Age/Backlog/Retired 16yrs / 0 (0%) / 144 (13%)Actual Seats 139 avg / 143 median Range 2,700nm (3,100mi / 5,000km) Operators: In-Service/Fleet/Total 57 / 86 / 86Deliveries 1997 - 2018 MTOW 154,500lb (70,100kg) HHI: In-Service/Fleet/Total 3,100 / 2,600 / 3,100


Boeing 737-800 Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 4,804 / 4,237 / 567 (12%)Design Seats 178 2-class / 189 max Fuel/Thrust 6,900gal / 28,000lb x 2 Fleet Age/Backlog/Retired 10yrs / 2 (0%) / 56 (1%)Actual Seats 175 avg / 175 median Range 2,700nm (3,100mi / 5,000km) Operators: In-Service/Fleet/Total 174 / 247 / 246Deliveries 1998 - 2020 MTOW 174,200lb (79,000kg) HHI: In-Service/Fleet/Total 200 / 200 / 200


Boeing 737-900ER Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 505 / 437 / 68 (13%)Design Seats 193 2-class / 220 max Fuel/Thrust 6,900gal / 28,000lb x 2 Fleet Age/Backlog/Retired 7yrs / 0 (0%) / 0 (0%)Actual Seats 184 avg / 180 median Range 2,700nm (3,100mi / 5,000km) Operators: In-Service/Fleet/Total 17 / 24 / 24Deliveries 2007 - 2019 MTOW 187,700lb (85,100kg) HHI: In-Service/Fleet/Total 2,200 / 1,900 / 2,200


Boeing 717-200

Boeing 737-300

Boeing 737-400

Boeing 737-600

Boeing 737-700





86


Boeing 737 MAX 7 Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 0 / 0 / 0 (NA)Design Seats 153 2-class / 172 max Fuel/Thrust 6,800gal / 26,000lb x 2 Fleet Age/Backlog/Retired NA / 239 (NA) / 0 (NA)Actual Seats NA Range 3,800nm (4,300mi / 7,000km) Operators: In-Service/Fleet/Total NA / NA / 2Deliveries 2022 - MTOW 177,000lb (80,300kg) HHI: In-Service/Fleet/Total NA / NA / 9,400


Boeing 737 MAX 8 Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 504 / 295 / 209 (41%)Design Seats 178 2-class / 189 max Fuel/Thrust 6,800gal / 28,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 2,331 (>100%) / 0 (0%)Actual Seats 174 avg / 174 median Range 3,200nm (3,700mi / 6,000km) Operators: In-Service/Fleet/Total 34 / 63 / 107Deliveries 2017 - present MTOW 181,200lb (82,200kg) HHI: In-Service/Fleet/Total 1,000 / 400 / 300


Boeing 737 MAX 9 Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 64 / 58 / 6 (9%)Design Seats 193 2-class / 220 max Fuel/Thrust 6,800gal / 28,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 103 (>100%) / 0 (0%)Actual Seats 175 avg / 179 median Range 3,300nm (3,800mi / 6,100km) Operators: In-Service/Fleet/Total 7 / 9 / 15Deliveries 2018 - present MTOW 194,700lb (88,300kg) HHI: In-Service/Fleet/Total 3,300 / 2,800 / 3,100


Boeing 737 MAX 10 Type Single-aisle (3x3 seats) Engines CFM (100%) Fleet/In-Service/Stored 0 / 0 / 0 (NA)Design Seats 204 2-class / 230 max Fuel/Thrust 6,800gal / 28,000lb x 2 Fleet Age/Backlog/Retired NA / 553 (NA) / 0 (NA)Actual Seats NA Range 3,100nm (3,600mi / 5,800km) Operators: In-Service/Fleet/Total NA / NA / 17Deliveries 2023 - MTOW 197,900lb (89,800kg) HHI: In-Service/Fleet/Total NA / NA / 2,200


Boeing 747-400 Type Twin-aisle (3x4x3 seats) Engines GE (38%)/P&W (36%)/RR (26%) Fleet/In-Service/Stored 80 / 20 / 60 (75%)Design Seats 344 3-class / 660 max Fuel/Thrust 57,300gal / 63,000lb x 4 Fleet Age/Backlog/Retired 23yrs / 0 (0%) / 312 (67%)Actual Seats 444 avg / 462 median Range 7,200nm (8,300mi / 13,400km) Operators: In-Service/Fleet/Total 6 / 25 / 25Deliveries 1989 - 2005 MTOW 875,000lb (396,900kg) HHI: In-Service/Fleet/Total 2,800 / 700 / 2,800

Length/Span 232ft (71m) / 211ft (64m) Marketability Grade/Outlook C-

Boeing 747-8 Type Twin-aisle (3x4x3 seats) Engines GE (100%) Fleet/In-Service/Stored 35 / 26 / 9 (26%)Design Seats 410 3-class / 605 max Fuel/Thrust 63,000gal / 67,000lb x 4 Fleet Age/Backlog/Retired 7yrs / 0 (0%) / 0 (0%)Actual Seats 365 avg / 364 median Range 7,700nm (8,900mi / 14,300km) Operators: In-Service/Fleet/Total 3 / 3 / 3Deliveries 2012 - 2017 MTOW 987,000lb (447,700kg) HHI: In-Service/Fleet/Total 5,400 / 4,100 / 5,400

Length/Span 250ft (76m) / 225ft (69m) Marketability Grade/Outlook C





87


Type Single-aisle (3x3 seats) Engines P&W (49%)/RR (51%) Fleet/In-Service/Stored 308 / 163 / 145 (47%)Design Seats 195 2-class / 239 max Fuel/Thrust 11,500gal / 44,000lb x 2 Fleet Age/Backlog/Retired 25yrs / 0 (0%) / 265 (44%)Actual Seats 184 avg / 199 median Range 4,000nm (4,600mi / 7,400km) Operators: In-Service/Fleet/Total 15 / 38 / 38Deliveries 1982 - 2005 MTOW 255,000lb (115,700kg) HHI: In-Service/Fleet/Total 3,800 / 1,700 / 3,800


Boeing 757-300 Type Single-aisle (3x3 seats) Engines P&W (29%)/RR (71%) Fleet/In-Service/Stored 55 / 52 / 3 (5%)Design Seats 234 2-class / 295 max Fuel/Thrust 11,500gal / 44,000lb x 2 Fleet Age/Backlog/Retired 20yrs / 0 (0%) / 0 (0%)Actual Seats 245 avg / 234 median Range 3,400nm (3,900mi / 6,300km) Operators: In-Service/Fleet/Total 5 / 5 / 5Deliveries 1999 - 2004 MTOW 273,000lb (123,800kg) HHI: In-Service/Fleet/Total 3,000 / 2,900 / 3,000

Length/Span 179ft (54m) / 125ft (38m) Marketability Grade/Outlook C Type Twin-aisle (2x3x2 seats) Engines GE (67%)/P&W (33%) Fleet/In-Service/Stored 17 / 7 / 10 (59%)Design Seats 192 2-class / 290 max Fuel/Thrust 24,000gal / 62,000lb x 2 Fleet Age/Backlog/Retired 28yrs / 0 (0%) / 89 (62%)Actual Seats 227 avg / 218 median Range 6,400nm (7,400mi / 11,900km) Operators: In-Service/Fleet/Total 4 / 9 / 9Deliveries 1984 - 2008 MTOW 395,000lb (179,200kg) HHI: In-Service/Fleet/Total 3,100 / 1,500 / 3,100


Boeing 767-300ER Type Twin-aisle (2x3x2 seats) Engines GE (62%)/P&W (33%)/RR (5%) Fleet/In-Service/Stored 329 / 218 / 111 (34%)Design Seats 229 2-class / 351 max Fuel/Thrust 24,000gal / 63,000lb x 2 Fleet Age/Backlog/Retired 22yrs / 0 (0%) / 88 (20%)Actual Seats 237 avg / 226 median Range 5,600nm (6,400mi / 10,400km) Operators: In-Service/Fleet/Total 33 / 62 / 62Deliveries 1988 - 2014 MTOW 412,000lb (186,900kg) HHI: In-Service/Fleet/Total 900 / 600 / 900


Boeing 767-400ER Type Twin-aisle (2x3x2 seats) Engines GE (100%) Fleet/In-Service/Stored 37 / 26 / 11 (30%)Design Seats 267 2-class / 375 max Fuel/Thrust 24,000gal / 64,000lb x 2 Fleet Age/Backlog/Retired 20yrs / 0 (0%) / 0 (0%)Actual Seats 239 avg / 238 median Range 5,400nm (6,200mi / 9,900km) Operators: In-Service/Fleet/Total 2 / 2 / 2Deliveries 2000 - 2002 MTOW 450,000lb (204,100kg) HHI: In-Service/Fleet/Total 6,100 / 5,100 / 6,100


Boeing 777-200ER Type Twin-aisle (3x4x3 seats) Engines GE (39%)/P&W (22%)/RR (39%) Fleet/In-Service/Stored 356 / 162 / 194 (54%)Design Seats 313 2-class / 440 max Fuel/Thrust 45,200gal / 94,000lb x 2 Fleet Age/Backlog/Retired 20yrs / 0 (0%) / 51 (12%)Actual Seats 292 avg / 276 median Range 7,100nm (8,100mi / 13,100km) Operators: In-Service/Fleet/Total 16 / 42 / 42Deliveries 1997 - 2013 MTOW 656,000lb (297,600kg) HHI: In-Service/Fleet/Total 1,600 / 700 / 1,600


Boeing 777-200LR Type Twin-aisle (3x4x3 seats) Engines GE (100%) Fleet/In-Service/Stored 51 / 33 / 18 (35%)Design Seats 317 2-class / 440 max Fuel/Thrust 47,900gal / 115,000lb x 2 Fleet Age/Backlog/Retired 12yrs / 0 (0%) / 5 (9%)Actual Seats 292 avg / 302 median Range 8,600nm (9,800mi / 15,800km) Operators: In-Service/Fleet/Total 7 / 10 / 10Deliveries 2006 - 2014 MTOW 766,000lb (347,500kg) HHI: In-Service/Fleet/Total 2,200 / 1,400 / 2,200


Boeing 757-200

Boeing 767-200ER





88


Boeing 777-300ER Type Twin-aisle (3x4x3 seats) Engines GE (100%) Fleet/In-Service/Stored 764 / 654 / 110 (14%)Design Seats 396 2-class / 550 max Fuel/Thrust 47,900gal / 115,000lb x 2 Fleet Age/Backlog/Retired 9yrs / 11 (1%) / 18 (2%)Actual Seats 350 avg / 354 median Range 7,400nm (8,500mi / 13,600km) Operators: In-Service/Fleet/Total 31 / 47 / 47Deliveries 2004 - 2021 MTOW 775,000lb (351,500kg) HHI: In-Service/Fleet/Total 600 / 500 / 500


Boeing 777-8 Type Twin-aisle (3x4x3 seats) Engines GE (100%) Fleet/In-Service/Stored 0 / 0 / 0 (NA)Design Seats 365 2-class / 495 max Fuel/Thrust 55,100gal / 105,000lb x 2 Fleet Age/Backlog/Retired NA / 32 (NA) / 0 (NA)Actual Seats NA Range 8,700nm (10,000mi / 16,100km) Operators: In-Service/Fleet/Total NA / NA / 3Deliveries 2026 - MTOW 775,000lb (351,500kg) HHI: In-Service/Fleet/Total NA / NA / 3,500


Boeing 777-9 Type Twin-aisle (3x4x3 seats) Engines GE (100%) Fleet/In-Service/Stored 0 / 0 / 0 (NA)Design Seats 414 2-class / 495 max Fuel/Thrust 55,100gal / 105,000lb x 2 Fleet Age/Backlog/Retired NA / 278 (NA) / 0 (NA)Actual Seats NA Range 7,500nm (8,700mi / 13,900km) Operators: In-Service/Fleet/Total NA / NA / 8Deliveries 2023 - MTOW 775,000lb (351,500kg) HHI: In-Service/Fleet/Total NA / NA / 2,000


Boeing 787-8 Type Twin-aisle (3x3x3 seats) Engines GE (60%)/RR (40%) Fleet/In-Service/Stored 366 / 314 / 52 (14%)Design Seats 242 2-class / 381 max Fuel/Thrust 33,300gal / 70,000lb x 2 Fleet Age/Backlog/Retired 7yrs / 39 (11%) / 0 (0%)Actual Seats 252 avg / 254 median Range 7,400nm (8,500mi / 13,600km) Operators: In-Service/Fleet/Total 35 / 40 / 43Deliveries 2011 - present MTOW 502,500lb (227,900kg) HHI: In-Service/Fleet/Total 500 / 500 / 500


Boeing 787-9 Type Twin-aisle (3x3x3 seats) Engines GE (60%)/RR (40%) Fleet/In-Service/Stored 566 / 507 / 59 (10%)Design Seats 290 2-class / 420 max Fuel/Thrust 33,400gal / 76,000lb x 2 Fleet Age/Backlog/Retired 4yrs / 320 (57%) / 0 (0%)Actual Seats 282 avg / 287 median Range 7,600nm (8,800mi / 14,100km) Operators: In-Service/Fleet/Total 46 / 61 / 74Deliveries 2014 - present MTOW 560,000lb (254,000kg) HHI: In-Service/Fleet/Total 400 / 300 / 300


Boeing 787-10 Type Twin-aisle (3x3x3 seats) Engines GE (50%)/RR (50%) Fleet/In-Service/Stored 61 / 60 / 1 (2%)Design Seats 330 2-class / 440 max Fuel/Thrust 33,400gal / 76,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 125 (>100%) / 0 (0%)Actual Seats 333 avg / 337 median Range 6,400nm (7,400mi / 11,900km) Operators: In-Service/Fleet/Total 9 / 9 / 14Deliveries 2018 - present MTOW 560,000lb (254,000kg) HHI: In-Service/Fleet/Total 1,600 / 1,600 / 900






89


Type Single-aisle (3x2 seats) Engines PW (100%) Fleet/In-Service/Stored 54 / 47 / 7 (13%)Design Seats 120 2-class / 135 max Fuel/Thrust 5,800 / 23,000lb x 2 Fleet Age/Backlog/Retired 3yrs / 34 (63%) / 0 (0%)Actual Seats 112 avg / 109 median Range 3,000nm (3,400mi / 5,500km) Operators: In-Service/Fleet/Total 2 / 3 / 8Deliveries 2016 - present MTOW 134,000lb (60,800kg) HHI: In-Service/Fleet/Total 6,900 / 6,100 / 3,000

Length/Span 115ft (35m) / 115ft (35m) Marketability Grade/Outlook C+ Type Single-aisle (3x2 seats) Engines PW (100%) Fleet/In-Service/Stored 123 / 114 / 9 (7%)Design Seats 140 2-class / 160 max Fuel/Thrust 5,800 / 23,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 430 (>100%) / 0 (0%)Actual Seats 140 avg / 140 median Range 3,400nm (3,900mi / 6,300km) Operators: In-Service/Fleet/Total 10 / 13 / 24Deliveries 2016 - present MTOW 156,000lb (70,800kg) HHI: In-Service/Fleet/Total 1,600 / 1,500 / 800

Length/Span 127ft (39m) / 115ft (35m) Marketability Grade/Outlook B Type Single-aisle (2x2 seats) Engines GE (100%) Fleet/In-Service/Stored 584 / 338 / 246 (42%)Design Seats 50 1-class / 50 max Fuel/Thrust 2,200gal / 9,000lb x 2 Fleet Age/Backlog/Retired 19yrs / 0 (0%) / 187 (22%)Actual Seats 50 avg / 50 median Range 1,700nm (2,000mi / 3,100km) Operators: In-Service/Fleet/Total 30 / 50 / 50Deliveries 1992 - 2006 MTOW 53,000lb (24,000kg) HHI: In-Service/Fleet/Total 2,500 / 1,800 / 1,800

Length/Span 88ft (27m) / 70ft (21m) Marketability Grade/Outlook C Type Single-aisle (2x2 seats) Engines GE (100%) Fleet/In-Service/Stored 249 / 195 / 54 (22%)Design Seats 70 1-class / 78 max Fuel/Thrust 2,900gal / 14,000lb x 2 Fleet Age/Backlog/Retired 16yrs / 0 (0%) / 20 (7%)Actual Seats 67 avg / 69 median Range 1,400nm (1,600mi / 2,600km) Operators: In-Service/Fleet/Total 9 / 17 / 16Deliveries 2001 - 2018 MTOW 75,000lb (34,000kg) HHI: In-Service/Fleet/Total 2,000 / 1,700 / 1,700

Length/Span 106ft (32m) / 76ft (23m) Marketability Grade/Outlook C+ Type Single-aisle (2x2 seats) Engines GE (100%) Fleet/In-Service/Stored 489 / 408 / 81 (17%)Design Seats 88 1-class / 90 max Fuel/Thrust 2,900gal / 15,000lb x 2 Fleet Age/Backlog/Retired 10yrs / 0 (0%) / 2 (0%)Actual Seats 79 avg / 76 median Range 1,600nm (1,800mi / 2,900km) Operators: In-Service/Fleet/Total 20 / 27 / 27Deliveries 2003 - 2021 MTOW 84,500lb (38,300kg) HHI: In-Service/Fleet/Total 1,400 / 1,300 / 1,300

Length/Span 119ft (36m) / 82ft (25m) Marketability Grade/Outlook B- Type Single-aisle (1x2 seats) Engines RR (100%) Fleet/In-Service/Stored 494 / 298 / 196 (40%)Design Seats 50 1-class / 50 max Fuel/Thrust 1,700gal / 8,000lb x 2 Fleet Age/Backlog/Retired 19yrs / 0 (0%) / 120 (17%)Actual Seats 49 avg / 50 median Range 1,600nm (1,800mi / 2,900km) Operators: In-Service/Fleet/Total 53 / 82 / 82Deliveries 1996 - 2011 MTOW 48,500lb (22,000kg) HHI: In-Service/Fleet/Total 1,200 / 1,300 / 1,300

Length/Span 98ft (30m) / 66ft (20m) Marketability Grade/Outlook C Type Single-aisle (2x2 seats) Engines GE (100%) Fleet/In-Service/Stored 160 / 130 / 30 (19%)Design Seats 72 1-class / 78 max Fuel/Thrust 3,100gal / 14,000lb x 2 Fleet Age/Backlog/Retired 15yrs / 0 (0%) / 29 (15%)Actual Seats 73 avg / 75 median Range 2,200nm (2,500mi / 4,000km) Operators: In-Service/Fleet/Total 13 / 25 / 25Deliveries 2005 - 2018 MTOW 82,000lb (37,200kg) HHI: In-Service/Fleet/Total 2,500 / 1,800 / 1,800


Bombardier CRJ-900

Airbus A220-100

Airbus A220-300

Bombardier CRJ-200

Bombardier CRJ-700

Embraer ERJ-145

Embraer 170





90


Type Single-aisle (2x2 seats) Engines GE (100%) Fleet/In-Service/Stored 674 / 648 / 26 (4%)Design Seats 78 1-class / 88 max Fuel/Thrust 3,100gal / 14,000lb x 2 Fleet Age/Backlog/Retired 6yrs / 148 (22%) / 1 (0%)Actual Seats 75 avg / 76 median Range 2,200nm (2,500mi / 4,000km) Operators: In-Service/Fleet/Total 14 / 22 / 22Deliveries 2005 - present MTOW 82,700lb (37,500kg) HHI: In-Service/Fleet/Total 2,000 / 1,800 / 2,100

Length/Span 104ft (32m) / 94ft (29m) Marketability Grade/Outlook B Type Single-aisle (2x2 seats) Engines GE (100%) Fleet/In-Service/Stored 527 / 376 / 151 (29%)Design Seats 100 1-class / 114 max Fuel/Thrust 4,300gal / 20,000lb x 2 Fleet Age/Backlog/Retired 11yrs / 3 (1%) / 28 (5%)Actual Seats 101 avg / 100 median Range 2,400nm (2,800mi / 4,400km) Operators: In-Service/Fleet/Total 42 / 63 / 64Deliveries 2005 - 2020 MTOW 114,200lb (51,800kg) HHI: In-Service/Fleet/Total 600 / 400 / 400

Length/Span 119ft (36m) / 94ft (29m) Marketability Grade/Outlook C+ Type Single-aisle (2x2 seats) Engines GE (100%) Fleet/In-Service/Stored 166 / 143 / 23 (14%)Design Seats 116 1-class / 124 max Fuel/Thrust 4,300gal / 20,000lb x 2 Fleet Age/Backlog/Retired 9yrs / 0 (0%) / 2 (1%)Actual Seats 120 avg / 118 median Range 2,000nm (2,300mi / 3,700km) Operators: In-Service/Fleet/Total 18 / 23 / 23Deliveries 2006 - 2019 MTOW 115,300lb (52,300kg) HHI: In-Service/Fleet/Total 1,400 / 1,300 / 1,300

Length/Span 127ft (39m) / 94ft (29m) Marketability Grade/Outlook C+ Type Single-aisle (2x2 seats) Engines PW (100%) Fleet/In-Service/Stored 0 / 0 / 0 (NA)Design Seats 88 1-class / 90 max Fuel/Thrust 2,800gal / 17,000lb x 2 Fleet Age/Backlog/Retired NA / 0 (NA) / 0 (NA)Actual Seats NA Range 2,100nm (2,400mi / 3,800km) Operators: In-Service/Fleet/Total NA / NA / 0Deliveries 2026 - MTOW 98,800lb (44,800kg) HHI: In-Service/Fleet/Total NA / NA / NA

Length/Span 104ft (32m) / 94ft (29m) Marketability Grade/Outlook NA Type Single-aisle (2x2 seats) Engines PW (100%) Fleet/In-Service/Stored 19 / 16 / 3 (16%)Design Seats 106 1-class / 114 max Fuel/Thrust 4,300gal / 23,000lb x 2 Fleet Age/Backlog/Retired 2yrs / 5 (26%) / 0 (0%)Actual Seats 109 avg / 110 median Range 2,900nm (3,300mi / 5,300km) Operators: In-Service/Fleet/Total 3 / 8 / 8Deliveries 2018 - present MTOW 124,300lb (56,400kg) HHI: In-Service/Fleet/Total 3,800 / 2,800 / 1,900

Length/Span 119ft (36m) / 94ft (29m) Marketability Grade/Outlook C+ Type Single-aisle (2x2 seats) Engines PW (100%) Fleet/In-Service/Stored 28 / 28 / 0 (0%)Design Seats 116 1-class / 146 max Fuel/Thrust 4,300gal / 23,000lb x 2 Fleet Age/Backlog/Retired 1yr / 155 (>100%) / 0 (0%)Actual Seats 132 avg / 132 median Range 2,600nm (3,000mi / 4,800km) Operators: In-Service/Fleet/Total 6 / 6 / 11Deliveries 2019 - present MTOW 135,600lb (61,500kg) HHI: In-Service/Fleet/Total 2,000 / 2,000 / 2,100


Embraer 190-E2

Embraer 195-E2

Embraer 175

Embraer 190

Embraer 195

Embraer 175-E2




Definition:

• Type: Arrangement of seats on either side of the aisle(s) in a typical coach configuration.• Design Seats: Manufacturer's indicative seating in one, two or three-class configuration / Maximum one-class seating

based on government regulations (i.e., exit limits) or technical limitations.• Actual Seats: The average and median of the estimated in-use seating capacity of each aircraft in the current fleet.• Deliveries: Years that the aircraft was delivered to customers or is expected to be delivered to commercial customers.

This number may differ from the first and/or last build year.• List Price: Manufacturer's list price (for in-production and offered aircraft only).• Engines: Division of engine type by number of units for current fleet and aircraft on order.• Fuel/Thrust: Fuel capacity of aircraft (rounded to nearest hundreds) / Maximum specified thrust available on aircraft

variant (rounded to nearest thousands) x number of engines.• Range: Manufacturer's specified range of most capable version of aircraft type in nautical miles and equivalents.• MTOW: Manufacturer's specified maximum takeoff weight. Length/Span: Exterior length of aircraft and its wingspan.• Fleet/In-Service/Stored: Number of aircraft that are in-service or stored / Number of aircraft in-service / Number of aircraft

stored but not yet permanently retired (all numbers from Cirium).• Fleet Age/Backlog (%)/Retired (%): Average age of fleet / Aircraft on order but not delivered (backlog as a % of the total

fleet) / Aircraft retired or scrapped, excluding conversions (retired/scrapped as % of all aircraft built)• Operators: In-Service/Fleet/Total: Number of operators with aircraft in-service/Number of operators with aircraft in-service

or parked/Number of operators with aircraft in-service, parked or on order.• HHI: In-Service/Fleet/Total: The HHI of the aircraft type calculated for (1) all planes in-service; (2) all planes in-service and

parked and (3) all planes in-service, parked and on order. HHI (Herfindahl-Hirschman Index) measures concentration -from 10,000 (one operator has 100% of fleet) to near zero (a large number of operators with a small number of aircrafteach).

• Grade/Outlook: The marketability of the type ranging from 0.0 ("F") to 4.0 ("A"). Evaluates the relative difficulty of placingan aircraft type. Outlook is potential direction of grade in 1-3 years.

Notes:

• Cirium data is as of August 31, 2021.

Notes to Aircraft Operating Data & Fleet Statistics




15/09/2021 13:01:26 2010 DB Blue template

Appendix 1Important Disclosures*Other information available upon request

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92

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https://research.db.com/Research/Disclosures/CompanySearch

https://research.db.com/Research/



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