FINTECH AVIATION SERVICES. Asset Management Services for lessors, financiers and equity providers

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2 FINTECH AVIATION SERVICES Trading successfully for over 10 years we offer the following services to lessors, operators, debt and equity providers. Appraisal Services Specialist in Single Aisle Aircraft appraisals Maintenance Adjusted Desk Top Appraisals Aircraft Audit and Desk Top Adjusted Appraisals Provision of Expert Witness assistance Asset Management Services for lessors, financiers and equity providers Management of 17 aircraft including Q400, E 175 and CRJ 1000 aircraft On Line Client Data Base Monthly Reporting Maintenance Reserve Account tracking and processing Ad Hoc Inspections Tailored detailed inspection reports for varying types of clients Experienced engineers

3 THE SINGLE AISLE AIRCRAFT VALUE GUIDE THE ONLY GUIDE DEDICATED TO THE LARGEST MARKET SECTOR! Covers all popular, financeable, Single-Aisle, Regional Jet and Turbo-Prop Aircraft in detail. Valuations of over 95 different Single-Aisle Aircraft variants. Market commentary provided for each Aircraft type. Comprehensive review of Aircraft programme including comparable market metrics. Details of Aircraft specification options affecting values such as MTOWs, engine selection, winglets provided. Value matrices provided for most popular variants. Value matrices provided for most popular engine variants. Value matrices provided for different winglet options including Airbus Sharklets, Boeing APB and Scimitar models. Future Values provided for each variant at 1.5% inflation. Specific Economic life assigned against each Aircraft type. Country importation age limits modelled. End of line Effect future value effects modelled. Actual or estimated List Pricing. New Aircraft types introduced prior to delivery. Operating lease rate ranges provided for each model. Budgetary maintenance costs provided for each Aircraft type ISTAT value definitions utilised including Current, Base and Future Values in USD m. Data sourced from OEMs, operators, lessors, brokers, financiers, MRO service providers, Aero Transport Data Bank and Air Fax. Published on the 30th June and 31 st December. Available in hard copy or pdf. Value charts in Excel included. Instant download from web site ( Produced by Fintech Aviation Services Provider of Appraisal and Technical Management services

4 Table of Contents Introduction 10 Assumptions 10 Types of Values 11 Current Market Value 11 Base Value 12 Future Value 12 Lease Rates 12 Methodology 12 Maintenance Costs 13 Data Sources 13 Additional Information 13 Contact 13 Turbo Props ATR 15 ATR MARKET REVIEW 17 ATR Values & LR 18 ATR MARKET REVIEW 19 ATR Values & LR 20 ATR72-212A (500) MARKET REVIEW 21 ATR A (500) Values & LR 22 ATR (600) MARKET REVIEW 23 ATR (600) Values & LR 24 BOMBARDIER 25 DASH 8-Q300 MARKET REVIEW 27 DASH 8 Q311 Values & LR 28 DASH 8-Q400 MARKET REVIEW 29 DASH Values & LR 30

5 Jet Aircraft AIRBUS 31 A318 MARKET REVIEW 33 59, , CFM56 5B8/3 Values & LR 34 59, , PW6122 Values 35 75, V2524 A5 (Select One) Sharklets Values 47 75, V2524 A5 (Select One) Values 48 75, CFM56 5B7/3 PIP Sharklets Values 49 75, CFM56 5B7/3 PIP Values 50 64, , CFM56 5B9/3 Values 36 A319 MARKET REVIEW 37 64, ,095 CFM56 5B5/3 PIP Sharklets Values 38 64, ,095 CFM56 5B5/3 PIP Values 39 64, ,095 CFM56 5B5/3 PIP Double Exit Values 40 64, ,095 V2522 A5 (Select One) Sharklets Values 41 64, ,095 V2522 A5 (Select One) Values 42 70, CFM56 5B6/3 PIP Sharklets Values 43 70, CFM56 5B6/3 PIP Values 44 70, V2522 A5 (Select One) Sharklets Values 45 A320 MARKET REVIEW 51 73, V2527 A5 (Select One) Sharklets Values 52 73, V2527 A5 (Select One) Values 53 73, CFM56 5B4/3 PIP Sharklets Values 54 73, CFM56 5B4/3 PIP Values 55 75, V2527 A5 (Select One) Sharklets Values 56 75, V2527 A5 (Select One) Values 57 75, CFM56 5B6/3 PIP Sharklets Values 58 75, CFM56 5B6/3 PIP Values 59 70, V2522 A5 (Select One) Values 46

6 77, V2527 A5 (Select One) Sharklets Values 60 77, V2527 A5 (Select One) Values 61 77, CFM56 5B4/3 PIP Sharklets Values & LR 62 BOEING 73 B MARKET REVIEW 75 54, RR BR A1 30 Values & LR 76 77, CFM56 5B4/3 PIP Values 63 B MARKET REVIEW 77 A320neo MARKET REVIEW 65 59, ,840 7B20/3 Values & LR PW1127G Sharklets Values & LR 66 B MARKET REVIEW 79 A MARKET REVIEW 67 89, CFM56 5B3/3 PIP Sharklets Values 68 89, CFM56 5B3/3 PIP Values 69 62, ,500 CFM56 7B20E Blended Values 80 62, ,500 CFM56 7B20E Scimitar Values 81 62, ,500 CFM56 7B20E Values 82 93, V2533 A5 (Select One) Sharklets Values & LR 70 93, V2533 A5 (Select One) Values 71 62, ,500 CFM56 7B22E Blended Values 83 62, ,500 CFM56 7B22E Scimitar Values 84 62, ,500 CFM56 7B22E Values 85 70, ,500 CFM56 7B24E Blended Values & LR 86 70, ,500 CFM56 7B24E Scimitar Values 87 70, ,500 CFM56 7B24E Values 88

7 B MARKET REVIEW 89 70, ,500 CFM56 7B24E Blended Values 90 70, ,500 CFM56 7B24E Scimitar Values 91 79, ,200 CFM56 7B26/3 Blended Values , ,200 CFM56 7B26/3 Scimitar Values , ,200 CFM56 7B26/3 Values & LR , ,500 CFM56 7B24E Values 92 B ER MARKET REVIEW , ,500 CFM56 7B26E Blended Values 93 75, ,500 CFM56 7B26E Scimitar Values 94 75, ,500 CFM56 7B26E Values 95 74, ,000 CFM56 7B26E Blended Values , ,000 CFM56 7B26E Scimitar Values , ,000 CFM56 7B26E Values , ,200 CFM56 7B26E Blended Values & LR 96 79, ,200 CFM56 7B26E Scimitar Values 97 79, ,200 CFM56 7B26E Values 98 78, ,000 CFM56 7B26E Blended Values , ,000 CFM56 7B26E Scimitar Values , ,000 CFM56 7B26E Values 113 B MARKET REVIEW 99 74, ,400 CFM56 7B24/3 Blended Values , ,400 CFM56 7B24/3 Scimitar Values , ,700 CFM56 7B27E Blended Values & LR , ,700 CFM56 7B27E Scimitar Values , ,700 CFM56 7B27E Values , ,400 CFM56 7B24/3 Values 102

8 BOMBARDIER 117 CRJ-200 MARKET REVIEW 119 CRJ 200ER Values & LR 120 CRJ 200LR Values & LR 121 EMBRAER 135 ERJ-145 MARKET REVIEW 137 ERJ 145 ER Values & LR 138 ERJ 145 LR Values & LR 139 CRJ-700 MARKET REVIEW 123 CRJ700 STD Values & LR 124 CRJ 700 ER Values & LR 125 CRJ-900 MARKET REVIEW 127 CRJ 900 STD Values & LR 128 CRJ 900 ER Values & LR 129 CRJ 900 LR Values & LR 130 CRJ-1000 MARKET REVIEW 131 CRJ 1000 STD Values & LR 132 CRJ 1000 ER Values & LR 133 ERJ-145XR MARKET REVIEW 141 ERJ 145 XR Values & LR 142 E170 MARKET REVIEW 143 E 170 STD Values & LR 144 E 170 AR Values & LR 145 E 170 LR Values & LR 146 E175 MARKET REVIEW 147 E 175STD Values & LR 148 E 175AR Values & LR 149 E 175LR Values & LR 150

9 E190 MARKET REVIEW 151 E 190STD Values & LR 152 E 190 AR Values& LR 153 E 190 LR Values & LR 154 E195 MARKET REVIEW 155 E 195 STD Values & LR 156 E 195 AR Values & LR 157 E 195 LR Values & LR 158 SUKHOI 159 SS100 MARKET REVIEW B VALUES & LR LR VALUES & LR 163 APPENDIX 164 Definitions of ISTAT Values 164 Explanation of Terms used in The SAAV Guide. 165

10 30 June 2015 MODEL: Dash 8 VARIANT: Q300 PRODUCTION STATUS: OUT Over the past 6 months values have softened slightly as a consequence of the increasing number of aircraft being offered for sale and the reduction in demand by organisations such as the UN for long term contract work. The number of aircraft available for sale, DATE OF LAST DELIVERY 14 Jun 09 now at 18, has not been seen for at least 5 years. Some owners have decided not to sell and await firmer pricing. Given that this is a niche aircraft with a limited fleet pricing trends are liable to be cyclical. The strength of the USD has also caused some PART OUT LAST 6 MONTHS 0 transactions to falter as has the drop in the oil price, which forced some oil companies to cancel contract work for the aircraft, leading to further availability. Skytrans of Australia have re started and absorbed the fleet that had initially been stored. There is STORAGE 25 little difference in values between the PW 123B and E variants though the latter may be preferred in hot and high situations. The addition of the optional APU may be required by those in Asia but the additional weight accounts for 500lbs of payload, so demand is not universal. COMPETITION (BACKLOG) ATR PROGRAMME DATA GENERAL SPECIFICATION AND MARKET DATA FIRST FLIGHT : 15 May 87 VARIANTS (MTOW T Kg): STD (18.643) OPT 1 (18.997) OPT 2 (19.505) ENTRY INTO SERVICE: 27 Feb 89 STD FUEL CAPACITY (USG /L): (847) / (3,208 ) ACROSS 2 TANKS LESSOR'S MARKET SHARE VARIANT MARKET SHARE PRODUCTION RUN (YRS): 20 MAX CERTIFIED SEATING : (EASA 56 ) / (FAA 56 ).(TYPICAL 50 PAX) 28% 24% TOTAL ORDERS 236 TYPICAL MAX RANGE (NM): STD (900) (50 PAX) STD LESSORS TOTAL DELIVERIES: 236 MAX FL (FT): 25,000 3% OPT 1 72% TOTAL IN SERVICE 199 FLY BY WIRE: CONVENTIONAL CONTROLS ONLY OTHERS 73% OPT 2 BACKLOG 0 0 AUX FUEL TANKS AVAILABLE: YES. FIELD AVIATION STC 686 USG TANK. TOTAL FOR SALE/LEASE: WINGLETS *: NOT INSTALLED TOTAL IN STORAGE: ETOPS OPERATION: NOT CERTIFIED ENGINE TYPE SHP MARKET SHARE (%) TOTAL PARTED OUT: 5 5 BAGGAGE SYSTEM: BULK ONLY 1 REAR CLASS B BAY PW123 1,775 61% AV. AGE OF FLEET 17.9 AIRSTAIRS: PRODUCTION STANDARD L1 DOOR PW123B 1,865 17% PRODUCTION RATE N/A OPTIONAL APU : TURBOMACH T 40 OR HS APS 500 PW123E 1,775 22% NO OF OPERATORS 49 FREIGHTER CONVERSION: TC STC CLASS E CABIN BY AIR INUIT MAINTENANCE DATA INTERVAL COST M (USD) 50% OF FLEET 8 OPS STRUCTURAL LIFE (LOV) (FC): 80,000 C1 3 CHECK 5,000 FH EOP ANNOUNCED YES * NOTES: Q variant incorporates AVNS system from 1996 onwards. (STC ) C4 HEAVY CHECK 20,000 FH SUCCESSOR ANNOUNCED NO from the European Aviation Safety Agency (EASA) for installation of the Universal ENG SV K FH Avionics EFI 890R ENG LLP DISK STACK 15,000 FC MIN 0.42 LANDING GEAR OVERHAUL FC YRS / 25 30K UNIT DELIVERIES HISTORICAL AND PLANNED PROP OVERHAUL 10,000 FH Assumes 2,500FH per year, 1.0FL, 10% average de rate. Engine costs are for first run engines FLEET BY REGION (%) 20 Africa 13% 15 Far East 25% 10 Asia 8% 5 Europe 6% 0 S America 5% North America 44% Copyright 2014 Fintech Aviation Services 27

11 30 Jun 15 MODEL: Dash 8 VARIANT: Q311 ENGINE TYPE: PW123 MTOW (lb/kg): WINGLETS: NOT INSATLLED OPERATING LEASE RATES (USD / MONTH) YOB LEASE RATES YOB LEASE RATES YOB LEASE RATES YOB LEASE RATES CURRENT AND FUTURE MARKET VALUES AIRCRAFT TYPE Dash 8 Future Values inflated at 1.50% per year SERIES Q311 ENGINE TYPE PW DOM CMV (USD m) BV (USD m) All values are in USD m unless otherwise stated. For an explanation of all definitions and standard assumptions utilised refer to the Appendix. 28

12 FIRST FLIGHT : ENTRY INTO SERVICE: MODEL: A319 VARIANT: 100 PRODUCTION STATUS: IN 1H2015 2H2014 STD FUEL CAPACITY (USG /L): PRODUCTION RUN (YRS): 19 MAX CERTIFIED SEATING * : TOTAL ORDERS (CFM) TOTAL ORDERS (IAE) TOTAL DELIVERIES: TOTAL IN SERVICE 30 June 2015 There has been no significant change in the market during the past 6 months which has witnessed a slight rise in the number of stored and parted out aircraft. Traders and lessors report that it is difficult to trade a naked aircraft for values that are approaching let alone exceeding book values, with the result that many potential deals are stagnating. Part out companies are offering engine based values on aircraft that are as young as 5 years old and whilst lessors are rejecting those offers it gives an indication of the general level of interest in the market. The only viable option for many investors not willing to undertake write downs is to agree an operating lease, incur the associated bridging costs, and then complete a sale and lease back. Competition amongst lessors to secure financially sound lessees is fierce and this has led to an already beleaguered lease rate falling by an estimated 5% over the past 6 months. Almost 50% of the fleet is aged 10 years or older and therefore affected by those countries with age importation requirements. American's switch to A321s as a result of the US Airways merger removed 42 aircraft from the backlog. PROGRAMME DATA 25 Aug Apr TYPICAL MAX RANGE (NM)*: MAX FL (FT): BACKLOG (CFM) WINGLETS *: VARIANTS (MTOW T Kg): WEIGHT INCREMENTS ( ) 1385 FLY BY WIRE: FLY BY WIRE CONTROLS 1348 AUX FUEL TANKS AVAILABLE: (6,392 / 24,200) ACROSS 3 TANKS DOUBLE EXIT (160 EASA) / (160 FAA) STD(1,850)/HGW & 2 ACT (3,750) (124 PAX) 39,800 MAX 2 ACT FUEL CAP INCR. BY 5,984 L SHARKLETS OPTIONAL GENERAL SPECIFICATION AND MARKET DATA LESSOR'S MARKET SHARE ORDERS PAST 6 MONTHS DELIVERIES PAST 6 MONTHS COMPETITION (BACKLOG) BACKLOG (IAE) 1 8 ETOPS OPERATION: 180 MINS FAA/EASA APPROVAL ENGINE TYPE THRUST (LBS) BACKLOG 24 TOTAL FOR SALE/LEASE: BAGGAGE SYSTEM: LD3 OR BULK 1 FWD/1 REAR CLASS C BAY CFM 56 5B7 27,000 11% TOTAL IN STORAGE: AIRSTAIRS: OPTION AT L1 DOOR CFM 56 5B6 23,500 23% TOTAL PARTED OUT: APU THREE SUPPLIERS: GTCP A/131 9A OR APIC APS3200 CFM 56 5B5 22,000 23% AV. AGE OF FLEET 10.1 FREIGHTER CONVERSION: NOT AVAILABLE V2524 A5 Select One 24,480 20% PRODUCTION RATE (PM) 3.0 STRUCTURAL LIFE (LOV) *: 48k FC BUT ESG OF 60k APPROVED WITH MODS V2527 A5 Select One 24,480 4% NO OF OPERATORS 137 * NOTES: MSN 1200 onwards can be modified to accept sharklets but more economical from MAINTENANCE DATA INTERVAL COST M (USD) 50% OF FLEET OPS (CFM/IAE) 10 7 MSN 5300 as wing already modified during production. Approx 18% of fleet is Double Overwing C CHECK (FH/MNTH/FC) 7.5k / 24 / 5K EOP ANNOUNCED NO exit config. Cabin Space flex options will increase seating capacity to 160 seats. C4 & 6 YEAR CHECK 6 YRS TYPICAL C8 & 12 YEAR CHECK 12 YRS TYPICAL UNIT DELIVERIES HISTORICAL AND PLANNED SV CFM 56 5B6 & 5B5 /3 PIP K FH SV IAE V2524 A5 Select One K FH LLP DISK STACK CFM 56 5B/3 PIP MIN 20,000 FC LLP DISK STACK V2500 Select One MIN 20,000 FC LANDING GEAR OVERHAUL 10 YRS / 20K FC Assumes 3,000 H per year, 1.7FL (CFM) 1.5FL (IAE), 10% average de rate. Mature Engine Data 80 CURRENT FLEET BY REGION (%) 60 26% 40 35% 17% 20 9% 10% 0 2% North America S America Europe Middle East Asia Africa 55% 45% LESSORS OTHERS 22% 13% 12% B VARIANT MARKET SHARE 2% 51% MARKET SHARE (%) Copyright 2014 Fintech Aviation Services 37

13 30 Jun 15 MODEL: A319 VARIANT: 100 ENGINE TYPE: V2524 A5 (Select One) MTOW (lb/kg): WINGLETS: NOT INSTALLED OPERATING LEASE RATES ( USD / MONTH) YOB LEASE RATES YOB LEASE RATES YOB LEASE RATES YOB LEASE RATES CURRENT AND FUTURE MARKET VALUES AIRCRAFT TYPE A319 Future Values inflated at 1.50% per year SERIES 100 ENGINE TYPE V2524 A5 (Select One) DOM CMV (USD m) BV (USD m) All values are in USD m unless otherwise stated. For an explanation of all definitions and standard assumptions utilised refer to the Appendix. 48