Taking flight from the Cape Town Convention

9th International Repossession Conference – Dubai – Sofitel Dubai Jumeirah Beach Residence, UAE
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‘JOIN THE DEBATE’ 
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FROM THE CAPE TOWN CONVENTION
FRAMEWORK TO EASE REPOSSESSING DISTRESSED AIRCRAFTFRAMEWORK TO EASE REPOSSESSING DISTRESSED AIRCRAFT
November 2015
0© 2015 1BlueHorizon Group - www.1bluehorizon.com All rights reserved1BHG | Aeropodium Conference Aircraft Repossession 05.11.15
1BHG, the ‘idea factory’ thinking ahead strategies www.1bluehorizon.com

GLOBAL MARKET FORECAST 2014 - 2033
A forward-looking view of the
air transport sector’s evolution
Airbus & Boeing Global Market Forecast
for the next 20 years anticipates
that air traffic will grow at 4.7 to 5.0 per cent
36 770annually, requiring over 36,770 new
passenger aircraft and freighters at a
value of nearly US$ 5.2 trillion.
15,500 of these airplanes (42 percent of all
new deliveries) will replace older, less efficient
airplanes;
 The remaining 21,270 airplanes will be for the
fleet growth, which stimulates expanding in
emerging markets and development of
innovative airline business models.
innovative airline business models.
Source: 1BlueHorizon Group Research, Airbus & Boeing Global Market Forecast 2014 - 2033

BY 2020, OVER 50% OF A/C UNDER OPERATING LEASE
1970
3,722 a/c
17 leased
2020
Forecast
1980
6,037 a/c
100 leased
1990
9,160 a/c
1 343 leased
2000
15,032 a/c
3 717 leased
2010
21,741 a/c
7 943 leased17 leased
0.45%
Over 50%
leased
100 leased
1.7%
1,343 leased
24.7%
3,717 leased
24.7%
7,943 leased
36.5%
C G f f
Source: © 1BlueHorizon Group Research, World Airline Fleet 1970 - 2014
FACT: the Growth of Aircraft Leasing since the 70s is impressive !

… WITH MORE NEW AIRCRAFT COMING TO FINANCE
FACT: more new aircraft coming to finance than at any time in history…
Narrowbodies 9,610 73.6%
Widebodies 2 612 20 5%Widebodies 2,612 20.5%
Regional 745 5.8%
Source: 1BlueHorizon Group Research - Order Backlog, Western Built Jets, Pax Usage Only, In Service Only

THE ECONOMIC USEFUL LIFE OF A/C (IN THEORY )
US$
per
Year
ECONOMIC
OBSOLESCENCE
Years
OBSOLESCENCE
Source: 1BlueHorizon Group Framework

COUNTRY WITH IMPORT A/C RESTRICTIONS
Russia
KazakhstanUkraine
Belarus
Mexico
Egypt
Algeria Libya
Turkey
Lebanon
Jordan
a a sta
(CIS)
Vi
Bangladesh
Bhutan
India
NepalPakistan
Iran
China
No limit Bolivia
Ecuador
Brazil
EthiopiaNigeria
Vietnam
Indonesia
Sri Lanka
No limit.
12 years
15 years
20 years
Bolivia
Notes Algeria, new only
Brazil: Pax 15 yrs, Cargo 20 yrs
Bolivia: 25 yrs
Chi I f l R l & P ti
The age limitations have only started to appear widely in the last three to five years and
becoming an increasingly recurrent phenomenon
The downward impact on aircraft valuation will affect both airlines and leasing companies.
‘Lessors will either be forced to charge higher lease rates to take into account the shorter
Comments
China: Informal Rule & Practice
Ecuadaor: Post 1990 only
Pakistan for Cargo
Source: 1BlueHorizon Group Research
g g
economic useful life of the aircraft, or to pay less for the aircraft to ensure they get paid for its
depreciation.’

NEVER UNDERESTIMATE THE A/C REPOSSESSION
When looking at lease contracts, the most likely time
for an issue to occur is not at aircraft delivery or whilst
th i ft i b i t d b t t th i t th t ththe aircraft is being operated, but at the point that the
asset is returned to the Lessor, at the end of the
contract or if the asset has to be repossessed!
LEGAL AND CONTRACTUAL PROTECTIONS
Source: 1BlueHorizon Group Analysis

ONE INSTRUMENT TO MITIGATE THE RISK WITH A/C
Aircraft financing is associated with RISK… and as per
it definition, RISK is the potential of losing something
of value, weighed against the potential to gain
something of value!
 Strategic Risk
– Political / Government Intervention / Regulation / Union Negotiations
– Global Economic Uncertainty / Terrorism / Military Escalation
– Volatile or Seasonal Demand / Tourism
P iti i f th / L C t C titi / P i i
g
– Positioning of the company / Low Cost Competition / Pricing
Financial Risk
– Availability of Credit
– Adequate Liquidity
– Currency Fluctuations / Hedging (Oil and Currency)Currency Fluctuations / Hedging (Oil and Currency)
– Fixed Obligations/ debt and other financial commitments
– Aircraft financing and Return Conditions
Operational Risk
– Hazardous activities
Fli ht ti– Flight operations
– New Technology
– Maintenance
– Human Factors
– IT failures, technology and e-commerce
C
THE CAPE TOWN
CONVENTION
Compliance Risk
– External Regulations and Legislations
Source: 1BlueHorizon Group Analysis
CONVENTION

CONTRACTUAL PROTECTIONS BECAME ESSENTIAL
 The OPERATOR needs freedom to monetize assets, whereas the LENDER
requires that it remain accessible and in good condition
 An aircraft is an item of personal property, can be subject to mortgage, An aircraft is an item of personal property, can be subject to mortgage,
conditional sale, lease, trust, possessory liens etc.
 Geneva Convention on recognition of rights in aircraft
 Many countries have special registries for title and security interests and the
need for Perfecting Security in Aircraft was broadly acknowledge and basic
questions of international law arise – where to file?
 The Cape Town Convention (16 November 2001)
 The Protocol to the Convention On International Interests in Mobile
E i t M tt S ifi t Ai ft E i t t k ff t 1st M hEquipment on Matters Specific to Aircraft Equipment took effect on 1st March
2006 “Aircraft Protocol”
 The Cape Town Convention creates a central international registry of
interests in aircraft

BASEL III REGULATORY FRAMEWORK FOR FINANCIERS
Capital Requirements Risk Coverage Liquidity Coverage
 Capital definition
 Minimum capital ratios
 Counterparty risk
 Trading book and
 Liquidity Coverage Ratio
 Net Stable Funding Ratio Minimum capital ratios
 Capital conservation buffer
 Countercyclical buffer
 Trading book and
securitization
 Systemic risk
 Net Stable Funding Ratio
 Monitoring Tool
 Leverage ratio
Reducing risks to creditors is absolutely required for a such challenging industry like the
g y g g y
Airline business with low margins to give access to finance at reasonable costs

CAPE TOWN CONVENTION AND AIRCRAFT PROTOCOL
 The Convention on The International Recognition of Rights in Aircraft, 19 June 1948,
“The Geneva Convention”
 The Convention on International Interests in Mobile Equipment
on Matters Specific to Aircraft Equipment, 16 November 2001
“The Cape Town Convention”
 The Protocol to the Convention On International Interests
in Mobile Equipment on Matters Specific to Aircraft
Equipment took effect on 1st March 2006 - “Aircraft Protocol”
 Create internationally recognized security interest in aircraft in all contracting States
 Offer creditor various default remedies and possibilities of expedited relief in an event
f d f ltof default
 Create an electronic, international registry
 Access to finance at reasonable costs by reducing risks to creditors
 Reduce legal uncertainty caused by differences in national laws

CATEGORY OF TRANSACTIONS
 Lessee under an aircraft lease
 Mortgagor under an aircraft mortgage
 Assignor under a security assignment of a lease or other document originally
creating an international interestcreating an international interest
 Buyer under a conditional sale or hire purchase agreement
 Seller under an aircraft purchase agreement or engine contract is situated inp g g
a state in which Cape Town is in force. It also applies when the parties have
agreed the aircraft or helicopter in question (but not engines which are
detached from an aircraft or helicopter) will be registered in one of those
states

SCOPE OF THE CAPE TOWN CONVENTION
As international treaty intended to standardize transactions involving
movable property (1Aircraft equipment, 2001) the Cape Town Convention is
important…
 Cape Town is only intended to apply to high-value airframes and engines in
civilian use To come within the convention and protocol:civilian use. To come within the convention and protocol:
- airframe (when fitted with engines) must be type certified to carry at least
eight persons or goods in excess of 2,730 kilograms and engines must
have: - if Jet-propelled at least 1 750 lbs of thrusthave: if Jet propelled, at least 1,750 lbs of thrust
- if turbine-powered or piston-powered, at least 550 take-off
shaft horsepower (or its equivalent)
 When states ratify Cape Town they can pick yup and chose between
provisions they want to adopt

CURRENT STATUTS OF CAPE TOWN CONVENTION
Panama
28 JUL 2003
Ethiopia
21 NOV 2003
Nigeria
16 DEC 2003
Pakistan
22 JAN 2004
USA
28 OCT 2004
Oman
12 MAR 2005
Ireland
23 AUG 2005
Malaysia
2 NOV 2005
Senegal
9 JAN 2006
Af h i t Kenya Mongolia South Africa Colombia Indonesia Mexico Cape Verde Albania
Angola
30 APR 2006
IndiaAfghanistan
23 JUL 2006
Kenya
13 OCT 2006
Mongolia
19 OCT 2006
South Africa
18 JAN 2007
Colombia
19 FEB 2007
Indonesia
16 MAR 2007
Mexico
31 JUL 2007
Cape Verde
26 SEP 2007
Albania
30 OCT 2007
UAE Saudi Arabia
7 JUN 2008
Luxembourg
27 JUN 2008
Bangladesh
15 DEC 2008
Kazakhstan
21 JAN 2009
Cuba
28 JAN 2009
Singapore
28 JAN 2009
Tanzania
30 JAN 2009
China
3 FEB 2009
India
31 MAR 2008
Togo
27 JAN 201029 APR 2008 7 JUN 2008 27 JUN 2008 15 DEC 2008 21 JAN 2009 28 JAN 2009 28 JAN 2009 30 JAN 2009 3 FEB 2009
Rwanda
28 JAN 2010
Aruba
17 MAY 2010
Sint Maarten
17 MAY 2010
Neth. Antilles
17 MAY 2010
New Zealand
20 JUL 2010
Jordan
31 AUG 2010
Malta
11 Oct 2010
Norway
20 DEC 2010
Cameroon
8 JAN 2011
27 JAN 2010
Latvia
8 FEB 2011
Russia
25 MAY 2011
Tajikistan
31 MAY 2011
Belarus
28 JUN 2011
Turkey
23 AUG 2011
Brazil
30 NOV 2011
Myanmar
3 DEC 2012
Canada
1 APR 2013
Kuwait
31 OCT 2013
Bhutan
4 JUL 2014
San Marino
9 SEP 2014
Vietnam
17 SEP 2014
Three protocols to the convention are specific to:
1Aircraft equipment (aircraft and aircraft engines); signed in 2001;
2Railway equipment; signed in 2007;
Adopted
Evaluated by ECA, under consideration by OECD
Qualifying declarations but implementation issues
Note: As of November 2014, the convention has been ratified by 62 states as well as the European Union.
2Railway equipment; signed in 2007;
3Space assets; signed in 2012.
Qualifying declarations, but implementation issues
Qualifying declarations not adopted

CREATING AN INTERNATIONAL INTEREST
 In Writing
 Person creating has power to dispose the aircraft object
 Agreement must enable the object to be identified
 Convention solely covers debtors situated in a contracting State
 Location of the creditor irrelevant
REGISTRATION
 Single web-based International Registry open 24/7
 Registry based in Ireland
 Interests subject to a simple priority regime whose main principles are:
- registered interests beat unregistered
- earlier registrations beat registrations and
- the parties can vary priorities by registering subordination arrangements
at the International Registry.

DEFAULT REMEDIES AND INSOLVENCY
DEFAULT REMEDIES
 R i i l h d i i f h i f d i d h i l Repossession involves the deregistration of the aircraft and its export and physical
transfer from the territory in which it is situated (Article 9 (1) )
 Request for deregistration and export recorded under an “irrevocable deregistration
d t t th i ti ” (IDERA)and export request authorization” (IDERA)
THREE INSOLVENCY REGIME DECLARATIONS
 Alternative A - generous to creditor
 Alternative B
 If the ratifying state opts to keep its own
insolvency laws, financiers' rights on insolvency
will depend on how pro-creditor that state’s
insolvency laws are
insolvency laws are.

FROM REPOSSESSION TO DEREGISTRATION
1 - REPOSSESSION
 Important consideration for lessor how to best protect their investment in event of default
during the term of the transactionduring the term of the transaction
2 - RECONFIGURATION
 Aircraft will need work to be put in an attractive condition for potential lessees Aircraft will need work to be put in an attractive condition for potential lessees
3 - REMARKETING
 If Lessee defaulted, the aircraft will need to be delivered on lease to a new customer to
generate revenue
4 - DEREGISTRATION
 Repossession involves the deregistration of the aircraft and its export and physical transfer
from the territory in which it is situated (Article 9 (1) )
 Request for deregistration and export recorded under an “irrevocable deregistration and export
request authorization” (IDERA)
request authorization (IDERA)

BENEFIT OF THE CAPE TOWN CONVENTION
FOR THE LESSOR
 Bring speed, certainty and cost savings to the process of
repossessing aircraft and engines on an insolvency or other
default where these assets are in a country whose legaldefault where these assets are in a country whose legal
system would otherwise give cause for concern;
 Protect the parties’ title and security interests in aircraft andp y
engines.
FOR THE LESSEEFOR THE LESSEE
 Hope is that benefits for financiers will result in reduced finance costs to
airlines.

Join the debate that is whyJoin the debate, that is why
you’re here…
SHOUKRAN - THANK YOU - MERCI -
SPASIBA - GRACIAS - XIE XIE
Any clarifications or questions regarding this document should be addressed to:Any clarifications or questions regarding this document should be addressed to:
LEONARD FAVRE
Partner, Group Managing Director
1BlueHorizon Group
P.O. Box 34154 M +971 50 6164007 (U.A.E.)
Abu Dhabi M +41 79 2080256 (Switzerland)
United Arab Emirates leof007
leo@1bluehorizon.com
www.1bluehorizon.com
18
© 2015 1BlueHorizon Group - www.1bluehorizon.com All rights reserved1BHG | Aeropodium Conference Aircraft Repossession 05.11.15
Abu Dhabi | Bern | London | Montreal | Paris

DISCLAIMER
© 1BlueHorizon Group®. All rights reserved.
Without the prior written consent of 1BlueHorizon Group®, it is not permitted to modify this document or create derivative works. High
quality global airline industry insight requires investment. Please do not cut & paste the document. Email info@1bluehorizon.com to get
/ buy additional rights.
The information and opinions contained in this presentation and any other are material discussed verbally are provided as at the date ofThe information and opinions contained in this presentation and any other are material discussed verbally are provided as at the date of
this presentation and are subject to verification, completion and change without notice.
In giving this presentation, neither the Company nor its advisers and/or agents undertakes any obligation to provide the recipient with
access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any
such information which may become apparent.
Conflict of Interest
There is no conflict of interest. 1BlueHorizon Group® makes use of internal tests. In case it might come to a conflict of interest we will
inform dedicated directors in due course.
LEONARD FAVRE - Partner, Managing Director Email: leo@1bluehorizon.com
Abu Dhabi (U.A.E.) & Bern (Switzerland)
A strategic thinker with 20+ years progressive experience as experienced senior management advisor or in senior executive roles in the
Aviation, Aerospace & Defense industry. He started his involvement in this particular field of business as Chief Financial Officer of the Swiss
Ministry of Defense and later on when the Swiss National carrier Swissair collapse in 2001 as one of the Swiss Ministry of Economy adviser.
Professional background (highlights)
 Chairman Advisor for an Airline Start-up in the Middle East and MRO infrastructure in Europe
 Chief Restructuring Officer for a family conglomerate, managing a fleet of more than 20 aircraft (wet lease, charter and re-marketing);
 Director Enterprise Improvement for AlixPartner LLP, part of the core team restructuring a major Middle East airline for fleet and strategy;
 Vice-President Business Development & Strategy for Maximus Air in Abu Dhabi, where he managed the wet lease fleet (ACMI & Charter) and
developed it into a leading Middle-East brand through the improvement of operational capabilities and fleet management;
 Senior Associate with Booz Allen Hamilton where he directed successfully, major start-up airline projects in the Middle-East and Europe.
Note: Detailed References upon request

9th International Repossession Conference – Dubai – Sofitel Dubai Jumeirah Beach Residence, UAEP R O P R I E TA R Y I N F O R M AT I O N
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1BLUEHORIZON GROUP
GENERATING THRUST TO PROPEL YOUR BUSINESS FURTHERGENERATING THRUST TO PROPEL YOUR BUSINESS FURTHER...
December 2014
A s s e t M a n a g e m e n t | M a n a g e m e n t C o n s u l t i n g | I n t e r i m M a n a g e m e n t
We generate 1B l u e H o r i z o n ® out of the Rough... www.1bluehorizon.com
A b u D h a b i | B e r n | L o n d o n | M o n t r e a l | M o s c o w | P a r i s

1BlueHorizon Group® value proposition is simple — Going the Extra Mile by
generating trust to propel your business further
P R O P R I E TA R Y I N F O R M AT I O N
g g p p y
O 1BlueHorizon Group® (Asset Management | Management Consulting | Interim Management) was
established in 2007 as a network of International aviation professionals, providing objective, independent,
evidence-based analysis, advice and implementation support. We build on the experience of our team to
help clients realize real and measurable results, quickly. Start-ups, restructuring, cost cutting, project
management office, due-diligence or exploiting growth opportunities, we have experts who have faced
these challenges.
O Our highly competent seasoned senior professional have experience from leading companies in both
management roles within their disciplines and as senior level professional advisors throughout diversemanagement roles within their disciplines and as senior level professional advisors throughout diverse
and complex locations in the Middle East, Europe, Africa, Asia Pacific and North America.
O Privately owned, 1BlueHorizon Group® is independent of any financial institution, manufacturer, operator,
insurance company or maintenance provider assuring our clients the benefit of truly
unbiased comprehensive and flexible provision of serviceunbiased, comprehensive and flexible provision of service.
O 1BlueHorizon Group® believes in working closely with client staff to transfer
our knowledge and experience, which means 1BlueHorizon Group® continues
to deliver value long after the project is complete.
O A unique blend of languages age groups cultural backgrounds and skillsO A unique blend of languages, age groups, cultural backgrounds and skills
qualifies 1BlueHorizon Group® to provide turnkey solutions for any and
all of your aviation requirements - worldwide.
O 1BlueHorizon Group® range of services is continuously tailored and adapted
to suit the geographical scope and needs of our customers.
Source: © 1BlueHorizon Group | Corporate profile
to suit the geographical scope and needs of our customers.

For the last ten years we have been actively involved with our Senior
personnel in major airlines, start-ups or Economic development ventures
personnel in major airlines, start ups or Economic development ventures
Wataniya Airways - Chairman Mr. Abdulsalam Al
Bahar with Mrs Ghaida Abdul Latif, vice chairman –
director general & CEO of Syrian Arab Airlines.
Flydubai - CEO Mr. Ghaith Al GhaithHis Highness Sheikh Ahmed Bin Saeed Al
Maktoum, President of the Dubai Civil Aviation
Authority, Chairman of Dubai Airports, Chairman &
Chief Executive of Emirates Airline & Group
H.E. Mohamed Hamad bin Azzan Al
Mazrouei WRDC's Director General and
Democratic Republic in Congo (Transport)
A O C i I di
Gulf Air - Ex CEO Samer Majali Mazrouei, WRDC s Director General and
Acting Under Secretary of the Court of the Ruler's
Representative in the Western Region (al Gharbia)
of Abu Dhabi Emirate
AerospaceOne Company in India
Jet Green in Pakistan
Ababeel Air in Libya
Note: Detailed references upon request

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

1BHG® Business model dedicated to particular Sectors is built around three
Practices providing clients with turnkey solutions to maximize Value Creation
Economic development (Business review / Cluster / Project Management office)
Air Transportation (Airline / Airport / General Aviation / Aerospace & Defense)Ahead of Strategies
Three Practices
Shareholders and management
Practices providing clients with turnkey solutions to maximize Value Creation
Family conglomerates (Governance, Portfolio analysis and investment Strategy)
Management Consulting
Operational Improvement
Asset Management
Fleet Strategy & Planning
Interim Management
Knowledge transfer
g
of companies with specialized
needs often choose 1BHG for our
unique custom turnkey solutions.
If you want a business plan or a
feasibility study to assess the
case, or your are burning cash
Our understanding of operational
improvement is quite simple:
Whereas restructuring is about
stabilizing a company and fixing
how it does things, operational
i t i b t i
With our Fleet Solutions, we can
help you expand your fleet,
transition from older models to
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Finding talent is difficult even at
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resources to assist for a short-
term assignment of a proven
heavyweight interim executive
case, or your are burning cash
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® improvement is about seeing a
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Mile.
support with a global team of
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specialists who will provide you
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support that meets your specific
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manager to manage a period of
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1BlueHorizon Group® highly
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business further… Going the
extra mile ahead of strategies …
Source: © 1BlueHorizon Group | Business model with Sectors (Horizontals) & Practices (Verticals)
… no matter how complex the issues are!

Our three Sectors expertise covers the entire breadth of the Aviation and
Defense sector, Economic development and Family conglomerates
Airline
Airport General aviation Feasibility, Business Plan
O ti I t
 Performance Management
 Organization Improvement
 Privatization
 Aerospace cluster
 Pricing and Revenue
Management
 Market Forecasting
 Branding, Marketing and
S l
 Operations Improvement
 Merger & Acquisitions
 Due Diligence
 Fleet Planning
 Logistic, Cargo, GH Sales
Economic development Corporate governance
structure
 Portfolio analysis
Family conglomerate
 Restructuring MRO,
Aerospace & Defence
 Performance Management
Aerospace & Defence
 Business review
 Investment strategy
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Management
 Cluster strategy
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 Public–private partnership
(PPP)
Source: © 1BlueHorizon Group | Core competencies in the main three Sectors
… and our clients well recognize this!

Testimonials - What do our Customers think about 1BlueHorizon Group®
“1BlueHorizon Group is the
only consulting firm that
works successfully on all
levels: Board level middle
“1BHG senior personnel
come in with strong
i b t i t tlevels: Board level, middle
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“1BHG has
convinced us
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who really know a lot
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could clearly identify necessary change
“1BHG guys are implementation -
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could clearly identify
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THE ONLY WAY TO DO GREAT WORK IS TO LOVE WHAT WE DO…
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