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François Collet Vice President Structured FinanceBertrand Guedez Structured Finance Manager
Investing in, operating, leasingand trading Airbus aircraft
Seoul, 20th March 2019
Safe Harbour Statement
DisclaimerIn addition to historical information, this presentation can include forward-looking statements. Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance and outlook.By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
These factors include but are not limited to:Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses;Significant disruptions in air travel (including as a result of terrorist attacks);Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;The successful execution of internal performance plans, including cost reduction and productivity efforts;Product performance risks, as well as programme development and management risks;Customer, supplier and subcontractor performance or contract negotiations, including financing issues;Competition and consolidation in the aerospace and defense industry;Significant collective bargaining labour disputes;The outcome of political and legal processes including the availability of government financing for certain programmes and the size of defense and space procurement budgets;Research and development costs in connection with new products;Legal, financial and governmental risks related to international transactions;Legal and investigatory proceedings and other economic, political and technological risks and uncertainties.As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.For a discussion of factors that could cause future results to differ from such forward-looking statements, see the most recent Airbus SE Registration Document, including the Risk Factors section.Any forward-looking statement contained in this presentation speaks as of the date it is made. Airbus SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new information, future events or otherwise.
RoundingDue to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
2
Manufacturer Support & Sell Down
Aviation Market & Financing Trends
Product Update
3
Aircraft Financiers
Harald WilhelmChief Financial Officer
Jean-Baptiste PonsHead of Integrated Treasury
Airbus Customers
Financing & Guarantees Team
Airbus Financing & Guarantees Team: Our Role
Leveraging on market knowledge and relationships in order to connect financiers and customers
4
Investors reach out to bring new liquidity into Aviation
InsuranceCompanies
Pension Funds
Asset Managers
Airlines
ConsumerBase
Demand for Air Travel
ContributionSavingsPremium
PensionReturn
Coverage
InvestmentFixed Income
product
InvestmentReturn
Demand forair travel
Airline revenue
Sovereign Funds
Hedge Funds
5
Airbus support to aircraft financing
Continued innovation to best support Airbus customers in aircraft financing
6
Junior Debt Fund - Tamweel Aviation Finance (TAF)
BANK
2014 - 2018 4 years of operationsTeaming up with banks, lessors and institutional investors to support aircraft financing for our customers;
Captive Bank – Providing independent financing solutions to the aviation industry
TAF I - From 2012 to 2018 (fund closed)
TAF II - From 2018
More investors expectedto join TAF II as Limited Partners.
Lots of interest from Asia.
Airbus support to aircraft financing
BALTHAZAR
Airbus
Airline
Financiers
Asset Manager
Broker
LawFirms
• Coverage: Aircraft Finance Non Payment Insurance
• Insured: Aircraft Funders (e.g. Debt, Private Placement)
• Risk: Airline default
• Level of risk insured: 100% of loan exposure
• Term: up to 12 years fully amortising
• Advance rate: Up to 85% LTV, similar advance rates to ECA financing
• Transaction Structure: Benchmark to standard SPC loan/finance lease structure & documentation as per LMA standard
• All-in cost: insurance premium + bank margin + fees
• Validity: Ability to offer indicative coverage up to 18 months before delivery
Private Insurance Cover for Aviation Backed Finance
Balthazar: Private Insurance Cover
7
• An Export Credit Agency (ECA), is a private or quasi-governmental institution that act as an intermediary between national governments and exporters to issue export financing
• The primary role of the ECAs is to support exports on behalf of governments:
• All ECAs are governed by the same rules: Aircraft Sector Understanding (ASU)
Export Credit Agency (ECA) Financing Overview
ECAs support exports on behalf of governments
Europe: Guarantees against airline credit risk
Canada:Direct lending to airlines
ECA Financing
8
6 Airbus aircraft supported by the ECAs in 2018
At least, 12 months before the first delivery
Applying to ECA financing
9
Applying to ECA financing: new process and timeline
ECA financing introduction
ECA assessment
Documentation (airline, bank, ECAs) Closing
Delivery
12 months at least
Customer requestfor ECA financing
Airbus facilitates the coordination with ECA government bodiesAssist in the interface with banking community
Airbuspre-application
process
Airbus application
ECA commitment
AirbusInternal Compliance
process
Manufacturer Support & Sell Down
Aviation Market & Financing Trends
Product Update
10
0.0
5.0
10.0
15.0
20.0
25.0
1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 2027 2032 2037
Airbus GMF: Traffic forecast
Traffic has proven to be resilient to external shocks and doubles every 15 years
Source:ICAO, Airbus GMF 2018
Airbus Global Market Forecast
x2
9/11Oil Crisis
Gulf Crisis
Asian Crisis SARS
Financial Crisis
Airbus GMF 2018: 4.4% growth p.a.
x2
x2
11
12
2.5% 2.7% 2.7% 2.5% 3.2% 3.2% 3.1%
5.8% 6.3% 6.9% 7.5% 8.0%6.5% 6.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
79.9% 79.8%80.4% 80.5%
81.5% 81.9% 82.1%
75.0%
80.0%
85.0%
124.5 114.8
66.752.1
66.787.6 81.3
0.0
30.0
60.0
90.0
120.0
150.0
10.7 13.8
36.0 34.2 37.732.3 35.5
0.0
10.0
20.0
30.0
40.0
50.0
2013 2014 2015 2016 2017 2018estimate
2019forecast
Industry review and outlook
Review and outlook of industry key drivers
GDP and RPK growth
Passenger load factor
Fuel price
Airline net result
y-o-y %
USD / barrel
USD bn.
Source:IATAAirline Industry Economic PerformanceDecember 2018 update
RPK
GDP 2019 figures:(forecast)
6% traffic growth
82.1% load factor
~ 81.3 $/b. fuel price
-5.6 -4.1
5.0
14.7
-26.1
-4.6
17.3
8.3 9.2 10.713.8
36.0 34.237.7
32.3
35.5
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
-10.0
-8.0
-6.0
-4.0
-2.0
-
2.0
4.0
6.0
8.0
10.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Net Profit (USD bn.)% Margin
Evolution of airline net results and margins since 2004
Airline profitability consolidating in positive territory
Airline profitability
Net result(USD bn.)
EBIT margin(%)
13
estimate forecast
Source:IATAAirline Industry Economic PerformanceDecember 2018 update
20-year demand for 37,400 new aircraft worth 5.8 trillion2018-2037 new deliveries
1,760 (5%) $0.6 tn (10%)
$1.4 tn (25%)5,480 (15%)
$3.2 tn (54%)
$0.6 tn (11%)
SML
XL
Notes: Passenger aircraft (≥ 100 seats) | Jet freight aircraft (>10 tons)Source: Airbus GMF 2018
37,400aircraft units
$5.8 trillionaircraft value
≤ 230 Seats S 28,550 (76%)
1,590 (4%)
≤ 300 Seats M≤ 350 Seats L≥ 350 Seats XL
14
Asia-Pacific lead in world traffic will increase further by 2037RPK traffic by airline domicile (trillions)
15
0 2 4 6 8
Africa
CIS
Latin America
Middle East
North America
Europe
Asia/Pacific
Trillions
% of 2017world RPK
30.9%
26.6%
21.8%
9.1%
5.2%
3.8%
2.6%
20-year world annual traffic growth
4.4%
20-year growth
5.6%
3.4%
2.5%
6.0%
4.6%
4.0%
5.1%
% of 2037world RPK
38.5%
22.1%
15.2%
12.3%
5.4%
3.5%
3.0%
2017 traffic 2018-2037 additional traffic
Airbus GMF – Fleet forecast:Demand for new passenger aircraft per region
20-year demand for more than 36,000 new passenger aircraft
Airbus Global Market Forecast
North AmericaS 5,070M, L, XL 900Total 5,970
Europe & CISS 6,510M, L, XL 1,780Total 8,290
Asia – PacificS 12,490M, L, XL 3,150Total 15,640
Africa & M.E.S 2,060M, L, XL 1,900Total 3,960
Latin AmericaS 2,430M, L, XL 280Total 2,710
Total2018 – 2037 demand for new passenger aircraft
S 28,550M, L, XL 8,010Total 36,560
Note:Passenger aircraft (≥100 seats)Rounded figures to the nearest 10Circle diameter proportional to% share on total demand
Source:Airbus GMF 2018
S
M, L, XL
43%
16
Stable duopoly
No over production
Two families of standard products
Industry market share
17
Airbus and Boeing share on net orders since 1995
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20180
25
50
75
100
18
Airbus and Boeing order backlog
Combined backlog of over 13,000 aircraft
Note:Data to end of February 2019
Industry backlog
A220 476A320ceo / neo 5,962A330ceo / neo 293
A350 XWB 603A380 56Total 7,390
B737NG / MAX 4,668767/787 712
777 423747-8 23Total 5,826
Breakdown of 2018 FY deliveries by source of financing
Note:Share in number of aircraftData to end of December 2018
Source:Airbus
Airbus deliveriesfinancing
19
13%
23%
1%24%
3%
35%
1%Airline Debt
Airline Cash
Capital Markets
Lessor Cash
Lessor Debt
Lessor SLB
ECA Airline
800Aircraft
100%
Cash &commercial
62%Lessors
EDC & ECA Airlines
100%of deliveries through commercial financing
62% of deliveries financed by Lessors
20
Evolving lessor landscape
Note:Lessor fleet: Airbus and Boeing aircraft in commercial service or on order, figures rounded to the nearest 100
Source:FlightGlobal, fleet in service,data as per end of December
North America Europe M.E. & Asia – Pacific
Top 15 lessors by commercial aircraft fleet size, 2008 vs. 2018
3,700 aircraft 500 aircraft 1,100 aircraft
5,300 aircraft2008
21
Evolving lessor landscape
Note:Lessor fleet: Airbus and Boeing aircraft in commercial service or on order, figures rounded to the nearest 100
Source:FlightGlobal, fleet in service,data as per end of December
Lessor centre of gravity moving east
Growth oftop 15 lessor fleetby 50+% in 10 years
8,300 aircraft
3,100 aircraft 1,300 aircraft 3,900 aircraft
2018
North America Europe M.E. & Asia – Pacific
Top 15 lessors by commercial aircraft fleet size, 2008 vs. 2018
7.2 5.8 7.3
19.9
14.2
1.1 -
4.0
8.0
12.0
16.0
20.0
2014 2015 2016 2017 2018 2019
Lessor unsecured issuance since 2014
Lessors taking advantage of strong investor appetite
Lessors are becoming common conduits/ investment platform for capital market investorsNote:Data to end of January 2019
Source:investment bank data,company financial statements
Lessor unsecured issuance
22
USD 55.5bn
USD bn.
2.1 1.1 0.8
5.8
0.3
3.33.7 4.2
6.3
6.3
0.4 -
2.0
4.0
6.0
8.0
10.0
12.0
2014 2015 2016 2017 2018 2019
ABS
ABS Engine
Term Loan
Lessor Term Loan and ABS issuance since 2014
Capital Markets are back in the financing of mid-and end-of-life aircraft
Note:Data to end of January 2019
Source:Investment bank data,company financial statements
Lessor Term Loan and ABS issuance
23
USD 34,3bn
USD bn.
24
Cap Town Convention: Repossession of collateral worldwide
Source:Unidroit world mapas of Decembre 2018
Aircraft repossession
Aviation Working GroupPro-active actions for the benefit of lenders and lessors
Adequate repossession rights for lenders in 73 countries
Some jurisdictions w/o CTC provide same benefits through local lawEntry into force
Signature
Bank regulatory burden steadily increasing – Basel IV (Source: DVB)
StresstestsMiFiD2MaRisk I MaRisk II Basel III
ICAAP IFRS 13
IFRS 9
Basel I MaH MaH MaK Basel II BilMoG MaSan
EIOPA
BuBaBaFinLMAAESRB
QIS QIS QIS CVA AVC BCBS239
IASCEBSStress
EBAStress
CRD IVCRR IFRS 10
QIS AVACCP
FINREPCOREP
COREP II
1988 1992 1996 2000 2002 2004 2006 2008 2010 2011 2012 2013 2014
Basel 3.5
MaRisk III
2015 2016 20182017 2019
ESMA
SSM
Basel IV
FundingPlan
AnaCreditFINREP
2.0Prudent Valuation
AVA BCBS248IRRBB
ITSLCR
QISNSFR
BCBS265
FRTB
ALMM
FATCAAQR
CRSMiFiR
AEOI
BEPSSTEs
ICAAPSREP ILAAP
OECD
Data Point Model
EBA ECB JST RTSITS
More regulation and Basel III / IV means:
Less European and US bank capacity; More room for investors and capital market transactions; More room and opportunities for Asian banks.
25
Investing in aviation
Highly regulated industry
Mobile asset easy to repossess
Aviation industry is less volatile
than other sectors
Long-Term view on the aviation
sector / Excellent track record
Aircraft financing match with investors’
expectations
Manufacturer Support & Sell Down
Aviation Market & Financing Trends
Product Update
27
Airbus product overview in capacity and range
Most complete and far-sighted product family
Airbus Product Family
28
Note: product position is illustrativeRange
Capacity
Airbus & Bombardier a bright future ahead
October 2017 Airbus and Bombardier sign historic partnership
A winning partnershipThe partnership opens a new era in the industry with two giants joining together the best of their product portfolio.
29
End January 2019
Backlog
47557DeliveriesOrders
532A220unbeatablefuel efficiency
31
End of January 2019
532 orders
19 customers
A220 Customers
Start-up « Moxy »
GTLK
Source: Flight Global Article November 13, 2017
Providing value to any operation
Low cost per trip
Lowest cost per seat
Unmatched flexibility and lowest risk
The cost per seat is "so low" on the jet that the carrier can afford to operate sectors with relatively low load factors, in the knowledge that it has flexibility to accommodate more passengers at other times.
airBaltic CEO Martin Gauss
End January 2019
A320unbeatablefuel efficiency Backlog
6 0238 638DeliveriesOrders
14 661
A320 Family has the strongest operator base
More than 8new operators per year, on average, over the last 10 years
End 2018Source: AscendIn-service passenger aircraft (excluding private company use etc.)
A320 Family
100
150
200
250
300
Operators
+45%operators in a decade
34
278 A320 operators
35
Non-stop innovation built on proven values
A320 clear product strategy
2015
Efficiency
2012
Up to 4%Sharklets
Future
20%Cabin EfficiencyEngine ImprovementsSharklets
15%New EnginesSharklets
Fuel Savings per Seat
36
13% 16% 18% 21% 31% 37% 41% 36% 32%
2010 2011 2012 2013 2014 2015 2016 2017 2018
A320 Family deliveries
~40% of A320 Family deliveries are A321
Source: Airbus order intakeas of end of October 2018
Upsizing with deliveriesA321 A318, A319, A320A320 Family deliveries (% units)
37
7 out of the 10 largest 757 operators fly now the A321
The A321 has already replaced757s
Source: FlightGlobal Fleet AnalyzerFebruary 2019, In-service fleet
Worldwide number of aircraft
757 351
A321 1,764
A321 presence within the 757 biggest operatorsNumber of Aircraft
3477
127
13 15 24
22069
11635 31
8 65
99158
6
121
0
50
100
150
200
250
300
350
400
A321 orders A321 757
38
A320ceo secondary market lease transactions 2018
Source: FlightGlobal Fleets Analyser. 01/01/2018 ~ 31/12/2018. Includes leases & lease extensions of used aircraft, excludes sub- & wet leases
134 lease transitions
95 Leases
39 Lease extensions
79 CFM-powered
55 IAE-powered
52 Operators, 3 new
A320ceo has an active secondary market
North America 9
Air Transat 2 x A320 (CFM)Allegiant Air 5 x A320 (CFM)American Airlines 2 x A320 (IAE)
Latin America& Caribbean 9
Aruba Airlines 1 x A320 (IAE)Avianca Group 4 x A320 (CFM/IAE)Azul 1 x A320 (IAE)LATAM 1 x A320 (CFM)
2 x A320 (IAE)
Europe 75
Aeroflot 3 x A320 (CFM)Air Corsica 1 x A320 (CFM)Air France 8 x A320 (CFM)Air Malta 1 x A320 (CFM)Atlantis Armenian 1 x A320 (IAE)Avion Express 3 x A320 (CFM/IAE)British Airways 1 x A320 (IAE)Brussels Airlines 3 x A320 (CFM)DAT 1 x A320 (IAE)easyJet Europe 15 x A320 (CFM)Edelweiss Air 1 x A320 (CFM)Ellinair 2 x A320 (CFM)Ernest Airlines 1 x A320 (CFM)FlyOne 1 x A320 (IAE)GetJet Airlines 2 x A320 (CFM/IAE)Gowair 1 x A320 (CFM)Iberia 2 x A320 (CFM)
1 x A320 (CFM)Laudamotion 3 x A320 (CFM/IAE)Onur Air 1 x A320 (IAE)Orange2fly 2 x A320 (IAE)Small Planet Airlines 3 x A320 (CFM/IAE)Smartlynx 3 x A320 (CFM)
1 x A320 (IAE)Thomas Cook Airlines 1 x A320 (CFM)TAP Air Portugal 1 x A320 (CFM)Ural Airlines 1 x A320 (CFM)
1 x A320 (CFM)VIA Airways 1 x A320 (IAE)Vueling Airlines 1 x A320 (CFM)
5 x A320 (CFM/IAE)Wizz Air 2 x A320 (IAE)Yamal Airlines 2 x A320 (CFM)
Asia-Pacific 37
Air Busan 2 x A320 (IAE)AirAsia (India) 1 x A320 (CFM)Cathay Dragon 1 x A320 (IAE)IndiGo 17 x A320 (CFM/IAE)
5 x A320 (IAE)Indonesia AirAsia 1 x A320 (CFM)JC International 1 x A320 (CFM)Jetstar Japan 1 x A320 (IAE)
1 x A320 (IAE)KC International 1 x A320 (CFM)Sky Angkor 1 x A320 (CFM)Spring Airlines 1 x A320 (CFM)Tianjin Airlines 2 x A320 (IAE)Tigerair Australia 1 x A320 (IAE)Virgin Australia 1 x A320 (IAE)
Africa &Middle East 4
AMC Airlines 1 x A320 (IAE)Israir 1 x A320 (IAE)Jazeera Airways 1 x A320 (CFM)Saudia 1 x A320 (CFM)
Lease extensionLease
New Operator
End February 2019
A330poweringinto the future Backlog
2931 441DeliveriesOrders
1 734
40
A330: Largest operator base…ever
A330neo has great appeal for today’s A330 operators
Source:Ascend OnlineDecember 2018
A330 operator base advantage
0
20
40
60
80
100
120
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
23 A350-900
Ope
rato
rs
Passenger airline operator base evolution since Entry Into Service (250-300 seater category)
118A330-200/300
26 A340-200-300
38 777-200
45 767-300/400
55 787
A330 secondary market lease transactions in 2018
37 Leases16 Lease extension24 Airlines, 4 new37 A330-20016 A330-30021 RR-powered24 PW-powered8 GE-poweredSource: FlightGlobal Fleets Analyser as at 31st December, 2018. Includes dry leases & lease extensions.
53 Lease transactions
Lease extensionLease
North America 8
Air Transat 3 x A330-200 (RR)1 x A330-200 (RR)
American 4 x A330-300 (PW)
Europe 26
Air France 4 x A330-200 (GE)Aer Lingus 1 x A330-200 (GE)Aeroflot 2 x A330-200 (RR)Aigle Azur 2 x A330-200 (PW)Atlasglobal 1 x A330-200 (GE)Brussels Airlines 3 x A330-300 (RR)Evelop 1 x A330-200 (PW)HiFly 1 x A330-200 (PW)Ifly 2 x A330-200 (GE/PW)Nordwind 2 x A330-200 (PW)Onur Air 1 x A330-200 (RR)Virgin Atlantic(i) 4 x A330-200 (PW)Wamos Air 2 x A330-200 (PW)
Asia-Pacific 16
AirAsix X 2 x A330-300 (RR)Asiana 2 x A330-300(GE)Hong Kong Airlines 2 x A330-200 (RR)Malaysian Airlines 5 x A330-200 (PW)QANTAS 1 x A330-200 (GE)SriLankan 1 x A330-200 (RR)Thai AirAsia X 3 x A330-300 (RR)
Africa &Middle East 1
Almasria Universal 1 x A330-200 (GE)
March 2019 Seconadary Market41
New Operator
Latin America& Caribbean 2
Avianca 2 x A330-200 (RR)
(i) Virgin Atlantic is a new operator of the A330-200
15 out of 17 currently operate A330Lowest-risk solution for 1 new widebody operator
Lease PlacementsCustomers
Building on A330 operational excellence238 firm orders
17 operators
2 Undisclosed customers
End February 2019
A350 XWBShaping the futureof air travel
Backlog
603249DeliveriesOrders
852
44
852Firm orders
48Customers
End February 201928 undisclosed orders
A350 XWB worldwide success
Corporate Jet1 orders
Asia & Pacific295 orders
Americas107 orders
Africa & Middle East174 orders
Europe174 orders
Leasing Companies73 orders
UNDISCLOSED
45
A350 XWBFamily
Two sizes with similar long range capability
A350-900 8,100nmA350-1000 8,000nm
ICN
Typical 3-class configurationsTypical airline rules, 200 nm alternate
85% annual headwinds
A350-1000366 passengers
A350-900 325 passengers
46
010203040
2014 2015 2016 2017 2018
A350 XWB sales transactions involving lessors
Sale & Lease-backLessor-to-Lessor sale
Lessors are actively buying and selling A350 XWBs
Lessors known to have been involved in A350 XWB SLBs and sales between lessors(i):
Airlines known to have been involved in A350 XWB SLBs and sales between lessors(i):
(i) May not be a comprehensive list.Source: FlightGlobal Fleets Analyser. Data reported as at 31st December, 2018
47
A380will fly for decades to come Deliveries
234251OrdersOperators
14
48
All Nippon Airways will take delivery of 3 A380sEmirates will take delivery of 14 more A380s
Programme status
A380s will fly for decades to come
A380s will fly for many years to come and we will of course continue to fully support the operators.
We will continue to support our customers with aftermarket services for years to come.
We look forward to supporting the fleet, as the A380 continues to delight travellers, for many years to come.
49 20/03/2019 Unique passenger experience, for decades to come
Quotes from Forbes, FlightGlobal
Already flown for Norwegian, Air Austral & Thomas Cook
Contracted with one customer for all of Summer 2019
“So far it looks like a few more units shall join the fleet.”
Hi Fly A380
“It seems that 2019 will be great, so for the moment we are happy with our investment. We are happy with the decision to put the first A380 on the wet-lease market.”
Hi Fly President & CEO Paulo Mirpuri
Contact Details
Bertrand GuedezStructured Finance Manager
Airbus Singapore Pte Ltd 12 Seletar Aerospace Link
M +65 9820 1821 Singapore 797553E [email protected]
51
François ColletVice President – Structured Finance
Airbus SAST +33 5 67 19 02 79 1 Rond-Point Maurice BellonteM +33 6 16 97 13 87 31707 BlagnacE [email protected] France
Happy to answer any question
Thank you
52
© AIRBUS (Airbus S.A.S., Airbus Operations S.A.S., Airbus Operations GmbH, Airbus Operations LDT, Airbus Operations SL, Airbus China LTD, Airbus (Tianjin) Final Assembly Company LTD, Airbus (Tianjin) Delivery Centre LTD). All rights reserved. Confidential and proprietary document. This document and all information contained herein is the sole property of AIRBUS. No intellectual property rights are granted by the delivery of this document or the disclosure of its content. This document shall not be reproduced or disclosed to a third party without the express written consent of AIRBUS S.A.S. This document and its content shall not be used for any purpose other than that for which it is supplied. The statements made herein do not constitute an offer. They are based on the mentioned assumptions and are expressed in good faith. Where the supporting grounds for these statements are not shown, AIRBUS S.A.S. will be pleased to explain the basis thereof. AIRBUS, its logo, A300, A310, A318, A319, A320, A321, A330, A340, A350, A380, A400M are registered trademarks.