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Agenda Overview

5th Annual Japan Airfinance Conference

14th &15th April 2016, Tokyo Peninsula Hotel

(日本航空機ファイナンス会議2016/Simultaneous translation will be provided)

Day 1: Thursday 14 April

0830 Registration and morning coffee

0900 Chairman’ welcoming remarks

Masao Masuda, General Manager, Head of Global Aviation Team, Development Bank of Japan

0910 Exploring the key themes driving growth in Japan’s aviation market

• Key trends in Japanese aircraft financing market
• Performance of legacy carries and LCCs in Japan
• What does the privatization of Kansai, Nagoya and Sendai mean for airlines?
• Airports and capacity questions surrounding 2020 traffic volumes

Rikan Miura, Head of Americas and Asia, Senior Vice President, Development Bank of Japan

0940 Assessing the impact of increasing competition from OEMs and planning for the changing dynamic of the engine leasing landscape 

• Earlier end-of-life options and impact on residual values
• Availability of engines released from parted-out aircraft
• Effect on used serviceable  material  market
• Implications for asset lives

Jon Sharp, President & CEO, ELFC

1010 Case study: Indigo - redefining a successful LCC model

• Explore how the Indian macroeconomic story shaped the strategy for the airline
• Review the competitive landscape in India
• How did Indigo create structural advantages over global LCCs
• Selecting the investors to finance the fleet and how this was a success
• Understand how the business model was adapted for fleet flexibility

Riyaz Peermohamed, Chief Aircraft Acquisition & Financing Officer, IndiGo

1040 Coffee break

1110 With volatility in capital markets, what will be the financing mix in 2016 and 2017?

• How to manage financing risk in a period of market volatility and uncertainty?
• Currency fluctuation and rate hike - how is going to affect financing mix?
• With ample yen liquidity and low rates in the onshore market, is yen a viable currency for aircraft funding?
• How can LCCs differentiate themselves in the market?
• Impact of the low fuel price on fleet planning, hedging and financing 

Amelia G. Anderson, Managing Director, Assistant Treasurer, American Airlines
Andrew Cowen, CEO, Hong Kong Express
Markus Ott, Head of Corporate Finance, Deutsche Lufthansa AG
Nirmal Govinda Das, Senior Vice President - Corporate Treasury, Emirates
Moderator: Simon Collins, Partner, White & Case

1155 Made in Japan: MRJ takes off – is this the game changer we’ve been waiting for?

• Value propositions of MRJ
• Appraisers’ assumptions on MRJ’s RVs
• Challenges for establishing a secondary market
• Reviewing the mandates of JBIC and NEXI in financing MRJ
• Latest developments and strategies for launching MRJ

Akio Ueda, Sales/Marketing Director, Asia & Pacific, Mitsubishi Aircraft Corporation
Minoru Kawahara, Director, Head of Finance, Mitsubishi Aircraft Corporation
Dr. Stuart Hatcher, Chief Intelligence Officer, IBA Group
Moderator: Michael Allen, Senior Reporter – Asia Pacific, Airfinance Journal

1240 Lunch

1400 More liquidity but less margin – understand how to enhance returns in a tight margin environment?

• Determine whether aircraft financing provides a sound margin and risk profile for regional banks and alternative lenders
• Is global lending by Asian banks affecting local liquidity?
• Compare the pro’s and con’s of shifting from credit based risk to asset based risk to bypass hurdles in lending
• Discover whether Japanese banks will be willing to finance new LCCs in Japan? 
• In the midst of the transactional period from CEO to NEO and NG to MAX, how do lenders monitor their credit profiles and manage balloon risks?
• Where will prices be trending in 2017?

Daisuke Kawasaki, Head of EMEA and Asia Pacific, Development Bank of Japan
Munawar Noorani, Managing Director, Regional Aviation Head  for EMEA & Asia Pacific, Citigroup
Shin Watanabe, General Manager, Global Aircraft Finance Department, International Banking Unit, Sumitomo Mitsui Banking Corporation
Jean-Francois Lascombe, Deputy Head of Aviation, Export & Infrastructure Finance - Asia Pacific, Corporate & Investment Banking, Natixis
Yoichi Hirotani, Managing Director & Head of Tokyo Branch, DVB Transport Finance Limited
Moderator: Robert Melson, Partner and Global Head of Aircraft Finance and Leasing, K&L Gates

1500 Analyze the suitability of the fixed income markets to absorb the huge funding needs expected from Asia

• ABS, EETCs, MTNs and private placement - which product is more viable in current market conditions?
• Investors’ appetites for secured and unsecured debt financing
• Debate what the first benchmark Asian ABS deal means to Asian lessors and airlines
• Will airline free up their balance sheet by pooling vintage aircraft through securitization? Will investors have the appetitive for a pool of vintage?
• Let’s look at yields – will they ever be high enough to attract insurance companies and pension funds into the sector? 
• Will unrated issuance in the private placement market provide a viable funding platform for new or second tier carriers and LCCs in Asia?

Andy Lai, Managing Director, Head of Securitization, Asia Pacific, BNP Paribas
Cristina Chang, Director and Head of Asia Pacific Securitized Products, Asia Pacific, Citi
Frederic Mireur, Head of Corporate Finance, AWAS
Peter Davis, Head of Treasury, BOC Aviation
Moderator: Neil Campbell, Partner, K & L Gates

1545 Coffee break

1615 How can we make fixed income products more accessible to Asian issuers? 

• Rating trends for aircraft financing
• Compare rating criteria and the differences between international vs domestic ratings, and credit rating vs asset backed rating
• How adaptive are the rating criteria for assessing Asian airlines and lessors with such a different landscape to that of US carriers
• Will Japanese airlines and Asian based lessors be willing to jump through hoops to get a rating?
• After the first benchmark deal in Asian ABS, will more Asian based lessors be able to tap the ABS market? 
• Asset based approach to EETCs ratings:

- Importance of signing up Cape Town Convention 
- How does an investor mitigate exchange rate mismatch and volatility in USD and LCY?
- Liquidity facilities and cash positions – is it same for all airlines? 

Fumihiro Honda, Senior Analyst and Division Manager, Structured Finance Project & Asset Finance Division, Japan Credit Rating Agency
Hajime Miwa, Head of Strategic Financial Product Department, Mizuho Securities
Takashi Morioka, Chief Analyst, Structured Finance Division, R&I
XIE Jing, Director, Structured Finance, Standard & Poor’s Ratings Services
Moderator: Takeru Isshiki , Vice President, Development Bank of Japan 

 1700 Evaluate whether JOLCOs be able to attract new names and new investors in 2017?

• JOLCOs – a low-cost financing tool or an efficient investment vehicle for aircraft?
• JOLCO as an investment tool to fund MRJ
• With strong liquidity and investor appetite, will a new wave of lessors and airlines return to JOLCO transactions?
• Will there be a conflict of interest if lenders become a lease arrangers in JOLCO transactions?
• With conflicts in Middle East and uncertainty in global economy posted a threat to underwriting JOLCOs?
• Has new process been undertaken by credit and audit committees to adopt in current market condition?
• What will be the likely outcome and complication in non–exercise option transactions?

Jin Matsushita, Department Head-Corporate Finance Solutions Department, Investment Banking Products Group, Mizuho Securities
Kinichi Yuki, Senior Advisor Aviation Finance, NTT Finance Corporation
Koichi Tanaka, General Manager of Investment Business Department, SMFL
Nicolas Parrot, Managing Director, Co-Head Transportation Sector, Investment Banking Asia Pacific
BNP Paribas Singapore
Moderator: Simon Collins, Partner, White & Case

1750 Chairman’s closing remarks followed by cocktail reception

Day 2: Friday 15 April

0830 Registration and morning coffee

0900 Chairman’ welcoming remarks

Jon Sharp, President & CEO, ELFC

0910 Review the value proposition for turboprop’s in a low fuel environment

• Analyse the most efficient routes between Japan and neighboring countries using turboprops
• Effect of low fuel price on operating cost and seat mileage

Angelo Sorrentino, Market Strategy Manager, ATR

0930 Lessor’s perspective on RVs , trading  and lease rate of Turboprop

• Assessing RVs retention and tradability of used turboprop
• Lease rate performance and growth prospect

Russell Hubbard, Global Head of Aircraft Trading, Avation PLC

0950 Where are the new markets for lessors and what opportunities do these present?

• Low cost of financing, speculating and demand for capacity – what is the key driver for aircraft orders?
• Review where lessors see the new opportunities - Korea, India, Iran, Africa or Brazil
• Determining the potential impact on fleet planning and trading from the introduction of new generation aircraft
• With accelerating deliveries of A350s and B787s, what will happen to residual value and lease rate performance of medium size widebodies?
• Will it be a better tomorrow for A380s and B747s in operating leasing markets? Lease rate predictions for widebodies in 2016 and 2017
• Commercial lending, capital markets and portfolio securitisations – what is the financing mix for rated and unrated lessors?
• Prospects for MRJ

John Graves, Managing Director, Asia and Middle East, Aviation Capital Group 
Joe Ye TIAN, Deputy Head of Aviation, Ping An International Financial Leasing
Mark Lapidus, CEO, Amedeo
Seiji Yokoyama, Chief Commercial Officer, MCAP
Moderator: Jon Sharp, President  & CEO, ELFC

1050 Coffee break

1120 Demonstrating excellence in medium and long-haul flights

• Demand for widebodies
• Versatility and capability
• How will the medium and long-haul markets transform in the future

Darren Hulst, Managing Director – Northeast Asia Marketing, Boeing Commercial Airplanes
Jean –pierre  Stainnack, Senior Vice President Sales – Japan, Airbus

1200 The key changes in next generation of engines

• Battling environmental challenges with new engine technologies
• What will be the new service package offerings for new engines?

 Gopinath Logannathan, Product Marketing Director, CFM International

 1220 Dissecting the impact of the fuel price on RVs

• Are there too many new and used aircraft in the markets?
• 1st and 2nd lease rate performance of key aircraft types
• Will the low fuel price offset RV risk? What happens when we start to trend back up to $60 - $80 a barrel?
• Adjusting the book value of aircraft to current market values – is the price widening?
• Which types of used aircraft have proven to be the winners and why?

  Gary Fitzgerald, Managing Director, Stratos
  John Cunningham, Senior Advisor - Aviation Consulting & Services, ICF International
  Dr. Stuart Hatcher, Chief Intelligence Officer, IBA Group
  Moderator: Joe Ye TIAN, Deputy Head of Aviation, Ping An International Financial Leasing

 1300 Lunch

Remarketing & Trading Briefing Day:

1420 Chairman Chairman’s welcome remarks

Bob James, CEO and Managing Director, AerFin

1430 Challenges and opportunities in re-fleeting and redeliveries in Japanese fleets

• Driving forces of global re-fleeting
• Fleet  and age composition of Japanese lessors and airlines
• Cost of maintenance in Japan
• Supply and demand of new and used aircraft

David Ellis, Senior Vice President, Asset Transaction Group, GA Telesis

1500 Adapting to the new competitive landscape of engine leasing, parts trading and part out services

• Residual value trends
• Remarketing potential and investor preference for current and used engines
• RV risk and end-of-life solutions 
• Are there new OEMs’ strategies affecting the markets?
• With strong competition, will engine leasing continue to grow in the next five years?

Allan Jones, Chief Strategy Officer, TES Aviation
Bob James, CEO and Managing Director, AerFin
Jon Sharp, President & CEO, ELFC
Moderator: David Ellis, Senior Vice President, Asset Transaction Group, GA Telesis

1545 Responding to the threat of the new generation of aircraft - where is the mid-age fleet going to land in the next five years?

• Assessing the need for fleet renewal and lease extension of lessors and airlines
• Perception of RV risks and potential impact on fleet planning strategies
• Quality of service provided by MROs in Asia Pacific - how can MROs in Asia improve?
• How will airlines and lessors develop the capability in remarketing and trading?
• Where is the demand for used aircraft in Japan? Hurdles for remarketing and trading with Japan counterparties
• Demand for part-out services in Asia – how lucrative and promising are these markets?
• Trading in with OEMs and freighter conversion programmes
• Financing  and refinancomg support for used aircraft

Jens Dunker, Senior Vice President - Aircraft Trading and Global Marketing, CALC
Jean –pierre  Stainnack, Senior Vice President Sales – Japan, Airbus
Vincent Lam, Senior Vice President, Cabot Aviation
Yuji Ikehama, General Manager-Aviation Finance Division, Century Tokyo Leasing Corporation
Moderator: Bob James, CEO and Managing Director, AerFin

1640 Chairman’s closing remarks and close of briefing day