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Agenda Overview

Aviation Investor’s Day: Tuesday, January 17, 2017

Aircraft and Engines Day

8:30AM Registration and morning refreshments
8:55AM Chairperson’s opening remarks
James Meyler, Chairman & Chief Executive Officer, ORIX Aviation Group
9:00AM Air Transport and Equipment Markets Review and Outlook for 2017
Bert Van Leeuwen, Global Head of Aviation Research, DVB Bank S.E.
9:30AM The C-Series Challenges the Narrowbody Duopoly
Moderator: Mike Yeomans, Head of Valuations, IBA Group
Stuart Rubin, Vice President, ICF
Olga Razzhivina, Director, ORIEL
Lindsay Webster, Director of Valuations, Morten Beyer & Agnew
Rikard de Jounge, Vice President - Asset Valuations, Avitas
10:00AM Appraisers: Friends or Foes?
Dick Forsberg, Head of Strategy, Avolon
Phil Seymour, Chief Executive Officer, IBA Group Limited
10:30AM Networking break and refreshments
11:00AM Boeing & Airbus Debate: Filling the Middle Market Gap
Moderator: Doug Kelly, Senior Vice President Asset Valuation, AVITAS
James Billing, Managing Director, Airline Market Analysis, Boeing
Richard Owen Walker, Head of Investor Marketing, Airbus
11:30AM Is there a Future for Very Large Aircraft?
Moderator: Geoff Hearn, Technical Editor, Airfinance Journal
Mark Lapidus, Chief Executive Officer and Chairman, Amedeo
Simon Finn, Senior Vice President, DVB Bank SE
Edward O'Byrne, Managing Director, Co-Head of Aviation, Carlyle Aviation Partners
12:10PM Networking: Lunch and networking
1:30PM Evolution of the Cargo Market
Moderator: Stephen Fortune, Principal, Fortune Aviation Services
David Tokoph, President and CEO, Morten Beyer & Agnew
Robert van de Weg, AirBridge Cargo
Edward McGarvey, Treasurer, Atlas Air Worldwide
2:15PM Competition in the engine aftermarket
Moderator: Jon Sharp, President & Chief Executive Officer, Engine Lease Finance Corporation
Bill Dwyer, Services Marketing General Manager, GE
Paul Finklestein, Vice President Marketing, Pratt & Whitney
Richard Goodhead, Senior Vice President, Marketing, Rolls-Royce PLC
3:00PM Afternoon refreshments and networking
3:30PM Trends in the End of Life Market
Marian Pistik, Head of Asset Management, International Airfinance Corporation
Pascal Picano, SVP Head of Global Marketing, Apollo Aviation Group
Abdol Moabery, Chief Executive Officer and President, GA Telesis
4:15PM Is the 70-90 seat market overcrowded?
Moderator: Geoff Hearn, Technical Editor, Airfinance Journal
Ross Mitchell, Vice President Commercial Operations, Bombardier Commercial Aircraft
Hideyuki Kamiya, Director, Strategic Marketing, Mitsubishi Aircraft Corporation
Rodrigo Silva e Souza, Vice-President, Marketing, Commercial Aviation, EMBRAER
Jerome Gabory, Head of Leasing Markets, ATR
5:00PM Chairperson's closing remarks followed by cocktail reception, sponsored by:

Capital Markets Day

8:30AM Registration and morning refreshments
8:55AM Chairperson’s opening remarks
Hugh Robertson, Partner, Milbank
9:00AM Capital markets’ activity and outlook
Mark Streeter, Managing Director, Airline/Aircraft Credit Research, J.P. Morgan
9:30AM Asian Capital Markets: What to expect?
Moderator: Weili Chen, Head of Capital Markets Aircraft Financing, Standard Chartered
Mark Jiang, Global Head of Aviation Finance, Managing Director, ICBC Financial Leasing Company Limited
Steve Townend, Chief Commercial Officer, BOC Aviation Limited
Tao Wang, Managing Director, Aviation Department, CCB Financial Leasing Corporation Limited
Cristina Chang, Managing Director, Asia Pacific Structured Finance, Asia Pacific, Citi
10:15AM Networking break and refreshments
10:45AM Challenging credit agencies and their role in aviation
Moderator: Marjan Riggi, Senior Managing Director, Financial Institutions and Corporates, Kroll Bond Rating Agency
Joseph Rohlena, Senior Director, Corporates, Fitch Ratings
Philip A Baggaley, CFA, Managing Director, Corporate & Government Ratings, S&P Global
Jonathan Root, Senior Vice President, Moody's Investors Service
11:30AM Will the ABS market pick up in 2017?
Moderator: Drew Fine, Partner, Milbank, Tweed, Headley & McCloy LLP
Scott Debano, Managing Director, Citibank
Chuck Weilamann, Managing Director Head of US ABS Group, DBRS
Vijay Jethwa, Director-Fixed Income, Mizuho Securities USA
Jing XIE, Director - Structured Finance Ratings, Standard & Poor’s Ratings Services
Vijay Jethwa, Director-Fixed Income, Mizuho Securities USA
Matthew Little, Head of Business Development, Castlelake
12:10PM Networking: Lunch and networking
1:30PM Is the private placement market still under-supplied?
Moderator: Jim Pascale, Partner, Milbank
Rafael Kuhn, Director, Head of Aviation Capital Markets, Deutsche Bank Securities
Michael Dickey Morgan, Executive Managing Director, Burnham Sterling & Company
Douglas Brennan, Chairman, Stellwagen Group Limited
Andrew Kleeman, CFA, Managing Director, Private Placement, Barings
2:15PM Has an excess of liquidity in the market dwarfed EETC issuance?
Moderator: Justine Fisher, SVP Credit Research, Goldman Sachs
Eric Harder, Director Corporate Finance, United
Matthew Simonetti, Director, Global Structured Finance, Citi
Helen Kotsovos, Director Financing, Air Canada
3:00PM Afternoon refreshments and networking
3:30PM Why are investors drawn to aviation?
Moderator: Nick Swinburne, Partner - London, Milbank, Tweed, Hadley & McCloy
Hafiz Lalani, Senior Principal, Private Investments, CPPIB Equity Investments Inc
Keith Allman, Vice President - Senior Securitized Asset Analyst, Loomis Sayles
Bob Peart, Portfolio Manager, Magnetar Capital
Jeff Straebler, Managing Director - Transportation, Aerospace & Defense, North America Corporate Finance Group, John Hancock
4:15PM What is driving lessor IPOs?
Moderator: Seamus O'Croinin, Finance Partner, A&L Goodbody
Ryan McKenna, Vice President, Air Lease Corporation
Mike Inglese, Acting CEO & CFO, Aircastle
Steve Townend, Chief Commercial Officer, BOC Aviation Limited
5:00PM Chairpersons closing remarks followed bycocktail reception, sponsored by:

Day 1: Wednesday, January 18, 2017

8:00AM Registration and morning refreshments
8:50AM Chairperson’s opening remarks
Gillian Kelly, Partner, KPMG
9:00AM Global Economy and Aviation – Do we have room to grow?

The status of the global economy indicates that we may be approaching the peak of the cycle.  How far do we have to go before the next recession? And what will happen to growth? Will Boeing and Airbus be able to increase production rates in the narrowbody market given the general uncertainty in the global economy? Brian Pearce considers the outlook for aviation in the broader context of the global economy.

Brian Pearce, Chief Economist, International Air Transport Association
9:30AM Etihad keynote presentation: Winning models in a changing world
James Hogan, President & Cheif Executive Officer, Etihad Airways
10:00AM On-stage interview with Wizz Air

LCCs are operating in an increasingly competitive environment, is there room for more or will we see consolidation of LCCs in Europe? Are IPOs a good idea for both airlines and lessors, or does one stand to benefit more than the other? Will we see Wizz Air follow in the footsteps of other LCCs in the region and reduce their lease fleet in a move towards more bank/capital market financing? Steve Udvar-Házy will conduct an on stage interview with Wizz Air Chief Executive Officer, Jozsef Varadi, to shed light on these issues.

Moderator: Steven Udvar-Hazy, Executive Chairman, Air Lease Corporation
Jozsef Varadi, Chief Executive Officer, Wizz Air
10:20AM Case Study: Blackbird ABS prices with lowest ever coupon
Moderator: Joe Kavanagh, Senior Reporter, Americas, Airfinance Journal
Vinodh Srinivasan, Managing Director and Co-Head of the Structured Credit Group, Mizuho Securities USA
Steven Chung, Partner, Hughes Hubbard & Reed
Ryan McKenna, Vice President, Head of Strategic Planning, Air Lease Corporation
Patrick McShane, Senior Director, Kroll Bond Rating Agency
11:00AM Networking and morning refreshments
11:30AM On stage interview with Alec Burger: Liquidity - A Double Edge Sword for Lessors?

Liquidity enables Lessors to sell the existing assets profitably however it makes it difficult to replace those assets and make a return on them. We currently live in a 0 Libor world therefore new entrants are coming into the market because they want yield and relatively low volatility of returns. However there will come a point when no more liquidity will come in because the marginal returns are not attractive enough. How far will yields decline? How many basis points above Libor?

Moderator: Greg Lee, Managing Director, Goldman Sachs
Alec Burger, President and CEO, GECAS
11:45AM Airline CFO discussion

In a time of macroeconomic uncertainty and rumours of a bubble within the aviation industry, how will CFOs decide to finance their coming deliveries? Will Brexit stand to have a significant impact on airlines’ financial plans and strategy? How are airlines preparing for a rise in both oil prices and interest rates?

Moderator: Guido Schmitz, Managing Director, Aviation Credit, DVB Bank SE
Serhan Ulga, Chief Financial Officer, Pegasus Airlines
Goran Jansson, Deputy President EVP Strategy & Ventures, SAS Airlines
Neil Sorahan, Chief Financial Officer, Ryanair
Frode Foss, Chief Financial Officer, Norwegian Air Shuttle
12:30PM On stage interview with Aengus Kelly

With growth in aviation outperforming GDP growth globally, airlines and lessors are enjoying high demand and high yields. Production rates are keeping up with demand however experts are questioning what will happen if Chinese demand for these aircraft declines. What will be the impact over supplied market on lessors?

Moderator: Laura Mueller, Managing Director, Airfinance Journal
Moderator: Olivier Bonnassies, Managing Director, Airfinance Journal
Aengus Kelly, Chief Executive Officer, AerCap
12:45PM Lunch and networking
2:00PM New Trend - Airlines Looking at Unsecured Borrowing

An increasing number of airlines are getting credit ratings. Is the transition to investment grade borrowing and unsecured borrowing going to continue? Will airlines moving up the rating spectrum also look to more corporate level recourse funding rather than EETCs/aircraft base funding? Airline CFOs and Treasurers give us their take on unsecured borrowing and airline financing strategy.

Moderator: Patrick Kaufer, Managing Director, Global Head of Aviation Capital Markets, Deutsche Bank
Tom Weir, Vice President and Treasurer, American Airlines
Andy Nelson, Managing Director, Delta Air Lines
Candice Li, Vice President Finance & Fleet Management, WestJet
2:45PM Lessor Executives - What is the future of listed leasing equities?

We have seen a recent spike in Lessor M&A activity and IPOs. What is the outlook for lessor consolidations and IPOs? How are IPOs in line with lessors’ funding strategy? What is the future of listed leasing equities for 2017 and beyond? Our panel of Lessor CEOs will assess recent activity in the leasing market and reveal how they see their sector evolve.

Moderator: Bertrand Grabowski, Strategic Advisor, CPPIB Canadian Pension Fund
John Higgins, President and Chief Commercial Officer, Avolon
David Walton, Chief Operating Officer, BOC Aviation Limited
Peter Barrett, Chief Executive Officer, SMBC Aviation Capital
Ruth Kelly, Chief Executive Officer, Goshawk Management (Ireland) Limited
Steven Udvar-Hazy, Executive Chairman, Air Lease Corporation
3:30PM Networking and afternoon refreshments
4:00PM New Accounting Shock to Impact Airlines and Lessors

IFRS 16 will require airlines to put all their leased aircraft on balance sheet. The scale of increased leverage is likely to be a shock to investors. Possible effects of the new accounting standards may include a propensity for airlines to want to shorten lease terms. Shorter lease terms brings about increased residual value risk, which in turn affects the risk appetite of Lessors. How will the new accounting rule affect airlines? Are lessors expecting changes to their customers’ behaviours and how will they respond to these potential changes? KPMG assesses the potential impact of the new regulation.

Killian Croke, Partner (Aviation Finance - Audit & Assurance), KPMG
4:30PM Industry Cycle - Are we at the peak?

Traffic is still strong and oil prices low so airline profits are still high. 2016 will be a record year. But what is the outlook for 2017? Where are we in the cycle? Are we at the peak or just past the peak? How much longer do we have before the next recession? Adam Pilarski debates.

Adam Pilarski, Senior Vice President, AVITAS
5:00PM Chairperson’s closing remarks
Gillian Kelly, Partner, KPMG
5:05PM Cocktail Reception sponsored by KPMG

Day 2: Thursday, January 19, 2017

8:30AM Morning refreshments
8:50AM Chairperson’s opening remarks
Catherine Duffy, Partner, A&L Goodbody
9:00AM Latin America is showing signs of recovery – Airlines give their forecasts

With the Brazilian economy showing signs of recovery the rest of the region is hopeful. Having portrayed a positive outlook at the 12th Annual Latin America Airfinance Conference in September 2016, airline CFOs will give their forecasts for the year. What sources of funding will airlines in the region tap into? What approach are airlines taking to hedging on fuel prices? What impact did the slowdown of local economies have on airlines' fleet planning strategy?

Moderator: Thomas Hollahan, Managing Director, Citi Bank
Jose Ignacio Dougnac, Chief Financial Officer, Sky Airline
Pablo Miedziak, Chief Financial Officer, Aerolineas Argentinas
Ricardo Sanchez Baker, Chief Financial Officer, Aeromexico
9:40AM Aircraft Economics – What is the Outlook for New vs Mid-Life vs Old Aircraft?

We are seeing a lot of capital come after hard assets of all types, especially new commodity aircraft (like the Boeing 737 or the A320) and returns compress as a result. Meanwhile lease rates for mid-life aircraft are still holding up. What is the return outlook within the different pockets of aircraft risk? Where is the sweet spot on a risk-adjusted basis between new vs mid-life vs old aircraft? What type of assets should you be buying?

Moderator: John Pritchard, Partner, Holland & Knight
David Power, Chief Executive Officer, ORIX Aviation System Limited
Douglas Runte, Analyst, Deutsche Bank
Phil Seymour, Chief Executive Officer, IBA Group Limited
10:20AM Networking and morning refreshments
10:50AM New Dynamic between the Banking Market and the Capital Markets

The capital markets have grown and are very functional. Overall net bank capacity seems as high as it has ever been if not higher. How does that dynamic play out between the banking market and the capital markets and what is the outlook for the ABS and EETC markets? Our panel of experts debate.

Moderator: Henry Morriello, Partner, Arnold & Porter Kaye Scholer LLP
Patrick Kaufer, Managing Director, Global Head of Aviation Capital Markets, Deutsche Bank
William Hoffman, Chairman, Apollo Aviation Group
Bertrand Dehouck, Head of Aviation EMEA, BNP Paribas
Evan Carruthers, Managing Partner, Castlelake
David Goring-Thomas, Member of the Board of Managing Directors, DVB Bank SE
11:40AM Far Eastern Promises: The New Wave of Lessors

There has been a wave of new entrants to the operating leasing industry from China. These new players have already amassed portfolios aggregating $35bn according to Airfinance Journal Fleet. What are the portfolio growth targets of these new entrants and through which means of acquisition? What are their financing plans? What government approvals are required for fleet acquisitions? What will be the role of Ireland and Tianjin in new entrants’ future plans? Our distinguished panel of new lessors will answer these key questions.

Moderator: Paul Jebely, Managing Partner, Pillsbury Winthrop Shaw Pittman (HK) LLP
Russell Hubbard, Senior Vice President - Aircraft Trading, China Aircraft Leasing Group Holdings Limited (CALC)
Zhen Xing, Head of Sales and Trading, Aviation, Bank of Communications Financial Leasing CO., Ltd.
Tao Wang, Managing Director, Aviation Department, CCB Financial Leasing Corporation Limited
12:30PM Keynote announcement from BOCOMM Leasing
Ling Li, Managing Director, Aviation, Bank of Communications Financial Leasing CO., Ltd.
12:50PM Lunch sponsored by BOCOMM Leasing
2:30PM A look into the Russian & CIS Market

With the growth in the leasing market, a softening of load factors and no access to capital markets for Russian banks, the region presents a mixed case of optimism and concern.  A panel of experts seek to explore the challenges and opportunities present in the regions market.

Moderator: Jack Dutton, Editor, Airfinance Journal
Konstantin Mekhonoshin, Vice President, International Business, RusLine
Roman Pakhomov, Chief Executive Officer, ACS
Pavel Piskun, Director, Sberbank Leasing
3:10PM When will the ECAs return to aviation?

Export Credit Agencies look to provide insight into when they will return to aviation and the impact of 2016’s political upsets on ECA financing in aviation.

Alain Gauthier, Global Accounts Director, Export Development Canada
Robert F. X Roy Jr, Vice President, Transportation Division, Export-Import Bank of the United States
Paul Walsh, Head Of Business Group, Aerospace, UK Export Finance
Eric Agote, Head of Unit – Airbus Unconditional Guarantee, State Guarantees Directorate, COFACE
Marcio Migon, Head Of Department Aircraft Financing Export Credit Division, BNDES - Brazilian Development Bank
Berthold Reuter, Unit Head Aviation Risk Federal Export Credit Guarantees, Euler Hermes Aktiengesellschaft
4:00PM Opportunities in the Middle East

Impressive growth in the region has further secured the Middle East as hub for aviation. How do carriers in the region plan to exploit growth opportunities in neighbouring countries such as Iran, Turkey and India? What impact is regional instability having on the region’s aviation growth? What funding sources are carriers in the region likely to tap into in the wake of Basel III and other regulatory requirement impacting the region?

Moderator: Anas Bennani, Managing Director, Palma Holding Limited
Mohammad Gorji, Executive VP Fleet Development, Iran Aseman Airlines
David Houlihan, Co-Chief Commercial Officer, DAE Capital, Dubai Aerospace Enterprise
4:45PM On-Stage Interview with Ajay Singh
Moderator: Ray Sisson, Chairman & Chief Executive Officer, AVi8 Air Capital
Ajay Singh, Chairman, Spice Jet
6:00PM Open networking & 1:1 meetings