1. Operating Lease Analysis MARKET INSIGHT: OPERATING LESSORS

2. Aircraft leasing is a global business

3. The number of airlines globally continues to grow  The number of airlines up by 240% since 1985  20% CAGR for LCCs and 8.4% in Asia and Middle East support the case for more operating lessors

4. Top 25 airlines by fleet count: % aircraft leased

5. Top 25 airlines by % aircraft leased, > 50 aircraft in fleet

6. Number of operating lessors has been steadily growing Over the past 20 years, the number of Lessors has doubled. The Industry is led by a handful of large Lessors, with ILFC and GECAS standing apart at the top The top 5 Lessors have historically controlled ~50% of the leased fleet.

7. GECAS and ILFC stand apart. The next tier of lessors represent a mix of leasing specialists and leasing arms of manufacturers Only half of the current leaders were among the top 25 in 1999 Former leading Lessors and a number of new leasing platforms are poised to enter the market: ● Avolon ● AerSale ● Greenstone ● Jackson Square ● LCI ● ICBC Leasing, CDB Leasing, etc Aircraft leasing has historically been a competitive sector

8.  Operating Lessors have played a significant role in the roll-out of all major aircraft types over the past 10 years  From 1999 to 2007, the lessor fleet grew at a consistent pace of 9.0%  Since 2008. the lessor fleet growth slowed. primarily by retirements and sales of older equipment like B737- Classics  Leasing of new or prime equipment continues, with a CAGR of near 17% over the same period Lessor fleets have been growing, across all aircraft types 9.0% CAGR

9. Lessor fleets have been growing…

10. And lessor fleet share has increased

11. For further analysis please contact your account manager or email consultancy@ascendworldwide.com