INVESTING IN AVIATION FINANCE FRANKFURT

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2 INVESTING IN AVIATION FINANCE FRANKFURT The only event focused on the German capital markets for aviation finance returns to Frankfurt for its second year. Ishka s Investing in Aviation Finance: Frankfurt conference brings together leading market practitioners and German institutional investors for an unmissable mix of in-depth sessions, masterclasses and quality networking Explore exciting opportunities and emerging trends in a series of interactive sessions led by the top innovators and thought leaders of the industry, including: Comparing risk characteristics of aviation vs other asset classes Investing in dollar denominated assets What s happening to the A380s Aviation as an ESG rated investment INVESTOR MASTERCLASS MAIN CONFERENCE Tuesday 13th November Wednesday 14th November FOUNDING PARTNER PARTNER SPONSORS

3 SPEAKER LINE-UP Fraser Chestney Senior Vice President Magi Aviation Capital Jörg Schirrmacher Head of Transport Finance Helaba Christine Rovelli VP Group Treasurer Finnair Peter Vardigans Founding Partner Magi Aviation Capital Markus Ohlert Head of Corporate Aircraft Finance Lufthansa Irena Badelska Head of Business Development and Investor Relations Amedeo Martin Browne VP Commercial EMEA Aergo Dan Stone Executive Vice President DAE Capital Christian Wolff Director Helaba Zaki Nuseibeh Founding Partner Floreat Capital Markets Thomas Kolberg Chandra Gopinathan Head of Department Aircraft Senior Investment Euler Hermes AG Consultant Global Credit Research Partners CONFIRMED INVESTORS PLUS! Many more to be announced

4 MAIN CONFERENCE AGENDA th Tuesday 13 November 09:00 Ishka Welcome 09:05 Keynote: Ishka award presentation followed by Q&A with Markus Ohlert, Lufthansa 09:15 Expelling the myth that aviation is a risky and potentially unstable asset class to invest in Comparing aviation risk characteristics to shipping, real estate, infrastructure, and renewable energy Where are we in the cycle and what are the current return levels? When is the best time to enter the cycle? If we are at the top, what are the opportunities? Understanding the different cycle stages where returns come from Sven Respondek, Senior Transaction Manager, KGAL Group 09:45 Are debt funds becoming a more suitable debt platform to invest in? Why do debt funds make sense for investors? The characteristics of debt funds vs other forms of debt What s the risk appetite for senior and junior debt? Brian Lau, Investec Joerg Schirrmacher, Head of Transport Finance, Helaba Fraser Chestney, Senior Vice President, Magi Aviation Capital Victoria Goodenough, Executive Director, Aviation Syndication EMEA, Natixis Mamoun Kuzbari, Managing Director, Novus 10:15 Keynote investor panel: the investor pitch What structures offer the best returns right now? What is their allocation in the market currently? How long do investors plan to hold their investments for? Moderator: Peter Vardigans, Partner, Magi Aviation Capital 11:00 Networking break 11:45 To what extent do high hedging costs for dollar denominated assets take out the relative value in deals? Highlighting the advantages of investing in dollar denominated assets How expensive is currency hedging for investors, and how much relative value is left after hedging dollar denominated deals? Will the market see euro ABS/portfolio deals? Christine Rovelli, VP Group Treasurer, Finnair Thomas Leidenberger, Head of Alternative Investments, Hannover Leasing Investment GmbH Maybel Saleh, Director - EMEA Aviation, Citigroup Julius Hünnemeyer, Investment Director - Private Debt, Prime Capital

5 12:30 Is the dust starting to settle on the A380 crisis? Case Study: remarketing the existing A380s, redeploying, parting out, wet-leasing, and their impact on the A380 secondary market How much money could investors stand to lose by parting-out vs re-leasing A380s? Irena Badelska, Head of Business Development and Investor Relations, Amedeo Paulo Mirpuri, CEO & President, HiFly Thomas Leidenberger, Head of Alternative Investments, Hannover Leasing Investment GmbH Catherine Bras, Head of A380 Business Development & Remarketing, Airbus 13:15 Lunch 14:30 The importance of a good asset manager, exploring: Asset manager s expertise real lessor competence Going beyond transactions effectively managing the deal How do asset managers differentiate themselves, and what makes sense for new investors in the market? Martin Browne, VP Commercial EMEA, Aergo Thomas Light, Investec Sven Respondek, Senior Transaction Manager, KGAL Group Moderator: Patrick Den Elzen, Managing Director, Arena Aviation Capital 15:00 DEBATE: Should more aviation deals be externally rated, and if so, by who? How far do investors use global rating agencies over local ones? Why? If German investors require more externally rated aviation deals, who should absorb the cost of the rating? Should arrangers have more of an established process to offer investors a rating? Dan Stone, Executive Vice President, DAE Capital Christian Wolff, Director, Helaba Moderator: Richard Moody, Managing Director - Credit Solutions Group, Deutsche Bank 15:30 Are German investors ready to adopt more asset risk and move down the credit curve? To what extent are tight margins in the debt market encouraging investors to look at riskier structures like equity? Is the yield issuers are promising investors over 5/10 years sustainable, with interest and exchange rate levels changing? Exploring the transferability of the e-note in the asset class Zaki Nuseibeh, Founding Partner, Floreat Capital Markets Moderator: Sibylle Pähler, Managing Director, Doric GmbH 16:00 Networking break

16:30 Will aviation become an environmental, social and governance (ESG) rated investment? What are ESG rated investments? How can aviation become a better rated ESG investment?

6 16:30 Will aviation become an environmental, social and governance (ESG) rated investment? What are ESG rated investments? How can aviation become a better rated ESG investment? How genuine is ESG investment appetite? Could investors simply be using aviation to fill their sustainability portfolio instead of real estate? Chandra Gopinathan, Senior Investment Consultant, Global Credit Research Partners 17:00 Exploring the role of the German ECA in supporting aviation transactions, including its view on new products like Balthazar Challenging the legal requirements around Euler-Hermes issuing bonds vs other European ECAs What s the appetite and advantage of an insured aircraft product in the German capital markets? Christine Rovelli, VP Group Treasurer, Finnair Thomas Kolberg, Head of Department Aircraft, Euler Hermes AG 17:30 Close of conference and networking drinks

7 INVESTOR MASTERCLASS Wednesday 14th November Separately bookable The masterclass is designed around the education needs of German investors looking to gain a deeper understanding of investment opportunities in the aviation finance market. Combining case studies, research, and data led sessions, the workshop will help investors of varying experiences to: Identify new opportunities within commercial aviation Remain up-to-date on market developments Who should attend? Pension funds, family offices, insurance companies, private equity investors, and asset managers plus market practitioners from the banking, leasing, airline and legal community. AGENDA 9:00: Comparing the merits of aviation debt funds to other private debt funds: Security and risks Diversification Recovery notes Achievable yield Rating Scalability Typical issuers 9:45: Break 10:00: Possibilities in crisis scenarios Case study looking at potential crisis scenarios; A380 values in 10 years 10:45: Opportunities in leasing investments How far is interest shifting from single-asset debt funds to multi-asset leasing funds? The benefits of multi asset leasing funds. Yield, diversification, portfolio financing etc. Understanding the operating side of managing a lease Examining residual value risk and how investors should evaluate it 11:15: Break 11:30: Understanding how arrangers and asset managers handle the Solvency II implications: Capital rating Reporting point of view How levered and unlevered Sensitivity of asset risk management and how this can effect economics and future cash flows 12:15: Close of masterclass

REGISTER TODAY Investing in Aviation Finance Frankfurt EARLY BIRD STANDARD PRICE INVESTING IN AVIATION FINANCE CONFERENCE AND INVESTOR MASTERCLASS 1,050 1,199 INVESTING IN AVIATION FINANCE

8 REGISTER TODAY Investing in Aviation Finance Frankfurt EARLY BIRD STANDARD PRICE INVESTING IN AVIATION FINANCE CONFERENCE AND INVESTOR MASTERCLASS 1,050 1,199 INVESTING IN AVIATION FINANCE CONFERENCE-ONLY UNTIL 1ST OCTOBER 2018 INVESTOR MASTERCLASS ONLY Book for three or more colleagues and save! Each guest after the second receives a 15% discount Register online it s quick and simple COM/EVENTS Free passes for airlines and institutional investors at the discretion of Ishka To reserve your complimentary pass, please team@ishkaglobal.com For group bookings of six people or more contact Lewis Price Lewis@ishkaglobal.com +44 (0)

INVESTING IN AVIATION FINANCE: EUROPE

INVESTING IN AVIATION FINANCE: EUROPE Glaziers Hall, London Ishka s Investing in Aviation Finance: Europe event is returning to London in April 2018 - the only event dedicated to the European capital markets