Morgan Stanley Commercial update. Morgan Stanley. Airbus Commercial Update. Mark Pearman Wright Head of Corporate & Investor Marketing

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1 Morgan Stanley Airbus Commercial Update Mark Pearman Wright Head of Corporate & Investor Marketing V5

2 Gross order comparison over the last 15 years 1800 Annual gross orders Airbus Boeing Largest aircraft manufacturer 9 out of last 10 years August

3 Deliveries comparison over the last 15 years 700 Annual deliveries Airbus Boeing Largest aircraft manufacturer 9 out of last 10 years Smooth production increase following order intake

4 Airbus is the market leader % share since Orders Deliveries Delivery leadership follows order leadership Gross orders

5 2012 Airbus orders, deliveries and backlog Orders Deliveries Backlog A320 Family ,398 current engine option ,939 new engine option 203 1,459 A330/A A350 XWB A Total ,457 Data end August 2012

6 Order backlogs Airbus Boeing A320ceo 1, NG 2,111 A320neo 1, MAX 649 A330/A / A350 XWB A ,457 4,053 Combined backlog of 8,510 aircraft Data end August 2012

7 The market-leading A380 Five years in Service

8 A380 values steadily increasing New Aircraft Base Value evolution from % 12% A380 10% 8% 6% 4% ER 2% Datum 0% Average of first half published values of : ASG, AVITAS, AVAC, ASCEND and MBA

9 Capital markets embrace A380 value Emirates A380 financing deal (July 2012) Debt-financing for 4 A380s sourced with EETC in US capital markets Doric Alpha: borrower and issuer of equipment notes, leasing aircraft to Emirates. First EETC using A380 as collateral Very successful (3 times oversubscribed) A3 rating from Moodys All A380s in service are financed by usual market sources Banks and capital markets see the A380 as a strong asset

10 A330: ~1,200 firm orders A350XWB: 558 firm orders A330 A350XWB: Complementary twins Data to end August 2012

11 A350 XWB / 787 order conversions to -9 conversions Air New Zealand 4 ALAFCO 4 LCAL 5 Continental 12 ILFC 40 Vietnam Airlines 16 Air China 15 ANA 19 KAL 10 JAL 10 Total 135 A to -900 Alafco 12 TAM 12 ILFC 6 Grupo Synergy 10 CIT 3 TAP 12 Asiana 2 Total aircraft upsized so far A definite trend towards larger aircraft End August 2012

12 A : Optimised dimensions Designed as an intermediate twin-aisle

13 Wing span and aircraft length: 2 key dimensions 65m* 10.5m* 76m* 7.5m* Code E capability ensures access to more than 1200 gates at the top 50 airports Only the larger A380 is an efficient user of the fewer Code F gates * ICAO airport compatibility regulations

14 A330, A350 XWB families are complementary Seats A A A A A Complete fleet solutions, matching network requirements today and tomorrow Range

15 A330 a record breaker 781 More than 780 A330s sold since 787 launch* Open demand for ~500 A330s thru 2020 *26 th of April Net orders as of end August 2012 Source GMF 2012 Open Demand beyond: current backlogs & for new models maximum production capacity

16 A330 Enhancements beyond 235t MTOW Increase to 240t MTOW Aerodynamic package Fuel burn reduction 1% Load Alleviation Function Engine fuel burn improvement 1% 400nm more range, 2% less fuel, 1,300t less CO2 per year per aircraft

17 A330, The right aircraft, right now! Cumulative contribution to profit ($ millions) Delta PV +$63m years later A330 can generate significantly more value than a Based on 15 year period to 2025, 0% fuel escalation, 3% cost escalation, 2% revenue escalation, 10% discount rate, excludes ownership 75% passenger load factor, 50% of cargo capacity is filled, 2.5 USD/USg Fuel price, 2000nm sector, Typical Airline 2012 rules

18 The best keeps getting better

19 A320 Family Fleet evolution by region A320Family fleet size evolution by region China Asia Europe Africa Middle East Latin America and Caribbean Australasia North America 5,200 deliveries ,400 order backlog Total: 8,600 firm orders Source: Ascend Online, Airbus. Data as of End December In service and stored Passenger fleet.

20 Fleet Size / status end of 2011 Single aisle movements and lease placements - CSMI - Ref. PR Issue 1 90% single-aisle fleets still with their initial operators In-service fleet (Year of Manufacturer ) NG series A320 Family 1 operator 2 operators 3 operators 4+ operators % Still at 1 st operator 77% Still at 1 st operator 98% Still at 1 st operator Same behaviour as 737NG 81% Still at 1 st operator Better retention at 1 st lessee 0 Owned Leased Owned Leased Similar numbers of aircraft have moved from their initial operator despite a larger A320 fleet with more on operating lease Ascend Online, Airbus. Data as of End December In service passenger fleet. Owned includes finance leased All data cleaned for mergers Page 21

21 Sharklets flight test campaign progressing well More range +100nm More payload +500kg Better take-off MSN1 flight test completed with 380 hrs Line-fit A320 CFM & IAE flight test nearing completion after 170 hrs Fuel savings up to 3.5% Less CO 2 A320CFM Type Certification end November Lower cost Next: A321CFM 1 st flight October A319CFM 1 st flight November Sharklets ahead of target with 1 st delivery Dec 2012

22 Strong customer endorsement for Sharklets Orders from 40 customers worldwide

23 The A320neo is real Sharklets New engines More than 500hrs of flight testing Fuel savings confirmed 1 st pylon part produced The A320neo is on track

24 A320neo 15% Fuel burn improvement... Double digit reduction in fuel burn A319 A319neo A320 A320neo A321 A321neo across the whole Family 26

25 Cash Operating Cost Comparison Relative C.O.C. per trip (%) A321ceo A321neo Relative C.O.C per seat (%) 3000nm, 2012 marketing standard, Max Pax. With 2 class layout Which aircraft is 20% more expensive per seat than the A321neo?

26 Cash Operating Cost Comparison Relative C.O.C. per trip (%) A321ceo A321neo Relative C.O.C per seat (%) The 787 is much less efficient than the A321neo on routes <3000nm 3000nm, 2012 marketing standard, Max Pax. With 2 class layout

27 A320neo has been clearly endorsed by the Industry Undisclosed 1429 firm orders from 27 customers 650 firm orders from 6 customers A320neo is the preferred market option Mid July 2012

28 Airbus today A320ceo Sharklet EIS on track end 2012 A320neo firm sales approaching 1,500 A330 production increasing, with operator base nearing 100 A350 XWB final assembly started, with ~550 orders to fulfill A380 firmly installed as the aircraft of preference wherever flown

29 This document and all information contained herein is the sole property of AIRBUS S.A.S. 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.