Introduction. Key Messages. Executive Summary. Demand for Aircraft

Introduction Key Messages 4 6 12 26 Executive Summary Demand for Aircraft Single-Aisle Twin-Aisle Very Large Aircraft Global Market Forecast 2

38 Regional Focus Asia-Pacifi c Europe North America Middle East Latin America CIS Africa 52 56 Freight Forecast Summary Data

Welcome to this year s Airbus Global Market Forecast pocket guide. We hope that you will fi nd it a useful reference on your desk or on your travels. The last year has been characterised by social unrest in various parts of the World, and continued economic uncertainty in others. We have witnessed similar diffi cult events over the last 10 years or so. However, it is remarkable, that even allowing for some of the most diffi cult periods aviation has faced in its relatively short existence, including the banking crisis of 2008 / 2009 and now sovereign debt issues in Europe, aviation has still managed to grow more than 50%. This resilience is a clear sign of the value people place on fl ying, and something that through the data methods we employ, we are able to refl ect in our 2012 forecast. An Airbus survey conducted recently, showed that of the 10,000 people questioned worldwide, the majority believed that we would fl y more in the future. Global Market Forecast 4

In China and India this number totalled more than 80% of respondents. This is exactly the message that Airbus forecasters get from modelling the future, using the best data and one of the most comprehensive methodologies employed in the industry today. It is useful, from time to time, to re-enforce our fi ndings with another form of empirical research. As well as more fl yers, we forecast a continuing expansion of the World s aviation network, with greater aviation connectivity and more capacity between major population centres helping to drive benefi ts in terms of jobs, prosperity, and economic growth. However, like you, we are determined that this progress will not come at the expense of our environment. We will continue to strive to match and better the achievements of aviation s pioneers, moving from canvas to carbon, cables to fl y-by-wire, one seat to more than 550 seats, massive improvements in effi ciency in terms of operations and fuel consumption in order to meet this challenge. www.airbus.com/gmf

KEY MESSAGES W Demand for Asia up, but Europe and US still key ith the addition of another growth year, 2031, the Airbus Global Market Forecast again shows an increase in aircraft demand to 28,200 new build passenger and freighter aircraft, underlining the long term growth prospects for the industry. There is no doubt that much of this new demand will come from the emerging markets, regions including Asia, South America and Africa. However, there is equally no doubt that more mature markets in Europe and North America will continue to grow and benefi t from the emerging regions strong air transportation growth. Total demand for passenger aircraft 2012-2031 North America 5,850 By 2020, Mid- and Old- Generation aircraft will only represent 5% of the fleet in service Latin America 2,090 Twin-Aisle represent ~40% of Asian demand; including 46% of the world s VLA demand Global Market Forecast 6

Airbus analysis has shown for example that traffi c growth between advanced and emerging air transport markets will grow at an average annual rate of 5.1%, above the world average growth rate of 4.7%, and not far off the 6.6% annual growth rate forecast between emerging markets. In fact by 2031, over 60% of all traffi c will involve the advanced aviation markets, primarily North America and Europe. This growth, together with a need to replace older less eco-effi cient aircraft, 52% of the aircraft demand (above 100 seats) in North America for example, will mean that 42% of all the aircraft larger than 100 seats in size will be delivered to airlines in North America and Europe. Europe 5,700 CIS 1,230 Asia-Pacific 9,620 Africa 960 Middle East 1,900 Twin Aisle Single Aisle

The Value of Aviation a global success story A ir transport changes how economies and societies operate. Its contribution goes far beyond direct economic effects. By promoting international trade, encouraging tourism, and stimulating investment throughout today s globalised world, air transport is a major driver for economic and social development. For producers of goods and services it leads to effi ciency gains, facilitates links between businesses and potential customers, and brings long-distance and international contracts within reach. By aiding international migration, it offers a means to sustainable and stable incomes. Freedom of movement into and out of developing regions provides opportunities to learn new, marketable skills leading to long-term employment, increased productivity and higher standards of living. A study by Oxford Economics in 2012, published by ATAG (Air Transport Action Group), highlighted these benefits and the resulting importance of aviation. This includes the millions of jobs the industry supports and more importantly the economic benefi ts to the global economy. If aviation was a country, it would rank 19 th globally in terms of GDP. In a world-wide survey of 10,000 people carried out by Airbus over the summer of 2012, it was clear people expected to fl y more in the future, particularly in developing markets. For example 89% and 69% of respondents from India and China respectively thought we would fl y more in the future, demonstrating the value people place on aviation. Global Market Forecast 8

Aviation today by the numbers 2,681,000,000 passengers carried in 2010 $ 5.3 trillion worth of cargo shipped by air in 2010 2% of global man-made CO 2 emissions come from aviation Globally contributes 56.6 million job supported world-wide $ 2.2 trillion aviation s global economic impact 19 th if aviation was country ranked by GDP

Responsible Growth F rom the Airbus survey it was also clear that today s fl yers, and those who want to fl y more in the future, expect the progress made by the industry in reducing its impact on the environment to continue, with 96% of respondents stating that aviation will need to be more environmentally sustainable. Additionally, ~ 85% believed this will need to be achieved through using less fuel and producing less CO 2 as a result. The good news is, so do we! Over the last 40 years, fuel burn has been reduced by 70% and aircraft noise by 75%. This combined with improved operational effi ciencies through the use of larger aircraft across all segments and improved airline load factors, now averaging over the 75% globally, has meant that despite a 53% increase in traffi c and a 41% increase in capacity, jet fuel demand has increased just 3% since 2000. US traffic vs. US airlines fuel consumption Domestic US traffi c (RPM) and US airlines fuel consumption (gallons) Base 100 in 2000 120 110 100 90 80 70 Domestic US traffic US airlines fuel consumption 60 2000 2001 2002 2003 2004 2005 Global Market Forecast 10

Taking the US domestic market, the single largest fl ow in the Airbus Global Market Forecast, and data from the US Bureau of Transportation Statistics and Air Transport Association, it can be seen that again when comparing 2000 with 2011, traffi c on this fl ow has increased by 13 percentage points, with demand from fuel decreasing by some 25 points. As an industry we are determined and committed to continue to find ways to not only allow for the sustainable growth of aviation, but also to reduce its impact relative to today s levels. The aviation industry has set itself an aggressive target to reduce aviation emissions by at least 50% by 2050. Today, Airbus spends more than 90% of its annual research and development budget on technologies that have environmental benefi ts for current and future aircraft. Source: BTS, ATA 2006 2007 2008 2009 2010 2011

Executive summary EXECUTIVE SUMMARY 4.7% CAGR Passenger traffi c growth next 20 years 4.9% CAGR Freight traffi c growth Passenger aircraft fleet Freighter aircraft fleet 2011 15,556 2011 1,615 2031 32,551 2031 2,938 +109 % +82 % Number of passengers 2011 > 3 billion Number of passengers 2031 > 7.5 billion 27,347 Passenger aicraft deliveries (> 100 seats) 2012-2031 851 New Freighters (>10 t) 2012-2031 28,198 Passenger & New freighter deliveries 2012-2031 TRAFFIC > DOUBLE PAX FLEET > DOUBLE 2012 Global Market Forecast 12

Air travel remains a growth market World annual traffic (RPKs - trillions) 14 12 10 ICAO total traffic 2021-2031 4.4% 20-year world annual traffic growth 4.7% Airbus GMF 2012 8 6 Air traffic has doubled every 15 years 2011-2021 5.1% 4 2 Air traffic will double in the next 15 years 0 1970 1980 1990 2000 2010 2020 2030 38 % Replacement 62 % Growth 69 % Units Single-Aisle, 44 % Value Twin-Aisle 2031

20-year demand for 27,350 aircraft worth US$ 3.7 trillion Executive summary Fleet size 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 + 3.8 % per annum 15,556 Growth Replaced Stay in service & recycled 32,551 Beginning 2012 2031 Passenger aircraft above100 seats 16,995 10,352 5,204 New aircraft 27,347 Singles-aisles: 69% by units, Twin-aisles: 42% by value. 20-year new deliveries of passenger and freighter aircraft 20,000 18,000 16,000 14,000 GMF 2011 GMF 2012 12,000 10,000 8,000 6,000 4,000 2,000 0 Single-aisle & Small jet freighters Small twin-aisle & Regional freighters Intermediate twin-aisle & Long range freighters Large aircraft & Large freighters % unit 69% 17% 8% 6% % value 40% 27% 17% 16% Passenger aircraft (>100 seats) and jet freight aircraft (>10 tons) Global Market Forecast 14

Most deliveries to Asia-Pacifi c, 9,600 passenger aircraft North America and Europe 42%, or 11,550 Top 10 countries will take 61% of deliveries by volume, 60% by value USA will take the most aircraft China will take the highest value of deliveries Germany and UK in the top 5 by volume Asia-Pacific Latin America N. America & Latin Europe America 35% deliveries 42% deliveries PRC Largest demand In value US Largest demand In units

New passenger aircraft deliveries per region 20-year new aircraft deliveries per region Executive summary AFRICA ASIA- PACIFIC 2012-2021 413 4,505 492 2022-2031 544 5,113 737 CIS 2012-2031 957 9,618 1,229 % of 20-year total new deliveries 4% 35% 4% Passenger aircraft ( 100 seats) Top 10 countries GMF 2012 Top 10 countries in 20-year new passenger aircraft deliveries and business volume (2012 2031) New passenger aircraft deliveries 1 US 5,289 2 PRC 4,272 3 India 1,232 4 Germany 986 5 UK 979 6 Russia 958 7 UAE 882 8 Brazil 781 9 Ireland 702 10 Australia 652 61% of total new deliveries Global Market Forecast 16

EUROPE LATIN AMERICA MIDDLE EAST NORTH AMERICA WORLD 2,815 1,004 1,007 2,580 12,816 2,886 1,081 899 3,271 14,531 5,701 2,085 1,906 5,851 27,347 21% 8% 7% 21% 100% Business volume (bn. US$) 1 PRC 634.0 2 US 544.0 3 UAE 223.9 4 India 173.7 5 Germany 138.1 6 UK 129.8 7 Russia 113.7 8 Australia 102.1 9 Brazil 100.1 10 Japan 98.2 60% of total business volume

Executive summary Drivers for growth Economic growth is a key driver for air traffi c growth Economic growth rates in emerging regions/ countries will outstrip the developed Increasing urbanisation will also drive economic growth and the propensity to fly The growth in middle classes is another key driver. Today, 30% of the world can be classifi ed as middle class, forecasts suggest 60% will be by 2031. Global Market Forecast 18

The middle class will grow five times in the Asia-Pacifi c Emerging regions will contribute 56% of the economic growth between 2011-2031 Emerging regions will drive long-term economic growth 2011-2031 real GDP average annual growth rate, by region Indian Sub Continent PRC South America Africa Asia Middle East Central America CIS Pacific North America Europe Japan 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

Propensity to travel and urbanisation are correlated Executive summary Trips per capita (logarithmic scale) vs. urbanisation (share of total population) 10,00 1,00 0,10 0,01 0,00 10% 20% 30% 70% 40% 80% 50% 90% 60% 100% Global* middle class expected to rise to 5 billion people by 2031 5,000 Millions of people 3,000 4,000 2,000 2,101 419 3,413 560 1,889 746 1,000 265 263 671 701 0 2011 2021 * Households with daily expenditures between $10 and $100 per person (at PPP). Source: Kharas and Gertz, Airbus Global Market Forecast 20

Emerging regions will contribute by 56% to the total economic growth between 2011 and 2031. 2011-2031 contribution to World real GDP growth (2005 billion $US), by type of region 120 100 80 60 4 % 18 % 38 % 40 % 40 20 Developing Other emerging BRIC Advanced 0 2011 2031 5,048 739 x 2 x 5 Other Asia-Pacific North America Europe / CIS 3,377 World population (millions) % of World population 254 678 2011 7,000 30 % 2021 7,700 44% 2031 8,400 60 % 2031

Passenger Traffi c Forecast Executive summary 4.7% (2011-2031) Higher economic growth in emerging markets will drive growth in air traffic Aviation remains resilient to crises, has grown 53% since 2000 (includes 9/11, SARS, banking crisis) Domestic Chinese (PRC) traffic will surpass Domestic US traffic in 2031 An average growth rate of 9.9% per year will make Domestic India the 5 th largest fl ow by 2031 Airlines in the Asia -Pacific will fl y 32% of all traffi c Airlines in Europe and North America will fl y 44% Middle Eastern carriers will grow from a 7% share to 11% in the next 20 years Asia-Pacific to lead in world traffic by 2031 World Traffic by airline domicile (RPK billions) Asia- Pacific Europe 0 1000 2000 3000 4000 % of 2011 world RPK 20-year growth % of 2031 world RPK 28% 5.4% 32 % 27% 4.1% 24% North America 27% 3.3% 20 % Middle East 7% 7.3% 11% Latin America CIS Africa 4.7% 20-year world annual traffic growth 5% 5.9% 6% 3% 5.4% 4% 3% 5% 3% Global Market Forecast 22

The four largest flows will represent 34% of the World traffic in 2031 Largest 20 flows in 2031, by RPK (billion) Domestic PRC Domestic US 0 200 400 600 800 1000 1200 1400 1600 2011-2031 CAGR % 2031 Share of World traffic % 7.0 10.4 2.2 10.4 Intra Western Europe 3.1 7.5 Western Europe - US 3.7 5.3 Domestic India 9.9 2.9 Western Europe - South America 5.1 2.3 Asia to PRC 6.5 2.2 Intra Asia 6.0 2.2 Asia - Western Europe 4.1 2.1 Domestic Brazil 6.5 2.1 Western Europe - Middle East 5.4 2.0 Indian Sub Continent Middle East 6.5 1.9 Western Europe - PRC 5.7 1.9 Central Europe - Western Europe 5.6 1.9 Domestic Asia 5.4 1.8 Western Europe - North Africa 5.2 1.5 Asia - Middle East 5.6 1.5 PRC - US Japan - US 2011 2031 6.2 3.7 1.4 1.3 Domestic Russia 5 1.3

Executive summary Passenger Traffi c Forecast Whilst emerging markets will drive growth, 6.6% annual growth between emerging markets, 62% of traffi c will occur in the advanced aviation markets By 2031, global and major network carriers will fl y 69% of all RPKs Low-cost carriers will be the fastest growing airlines between 2011 and 2031 2031 share of World RPK traffic by airline type 4% Regional and affiliate 10% Major Network 4% Small Network 3% Charter 20% LCC 59% Global Network The traffic of airlines considered as subsidiary is counted in the traffic of the principal airline Global Market Forecast 24

LCCs will raise their share to 20% from 15% in 2011 London Heathrow will remain the world s largest airport in terms of long haul traffi c, assuming actions to meet growing demand Dubai will be No.2 by 2031 Eight of the top 20 largest airports will be in Asia-Pacific Top 20 airports in 2031 in terms of RPK for international long-haul operations Top 20 airports in 2031, in terms of RPKs, for international, long-haul* fl ights only 19 SFO 20 ORD 6 LAX 15 YYZ 5 JFK 16 MAD 1 LHR 3 CDG 12 AMS 4 FRA 2 DXB 7 PEK 9 HKG 8 PVG 14 ICN 10 NRT 17 GRU 13 BKK 11 SIN 18 SYD *Long-haul is defined by flights of more than 3700 km

DEMAND FOR AIRCAFT Demand foraircraft 1 2 Single-Aisle 19,500 new deliveries OPERATIONS 85% of frequencies 73% of seats 84% of airport pairs On average fly 45% further today than 20 years ago and have 18% more seats FLEET Fleet to grow at 3.5% per annum 78% in 2011 > 74% of 2031 fl eet (over 100 seats) New deliveries of Single-Aisle aircraft by region North America 25% 4,956 Latin America 9% 20-year demand (2012-2031) 1,658 = 500 units Single-Aisle passenger aircraft Global Market Forecast 26

3 FORECAST 71% of deliveries over the next 20 years (over 100 seats) 39% of deliveries for replacement North America, with its signifi cant domestic market will take 25% of the demand for Single-Aisle Aircraft Europe will represents 22% Asia-Pacifi c will represents 31% LCCs in all regions will take a third of Single-Aisle deliveries 4,342 Europe 22% Middle East 4% CIS 5% 1,018 792 Asia Pacific 31% 6,028 4% Africa 724 WORLD : 19,518

Demand foraircraft Single-Aisle 19,500 new deliveries Single-Aisle fleet in service evolution Fleet size 30,000 25,000 20,000 15,000 + 3.5 % per annum 12,161 Growth 23,998 11,837 New aircraft 19,518 10,000 5,000 0 Replaced Stay in service & recycled Beginning 2012 2031 7,681 4,480 Single-Aisle passenger aircraft Global Market Forecast 28

Single-Aisle 2012-2031 new passenger aircraft deliveries Number of new aircraft 7,000 7,141 6,000 5,000 4,877 4,000 3,081 3,000 2,772 2,000 1,647 1,000 0 Single-Aisle passenger aircraft 100 125 150 175 210 Aircraft segment

Demand foraircraft 1 2 Twin-Aisle 6,500 new deliveries OPERATIONS (TA / VLA) 15% of frequencies 27% of seats 16% of airport pairs Fly 57% further than 20 years ago On average 5% more seats than just 10 years ago FLEET Twin-Aisle fl eet to grow at 3.9% per annum 21% of 2011 fl eet > 22% of 2031 New deliveries of Twin-Aisle aircraft by region North America 13% 827 Latin America 6% 393 20-year demand (2012-2031) = 250 units Twin-Aisle passenger aircraft Global Market Forecast 30

3 FORECAST 24% of deliveries over the next 20 years (over 100 seats), 40% for replacement Asia-Pacific represents 46% of the demand for Twin-Aisle aircraft, driven by geography and population Europe will represent 17% of demand North America will represent 13% of demand Middle East will represent 12% of the demand Europe 17% CIS 3% 1,105 181 12% Middle East 806 2,981 3% Africa 204 46% Asia-Pacific WORLD : 6,497

Demand foraircraft Fleet size 8,000 7,000 6,000 Twin-Aisle 6,500 new deliveries Twin-Aisle fleet in service evolution + 3.9 % per annum 7,198 5,000 Growth 3,878 4,000 3,000 3,320 New aircraft 6,497 2,000 Replaced 2,619 1,000 0 Stay in service & recycled Beginning 2012 2031 701 Twin-Aisle passenger aircraft Global Market Forecast 32

Single-Aisle 2012-2031 new passenger aircraft deliveries Number of new aircraft 2,500 2,000 2,369 2,208 1,500 1,000 1,210 710 500 0 Twin-Aisle passenger aircraft 250 300 350 400 Aircraft segment

Demand foraircraft Very Large Aircraft (VLA) 1,330 new deliveries FORECAST 4% of 2031 fl eet (over 100 seats) 5% of deliveries over the next 20 years (over 100 seats) 13% of the value Asia-Pacific represents 46% of the demand for VLAs Europe with its large global airlines will represents 19% North America will represent 5% New deliveries of Very Large Aircraft by region 20-year demand (2012-2031) North America 5% 68 Latin America 3% 34 = 100 units Global Market Forecast 34 Very large passenger aircraft

Middle East will represent 23% of VLA demand Connecting the world, VLAs will link 92 aviation mega-cities and their people by 2031 92% of all long haul traffic will fl ow between these points A380s and their operators are already beginning the process of connecting mega-cities today. Europe 19% CIS 2% 254 30 23% Middle East 308 609 2% Africa 29 46% Asia-Pacific WORLD : 1,332

Demand foraircraft Urbanisation + Mega-cities + Wealth = VLAs 42 Aviation Mega-cities in 2011 growing to 92 in 2031 2031 cities with more than 10,000 daily long-haul passengers 2031 cities with more than 10,000 daily long-haul passengers LONG-HAUL TRAFFIC IS CONCENTRATED ON A FEW MAIN AVIATION CENTRES Traffic as of month of September Long haul traffic: flight distance >2,000nm, excl. domestic traffic; 42 Aviation Mega-cities (2011) 50 New Aviation Mega-cities (2011-2031) The A380 network as of July 2012 San Francisco Los Angeles Montréal Toronto New York Washington Atlanta Houston Miami Manchester Amsterdam London Frankfurt Paris Munich Rome Zurich Jeddah Johannesburg Global Market Forecast 36

Urbanisation is one of the main drivers of economic growth 100,000 80,000 2010 real GDP per capita ($US) Luxembourg Norway Bermuda 60,000 40,000 20,000 0 Trinitad et Tobago China Aruba Switzerland Ireland US Japan France Germany UK India Brazil Anguilla Russia Argentina 0 10 20 30 40 50 60 70 80 90 100 % Urban population Beijing Tokyo Seoul Guangzhou Shanghai Dubai Hong Kong Bangkok Kuala Lumpur Singapore Sydney Melbourne Auckland Singapore Airlines Emirates Qantas Air France Lufthansa Korean Air China Southern Malaysia Airlines Thai Airways Seasonal or temporary routes (e.g. during early ops) not currently operated

REGIONAL FOCUS Regional focus Asia-Pacifi c More People, more fl ying Represents more than a quarter of the world economy today, and possibly a third by 2031. Asia-Pacifi c s economy is growing 2.5 times faster than in Europe or North America. Nearly 60% of the world s population by 2031. 23% increase in the number of regularly served cities in Asia-Pacifi c, between 2005 and 2011, cf. +6% in Europe. LCCs in Asia-Pacifi c now represent 21% of seats offered in the region, just 5% in 2005. Still potential including Japan, China. 9,600 new deliveries 36% replacement, 64% for growth. 37% will be Twin-Aisles due to the distance and large population centres served. Economy 1 4.6% 7.2% 1.8% Real GDP Real trade Urban population Traffic 1 6.3% 5.2% 5.8% Intra-regional & domestic Inter-regional Total 20-year demand (2012-2031) 4,303 Fleet 2 10,440 9,618 Fleet in service beginning 2012 Fleet in service 2031 20-year new aircraft deliveries 1 2012 2031 CAGR - 2 Passenger aircraft 100 seats Global Market Forecast 38

Air transport is becoming more and more accessible Evolution of number of regularly served cities per region +19% +10% -1% +6% +23% 450 300 2005 2011 204 211 232 269 266 283 300 358 441 150 171 0 Africa & Middle east Latin America North America Europe Asia-Pacific Traffic as of month of September; regular service referring to a minimum of two daily departures on a 150-seater aircraft % unit Aircraft by Units 2,102 879 609 100% 80% 60% 40% 20% By Value VLA 15% Intermediate Twin-Aisle 19% Small Twin-Aisle 32% Single-Aisle 34% 6,028 0% Asia-Pacific Single-Aisle Intermediate Twin-Aisle Small Twin-Aisle Very Large Aircraft Passenger aircraft >100 seats only

Regional focus Europe Travel in their DNA Despite the economic uncertainty we have seen in the recent past and slow economic growth forecast in the short to medium term, European people continue to fl y. The growth in LCCs from 0% to ~45% of seats in 2011 has helped stimulate tourism and VFR (visiting friends and relatives) thereby driving traffi c growth beyond what would be expected by GDP growth alone. As new more distant routes are tested by LCCs, average stage lengths have increased, from ~900nm in 2002 to nearly 1150 nm by the end of 2011. Air traffi c within Europe is forecast to grow at the moderate pace of 3.4% per annum. International traffi c will grow at 4.4% per annum, mainly driven by the dynamism of emerging market. 5,700 new deliveries 40% replacement, 60% for growth. 76% will be Single-Aisles due to the distance and large population centres served. Economy 1 1.9% 3.5% 0.6% Real GDP Real trade Urban population Traffic 1 3.4% 4.4% 4.1% Intra-regional & domestic Inter-regional Total 20-year demand (2012-2031) 3,840 Fleet 2 7,266 5,701 Fleet in service beginning 2012 Fleet in service 2031 20-year new aircraft deliveries 1 2012 2031 CAGR - 2 Passenger aircraft 100 seats Global Market Forecast 40

Air transport is becoming more and more accessible Fleet size 8 000 7 000 6 000 + 3.2 % per annum 7,266 5 000 4 000 3 000 3,840 Growth Replaced 3,426 2,275 New aircraft 5,701 2 000 1 000 0 Stay in service & recycled Beginning 2012 2031 1,565 Passenger aircraft >100 seats Aircraft by Units 708 397 254 4,342 100% 80% 60% 40% 20% 0% By Value VLA 13% Intermediate Twin-Aisle 17% Small Twin-Aisle 22% Single-Aisle 48% Europe Single-Aisle Intermediate Twin-Aisle Small Twin-Aisle Very Large Aircraft Passenger aircraft >100 seats only

Regional focus North America Simply the best way from A to B Today, the domestic US market is the largest single aviation market in the world: > Over 115 airlines, 4,000+ aircraft >100 seats in service today > 730 million passengers fl own to, from and within the US in 2011. Over the last year, we have seen the beginning of the replacement of older aircraft. Since 1991, growth in spending on travel has outpaced infl ation. Per capita annual expenditures on travel in real terms were $348 in 1991and in 2011 they were $485. Today, North American carriers have one of the oldest fl eets in service of any region. On average, the fl eet is 11 years old which is the second oldest in the world, with only Africa s fl eet older, at 12 years old on average. 5,850 new deliveries 52% replacement, 48% for growth. 85% will be Single-Aisles due to the strength of the US domestic market. Economy 1 2.6% 5.1% 1.0% Real GDP Real trade Urban population Traffic 1 2.3% 4.6% 3.5% Intra-regional & domestic Inter-regional Total 20-year demand (2012-2031) 4,079 Fleet 2 6,897 5,851 Fleet in service beginning 2012 Fleet in service 2031 20-year new aircraft deliveries 1 2012 2031 CAGR - 2 Passenger aircraft 100 seats Global Market Forecast 42

More than 80% of the world s population within 8 hours Fleet size 8 000 7 000 6 000 + 2.7 % per annum 6,897 5 000 4 000 3 000 4,079 Growth Replaced 2,818 3,033 New aircraft 5,851 2 000 1 000 0 Stay in service & recycled Beginning 2012 2031 Passenger aircraft >100 seats Aircraft by Units 621 206 68 4,956 100% 80% 60% 40% 20% 0% By Value VLA 4% Intermediate Twin-Aisle 11% Small Twin-Aisle 22% Single-Aisle 63% North America Single-Aisle Intermediate Twin-Aisle Small Twin-Aisle Very Large Aircraft Passenger aircraft >100 seats only

Regional focus Middle East Where geography and technology meet Almost 6 billion people are within 8 hours flight of the gulf countries. Middle East achieved a 8.9% growth in 2011 despite unrest in the region and the hesitant world economy. The domestic Middle East market enjoyed a 7.8% growth in 2011. Gulf airports are expected to boost their capacity by another 130 million passengers by 2018. Gulf airlines serve more than 600 intercontinental destinations today. Low cost carriers in the region are taking the benefi t of a young, increasingly mobile population, together with a large expatriate community to take 13% of the Intra-regional market. 44% of the population of the Gulf Cooperation Council countries (UAE, Saudi Arabia, Kuwait, Oman, Qatar and Bahrain) consists of expatriates. 19 million people fl ying for work and to visit friends and relatives. 1,906 new deliveries 27% replacement, 73% for growth 58% will be Twin-Aisles, due to the position the region is creating for itself as a major global hub. Economy 1 3.9% 4.4% 2.0% Real GDP Real trade Urban population Traffic 1 4.9% 6.4% 6.2% Intra-regional & domestic Inter-regional Total Fleet 2 828 2,212 1,906 Fleet in service beginning 2012 Fleet in service 2031 20-year new aircraft deliveries Global Market Forecast 44 1 2012 2031 CAGR - 2 Passenger aircraft 100 seats

More than 80% of the World s population within 8 hours 16 hours flight 7 billion people 4 hours flight 5.7 billion people Aircraft by Units 302 308 504 100% 792 80% 60% 40% 20% 0% VLA 29% By Value Intermediate Twin-Aisle 25% Small Twin-Aisle 30% Single-Aisle 16% Middle East Single-Aisle Intermediate Twin-Aisle Small Twin-Aisle Very Large Aircraft Passenger aircraft >100 seats only

Regional focus Latin America Benefi ts of fl ight well understood In the future Latin America s economic growth is expected to be in the same range as other highly dynamic regions like the Middle East, Africa and South-East Asia. In 2000, the Latin American airliner fleet was one of the oldest in the world with an average aircraft age of almost 16 years. Today, it is slightly above 10 years, similar to Europe. Since 2000, the fleet in service has increased by almost 40% from some 800 to more than 1100 aircraft. The region s carriers have increased their share of capacity from 13% to 21% since 2005. Latin America s airports have increased capacity by more than 40% since 2005. 2,085 new deliveries 31% replacement, 69% for growth. 80% will be Single-Aisles, driven by strong growth in air travel domestically and around the region (6 % intra-regional and domestic growth per annum). Economy 1 4.1% 5.1% 1.1% Real GDP Real trade Urban population Traffic 1 6.0% 4.9% 5.3% Intra-regional & domestic Inter-regional Total 20-year demand (2012-2031) 1,096 Fleet 2 2,529 2,085 Fleet in service beginning 2012 Fleet in service 2031 20-year new aircraft deliveries 1 2012 2031 CAGR - 2 Passenger aircraft 100 seats Global Market Forecast 46

2011 top 10 Latin American cities in seats oferef on departing and arriving flights; 2011 vs. 2005 evolution of traffic per route from/to/between/off the top 10 cities MEX BOG LIM BSB SAO SSA BHZ RIO SCL BUE 40% 20% 0% 80% 60% 40% 20% 0% Long-haul traffic from/to Latin America, 2011 vs. 2005 +40% from/to top 10 cities +15% from/to further cities Traffic within Latin America, 2011 vs. 2005 +71% from/to/between top 10 cities +13% from/to/between further cities Aircraft by Units 60 34 333 1,658 Passenger aircraft >100 seats only By Value 100% VLA 5% Intermediate Twin-Aisle 80% 8% Small Twin-Aisle 32% 60% 40% Single-Aisle 20% 55% 0% Latin America M w Single-Aisle Small Twin-Aisle Intermediate Twin-Aisle Very Large Aircraft

Regional focus CIS Flying towards diversifi cation Russia is the biggest country in the CIS, with a GDP of almost 2 trillion $US in 2011, the ninth largest globally, eighth in terms of population with almost 150 million inhabitants in 2011, and with an area of 17 million km², it is the largest country in the World. Russia s economy is underpinned by a wealth of natural resources, owning 25% of all proved natural gas reserves and 6.3% of all proved oil reserves. But is seeking to diversify its economy, for which aviation will play a key role. Between 1998-2011, domestic and intra-cis passenger capacity has increased at an annual average growth rate of 9.1%. Historically, huge productivity improvements have resulted in the number of aircraft operated by CIS airlines to actually decrease, whilst traffic has also increased. 1,229 new deliveries 22% replacement, 78% for growth. 83% will be Single-Aisles. Economy 1 3.5% 3.3% 0.3% Real GDP Real trade Urban population Traffic 1 5.5% 5.9% 5.7% Intra-regional & domestic Inter-regional Total 20-year demand (2012-2031) 792 Fleet 2 1,754 1,229 Fleet in service beginning 2012 Fleet in service 2031 20-year new aircraft deliveries 1 2012 2031 CAGR - 2 Passenger aircraft 100 seats Global Market Forecast 48

CIS fleet evolution Fleet size 2 000 1 800 1 600 1 400 + 4.1 % per annum 1,754 1 200 1 000 Growth 962 New aircraft 1,229 800 792 600 Replaced 267 400 200 Stay in service & recycled 525 0 Beginning 2011 2031 Aircraft by Units 141 40 30 100% 80% 60% VLA 8% Intermediate Twin-Aisle 9% By Value Small Twin-Aisle 22% 1,018 40% 20% 0% Single-Aisle 61% CIS Single-Aisle Intermediate Twin-Aisle Small Twin-Aisle Very Large Aircraft Passenger aircraft >100 seats only

Regional focus Africa More wealth, more fl ight, more development Africa expected to have higher economic growth in the short to medium term than Asia. Africa s middle class to triple to more than 1 billion people by 2060-42 % of its population. Domestic traffi c has grown 93%, international traffi c has grown by 89% since 2000. Traffi c to and from the Middle East and Asia has grown dramatically, 300% and 126% respectively. China in particular continues to build strong economic ties, which is driving growth. The share of low cost airlines in the region has grown from 3% in 2003 to 9% in 2009, still potential to grow. Today, new low cost ventures are on the horizon. 957 new deliveries 13% replacement, 87% for growth. 76% will be Single-Aisles. 2011 traffic to / from and within Africa well above 2000 levels Traffic to/from Africa (Available Seat Kilometres), 2011 vs. 2000 North America +77% Domestic traffic: +93% International traffic: +89% Overall traffic: +90% Global Market Forecast 50

Economy 1 4.4% 5.4% 3.1% Real GDP Real trade Urban population Traffic 1 6.2% 5.6% 5.7% Intra-regional & domestic Inter-regional Total Fleet 2 618 1,453 957 Fleet in service beginning 2012 Fleet in service 2031 20-year new aircraft deliveries 1 2012 2031 CAGR - 2 Passenger aircraft 100 seats Aircraft by Units 29 36 168 724 Passenger aircraft >100 seats only 100% 80% 60% 40% 20% 0% By Value VLA 9% Intermediate Twin-Aisle 10% Small Twin-Aisle 32% Single-Aisle 49% Africa Single-Aisle Small Twin-Aisle Intermediate Twin-Aisle Very Large Aircraft Europe +50% CIS (incl. Russia) +584% Middle East +300% Intra Africa + 93% Asia Pacific +126% Latin America +149%

Freight forecast FREIGHT FORECAST 2012 Today, there are more than 1,600 freighter aircraft with a cargo hold of at least 10 tons and more than 200 airlines. Despite the economic crisis, competition from other modes and the resulting diffi culties for the air cargo market, the total number of Freight Ton Kilometres (FTKs) in 2011 was 7% above the pre-crisis high in 2007 and 23% higher than the low in 2009. In 2011, traffi c to, from and within PRC represented 26% of the global air traffi c market. Freighters fleet evolution forecast North America +52% 2012 2031 825 1,254 World +82% 2012 1,615 2031 2,938 Latin America +54% 2012 2031 78 120 Global Market Forecast 52

For the period 2011-2031, worldwide air freight is expected to grow at 4.9% per year. Asia-Pacifi c is one of the largest drivers of freight traffi c, three of the top five freight fl ows include Asia. Over the forecast period, there is demand for nearly 1,800 converted aircraft and nearly 900 new aircraft. Europe & CIS +82% 2012 275 2031 501 Middle East 2012 57 +116% 2031 123 Asia-Pacific +181% 2012 2031 316 887 Africa -16% 2012 64 2031 54

Freight forecast 2012-2031 new delivery freighter business volume New deliveries worth more than $220 billion 1,793 Converted Fleet to > double 851 New build Large $148 Regional & Long range $74 2012-2031 freighter demand 1400 1200 Conversions New Freighters 1000 800 600 847 423 400 200 523 411 440 0 Small jets Regional & Long range Large Global Market Forecast 54

Traffic Evolution: Top Twenty largest flows in billions of FTKs PRC to North America Domestic USA Europe to PRC PRC to Europe Domestic PRC North America to Europe Europe to North America North America to PRC Europe to Asia North America to Asia Asia to North America Europe to India Europe to South America Asia to Europe Europe to Middle East Europe to Africa North America to South America South America to Europe Africa to Europe Europe to Pacific % Growth % of 0 5 10 15 20 25 30 35 40 45 50 2011-2031 2011 FTKs 2011 2012-2031 growth 7.4 % of 2031 FTKs 6.5 7 17 2.5 10 7 6.5 4 11 6.0 4 9 7.3 3 9 4.3 5 6 3.4 5 5 6.7 3 7 5.0 4 6 4.4 4 5 4.1 3 4 1 4 5.1 2 3 2.9 3 2 5.1 2 3 4.8 2 3 5.8 1 2 4.5 1 2 4.8 1 2 3.8 2 2

New passenger aircraft deliveries by region Summary Data Africa Asia- Pacific Single-Aisle 724 6,028 1,018 Small Twin-Aisle 168 2,102 141 Intermediate Twin-Aisle 36 879 40 Very Large 29 609 30 CIS TOTAL 957 9,618 1,229 New passenger & freight aircraft deliveries by region Africa Asia- Pacific CIS Single-Aisle 724 6,028 1,018 Twin-Aisle 213 3,078 187 Very Large 38 763 34 TOTAL 975 9,869 1,239 Passenger aircraft >100 seats and freight aircraft >10 tons New freight aircraft deliveries by region Africa Asia- Pacific CIS Small 0 0 0 Regional 7 71 5 Large 11 180 5 TOTAL 18 251 10 Global Market Forecast 56

Europe Latin America Middle East North America TOTAL 4,342 1,658 792 4,956 19,518 708 333 504 621 4,577 397 60 302 206 1,920 254 34 308 68 1,332 5,701 2,085 1,906 5,851 27,347 Europe Latin America Middle East North America TOTAL 4,342 1,658 792 4,956 19,518 1,174 417 826 1,079 6,974 323 35 345 168 1,706 5,839 2,110 1,963 6,203 28,198 Europe Latin America Middle East North America TOTAL 0 0 0 0 0 57 24 13 234 411 81 1 44 118 440 138 25 57 352 851

Summary Data Converted freight aircraft deliveries by region Africa Asia- Pacific Small 5 273 7 CIS Regional 18 1161 15 Large 12 144 9 TOTAL 35 533 31 Total freight aircraft deliveries by region Africa Asia- Pacific CIS Small 5 273 7 Regional 25 187 20 Large 23 324 14 TOTAL 53 784 41 Global Market Forecast 58

Europe Latin America Middle East North America TOTAL 55 43 1 139 523 152 38 25 483 847 58 1 23 176 423 265 82 49 798 1,793 Europe Latin America Middle East North America TOTAL 55 43 1 139 523 209 62 38 717 1,258 139 2 67 294 863 403 107 106 1,150 2,644

NOTES Global Market Forecast 60

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