WNG Capital Overview

• Dedicated to investing in mid-life and older narrow-body Airbus and Boeing commercial aircraft.
• Focused on providing investors with attractive returns and a margin of safety.
• Manages investments on behalf of:
  • State, municipal, and corporate pension funds
  • University endowments
  • Financial institutions
  • Family offices

Air Travel Demand and Leasing Trends

For over 40 years, global air travel demand has consistently grown faster than global GDP growth.

Increased demand driven by:

• Deregulation
• Reduced travel costs
• Increased availability of flights and destinations

Deregulation led to:

• More frequent flights to more airports.
• Shift in airline focus from market share to earnings.
• Airlines began scrutinizing fleet composition for profit maximization.
• Increased use of operating leases to enhance fleet flexibility.

WNG Investments

• Invests in Boeing 737 NG and Airbus A320 CEO narrow-body aircraft.
• Narrow-body aircraft make up 60% of the global commercial aircraft fleet in 2024.
• WNG investments provide:
  • Established operating economics
  • Lowest operating costs for a wide range of routes
  • Attractive yields for investors
  • Aircraft that meet ongoing airline needs

Investment Philosophy

• Careful, thorough analysis of aircraft condition and contractual obligations.
• Aim to generate investment opportunities with asymmetrical risk characteristics.
• Strive for attractive returns with a reasonable margin of safety.

Principles of Success

• Success comes from identifying costs and risks to optimize return.
• Strive to minimize surprises through:
  • Accurate acquisition cost factoring
  • Strong capabilities in origination, remarketing, technical analysis, legal expertise, and financial markets
• Systems in place to:
  • Monitor lessee utilization and compliance
  • Simplify asset management, aircraft returns, remarketing, and sales

Transaction Size and Structure

Although our targeted minimum equity investment is $10 million, the nature of our diversified portfolio and desire to grow our airline relationships mean virtually no investment is too small to execute. WNG has fully deployed its Fund II, comprised of $438 million of committed equity, and is currently seeking additional sources of capital for equity investments. With a diverse group of limited partners as potential co-investors, WNG also has the ability to commit meaningful amounts of equity in any single transaction.

WNG's extensive industry knowledge and in-house expertise allow us to conduct comprehensive due diligence expeditiously, providing sellers with a timely offer and a high probability of closing.

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