16nov airberlin b738 2003 stepped

8/14/2019 16Nov AirBerlin B738 2003 Stepped

1/26

November 16, 2006

AIR BERLIN

Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft

Summary of Operating Lease Economics - 2003 Manufacture(in US$)

A. Sale of Aircraft:

Aircraft (Manufacture Date) B737-800 (February 2003 Manufacture)

Lease Term 72 months

Assumed Closing Date 31-Dec-06

Expiration Date 31-Dec-12

Aircraft Purchase Pr ice $45.000 mm (100.000% of Aircraft Purchase Price)

Less: Debt Security Deposit $6.220 mm (13.822% of Aircraft Purchase Price)Net Cash Proceeds to Lessee $38.780 mm (86.178% of Aircraft Purchase Price)

Airclaims Current FMV as of 1-Aug-06 $38.780 mm

AVAC Current FMV as of 10-Nov-06 (HGW plus $0.750 mm winglets) $45.590 mm

B. Funding of Lessor

A Loan Funding $27.728 mm (61.617% of Aircraft Purchase Price)

B Loan Funding $6.220 mm (13.822% of Aircraft Purchase Price)

Total Loan Funding $33.948 mm (75.439% of Aircraft Purchase Price)

Equity Investment in Aircraf t $11.052 mm (24.561% of Aircraft Purchase Price)Equity Funded Transaction Costs $1.115 mm (2.477% of Aircraft Purchase Price)

Total Equity Investment $12.167 mm (27.038% of Aircraft Purchase Price)

Total Lessor Funding $46.115 mm (102.477% of Aircraft Purchase Price)

C. Equity Funded Transaction Costs

A Lender Participation Fee $0.083 mm (0.300% of A Loan Funding)

B Lender Participation Fee $0.030 mm (0.478% of B Loan Funding)

Lender Legal Counsel Fee $0.010 mm ($150,000 for Fifteen (15) Aircraft)

Arranger Fee $0.180 mm (0.400% of Aircraft Purchase Price)

RVI Premium $0.812 mm (5.750% of Base Term Loan Balloon)

Total Equity Funded Transaction Costs $1.115 mm (2.477% of Aircraft Purchase Price)

D. Net Equity Investment

Total Equity Investment $12.167 mm (27.038% of Aircraft Purchase Price)

Less: First Quarterly Advance Rent $2.384 mm (5.298% of Aircraft Purchase Price)

Net Equity Investment $9.783 mm (21.740% of Aircraft Purchase Price)

E. Lease

Term of Lease 72 monthsLease Expiry Date 31-Dec-12

Step 1 (years 0-3) Lease Rental

Step 1 Quarterly A Loan Debt Service $1,273,942 (2.831% of Aircraft Purchase Price)

Step 1 Quarterly B Loan Debt Service $457,887 (1.018% of Aircraft Purchase Price)

Step 1 Quarterly Equity Rent $652,208 (1.449% of Aircraft Purchase Price)

Total Step 1 Quarterly Lease Rental (in advance) $2,384,037 (5.298% of Aircraft Purchase Price)

Total Step 1 Monthly Equivalent Lease Rental (in advance) $794,679 (1.766% of Aircraft Purchase Price)

P&L Effects for 2007 (on average)

Less: Quarterly Interest Income on Debt Security Deposit $71,469 (0.159% of Aircraft Purchase Price)

Total Quarterly P&L Expense $2,312,568 (5.139% of Aircraft Purchase Price)

Total Monthly Equivalent P&L Expense $770,856 (1.713% of Aircraft Purchase Price)


2/26

November 16, 2006

Full Lease Term Rental

Average Quarterly A Loan Debt Service $928,673 (2.064% of Aircraft Purchase Price)

Average Quarterly B Loan Debt Service $286,179 (0.636% of Aircraft Purchase Price)

Average Quarterly Equity Rent $506,965 (1.127% of Aircraft Purchase Price)

Total Quarterly Lease Rental (in advance) $1,721,817 (3.826% of Aircraft Purchase Price)

Total Monthly Equivalent Lease Rental (in advance) $573,939 (1.275% of Aircraft Purchase Price)

P&L Effects for 2007 (on average)

Less: Quarterly Interest Income on Debt Security Deposit $71,469 (0.159% of Aircraft Purchase Price)

Total Quarterly P&L Expense $1,650,348 (3.667% of Aircraft Purchase Price)

Total Monthly Equivalent P&L Expense $550,116 (1.222% of Aircraft Purchase Price)

Aggregate Rentals

Aggregate Lease Rentals $41,323,619 (91.830% of Aircraft Purchase Price)PV of Aggregate Lease Rentals, discounting at 6.528% p.a. $36,197,408 (80.439% of Aircraft Purchase Price)

F. Loan Structure

A Loan

Term 72 months

Average Life 3.985 Years

Final Maturity Date 31-Dec-12

Initial A Loan Funding $27.728 mm

Step 1 Quarterly A Debt Service $1,273,942 (18.378% p.a. of A Loan Funding)Step 2 Quarterly A Debt Service $397,377 (5.733% p.a. of A Loan Funding)

A Lender Participation Fee $83,183 (0.300% of A Loan Funding)

Principal Repayment Level (mortgage-style) payments

Projected Airclaims Interpolated Soft FMV $19.465 mm

A Loan Balloon $12.652 mm

(65.000% of Projected Airclaims Interpolated Soft FMV)

2.5-year SFRE of 3-month US$ LIBOR 0 5.028% p.a

A Loan Margin 1.500% p.a

A Loan Fixed Interest Rate 6.528% p.a

Weighted Average Loan Coverage Rate 82.73%

Security ignment of Lease, Aircraft Mortgage, pari passu with B Lender, with

B Loan

Term 45 months

Average Life 2.059 Years

Final Maturity Date 30-Sep-10

Initial B Loan Funding $6.220 mm

Quarterly B Loan Debt Service $457,887 (29.446% p.a. of B Loan Funding)

B Lender Participation Fee $29,708 (0.478% of B Loan Funding)

Principal Repayment Level (mortgage-style) payments

Projected Airclaims Interpolated Soft FMV $19.465 mm

B Loan Balloon $0.000 mm

(0.000% of Projected Airclaims Interpolated Soft FMV)

2-year SFRE of 3-month US$ LIBOR 0 5.063% p.a

B Loan Margin 0.000% p.a

B Loan Fixed Interest Rate 5.063% p.a

Security Assignment of Lease, Aircraft Mortgage, pari passu with A Lender

G. Debt Security Deposit

Debt Security Deposit Amount $6 220 mm


3/26

November 16, 2006

I. Equity Yields at Lease-end

I. Equity Position for 0% Return

Step 1 Quarterly Equity Rent $652,208 26.667% p.a. of Net Equity Investment

Step 2 Quarterly Equity Rent $0 0.000% p.a. of Net Equity InvestmentEquity Payback Period 3.75 years

Equity (Out) of the Money Period 1.50 years

Net Equity Investment $9.783 mm

Less: Aggregate Equity Rents $9.783 mm

Lease-end Equity Remaining Balance $0.000 mm

Plus: Lease-end Loan Balloon $12.652 mm

Lease-end Equity Position $12.652 mm

Expected Lease-end Residual Value $21.617 mm

Less: Lease-end Loan Balloon Repayment $12.652 mm

Expected Equity Residual

$8.964 mm

Equity Total Return to Expected Equity Residual 19.160% p.a



Expected Equity Residual $12.529 mm


IV. Equity Total Yield to Assumed $0 Residual



Expected Equity Residual $0.000 mm


II. Equity Total Yield to Airclaims Interpolated Base Value, Uninflated(95%-Confidence Level)

III. Equity Total Yield to Airclaims Interpolated Base Value, Inflated(80%-Confidence Level)


4/26

November 15, 2006

AIR BERLIN


Lease Schedule - 2001 Manufacture, 3-Year Base Term

(in US$)

Date

A B C D = SUM(A:C) E F H = SUM(D:G)

31-Dec-06 (27,727,700) (6,220,000) (12,167,163) (46,114,863) 1,114,863 6,220,000 (38,780,000)

(Closing Date)

31-Dec-06 0 0 2,384,037 2,384,037 0 0 2,384,037

31-Mar-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Jun-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,15030-Sep-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Dec-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Mar-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Jun-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Sep-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Dec-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Mar-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Jun-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Sep-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Dec-09 0 457,887 0 457,887 0 (457,887) 0

(Payment Date)31-Dec-09 0 0 0 0 0 0 0

(Lease-end Date)

A Loan Funding /A Loan

Debt Service

B Loan Funding /B Loan

Debt Service

TotalEquity Funding /Total Equity Rent

TotalLessor Funding /Rental Payments

Payment ofTotal Lessor

Transaction Costs

Debt SecurityDeposit

RepaymentsNet LesseeCash Flow


5/26

November 16, 2006

AIR BERLIN


Lease Schedule - 2003 Manufacture, 6-Year Term

(in US$)

Date

A B C D = SUM(A:C) E F H = SUM(D:G)

31-Dec-06 (27,727,700) (6,220,000) (12,167,163) (46,114,863) 1,114,863 6,220,000 (38,780,000)

(Closing Date)

31-Dec-06 0 0 2,384,037 2,384,037 0 0 2,384,037

31-Mar-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Jun-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Sep-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Dec-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Mar-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Jun-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Sep-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Dec-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Mar-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Jun-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Sep-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Dec-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,15031-Mar-10 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Jun-10 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

30-Sep-10 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150

31-Dec-10 397,377 0 0 397,377 0 0 397,377

31-Mar-11 397,377 0 0 397,377 0 0 397,377

30-Jun-11 397,377 0 0 397,377 0 0 397,377

30-Sep-11 397,377 0 0 397,377 0 0 397,377

31-Dec-11 397,377 0 0 397,377 0 0 397,377

31-Mar-12 397,377 0 0 397,377 0 0 397,377

30-Jun-12 397,377 0 0 397,377 0 0 397,377

30-Sep-12 397,377 0 0 397,377 0 0 397,37731-Dec-12 0 0 0 0 0 0 0

(Payment Date)

31-Dec-12 0 0 0 0 0 0 0

(Lease-end Date)

Average Quarterly A Loan Debt Service 928,673

Average Quarterly B Loan Debt Service 286,179

Average Quarterly Equity Rent 506,965

Average Quarterly Lease Rental 1,721,817

Average Monthly Equivalent Lease Rental 573,939

A Loan Funding /A Loan

Debt Service

B Loan Funding /B Loan

Debt Service

TotalEquity Funding /Total Equity Rent

TotalLessor Funding /Rental Payments

Payment ofTotal Lessor

Transaction Costs


RepaymentsNet LesseeCash Flow


6/26

November 16, 2006

AIR BERLIN


Effective Forward Sale Price - 2003 Manufacture, 6-Year Term(in US$)

Date

31-Dec-06 (38,780,000) 10,580,257

(Closing Date)

31-Dec-06 2,384,037 (28,199,743) 10,580,257

31-Mar-07 1,926,150 (26,461,098) 10,844,764

30-Jun-07 1,926,150 (25,148,321) 11,115,883

30-Sep-07 1,926,150 (23,802,725) 11,393,78031-Dec-07 1,926,150 (22,423,489) 11,678,624

31-Mar-08 1,926,150 (21,009,772) 11,970,590

30-Jun-08 1,926,150 (19,560,712) 12,269,855

30-Sep-08 1,926,150 (18,075,426) 12,576,601

31-Dec-08 1,926,150 (16,553,007) 12,891,016

31-Mar-09 1,926,150 (14,992,528) 13,213,291

30-Jun-09 1,926,150 (13,393,038) 13,543,624

30-Sep-09 1,926,150 (11,753,559) 13,882,214

31-Dec-09 1,926,150 (10,073,094) 14,229,270

31-Mar-10 1,926,150 (8,350,617) 14,585,001

30-Jun-10 1,926,150 (6,585,079) 14,949,62630-Sep-10 1,926,150 (4,775,401) 15,323,367

31-Dec-10 397,377 (2,920,482) 15,706,451

31-Mar-11 397,377 (2,586,182) 16,099,113

30-Jun-11 397,377 (2,243,525) 16,501,590

30-Sep-11 397,377 (1,892,301) 16,914,130

31-Dec-11 397,377 (1,532,297) 17,336,983

31-Mar-12 397,377 (1,163,292) 17,770,408

30-Jun-12 397,377 (785,063) 18,214,668

30-Sep-12 397,377 (397,377) 18,670,035

31-Dec-12 0 0 19,136,786

(Lease-end Date)

* Calculated using a 10% p.a. discount/compounding rate.

Net LeaseCash Flow

NPV Benefit* ofLease Cash Flows

Future Value* ofNPV Benefit


7/26

November 15, 2006

AIR BERLIN


Lease IRR Calculation

(in US$)

Date IRR

A B C D E = SUM(A:D) 12.017%

31-Dec-06 (45,000,000) 2,384,037 0 6,220,000 (36,395,963) (2,053,523)

(Closing Date)

31-Mar-07 0 2,384,037 0 (457,887) 1,926,150 35,374,155

30-Jun-07 0 2,384,037 0 (457,887) 1,926,150 34,452,850

30-Sep-07 0 2,384,037 0 (457,887) 1,926,150 33,503,867

31-Dec-07 0 2,384,037 0 (457,887) 1,926,150 32,526,37431-Mar-08 0 2,384,037 0 (457,887) 1,926,150 31,519,516

30-Jun-08 0 2,384,037 0 (457,887) 1,926,150 30,482,409

30-Sep-08 0 2,384,037 0 (457,887) 1,926,150 29,414,146

31-Dec-08 0 2,384,037 0 (457,887) 1,926,150 28,313,790

31-Mar-09 0 2,384,037 0 (457,887) 1,926,150 27,180,377

30-Jun-09 0 2,384,037 0 (457,887) 1,926,150 26,012,914

30-Sep-09 0 2,384,037 0 (457,887) 1,926,150 24,810,378

31-Dec-09 0 2,384,037 0 (457,887) 1,926,150 23,571,716

31-Mar-10 0 2,384,037 0 (457,887) 1,926,150 22,295,841

30-Jun-10 0 2,384,037 0 (457,887) 1,926,150 20,981,637

30-Sep-10 0 2,384,037 0 (457,887) 1,926,150 19,627,95231-Dec-10 0 397,377 0 0 397,377 18,233,599

31-Mar-11 0 397,377 0 0 397,377 18,372,057

30-Jun-11 0 397,377 0 0 397,377 18,514,675

30-Sep-11 0 397,377 0 0 397,377 18,661,577

31-Dec-11 0 397,377 0 0 397,377 18,812,893

31-Mar-12 0 397,377 0 0 397,377 18,968,754

30-Jun-12 0 397,377 0 0 397,377 19,129,298

30-Sep-12 0 397,377 0 0 397,377 19,294,665

31-Dec-12 0 0 19,465,000 0 19,465,000 19,465,000

(Lease-end Date)

AircraftSale Price

RentalPayments

Aircraft Residual(Airclaims Inflated Soft)

DebtSecurity Deposit

Net LeaseCash Flow


8/26

September 2006

AIR BERLIN


III.A. Annual P&L Comparison Schedule(in US$)

No Refinancing With Lease Refinancing

Year Ending

A B C = A+B D E F G H I J K = SUM(D:J) L = K-C M = L+M'

Dec-06 0 0 0 0 0 0 0 0 0 0 0 0 0

Dec-07 (1,979,547) (5,833,333) (7,812,881) (3,821,826) (1,373,661) (4,340,663) 285,877 #VALUE! #REF! (32,856) #VALUE! #VALUE! #VALUE!Dec-08 (1,388,147) (5,833,333) (7,221,481) (5,095,768) (1,831,548) (2,608,833) 206,122 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE!

Dec-09 (796,747) (5,833,333) (6,630,081) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!

Dec-10 (209,454) (5,833,333) (6,042,788) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!

Dec-11 0 0 0 #REF! #REF! #REF! 122,252 #VALUE! #REF! 0 #REF! #REF! #REF!

(Lease-end Date)

* Loan Margin of 2.00% p.a. on existing loan for three (3) B767-300ER aircraft.

** Assumes a 5% p.a. depreciation from the original aircraft purchase price.

InterestExpense* on

Existing Loan

Aircraft

Depreciation**

Total

P&L Expense

A Loan

Rents

B Loan

Rents

Equity

Rents

InterestIncome on

Debt Security

Deposit

InterestIncome on

Equity Security

Deposit

Interest Incomeon

Cummulative

CF Balance

InterestExpense* on

Existing Loan

Total

P&L Expense

Change in

P&L Expense

CummulativeChange in

P&L Expense


9/26

September

AIR BERLIN


III.B. Quarterly P&L Comparison Schedule(in US$)


Quarter Ending

A B C = A+B D E F G H I J K = SUM(D:J) L = K-C M = L+M

31-Dec-06 0 0 0 0 0 0 0 0 0 0 0 0 0

31-Mar-07 (550,331) (1,458,333) (2,008,664) 0 0 (2,384,037) 78,729 #VALUE! #REF! (32,856) #VALUE! #VALUE! #VALUE

30-Jun-07 (513,368) (1,458,333) (1,971,701) (1,273,942) (457,887) (652,208) 73,930 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

30-Sep-07 (476,406) (1,458,333) (1,934,739) (1,273,942) (457,887) (652,208) 69,070 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

31-Dec-07 (439,443) (1,458,333) (1,897,776) (1,273,942) (457,887) (652,208) 64,149 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

31-Mar-08 (402,481) (1,458,333) (1,860,814) (1,273,942) (457,887) (652,208) 59,165 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

30-Jun-08 (365,518) (1,458,333) (1,823,851) (1,273,942) (457,887) (652,208) 54,118 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

30-Sep-08 (328,556) (1,458,333) (1,786,889) (1,273,942) (457,887) (652,208) 49,007 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

31-Dec-08 (291,593) (1,458,333) (1,749,926) (1,273,942) (457,887) (652,208) 43,832 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

#REF! (254,631) (1,458,333) (1,712,964) (397,377) 0 0 #REF! #VALUE! #REF! 0 #REF! #REF! #REF!

#REF! (217,668) (1,458,333) (1,676,001) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!

#REF! (180,706) (1,458,333) (1,639,039) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!#REF! (143,743) (1,458,333) (1,602,076) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!




#REF! 0 (1,458,333) (1,458,333) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!

31-Mar-09 0 0 0 #REF! #REF! #REF! 38,591 #VALUE! #REF! 0 #REF! #REF! #REF!

30-Jun-09 0 0 0 (397,377) 0 0 33,284 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

30-Sep-09 0 0 0 (397,377) 0 0 27,910 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

31-Dec-09 0 0 0 (397,377) 0 0 22,467 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE

(Lease-end Date)

* Loan Margin of 2.00% p.a. on existing loan for three (3) B767-300ER aircraft.

** Assumes a 5% p.a. depreciation from the original aircraft purchase price.

InterestExpense* on

Existing LoanAircraft

Depreciation**Total

P&L ExpenseA LoanRents

B LoanRents

EquityRents

InterestIncome on


InterestIncome on

Equity SecurityDeposit

Interest Incomeon

CummulativeCF Balance

InterestExpense* on

Existing LoanTotal

P&L ExpenseChange in

P&L Expense

CummulatiChange in

P&L Expen


10/26

September 2006

AIR BERLIN


III.C. Annual Cash Flow Comparison Schedule(in US$)


Year Ending

A B = A C D E F=C+D+E G H I J = SUM(F:I) K = J-B L M = M'+L+K

Dec-06 0 0 0 0 (2,384,037) (2,384,037) 0 #REF! 0 #REF! #REF! 0 #REF!

Dec-07 (8,000,000) (8,000,000) (5,095,768) (1,831,548) (2,608,833) (9,536,150) 1,831,548 #REF! (2,000,000) #REF! #REF! #REF! #REF!

Dec-08 (8,000,000) (8,000,000) (4,219,204) (1,373,661) (1,956,625) (7,549,490) 1,373,661 #REF! 0 #REF! #REF! #REF! #REF!Dec-09 (8,000,000) (8,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!

Dec-10 (6,000,000) (6,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!

Dec-11 0 0 (1,192,132) 0 0 (1,192,132) 0 #REF! 0 #REF! #REF! #REF! #REF!

(Lease-end Date)

* Interest is earned on the Cumulative Cash Flow Difference at the 3-month US$ LIBOR (5.39% p.a.)

Existing Loan

Debt Service

Total

Cash Flow

A Loan

Debt Service

B Loan

Debt Service

Equity

Rents

Total

Rents

Repayment ofDebt Security

Deposit

Repayment ofEquity

SecurityDeposit

Existing Loan

Debt Service

Total

Cash Flow

Cash Flow

Difference

InterestEarned onCash FlowDifference*

CummulativeCash Flow

Difference


11/26

September 2006

AIR BERLIN


III.D. Quarterly Cash Flow Comparison Schedule(in US$)


Quarter Ending

A B = A C D E F=C+D+E G H I J = SUM(F:I) K = J-B L M = M'+L+K

31-Dec-06 0 0 0 0 (2,384,037) (2,384,037) 0 #REF! 0 #REF! #REF! 0 #REF!

31-Mar-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! (2,000,000) #REF! #REF! #REF! #REF!

30-Jun-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!30-Sep-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!

31-Dec-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!

31-Mar-08 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!

30-Jun-08 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!

30-Sep-08 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!

31-Dec-08 (2,000,000) (2,000,000) (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!

#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!




#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!


#REF! 0 0 #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!

31-Mar-09 0 0 (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!

30-Jun-09 0 0 (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!

30-Sep-09 0 0 (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!

31-Dec-09 0 0 0 0 0 0 0 #REF! 0 #REF! #REF! #REF! #REF!

(Lease-end Date)

* Interest is earned on the Cumulative Cash Flow Difference at the 3-month US$ LIBOR (5.39% p.a.)

Existing LoanDebt Service

TotalCash Flow

A LoanDebt Service

B LoanDebt Service

EquityRents

TotalRents

Repayment ofDebt Security

Deposit

Repayment ofEquity

SecurityDeposit

Existing LoanDebt Service

TotalCash Flow

Cash FlowDifference

InterestEarned onCash FlowDifference*

CummulativeCash FlowDifference


12/26

17 August 2006

AIR BERLIN


Existing 3xB767-300ER Loan Schedule(in US$)

Date

A = B+C B C D E

1-Dec-06 0 0 30,000,000

(Closing Date)

21-Feb-07 2,492,833 492,833 2,000,000 28,000,000 30,492,833

1-Mar-07 57,497 0 28,000,000

21-May-07 2,517,475 459,978 2,000,000 26,000,000 28,459,9781-Jun-07 53,390 0 26,000,000

21-Aug-07 2,480,513 427,122 2,000,000 24,000,000 26,427,122

1-Sep-07 49,283 0 24,000,000

21-Nov-07 2,443,550 394,267 2,000,000 22,000,000 24,394,267

1-Dec-07 45,176 0 22,000,000

21-Feb-08 2,406,588 361,411 2,000,000 20,000,000 22,361,411

1-Mar-08 41,069 0 20,000,000

21-May-08 2,369,625 328,556 2,000,000 18,000,000 20,328,556

1-Jun-08 36,963 0 18,000,000

21-Aug-08 2,332,663 295,700 2,000,000 16,000,000 18,295,700

1-Sep-08 32,856 0 16,000,00021-Nov-08 2,295,700 262,844 2,000,000 14,000,000 16,262,844

1-Dec-08 28,749 0 14,000,000

21-Feb-09 2,258,738 229,989 2,000,000 12,000,000 14,229,989

1-Mar-09 24,642 0 12,000,000

21-May-09 2,221,775 197,133 2,000,000 10,000,000 12,197,133

1-Jun-09 20,535 0 10,000,000

21-Aug-09 2,184,813 164,278 2,000,000 8,000,000 10,164,278

1-Sep-09 16,428 0 8,000,000

21-Nov-09 2,147,850 131,422 2,000,000 6,000,000 8,131,422

1-Dec-09 12,321 0 6,000,000

21-Feb-10 2,110,888 98,567 2,000,000 4,000,000 6,098,5671-Mar-10 8,214 0 4,000,000

21-May-10 2,073,925 65,711 2,000,000 2,000,000 4,065,711

1-Jun-10 4,107 0 2,000,000

21-Aug-10 2,036,963 32,856 2,000,000 0 2,032,856

1-Sep-10 0 0 0

Err:511

LoanDebt Service

InterestPayments

PrincipalRepayments

After Debt ServicePrincipal Balance

Before Debt ServicePrincipal Balance


13/26

November 15, 2006

AIR BERLIN


A Loan Schedule - 2001 Manufacture, 36-month Base Term(in US$)

Date

A = B+C B C D E

31-Dec-06 (27,727,700) 0 (27,727,700) 27,727,700 0

(Closing Date)

31-Mar-07 1,273,942 452,543 821,399 26,906,301 28,180,243

30-Jun-07 1,273,942 439,137 834,805 26,071,497 27,345,439

30-Sep-07 1,273,942 425,513 848,430 25,223,067 26,497,009

31-Dec-07 1,273,942 411,665 862,277 24,360,790 25,634,73231-Mar-08 1,273,942 397,592 876,350 23,484,441 24,758,383

30-Jun-08 1,273,942 383,289 890,653 22,593,788 23,867,730

30-Sep-08 1,273,942 368,753 905,189 21,688,599 22,962,541

31-Dec-08 1,273,942 353,979 919,963 20,768,636 22,042,578

31-Mar-09 1,273,942 338,965 934,977 19,833,658 21,107,600

30-Jun-09 1,273,942 323,705 950,237 18,883,421 20,157,363

30-Sep-09 1,273,942 308,196 965,746 17,917,675 19,191,617

31-Dec-09 1,273,942 292,434 981,508 16,936,167 18,210,109

31-Mar-10 1,273,942 276,415 997,527 15,938,640 17,212,582

30-Jun-10 1,273,942 260,134 1,013,808 14,924,832 16,198,775

30-Sep-10 1,273,942 243,588 1,030,354 13,894,478 15,168,42031-Dec-10 0 226,772 (226,772) 14,121,250 14,121,250

(Payment Date)

31-Dec-10 14,121,250 0 14,121,250 0 14,121,250

(Final Maturity Date)

Err:511

A LoanDebt Service

InterestPayments

PrincipalRepayments




14/26

November 16, 2006

AIR BERLIN


A Loan Schedule - 2003 Manufacture, 6-Year Term(in US$)

Date

A = B+C B C D E

31-Dec-06 (27,727,700) 0 (27,727,700) 27,727,700 0

(Closing Date)

31-Mar-07 1,273,942 452,543 821,399 26,906,301 28,180,243

30-Jun-07 1,273,942 439,137 834,805 26,071,497 27,345,439

30-Sep-07 1,273,942 425,513 848,430 25,223,067 26,497,009

31-Dec-07 1,273,942 411,665 862,277 24,360,790 25,634,73231-Mar-08 1,273,942 397,592 876,350 23,484,441 24,758,383

30-Jun-08 1,273,942 383,289 890,653 22,593,788 23,867,730

30-Sep-08 1,273,942 368,753 905,189 21,688,599 22,962,541

31-Dec-08 1,273,942 353,979 919,963 20,768,636 22,042,578

31-Mar-09 1,273,942 338,965 934,977 19,833,658 21,107,600

30-Jun-09 1,273,942 323,705 950,237 18,883,421 20,157,363

30-Sep-09 1,273,942 308,196 965,746 17,917,675 19,191,617

31-Dec-09 1,273,942 292,434 981,508 16,936,167 18,210,109

31-Mar-10 1,273,942 276,415 997,527 15,938,640 17,212,582

30-Jun-10 1,273,942 260,134 1,013,808 14,924,832 16,198,775

30-Sep-10 1,273,942 243,588 1,030,354 13,894,478 15,168,42031-Dec-10 397,377 226,772 170,606 13,723,873 14,121,250

31-Mar-11 397,377 223,987 173,390 13,550,482 13,947,860

30-Jun-11 397,377 221,157 176,220 13,374,262 13,771,639

30-Sep-11 397,377 218,281 179,096 13,195,166 13,592,543

31-Dec-11 397,377 215,358 182,019 13,013,146 13,410,524

31-Mar-12 397,377 212,387 184,990 12,828,156 13,225,534

30-Jun-12 397,377 209,368 188,009 12,640,147 13,037,524

30-Sep-12 397,377 206,300 191,078 12,449,069 12,846,446

31-Dec-12 0 203,181 (203,181) 12,652,250 12,652,250

(Payment Date)

31-Dec-12 12,652,250 0 12,652,250 0 12,652,250(Final Maturity Date)

Err:511

A LoanDebt Service

InterestPayments

PrincipalRepayments




15/26

September 2006

AIR BERLIN


A Loan Extension Term Schedule (first one-year extension)(in US$)

Date

A=B+C B C D

1-Sep-11 12,449,069

1-Dec-11 2,384,037 203,181 2,180,856 10,268,213

1-Mar-12 2,384,037 167,587 2,216,450 8,051,762

1-Jun-12 2,384,037 131,413 2,252,625 5,799,138

1-Sep-12 2,384,037 94,648 2,289,390 3,509,748

1-Dec-12 0 57,283 (57,283) 3,567,030

(Payment Date)

1-Dec-12 3,567,030 0 3,567,030 0

A LoanDebt Service

InterestPayments

PrincipalRepayments




16/26

September 2006

AIR BERLIN


A Loan Extension Term Schedule (second one-year extension)(in US$)

Date

A=B+C B C D

1-Sep-12 3,509,748

1-Dec-12 2,384,037 57,283 2,326,755 1,182,993

1-Mar-13 2,384,037 19,308 2,364,730 (1,181,737)

1-Jun-13 (1,201,024) (19,287) (1,181,737) 0

1-Sep-13 0 0 0 0

1-Dec-13 0 0 0 0

(Payment Date)

1-Dec-13 0 0 0 0

A LoanDebt Service

InterestPayments

PrincipalRepayments




17/26

November 15, 2006

AIR BERLINSales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft

Loan to Value Schedule Assuming Airclaims Inflated Soft and Base(in US$, indicative for one (1) B737-800 Aircraft, 2003 Manufacture)

Date

A B C = A/B D E = A/D F G = Max(A-F,0)

31-Dec-06 27,727,700 35,420,000 78.283% 36,570,000 75.821% 21,252,000 6,475,700

(Closing Date)

31-Mar-07 26,906,301 33,740,000 79.746% 35,465,000 75.867% 20,244,000 6,662,301

30-Jun-07 26,071,497 32,060,000 81.321% 34,360,000 75.877% 19,236,000 6,835,49730-Sep-07 25,223,067 31,152,500 80.966% 33,930,000 74.339% 18,691,500 6,531,567

31-Dec-07 24,360,790 30,245,000 80.545% 33,500,000 72.719% 18,147,000 6,213,790

31-Mar-08 23,484,441 29,337,500 80.049% 33,070,000 71.014% 17,602,500 5,881,941

30-Jun-08 22,593,788 28,430,000 79.472% 32,640,000 69.221% 17,058,000 5,535,788

30-Sep-08 21,688,599 27,620,000 78.525% 32,222,500 67.309% 16,572,000 5,116,599

31-Dec-08 20,768,636 26,810,000 77.466% 31,805,000 65.300% 16,086,000 4,682,636

31-Mar-09 19,833,658 26,000,000 76.283% 31,387,500 63.190% 15,600,000 4,233,658

30-Jun-09 18,883,421 25,190,000 74.964% 30,970,000 60.973% 15,114,000 3,769,421

30-Sep-09 17,917,675 24,470,000 73.223% 30,570,000 58.612% 14,682,000 3,235,675

31-Dec-09 16,936,167 23,750,000 71.310% 30,170,000 56.136% 14,250,000 2,686,167

31-Mar-10 15,938,640 23,030,000 69.208% 29,770,000 53.539% 13,818,000 2,120,640

30-Jun-10 14,924,832 22,310,000 66.898% 29,370,000 50.817% 13,386,000 1,538,832

30-Sep-10 13,894,478 22,017,500 63.107% 28,982,500 47.941% 13,210,500 683,978

31-Dec-10 13,723,873 21,725,000 63.171% 28,595,000 47.994% 13,035,000 688,873

31-Mar-11 13,550,482 21,432,500 63.224% 28,207,500 48.039% 12,859,500 690,982

30-Jun-11 13,374,262 21,140,000 63.265% 27,820,000 48.074% 12,684,000 690,262

30-Sep-11 13,195,166 20,857,500 63.263% 27,445,000 48.079% 12,514,500 680,666

31-Dec-11 13,013,146 20,575,000 63.247% 27,070,000 48.072% 12,345,000 668,146

31-Mar-12 12,828,156 20,292,500 63.216% 26,695,000 48.055% 12,175,500 652,656

30-Jun-12 12,640,147 20,010,000 63.169% 26,320,000 48.025% 12,006,000 634,147

30-Sep-12 12,449,069 19,737,500 63.073% 25,960,000 47.955% 11,842,500 606,56931-Dec-12 12,652,250 19,465,000 65.000% 25,600,000 49.423% 11,679,000 973,250


Airclaims InflatedSoft Market Value

LTV AssumingAirclaims InflatedSoft Market Value

Airclaims InflatedBase Market Value

LTV AssumingAirclaims InflatedBase Market Value

60% ofAirclaims InflatedSoft Market Value

Excess OutstandingPrincipal Balance

over 60% of ASMV


18/26

November 16, 2006

AIR BERLIN


B Loan Schedule - 2003 Manufacture, 6-Year Term(in US$)

Date

A = B+C B C D E

31-Dec-06 (6,220,000) 0 (6,220,000) 6,220,000 0

(Closing Date)

31-Mar-07 457,887 78,729 379,158 5,840,842 6,298,729

30-Jun-07 457,887 73,930 383,957 5 ,456,885 5,914,772

30-Sep-07 457,887 69,070 388,817 5 ,068,068 5,525,955

31-Dec-07 457,887 64,149 393,739 4,674,329 5,132,216

31-Mar-08 457,887 59,165 398,722 4,275,607 4,733,494

30-Jun-08 457,887 54,118 403,769 3 ,871,838 4,329,725

30-Sep-08 457,887 49,007 408,880 3 ,462,958 3,920,845

31-Dec-08 457,887 43,832 414,055 3,048,903 3,506,790

31-Mar-09 457,887 38,591 419,296 2,629,607 3,087,494

30-Jun-09 457,887 33,284 424,603 2 ,205,004 2,662,891

30-Sep-09 457,887 27,910 429,977 1 ,775,027 2,232,914

31-Dec-09 457,887 22,467 435,420 1,339,607 1,797,494

31-Mar-10 457,887 16,956 440,931 898,676 1,356,563

30-Jun-10 457,887 11,375 446,512 452,164 910,051

30-Sep-10 457,887 5,723 452,164 (0) 457,88731-Dec-10 0 (0) 0 (0) (0)

31-Mar-11 0 (0) 0 (0) (0)

30-Jun-11 0 (0) 0 (0) (0)

30-Sep-11 0 (0) 0 (0) (0)

31-Dec-11 0 (0) 0 (0) (0)

31-Mar-12 0 (0) 0 (0) (0)

30-Jun-12 0 (0) 0 (0) (0)

30-Sep-12 0 (0) 0 (0) (0)

31-Dec-12 0 (0) 0 (0) (0)

(Payment Date)

31-Dec-12 0 0 0 1,339,607 1,339,607(Final Maturity Date)

Err:511

B LoanDebt Service

InterestPayments

PrincipalRepayments




19/26

November 16, 2006

AIR BERLIN


Debt Security Deposit Schedule - 2003 Manufacture, 6-Year Term(in US$)

Date

A = B+C B C D

31-Dec-06 (6,220,000) 0 (6,220,000) 6,220,000

(Closing Date)

31-Mar-07 457,887 78,729 379,158 5,840,842

30-Jun-07 457,887 73,930 383,957 5,456,885

30-Sep-07 457,887 69,070 388,817 5,068,068

31-Dec-07 457,887 64,149 393,739 4,674,329

31-Mar-08 457,887 59,165 398,722 4,275,607

30-Jun-08 457,887 54,118 403,769 3,871,838

30-Sep-08 457,887 49,007 408,880 3,462,958

31-Dec-08 457,887 43,832 414,055 3,048,903

31-Mar-09 457,887 38,591 419,296 2,629,607

30-Jun-09 457,887 33,284 424,603 2,205,004

30-Sep-09 457,887 27,910 429,977 1,775,027

31-Dec-09 457,887 22,467 435,420 1,339,607

31-Mar-10 457,887 16,956 440,931 898,676

30-Jun-10 457,887 11,375 446,512 452,164

30-Sep-10 457,887 5,723 452,164 (0)

31-Dec-10 0 (0) 0 (0)

31-Mar-11 0 (0) 0 (0)

30-Jun-11 0 (0) 0 (0)

30-Sep-11 0 (0) 0 (0)

31-Dec-11 0 (0) 0 (0)

31-Mar-12 0 (0) 0 (0)

30-Jun-12 0 (0) 0 (0)

30-Sep-12 0 (0) 0 (0)

31-Dec-12 0 (0) 0 (0)

(Payment Date)

31-Dec-12 0 0 0 1,339,607


Err:511

Total Debt SecurityDeposit Repayment

InterestRepayment*

PrincipalRepayments

Outstanding DebtSecurity Deposit Balance


20/26

November 15, 2006

AIR BERLIN


Equity Schedule - 2001 Manufacture, 36-month Base Term(in US$)

Date Equity Rent

A B C D = SUM(A:C)

31-Dec-06 (12,167,163) 2,384,037 0 (9,783,126)

(Closing Date)

31-Mar-07 0 652,208 0 652,208

30-Jun-07 0 652,208 0 652,208

30-Sep-07 0 652,208 0 652,208

31-Dec-07 0 652,208 0 652,208

31-Mar-08 0 652,208 0 652,20830-Jun-08 0 652,208 0 652,208

30-Sep-08 0 652,208 0 652,208

31-Dec-08 0 652,208 0 652,208

31-Mar-09 0 652,208 0 652,208

30-Jun-09 0 652,208 0 652,208

30-Sep-09 0 652,208 0 652,208

31-Dec-09 0 0 0 0

(Payment Date)

31-Dec-09 0 0 #REF! #REF!

(Lease-end Date)

Total EquityInvestment

Expected Equity Residual(Airclaims Inflated Soft MV)

EquityCash Flows


21/26

November 16, 2006

AIR BERLIN


Equity Schedule - 2003 Manufacture, 6-Year Term(in US$)

Date Equity Rent

A B C D = SUM(A:C)

31-Dec-06 (12,167,163) 2,384,037 0 (9,783,126)

(Closing Date)

31-Mar-07 0 652,208 0 652,208

30-Jun-07 0 652,208 0 652,208

30-Sep-07 0 652,208 0 652,208

31-Dec-07 0 652,208 0 652,208

31-Mar-08 0 652,208 0 652,20830-Jun-08 0 652,208 0 652,208

30-Sep-08 0 652,208 0 652,208

31-Dec-08 0 652,208 0 652,208

31-Mar-09 0 652,208 0 652,208

30-Jun-09 0 652,208 0 652,208

30-Sep-09 0 652,208 0 652,208

31-Dec-09 0 652,208 0 652,208

31-Mar-10 0 652,208 0 652,208

30-Jun-10 0 652,208 0 652,208

30-Sep-10 0 652,208 0 652,208

31-Dec-10 0 0 0 031-Mar-11 0 0 0 0

30-Jun-11 0 0 0 0

30-Sep-11 0 0 0 0

31-Dec-11 0 0 0 0

31-Mar-12 0 0 0 0

30-Jun-12 0 0 0 0

30-Sep-12 0 0 0 0

31-Dec-12 0 0 0 0

(Payment Date)

31-Dec-12 0 0 6,812,750 6,812,750

(Lease-end Date)

Total EquityInvestment

Expected Equity Residual(Airclaims Inflated Soft MV)

EquityCash Flows


22/26

November 16, 2006

AIR BERLINa es an everage perat ng ease ac s o up to teen - rcra t

Aircraft SaleAircraft Sale Price 45,000,000

rranger ee , .Sale Price/Lessor's Cost 45,180,000Airclaims Current Market Value 38,780,000

tep ease enta , , , , .Step 1 Lease Rental (Monthly) 794,679 1.766%Step 2 Lease Rental 397,377Step 2 Lease Rental (Monthly) 132,459

Security Deposit 6,220,000

oanTerm 72 monthsPeriodicity QuarterlyA Loan Drawdown 27,727,700 71.5000%

oan tep e t erv ce , , .A Loan Step 1 Balloon 14,121,250 65%A Loan Step 2 Debt Service 397,377 0.0000

oan tep a oon , ,

A Loan Interest RateAverage Life (years) 3.985

erm . years2-year SFRE of 6-month US LIBOR 5.0950% as of 14 Nov 20063-year SFRE of 6-month US LIBOR 5.0250% as of 14 Nov 20062.5-year SFRE of 6-month US LIBOR 5.0600% as of 14 Nov 2006. -year o -mont .

A Loan Margin 1.5000%A Loan Interest Rate 6.5284%

B LoanTerm 69 monthsPeriodicity QuarterlyB Loan Drawdown 6,220,000B Loan Debt Service 457,887 (0.0000)B Loan Balloon 0

B Loan Interest RateAverage Life (years) 2.059Term 5.75 years

-year o -mont . as o ov2-year SFRE of 3-month US LIBOR 0 5.0630%B Loan Margin 0.0000%

oan nterest ate .

Transaction CostsA Lender Participation Fee 83,183 0.30%

en er art c pat on ee , .Arranger Fee 180,000Lender's Legal Fee 10,000 150,000RVI Premium 811,972 5.75%Total Transaction Costs 1,114,863

Equity Investmentqu ty nvestment , , .

Transaction Expenses 1,114,863 0.0000Total Equity Investment 12,167,163

rst vance ent , ,Net Equity Investment 9,783,126Step 1 Cash Rent 652,208 27% 0.0000Step 2 Cash Rent 0

Assumed Step 2 Lease-end AppraisalsInterpolated Inflated Soft Market Value 19,465,000 6,812,750Interpolated Uninflated Base Value 21,616,667 8,964,417

nterpo ate n ate ase a ue , , , ,


23/26

As At:01/08/2006

Aircraft ValuationSingle Aircraft Value

Aircraft Details:

Registration number D-ABBH

Serial number 32919

Manufacturer Boeing

Type 737 (NG)

Variant 800 SeriesMinor Variant 86J

Engine Manufacturer CFM International

Engine Type CFM56

Engine Variant

MTOW 167549 lb

Year of Build 2003

Utilisation:

Airframe hours 13182

Airframes cycles 6777

Utilisation data as of 1-Sep-10

Current Operator Air Berlin

Current Owner Air Berlin

Current Manager Air Berlin

Current Values:

$ millions Specification details

[Market Value] 38.78 Winglets

[Market Lease Rate] 0.36[Base Value] 36.13

Base Lease Rate 0.3

Forecast Values:

Sustained Inflation Rate assumption: 2.5% p.a. (in US$ millions)[Base Value] [Soft Market Value] Base Lease Rate

Year Constant Inflated Constant Inflated Nominal

Jun-06 38.78 38.78 38.78 38.78

Jun-07 33.55 34.36 31.31 32.06 0.29

Jun-08 31.12 32.64 27.12 28.43 0.28Jun-09 28.85 30.97 23.48 25.19 0.27

Jun-10 26.71 29.37 20.32 22.31 0.26

Jul-10 26.54 29.24 20.2 22.21

Aug-10 26.38 29.11 20.07 22.12

Sep-10 26.21 28.98 19.95 22.02

Oct-10 26.05 28.85 19.82 21.92

Nov-10 25.88 28.72 19.7 21.82

Dec-10 25.72 28.6 19.57 21.73

Jan-11 25.55 28.47 19.45 21.63

Feb-11 25.38 28.34 19.32 21.53Mar-11 25.22 28.21 19.2 21.43

Apr-11 25.05 28.08 19.07 21.34

May-11 24.89 27.95 18.95 21.24

J 11 24 72 27 82 18 82 21 14 0 26

7B26


24/26

2021 10.79 15.28 8.29 11.66 0.18

2022 9.88 14.3 7.6 10.92 0.17

2023 9.04 13.38 6.96 10.22 0.16

2024 8.26 12.5 6.37 9.55 0.16

2025 7.54 11.66 5.82 8.91 0.15

2026 6.88 10.87 5.32 8.31 0.15

All values should be used or read in conjunction with the support information provided in the Glossary and Methodology sections on the V1website.


25/26

Residual Confidence LevelsAir Berlin 737-800's

Generic 737-800 Jun-2001-Built CFM56-7B2 169,000 lb MTOW (HGW)

AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITAS Airclaims AirclaimsBEST Mid Mid WRST Base Base Soft Soft Base Base Base

Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated Inflated Constant2006 45.23 41.50 37.25 35.78 33.30 CMV 2007 42.53 41.69 40.63 37.43 30.85 30.13 28.8 28.13 30.40 80% 95%2008 42.21 40.57 38.35 35.02 29.37 28.01 25.6 24.42 29.102009 39.35 36.93 33.96 30.37 27.93 26.02 22.74 21.2 27.902010 35.55 32.56 29.21 25.48 26.53 24.15 20.19 18.4 26.702011 33.76 30.28 26.63 22.71 25.18 22.39 19.17 17.07 25.702012 32.34 28.41 24.45 20.43 23.88 20.74 18.18 15.83 24.602013 22.62 19.19


AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITASBEST Mid Mid WRST Base Base Soft Soft Base

Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated2006 47.46 43.54 - 39.19 - - - - 35.60 CMV2007 44.64 43.75 42.64 39.28 32.49 31.73 - - 32.502008 44.31 42.58 40.25 36.75 30.89 29.46 - - 31.102009 41.52 38.96 35.83 32.04 29.35 27.34 23.88 22.26 29.802010 37.67 34.51 30.96 27.01 27.85 25.34 21.18 19.29 28.602011 35.63 32.23 28.35 24.17 26.41 23.47 20.09 17.88 27.302012 34.54 30.35 26.12 21.83 25.02 21.72 19.03 16.56 26.302013 23.67 20.08

Generic 737-800 Feb-2003-Built CFM56-7B2 169,000 lb MTOW (HGW) D-ABBH


Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated2006 48.95 44.91 - 40.42 - - - - 37.27 CMV2007 46.04 45.12 43.98 40.51 33.74 32.94 - - 34.032008 45.70 43.92 41.52 37.91 32.06 30.57 - - 32.572009 42.83 40.19 36.96 33.05 30.43 28.35 24.75 23.07 31.20

29.65 27.302010 38.33 35.72 32.05 41.30 28.86 26.25 21.93 19.98 29.932011 37.21 33.43 29.44 25.10 27.35 24.30 20.79 18.51 28.632012 35.97 31.61 27.21 22.74 25.89 22.47 19.68 17.13 27.43

25.18 21.622013 24.48 20.76



Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated

2006 49.69 45.59 41.03 38.78 38.10 CMV2007 46.74 45.81 44.65 41.13 34.36 33.55 32.06 31.31 34.802008 46.4 44.59 42.16 38.49 32.64 31.12 28.43 27.12 33.302009 43.48 40.81 37.53 33.56 30.97 28.85 25.19 23.48 31.902010 38.66 36.33 32.59 48.44 29.37 26.71 22.31 20.32 30.602011 38 34.03 29.98 25.57 27.82 24.72 21.14 18.82 29.302012 36.69 32.24 27.75 23.19 26.32 22.85 20.01 17.41 28.002013 24.88 21.1


26/26

95% 80% CONFIDENCELEVELS FOR

- 'VALUES ADJUSTED FOR MONTH OF BUILD:

OCT-1991 BUILD MSN 25312

AVAC AVAC AVAC Airclaims Airclaims Airclaims AVITASMid Mid WRST Base Base Soft Base

Inflated Constant Inflated Inflated Constant Inflated Inflated2006 31.03 29.27 27.23 27.932007 29.54 28.74 25.92 25.81 25.22 23.96 26.402008 25.81 24.30 21.22 24.40 23.32 21.08 24.932009 21.33 19.52 16.24 23.03 21.53 18.53 23.332010 18.52 16.56 13.25 21.72 19.86 16.30 21.732011 16.57 14.51 11.17 20.44 18.30 15.38 20.23

2012 15.83 13.55 10.15 19.21 16.84 14.49 18.8317-Jul-12 15.63 13.35 9.97 19.11 16.73 14.42 18.72

2013 13.42 11.17 8.03 18.02 15.48 13.62 17.43

95% 80%

JAN-1992-BUILD MSN 26469 & 26470

AVAC AVAC AVAC Airclaims Airclaims Airclaims AVITASMid Mid WRST Base Base Soft Base

Inflated Constant Inflated Inflated Constant Inflated Inflated

2006 31.75 29.67 27.70 28.482007 30.24 29.42 26.53 26.24 25.65 24.36 26.932008 26.43 24.89 21.73 24.80 23.70 21.42 25.482009 21.86 20.01 16.64 23.41 21.88 18.83 23.882010 18.99 16.97 13.58 22.06 20.17 16.55 22.282011 17.00 14.89 11.46 20.76 18.58 15.61 20.712012 16.25 13.90 10.42 19.50 17.09 14.70 19.31

17-Jul-12 16.04 13.70 10.24 19.40 16.98 14.63 19.192013 13.78 11.47 8.25 18.28 15.71 13.82 17.91

95% 80%

2006 2007 2008 2009 2010 2011 2012 17-Jul-12 2013

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

Oct-91 Built 767-300ER

AVAC Mid Inflated

AVAC Mid Constant

AVAC WRST Inflated

Airclaims BaseInflated

Airclaims BaseConstant

Airclaims SoftInflated

AVITAS BaseInflated

$Millions

2006 2007 2008 2009 2010 2011 2012 17-Jul-12 2013

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

Jan-92 Built 767-300ER

AVAC Mid Inflated

AVAC Mid ConstantAVAC WRST Inflated

Airclaims BaseInflated

Airclaims BaseConstant

Airclaims SoftInflated

AVITAS BaseInflated

$Millions

16nov airberlin b738 2003 stepped

Documents