APPRAISAL Considering the secondary market performance of the Boeing 777-300ER to date, the observed trends in sales and lease rates, and the additional supply Current Delivery Market Value* 7/1/21 7/1/20 7/1/19 7/1/18 7/1/17 7/1/16 7/1/15 7/1/14 7/1/13 7/1/12 7/1/11 7/1/10 7/1/09 7/1/08 7/1/07 7/1/06 7/1/05 7/1/04 124.6 108.0 93.6 81.1 70.5 61.5 53.9 47.6 42.5 38.3 34.9 32.1 29.8 27.7 25.9 23.9 21.8 19.3 2021 146.5 127.0 110.1 95.5 82.9 72.3 63.4 56.0 49.9 45.0 41.0 37.7 35.0 32.6 30.4 28.1 25.6 22.7 2022 127.3 110.0 95.6 83.1 72.4 63.3 55.7 49.3 44.1 39.9 36.4 33.6 31.3 29.3 27.3 25.4 23.2 20.6 2023 110.2 95.5 83.2 72.6 63.4 55.6 49.1 43.6 39.1 35.4 32.5 30.1 28.0 26.3 24.6 22.9 21.0 18.7 2024 95.9 83.1 72.7 63.6 55.7 49.0 43.3 38.6 34.7 31.6 29.0 26.9 25.2 23.7 22.3 20.8 19.1 17.0 expected to come from lease returns and fleet replacement, IBA revised its forward Base Value curves for the 777300ER downwards in October 2021. IBA's Market and Base Value opinions for all vintages of the 777-300ER are highlighted in the following table. Base Values* (1.5% Inflation) 2025 83.5 72.6 63.7 55.8 49.1 43.3 38.4 34.3 31.0 28.2 26.0 24.2 22.7 21.4 20.2 18.9 17.4 15.6 2026 72.9 63.6 55.9 49.2 43.4 38.4 34.1 30.6 27.7 25.3 23.4 21.8 20.5 19.4 18.3 17.2 15.9 14.3 2027 63.8 55.9 49.3 43.5 38.4 34.1 30.4 27.3 24.8 22.7 21.1 19.7 18.6 17.6 16.7 15.7 14.6 13.1 2028 56.0 49.2 43.5 38.5 34.1 30.4 27.2 24.5 22.3 20.5 19.0 17.9 16.9 16.1 15.3 14.4 13.4 12.1 2029 49.3 43.5 38.6 34.2 30.4 27.1 24.4 22.0 20.1 18.5 17.3 16.2 15.4 14.7 14.0 13.3 12.3 11.2 *Values as of 1 July 2021 in $US millions | Values assume Half-Life or benefitting from above Half-Life if aircraft new or nearly new 2030 43.5 38.5 34.3 30.5 27.2 24.3 21.9 19.8 18.2 16.8 15.7 14.8 14.1 13.5 12.9 12.2 11.4 10.3 2031 38.5 34.2 30.5 27.2 24.4 21.9 19.7 17.9 16.5 15.3 14.3 13.5 12.9 12.4 11.9 11.3 10.6 9.6 48 * THE OF F I C I AL PUBL I CAT I ON OF ISTAT