New York, February 09, 2017 — Moody’s Investors Service announced that it has upgraded the rating on the Series A notes of the Air 2 US Enhanced Equipment Notes.

The complete rating action is as follows:

Issuer: Air 2 US, Series A, B, C, D Enhanced Equipment Notes

Ser. A, Upgraded to Ba3 (sf); previously on Jun 26, 2015 Upgraded to B1 (sf)

RATINGS RATIONALE

The rating action follows the upgrade of the senior unsecured rating of United Continental Holdings, Inc. (“United”) by Moody’s on January 23, 2017 to Ba3 from B1. United is the sublessee in the transaction. The Series A Equipment Notes depend, in large part, on United paying on its lease obligations. Should United default on its lease obligations, the transaction’s ability to pay down the Series A Notes will be heavily dependent on Air 2 US’ ability to re-lease the remaining A320-232 aircraft backing the deal, which could be difficult since the aircraft are on average about 20 years old.

The principal methodology used in this rating was “Moody’s Approach To Pooled Aircraft-Backed Securitization” published in March 1999. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology

Factors that would lead to an upgrade or downgrade of the rating:

Upgrade or downgrade of the ratings of United Continental Holdings, Inc.

Loss and Cash Flow Analysis:

For this rating action, Moody’s examined the current lease revenues and expenses and analyzed potential cash flows to the bondholders based on priority of payments.

REGULATORY DISCLOSURES

For further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody’s describes its loss and cash flow analysis in the section “Ratings Rationale” of this press release.

Moody’s did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.