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In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the managements and other representatives of the Company that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:42.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c77c68d-b4ac-4d32-b007-f2cb5bb57377", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "disclaimer", "text": "The accompanying material was not prepared for use by readers not as familiar with the Company as the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Board of Directors of the Company. 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and presentations, FactSet. Market data as of October 23, 2019.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:46.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a4a4767-fba0-4690-be57-3d9cac24c57f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.08 }, "kind": "subtitle", "text": "For Illustrative Purposes and Reference Only. Price / NTM EPS (January 1, 2014 – Present)", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:46.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54865480-3ca9-4372-8b7c-ddc5e6de010a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.58, "y": 0.12 }, "kind": "table", "text": "Trailing Averages table for Europa, AL, and AER", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:46.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "333fa5c2-a6fd-40a8-8bef-5ca231383f24", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Historical Trading Multiples for Europa and Select Aircraft Lessors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:46.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f7043d1-1efe-499d-a855-6d39d2c105c1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "632c640e-89f6-4658-b940-8940a78bcfb0", "evidence": "table/data: Trailing Averages table for Europa, AL, and AER", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:26:42.041058+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 5, "label": "Problem", "description": "Benchmarking and peer analysis" }, { "from": 9, "to": 11, "label": "Market Size", "description": "Preliminary financial analysis and scenario analysis" }, { "from": 12, "to": 14, "label": "Solution", "description": "Financial analysis and data tables" }, { "from": 16, "to": 18, "label": "Why Now", "description": "Share price performance and analyst target prices" } ], "loops": [ { "from": 4, "to": 6, "label": "Zoom In", "description": "Understand the financial performance of Project Europa" }, { "from": 9, "to": 11, "label": "Cost Of Inaction", "description": "Highlight the importance of investing in Project Europa" } ] }