A Qualified Aircraft Leasing Activity is exempt from the announcement, circular and/or shareholders' approval requirements for notifiable transactions provided that:

(1) it is undertaken by a Qualified Aircraft Lessor in its ordinary and usual course of business;
(2) the Qualified Aircraft Lessor's board has confirmed that:
(a) the transaction is entered into by the lessor in its ordinary and usual course of business and on normal commercial terms; and
(b) the terms of transaction are fair and reasonable and in the interests of the lessor and its shareholders as a whole; and
(3) the Qualified Aircraft Lessor complies with the disclosure requirements under rule 14.33D.