Transcript: CIBC helped SETNA grow into the large business we are today

[Title Name: David – Founder and CEO, Setna.]

[Title Name: Jason – Board Member and Co-Founder, Setna.]

[Title Name: Chris – Managing Director, CIBC Commercial Banking.]

[Title Name: Tommy – CFO and Partner, Setna.]

[Music plays.]

[A very closeup view of a round airplane engine made of grey metal. There is complicated machinery and wiring around the edge of the engine. In the top left corner of the screen is a white CIBC logo and white text that reads: “Ambitions made real ^®” that persists for the duration of the video.]

>> David: Our business is complex.

[Three short scenes are shown in succession. First, Chris and another CIBC employee, both wearing CIBC pins on their lapels, join two Setna employees on a tour of a grey airplane engine in a Setna warehouse. In the background are blue metal shelving units covered in boxes and bins and stacked up to the ceiling. The engine is separated into two halves and is undergoing repairs. Then, a closeup of the CIBC employees and the Setna employees as they walk in a circle around one of the engine halves. Finally, Chris can be seen reaching into the airplane engine to point at something as the others stand and observe him.]

The assets that underlie many of the loans in our industry are hard for banks to understand.

[David sits on a white couch in a Setna office and speaks to the camera. There is a coffee table in front of him, colourful cushions on the couch beside him, and artwork and sculptures along the wall behind him. The wall is painted black and there is a window to the right of the screen through which trees can be seen.]

Without CIBC coming in here and building the relationship and truly understanding what we do, we wouldn't be here today.

[A display of model airplanes is shown. Each airplane is displayed in its own wooden shelf and held in the air by a thin metal arm connected to a base support. The wall behind the shelves is painted blue. The following white text appears onscreen: “SETNA is a global provider of aircraft parts, repair, and leasing services”.]

[A closeup view of a Setna employee using a handheld laser barcode reader to scan a bubble-wrapped package sitting in a bin filled with other packages.]

[The camera pulls back and reveals that the Setna employee is scanning bubble-wrapped packages while in a warehouse. The warehouse is filled to the ceiling with tall, blue metal shelving units, each shelf covered in bins and other material wrapped in white and pink plastic wrap. The employee is wearing a shirt that says “SETNA iO”.]

[David sits on a white couch in a Setna office and speaks to the camera.]

I understood that there was a lack of in-stock, ready to go, used serviceable materials to support the airlines around the world.

[A worker in a Setna warehouse puts material wrapped in plastic into a white bin located on a shelf. The warehouse is filled to the ceiling with tall, blue metal shelving units, each shelf covered in bins and other material wrapped in white and pink plastic wrap.]

And we thought we could fill that supply chain gap.

[Jason sits at a table in a Setna office and speaks to the camera. There is a white couch and white behind him along with artwork on a black painted wall. To the left of the screen is a window through which trees can be seen, and to the right of the screen, sitting at the table next to Jason but partially offscreen, is Tommy.]

>> Jason: The way that SETNA really got started, in my opinion, dates back to when we were in high school.

[David sits at a desk in his office and talks on the phone. In front of him is a computer monitor, beside him is a window, and behind him is a wooden shelving unit containing pictures and several model airplanes.]

I met David.

[David sits as a desk in his office and talks on the phone, but now we are seeing him from behind. His desk is filled with at least 6 computer monitors and he looks up at one of them. Beside him is a large window through which trees can be seen, and on the window sill is a model airplane.]

And I knew at that time that I wanted to partner with him in whatever he was going to do.

[A closeup view of David as he sits at a desk in his office and talks on the phone. Two computer monitors can be seen on the left side of the screen, and trees can be seen through the window on the right side of the screen.]

>>David: We ran into some challenges in March of 2020.

[David sits on a couch in a Setna office and speaks to the camera.]

Everybody knows what was going on at that time in the world, particularly in the airline space.

[A closeup of David as he sits in a couch in a Setna office and speaks to the camera.]

At one point, our revenue was down over 80%.

[Several related scenes are shown. First, Chris is shown walking through a Setna office hallway and as the camera pans to the right, David is shown walking through an office door into the hallway. They stop in the hallway in front of a plant and greet each other. The hallway has glass doors leading to other offices, all of which are painted black or dark blue, and both the hallway and the offices have walls covered in dramatic artwork. Next, a closeup view of Chris and David shaking hands in the office hallway. Then Chris and David are shown sitting on a white couch in David’s office as they speak to each other. There is a black wall with artwork and sculptures to the left, and a large window with a forest visible through it to the right. Finally, David is seen sitting on the right side of a white couch in front of the window smiling and laughing as Chris, who is sitting on the left side of the couch, talks to him.]

CIBC supported us in that time to not only survive, but to grow into the large business

that we've become today.

[Chris sits in a white couch in a Setna office while smiling and speaking to David, who is seen sitting on the right side of the screen.]

[Chris sits in a brown armchair and speaks to the camera. Beside him is a wooden table with a CIBC mug resting on it. Behind Chris is the open door of a massive bank vault made of steel, and through the round door of the vault can be seen several caged rooms lined with steel bars.]

[A closeup view of Chris as he sits in front of a bank vault and speaks to the camera.]

>> Chris: My philosophy of approach with clients is it's a partnership approach, understanding what they need today, tomorrow... it could be a year from now, and just be fully engaged in the relationship.

[Chris and another CIBC employee sit at a conference table in a Setna office with Tommy and Jason. They are viewed from the hallway through a glass wall. Behind them and to the right is a large window looking out over a forest.]

[A closeup view of a CIBC employee sitting at a conference table in a Setna office. The camera pulls back and then shows a closeup view of Tommy, who is sitting next to him at the table.]

[We then see the other side of the conference table, with Chris sitting on the left side of the screen and Jason sitting on the right side of the screen. Both Chris and Jason are speaking. Behind them is a white couch, a large bronze lamp, and a dramatic, colourful piece of art on the black painted wall.]

>> Tommy: CIBC has been a partner with us the entire way, and they really do have a seat at the table.

[Tommy sits in an office and speaks to the camera. There is a black wall with artwork on it behind him. After a few moments, the scene changes and we see that Tommy is sitting beside Jason at a table in an office and they both look into the camera. There is a white couch and white chairs behind them, artwork on the black painted wall, and windows to the left and right of the screen.]

Whether it's reviewing financials for potential acquisitions, borrowing statements, when it comes to a real estate acquisition, they are a second set of eyes for us.

[Chris sits in a brown armchair and speaks to the camera.]

[A closeup of Chris as he sits in a chair. He raises his hand and arm up in a gesture similar to a plane taking off.]

>> Chris: We really took the time to understand the business and, kind of, grew with them.

[Several short scenes are shown in quick succession. First, Chris and another CIBC employee sit at the end of a large black conference table in a modern, industrial office. There is a large video screen on the wall behind them and a rectangle of LED lights suspended from the ceiling above them. Next, we see a closeup view of a metal pin with a red CIBC logo on the lapel of a CIBC employee who is wearing a blue jacket. Then we see a closeup view of this CIBC employee sitting at a conference table in an office as he talks to Chris. Behind him on the wall is a large painting of a city skyline. Finally, the camera cuts to Chris as he sits at the head of the conference table in an office and speaks to the other CIBC employee.]

[David sits on a couch in a Setna office and speaks to the camera.]

>> David: Our banking partners at CIBC have allowed us to do three significant acquisitions

over the last 18 months.

[Jason sits at a table in a Setna office and speaks to the camera.]

[On the left side of the screen, Chris and another CIBC employee walk with two Setna employees towards the camera through a hallway in a Setna facility. On the right side of the screen, through a blue door, is a warehouse filled with metal shelving units covered in cardboard boxes.]

[Chris and another CIBC employee and two Setna employees stand in a warehouse and speak with each other. They are viewed through the gaps of a large airplane engine that is partially deconstructed.]

[Chris and another CIBC employee and two Setna employees stand in a warehouse and speak with each other as they examine an airplane engine. In the background are blue metal shelving units covered in boxes and bins and stacked up to the ceiling. The engine is separated into two halves and is undergoing repairs. Chris can be seen reaching into the airplane engine to point at something as the others stand and observe him.]

>> Jason: The acquisitions have really given SETNA the ability to capture synergy and look at it more as a portfolio, as opposed to what was originally a parts trading business.

[Several related scenes are shown. First, a Setna employee works on aircraft part at a workstation in a Setna warehouse. The technician has a cable connected to his arm and is using a large overhead LED lamp to examine the metal aircraft component. In the background of the warehouse are metal shelving units stacked high with cardboard boxes and plastic bins. Next, a closeup view of the Setna technician’s arms as he places a circular knob onto the side of the aircraft component, and then camera pans over to the technician’s face as he works close to the LED lamp. Finally, the technician is seen holding a tablet directly in front of the workstation, with a view of the aircraft component on the tablet’s screen, and then the screen flashes briefly as the technician takes a photo of the aircraft component.]

[David sits on a couch in a Setna office and speaks to the camera.]

>> David: These acquisitions allow us to take our own inventory, and instead of sending them to third parties, we're able repair them at our own facilities, earning that margin ourselves instead of giving that to some other business.

[Tommy is seen walking over to Chris and another CIBC employee as they wait in a lobby in a Setna facility. Behind Tommy is a wooden counter and to the rear are hallways and glass doors leading to other offices and warehouses. Tommy greets them and first shakes the hand of Chris and then shakes the hand of the second CIBC employee.]

[Tommy, Chris, and another CIBC employee are seen walking through a lobby in a Setna facility, walking towards the camera. Tommy is on the right side of the screen and he speaks as the others listen to him. The steel support beams of the lobby behind them are painted blue.]

[David sits on a couch in a Setna office and speaks to the camera.]

We told our banking partners what our plan was. They said, “Go and do what you guys need to do, and we're going to be here to support you with flexible capital.”

[Chris sits in a brown armchair in front of a bank vault door and speaks to the camera.]

>> Chris: It started off with an idea.

[A Setna employee wearing safety gear is shown riding a forklift up to the top of a metal shelving unit covered in cardboard boxes in a Setna warehouse. The camera cuts to a shot of the Setna employee from below. He is connected to the forklift with a yellow safety harness and rope, and he is reaching out to the shelving unit and using a handheld laser barcode reader to scan a plastic-wrapped product on the top shelf.]

The company is obviously much different than they were 2 to 3 years ago.

[Chris and another CIBC employee and two Setna employees are shown from behind as they down an aisle in a Setna warehouse. On either side of them are blue metal shelving units stacked up to the ceiling with plywood crates. One plywood crate is located on the floor to their right, and it is covered by bubble-wrapped aircraft components.]

We're super proud of them as a bank.

[Chris and another CIBC employee and two Setna employees stand in the aisle of a Setna warehouse and look up at boxes and crates on the metal shelving unit. One Setna employee is shown laughing as Chris speaks to him.]

I'm super proud of them personally.

[Chris sits in a brown armchair in front of a bank vault door and speaks to the camera.]

And it's just good to see people like that succeed.

[Music stops.]

[The CIBC logo appears in white in the center of the screen against a red background, and then the logo moves up slightly and more white text appears below it that reads: “Member FDIC, Equal Housing Lender and Loans are subject to Credit Approval. ^©The CIBC logo and "Ambitions made real" are registered trademarks of CIBC, used under license. ©2025 CIBC Bank USA. Equal Housing Lender.”]