QUARTERLY MARKET REPORT - Q1 2020 The Learjet Legacy!

A passionate vision made a reality by in 1963, the Learjet has evolved into a sleek, yet luxurious time saving asset. For over 57 years, companies and individuals have grown on the wings of their Learjet aircraft, making the world their oyster as they speed past the competition. Following the futuristic design of the 20 series, Learjet has evolved over the decades into the , the 55, 60 and 45, and today to what is considered one of the best in its class, the Learjet 75 Liberty. Having over 37 years of experience with all leading Learjet models, Omni Aircraft Sales is without question the Learjet Expert.

Omni Aircraft Sales continues to monitor the Learjet markets closely. Over the last quarter, we have seen inventory levels start to tick up, which has put downward pressure on prices. Currently, over 11% of the mainline Learjet fleet are for sale, which is consistent with other aircraft in the light and mid-sized jet categories. These inventory levels, although not great, are also not insurmountable if you are a seller in this market. The buyer pool remains consistent, albeit hesitant, given the current economic situation. If the economy can find some footing and have minimal setbacks in quarter two and three, then we can look for buyers to emerge from the sidelines and become active participants again. We remain optimistic that by quarter four, we will see a reversal in inventory levels and market stabilization.

Over half a century of history and a loyal customer base position the Learjet to weather the storm and emerge a leader in Market Summary - Learjet Aircraft our new paradigm. When we hear the word Market 2 “recession” our normal response is to assume Learjet 40XR Market 3 a large downturn for private jet usage. Market 4 However, we have never paired “recession” Learjet 45XR Market 5 with the new reality of “social distancing.” The Learjet was designed as a tool for safety, Learjet 75 Market 6 speed, comfort, convenience, and privacy. Market 7 The Learjet will be a part of the solution for Learjet 60XR Market 8 companies and individuals to flourish in the The Learjet Experts 9 social distancing era. Bill Lear was a visionary of his time, but even he may not have envisioned his Learjet becoming an essential tool in the fight against a common enemy.

By Ryan Linn & James Norris LEARJET 40 MARKET SUMMARY

40CURRENT TRENDS PRICE TRENDS FOR SALE 24 NUMBER OF PRICE ACTIVE FLEET 38 6 MO HIGH 4 REDUCTIONS

FOR SALE 24 AVG. PRICE FOR SALE 3 2 MO LOW $76K REDUCTION

% OF FLEET 2020 Q1 AVG ASK PRICE 8% FOR SALE 0 TRANSACTIONS $1.495M

AVERAGE DAYS 2019 Q1 ASK PRICE RANGE* 458 ON MARKET 3 TRANSACTIONS $1.495M

2019 TOTAL 7 TRANSACTIONS *based on one posted ask price. Lear 40 Market Q1 2020 6 2.0M

1.8M

5 1.6M

1.4M 4

1.2M

3 1.0M

0.8M

2 Ask Price Aircraft Average 0.6M

0.4M 1

0.2M

0 0.0M Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Aircaft Sold Aircraft For Sale Aircraft Average Price Source: JETNET

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 2 LEARJET 4OXR MARKET SUMMARY

40XRCURRENT TRENDS PRICE TRENDS FOR SALE 24 NUMBER OF PRICE ACTIVE FLEET 92 14 MO HIGH 3 REDUCTIONS

FOR SALE 24 AVG. PRICE FOR SALE 11 5 MO LOW $133K REDUCTION

% OF FLEET 2020 Q1 AVG ASK PRICE 12% FOR SALE 4 TRANSACTIONS $1.781M

AVERAGE DAYS 2019 Q1 $1.595M - ASK PRICE RANGE 266 ON MARKET 3 TRANSACTIONS $1.995M

2019 TOTAL 10 TRANSACTIONS Lear 40XR Market Q1 2020 14 3.5M

12 3.0M

10 2.5M

8 2.0M

6 1.5M Average Aircraft Ask Price Aircraft Average 4 1.0M

2 0.5M

0 0.0M Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Aircaft Sold Aircraft For Sale Aircraft Average Price Source: JETNET

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 3 LEARJET 45 MARKET SUMMARY

45CURRENT TRENDS PRICE TRENDS FOR SALE 24 NUMBER OF PRICE ACTIVE FLEET 239 35 MO HIGH 4 REDUCTIONS

FOR SALE 24 AVG. PRICE FOR SALE 33 20 MO LOW $66K REDUCTION

% OF FLEET 2020 Q1 AVG ASK PRICE 14% FOR SALE 8 TRANSACTIONS $1.43M

AVERAGE DAYS 2019 Q1 $595K - ASK PRICE RANGE 328 ON MARKET 2 TRANSACTIONS $2.15M

2019 TOTAL 30 TRANSACTIONS Lear 45 Market Q1 2020 35 2.0M

1.9M 30

1.8M

25 1.7M

1.6M 20

1.5M

15 1.4M

1.3M Ask Price Aircraft Average 10

1.2M

5 1.1M

0 1.0M Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Aircaft Sold Aircraft For Sale Aircraft Average Price Source: JETNET

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 4 LEARJET 45XR MARKET SUMMARY

45XRCURRENT TRENDS PRICE TRENDS FOR SALE 24 NUMBER OF PRICE ACTIVE FLEET 206 22 MO HIGH 4 REDUCTIONS

FOR SALE 24 AVG. PRICE FOR SALE 18 9 MO LOW $226K REDUCTION

% OF FLEET 2020 Q1 AVG ASK PRICE 9% FOR SALE 6 TRANSACTIONS $3.3M

AVERAGE DAYS 2019 Q1 $2.495M - ASK PRICE RANGE 198 ON MARKET 7 TRANSACTIONS $3.95M

2019 TOTAL 32 TRANSACTIONS Lear 45XR Market Q1 25 5.0M

4.5M

20 4.0M

3.5M

15 3.0M

2.5M

10 2.0M Average Aircraft Ask Price Aircraft Average 1.5M

5 1.0M

0.5M

0 0.0M Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Aircaft Sold Aircraft For Sale Aircraft Average Price Source: JETNET

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 5 LEARJET 75 MARKET SUMMARY

75CURRENT TRENDS PRICE TRENDS FOR SALE 24 NUMBER OF PRICE ACTIVE FLEET 133 9 MO HIGH N/A REDUCTIONS

FOR SALE 24 AVG. PRICE FOR SALE 6 2 MO LOW N/A REDUCTION

% OF FLEET 2020 Q1 AVG ASK PRICE 4.5% FOR SALE 3 TRANSACTIONS $5.5M

AVERAGE DAYS 2019 Q1 $5.2M - ASK PRICE RANGE 208 ON MARKET 3 TRANSACTIONS $7.9M

9 2019 TOTAL Lear 75 MarketTRANSACTIONS Q1 2020 10 8.0M

9 7.0M

8

6.0M

7

5.0M 6

5 4.0M

4 3.0M Average Aircraft Ask Price Aircraft Average

3

2.0M

2

1.0M 1

0 0.0M Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Aircaft Sold Aircraft For Sale Aircraft Average Price Source: JETNET

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 6 LEARJET 60 MARKET SUMMARY

60CURRENT TRENDS PRICE TRENDS FOR SALE 24 NUMBER OF PRICE ACTIVE FLEET 287 44 MO HIGH 3 REDUCTIONS

FOR SALE 24 AVG. PRICE FOR SALE 40 32 MO LOW $116K REDUCTION

% OF FLEET 2020 Q1 AVG ASK PRICE 14% FOR SALE 11 TRANSACTIONS $1.72M

AVERAGE DAYS 2019 Q1 $895K - ASK PRICE RANGE 330 ON MARKET 11 TRANSACTIONS $2.95M

2019 TOTAL 66 TRANSACTIONS Lear 60 Market Q1 2020 45 2.0M

1.9M 40

1.8M 35

1.7M 30

1.6M

25

1.5M

20

1.4M Average Aircraft Ask Price Aircraft Average 15 1.3M

10 1.2M

5 1.1M

0 1.0M Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Aircaft Sold Aircraft For Sale Aircraft Average Price Source: JETNET

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 7 LEARJET 60XR MARKET SUMMARY

60XRCURRENT TRENDS PRICE TRENDS FOR SALE 24 NUMBER OF PRICE ACTIVE FLEET 112 20 MO HIGH 1 REDUCTIONS

FOR SALE 24 AVG. PRICE FOR SALE 16 11 MO LOW $275K REDUCTION

% OF FLEET 2020 Q1 AVG ASK PRICE 14% FOR SALE 8 TRANSACTIONS $3.349M

AVERAGE DAYS 2019 Q1 $2.499M - ASK PRICE RANGE 275 ON MARKET 4 TRANSACTIONS $4.55M

19 2019 TOTAL Lear 60XR MarketTRANSACTIONS Q1 2020 25 4.5M

4.0M

20 3.5M

3.0M

15

2.5M

2.0M

10 Average Aircraft Ask Price Aircraft Average 1.5M

1.0M 5

0.5M

0 0.0M Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Aircaft Sold Aircraft For Sale Aircraft Average Price Source: JETNET

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 8 THE LEARJET EXPERTS

A TEAM DEDICATED TO YOUR MISSION.

Whether you are looking to buy or sell, you have the right team. Omni Aircraft Sales is the industry’s leading expert in . We believe there is a right aircraft for everyone and we know the right questions to ask to ensure we get you matched up with your perfect aircraft solution.

Dan Burnstein Mike Skow Chris Deslongchamp Anthony Ethridge Chairman CEO President Vice President of Sales

Brian Olds Ryann Linn Caleb Benner Director of Aircraft Sales Director of Aircraft Sales Director of Maintenance

Jeff Lane Mallory Cantrell James Norris Director of Operations Director of Marketing Aircraft Research Analyst

3217 N. Sheridan Road, Hangar 38 Tulsa, OK 74115 • omniaircraftsales.com • 918.836.4050 9