LOS ANGELES | NEWPORT BEACH | WEST PALM BEACH | CHICAGO | EUROPE

GULFSTREAM MARKET UPDATE Q4 • 2018

2018 continued its upward trend and ended the year with both new and used deliveries and orders up Quarter 4 over 2017. However, the big-bang Q4, that so many projected, seemed to be over by mid-November aided by an increasingly caustic political environment, slowing GDP (worldwide), wild stock market 2018 gyrations and finally the threat of a Government shut down that materialized by the end of the Qtr. It wasn’t a bad quarter, it just wasn’t a great quarter as buyer caution outweighed the tax benefit fueled 2 activity, which we began seeing in Q2 & Q3. The caution was also evident in aircraft activity which on a 3 whole was down 0.5% Year over Year according to flight tracking data from Argus International. Gulfstream GIV-SP 4 The future remains exciting nonetheless. We saw new certifications in 2018 of the G500 and Global Gulfstream G450 5 7500. 2019 will celebrate more exciting aircraft with the G600, Global 5500/6500 and Embraer Praetor 400/500 all due for certification. We expect 2019 to be a tougher growth year as new models will be in Gulfstream GV 6 low ramp up production rates and the inventory of later model pre-owned aircraft remain low. 7

How does this affect the Gulfstream pre-owned market? Q4-18 saw a nice jump in activity for both 8 pre-owned and new sales, with an 18% and 63% rise respectively. The G500 is now in service and in the Gulfstream G650ER 9 hands of customers both domestically and abroad, and the G600 should be entering service later this year. Owners can look forward to the impressive speed capabilities of both aircraft combined with the legendary Gulfstream cabins. Across the pre-owned market, inventory levels rose roughly 4%, with all tracked models remaining below 10% of the fleet for sale. GIV-SP’s and G450’s saw an amazing year for pre-owned sales, while the newer and larger G650 and G650ER’s slowed down to round out the year.

Mark Bloomer Brant Dahlfors

JetTransactions ...at a higher level. www.JetTransactions.com

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JetTransactions ...at a higher level. G200 MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History 24 MONTH AVERAGE While 2017 proved to be a record setter for the ERPE Currently for Sale 24 Inventory High 34 G200 pre-owned market, 2018 still saw an active year for the model with over 13% of the fleet Ask Price Range $2.3M - $6.5M Inventory Low 17 trading by year’s end. Average ask prices rose for the quarter above $4M again, though available % of Active Fleet 9.8% Avg. Sales Price $4.1M inventory began crowding a bit more with 24 SI

units or 9.8% of the fleet for sale. DaysR on MERI In Operation 244 Avg. Ask Price $4.5M Market also increased, with newer inventory and NextGen equipped aircraft moving the quickest. Avg. Days on Market 327

NorthEI American Sales 81%

S MERIERPE

RI 1 2

SI G200 R MERI BasedBSED Locations IS 3 1 18 28

EI For Sale Pre-wned Sold G200G200G200 4 - 2018 IN LAST 12 MONTHS 0 0 S MERI

RI 2 1 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG PRE-OWNEDAVG0 AVG 1PRE-OWNED PRE-OWNED SOLD SOLD SOLD AVG ASK AVGPRICEAVG ASK ASK PRICE PRICE Q2-2016 Q2-2016- Q2-2016Q1-2018 - Q1-2018- Q1-2018 FOR SALEFOR Q2-2016FOR SALE SALE Q2-2016- Q2-2016Q1-2018 - Q1-2018- Q1-2018 IN MILLIONSININ MILLIONS MILLIONS BSED IS Avg Pre-Owned For Sale Pre-Owned Sold Avg Ask Price in Millions 50 5050 20 2020 6 6 6

For Sale Pre-wned Sold 1 - 2018 IN LAST 12 MONTHS 5.0 5.0 40 4040 5 5 5 5.0 15 1515 4.3 4.34.3 4 4 4 0 00 10 1010 3 3 3 20 2020 2 2 2 5 5 5 10 1010 1 1 1

0 0 0 0 0 0 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 0 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 0 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 0 1 - 171 - 17 2 - 172 - 17 3 - 173 - 17 4 - 174 - 17 1 - 181 - 18 2 - 182 - 18 3 - 183 - 18 4 - 184 - 18

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50 5050 20 2020 2 6 6 6

5 5 5 40 4040 15 1515 4 4 4 30 3030

10 1010 3 3 3

20 2020 2 2 2

5 5 5 10 1010 1 1 1

0 0 0 0 0 0 0 0 0 2 - 18 3 - 18 4 - 18 2 - 18 3 - 18 4 - 18 3 - 18 4 - 18 2 - 182 3- 18 - 183 4- 18 - 184 - 18 2 - 182 - 183 - 1834 - 18 - 184 - 18 3 - 183 -4 18 - 184 - 18 G280 MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History 24 MONTH AVERAGE New unit deliveries set a two-year record for the Currently for Sale ERPE2 Inventory High 6 G280, proving its continued popularity in the super mid-size category. On the pre-owned side, the two- Ask Price Range $15.9M - $17.3M Inventory Low 1 year Average Sold and Ask Price both rose 1.3% respectively, while Days on Market dropped by over % of Active Fleet 1.3% Avg. Sales Price $15.3M 31% to 193. Gulfstream customers love the G280 SI for its performance and range capabilities, and we In Operation 154 Avg. Ask Price $16.1M R MERI see continued brand loyalty as a plus for Gulfstream moving into the new year. Avg. Days on Market 193

NorthEI American Sales 80%

ERPE S MERI

0 1 2 RI

SI G280 R MERI Based Locations 0 2 0 BSED IS 2 17 5

EI For Sale Factory-New Sold Pre-wned Sold G280G280G280 4 - 2018 IN LAST 12 MONTHS S MERI 0 0 0

RI 0 1 0 0 0 0 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED SOLD SOLD SOLD AVG ASKAVG AVGPRICE ASK ASK PRICE PRICE Q2-2016Q2-2016 Q2-2016- Q1-2018 - Q1-2018 - Q1-2018 FOR SALEFORFOR Q2-2016 SALE SALE Q2-2016 Q2-2016- Q1-2018 - Q1-2018 - Q1-2018 IN MILLIONSININ MILLIONS MILLIONS BSED IS Avg Pre-Owned For Sale Pre-Owned & New Sold Avg Ask Price in Millions

6 6 6 15 1515 For Sale Factory-NewNew Sold Pre-wned Sold 20 2020 (1 - 2018) (IN LAST 12 MONTHS) Pre-Owned 5 5 5 16.5 16.516.5 12 1212 15.3 15.3 15 151515.3 4 4 4 10 1010 6 6 6 2 2 2 5 5 5 1 1 1

0 0 0 0 0 0 0 0 0 1 - 17 2 - 17 3 - 17 1 4- 17 - 17 2 1- 17 - 18 3 2- 17 - 18 4 3- 17 - 18 1 4- 18 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 14 - 17 - 17 21 - 17 - 18 3 - 217 - 18 4 - 317 - 18 1 - 184 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 -1 17 - 17 14 - 17 -2 17 - 17 21 - 17 -3 18 - 17 3 2- 17 -4 18 - 17 43 - 17 -1 18 - 18 1 4- 18 -2 18 - 18 2 - 183 - 18 3 - 184 - 18 4 - 18

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3 6 6 6 15 15 15 15 15 15 20 20 20

5 5 5 12 12 12 12 12 12 15 15 15 4 4 4 9 9 9 9 9 9

3 3 3 10 10 10

6 6 6 6 6 6 2 2 2 5 5 5 3 3 3 3 3 3 1 1 1

0 0 0 0 0 0 0 0 0 0 0 0 2 - 18 3 - 18 4 - 18 2 - 18 23 - - 18 18 34 -- 1818 4 - 18 2 - 16 3 - 16 4 - 16 1 - 17 22 - 17 - 16 33 - 17 - 16 44 - 17 - 16 11 - 18 - 17 22 - 18 - 17 33 - 18 - 17 44 - 18 - 17 1 - 18 3 - 18 4 - 18 2 - 16 3 - 16 4 - 16 1 - 17 2 2- 17 - 163 3- 17 - 164 4- 17 - 161 1- 18 - 172 2- 18 - 17 3 - 17 4 - 17 1 - 18 2 - 18 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 23 - -18 18 4 - 18 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 3 - 173 - 418 - 174 - 118 - 18 2 - 18 3 - 18 34 - -18 18 4 - 18

PRE-OWNEDPRE-OWNEDPRE-OWNED SOLD SOLD SOLD NEW SOLDNEWNEW SOLD SOLD keep samekeepkeep axis same same value axis axis and value value stack and and stack stack GIVSP MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History 24 MONTH AVERAGE It’s unlikely anyone could have imagined the year ERPE Currently for Sale 21 Inventory High 43 to be as good as it was for the GIV-SP market; an astonishing 40 units transacted this year, and some Ask Price Range $1.3M - $6.3M Inventory Low 21 of that heightened activity will likely rollover into 2019. We’re now seeing a two-year low of inventory, % of Active Fleet 7.0% Avg. Sales Price $4.2M with 21 units for sale. With 11 units selling in the SI final quarter, there seems to be a steadyR balance MERI of In Operation 302 Avg. Ask Price $4.7M supply and demand for the relatively inexpensive, large cabin aircraft. Avg. Days on Market 217

EI North American Sales 99%

S MERIERPE

RI 0 1

SI GIVSP R MERI Based Locations 0 0 BSED IS 21 39

EI For Sale Pre-wned Sold 4 - 2018 IN LAST 12 MONTHS GIVSP0 GIVSP 0GIVSP S MERI

RI 0 0 0 0 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED SOLD SOLD SOLD AVG ASKAVG PRICEAVG ASK ASK PRICE PRICE Q2-2016 - Q1-2018 FOR SALEFORFOR Q2-2016 SALE SALE Q2-2016 -Q2-2016 Q1-2018 - Q1-2018 - Q1-2018 IN MILLIONSIN INMILLIONS MILLIONS Q2-2016Q2-2016 - Q1-2018 - Q1-2018 BSED IS Avg Pre-Owned For Sale Pre-Owned Sold Avg Ask Price in Millions

50 50 50 15 15 15 6 6 For Sale Pre-wned Sold 6 1 - 2018 IN LAST 12 MONTHS 5.2 5.2 5 5.2 40 40 40 12 12 12 5 5

4 4 4 0 0 0 3.9 3.93.9 20 20 20 6 6 6 2 2 2 10 10 10 1 1 1

0 0 0 0 0 0 0 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 4 - 18 0 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 0 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 1 2- 17 - 17 2 3- 17 - 17 3 4- 17 - 17 4 1- 17 - 18 1 2- 18 - 18 2 3- 18 - 18 3 4- 18 - 18 4 - 18

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4 50 50 50 15 15 15 9 9 9 6 6 6

8 8 8 5 5 5 40 12 12 40 40 12 7 7 7

6 6 6 4 4 4 30 30 30 9 9 9 5 5 5 3 3 3 4 4 4 20 20 20 6 6 6 3 3 3 2 2 2

2 2 2 10 10 10 3 3 3 1 1 1 1 1 1

0 0 0 0 0 0 0 0 0 0 0 0 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 2 - 16 32 - 16 - 16 43 - 16 - 16 14 - 17 - 16 21 - 17 - 17 32 - 17 - 17 43 - 17 - 17 14 - 18 - 17 21 - 18 - 18 32 - 18 - 18 43 - 18 - 18 4 - 18 2 - 16 32 - 16 - 16 43 - 16 - 16 14 - 17 - 16 21 - 17 - 17 32 - 17 - 17 43 - 17 - 17 14 - 18 - 17 21 - 18 - 18 32 - 18 - 18 43 - 18 - 18 4 - 18

0 NEW 0SOLD NEW0 NEW SOLD SOLD PRE_OWNEDPRE_OWNEDPRE_OWNED SOLD SOLD SOLD keep samekeepkeep axis same same value axis axis and value value stack and and stack stack G450 MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History 24 MONTH AVERAGE It’s been a year now since the last G450 rolled off Currently for Sale ERPE17 Inventory High 35 the production line and into the hands of a new customer, but that hasn’t slowed demand for the Ask Price Range $8.9M - $23.7M Inventory Low 17 aircraft. A new high of 13 pre-owned units traded hands hits quarter, while available inventory dropped % of Active Fleet 4.8% Avg. Sales Price $14.1M slightly to 17 units or only 4.8% of the fleet for sale. SI Buyers have a variety of options and upgradesR to MERI In Operation 354 Avg. Ask Price $14.8M sort through, and with less than a year remaining till the ADS-B out mandate, buyers should be mindful of Avg. Days on Market 254 equipage status. NorthEI American Sales 74%

SERPE MERI

RI 0 0 2

SI G450 R MERI Based Locations 7 0 3 BSED IS 8 1 25 EI For Sale Factory-New Sold Pre-wned Sold G450G450G450 4 - 2018 IN LAST 12 MONTHS S MERI 0 0 0

RI 2 0 1 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED SOLD SOLD SOLD FOR 0SALE FOR 0FOR Q2-2016 SALE 0 SALE Q2-2016 Q2-2016- Q1-2018 - Q1-2018 - Q1-2018 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG ASKAVG AVGPRICE ASK ASK PRICE PRICE Q2-2016Q2-2016 Q2-2016- Q1-2018 - Q1-2018 - Q1-2018 IN MILLIONSIN INMILLIONS MILLIONS BSED IS Avg Pre-Owned For Sale Pre-Owned & New Sold Avg Ask Price in Millions

0 0 0 20 20 20 For Sale Factory-New Sold Pre-wned Sold 20 2020 (1 - 2018) New (IN LAST 12 MONTHS) 24 24 24 16 16 16 Pre-Owned 15 15.0151515.015.0 13.3 13.313.3 18 18 18 12 12 12 10 1010 12 12 12 8 8 8

5 5 5 6 6 6 4 4 4

0 0 0 0 0 0 0 0 0 1 - 17 2 - 17 31 - - 17 17 42 - - 17 17 13 - - 18 17 24 - - 18 17 31 - - 18 18 42 - 18 - 18 3 - 18 4 - 18 1 - 17 2 - 17 31 - 17- 17 42 - 17- 17 13 - 18- 17 24 - 18- 17 31 - 18- 18 2 - 18 3 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 14 - 18 - 18 2 - 18 3 -4 18 - 18 4 - 18 1 - 17 2 - 17 31 - 17- 17 14 -2 17 - 17- 17 21 -3 17 - 18- 17 32 -4 17 - 18- 17 43 -1 17 - 18- 18 14 -2 -18 18 - 18 2 -3 18 - 18 3 4- 18 - 18 4 - 18

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5 30 30 30 20 20 20 20 20 20 20 20 20

24 24 24 16 16 16 16 16 16 15 15 15

18 18 18 12 12 12 12 12 12 10 10 10

12 12 12 8 8 8 8 8 8

5 5 5 6 6 6 4 4 4 4 4 4

0 0 0 0 0 0 0 0 0 0 0 0 2 - 18 3 - 18 2 - 18 23 - -18 18 3 - 18 2 - 16 3 - 16 4 - 16 12 - 17 - 16 23 -2 17 - 16- 1634 -3 17 - 16- 1641 -4 17 - 17- 1612 -1 18 - 17- 1723 -2 18 - 17- 1734 -3 18 - 17- 1741 -4 18 - 18- 17 21 - 18- 18 32 - 18- 18 43 - 18- 18 4 - 18 2 - 16 3 - 16 4 - 16 12 - 17- 16 232 - 17- -16 16 343 - 17- -16 16 414 - 17- -17 16 121 - 18- -17 17 232 - 18- -17 17 343 - 18- -17 17 414 - 18- -18 17 21 - -18 18 32 - -18 18 43 - -18 18 4 - 18

PRE_OWNEDPRE_OWNEDPRE_OWNED SOLD SOLD SOLD NEW SOLDNEWNEW SOLD SOLD keep samekeepkeep axis same same value axis axis and value value stack and and stack stack GV MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History ERPE 24 MONTH AVERAGE After a breakneck start to the year, the second half Currently for Sale 13 Inventory High 20 slowed considerably for the GV with 5 units selling compared to 15 through Q2. Quarterly Average Ask Price Range $5.9M - $11.9M Inventory Low 11 Inventory is down Y/Y though, and Ask Prices are up over the last two consecutive quarters. % of Active Fleet 6.8% Avg. Sales PriceSI $9.5M Prospective buyers should be cognizantR of major MERI airframe inspection status, including the 192-month In Operation 191 Avg. Ask Price $10.5M inspection. The aircraft continues to be a dominant player in North America, with 97% of sales in the Avg. Days on Market 223 region. EI North American Sales 97%

S MERI ERPE RI 3 1

SI GV R MERI BasedBSED Locations IS 1 0 9 19

EI For Sale Pre-wned Sold 4 - 2018 IN LAST 12 MONTHS

GV0 GV 0GV S MERI RIAVG PRE-OWNED SOLD 0 0 AVG PRE-OWNEDAVG PRE-OWNED SOLD SOLD FOR SALEFOR Q2-2016 SALE Q2-2016- Q1-2018 - Q1-2018 FOR0 0SALE Q2-2016 - Q1-2018 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG ASKAVG AVGPRICE ASK ASK PRICE PRICE Q2-2016Q2-2016 Q2-2016- Q1-2018 - Q1-2018 - Q1-2018 IN MILLIONSIN MILLIONSIN MILLIONS BSED IS Avg Pre-Owned For Sale Pre-Owned Sold Avg Ask Price in Millions

20 20 20 10 10 10 15 15 15 For Sale Pre-wned Sold 1 - 2018 IN LAST 12 MONTHS 8 8 8 12 12 12 15 15 15 11.0 11.011.0 9.9 9.9 9.9 6 6 6 10 10 10 4 4 4 6 6 6

5 5 5 2 2 2

0 0 0 0 0 0 0 0 0 1 - 17 2 - 17 3 - 17 14 - 17 - 17 21 - 17 - 18 3 - 217 - 18 4 - 317 - 18 1 - 418 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 14 - 17 - 17 21 - 17 - 18 3 -2 17 - 18 4 - 317 - 18 1 -4 18 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 1 - 417 - 17 2 - 117 - 18 3 - 217 - 18 4 - 317 - 18 1 -4 18 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18

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6 20 20 20 10 10 10 20 20 20 15 15 15

8 8 8 16 16 16 12 12 12 15 15 15

6 6 6 12 12 12 9 9 9

10 10 10

4 4 4 8 8 8 6 6 6

5 5 5 2 2 2 4 4 4 3 3 3

0 0 0 0 0 0 0 0 0 0 0 0 2 - 16 3 - 16 4 - 16 1 - 17 22 - 17 - 16 33 - 17 - 16 44 - 17 - 16 11 - 18 - 17 22 - 18 - 17 33 - 18 - 17 4-4 18 - 17 1 - 18 2 - 18 3 - 18 4- 18 2 - 16 3 - 16 4 - 16 1 - 17 22 - - 17 16 33 - - 17 16 44 - - 17 16 11 - - 18 17 22 - - 18 17 33 - - 18 17 44 - - 18 17 1 - 18 2 - 18 3 - 18 4 - 18 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4- 18 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18

PRE_OWNEDPRE_OWNEDPRE_OWNED SOLD SOLD SOLD NEW SOLDNEWNEW SOLD SOLD keep samekeepkeep axissame same value axis axis andvalue value stack and and stack stack G550 MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History 24 MONTH AVERAGE Activity in the G550 pre-owned market slowed ERPE considerably for the year, down 33% Y/Y. Currently for Sale 25 Inventory High 37 Inventory levels remained at a healthy 4.4% of the fleet for sale, and average Days on Market Ask Price Range $19.1M - $30.7M Inventory Low 16 dropped by more than 5%. New unit deliveries continued to remain strong, down just 1 unit from % of Active Fleet 4.4% Avg. Sales Price $21.8M SI 2017. With the G500 now in service and G600 R MERI In Operation 565 Avg. Ask Price $23.5M soon to follow, it will be interesting to see how this affects both the pre-owned and new unit sales of Avg. Days on Market 250 the G550. EI North American Sales 77%

S MERI ERPE RI 4 1 0 G550 SI

R MERI Based Locations BSED IS 4 3 1 16 7 33

EI For Sale Factory-New Sold Pre-wned Sold G550G550G550 4 - 2018 IN LAST 12 MONTHS S MERI 0 1 0 AVG PRE-OWNEDRIAVGAVG PRE-OWNED PRE-OWNED SOLD SOLD SOLD 1 0 1 FOR SALEFORFOR Q2-2016 SALE SALE Q2-2016 -Q2-2016 Q1-2018 - Q1-2018 - Q1-2018 0 0 0 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG ASKAVG PRICEAVG ASK ASK PRICE PRICE Q2-2016Q2-2016 -Q2-2016 Q1-2018 - Q1-2018 - Q1-2018 IN MILLIONSININ MILLIONS MILLIONS BSED IS Avg Pre-Owned For Sale Pre-Owned & New Sold Avg Ask Price in Millions 50 5050 20 20200 00 0 00 For Sale Factory-New Sold Pre-wned Sold (1 - 2018) New (IN LAST 12 MONTHS) 25 2525 25 2525 25.5 25.525.5 40 4040 16 1616 Pre-Owned 23.6 23.623.6 20 2020 20 2020 0 00 12 1212 15 1515 15 1515 20 2020 8 8 8 10 1010 10 1010

10 4 4 4 1010 5 5 5 5 5 5

0 0 0 0 0 00 0 0 0 0 0 1 - 17 2 - 17 3 - 117 - 17 4 - 217 - 17 1 - 318 - 17 2 -4 18 - 17 3 -1 18 - 18 4 - 218 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 -1 17 - 17 4 -2 17 - 17 1 -3 18 - 17 2 -4 18 - 17 3 -1 18 - 18 4 - 182 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 117 - 17 14 - -17 217 - 17 21 - -17 318 - 17 32 - -17 418 - 17 43 - -17 118 - 18 14 - -18 218 - 18 2 - 183 - 18 3 - 184 - 18 4 - 18

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7 50 50 50 30 30 30 30 30 30 30 30 30

25 25 25 25 25 25 25 25 25 40 40 40

20 20 20 20 20 20 20 20 20 30 30 30

15 15 15 15 15 15 15 15 15

20 20 20 10 10 10 10 10 10 10 10 10

10 10 10 5 5 5 5 5 5 5 5 5

0 0 0 0 0 0 0 0 0 0 0 0 2 - 16 3 - 16 4 - 16 1 - 217 - 162 -2 317 -- 16163 -3 417 -- 16164 -4 117 -- 16171 -1 218 -- 17172 -2 318 -- 17173 -3 418 -- 17174 -4 118 -- 1718 12 -- 1818 23 -- 1818 34 -- 1818 4 - 18 2 - 16 3 - 16 4 - 16 12 - - 17 16 223 - - 16- 17 16 334 - - 16- 17 16 441 - - 16- 17 17 112 - - 17- 18 17 223 - - 17- 18 17 334 - - 17- 18 17 41 - 17- 18 12 - 18- 18 23 - 18- 18 3 - 18

PRE_OWNEDPRE_OWNEDPRE_OWNED SOLD SOLD SOLD NEW SOLDNEWNEW SOLD SOLD keep samekeepkeep axis same same value axis axis and value value stack and and stack stack G650 MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History 24 MONTH AVERAGE While deliveries for both the G650 and G650ER ERPE Currently for Sale 8 Inventory High 13 remained consistent throughout the year, they’ve slowed considerably from 2017. The straight Ask Price Range $44.3M - $66.0M Inventory Low 6 G650 is seeing a slow down in pre-owned sales as well, with just 1 unit changing hands this % of Active Fleet 3.6% Avg. Sales Price $49.8M quarter. Quarterly Average Ask Prices are down SI 4.5% to $50.8M, edging closer to crossingR the MERI In Operation 224 Avg. Ask Price $55.5M $50M threshold. Avg. Days on Market 344

EI North American Sales 57%

SERPE MERI RI 0 3 0

SI G650 R MERI Based Locations 1 4 2 BSED IS 7 17 3

EI For Sale Factory-New Sold Pre-wned Sold 4 - 2018 IN LAST 12 MONTHS G6500 1 G650 1G650 S MERI

RI 0 1 0 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED SOLD SOLD SOLD FOR SALE0 FOR 2 FORQ2-2016 SALE 0 SALE Q2-2016 - Q2-2016 Q1-2018 - Q1-2018 - Q1-2018 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG ASKAVG PRICEAVG ASK ASK PRICE PRICE

Q2-2016Q2-2016 -Q2-2016 Q1-2018 - Q1-2018 - Q1-2018 BSED IS IN MILLIONSININ MILLIONS MILLIONS Avg Pre-Owned For Sale Pre-Owned & New Sold Avg Ask Price in Millions

20 2020 20 2020 For Sale Factory-New Sold Pre-wned Sold 0 00 (1 - 2018) (IN LAST 12 MONTHS) New 60 6060 16 1616 16 1616 Pre-Owned 56.5 56.556.5 50 5050 50.8 50.850.8

12 1212 12 1212 40 4040

0 00 8 8 8 8 8 8 20 2020 4 4 4 4 4 4 10 1010

0 0 0 0 0 0 0 0 0 1 - 17 2 - 17 3 - 17 14 -- 1717 21 -- 1718 32 - 1718 34 - 1817 41 - 18- 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 41 - - 17 17 12 - - 18 17 23 - - 18 17 34 -- 1817 41 - -18 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 171 - 17 41 -- 17172 - 17 12 -- 18173 - 17 23 -- 18174 - 17 34 - 18171 - 18 14 - 182 - 18 2 - 183 - 18 3 - 184 - 18 4 - 18

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8 20 20 20 20 20 20 20 20 20 70 70 70

60 60 60 16 16 16 16 16 16 16 16 16 50 50 50

12 12 12 12 12 12 12 12 12 40 40 40

30 30 30 8 8 8 8 8 8 8 8 8

20 20 20

4 4 4 4 4 4 4 4 4 10 10 10

0 0 0 0 0 0 0 0 0 0 0 0 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 2 - 16 3 - 16 4 - 16 1 - 17 2 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 3 - 18 3 - 18 4 - 18 2 - 16 23 - 16 34 - 16 41 - 1617 12 - 17 23 -3 17 - 1834 -4 17 - 1841 - 1718 12 - 18 23 - 18 34 - 18 4 - 18 2 - 16 323 - 16 - 1743 - 16 14 - 1716 21 - 17 32 - 17 34 - 17 14 - 1817 21 - 18 32 - 18 43 - 18 4 - 18 3 - 18 3 - 18 3 - 18 34 - -18 18 4 - 18

PRE_OWNEDPRE_OWNEDPRE_OWNED SOLD SOLD SOLD NEW SOLDNEWNEW SOLD SOLD keep samekeepkeep axis same samevalue axis axis and value value stack and and stack stack G650ER MARKET UPDATE Q4 • 2018

Market Summary Current Market Market History 24 MONTH AVERAGE The fleet continues to grow for the G650ER, and Currently for Sale ERPE4 Inventory High 5 now stands strong with 114 units in operation and more on the way. Now that the Global 7500 is Ask Price Range $46.0M - $66.9M Inventory Low 2 certified and deliveries are expected shortly, we’re likely to see some increased competition from these % of Active Fleet 3.5% Avg. Sales Price $57.6M ultra-long range and large cabin aircraft. Amazingly, SI

there are now G650ER’s on market for belowR $50M, MERI In Operation 114 Avg. Ask Price $58.2M and quarterly Average Ask Prices have dropped below $52M. Avg. Days on Market 221

NorthEI American Sales 62%

SERPE MERI

RI 0 1 0

SI G650ER R MERI Based Locations 1 4 1 BSED IS 2 11 2

EI For Sale Factory-New Sold Pre-wned Sold G650ERG650ERG650ER 4 - 2018 IN LAST 12 MONTHS S MERI 0 0 0

RI 0 0 1 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED SOLD SOLD SOLD FOR 1SALE FOR 0FOR Q2-2016 SALE 0 SALE Q2-2016 Q2-2016- Q1-2018 - Q1-2018 - Q1-2018 AVG PRE-OWNEDAVGAVG PRE-OWNED PRE-OWNED FOR SALE FOR FOR SALE SALE AVG ASKAVGAVG PRICE ASK ASK PRICE PRICE Q2-2016Q2-2016 Q2-2016- Q1-2018 - Q1-2018 - Q1-2018 IN MILLIONSIN INMILLIONS MILLIONS BSED IS Avg Pre-Owned For Sale Pre-Owned & New Sold Avg Ask Price in Millions

5 5 5 10 10 10 For Sale Factory-New Sold Pre-wned Sold 80 80 80 (1 - 2018) New(IN LAST 12 MONTHS)

4 4 4 8 8 8 Pre-Owned 64 64 64 61.6 61.661.6 51.9 51.951.9 6 6 6 48 48 48

2 2 2 4 4 4 2 2 2

1 1 1 2 2 2 16 16 16

0 0 0 0 0 0 0 1 - 17 02 - 170 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 2 - 17 3 - 17 4 - 17 1 - 18 2 - 18 3 - 18 4 - 18 1 - 17 1 - 217 - 17 2 - 317 - 17 3 - 417 - 17 4 - 117 - 18 1 - 182 - 18 23 - 18- 18 3 - 184 - 18 4 - 18 1 - 17 1 - 172 - 17 2 - 173 - 17 3 - 174 - 17 4 - 171 - 18 1 - 182 - 18 2 -3 18 - 18 3 -4 18 - 18 4 - 18 1 - 17 2 - 17 31 -- 1717 1 -4 217 -- 1717 2 -1 317 -- 1817 3 - 4217 - 1718 4 - 1317 - 18 1 - 4182 -- 1818 2 - 318 - 18 3 -4 18 - 18 4 - 18

www.JetTransactions.com

9 5 5 5 10 10 10 10 10 10 80 80 80

4 4 4 8 8 8 8 8 8 64 64 64

3 3 3 6 6 6 6 6 6 48 48 48

2 2 2 4 4 4 4 4 4 32 32 32

1 1 1 2 2 2 2 2 2 16 16 16

0 0 0 0 0 0 0 0 0 0 0 0 2 - 16 3 - 16 4 - 16 12 - 1716 232 - - 1716 16 343 - - 1716 16 414 - - 17 16 121 - - 1817 17 232 - - 1817 17 343 - - 1817 17 414 - - 18 17 21 - - 18 18 32 - - 18 18 43 - - 18 18 4 - 18 2 - 16 3 - 16 4 - 16 12 -- 1716 232 -- - 1716 16 343 -- - 1716 16 414 -- - 1717 16 121 -- - 1817 17 232 -- - 1817 17 343 -- - 1817 17 414 -- - 1818 17 21 - - 18 18 32 - - 18 18 43 - - 18 18 4 - 18

PRE_OWNEDPRE_OWNEDPRE_OWNED SOLD SOLD SOLD NEW SOLDNEWNEW SOLD SOLD keep samekeepkeep axis same same value axis axis andvalue value stack and and stack stack CHICAGO Amanda Ferraro (563) 340-9937 [email protected]

WEST PALM BEACH Gary Roxburgh (561) 827-1293 [email protected]

Mark Bloomer and Brant Dahlfors, Co-founders

EUROPE Mark Bloomer and Brant Dahlfors lead by example, having established Andreas Mauritzson reputations for perceptive market intelligence, trusted industry (760) 861-1975 relationships, and personalized customer service. Their combined record [email protected] of over 1600 new and pre-owned transactions completed around the globe, supports Jet Transactions’ prominent position in today’s evolving aviation marketplace.

After completing his education in aviation technology with a minor in COMING SOON business and business law at Purdue University, Mark, a multi-rated 2006 Gulfstream G550 airline transport pilot, started his successful business aircraft sales career as a factory marketing representative at Cessna Aircraft Company before founding Bloomer deVere.

Brant, a multi-rated commerical pilot, graduated from Wright State University before joining Beech Aircraft. He continued his career with Mooney Aircraft and TBM North America before 20 years with Bombardier Aerospace leading the N. America sales division. Brant currently serves on the NBAA BAM Committee.

Mark, Brant and the Jet Transactions Team deliver a state-of-the-art portfolio of products and services designed to support all aspects of a worldwide business jet transaction. • Forward Galley • New Paint and Interior

• All Programs • Call for Details Mark Bloomer (805) 484-6605 LOS ANGELES Brant Dahlfors (949) 439-8663 NEWPORT BEACH

CLICK HERE TO VIEW ALL LISTINGS: http://www.jettransactions.com/aircraftinventory.html

www.JetTransactions.com | [email protected] | [email protected]

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