The Indonesia Dassault Falcon 7X Wu Zhendong Metrics & Mood Jets & Helicopters

FOURTH QUARTER 2015

THE INDONESIA PERSPECTIVE

INDUSTRY INSIDER: WU ZHENDONG

ASIA-PACIFIC OUTLOOK: METRICS & MOOD

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READY FOR TAKEOFF

Welcome to the inaugural issue of the Asian Sky Quarterly. Over the 20 years, the entrepreneur and general aviation visionary has been years since ASG released its fi rst fleet report back in 2012, we’ve paid responsible for the success of many western fi rms’ participation in the close attention to our readers’ feedback as well as the Asian business China market, and has spearheaded the development and growth of his aviation community’s needs and demands. Through our understanding Shenzhen-based company with an AOC, which supports and manages of those needs, we are launching this quarterly publication which ASG China-based aircraft and various ab-initio and advanced special training hopes will succeed in providing buyers and sellers with informed advice services for pilots. on purchase and sale decisions, as well as the state of the industry across the Asia-Pacifi c region. Thank you for your loyal support and readership, and I’d like to take a moment to thank JETNET and our incredible in-house team for In every issue of Asian Sky Quarterly, you’ll fi nd updated intelligence making this whole report possible. To all — this is just the beginning on Asia-Pacific economics, market “mood” and intent-to-purchase with much more to come. Expect charter studies, a closer look at indicators, OEM activities, a market overview for a specifi c Asia-Pacifi c other emergent countries, an examination of Asia’s growing training country, market values of business jets and helicopters for sale, demand needs & opportunities, as well as other crucial intelligence, all from an & offer indicators by model, market positioning by model, our featured independent perspective that adds value for our readers, so that you can aircraft for sale, an in-depth market analysis of a specifi c aircraft model, make better business decisions. This personifi es what ASG is all about. and much more. We hope to take you from a top macroeconomic view of the Asian market, then distill down systematically to end on a specifi c Don’t hesitate to let us know what you think. The next edition will soar business aircraft models and along the way providing you with valued to greater heights. insights to help you make the right decisions.

We’ll also feature a narrated story drawn from an in-depth interview of an Asian business aviation industry titan. This issue’s story personality is on none other than the deeply respected and admired Wu Zhendong, Sincerely, founder and current Chairman and CEO of Avion Paciﬁ c Limited, one Jeffrey C. Lowe of China’s leading general aviation service providers since 1993. For Managing Director, Asian Sky Group

4 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 When it comes to business jets, can I combine style and comfort with range?

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08 ECONOMICS 34 INDUSTRY INSIDER Overview of the Asia-Pacific region’s current status and The inside success story of Asia-Pacific business aviation each specific country’s GDP in contrast with their business pioneer and veteran Wu Zhendong, Chairman & CEO of aircraft fleet growth. Avion Pacific Ltd.

09 MOOD & INTENTIONS 36 AIRCRAFT SPOTLIGHT Survey results of the Asia-Pacific region’s mood on current An in-depth market performance analysis of the Falcon 7X. economic status, aircraft utilization, purchase intentions, and influencing factors.

12 COUNTRY PROFILE 40 MARKET SUMMARY -- JETS Overview and examination of Indonesia’s advocacy for A model-by-model market positioning and average days- business aviation, its fleet growth, and top operators. on-market analysis with featured pre-owned business jets.

14 OEM ACTIVITY 52 MARKET SUMMARY -- HELICOPTERS A performance snapshot of every major business aircraft A model-by-model market positioning and average days-on- manufacturer focusing on the most recent financial news, market analysis with featured pre-owned civil helicopters. deliveries and other key news developments.

26 MARKET DYNAMICS An in-depth analysis of the changing pricing signals and business aircraft market momentum given the continual fluctuations of supply and demand.

PUBLISHER Asian Sky Quarterly is published by Blu Inc Media (HK) Ltd, a from any error or omission in compiling such information. This Asian Sky Group subsidiary of SPH Magazines Pte Ltd. Copyright and trademark report also uses third party information not compiled by ASG. registered by SPH Magazines Pte Ltd. All rights reserved. ASG is not responsible for such information and makes no PUBLISHING AGENT Content copyright © Blu Inc Media (HK) Ltd. representation about the accuracy, completeness or any other Blu Inc Media (HK) The trademark and content may not be used or reproduced aspect of information contained. The information, data, articles, without the permission of SPH Magazines Pte Ltd and Blu Inc or resources provided by any other parties do not in any way DATA Media (HK) Ltd. © 2015 by Blu Inc Media (HK) Ltd. signify that ASG endorses the same. JETNET, GAMA, and Asian Sky Group The materials and information provided by Asian Sky Group EDITORIAL Limited (“ASG”) in this report is for reference only. Any AIRCRAFT SALES INQUIRIES: Anthony Lam information we provide about how we may interpret the data and market, or how certain issues may be addressed is provided DESIGN generally without considering your specific circumstances. Jun Ng Such information should not be regarded as a substitute for professional advice. Independent professional advice should be Asian Sky Group MARKETING sought before taking action on any matters to which information Suite 3905, Far East Finance Centre, Jennifer Spano provided in this report may be relevant. 16 Harcourt Road, Admiralty, Hong Kong Tel: (852) 2235 9222 | Fax: (852) 2528 2766 ADVERTISING ENQUIRIES ASG shall not be liable for any losses, damage, costs or expenses [email protected] | www.asianskygroup.com [email protected] howsoever caused, arising directly or indirectly from the use of [email protected] or inability to use this report or use of or reliance upon any information or material provided in this report or otherwise in TECHNICAL connection with any representation, statement or information on Colorprint Offset or contained in this report. Blu Inc Media (HK) Ltd Address 地址 2/F, Chinaweal Centre, 414-424 Jaffe Rd, 8香港柴湾新业街 18号八号商业广场楼 1808室 ASG endeavours to ensure that the information contained in Wanchai, Hong Kong Tel 电话 +852 2896 7777 this report is accurate as at the date of publication, but does not Tel: (852) 2165 2800 | Fax: (852) 2868 1799 Fax 传真 +852 2869 6666 guarantee or warrant its accuracy or completeness, or accept www.bluincmedia.com Website 网站 www.cpo.com.hk any liability of whatever nature for any losses, damage, costs or All editorial and circulation inquiries should be directed to this expenses howsoever caused, whether arising directly or indirectly address

6 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015

ECONOMICS

Asia is facing a challenging but resilient economic environment. The • In addition, further U.S. dollar strength accompanied by a sudden region is expected to remain as the global growth leader in 2015- tightening of global financial conditions, weaker growth in Japan, 16 at a steady 5.4%, but current conditions will require carefully and weaker regional potential growth could also dim Asia’s calibrated macroeconomic policies and a renewed momentum on growth prospects. structural reforms to facilitate investment and improve economic efficiency, strengthening economic resilience and potential growth. • High leverage could amplify shocks, and lower commodity prices will also hurt corporate investment in key commodity-producing • Asia’s growth should benefit from relatively strong labor markets sectors. and disposable income growth along with the ongoing gradual recovery in major advanced economies. • Business Aviation activity in Asia has declined over the last two years due to the slowdown of the world economy, but particularly • Across most major Asian economies, lower commodity prices China which has affected the region. This decline is expected should help consumption. Negative risks to growth dominate, to continue as austerity measures, taxes, and infrastructure especially the possibility of a sharper slowdown in China or larger issues remain. In addition, China’s economy is now growing at spillovers from the changing composition of China’s demand. the slowest pace in 25 years.

BUSINESS JET FLEET AND GDP BY COUNTRY

GDP (B USD) BUSINESS JET FLEET CIVIL HELICOPTER FLEET

10,855 1,760 China 229 1,524 691 6,040 Japan 617 5,495 4,772 512 2,151 183 India 495 498 1,709 Australia 1,519 153 1,141 147 South Korea 1,442

1,095 Indonesia 116 115 908 755 Taiwan 507 428 Thailand 374 319 50 Malaysia 349 57 220 47 49 178 248 44 174 157 Singapore 316 156 152 236 38 137 Hong Kong 36 128 307 229 112 Philippines 303 105 27 26 27 200 25 76 77 69 New Zealand 198 18 145 17 15 15 Papua New Guinea 13 13 40 38 16 11 28 26 24 21 10 20 5 19

1 1

2010 2 011 2012 2013 2014 2015* 2010 2 011 2012 2013 2014 2015* 2010 2 011 2012 2013 2014 2015*

* 2015 GDP are forecasted

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COUNTRY DISTRIBUTION OWNER AIRCRAFT TYPE DISTRIBUTION

Australia & Greater China (48%) Fixed Wing (73%) New Zealand (34%)

150+ respondents

Others (18%) Rotary (27%)

Source: Asian Sky Group Survey, November 2015

• The survey was taken in December 2015 with over WHAT IS OUR CURRENT ECONOMIC STATUS? 150 respondents.

At low point (30%) Not reached low point (45%) • Over 80% of surveyors recorded having utilized their aircraft as much as or less than the previous year, with a quarter of them experiencing decreased usage of up to 20% or more.

• In contrast with an increased business jet fleet for the majority of the Asia Pacific countries over the past year, the number of utilization hours have actually decreased.

• Despite a healthy number of Asia-Pacific countries recording a slight growth uptick in GDP with more Past low point (25%) than several parallel increases in business jet fleet growth, at least 75% of surveyors felt the region’s economy has not yet reached its low point, or are still at its low point.

WHAT WAS YOUR AIRCRAFT UTILIZATION HOW SATISFIED ARE YOU WITH YOUR MOST COMPARED TO 12 MONTHS AGO? RECENT AIRCRAFT PURCHASE?

Down but less than 20% The same (37%) Uncertain (17%) Satisfied (57%) (25%)

Down 20% or more (19%) Up but less Up by 20% than 20% or more (8% ) (11%) Unsatisfied (26%)

10 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 PURCHASE INTENTIONS IN 2016 PURCHASE PREFERENCES (Outer is preferred)

Pre-owned aircraft (22%) Uncertain (58%) Small jet

Twin-turbine Medium jet helicopter

Single-turbine Large jet helicopter

New aircraft (20%)

Piston helicopter Corporate airliner

FACTORS INFLUENCING PURCHASE DECISIONS (Outer is stronger factor)

APAC Overall Greater China Australia & New Zealand Others (SE Asia, Japan)

No need

Government/Public opinion Economic uncertainly

Purchase timing Price

Availability of financing Declining business activity

No current aircraft meets needs Can’t sell current aircraft

Nearly half of the surveyors would purchase a new aircraft or cited economic uncertainty as the most significant limiting factor, preowned aircraft, however the majority were keen to prefer a large followed by “government/public opinion” for Greater China and jet over any other category of jets, with medium jets at a distant “declining business activity” for Southeast Asia and Japan. second and the rest with near little or no demand. Respondents

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 11 COUNTRY PROFILE

INDONESIA AVIATION MARKET OVERVIEW

The year 2015 was challenging for business aviation in Business Jet Fleet -- Aircraft Registrations Indonesia as a result of a slowdown in its economic growth, currency depreciation, and reinforcement on the restriction of Cayman Islands (6%) Bermuda (2%) foreign registered aircraft operating in the country.

Isle of Man (6%) With jets and 7 civil helicopters in , the Indonesian market is the th largest in the Asia-Pacific region, where most of the aircraft based in Indonesia are also registered locally in order to utilize privileges available only to USA (22%) Indonesian-registered aircraft. 50

ecent changes introduced by the Indonesian Government limits operations of non-commercial foreign registered Indonesia (64%) aircraft between two airports within the territory of Indonesia, allowing only Indonesian registered aircraft to operate domestically. Civil Helicopter Fleet -- Mission Distribution Due to these changes, business aviation stakeholders are taking a “wait and see” attitude towards further Private (2%) Flight Training (1%) developments on the regulatory side which may occur as soon as the first quarter of 2016. In the meantime, EMS (2%) the number of business jets to be Indonesian registered Corporate (6%) could be expected to increase given the new regulatory environment. Multi Mission (37%) SAR (8%) With the importance of Indonesia as a player in the emerging markets, its vast natural resources and the Charter (11 % ) 178 magnitude of its territory, the government needs to aim for ways to make it easier for global companies to operate their business aircraft in and out or within the territory, not Offshore Operations Law Enforcement (18%) increase limitations. (15%)

Charter demand in was very slow until the fourth quarter when the increase in charter activity occurred only as a result of state & provincial elections. Recent Fleet Growth

Charter demand in previous years came from oil, mining, and Helicopters 178 plantations – most of which have capped their spending on 174 174 177 chartering as part of cost savings. Growth going forward is 46 50 expected to be less than 5%. 36 40 Jets

Despite all the challenges, Indonesia continues to be a promising market in the long run for business aviation with 2012 2013 2014 2015 more aircraft deliveries expected to come in the next five years.

Source: JETNET & ASG

12 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 COUNTRY PROFILE

Jets — Top Operator Fleets by OEM

8 • Indonesia’s top three jet operators are Premiair, Jhonlin Air Transport, and Airfast Indonesia with 16%, 6%, and 4% of the total fleet, respectively.

2 2 2 2 2 2 2 2 2

Premiair Jhonlin Air Airfast Enggang Lionair Nusantara TAG Transpac Transwisata Travira Air Total % of the Transport Indonesia Air Service Indonesia Air Aviation Company Prima Total Fleet - DGAC Charter Asia Aviation

Boeing 1 1 2%

Bombardier 2 2 2 2 8 16%

Cessna 1 1 2%

Embraer 7 2 1 10 20%

Gulfstream 1 1 1 3 6%

Hawker 2 2 1 1 6 12%

Total 8 3 2 2 2 2 2 2 2 2 2 29

% of Fleet 16% 6% 4% 4% 4% 4% 4% 4% 4% 4% 4%

Helicopters -- Top Operator Fleets by OEM

32 • Indonesia’s top three helicopter operators are the National Police, Pelita Air Service and Travira Air tied for second place, and ational SA coming third with , , and 6% of the country’s total fleet size, respectively. 15 14

7 6 6 6 5

National Pelita Air Travira Air National Airfast Air Transport Helimission National Intan Total % of the Total Police Service SAR Indonesia Service Utility Angkasa Air Fleet Helicopters Service

AgustaWestland 2 2 1%

Airbus 13 2 3 11 1 6 36 20%

Bell 1 6 4 4 4 4 2 25 14%

Bell/Agusta 1 1 1%

Enstrom 18 18 10%

Eurocopter 1 1 2 1 5 3%

MD 2 2 1%

Mil 1 1 1%

Sikorsky 7 5 12 7%

Total 32 15 14 11 7 6 6 6 5 102

% of Fleet 18% 8% 8% 6% 4% 3% 3% 3% 3%

Source: JETNET

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 13 OEM ACTIVITY

AGUSTAWESTLAND HELICOPTERS

FINMECCANICA (FNC.IM) MARKET PERFORMANCE CHART

13 FINMECCANICA 20,000 • 3Q15 YTD results showed an increase in EBITA and EBIT, 11 19,000 45% and 84% respectively compared to the first nine 9 months of 2014, with a net 18,000 result positive of €150M

7 compared to a negative DOW JONES 17,000 EUR PER SHARE 54 million in the first nine DOW JONES INDEX months of 2014. 5 16,000 • From 1 January 2016 3 Finmeccanica became one JAN APR JUL OCT JAN APR JUL OCT 2014 2015 organization operating in aerospace, defence and security.

DELIVERIES BY MODEL & BILLINGS

21 2015 Q2 209

22 Q1 237

37 2014 Q4 419

17 Q3 207

23 Q2 247

25 Q1 223

AW119Kx AW109 PWR AW109SPGN AW139 AW189 US$ IN MILLIONS

HIGHLIGHTS

• Formerly AgustaWestland, the company has been renamed Finmeccanica Helicopters effective January 2016.

• The company will build the AW609 civil tiltrotor in Philadelphia. FAA certification expected in 2017 with first delivery expected in 2018.

• The company announced immediate plans to construct a support and maintenance facility near Sao Paulo in Brazil.

Source: GAMA

14 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 OEM ACTIVITY

AIRBUS CORPORATE JETS & AIRBUS HELICOPTERS

AIRBUS GROUP SE (AIR.PA) MARKET PERFORMANCE CHART

18,500 DOW JONES • Airbus Group 3Q15 YTD order 70 18,000 intake €112B, order book €967B

65 17,500 (31% Asia Pacific)

60 17,000 • Airbus YE 2015 record deliveries 16,500 55 of 635 aircraft and 1,036 net 16,000 50 DOW JONES orders. Backlog 6,787 aircraft EUR PER SHARE AIRBUS GROUP SE 15,500 worth US$996.3B 45 15,000

40 14,500 • Airbus Helicopters 3Q15 YTD

JAN APR JUL OCT JAN APR JUL OCT 181 net orders 2014 2015

DELIVERIES BY MODEL & BILLINGS -- AIRBUS CORPORATE JETS

1 2015 Q2 68 HIGHLIGHTS

NO DELIVERY Q1 • As of Nov.’15: 6 sales ACJ319neo and ACJ320neo 2 2014 Q4 182

NO DELIVERY Q3 • Expanded service center network including ACJC, SAE in 2 Q2 182 Malaysia & Comlux America 1 Q1 83 • Wider range of computerized ACJ 318 ACJ 319 ACJ 320 US$ IN MILLIONS maintenance planning services

DELIVERIES BY MODEL & BILLINGS -- AIRBUS HELICOPTERS

HIGHLIGHTS 67 2015 Q2 327 • Shaanxi Provincial Public 44 Q1 243 Service in China acquires a

106 2014 Q4 623 H155

73 Q3 447 • Philjets Group in the Philippines orders a H130 90 Q2 446 • Final two H135s delivered to 55 Q1 283 Japan Maritime Self-Defense

H130 AS350B2 H125 H120 US$ IN MILLIONS Force AS355NP H135 H145 AS365N3+ • LOI signed for establishing final H155 H175 AS332 H225 assembly line in China for H130

Source: GAMA

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 15 OEM ACTIVITY

BOEING BUSINESS JETS

THE BOEING COMPANY (BA.US) MARKET PERFORMANCE CHART

170 DOW JONES 18,500 • Boeing YE 2015 record deliveries

160 18,000 of 762 aircraft and 768 net

17,500 orders worth US$112.4B. 150 17,000 Backlog at 5,795 aircraft 140 16,500

130 16,000 USD PER SHARE

THE BOEING COMPANY 15,500 DOW JONES INDEX 120 15,000 110 JAN APR JUL OCT JAN APR JUL OCT 2014 2015

DELIVERIES BY MODEL & BY BILLINGS

1 2015 Q2

3 Q1 59

4 2014 Q4 134

3 Q3 123

1 Q2 68

2 Q1

BBJ BBJ2 B777-300ER* B787-9* US$ IN MILLIONS *Twin aisle not included in billings

HIGHLIGHTS

• 2015 sales: 10 single aisle BBJs including 7 MAXs & 3 NGs plus 2 BBJ787s

• 11 green aircraft delivered to completion centers

• 8 completed aircraft entered service: 5 BBJs & 3 BBJ747-8s

Source: GAMA

16 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 OEM ACTIVITY

BOMBARDIER BUSINESS AIRCRAFT

BOMBARDIER INC. (BBD-B.TO) • To solidify its long-term prof- itability, Bombardier executes MARKET PERFORMANCE CHART agreements to create direct sales 18,500 6.5 DOW JONES channels and thus improve mar- 18,000 gins through termination of select 6.0 17,500 sales representative and distribu- 5.5 tion agreements. 17,000 5.0 16,500 4.5 • 3Q15 YTD announced a $3.2 billion 16,000 4.0 charge for the C Series program 15,500 3.5 and for the cancellation of Learjet 15,000 3.0 85 aircraft program. Losses at the CAD PER SHARE DOW JONES INDEX 14,500 2.5 end of the 3rd Quarter totaled $4.6 14,000 billion, compared to earnings of 2.0 BOMBARDIER 13,500 $171 million for the same period 1.5 last fiscal year. 13,000 1.0 JAN APR JUL OCT JAN APR JUL OCT 2014 2015

DELIVERIES BY MODEL & BILLINGS

47 2015 Q2 1,809

45 Q1 1,657

78 2014 Q4 2,689

45 Q3 1,718

38 Q2 1,588

43 Q1 1,570

LEARJET 70/75 LEARJET 60XR CHALLENGER 350 US$ IN MILLIONS CHALLENGER 650 GLOBAL 5000/6000 CL850/870/890

HIGHLIGHTS

• Zetta Jet ordered a Global 6000 with options for 4 additional Global 6000s. The aircraft will operate out of the company’s Asian hub in Singapore.

• A specialized Challenger 605 was delivered to the Hong Kong Government Flying Service for search and rescue operations as well as other special missions.

Source: GAMA

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 17 OEM ACTIVITY

CESSNA CITATION JETS & BELL HELICOPTER

TEXTRON INC (TXT.US) MARKET PERFORMANCE CHART

• 3Q2015 income up 10.5%. 48 TEXTRON INC. Revenues at Textron Aviation 46 18,500 were up $79 million with 37 44 18,000 new Citation jets and 29 King 42 17,500 Air turboprops delivered in the 40 3Q. Backlog at the end of the 17,000 38 DOW JONES 3Q was $1.4 billion. 36 16,500

USD PER SHARE 34 16,000

DOW JONES INDEX • Bell 3Q revenues decreased 32 15,500 with 45 commercial helicopters 30 JAN APR JUL OCT JAN APR JUL OCT delivered. Backlog at the end of 2014 2015 the 3Q was $5.1 billion.

DELIVERIES BY MODEL & BILLINGS -- CESSNA BUSINESS JETS* HIGHLIGHTS

36 2015 Q2 440 • Debuted its new Cessna Citation Longitude business 33 Q1 374 jet and announced plans for 55 2014 Q4 698 the Citation Hemisphere, both

33 Q3 385 joining the Citation Latitude to complete a new, large-cabin, 36 Q2 471 three-aircraft Citation family.

35 Q1 432 • Cessna prepares to deliver the 510 CIT. MUSTANG 525 CIT. M2 525A CIT. CJ2+ US$ IN MILLIONS 525B CIT. CJ3 525B CIT. CJ3+ 525 CIT. CJ4 100th Cessna Citation M2 only 560 CIT. XLS+ 680 CIT. SOVEREIGN 750 CIT. X+ two years after certification.

DELIVERIES BY MODEL & BY BILLINGS - BELL HELICOPTER

39 2015 Q2 207 HIGHLIGHTS

35 Q1 133 • Appoints Chongqing General

57 2014 Q4 340 Aviation Group as New Bell Authorized Customer Service 41 258 Q3 Facility in China.

46 Q2 242 • Bell 407GXP tours Nepal 34 Q1 134 demonstrating superior performance around Mount Everest BELL 206 BELL 407 BELL 429 BELL 412 US$ IN MILLIONS Kathmandu.

* This includes Cessna Piston aircraft, Turboprops aircraft and Citation Business Jets. Source: GAMA

18 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 C

CMY

K OEM ACTIVITY

DASSAULT FALCON JETS

DASSAULT AVIATION SA (AM.PA) MARKET PERFORMANCE CHART

20,000 1,300 DASSAULT AVIATION SA • 2Q15 YTD consolidated orders, sales, backlog and income were

1,200 19,000 €4,331M (+132%), €1,675M (+11%), €11,023M (+35%) &

1,100 18,000 €144M (+35%)

1,000 • Falcon YE 2015 deliveries 17,000

EUR PER SHARE DOW JONES lowest for 10 years. Sales drop DOW JONES INDEX

900 72% 16,000

800 JAN APR JUL OCT JAN APR JUL OCT 2014 2015

DELIVERIES BY MODEL & BILLINGS

12 2015 Q2 421

6 Q1 212

28 2014 Q4 1,182

13 Q3 500

16 Q2 685

9 Q1 350

FALCON 900LX FALCON 2000LXS US$ IN MILLIONS FALCON 2000S FALCON 2000S/2000LXS/900LX/7X

HIGHLIGHTS

• Dassault delivered state-of-the-art medevac Falcon to Beijing Red Cross. This follows an the order by the Japan Coast Guards for 2 FALCON 2000 maritime surveillance aircraft.

• New Ultra Long Range Falcon 8X debuts in Las Vegas

Source: GAMA

20 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 OEM ACTIVITY

EMBRAER EXECUTIVE JETS

EMBRAER S.A. (ERJ.US) MARKET PERFORMANCE CHART

DOW JONES • Delivered 30 jets to the business aviation market in 3Q 2015. The 18 000 40 number is 50% higher than 17 500 in the same period last year, 35 17 000 when 15 executive jets were

16 500 delivered. On September 30, 30 16 000 2015, the firm order backlog EMBRAER S.A. 15 500 totaled US$22.8 billion for jets USD PER SHARE

25 DOW JONES INDEX 15 000 from both the commercial

14 500 aviation and business aviation 20 markets. JAN APR JUL OCT JAN APR JUL OCT 2014 2015

DELIVERIES BY MODEL & BILLINGS

33 2015 Q2 403

12 Q1 125

52 2014 Q4 698

15 Q3 130

29 Q2 394

20 Q1 248

PHENOM 100E PHENOM 300 LEGACY 500 US$ IN MILLIONS LEGACY 600/650 LINEAGE 1000

HIGHLIGHTS

• Embraer Executive Jets begins deliveries of its newest business jet, the Legacy 450.

• First Phenom 100E delivered to China. The aircraft will be operated by Wanfeng Aviation Co., Ltd, a subsidiary of Wanfeng Auto Holding Group. Embraer Executive Jets also announces that it will extend the range of the Legacy 450, its new mid-light business jet, to 2,900 N.M. (5,371 km).

• Emirates Flight Training Academy signs a firm order for five Phenom 100E business jets, plus options for five more aircraft. Deliveries are scheduled to begin in 2017.

Source: GAMA

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 21 OEM ACTIVITY

GULFSTREAM AEROSPACE

GENERAL DYNAMICS (GD.US) MARKET PERFORMANCE CHART

20,000

GENERAL DYNAMICS 150 19,000 • 3Q15 revenue, earnings and 140 margins were all up from a year

130 18,000 ago and up for the YTD as well. 120 Fourth consecutive quarter with DOW JONES 110 more than $1 billion in operating 17,000 100 earnings with Gulfstream USD PER SHARE 90 responsible for much of this DOW JONES INDEX 16,000 80 success.

JAN APR JUL OCT JAN APR JUL OCT • Business jet order activity was 2014 2015 strong in the quarter with the G650 / G650ER leading the way and particularly strong interest from Fortune 500 companies in North America.

DELIVERIES BY MODEL & BILLINGS

41 2015 Q2 2,269

32 Q1 1,712

42 2014 Q4 2,198

31 Q3 1,680

38 Q2 1,810

39 Q1 2,093

G150/G280 G450/G550/G650 US$ IN MILLIONS

HIGHLIGHTS

• Delivered a Gulfstream G650ER to Qatar Airways in a ceremony at Gulfstream’s headquarters in Savannah.

• Announced that a second and third Gulfstream G500 aircraft (T2 and T3) joined the flight test program.

• Revealed a redesigned full-size Gulfstream G600 mock-up that maximizes space, convenience, comfort and capabilities.

• Recently opened a regional parts distribution center near Al Maktoum International Airport in United Arab Emirates (UAE).

Source: GAMA

22 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 FG_15052_BSCS_TS465_FNL_PRINT_Eng.pdf 1 24/12/2015 10:50

CMY

K OEM ACTIVITY

SIKORSKY HELICOPTERS

LOCKHEED MARTIN (LMT.US) MARKET PERFORMANCE CHART

LOCKHEED MARTIN • Lockheed Martin in 3Q2015 had net sales of $11.5 billion, 200 compared to $11.1 billion in 18,500 DOW JONES the 3Q2014. Net earnings in 180 18,000 3Q2015 were $865 million, or 160 17,500 $2.77 per share, compared

140 17,000 to $888 million, or $2.76 per share, in 3Q2014. Cash from USD PER SHARE 120 16,500 DOW JONES INDEX operations in 3Q2015 was 16,000 100 UNITED TECHNOLOGIES $1.5 billion, compared to $990 million in 3Q2014. 80 15,500 JAN APR JUL OCT JAN APR JUL OCT 2014 2015

DELIVERIES BY MODEL & BILLINGS

18 2015 Q2 330

5 Q1 125

15 2014 Q4 323

15 Q3 323

17 Q2 366

12 Q1 259

S-76 S-92 US$ IN MILLIONS

HIGHLIGHTS

• Lockheed Martin closed its acquisition of Sikorsky Aircraft from United Technologies for US$9B.

• Sikorsky Aircraft Corporation successfully completes the VH-92A Presidential Helicopter Replacement Program.

• China’s Ministry of Transport accepted delivery of its final two S-76D™ helicopters (8 in total) for Search and Rescue.

Source: GAMA

24 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 Flexible. Independent. Long-term. The Waypoint Advantage

CIT Business Aircraft Finance

Asset Financing with No Private Wealth Relationship Required

As a global leader in financing business aircraft, we specialize in lending Waypoint is the world’s largest independent and leasing a variety of fixed and rotary wing aircraft. With CIT, you can helicopter leasing company, with leasing expertise expect an easier acquisition and financing process, as well as the ability to in more than 25 countries, and a fleet of more preserve your capital for other business uses. We offer competitive rates 2 and terms, and do not require customers to maintain a brokerage account selection of multi-year forward deliveries, or other banking relationship in order to finance an aircraft with us. representing a combined value of $3 billion. Waypoint forges lasting relationships with leading helicopter operators worldwide, who value the Custom Products and Services integrity, experience and long-term commitment • Progress payment financing • Sale leasebacks of Waypoint’s leadership team and financial • New & used aircraft financing • Finance leases sponsors. As former helicopter operators, we • Loan refinancing market challenges operators face and structure ved. r flexible leasing solutions to solve them. ese For more information, contact: r Jolie Howard C. All rights L We put operators first — always.

[email protected] es L c vi +852 3 106 0272 r asing Se e

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BUSINESS JETS FOR SALE

TOTAL MARKET VALUE USD $7,690 M

PREOWNED BUSINESS JETS

$4,872 M

MARKET TREND DECLINE SIGNAL

MARKET TREND LINE SIGNAL LINE

RECOVERY BUYER'S SIGNAL MARKET

AIRCRAFT SOLD 33

26 25 25 24 25 21 21 19 20 17 17 18 15 16 15 16 15 14 13 13 12 11 12

Dec Jan Feb MarApr May Jun Jul Aug Sep Oct Nov DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2013 2014 2015

The graphs in this section show market value and trend indicators for • Over the last two years, the total market value of business jets for sale the worldwide fleet of 26 popular business jet models and 16 popular has generally grown month to month to where today the total value is helicopter models (as specified in this report). The Market Value line almost 60% greater than at the end of 2013. The market during this represents the number of aircraft currently for sale on the market whole period has been a buyer’s market, in decline the majority of the multiplied by their average asking price – yielding the total number of time with only the occasional possible recovery signal. aircraft for sale in US dollars. The “Market Trend” line represents the difference between the 3 and 6 months moving averages of the market • The year 2015 started with a decline signal precipitated by the long value line, indicating whether the market momentum is performing better collapse of oil prices through the second half of 2014. The negative or worse. A rising market trend line may typically be considered as an market momentum then continued through the fi rst half of 2015 to a indication that the market’s momentum is moving more positively and great extent due to output contractions in the US. A potential recovery towards a seller’s market, while a declining market trend line may typically signal occurred in July 2015 due to a better than expected rebound in be considered as negative momentum and moving towards a buyer’s oil prices, however this weak recovery was quickly snuffed out and a market. The “Signal Line” measures the average market trend over a decline signal registered following the share price falls of almost 10% period of time. A predominantly positive trend over this period indicates a in fi nancial markets in August. possible recovery and a predominantly negative trend indicates a possible decline. • For the fourth quarter of 2015, the market trend continued its negative momentum with no possible signal of a recovery in sight. This trend is Source: JETNET & ASG likely to continue into 2016 given a rise in US borrowing costs.

26 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 MARKET DYNAMICS

CIVIL HELICOPTERS FOR SALE

TOTAL MARKET VALUE USD

$971 M

PREOWNED HELICOPTERS

$675 M $648 M

MARKET TREND

SIGNAL LINE MARKET TREND LINE

BUYER'S MARKET

NO. OF AIRCRAFT SOLD 13 12 10 10 9 8 8 8 8 7 6 6 5 5 4 4 4 4 4 3 3 3 11 11

Dec Jan Feb MarApr May Jun Jul Aug Sep Oct Nov DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2013 2014 2015

• The fate of the civil helicopter market, although taking a very • Year 2015 has seen the total market value of helicopters for sale different trajectory, ultimately ends up in similar territory as to increase steeply, and consequently the market trend has plunged the business jet market with almost 45% more helicopters for negatively and is now fi rmly entrenched as a buyer’s market. A sale today compared to two years ago. possible market improvement indicted at the end of July was due to a decreasing number of helicopters being put up for sale, • The year 2014 was a healthy market for civil helicopter sales. The but is not indicative of the true market state as an increasing trend was positive and generally quite stable month to month, number of helicopters are being grounded but ultimately not put at times even slightly a seller’s market. However, as with the up for sale. If oil prices recover, these idle helicopters will be put business jet market, this turned negative at the end of 2014 and back into service. If oil prices don’t recover, in the long term these quite dramatically for the civil helicopter market given its higher aircraft will also have to be put up for sale as leaving them idle dependence on oil prices. will become unviable economically.

Source: JETNET & ASG

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 27 MARKET DYNAMICS

DEMAND & OFFER INDICATORS BY MODEL

BUSINESS JETS NOVEMBER 2015

DEMAND RELATIVE TO OFFER RATIO AVG. DAYS FOR SALE ON MARKET

AVAILABILITY LOWER AVAILABILITY HIGHER SHORTER TIME LONGER TIME THAN DEMAND THAN DEMAND TO SELL TO SELL

ACJ318 ACJ318

ACJ ACJ319 ACJ319

BBJ BBJ BBJ BBJ2 NO TRANSACTION BBJ2

CL604 CL604

CL605 CL605

CL850 CL850

GL5000 GL5000 BOMBARDIER

GL6000 GL6000

L600 L600

L650 L650

EMBRAER L1000 L1000

F2000LX F2000LX

F2000LXS F2000LXS NO TRANSACTION

F2000S F2000S

F7X F7X

F900DX F900DX DASSAULT F900EX F900EX

F900EXe F900E Xe

F900LX F900LX

G200 G200

G280 NO TRANSACTION G280

G450 G450 AVERAGE G550 G550 AVERAGE GULFSTREAM G650 G650

G650ER NO TRANSACTION G650ER

0 50% 100% 150% 200% 250% 300% 350% 0 100 200 300 400 500 600

Avg. no. AC for sale per month / Total sold in last 12 months Average Days on Market

Source: JETNET & ASG

28 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 MARKET DYNAMICS

CIVIL HELICOPTERS NOVEMBER 2015

DEMAND RELATIVE TO OFFER RATIO AVG. DAYS FOR SALE ON MARKET

AVAILABILITY LOWER AVAILABILITY HIGHER SHORTER TIME LONGER TIME THAN DEMAND THAN DEMAND TO SELL TO SELL

S76C+ S76C+

S76C++ S76C++ AVERAGE AVERAGE SIKORSKY

S92A NO TRANSACTION S92A

BELL 412EP BELL 412EP

BELL 412HP BELL 412HP

BELL HELICOPTER BELL 429 BELL 429

AW109E PWR AW109E PWR

AW109SP GN AW109SP GN

AW139 AW139 AGUSTAWESTLAND

AS332L1 NO TRANSACTION AS332L1

H225 NO TRANSACTION H225

EC135P2 EC135P2

EC135T2 EC135T2

EC145 EC145 AIRBUS HELICOPTERS

EC155B EC155B

H155 H155

0 50% 100% 150% 200% 250% 300% 350% 0 100 200 300 400 500 600 700 800

Avg. no. AC for sale per month / Total sold in last 12 months Average Days on Market

Source: JETNET & ASG

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 29 MARKET DYNAMICS

MARKET POSITIONING INDEX BUSINESS JETS

More buyers than sellers Normal market More sellers than buyers Higher prices to sell offer & demand Lower prices to buy More transcations Fewer transcations

ACJ318

ACJ ACJ319

BBJ BBJ BBJ2 August 2015 CL604 November 2015

CL605

CL850

GL5000 BOMBARDIER

GL6000

L600

L650

EMBRAER L1000

F2000LX

F2000LXS

F2000S

F7X

F900DX DASSAULT F900EX

F900E Xe

F900LX

G200

G280

G450

G550

GULFSTREAM G650

G650ER

The indices above provide an overall indication of an aircraft’s market position relative to other specific aircraft models. It does so by taking into consideration the percentage of aircraft for sale relative to its fleet size; the number of aircraft sold relative to the average number for sale; the average days on the market relative to the total average; and the current market outlook as portrayed in the “Market Dynamics” section of this report which evaluates market values and trends.

Source: JETNET & ASG

30 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 MARKET DYNAMICS

MARKET POSITIONING INDEX CIVIL HELICOPTERS

More buyers than sellers Normal market More sellers than buyers Higher prices to sell offer & demand Lower prices to buy More transcations Fewer transactions

S76C+

S76C++ August 2015 SIKORSKY S92A November 2015

BELL 412EP

BELL 412HP

BELL HELICOPTER BELL 429

AW109E PWR

AW109SP GN

AW139 AGUSTAWESTLAND

AS332L1

H225

EC135P2

EC135T2

EC145 AIRBUS HELICOPTERS

EC155B

H155

Source: JETNET & ASG

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 31

INDUSTRY INSIDER HIGH HOPES FOR CHINA’S HELICOPTERS Interview and story by Anthony Lam

u Zhendong is founder and current Chairman production by oil companies. Key areas for offshore bases are and CEO of Avion Pacific Limited, one of China’s Shenzhen, Zhuhai, Sanya, Bohai Bay, and Yantai. Forty percent W leading general aviation service providers since of China’s helicopters are involved in offshore operations, in 1993. The entrepreneur and general aviation visionary has contrast to the Western market, where offshore operations only also developed a Shenzhen-based company holding an AOC account for 25% of helicopter usage. China’s helicopters are called Kings Aviation, which supports and manages China- becoming increasingly involved in Search & Rescue and Law based aircraft and various ab-initio and advanced special Enforcement applications. This is especially true for Sikorsky training services for pilots. As a pioneer in China’s business and Airbus Helicopter, mostly due to the government’s plans for aviation market, Wu began offering consultancy services expanding general aviation. EMS operations have yet to begin, as well, imparting his knowledge and experience to Western but Wu hopes that the potential for this market will be realized companies including Federal Express, Mobil Oil, NBC, Exxon, through dedication and cooperation in the industry. Conoco Phillips, and Netjets. Wu has likewise seen profound demand and successfully After graduating from Sun Yat-sen University, Wu got expanded into the fixed wing market, particularly with his start in the industry when he was assigned to the CAAC. Beechcraft’s King Air series of propeller aircraft. In 2009, Avion He later joined the state-owned Guangzhou Helicopter Pacific had became Beechcraft’s master dealer, and within Company in 1983, where he dealt with numerous western a year the company had sold their first two Beechcraft C90 oil companies like BP and Exxon, who were needing offshore aircraft to Shenzhen Airlines for advanced flight training. The helicopter operations for their newly established Chinese set- C90 has set a record of flying over 1,400 hours a year, making it ups. Everything was leased at the time, and instructors were the most cost effective high performance trainer in the industry brought in from the West. “I was responsible for translating all in China. Avion Pacific has further promoted the aircraft the flight manuals and pilot training materials,” said Wu, who to major GA firms in China for special missions including continued: “After spending five years in this role, I spent some weather modification, geophysical survey, maritime patrol, time in California to develop my experience and expertise EMS, commuter transport, aerial mapping, flight inspection, with a western company. Upon returning to China, I made the and more. decision to set up my own company, Avion Pacific.” Wu believes the greatest challenge in China’s general aviation When Wu started in the industry, the helicopters he leased sector is the development of the necessary infrastructure to most frequently were Sikorsky aircraft, which were especially support the industry. “There are currently just under 200 airports good for offshore operation. “I served as a radio operator nationwide, a number far short of what is needed to support the and interpreter during that period, accumulated over 1,000 current demand in general aviation, much less the future demand,” helicopter flight hours in that capacity, and developed a special said Wu. The government is encouraging private interests and love for Sikorsky helicopters,” said Wu. Believing China would investments in China’s aviation infrastructure, including flight one day purchase many Sikorsky aircraft, Wu approached the schools, FBOs, and airports. This, coupled with CAAC’s support for company in 1994 and, after extensive background checks, was the industry, gives Wu great hope for the future. officially endorsed as their agent in 1997. Several years later, he also became an agent for MD Helicopters. Now nearly Wu cites the CAAC’s plans for construction of an additional twenty years later, he remains an agent for Sikorsky. over 90 airports in the next five years as a reason for optimism. He also hopes to see increased involvement and support from Wu views China as a market with great potential for the private sector, creating a cooperative atmosphere in which helicopters. The largest sector is offshore, deep-water oil drilling government and private interests work together to create the operations in South China. Offshore operations have increased assets that will allow China’s aviation market to become one of by 10-25% annually in recent years, based on exploration and the world’s finest.

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 35 AIRCRAFT SPOTLIGHT

A HERITAGE REBORN

Unveiled in 2005, the Dassault Falcon 7X is a French large-cabin, FALCON 7X FLEET long range trijet manufactured by Dassault Aviation, the flagship offering of their Falcon Business Jet line. Fleet Size 245 For Sale 26 (11%) There are currently 26 Falcon 7X aircraft available for sale on the Sold last 12months 7 market. With 245 delivered aircraft in the fleet, this represents almost 11% of the total active fleet. Inventory has grown steadily from 14 to 26 aircraft for sale over the last 12 months, which is why we see the steep upward slope in the following 7X “Market Value” curve. The increasing ASKING PRICE RANGE (NOV15) market value of available 7Xs for sale is very much in keeping with the High asking price $48,500,000 total pre-owned business jet market value. Current asking prices range Low asking price $22,500,000 from 22.5M USD for a 2007 model to 46.5M for a 2014 model. The current aircraft for sale have been on the market for an average of 275 Average asking price $34,579,334 days.

There were 7 transactions completed in the last 12 months, but with only 1 transaction in the last 4 months. The “Market Value” curve illustrates these sales with declining slopes, but the quantity on sales has not been enough to arrest the overall continued climb in market value. USD for a 2012 model. The average number of days on market for Recent transactions ranged from 24M USD for a 2008 model to 37M aircraft that have sold is 485 days (over 16 months).

36 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 AIRCRAFT SPOTLIGHT

PRE-OWNED FALCON 7X FOR SALE FLEET AGE DISTRIBUTION

YEAR OF MANUFACTURE DELIVERY YEAR AIRFRAME TIME ASKING PRICE (USD) DAYS ON MARKET PAX 4 2007 3,000 Make Offer 30 14 2015* YEAR OF DELIVERY 9 2007 1,978 22,500,000 144 14 * Year To Date 2007 1,246 29,950,000 328 12 19 2008 2,081 Make Offer 191 12 2014 25 2008 1,882 28,950,000 104 12 2009 2,651 Make Offer 818 15 48 2013 2009 2,230 Make Offer 44 14 45 2009 4,747 22,995,000 618 TBD 2009 1,656 Make Offer 359 14 43

2012 2010 1,400 Make Offer 30 14 35 2010 2,628 29,750,000 283 14 2010 2,126 Make Offer 348 14 27 2010 1,985 36,950,000 247 12 2011 31 2010 715 35,000,000 184 14

2011 1,460 29,950,000 277 16 14 2010 2011 841 36,950,000 12 12 44

2011 852 Make Offer 361 14 2011 1,901 36,950,000 369 15 62 2012 948 43,000,000 200 16 2009 31 2012 510 37,495,000 247 14 2012 815 Make Offer 11 14 22 2008 2013 1,432 39,250,000 247 14 21 2013 302 Make Offer 200 14 2014 212 46,500,000 102 14 6 2007 2014 488 42,500,000 61 14 4 2014 208 Make Offer 89 12

ASKING PRICE VS AGE-TIME POSITIONING

50 2014 - 212h

2012 - 948h 2014 - 208h 2013 - 302h ASKING PRICES 45 2012 - 815h TREND LINE FROM ASKING PRICES MAKE OFFER 2014 - 488h 2011 - 841h 2011 - 1901h 40 2013 - 1432h 2010 - 1985h 2009 - 2651h 2012 - 510h 2010 - 715h 35 2010 - 2126h 2011 - 852h 2008 - 1882h 2009 - 1656h

30 2007 - 1246h Asking Price (M USD) 2010 - 1400h 2010 - 2628h 2008 - 2780h 2009 - 2230h 25 2011 - 1460h 2007 - 3000h 2008 - 2081h 2007 - 1978h 20 2009 - 4747h Age Time Score (2xYear of Manufacturing + Airframe Time)

Source: JETNET & ASG

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 37 AIRCRAFT SPOTLIGHT

FALCON 7X FOR SALE -- TOTAL MARKET VALUE (USD) MARKET VALUE $7,690 M

$903 M $864 M TOTAL BUSINESS JETS MARKET

$4,872 M

PRE-OWNED FALCON 7X $402 M

$270 M

MARKET TREND

SELLER'S DECLINE MARKET SIGNAL

MARKET TREND

SIGNAL LINE

RECOVERY BUYER'S SIGNAL MARKET

AIRCRAFT SOLD 3 2 2 1 1 1 1 11 11 1

Dec Jan Feb MarApr May Jun Jul Aug Sep Oct Nov DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2013 2014 2015

The pre-owned 7X market can currently be characterized as a this additional market supply is coming from 7X owners who have new “Buyer’s Market”, and this has been the case for the last 12 months as 8X’s on the way. Expectedly, the 8X is putting downward pressure on the illustrated by the “Market Trend” curve. Since the end of 2014 the trend 7X market, and to a lesser extent the 5X in 2017. With the 8X scheduled for the 7X market has been negative and worsening through 2015. to be certiﬁ ed within six months, declining 7X prices are to be expected There have been the occasional periods of optimism when the signal to continue over the next 12 months. line projected an upturn, but most of these were swiftly followed by a decline signal and the return to a declining market trend. These declines are manifesting themselves already with 2008 / 2009 models, recently a good buy at $25M, struggling to ﬁ nd a suitable There is currently some healthy activity in the 7X market, but supply buyer at $22.50M. On the high end, $40M seems no longer attainable is only expected to increase further with 9 available and/or coming to and the market is moving to a top price of the high 30’s. the market potentially in the 1st quarter of 2016. As a result, there will only be further downward pressure on 7X prices, though this would also be inline with the overall pre-owned business jet market. The majority of

Source: JETNET & ASG

38 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 地址：深圳市南山区蛇口龟山路明华中心二号楼 C1004 Add： Suite 1003, Office Bldg, Mingwah Int'l Convention Center, Shekou, Shenzhen Tel： 86-755-26672023 Fax：： 86-755-26675474

深圳金石通用航空有限公司

航空器代管航空器代管飞行培训电力作业医疗急救空中游览航空摄影空中巡查空中广告 Aircraft Management/ Flight Traning/Power Line Operation/ EMS/ Air Tour/ Aero Photography/Aerial-patrol /Aero Advertisement www.kingsaviation.cn MARKET SUMMARY PER MODEL — BUSINESS JETS AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE

ACJ318

$44.4M $42.2M

6 5

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

SPECS Max Range 4,253 N.M. / 7,877 km (with ACTs) Max Speed Mach 0.82 Typ. Passengers 19

FOR SALE No. for sale 6 (30% of Fleet) NOV 2015 Avg Asking Price 42.2M USD Avg Days on Market 594

SOLD Past 12 Months 1 Past 3 Months 0 AIRBUS

ACJ319

$52.5M $45.8M

5 7

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

SPECS Max Range 6,000 N.M. / 11,112 km (with ACTs) Max Speed Mach 0.82 Typ. Passengers 19

FOR SALE No. for sale 7 (9.7% of Fleet) NOV 2015 Avg Asking Price 45.8M USD Avg Days on Market 199

SOLD Past 12 Months 1 Past 3 Months 0

40 | ASIAN SKY QUARTERLY — WINTER 2016 Source: JETNET & ASG JETS FOR SALE

BBJ

$48M $45.2M

15 12

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

SPECS Max Range 6,141 N.M. /11,373 km Max Speed Mach 0.82 Typ. Passengers 19

FOR SALE No. for sale 12 (9.3% of Fleet) NOV 2015 Avg Asking Price 45.2M USD Avg Days on Market 608 BOEING SOLD Past 12 Months 5 Past 3 Months 2

BBJ2

$45M $39.2M

1 3

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

SPECS Max Range 5,644 N.M. /10,453km Max Speed Mach 0.82 Typ. Passengers 19

FOR SALE No. for sale 3 (14.3% of Fleet) NOV 2015 Avg Asking Price 39.2M USD Avg Days on Market 347

SOLD Past 12 Months 0 Past 3 Months 0

Source: JETNET & ASG FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 41 JETS FOR SALE

CHALLENGER 604/605

$14.9M CL-605 $13.8M

$6.8M CL-604 $7.6M 64 40

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

CL-604 CL-605

SPECS Max Range 4,027 N.M. / 7,458 km 4,000 N.M. / 7,408 km Max Speed Mach 0.82 Mach 0.82 Typ. Passengers 9 9

FOR SALE No. for sale 41 (11.3% of Fleet) 23 (8.1% of Fleet) NOV 2015 Avg Asking Price 6.8M USD 13.8M USD Avg Days on Market 283 243

SOLD Past 12 Months 21 35 Past 3 Months 3 9

FEATURED AIRCRAFT FOR SALE BOMBARDIER

2002 Challenger 604 (SN5539)

Asking 6.65M USD 6,624 hours, 2,656 cycles

• Two Owners Since New • PrecisionPlus 3.3 Software • CPDLC/ADSB-Out w/3-D Mapping • Engines on GE OnPoint • BRNAV/RVSM/RNP-5/RNP-10/ • Enrolled on Smart Parts Plus MNPS/P-RNAV • Enrolled on CAMP

2009 Challenger 605 (SN5806)

Asking13.5M USD 1,011 hours, 547 cycles

• Smart Parts Plus Agreement • ADSB-Out • ICG ICS-200 SATCOM • 11 Passenger Executive Interior

42 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 Source: JETNET & ASG JETS FOR SALE

CHALLENGER 850

$12.2M SOLD Past 12 Months 3 $9.0M Past 3 Months 0

15 9

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

SPECS Max Range 2,811 N.M. / 5,206 km Max Speed Mach 0.80 Typ. Passengers 14

FOR SALE No. for sale 15 (22.4% of Fleet) NOV 2015 Avg Asking Price 9.0M USD Avg Days on Market 554

SOLD Past 12 Months 3 BOMBARDIER Past 3 Months 0

GLOBAL 5000

$24.3M

$19.9M

18 19

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

SPECS Max Range 5,200 N.M. / 9,630 km Max Speed Mach 0.89 Typ. Passengers 13

FOR SALE No. for sale 19 (10% of Fleet) NOV 2015 Avg Asking Price 19.9M USD Avg Days on Market 349

SOLD Past 12 Months 8 Past 3 Months 1

Source: JETNET & ASG FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 43 JETS FOR SALE

GLOBAL 6000

$48.9M $47.5M

8 7

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

SPECS Max Range 6,000 N.M. / 11,112 km Max Speed Mach 0.89 Typ. Passengers 13

FOR SALE No. for sale 8 (5.3% of Fleet) NOV 2015 Avg Asking Price 47.5M USD Avg Days on Market 222

SOLD Past 12 Months 9 Past 3 Months 2

FEATURED AIRCRAFT FOR SALE BOMBARDIER

2015 Global 5000 Vision (SN9650) Make Offer 130 hours, 46 cycles

• FAR Part 135 up to 12 Hours • Global Office In The Sky - ADS-B • Aircell ATG-5000 Gogo-Biz High Out/WAAS/LPV/FANS Speed Internet • Enhanced Vision System (EVS)

2015 Global 6000 (NEW) Make Offer Delivery Hours and Cycles

• Brand New • LINK 2000+ • June 2015 Delivery Position • Floor Mat Heater • Certificate of Airworthiness for Export to China

44 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 Source: JETNET & ASG JETS FOR SALE

LINEAGE 1000/E

$39M

3 2

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2014 2015

LINEAGE 1000 LINEAGE 1000E

SPECS Max Range 4,400 N.M. / 8,149 km 4,600 N.M. / 8,520 km Max Speed Mach 0.82 Mach 0.82 Typ. Passengers 19 19

FOR SALE No. for sale 3 (12% of Fleet) NOV 2015 Avg Asking Price 39M USD Avg Days on Market 629

SOLD Past 12 Months 2 EMBRAER Past 3 Months 0

LEGACY 600/650

$22.5M Legacy 650 $20.6M

$9.9M Legacy 600 $8.7M

24 31

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2014 2015

LEGACY 600 LEGACY 650

SPECS Max Range 3,400 N.M. / 6,297 km 3,640 N.M. / 7,112 km Max Speed Mach 0.80 Mach 0.80 Typ. Passengers 13 13

FOR SALE No. for sale 21 (12.1% of Fleet) 10 (12.8% of Fleet) NOV 2015 Avg Asking Price 8.7M USD 20.6M USD Avg Days on Market 367 169

SOLD Past 12 Months 16 6 Past 3 Months 3 2

Source: JETNET & ASG FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 45 JETS FOR SALE

FALCON 2000LX/LXS/S

$20.8M FALCON 2000LX $19.5M

11 15

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

FALCON 2000LX FALCON 2000LXS FALCON 2000S

SPECS Max Range 4,000 N.M. / 7,408 km 4,000 N.M. / 7,408 km 3,350 N.M. / 6,208 km Max Speed Mach 0.86 Mach 0.86 Mach 0.86 Typ. Passengers 10 10 10

FOR SALE No. for sale 13 (10% of Fleet) 0 2 NOV 2015 Avg Asking Price 19.5M USD - Make Offer Avg Days on Market 225 - 125

SOLD Past 12 Months 13 2 Past 3 Months 1 0 DASSAULT FEATURED AIRCRAFT FOR SALE

2009 FALCON 7X (SN50) Make Offer 1,759 hours, 892 cycles

• HUD / EFVS/LPV/ADS-B Out/ • SATCOM AERO H+ Swift 64 CPDLC with FANS 1/A or ATN Thrane & Thrane • Engines & APU Enrolled on JSSI • TCAS 3000 / Airshow 4000 • EU OPS 1 Certified

2011 FALCON 900LX (SN258) Asking 27.95M USD 2,203 hrs, 596 cycles

• One Owner Since New • Low Hours/Cycles Ratio • CAMP • MSP & Falconcare Programs • A/2A/A+/2A+/Z Inspections December 2015

Source: JETNET & ASG 46 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 JETS FOR SALE

FEATURED AIRCRAFT FOR SALE

2008 FALCON 7X (SN32) Make Offer 1,882 hours, 671 cycles

• Low Time & One Corporate • EASY II Enhanced NAV Owner Since New • EASY II Full CPDLC Package • Full EASy II Baseline Avionics (ATN + FANS 1A) • ADS-B Out • CPDL Wiring

2011 FALCON 7X (SN130) Asking 29.95M USD 2,085 hours, 1,294 cycles

• One U.S. Owner Since New • EASy II Avionics (All Options) • Very High SB Compliance • Full FANS 1A Compliance • HUD, EVS, SVS, SATCOM • Engines on ESP Platinum • High Speed Data • APU on MSP DASSAULT

FALCON 7X

$34.6M $37M

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

SPECS Max Range 5,950 N.M. / 11,018 km Max Speed Mach 0.90 Typ. Passengers 12

FOR SALE No. for sale 26 (11% of Fleet) NOV 2015 Avg Asking Price 34.6M USD Avg Days on Market 275

SOLD Past 12 Months 7 Past 3 Months 1

Source: JETNET & ASG FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 47 JETS FOR SALE

FALCON 900DX/EX/EX EASy/LX

$32.3M F900LX

$30.9M $21.5M F900EX EASy $20.8M

F900DX $13.8M

F900EX $12.4M

DASSAULT $10.4M

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2014 2015

F900DX F900EX F900EX EASy F900LX

SPECS Max Range 4,100 N.M. / 7,593 km 4,500 N.M. / 8,334 km 4,500 N.M. / 8,334km 4,750 N.M. / 8,800 km Max Speed Mach 0.87 Mach 0.87 Mach 0.87 Mach 0.87 Typ. Passengers 12 12 12 12

FOR SALE No. for sale 2 (8.3% of Fleet) 13 (11% of Fleet) 16 (13.3% of Fleet) 8 (17.8% of Fleet) NOV 2015 Avg Asking Price 13.8M USD 10.4M USD 20.8M USD 30.9M USD Avg Days on Market 37 222 454 262

SOLD Past 12 Months 1 9 9 1 Past 3 Months 0 1 3 0

48 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 Source: JETNET & ASG JETS FOR SALE

G200/G280

G200 $21.1M $26M $7.4M $5.7M G280

35 36 Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

G200 G280

SPECS Max Range 3,050 N.M. /5,651km 3,600 N.M. / 6,667 km Max Speed Mach 0.85 Mach 0.85 Typ. Passengers 8 8

FOR SALE No. for sale 32 (13% of Fleet) 4 (5.3% of Fleet) NOV 2015 Avg Asking Price 5.7M USD 21.1M USD Avg Days on Market 300 135

SOLD Past 12 Months 35 0 GULFSTREAM Past 3 Months 12 0

FEATURED AIRCRAFT FOR SALE

Make Offer 2001 G200 (SN51) 4,066 hours, 2,229 cycles

• New Paint & Refurb. Int., 2013 • FAR 135 Ready • AT-5000 o-o Bi Internet • 1C, 2C, 3C, 4C, 6C, 12C c/w • Engines Enrolled on ESP July 2014 • Honeywell Laserf II Euipped • 9 Passenger Configuration

Make Offer 2008 G450 (SN4147) 2,550 hours, 2,531 cycles

• One U.S. Operator Since New • Honeywell / ollsman Visual • Fresh 96 Month Inspection uidance System (HUD/EVS) Scheduled February 2016 • Emergency Vision Assurance • Broadband Multi-Link High Speed System (Pilot/Co-Pilot) (EVAS) Data w/ireless LAN

26.95M USD 2013 G450 (SN4288) 393 hours, 146 cycles

• Elite Interior Refurbishment Data (HD-710) w/ CN Data March, 2015 Acceleration AAS/LPV/CPDLC, • Part 135 Compliance (up to 10h) HUD/EVS II • Swift Broadband High Speed • SecuraPlane Security System

Source: JETNET & ASG FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 49 JETS FOR SALE

G450

$20M $24.2M

Nov JanDec Feb Mar Apr May JulJun Aug Sep Oct Nov 2014 2015

SPECS Max Range 4,350 N.M. / 8,056 km Max Speed Mach 0.88 Typ. Passengers 13

FOR SALE No. for sale 36 (11.1% of Fleet) NOV 2015 Avg Asking Price 20M USD Avg Days on Market 234

SOLD Past 12 Months 16 Past 3 Months 0

FEATURED AIRCRAFT FOR SALE GULFSTREAM

Asking 13.45M USD 2005 G450 (SN4018) 4,000 hours, 1,481 cycles

• Enhanced Naigation System • 13 Passenger, Aft alley • Engine on Rolls Royce Corp.Care Configuration • APU on Honeywell MSP • Maintenance Tracking on CMP

Make Offer 2004 G550 (SN5017) 2,834 hours, 1,381 cycles

• Enrolled on RRCC and HAPP • Honeywell Satellite TV • CPDLC/FAN1A/ADS-B Out/SVS • Runway Awareness Adisory • High Speed Internet w/ireless System LAN

Make Offer 2007 G550 (SN5161) 4,812 hours, 2,890 cycles

• Enrolled on RRCC • BBML HSD w/ireless LAN • APU Enrolled on MSP • FANS 1/A/CPDLC,ADS-B V2 • New Interior (2015) & Eterior (2013)

50 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 Source: JETNET & ASG JETS FOR SALE

G550

$32.6M $29.9M

33 32

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2014 2015

SPECS Max Range 6,750 N.M. /12,501 km Max Speed Mach 0.89 Typ. Passengers 18

FOR SALE No. for sale 32 (6.4% of Fleet) NOV 2015 Avg Asking Price 29.9M USD Avg Days on Market 241

SOLD Past 12 Months 39 GULFSTREAM Past 3 Months 7

G650/G650ER $75M

$75M $64.6M

4 10

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2014 2015

G650 G650ER

SPECS Max Range 7,000 N.M. /12,964 km 7,500 N.M. /13,890 km Max Speed Mach 0.925 Mach 0.925 Typ. Passengers 18 18

FOR SALE No. for sale 8 (6.4% of Fleet) 2 (10.5% of Fleet) NOV 2015 Avg Asking Price 64.6M USD 75M USD Avg Days on Market 153 95

SOLD Past 12 Months 16 0 Past 3 Months 3 0

Source: JETNET & ASG FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 51 MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE

A109E POWER/A109SP GRANDNEW

$4.7M A109SP Grandnew $4.8M

$2.9M A109E Power $2.4M

67 52

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

A109E Power A109SP Grandnew SPECS Max Range 353 N.M. / 654 km 480 N.M. / 889 km Max Speed 139 Knots 130 Knots Typ. Passengers 7 7

FOR SALE No. for sale 59 (15.7% of fleet) 8 (6.8% of fleet) NOV 2015 Avg Asking Price 2.4M USD 4.8M USD Avg Days on Market 256 504

SOLD Past 12 Months 25 2 Past 3 Months 1 1 AGUSTAWESTLAND AGUSTAWESTLAND

52 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 HELICOPTERS FOR SALE

AW139

$9.8M

$9.5M

17 11

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

SPECS Max Range 568 N.M. / 1052 km Max Speed 140 Knots Typ. Passengers 15

FOR SALE No. for sale 17 (2.5% of fleet) NOV 2015

Avg Asking Price 9.8M USD AGUSTAWESTLAND Avg Days on Market 345

SOLD Past 12 Months 5 Past 3 Months 2

FEATURED AIRCRAFT FOR SALE

2006 AW139 (SN31062) Make Offer 2,625 hours, 5,864 cycles

• 12/24/48 Month Inspections • Auxiliary Fuel Tank 132 USG c/w July 2014 • Engine Particle Separator • 12 pax Modular Configuration

2009 A109E POWER (SN11773) Asking 1.95M USD 2,327 hours, 3,875 cycles

• EMS Configured • Turn-Key Ready • SP/DP IFR Certified • Fixed Parts For SAR

2011 A109E POWER (SN11784) Asking 2.95M USD 1,179 hours, 2,867 cycles

• EMS Configured • Fixed Parts For SAR • SP/DP IFR Certified • Located In Turkey • Turn-Key Ready

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 53 HELICOPTERS FOR SALE

AS332L1/H225* $27.2M $25.5M H225

$14.3M AS332L1 $8.4M

6 8 Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

AS332L1 H225* SPECS Max Range 452 N.M. / 837 km 452 N.M. / 837 km Max Speed 142 Knots 142 Knots Typ. Passengers 19 19

FOR SALE No. for sale 5 (7.5% of fleet) 3 (1.8% of fleet) NOV 2015 Avg Asking Price 8.4M USD 25.5M USD Avg Days on Market 504 870

SOLD Past 12 Months 0 0 * EC225LP Super Puma has changed its model name to H225.

FEATURED AIRCRAFT FOR SALE

AIRBUS HELICOPTERS 2015 H225 (SN2968 - NEW) Make Offer Delivery hours & cycles

• Emergency Flotation Gear w/ Automatic Firing • Cargo Sling w/ Dynamometer • Multipurpose Engine Air Intakes (Anti-Sand & Anti-Ice Filters) • Cockpit & Cabin AC

2007 EC135 T2I (SN0635) Asking 2.95M USD 1,860 hours

• EASA CAT A Certified Commercial Ops • SP/DP IFR • Emergency Flotation Gear (Fixed & Removable Parts) • Impeccable Maintenance by Airbus Helicopters UK

54 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 HELICOPTERS FOR SALE

EC135T2/P2

$3.2M EC135P2 $2.7M

$2.4M EC135T2 $2.4M

11 12

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

EC135T2 EC135P2 SPECS Max Range 332 N.M. / 614 km 332 N.M. / 614 km Max Speed 127 Knots 127 Knots Typ. Passengers 6 6

FOR SALE No. for sale 3 (2.1% of fleet) 9 (5.8% of fleet) NOV 2015 Avg Asking Price 2.4M USD 2.7M USD AIRBUS HELICOPTERS Avg Days on Market 877 622

SOLD Past 12 Months 2 4 Past 3 Months 0 0

FEATURED AIRCRAFT FOR SALE

2010 EC145 (SN9274) Asking 4.5M USD 1,298 hours, 1,880 cycles

• Engines 1,298 h, 1,880 cycles • Calendar Due 2/2024 • Utility Configuration

2008 H155 (SN6825) Make Offer 3,984 hours

• Emergency Floats (FP+RP) • 5 Seats Corporate Configuration • 12 Seats Offshore Configuration • eather Radar

2012 H155 (SN6958) Make Offer 300 hours

• One Owner Since New • Always Hangared • SSCVFDR w/ MFDAU++ - Iridium Skyconnect Satcom • Sand Preention Filter FP/RP - Au Fuel Tanks FP/RP

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 55 HELICOPTERS FOR SALE

EC145

$4.8M $4.5M

9 10

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

SPECS Max Range 461 N.M. / 855 km Max Speed 131 Knots Typ. Passengers 9

FOR SALE No. for sale 10 (1.4% of fleet) NOV 2015 Avg Asking Price 4.5M USD Avg Days on Market 277

SOLD Past 12 Months 10 Past 3 Months 0

EC155B/H155*

AIRBUS HELICOPTERS $6.3M H155 $5.7M

16 11

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

EC155B H155* SPECS Max Range 516 N.M. / 955 km 516 N.M. / 955 km Max Speed 135 Knots 150 Knots Typ. Passengers 13 13

FOR SALE No. for sale 8 (26.7% of fleet) 8 (5.9% of fleet) NOV 2015 Avg Asking Price Make Offer 5.7M USD Avg Days on Market 497 391

SOLD Past 12 Months 3 3 Past 3 Months 0 0

* EC155B1 has changed its model name to H155.

56 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 HELICOPTERS FOR SALE

BELL 412EP/412HP

$6.1M Bell 412HP $5.9M

$3.8M $3.5M Bell 412EP

22 15

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

Bell 412EP Bell 412HP SPECS Max Range 356 N.M. / 659 km 349 N.M. / 646 km Max Speed 140 Knots 133 Knots Typ. Passengers 9 14

FOR SALE No. for sale 16 (3.0% of fleet) 6 (8.8% of fleet) NOV 2015 Avg Asking Price 3.8M USD 5.9M USD

Avg Days on Market 337 242 BELL HELICOPTER

SOLD Past 12 Months 6 4 Past 3 Months 1 0

BELL 429

$6.1M $5.5M

6 5

Nov JanDec Feb Mar Apr JulJunMay Aug Sep Oct Nov 2014 2015

SPECS Max Range 368 N.M. / 681 km Max Speed 130 Knots Typ. Passengers 7

FOR SALE No. for sale 5 (2.2% of fleet) NOV 2015 Avg Asking Price 5.5M USD Avg Days on Market 126

SOLD Past 12 Months 3 Past 3 Months 0

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 57 HELICOPTERS FOR SALE

S-76C+ / S-76C++

$8.5M S-76C++ $7.7M

$4.2M S-76C+

$3.8M 28 14

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2014 2015

S-76C+ S-76C++ SPECS Max Range 335 N.M. / 620 km 335 N.M. / 620 km Max Speed 155 Knots 155 Knots Typ. Passengers 12 12

FOR SALE No. for sale 19 (13.0% of fleet) 9 (4.2% of fleet) NOV 2015 Avg Asking Price 4.2M USD 7.7M USD Avg Days on Market 349 247

SOLD Past 12 Months 9 2 Past 3 Months 0 0

SIKORSKY S-92

MAKE OFFER 3 1

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2014 2015

SPECS Max Range 474 N.M. / 877 km Max Speed 155 Knots Typ. Passengers 19

FOR SALE No. for sale 3 (1% of fleet) NOV 2015 Avg Asking Price Make Offer Avg Days on Market 97

SOLD Past 12 Months 0

58 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015 HELICOPTERS FOR SALE SIKORSKY

FEATURED AIRCRAFT FOR SALE

2001 S76C+ (SN760521) Asking 2.5M USD 10,028 hours

• Air Conditioning • Utility Configuration • Emergency Pop-Out Floats & Windows

2005 S-76C+ (SN760592) Asking 3.45M USD 10,357 hours

• OGP Compliant • Enrolled on SBH & PAP

2009 S-76C++ (SN760781) Asking 5.9M USD 900 hours, 1,930 cycles • Freshly Imported on N-Registration • Deluxe 6 Pax VIP Interior w/Silencer Airframe • Engines on SBH • Located at Summit Aviation, Delaware

FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 59 OTHER AIRCRAFT FOR SALE

MODEL YEAR HOURS PAX/CONFIG ASKING (USD) Bombardier Challenger 604 1999 6,009 10 6,195,000 Bombardier CRJ100 1992 10,263 19 Make Offer Bombardier Learjet 45 2006 3,473 8 Make Offer Bombardier Learjet 45XR 2009 2,841 8 Make Offer Bombardier Learjet 55 1982 13,177 7 Make Offer Bombardier Learjet 60 2004 2,084 7 Make Offer Cessna Citation 2004 3,617 8 Make Offer Cessna Citation CJ2 2004 3,641 6 Make Offer Cessna Citation II 1981 10,740 8 Make Offer Cessna Citation XLS+ 2014 81 8 8,500,000 Cessna Citation XLS+ 2014 83 8 8,500,000 Cessna Citation XLS+ 2011 1,624 9 Make Offer Dassault Falcon 2000 2003 4,694 8 Make Offer Dassault Falcon 2000 2000 5,350 10 7,250,000 Dassault Falcon 50EX 2004 3,775 9 Make Offer Dassault Falcon 900B 1991 12,289 12 Make Offer FIXED WING Dassault Falcon 900EX 2007 3,560 19 23,800,000 Gulfstream G450 2005 4,577 14 Make Offer Gulsftream GIV-SP 1999 6,354 13 5,495,000 Hawker 400A 1998 5,873 6 Make Offer Hawker 800XP 2002 1,680 8 Make Offer Hawker 800XP 1999 3,170 8 Make Offer Hawker 800XP 1999 5,360 8 Make Offer Beechcraft King Air 350 2004 3,584 9 2,850,000 Beechcraft King Air 350 1998 6179 8 1,550,000 Beechcraft King Air B200 2000 2,689 9 Make Offer Beechcraft King Air C90B 1996 2,364 6 1,150,000 Beechcraft King Air C90GTX 2013 15 5 2,900,000

AgustaWestland A109E Power 2002 1,550 6 / VIP Make Offer AgustaWestland A109E Power 2006 2,925 6 / EMS Make Offer AgustaWestland A109E Power 2013 30 6 / VIP Make Offer AgustaWestland A109S Grand 2009 530 5 / VIP Make Offer AgustaWestland A119* 2004+ 4000+ - / Utility 1,280,000 AgustaWestland AW139* 2010+ 6000+ 12 / SAR / OGP 10,500,000 AgustaWestland AW139 2006 2,625 12 / VIP Make Offer Airbus Helicopters AS355B2 2005 946 5 / VIP 1,150,000 Airbus Helicopters AS355B2* 1997+ 2800+ 5-6 / SAR 968,000 Airbus Helicopters AS355F2 1994 2,527 5 / VIP 900,000 Airbus Helicopters AS355F2 1997 7,744 5 / VIP 900,000 Airbus Helicopters AS365N3 1991 5,886 11 / Utility Make Offer Airbus Helicopters EC130 B4 2003 1,753 6 / VIP Make Offer Airbus Helicopters EC130 B4 2009 595 5-6 / VIP 2,300,000 HELICOPTERS Airbus Helicopters EC135 P2+* 2006+ 2450+ 5-7 / SAR 3,000,000 Airbus Helicopters EC135T1 1998 3,352 5 / Utility 3,700,000 Airbus Helicopters EC145 2006 3,225 8 / VIP 2,645,000 Airbus Helicopters EC145 2007 500 8 / VIP Make Offer Airbus Helicopters EC145 2013 80 8 / VIP Make Offer Airbus Helicopters EC155 B1 2009 950 6 / VIP Make Offer Scan this code Bell Helicopter 429 2010 725 6 / VIP Make Offer to subscribe to Bell Helicopter 407 2010 634 6 / VIP Make Offer ASG’s newsletter Sikorsky S-76A++ 1983 11,927 12 / Utility Make Offer and stay updated on the latest Sikorsky S-76C+ 2005 2600+ 5-7 / SAR Make Offer aircraft for sale.

* Multiple aircraft available For inquiries, please contact [email protected]

60 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2015

FG_15052_BSCS_TS465_FNL_PRINT_Eng.pdf 1 24/12/2015 10:50

CMY K WHATEVER YOUR MISSION THE SIKORSKY S-76D™ HAS YOU COVERED.

AT LOCKHEED MARTIN WE’RE ENGINEERING A BETTER TOMORROW. VIP. Oil and Gas. EMS. SAR. No matter the mission, Sikorsky provides safe and reliable performance. Fly Out. Fly Back. Fly Safe.™

Learn more at lockheedmartin.com/sikorsky or contact your Sikorsky representative.

Client: Core Communications Produced by: Sikorsky Creative Services Content Contact: Paul Jackson 203-386-7143 Creative Contact: Matt Grasso 203.386.6059 Ad Title: S-76D Has You Covered [email protected] Job Title: 7467_S76D-Ad_AsianSky ITC Workﬂow: n/a Destination/Publication: Asian Sky Quarterly Sikorsky Aircraft Corporation Trim Size: A4 (210mm x 297mm) This Page Does Not Contain Export Controlled Technical Data Date: December 24, 2015 10:13 AM