ASQ7 EN (20170705)

SECOND QUARTER 2017
PRE-OWNED SPOTLIGHT
GULFSTREAM
G450
UPCOMING SPOTLIGHT
EMBRAER
LEGACY 650E
COUNTRY PROFILE
MALAYSIA
ASIA-PACIFIC OUTLOOK
METRICS & MOOD
INTERVIEW
PATRICK BOUVRY
ASIAN SKY GROUP
DIRECTOR OF CONSULTING SERVICES
INDUSTRY INSIGHTS
FACTORS IMPACTING BUSINESS
AVIATION AIRPORT INFRASTRUCTURE
CURRENT MARKET SUMMARIES
JETS & HELICOPTERS
SIMPLY UNBEATABLE
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | I

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+86 10 8535 1866 or +86 139 1064 2948 | HERMAN CHAI ( 蔡 海 文 ) herman.chai@gulfstream.com
+852 2918 1600 or +852 6928 6988 | PETER HOI ( 许 建 钿 ) peter.hoi@gulfstream.com
+86 10 8535 1866 or +86 159 0115 7089 | MATTHEW LIU ( 刘 自 强 ) ziqiang.liu@gulfstream.com

PUBLISHER’S NOTE
Are we there yet? Are we there yet? This question has been in the mind
of most industry members for several months now. Has the business jet
market finally bottomed out? Is there light at the end of the tunnel? Well,
the good news is — from the data and analysis Asian Sky Group (ASG)
has done — yes!
If you consult the Market Dynamics section of this issue of Asian Sky
Quarterly, you’ll find a number of indicators that — taken as a whole —
represent the stabilization of the market we’ve all have been hoping for.
The market is still decidedly a ‘Buyer’s Market’ – plenty of supply and
attractive prices. Although with a stable market and growing optimism,
ASG expects sellers to be firmer with their pricing positions going forward.
Therefore, now is the time to buy.
However, this mindset hasn’t translated into sales just yet. The average
days on market for an aircraft continues to grow and purchase intention
uncertainty remains high, but ASG expects to see this change over the
second half of 2017.
The percentage of the fleet for sale in the Asia-Pacific region has topped
out at around 12% and held steady for the last 12 to 15 months. Likewise,
average asking prices have bottomed out at approximately US$22M and
held steady for the last 4 to 6 months. So, the market trend which we saw
start to change in April of last year, has now balanced out. We even see a
convergence with the signal line indicating sustainability.
In addition to bringing you the latest data on the market, there is also
our regularly featured country profile and aircraft spotlights. This issue,
we look at Malaysia’s business jet and civil helicopter fleets, as well as
available infrastructure and closely examine the pre-owned G450 market
and the new Legacy 650E.
These positive signs are further supported by the results from this
quarter’s ‘Mood & Intentions” survey. Optimism has been growing since Q3
2016 across all regions and reached its highest level this quarter. Aircraft
utilization is increasing, as well. The industry, in the Asia-Pacific region,
generally has better feelings about the future.
Sincerely,
Jeffrey C. Lowe
Managing Director, Asian Sky Group
SPECIAL THANKS TO OUR CONTRIBUTORS:
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 1

CONTENTS
04 ECONOMICS
30
Overview of the Asia-Pacific region’s current status and
each specific country’s GDP versus their business aircraft
fleet growth.
PRE-OWNED SPOTLIGHT
GULFSTREAM G450
A comprehensive market performance analysis of the preowned
G450 market.
06
MOOD & INTENTIONS
Results of the survey on the Asia-Pacific region’s outlook
on current economic status, aircraft utilization, purchase
intentions and influencing factors.
34
INTERVIEW:
MR. PATRICK BOUVRY,
ASG’S DIRECTOR OF CONSULTING SERVICES
Discussing his evolving role with ASG and the company’s
consulting services.
12
20
COUNTRY PROFILE - MALAYSIA
Overview and examination of Malaysia’s business aviation
industry, its fleet growth, top operators and airport
infrastructure.
INDUSTRY INSIGHTS:
FACTORS IMPACTING BUSINESS
AVIATION AIRPORT INFRASTRUCTURE
A quick look at ASG’s upcoming Infrastructure Report,
discussing the region’s need for more MROs, FBOs
and airports.
36
39
UPCOMING SPOTLIGHT
EMBRAER LEGACY 650E
An introduction to Embraer’s new model - Legacy 650E,
complete with a look at its versatile layout, superior cabin,
and specifications.
MARKET SUMMARY - JETS
A model-by-model market position and average days
on-market analysis of featured pre-owned business jets.
22
MARKET DYNAMICS
An in-depth analysis of inventory levels, market trends
and the changing price signals for the business jet fleet in
the Asia-Pacific region, given the continual fluctuations in
supply and demand.
56
MARKET SUMMARY - HELICOPTERS
A model-by-model market position and average days
on-market analysis of featured pre-owned civil helicopters.
PUBLISHER
EDITORIAL
Litalia Yoakum
DESIGN
Robert Li
Aya Leung
Michael Wong
MARKET RESEARCH & DATA ANALYSIS
Bowen Zhang
Casper Zhuang
Michelle Shen
Jersey Wu
Patrick Bouvry
The materials and information provided by Asian Sky
Group Limited (“ASG”) in this report is for reference
only. Any information we provide about how we may
interpret the data and market, or how certain issues
may be addressed is provided generally without
considering your specific circumstances. Such
information should not be regarded as a substitute
for professional advice. Independent professional
advice should be sought before taking action on any
matters to which information provided in this report
may be relevant.
ASG shall not be liable for any losses, damage, costs
or expenses howsoever caused, arising directly or
indirectly from the use of or inability to use this report
or use of or reliance upon any information or material
provided in this report or otherwise in connection with
any representation, statement or information on or
contained in this report.
ASG endeavors to ensure that the information
contained in this report is accurate as at the date
of publication, but does not guarantee or warrant
its accuracy or completeness, or accept any liability
of whatever nature for any losses, damage, costs
or expenses howsoever caused, whether arising
directly or indirectly from any error or omission in
compiling such information. This report also uses
third party information not compiled by ASG. ASG
is not responsible for such information and makes
no representation about the accuracy, completeness
or any other aspect of information contained. The
information, data, articles, or resources provided by
any other parties do not in any way signify that ASG
endorses the same.
ADVERTISING/AIRCRAFT SALES ENQUIRIES:
sales@asianskygroup.com
Asian Sky Group
Suite 3905, Far East Finance Centre,
16 Harcourt Road, Admiralty, Hong Kong
Tel: (852) 2235 9222 | Fax: (852) 2528 2766
sales@asianskygroup.com
www.asianskygroup.com
www.asianskymedia.com
2 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

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at sea, on a mountain or in a blizzard,
it can bring help to where it’s needed.
Compact and versatile, it provides
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Resilience. We make it fl y.

2017 Q1 ECONOMICS
The improvement in external demand for the Asia Pacific (ex-Japan) has supported growth, improved capacity utilization and reduced the disinflationary
pressures in the region. As aggregate demand has stabilized, policy makers have been able to reduce policy support in a counter-cyclical fashion.
Source: Morgan Stanley & Focus Economics
Australia
Consumption indicators have stabilized, albeit at weak levels. Retail
sales picked up at the margin and employment growth has recently
stabilized. Export growth has picked up, primarily supported by a
rebound in commodities prices. The Reserve Bank of Australia (RBA)
left the key policy rate unchanged at 1.5% in the March policy meeting,
citing a stronger global backdrop and Australia’s transition as growthsupporting
factors.
China
The backdrop of a synchronous global recovery and policy makers’
tolerance for slower growth has meant that policy makers will reduce
the reliance on debt-fueled growth, both of which will lend support to
a more productive growth cycle. On the domestic front, retail sales
moderated at the margin early in the year due to slowing sales in
housing-related goods, while sales remained stable in both staples and
non-housing discretionary products. Export volume growth has also
picked up in recent months.
Hong Kong
Following unexpectedly solid GDP growth at the tail-end of 2016, the
economy looks poised to maintain some of that momentum. February’s
remarkable rebound in imports signaled improving demand at home.
The momentum did not carry over to the retail sector, however, where
a strong dollar and the notoriously volatile Lunar New Year holiday did
little to boost long-declining sales. On July 1, Carrie Lam will become
Hong Kong’s first female chief executive. The Beijing-favorite ran on
a platform of tax reform for small businesses and greater investment
in public housing. Lam will inherit a fragile economy tied to mainland
Chinese growth and a global marketplace increasingly under threat
from protectionism.
Taiwan
Retail sales weakened at the margin, while real wage growth and
consumer confidence both remained weak. In contrast, exports
posted strong gains, with both high tech and non-high tech products
accelerating to their fastest pace of growth in over six and five years,
respectively. On the fiscal policy front, the cabinet approved a special
budget of 28.9B USD for an eight-year infrastructure plan.
South Korea
Overall domestic demand is firming, with passenger car sales and retail
sales growth accelerating, reflecting an improvement in consumption
activity. Export growth marked a fourth consecutive month in positive
territory, with minerals, fuel, chemical and related goods continuing
to grow at a rapid pace. On the fiscal front, while recent political
developments may have removed some uncertainty, it is unlikely to
meaningfully influence any policy response.
Thailand
Overall consumption remained subdued, having decelerated after a
period of improvement. External demand has continued to be favorable,
with agriculture and automotive being the key contributors to the
uptick. The Bank of Thailand has kept its policy rates unchanged for an
extended period and no further rate cuts are expected.
Singapore
Despite registering a quarter-on-quarter contraction due to high base
effects, the economy expanded compared to the same quarter last year,
albeit at a reduced rate. Q1’s reading was underpinned by an expansion
in the export-oriented sectors, which benefited from strong external
demand, especially from China. Nevertheless, domestic demand
remains subdued, as evidenced by weak retail sales.
Malaysia
The economy’s two-year slowdown—brought on by low oil prices and
subdued global trade—likely bottomed out in 2016 and activity should
make a small recovery this year. A pickup in global trade and an expected
improvement in fixed investment because of higher oil prices should
fuel Malaysia’s export-led economy. Leading economic indicators for
Q1 already show signs of improvement: growth in industrial production
accelerated in February, while exports grew at a double-digit pace in the
first two months of this year.
Japan
Economic growth appears to have strengthened momentum at the
outset of the year as a relatively weak yen and strong global demand
fueled activity in the all-important external sector. In March, exports
rose at the fastest pace in over two years and expanded at a doubledigit
rate for the second consecutive month. The strong rebound in
exports since late 2016 prompted business sentiment to improve at the
outset of the year. Moreover, the economy is benefiting from a declining
unemployment rate, which decreased to a 22-year low in March.
India
Signs of normalization are emerging in household consumption,
following the currency-replacement program in November 2016.
Production growth in consumer durables returned to positive territory
in January. India’s export growth rose to a 64-month high in February
2017, with exports from the EU and ASEAN driving the uptick.
Philippines
The economy continues to enjoy robust growth. Strong external
demand, especially from China, caused exports to increase strongly
in the first two months of the year. Rising imports and retail sales
are a testament to steadily strong private consumption, underpinned
by strong remittances and moderate inflation. In addition, recently
published data show that tax collection grew at a double-digit rate in
Q1, which bodes well for the government’s plan to increase revenues
to boost infrastructure spending. On the downside, the labor market
showed some weakness in Q1 due to the two typhoons which have hit
the country in recent months.
Indonesia
The Bank of Indonesia has kept its policy rate unchanged since October
2016, signaling a shift in monetary policy focus from supporting growth
to protecting macro stability. Export growth slowed in the country, partly
due to base effect. This was driven by a sharper slowdown in non-oil and
gas exports growth at the margin, while oil and gas exports growth also
decelerated. One the domestic front, passenger car and two-wheeler
sales growth slowed, while consumer goods imports contracted.
4 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

BUSINESS JET FLEET AND GDP BY COUNTRY
ECONOMICS
Australia
China
Hong Kong
India
Indonesia
Japan
Malaysia
New Zealand
Papua New
Guinea
Philippines
Singapore
South Korea
Taiwan
Thailand
GDP (BILLION USD)*
BUSINESS JET FLEET † CIVIL TURBINE HELICOPTER FLEET †
11,909
315
808
6,040
5,495
4,186
2,397
662 648
601
532
1,709
1,142
1,095
1,422
1,381
903
146
186
139
128
473
755
553
110
74
56
64
326
279
446
341
255
236
229
200
147
10
413
321
315
292
179
19
37
35 34
29
17
15
13
8
2
54
51
48
37
24
23
16
4
222
181
156
147
120
113
108
76
226
203
156
150
106
97
45
27
16
15
1 3
2010 2011 2012 2013 2014 2015 2016 2017Q1
2010 2011 2012 2013 2014 2015 2016 2017Q1
2010 2011 2012 2013 2014 2015 2016 2017Q1
* 2014 & 2015 ASG data and historically adjusted using Jetnet fleet yearly increases.
* GDP Source: Tradingeconomics.com
†
Business jet and civil helicopter fleet data obtained from ASG’s
Fleet Reports. For our latest publications, please stay tuned for
ASG’s media channel
www.asianskymedia.com
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 5

MOOD & INTENTIONS:
ASIA-PACIFIC REGION SURVEY 2017 Q2
In May 2017, over 400 respondents (a 20% increase from Q1)
participated in ASG’s survey on the mood and intentions of the current
business aviation market in the Asia-Pacific region.
Regions with the most respondents include:
1. South and East Asia (160 respondents (40%), including
Malaysia, Indonesia, Singapore, Philippines, Thailand, Japan, and
South Korea)
2. Central Asia (82 respondents (21%), including India,
Pakistan, and others.)
3. Greater China (74 respondents (19%), including Mainland
China, Taiwan, Hong Kong and Macau)
4. Oceania (60 respondents (15%), Australia, New Zealand and
Papua New Guinea)
TOP 10 RESPONDENT’S LOCATION
Japan 12 (4%)
Thailand 14 (5%)
Singapore 21 (7%)
Philippines 25 (8%)
China 28 (9%)
Malaysia 32 (11%)
16+16+13+11+11+9+8+7+5+4+G
76 %
OF TOTAL
RESPONDENTS
India 50 (16%)
Australia 47 (16%)
Indonesia 39 (13%)
Hong Kong 34 (11%)
RESPONDENT LOCATION BREAKDOWN
RESPONDENT’S AIRCRAFT TYPE
Worldwide with Activity
in APAC 24 (6%)
Oceania 60 (15%)
Greater China 74 (19%)
Central Asia 82 (20%)
40+20+19+15+6+G
400
RESPONDENTS
South & East Asia 160 (40%)
Helicopters 84 (31%)
69+31+G
Business Jets or
Turboprops 188 (69%)
WHAT IS OUR CURRENT ECONOMIC STATUS?
(QUARTERLY COMPARISON)
Optimistic
(Will get better)
Past Low Point
22%
25%
At Low Point
30%
30%
24%
30%
26%
27%
36%
38%
45%
100%
90%
80%
70%
60%
30%
50%
Not Reached Low Point
35%
34%
40%
Pessimistic
(Will get worse)
45%
48%
46%
47%
34%
27%
21%
30%
20%
10%
0%
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
The optimistic economic mood has reached its highest point since
ASG started this survey. During 2017 Q2, 45% of the total respondents
believed that the economy has passed its low point and will improve,
a significant 7% increase from last quarter. Alternatively, 21% of
respondents believed that the economy has not reached its low point
and will continue to get worse, a 6% drop from last quarter. The number
of respondents who believed that the economy reached a low point in
May 2017 is 34%, which is 1% lower compared to the 2017Q1 survey.
6 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q2
OPTIMISTIC LEVEL SINCE 2015Q4 - REGIONAL DIFFERENCE
Greater China South & East Asia Central Asia Oceania
Overall
90%
80%
80%
83% 84%
79%
91%
81%
79%
70%
69%
73%
70%
68%
60%
50%
57%
55%
53%
60%
56%
52%
51%
54%
52%
54%
57%
53%
66%
61%
54%
62%
40%
43%
37%
30%
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
In general, respondents who believe that the current economic situation
has passed its low point or is at its low point can be described as
optimistic. This quarter, there are total of 79% of respondents who
believed that our economy can improve in the future – a 6% increase
compared to 2017Q1 and a 27% increase since 2016Q1.
This quarter, all surveyed regions display a higher optimistic level
compared to previous quarters. While 68% of the respondents from
Oceania region and 70% from Greater China are optimistic about the
current economy, these regions are under APAC’s average optimistic
level (79%). 81% of the respondents from South and East Asia and
91% of the respondents from the Central Asia region show a great
confidence for the region's economic future being above APAC's
average optimistic level.
HOW IS YOUR AIRCRAFT UTILIZATION COMPARED TO 12 MONTHS AGO?
100%
90%
Up by 20% and more (>20%)
80%
70%
Up but less than 20% (0 - 20%)
Increased
60%
50%
The same (0%)
40%
30%
Down but less than 20% (-20 - 0%)
Unchanged
20%
10%
0%
Down by 20% or more (

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q2
GREATER CHINA
Improved Aircraft Utilization
AIRCRAFT UTILIZATION:
REGIONAL DIFFERENCES
OPTIMISTIC
PESSIMISTIC
This quarter, 22% of respondents said their
expected aircraft utilization has decreased,
which is 2% lower compared to last quarter and
22% lower since 2015 Q4. 54% of respondents
said their aircraft utilization has increased,
49+0+0+0+0 35+0+0+0+027+0+0+0+032+0+0+0+0 16+0+0+034+0+0
39+0+0+0+0 +0+032+0+0+034+0+0
19+0+0+0+028+0+ 37+0+0+0+0 +0+038+0+0+0+0 +0+0+0+0 47+0+0+0+0 24+0+0+0+0 29+0+0+0+0 51 3431
18
which is a 3% increase compared to last quarter
Decreased The Same Increased Signal Line*
and a 35% increase since 2015 Q4.
*An Optimistic-Pessimistic Signal Line has been
added to portray usage trends in the Greater
China, Oceania and South and East Asia regions.
An optimistic mood is derived from more
people indicating a ‘higher’ aircraft utilization
2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
than 12 months ago, and a pessimistic mood
is derived from more people indicating a ‘lower’
49%
35%
16%
39%
27%
34%
37%
31%
32%
47%
19%
34%
34%
28%
38%
29%
24%
47%
18%
31%
51%
aircraft utilization than 12 months ago.
OCEANIA
Greater China
51% (47% at 2017 Q1) of respondents indicated
Improved Aircraft Utilization
their aircraft utilization in 2017 Q2 increased,
OPTIMISTIC
PESSIMISTIC
with only 18% (29% at 2017 Q1) of the
respondents stating their aircraft utilization was
lower compared to 12 months ago. Pushing the
utilization trend even further into the optimistic
41+0+0+0+0 35+0+0+0+037+0+0+0+030+0+0+0+0 24+0+0+038+0+0
25+0+0+0+0 +0+027+0+0+022+0+0
32+0+0+0+031+0+ 42+0+0+0+0 +0+031+0+0+0+0 +0+0+0+0 46+0+0+0+0 44+0+0+0+0 25+0+0+0+0 31+0+0+0+0 45 3833
23
zone.
Decreased The Same Increased Signal Line*
Oceania
Aircraft users are now back in the optimistic
zone regarding aircraft utilization in Q2. 45%
of respondents have indicated their aircraft
2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
utilization has increased, 15% higher compared
to 2017 Q1. 23% of respondents believe their
41%
35%
24%
25%
37%
38%
42%
32%
27%
46%
32%
22%
38%
31%
31%
31%
44%
25%
23%
33%
45%
aircraft utilization has decreased, 8% lower
compared to 2017 Q1.
SOUTH AND EAST ASIA
South and East Asia
Expected aircraft utilization has moved back
Improved Aircraft Utilization
into the optimistic zone since 2017 Q1. With
OPTIMISTIC
PESSIMISTIC
a high of 56% of respondents recording an
increased use of their aircraft, this is the highest
level since 2015 Q4 and 37% higher compared
to 2017 Q1. Respondents in these regions are a
50+0+0+0+0 43+0+0+0+032+0+0+0+036+0+0+0+0 7+0+0+018+0+0
50+0+0+0+0 +0+041+0+0+035+0+0
28+0+0+0+036+0+ 23+0+0+0+0 +0+037+0+0+0+0 +0+0+0+0 37+0+0+0+0 48+0+0+0+0 19+0+0+0+0 33+0+0+0+0 56 2718
26
also expecting higher aircraft utilization for the
Decreased The Same Increased Signal Line*
next quarter.
2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
50%
43%
7%
50%
32%
18%
23%
36%
41%
37%
28%
35%
27%
36%
37%
33%
48%
19%
26%
18%
56%
8 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q2
MANAGEMENT COMPANY SATISFACTION
KEY FACTORS (OUTER IS BETTER)*
Operational
Safety
Quality of
Maintenance
Greater China
South & East Asia
Oceania
Customer Service
Quality of
On-board Service
Most Satisfied
Central Asia
APAC Overall
Operational
Efficiency
Value for
Money (Price)
Regarding aircraft management satisfaction ratings, aircraft owners are
satisfied with the ‘Operational Safety’ and ‘Quality of Maintenance’ they
are receiving, however unsatisfied with the ‘Value for Money’ aspects. This
quarter’s results are in line with previous results.
The Central Asia region has the highest rate of satisfaction compared
to other regions. Greater China and Oceania regions have a lower
satisfaction level, with ‘Value for Money’ being the factor owners are least
satisfied with.
DO YOU OR YOUR CLIENT OWN OR CHARTER
A PRIVATE AIRCRAFT?
41+20+39+G
Just Own (39%) Both Own and Charter (41%)
Just Charter (20%)
203
OF TOTAL
RESPONDENTS
PRIMARY CHOICE WHEN SOURCING
A CHARTER AIRCRAFT
17+83+G
Contact Operator (83%)
Contact Broker (17%)
When asking “Do you or your client own or charter a private aircraft?”,
20% (14% in 2017 Q1) of respondents only charter an aircraft, while 39%
(same in Q1) would just own a private aircraft. The remaining 41% would
both own and charter an aircraft, implying that charter is seen as a viable
source of supplemental lift when necessary.
On the question of an operator or broker sourcing charters the primary
choice for 83% (76% in 2017 Q1) of respondents would contact an
operator first.
PURCHASE INTENTION 2015 Q4 - 2017 Q2
PURCHASE INTENTION
58%
Yes, a new aircraft Yes, a pre-owned aircraft No / I’m not sure
58%
59%
56%
54%
48%
43%
Contrary to the optimistic attitude towards the economy this quarter,
only 22% (same as Q1) of respondents are considering purchasing a
new aircraft, with 19% of respondents considering purchasing a preowned
aircraft, a 4% decrease compared to last quarter. Over half (59%)
of respondents are unsure or simply don’t have a plan to purchase an
aircraft — the highest since the start of this survey. This was also a
similar sentiment shared in 2017 Q1, when 54% were unsure.
22%
20%
22%
20%
30% 29%
22%
28%
25%
19%
23% 22%
19%
Large jets are still buyers’ first choice when considering the purchase
of a fixed-wing aircraft. Corporate airliner's second, while the leastwanted
aircraft model-type in the Asia-Pacific region are the small jets
2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 9

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q2
PURCHASE INTENTION - REGIONAL DIFFERENCES (FIXED WING)
Corporate Airliner Large Jet Medium Jet Small Jet Turboprop / Piston Fixed Wing
Central Asia 19% 16% 19% 3%
22%
South & East Asia 19% 43% 17%
4% 2%
Oceania 5% 9% 14% 5% 36%
Greater China 17% 20% 14% 11%
18%
(i.e. Hawker 400, G150, and Phenoms). In the rotary side, twin-turbine
models (i.e. S76C+ and Bell 412) are slightly more popular versus singleturbine
helicopters (i.e. Bell 206 and AW119), while piston helicopters
are the least wanted aircraft model type in the Asia-Pacific region.
PURCHASE INTENTION - FIXED WING
(OUTER IS PREFERRED)
Corporate Airliner
Most Preferred
The purchase intention by region is shown above to illustrate regional
differences for fixed-wing aircraft. Greater China has a significantly
higher need for large jets, while turboprops are more suitable for
Oceania than any other region. Corporate airliners are commonly
needed (17-19%) in Central Asia, Greater China, South and East Asia, as
well. Additionally, the medium and small jets categories are wanted, but
on a relatively lower level.
Turboprop/Piston
Fixed Wing
Large Jet
Small Jet
Medium Jet
INFLUENCING FACTORS ON
PURCHASE DECISIONS
Influencing factors have been simplified into four major categories:
Need, Public Image, Interest and Purchase Feasibility, with these being
significant regional differences were found.
PURCHASE INTENTION - HELICOPTER
(OUTER IS PREFERRED)
Twin Turbine
Most Preferred
Greater China
Greater China’s potential aircraft buyers have transitioned away worrying
about the government and public opinion, due of the central government’s
welcoming stance on developing the general aviation market. The
concern now is finding the right aircraft to suit their interests.
Piston
Helicopter
Single Turbine
Helicopter
Oceania
Oceania’s aircraft purchase decisions are limited by the need and
the buyers’ purchase feasibility, including financing capabilities and
sensitivity toward aircraft pricing.
South & East Asia
Similarly in South and East Asia, respondents don’t believe there is
enough of a need to buy an aircraft. Additionally, they are sensitive about
purchase feasibility and public image, however there is actual interest
in purchasing an aircraft.
PURCHASE DECISIONS - INFLUENCING FACTORS
(OUTER IS LIMITING)*
Greater China Oceania South & East Asia Central Asia
Interest
Most Limiting
Central Asia
The region’s [India, Pakistan, UAE & others] have potential interest in
purchasing an aircraft. Purchase feasibility and need do not seem to be
as limiting as in the South and East Asia region.
Purchase
Feasibility
Need
Public Image
10 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

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COUNTRY PROFILE
MALAYSIA
4
Sultan Ismail Petra
Airport
Langkawi
International Airport
3
13
Kota Kinabalu
International Airport
Penang International
Airport
26 25 24 23 21 20 19
18
17
15
11
10
9
6
1
Subang Sultan Abdul
Aziz Shah Airport
22
5
2
Kuala Lumpur
International Airport
Melaka Airport
16
14
Kuching International
Airport
Senai International
Airport
12
27
8
7
Training School
FBO
Top Operator - Jet
MRO
Top Operator - Helicopter
1
2
3
4
5
6
7
8
9
10
11
12
13
Air Adventure Flying Club
International Aero Training Academy
Asia Pacific Flight Training
HM Aerospace
Malaysian Flying Academy
ExecuJet Malaysia
Gov’t of Malaysia
TAG Aviation Malaysia
Smooth Route
Weststar
MHS
Hornbill
Layang Layang
14 Executive Jet
15 Redland Aviation Services
16 Senai Airport Terminal Services
17 SkyPark
18 Smooth Route FBO
19 ExecuJet Malaysia
20 Hawker Pacific
21 Smooth Route MRO
22 CTRM Avitation
23 Airbus Helicopters Malaysia
24 AgustaWestland Malaysia
25 MyCopter
26 Cempaka
27 Sepang Engineering
12 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

COUNTRY PROFILE: MALAYSIA
MALAYSIA
by Litalia Yoakum
Since its formation in the early 1960s, Malaysia has shown incredible
development. With one of the best economic records in Asia, the
country’s GDP was identified by the World Bank’s Commission on
Growth and Development to have recorded an average growth of more
than 7% for 25 years or more, paving the way for a successful business
aviation industry.
Inhabiting parts of the Malay Peninsula and the island of Borneo
separated by the South China Sea, the Southeast Asian country is
home to over 30 million residents, according to the Department of
Statistics Malaysia.
During the country’s early years of independence, it was a major
producer of rubber, tin and palm oil, acting as a source of economic
stimulus, requiring a strong workforce. Classified by the World Bank as
an upper-middle income economy, Malaysia has since transitioned into
an emerging multi-sector economy, focusing on tourism, commerce and
technology, while maintaining its position as a top exporter of its natural
and agricultural resources.
Business Jet Fleet by Size Category
Very Light 1 (2%)
Corp. Airliner 4 (8%)
Light 7 (15%)
Long Range 9 (19%)
31+25+19+15+8+2+G
48
Business Jet Fleet by OEM
Large 15 (31%)
Mid-Size 12 (25%)
The country’s GDP was
identified by the World
Bank’s Commission on
Growth and Development
to have recorded average
growth of more than 7%
for 25 years or more.
Hawker 1 (2%)
Airbus 2 (4%)
Boeing 2 (4%)
Embraer 3 (6%)
Cessna 7 (15%)
Gulfstream 8 (17%)
35+17+17+15+6+4+4+2+G
48
Bombardier 17 (35%)
Dassault 8 (17%)
* Data Source: Asian Sky Group Fleet Report (Year-End 2016)
Malaysian Prime Minister Najib Razak is striving for more, through his
attempt to elevate the country from its current income status to highincome
status by 2020. The move, launched in 2010 and a part of the
country’s Economic Transformation Programme (ETP), will be achieved
by “attracting US$444 billion in investments which will, in turn, create
3.3 million new jobs”. The EPT, likely attracting investments in finance,
high technology, biotechnology and services, has reduced the country’s
reliance on petroleum-related income and attempted to liberalize
sub-sectors.
In 2017, the International Monetary Fund (IMF) Consultation Report
on Malaysia described the multi-cultural nation as “resilient, owing to a
diversified production and export base” and “among the fastest growing
economies among peers”.
Such vast economic goals for Malaysia will prove to be beneficial to
business aviation, with economic growth often fueling activity and
growth within the industry. In the meantime, the country’s industry is
stable, seeing only minimal growth from 2016 to 2017.
STATUS QUO
At year-end 2016, the number of business jets based in Malaysia
remained the same as in 2015 — 48 business jets. Large jets dominated
this market, with 31% (15) of the market share. Mid-size follow with 25%
(12). Bombardier holds the largest share of the fleet, with 35% (17),
followed by Gulfstream and Dassault, with 17% (8) each.
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 13

COUNTRY PROFILE: MALAYSIA
ASG Vice President, Southeast Asia Neil Marshall, based in Malaysia
explained, “The general state of business aviation has stagnated in the
last year or so, due to the recent fall in the value of the Malaysian Ringgit
against the major currencies, which along with the drop-in oil price has
adversely impacted the local economy. Buying dollar assets became too
expensive, however the Ringgit has strengthened against the US dollar
driven by very positive Malaysian export figures, which can only help
improve the economy.”
According to a Malaysian Business Aviation Market Study by Asia
Jet Partners Malaysia Sdn Bhd (AJPM), a subsidiary of Asia Jet, the
market shows substantial room for growth. “Although new aircraft
deliveries have been on the low side, this can be ascribed to a slower
Malaysian economy.”
“Business aviation is seeing more coverage in the national press and its
development lends itself beyond just aircraft in the fleet but also more
support services being added and further foreign company investment
being attained,” says AJPM CEO Stutijn van Till.
In the business jet charter segment, “requests for charters have
remained positive, and on the increase and will likely see a surge in 2017
Q3 and Q4,” reports the AJPM Malaysian Market Study.
“The international charter market to and from Malaysia has continued
to remain steady with some growth, but most recently the authorities
are starting to enforce cabotage by refusing permit applications for
commercial charter on a foreign-tailed aircraft that position in empty and
pick up passengers from Malaysia to a third country,” explains van Till.
With only two Malaysia-registered aircraft (9M-reg) available for charter
that can operate domestically, this market has opened the way for grey
charters. “The grey charter market is unfortunately still enjoying a lot
of freedom to conduct these flights with little oversight, despite the
regulator tightening and applying the regulations accordingly,” continues
van Till.
Helicopter Fleet by Size Category
Heavy 16 (10%)
Single 33 (22%)
Light Twin 43 (29%)
38+29+22+10+1+G
Super Medium 1 (1%) Medium 57 (38%)
Helicopter Fleet by OEM
Others 8 (5%)
Sikorsky 10 (7%)
Bell Helicopter
18 (12%)
Leonardo 32 (21%)
150
55+21+12+7+5+G
150
* Data Source: Asian Sky Group Fleet Report (Year-End 2016)
Airbus 82 ( 55%)
INFRASTRUCTURE
Global design, engineering and management consulting company
Arcadis released its Third Global Infrastructure Investment (GII) report
in 2016, listing Malaysia as number five in the top 10 locations in the
world to invest in infrastructure.
“Malaysia’s strong economic performance and long term continued
investment in infrastructure, for example its capital city’s metro system,
have made the market attractive for investment,” states the GII report.
According to the Malaysian Investment Development Authority (MIDA),
the country’s “persistent drive to develop and upgrade its infrastructure
has resulted in one of the most well-developed infrastructure among the
newly industrializing countries in Asia”.
Boasting several international airports, the aviation industry has reaped
the benefits of long-term investment in infrastructure. The country’s
largest airport, Kuala Lumpur International Airport (KLIA), has the
capacity to handle 40 million passengers and more than 1.2 million tons
per year 前 of cargo per year, according to the MIDA.
“Airport infrastructure in Malaysia is generally up to standards,” says
ExecuJet Malaysia General Manager, Ivan Lim. “Malaysia Airports
Holdings Berhad operates five international, 16 domestic and 18 short
take-off and landing airports in Malaysia.”
While the industry is growing, business aircraft in the country have
access to five FBOs, with three located in the country’s capital Kuala
Lumpur and two located in Johor Bahru. SkyPark, established in 2008
and based at Sultan Abdul Aziz Shah Airport in Subang, is the only FBO
in Malaysia with a VIP lounge and on-site CIQ facilities. As an integrated
business jet service provider, SkyPark offers comprehensive FBO
services. The two cities also have a handful of ground handlers available
including Senai Airport Terminal Services, ExecuJet Malaysia, Redland
Aviation Services, Sapura Aero and Smooth Route.
Although there is no business aviation terminal exclusively, the airports
in Malaysia can accommodate business jet arrivals and departures,”
says Lim. “Business aviation activities in Malaysia are concentrated at
the Subang Airport, being that the airport closest to Kuala Lumpur.”
A network of MROs is available in the country’s capital, Sepang and
Malacca. Hawker Pacific in Kuala Lumpur offers full maintenance
services for business jets, piston and turboprops, along with SR Aviation
and ExecuJet Aviation.
14 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

COUNTRY PROFILE: MALAYSIA
“ExecuJet Malaysia is located at the Subang Airport and is currently
the largest business jet MRO in Malaysia, as well as being the sole
Bombardier Authorized Service Centre here and at the same time having
maintenance capabilities in the Gulfstream product line,” says Lim.
Helicopter Fleet by Mission
EMS 3 (2%)
Private 1 (1%)
With Malaysia putting more emphasis on aviation infrastructure, it is
now gradually competing with Singapore, which is recognized as an
MRO and aviation hub. Offering a relatively easy entrance onto the
market, Malaysia offers low rental, construction, operating and labor
costs, while Singapore faces land and capacity constraints.
Noted in AJPM’s Malaysian Business Aviation Report: “Maintenance
has a huge potential in the country. The biggest hurdle is training. Cost
savings are significant over Singapore at Seletar Airport. However, lack
of modern air-conditioned hangars makes it uncomfortable to work
long shifts in the sun. Other factors include lack of proper supervision,
motivation and investment in training. Engineering jobs compete with
the auto and other industries, so pay and benefits [in business aviation]
need to be on par to ensure quality and talent is entering the sector.”
+4 +3 +3
4 4 3 3
Top Operators’ Business Jets by OEM
ExecuJet
Gov’t of Malaysia
Bombardier 2 2 2 6
Gulfstream 2 1 1 4
Cessna 3 3
Airbus 1 1
Total 4 4 3 3 14
TAG Aviation
Smooth Route
Total
Training 5 (4%)
SAR 10 (7%)
Law Enforcement
11 (7%)
Charter 18 (12%)
Corporate 26 (17%)
29+21+17+12+7+7+4+2+1+G
150
* Data Source: Asian Sky Group Fleet Report (Year-End 2016)
Offshore 44 (29%)
Multi-Mission 32 (21%)
In May 2016, Malaysia Airports Holdings Berhad (MAHB) introduced
the Kuala Lumpur International Airport (KLIA) Aeropolis plan, intended
to better serve Southeast Asia’s aviation needs. With passenger traffic
increasing, the proposed expansion of KLIA is set to include the present
terminals and will center around air cargo and logistics; aerospace and
aviation parks; meetings, incentives, conferences and events (MICE) and
leisure. The plan is still in development stages, but aims to address the
growing needs of a number of industries, including business aviation.
In the meantime, AJPM’s van Till believes that Malaysia’s largest airport,
known as the Subang Airport, “requires the masterplan that was put
on the table several years ago. This would help reorganize the existing
SkyPark FBO, which currently shares its ramp space for departures with
ATR aircraft. If Sapura Aero could also be given permission to open up
its FBO, that has already been constructed, this would give options to
users to shorten their taxi time from embarkation.”
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 15

COUNTRY PROFILE: MALAYSIA
ROTARY MARKET
“The Malaysian helicopter market is similar to the fixed-wing segment,
as it has struggled against a falling economy,” says ASG’s Neil Marshall.
The Malaysian helicopter fleet (turbine only) has seen reductions for
“The principal OEMs report a fall in sales, but are confident for the future
three consecutive years. As of year-end 2016, the fleet stood at 150,
as seeds of economic recovery are beginning be seen.”
down from 152 in 2015 and 156 in 2014. The single, light twin and heavysized
helicopters have remained stable within this market; however, the
24+15+11+11+10+8+7+6+5
medium-sized helicopter fleet has declined over the past few years.
Malaysia continues to be a dominant player in Southeast Asia offshore
operations, with 29% of the total fleet configured for offshore oil and
gas support. However, the number of helicopters being utilized for
this mission type has been steadily decreasing. At year end 2016, 44
helicopters were used for offshore operations, slightly down from 45 in
2015 and 49 in 2014.
Top Operators‘ Civil Helicopters by OEM
24
15
11 11 10
Weststar Aviation Services is the country’s largest operator for civil
helicopters. The company’s general aviation division, which operates
both fixed-wing and rotary for charter, advised that the charter business
in 2016 has been challenging, however they remain active by having the
ability to be price competitive.
In an interview with the Malaysian newspaper New Strait Times, the
company’s Founder and Managing Director Tan Sri Dr. Syed Azman
8 7 6 5
Weststar
MHS
Hornbill
Layang-Layang
Sabah Air
National Police
Fire & Rescue
Maritime
Awan Inspirasi
Total
Airbus 4 11 6 10 3 8 3 3 48
Bell Helicopter 5 1 6 12
Leonardo 19 1 3 3 2 28
Mil 4 4
Sikorsky 1 4 5
Total 24 15 11 11 10 8 7 6 5 97
16 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

COUNTRY PROFILE: MALAYSIA
FLEET GROWTH 2014 - 2016
Civil Turbine Helicopters
Business Jets
156
-3%
152
-1%
150
50
-4%
48
0%
48
2014 2015 2016
Syed Ibrahim acknowledged that “growth in the O&G sector is somewhat
limited and that it’s only natural for us to explore and expand our
operations beyond the Malaysian shores.”
NUMBER OF HANGARS*
FUTURE EXPECTATIONS
As eyes are pointed at Malaysia and its business aviation industry, the
country is expected to flourish over the next few years. With the country
expressing a desire to become a high-income status nation, its endeavor
to achieve this will coincide with investments, opportunity and growth.
16 4
“The industry will continue to grow steadily despite the hurdles faced,”
says AJPM’s van Till. “With Singapore’s Seletar Airport continuing to
get busier and busier, it will hit a ceiling level, like Hong Kong, without
additional infrastructure being built there. So, the spill over affect will
continue and basic economics will play a part.”
Giving Malaysia an opportune time to showcase itself as an aviation
hub, the country is now working toward enhancing the industry and will
continue to do so.
“Malaysian airport operator, Malaysia Airports launched its latest and
most ambitious endeavour: the KLIA Aeropolis which encompasses,
among others, an initiative to regenerate the Subang Airport into a
regional hub for business aviation that would serve the growing needs
for business jets MRO, FBO and aircraft management companies in Asia
Pacific,” explains ExecuJet’s Lim.
* Data Source: Asian Sky Group Infrastructure Report 2017
*Total number of hangars only includes FBO and MRO facilities in this report.
“Malaysia Airports aims to create value through smart partnerships
and synergistic collaboration with its business partners, in order to
achieve mutual benefits and provide solutions in terms of supply chain,
human capital, infrastructure, equipment and technology to attract
aerospace players to be part of the established ecosystem in Subang
and subsequently expand their businesses towards the main gateway
of the nation.”
As the country begins to undertake this endeavour, the regional business
aviation industry awaits with high expectations for Malaysia.
FBO’S FACILITIES AND SERVICES *
FBO Name
Airport Name
Aircraft
Hangarage
On-Site
CIQ **
VIP
Lounges
Aircraft
Handling
Aircraft
Refueling **
Executive Jet Senai International Airport ● ● ● ●
Redland Aviation Services Subang Sultan Abdul Aziz Shah Airport ● ● ● ●
Senai Airport Terminal Services Senai International Airport ● ● ●
SkyPark Subang Sultan Abdul Aziz Shah Airport ● ● ● ● ●
Smooth Route Subang Sultan Abdul Aziz Shah Airport ● ● ● ●
* Data Source: Asian Sky Group Infrastructure Report 2017
** CIQ: Customs, Immigration and Quarantine; Refueling: Arrangement Services
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 17

● ● ● ●
● ● ●
● ● ● ● ● ● ● ● ● ●
● ● ●
●
●
● ●
● ● ● ●
● ● ●
● ● ● ● ●
● ● ● ● ● ● ● ●
● ● ● ● ● ● ● ● ● ● ●
● ● ● ●
COUNTRY PROFILE: MALAYSIA
MRO CAPABILITIES BY MODEL
● Line and Base
● Line Only
● Base Only
FOR OTHER COUNTRIES’ INFRASTRUCTURE PROFILES DOWNLOAD
OUR INFRASTRUCTURE REPORT AT: WWW.ASIANSKYMEDIA.COM
AIRBUS
ExecuJet
Hawker Pacific
Sepang Eng.
GULFSTREAM
ExecuJet
Smooth Route
TEXTRON
Smooth Route
AIRBUS
AgustaWestland
Airbus Malaysia
Cempaka Heli.
MyCopter
ACJ318
GI
Citation I
H120
ACJ319
GII
Citation II/Bravo
H125
ACJ320
GIII
Citation III/VI/VII
H130
ACJ321
GIV
Citation V
H135
BOEING
GV
Citation XLS/+
H145
BBJ1
G200
Citation X/+
H155
BBJ2
G280
Citation CJ1/+
H215
BBJ3
G300/350
Citation CJ2/+
H225
BOMBARDIER
G400/450
Citation Sovereign/+
AS355
Learjet 35/36
G500/550
Citation Longitude
AS365
Learjet 40/45/45XR
G650
Citation Mustang
BK117
Learjet 60/60XP
Hawker 400A/B
LEONARDO
CRJ200
Hawker 400XP
AW109
Challenger 300
Challenger 601
Challenger 604
Challenger 605
Challenger 850
Global Express
Global Express XRS
Global 5000
Global 6000
DASSAULT
Falcon 7X
Falcon 8X
Falcon 10
Falcon 20
Falcon 50/EX
Falcon 200
TEXTRON
King Air 90
King Air 200/250
King Air 300/350
Cessna 172
Cessna 182
Cessna 205
Cessna 206
Cessna 207
Cessna 400
Caravan
Grand Caravan
Baron
Bonanza
CTRM Av
Hawker Pacific
Hawker 750
Hawker 800 A/B/850XP
Hawker 900XP
Hawker 4000
AW119
AW139
AW169
AW189
ROBINSON
R22
R44
R66
SIKORSKY
S76
S92
Falcon 900
Falcon 2000
18 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 19

INDUSTRY INSIGHTS
FACTORS IMPACTING BUSINESS
AVIATION AIRPORT INFRASTRUCTURE
Contributed by Aviation Consultant, David Best
According to the International Air Transport Association (IATA), “the complex problem of traffic peaking at
airports has been the subject of increasing concern for airlines and airport operators around the world.”
With passenger traffic expected to double over the next 20 years, the issue of aviation infrastructure
has been forced into the spotlight. As aviation infrastructure already struggles to handle the increasing demand,
the challenge now is to identify the weak points and move forward productively.
Infrastructure in Asia Pacific
Within the Asia-Pacific region we have some great facilities where
investment has been made or is growing, but in many cases the
infrastructure demands and expertise are focused around growing
capacity for the needs of commercial aviation traffic growth. Dedicated
facilities like Seletar in Singapore and Subang in Malaysia are seeing
investment in MRO and FBO facilities in a hub-like basis, while others are
focusing on commercial needs. The commercial aviation demand growth
in Asia has been a huge challenge for airports and freeing up space for
business aviation has mostly taken second place.
The issue with infrastructure is that it is demand push and not pull. By
building great hangars and facilities you will not necessarily get traffic to
come. People own business jets because they want convenience, privacy
and a business tool. That demand therefore usually migrates towards
major cities.
International airports with slot restrictions and high demand on airport
capacity fill this space too, however both sides do not fit together. As you
look across the world, many major international airports have capable
business jet infrastructure but the beneficial investments in the industry
have come at secondary airports located near business centers. A few
examples are Teterboro in New Jersey, Farnborough in London and Le
Bourget in Paris.
CURRENT INFRASTRUCTURE STATUS - BUSINESS JETS
Ratio of business jets to airports, FBOs and MROs
Shortage
Airport Capacity 1 Standard
140
FBO Shortage
FBO Capacity 3
80
60
India
Hong Kong
40
Singapore
South Korea
Japan
China
Thailand
Macau 4
20
USA
New Zealand
Malaysia
Taiwan
Philippines
Australia
Indonesia
MRO Shortage
0
10 20 30 40 50 60
MRO Capacity 2
1
Number of business jets / airports = the average number of business jets each facility currently handles. Larger circles indicate airports working over capacity.
2
Number of business jets / MROs = the number of business jets each facility currently handles. Countries closer to the right of the chart are dealing with a lack of facilities.
3
4
Number of business jets / FBOs = the number of business jets each facility currently handles. Countries closer to the top of the chart are dealing with a lack of facilities.
There is no MRO facility in operation for business jet in Macau currently.
20 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

INDUSTRY INSIGHTS
Physically there is no space to build expansive business aviation
infrastructure with access flexibility at major international airports,
but clients need access to these airports, making secondary airfield
development a key need to improve capacity and facilities for this
industry. We cannot wait for the demand to arrive, but the developments
must be relevant to the industry and therefore located near business hubs.
given the great growth both commercially and business jet wise. There
is no easy solution in Hong Kong beyond seeking parking at receiver
airports. Shanghai has had good investment from its FBO and has
developed new infrastructure. Singapore focuses its business and
general aviation at Seletar Airport, where great facilities and provisions
of OEMs and other MROs exists. However, the need to discourage
business jets from Singapore’s Changi Airport leaves operators of
larger jets having to make fuel stops, due to runway length at Seletar,
in addition to several jets unable to get hangarage because of the need
to industrialize the land.
Comparing More Developed Markets
Asia Pacific does have unique challenges and is more akin to Europe
than USA. In the US, the FBO mostly provides the infrastructure on long
leases with agreed rights to provide fuel on an airport (unlike HK). The
investment payback is therefore secured in the stable business at that
airport over the life of the lease. The key income streams are fuel and
property from hangar and office rent.
Industry Challenges
The industry has had a difficult few years regarding depreciation of
aircraft and demand for new jets. This makes developing markets, like
Asia, attractive. As an OEM, however, to access a market you need to
be able to provide effective services and support to your clients, but
setting up expensive support system in advance of a viable fleet is very
challenging. The large OEMs and manufacturers are mostly present
in Asia now, but one of the unique challenges of this region is its vast
geography and over 1,000 jets. This means that infrastructure demands
are focused around pockets of activity, with some congested and oversupplied
key locations where everyone competes. However, the market
beyond these hubs often does not have viable support when an aircraft
has technical issues or cannot provide appropriate hangarage with
experienced handlers when they are away from these main areas.
Issues and Opportunities
An expanding business jet market is usually focused around main
cities in the region. Looking around the main finance and commerce
centers a very mixed scenario can be found. There are a lot of issues
and opportunities in these markets. By way of investment, a few
of the main cities can be looked at as examples. Hong Kong has a
professional, purpose-built FBO and MRO facility, but struggles with
capacity in a very busy airport. The market for business jets grew
way beyond the strategic capacity intent and it has been a difficult
logistical airport for business and general aviation for several years,
In many cases in Europe, the FBO operates from a general aviation area,
terminal or leases a building or land from the airport (like Singapore).
This model does not give you the surety of business that some of the
US-type businesses have and therefore the infrastructure investment is
less easily measured at inception.
The US and Europe have a longer history of business jet use and has
a more mature system to support a larger fleet. One of the unique
challenges within Asia, however, is the size of aircraft and the way the
fleet has ‘arrived’ as opposed to ‘evolved’. Many US locations have
grown up over time, getting larger and making changes in their business,
unlike within Asia, where the arrival of many ultra-long range jets,
to be based at a few key locations, has driven a set of unique
infrastructure demands.
Future Expectations
In Asia, proper solutions need to be found at the key international cities.
Hong Kong, Beijing, Jakarta, Singapore and many others all have
business aviation solutions - some better than others, but roll forward
20 years and the region currently does not have the infrastructure
to cope with future demand. As an industry, it is incumbent on us,
through bodies like the Asian Business Aviation Association (AsBAA),
to engage with the authorities and help them understand how business
is evolving and help them with the challenges ahead. The economic
benefit of business aviation is significant. Ensuring we help educate
and contribute to long-term strategic infrastructure plans to support
this industry is our responsibility.
COMING SOON
Showcasing the capacity the Asia-Pacific region has for business
aviation through a detailed look at infrastructure.
www.asianskymedia.com
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 21

MARKET DYNAMICS
PRE-OWNED BUSINESS JETS FOR SALE
INVENTORY VALUE (USD) 1
$8,244M
APR 2016
WORLDWIDE
$7,497M
FEB 2017
$7,603M
$7,086M
ASIA PACIFIC
$1,326M
$1,536M
JUN 2016
$1,314M
FEB 2017
$1,509M
Jun
2015
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016
Jan
2017
Feb
Mar
Apr
May
The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms. 2
The Trend Line represents the market’s direction in terms of the balance between sellers and buyers (supply and
demand) at today’s price levels. A rising Trend Line indicates that pre-owned activity is stabilizing, with sellers of
aircraft increasingly likely to find buyers.
The Signal Line represents an indication of where the market’s direction may be heading in the future. A Signal
Line consistently falling below the Trend Line indicates that any improvement in the market’s direction may not be
entirely sustainable.
MARKET TREND 1
WORLDWIDE
MOVING TOWARDS SELLER’S MARKET
MOVING TOWARDS BUYER’S MARKET
TREND REVERSAL
TREND
IMPROVEMENT
AIRCRAFT SOLD 1
WORLDWIDE
24
34
26
21
18
16
21
25
13
11
24
26
30
25
21 20
22 21 22 21
17
19 19 19
Jun
2015
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016
Jan
2017
Feb
Mar
Apr
May
1 THE HISTORICAL INVENTORY VALUE AND TRANSACTIONS ARE SUBJECT TO CHANGE BASED ON LATEST MARKET INFORMATION UPDATES.
2 ASG’S INVENTORY VALUE LINE IS CALCULATED BY TAKING THE TOTAL NUMBER OF AIRCRAFT FOR SALE FROM A SELECTION OF 26 DIFFERENT MODELS, MULTIPLIED BY THEIR AVERAGE ASKING PRICES.
22 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
AVERAGE ASKING PRICE
MILLION USD
28
27
26
25
ASIA PACIFIC
24
23
22
21
20
19
WORLDWIDE
18
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Jun
17
% OF FLEET FOR SALE
14%
ASIA PACIFIC
13%
12%
11%
10%
WORLDWIDE
9%
8%
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Jun
17
AVERAGE DAYS ON MARKET
470
420
370
ASIA PACIFIC
320
WORLDWIDE
270
220
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Jun
17
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 23

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
BUSINESS JETS
2017 Q2
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY >
DEMAND
% OF FLEET
FOR SALE
MODEL
DAYS ON MARKET
NO TRANSACTIONS
20.0%
9.9%
AIRBUS
ACJ318
ACJ319
12.7%
9.1%
BOEING
BBJ
BBJ2
11.9%
CL604
8.0%
10.1%
7.8%
BOMBARDIER
CL605
CL850
GL5000
5.4%
GL6000
NO TRANSACTIONS
16.1%
14.0%
23.3%
EMBRAER
L600
L650
L1000
AVERAGE
NO TRANSACTIONS
NO TRANSACTIONS
14.5%
1.6%
0.0%
F2000LX
F2000LXS
F2000S
NO TRANSACTIONS
AVERAGE
NO TRANSACTIONS
11.5%
4.2%
DASSAULT
F7X
F900DX
11.0%
F900EX
9.2%
F900EXe
18.5%
F900LX
11.8%
G200
4.8%
9.8%
7.1%
6.5%
GULFSTREAM
G280
G450
G550
G650
6.1%
G650ER
400% 300% 200% 100%
0
Average AC for sale / Total sold in last 12 months
9.7%
Average
0 200 400 600 800 1000
The above chart reflects where certain aircraft models are positioned
in terms of supply and demand (based on a ratio of completed
transactions compared to the number of sellers and the average
number of days on the market for a transaction to take place).
These indications do not necessarily mean that prices will be higher in
the future, but it does indicate that sellers of these particular models
are more likely to find willing buyers in a shorter period of time than the
overall average.
For some model types, given the market indicators shown on the
previous page, the decline in pre-owned asking prices appears
to have stimulated increased demand, leading to an increase in
transactions and a more balanced state of supply and demand.
This can be seen most acutely with certain Gulfstream
models(G200,450 & 650) where more transactions are occurring
relative to the number for sale, and transactions are requiring less
time on the market for sellers to complete.
24 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
MARKET POSITIONING
BUSINESS JETS
MOVING TOWARDS
BUYERS’ MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLERS’ MARKET
AIRBUS
BOEING
ACJ318
ACJ319
BBJ 1
BBJ 2
CL604
BOMBARDIER
CL605
CL850
GL5000
GL6000
EMBRAER
L600
L650
L1000
F2000LX
F2000LXS
F2000S
DASSAULT
F7X
F900DX
F900EX
F900EXe
F900LX
G200
GULFSTREAM
G280
G450
G550
G650
G650ER
The above chart provides a visual representation of the Supply /
Demand Ratio of each aircraft model relative to the overall market,
and is based on a ‘Marketability’ calculation for each particular model
including the following four market indicators:
1. The percentage of aircraft for sale relative to its fleet size.
2. The number of aircraft sold relative to the average number for sale.
3. The average days for sale relative to the overall market average.
4. The momentum of the marketplace (represented by the trend
towards supply and demand market equilibrium portrayed earlier).
When taking into account these four factors, the Bombardier Challenger
605, the Falcon 2000 class and the various Gulfstream models appear
well positioned to find buyers available.
* ASG chose 26 popular aircraft models as described in this report
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 25

MARKET DYNAMICS
PRE-OWNED CIVIL HELICOPTERS FOR SALE
INVENTORY VALUE (USD) 1
$1,228M
FEB 2017
$1,390M
WORLDWIDE
$889M
ASIA PACIFIC
$86M
FEB 2016
$120M
FEB 2017
$163M
$129M
Jun
2015
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2016
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2017
Feb
Mar
Apr
May
The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms. 2
The Trend Line represents the market’s direction in terms of the balance between sellers and buyers (supply and
demand) at today’s price levels. A rising Trend Line indicates that pre-owned activity is stabilizing, with sellers of
aircraft increasingly likely to find buyers.
The Signal Line represents an indication of where the market’s direction may be heading in the future. A Signal
Line consistently falling below the Trend Line indicates that any improvement in the market’s direction may not be
entirely sustainable.
MARKET TREND 1
WORLDWIDE
MOVING TOWARDS SELLER’S MARKET
MOVING TOWARDS BUYER’S MARKET
TREND
WORSENING
TREND
WORSENING
AIRCRAFT SOLD 1
WORLDWIDE
15
6
4
7
2 2
4
12
5
7
4
5
TREND
IMPROVEMENT
7
10
10
8 7 7 7 8
9
7
6 6
Jun
2015
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2016
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2017
Feb
Mar
Apr
May
1 THE HISTORICAL INVENTORY VALUE AND TRANSACTIONS ARE SUBJECT TO CHANGE BASED ON LATEST MARKET INFORMATION UPDATES.
2 ASG’S INVENTORY VALUE LINE IS CALCULATED BY TAKING THE TOTAL NUMBER OF AIRCRAFT FOR SALE FROM A SELECTION OF 16 DIFFERENT MODELS, MULTIPLIED BY THEIR AVERAGE ASKING PRICES.
26 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
AVERAGE ASKING PRICE
MILLION USD
7
6.5
ASIA PACIFIC
6
5.5
5.0
WORLDWIDE
4.5
4
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Jun
17
% OF FLEET FOR SALE
6.0%
5.5%
5.0%
WORLDWIDE
4.5%
4.0%
ASIA PACIFIC
3.5%
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Jun
17
AVERAGE DAYS ON MARKET
600
550
ASIA PACIFIC
500
450
WORLDWIDE
400
350
300
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Jun
17
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 27

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
CIVIL HELICOPTERS
2017 Q2
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY
DEMAND
% OF FLEET
FOR SALE
MODEL
DAYS ON MARKET
19.2%
S76C+
10.0%
SIKORSKY
S76C++
2.1%
S92A
AVERAGE
4.4%
5.9%
5.3%
BELL HELICOPTER
BELL 412EP
BELL 412HP
BELL 429
AVERAGE
14.5%
AW109E PWR
4.7%
LEONARDO
AW109SP GN
3.0%
AW139
NO
TRANSACTIONS
6.0%
AS332L1
4.8%
H225
6.5%
2.8%
1.3%
AIRBUS HELICOPTERS
EC135P2
EC135T2
EC145
30.0%
EC155B
10.5%
H155
350% 300% 250% 200% 150% 100% 50% 0
Average AC for sale / Total sold in last 12 months
5.6%
Average
0 100 200 300 400 500 600 700 800
The above chart reflects where certain aircraft models are positioned in terms of supply and demand (based on a ration of completed transactions
compared to the number of sellers, and average number of days on the market for a transaction to take place).
28 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
MARKET POSITIONING
CIVIL HELICOPTERS
MOVING TOWARDS
BUYERS’ MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLERS’ MARKET
S76C+
SIKORSKY
S76C++
S92A
BELL HELICOPTER
BELL 412EP
BELL 412HP
BELL 429
AW109E PWR
LEONARDO
AW109SP GN
AW139
AS332L1
H225
AIRBUS HELICOPTERS
EC135P2
EC135T2
EC145
EC155B
H155
The above chart provides a visual representation of the Supply / Demand Ratio of each aircraft model relative to the overall market, resulting in a
‘Marketability’ calculation of each particular model based on the following four market indicators:
1. The percentage of aircraft for sale relative to its fleet size.
2. The number of aircraft sold relative to the average number for sale.
3. The average days for sale relative to the overall market average.
4. The momentum of the marketplace (represented by the trend towards supply and demand market equilibrium portrayed earlier).
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 29

PRE-OWNED SPOTLIGHT
GULFSTREAM G450
Complete with a long-range and large-cabin, the Gulfstream G450 is an upgrade
from the popular GIV-SP/G400 model. Since it first entered production in 2004,
the business jet has become one of the company’s most dependable aircraft.
In 2016, the US-based aircraft manufacturer announced the final G450 would
be scheduled for delivery to a customer in early 2018. The announcement
comes one year prior to the first all-new G500 to enter service, anticipated to
arrive on the market in the last quarter of 2017.
30 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

PRE-OWNED SPOTLIGHT
PRE-OWNED G450 FOR SALE
REF YOD ASKING PRICE (USD) HOURS DAYS ON MARKET PAX
1 2005 13,000,000 4,194 1,579 14
2 2005 11,990,000 2,801 29 16
3 2006 10,950,000 2,753 9 14
4 2006 10,790,000 4,139 16 14
5 2006 Make Offer 2,535 241 14
6 2007 Make Offer 2,854 13 14
7 2007 11,900,000 5,639 178 12
8 2008 13,000,000 988 177 14
9 2008 13,400,000 2,912 45 14
10 2008 9,000,000 3,232 13 16
11 2008 Make Offer 3,107 111 14
12 2008 Make Offer 4,468 55 14
13 2008 Make Offer 3,270 70 16
14 2008 13,500,000 3,453 645 14
15 2010 13,790,000 3,291 100 14
16 2009 Make Offer 1,752 20 14
17 2009 Make Offer 4,082 37 14
18 2010 14,000,000 2,220 1,016 14
19 2009 14,500,000 1,159 49 14
20 2009 12,950,000 1,747 36 14
21 2010 18,500,000 1,913 199 14
22 2010 14,900,000 2,470 64 16
23 2010 15,950,000 1,008 266 14
24 2011 16,950,000 1,100 212 14
25 2011 18,250,000 1,928 56 12
26 2012 20,000,000 1,155 415 14
27 2012 17,490,000 2,919 16 14
28 2012 Make Offer 1,815 51 12
29 2012 Make Offer 715 78 14
30 2013 18,500,000 670 385 13
31 2014 21,950,000 555 373 13
32 2014 Make Offer 268 283 16
33 2014 24,000,000 26 367 13
34 2014 Make Offer 1,420 267 14
PRE-OWNED G450 PRICE VS AGE-TIME SCORE
25
23
21
33
31
32
34
26
ASKING PRICE
ESTIMATED ASKING PRICE
REGRESSION (ASKING PRICE)
Asking Price (M USD)
19
17
15
13
11
30
29
28
24
25 21
27
23
22 16
19
18
20 8
15 9 14
1117 13 6
5 12
3
2 7
4
1
9
10
7
Age Time Score
(2x Year of Manufacturing + Airframe Time)
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 31

PRE-OWNED SPOTLIGHT
PRE-OWNED G450 MARKET CONDITIONS
Inventory Level
No. for Sold / Sale No. for Sale X Avg. Asking Price
800
700
500
400
3+0+0 0+25+02+0+0 0+26+03+0+0 0+25+00+0+0 0+25+00+0+0 0+27+01+0+0 0+36+01+0+0 0+37+0 2+0+0 0+28+0 2+0+0 0+37+0 4+0+0 1+0+0 0+30+0+26+0+29+0+30+0+31+0+32+0+27+0+28+0+27+0+25+0+34+0
0+29+0
0+34+0 2+0+0 5+0+0+0 0+34+0 6+0+0 2+0+0
0+346+0+0
3+0+0 2+0+0 5+0+0 2+0+0 5+0+0
600
$548M
25 26 25 25
27
$718M
36 37 37
34
34
Aircraft Sold
Aircraft For Sale
3 3 4 4 5 6 6
5 5
2 3
0 0 1 1 2 2 2
0
1
2 2 2 2
$407M
Inventory Level
Trend Line (Inventory Level)
-28% Since Highest
34 34
28 29 30 29 30 31 32
26
27 28 27
25
$516M
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Aircraft Price (M USD)
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
PRE-OWNED G450 AVERAGE ASKING & SOLD PRICE TREND
25
22.0
20.8
20 19.0
18.0
16.8 18.0
14.9
15
16.6
15.0 15.6
12.0
10
9.8
11.0
16.3
12.4
15.2
Sold Price
Asking Price
5
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17
Source: JETNET & ASG
Flying at a long-range cruise speed of Mach 0.80 and a max speed
of Mach 0.85 with eight passengers, the G450 reaches a range of
4,350-nautical-miles. Powered by Rolls-Royce Tay MK 611-8C engines,
the aircraft can climb up to 41,000 feet in twenty-three minutes. The
G450 also meets both Federal Aviation Regulations (FAR) Part 36 noise
standards and Special Federal Aviation Regulations (SFAR) Part 27
emissions limits, leaving oil consumption and vibrations low.
With the main cabin approximately 45 feet one inch in length and six feet
three inches in height, the G450 accommodates up to 16, with typical
configurations suitable for 14. The main cabin’s standard setup includes three
living areas, as well as a forward and aft lavatory and a full galley, making
the aircraft spacious and comfortable. Featuring advanced technology, the
G450s passenger cabin includes LED lighting, heated windows to avoid
fogging, a quieter environmental control system and a two- to three-zone
digital temperature control system, depending on configuration.
The G450 cockpit utilizes Gulfstream’s PlaneView avionics system,
based on Honeywell’s Primus Epic integrated avionics system. With
four large displays arranged across the cockpit, the system offers an
Enhanced Vision System and a Visual Guidance System with a Head-up
Display, as an option.
Competitors of the G450 include Bombardier’s Global 5000, the
Dassault Falcon 900DX/LX and the Legacy 650. The larger and heavier
Global 5000 has a few inches of more cabin space, in width, and can
travel at a maximum range of 5,200N.M. The lighter Falcon 900DX can
travel 4,100nm (with full seats), while the LX can travel 4,800nm (with
full seats) and a maximum cruising speed of Mach 0.84.
The worldwide G450 fleet stands at 347, with 9.8% (34) of those currently
for sale and five contracts pending. North America is the largest market
for the G450, with 230 based in the region and 19 (8.3%) of those for
sale. In the past two years, approximately 70% of G450s sold were sold
to US buyers, showcasing the American manufacturer’s strong influence
over this market. The Asia Pacific and Middle East market follow, with 60
G450s in operation and 11.7% (7) for sale.
The average asking price of an eight-year-old G450 is 15.2M USD (as of
May 2017). This price has been gradually declining, dropping 20% from
January 2016, when the average asking price was 19M USD.
The G450 spends an average of 218 days on the market, a number
considerably lower than both the Falcon 900EX/DX/LX and the Global
5000, which both spend an average of over 400 days on the market.
Inventory levels of the G450 are healthy, with monthly levels typically
reaching 25 aircraft, since April 2016. In May 2016, this number increased
significantly, reaching 34 G450s for sale, reflecting seasonal changes.
When looking at the G450, in comparison to two of its competitors: the
Global 5000 and the Falcon 900DX/LX, the G450 enjoys more standard
features. Upon entry onto the market, the G450 is stocked with the latest
32 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

PRE-OWNED SPOTLIGHT
G450 GLOBAL MARKET CONDITION
Currently for Sale
Currently In Operation
Sold Past 24 months
6
Currently
for Sale
81+19+G
19%
Europe
32
Currently
In Operation
9
Sold Past
24 months
19
Currently
for Sale
North America
92+8+G
8%
230
Currently
In Operation
37
Sold Past
24 months
70% OF GLOBAL
TRANSACTIONS
Asia Pacific & Middle East
7
Currently
for Sale
88+12+G
12%
60
Currently
In Operation
11
Sold Past
24 months
2
Currently
for Sale
Latin America & Caribbean
92+8+G
8%
25
Currently
In Operation
2
Sold Past
24 months
G450 FLEET AGE DISTRIBUTION
45
No. of Aircraft in Operation
40
35
30
25
20
15
10
5
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
avionics, systems and technology, whereas its competitors offer these
commodities as upgrades, thereby increasing price.
PRE-OWNED G450 FOR SALE AGE DISTRIBUTION
One of the most significant factors in a buyer choosing a G450,
or Gulfstream in general, is the brand’s extensive support system.
Particularly across the Asia-Pacific region, Gulfstream has 15 authorized
service centers offering support for the G450 in Australia, China, Hong
Kong, Japan, Malaysia, New Zealand, the Philippines and Singapore.
Combined with a readily available fleet of aircraft for sale and high levels
of customer satisfaction for its reliability and support, the G450 has
positioned itself as an aircraft with incredible value for buyers who want
long-range and a large cabin. Although the enhancements of the newest
addition to the Gulfstream family, the G500, will redefine business jet
technology, a pre-owned G450 will still be a bargain at 10 to 20M USD,
compared to the starting price of a new G500, set at 50M USD.
www.gulfstream.com
8
7
7
With 5 Years Warranty
6
5
5
4
4 4
4
3
3
2 2 2
2
1
1
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 33

INDUSTRY INSIDER
ON THE ROAD TOWARDS
PRIVATE AVIATION
CONSULTING
INTERVIEW WITH PATRICK BOUVRY,
ASIAN SKY GROUP DIRECTOR OF CONSULTING SERVICES
Interview by Litalia Yoakum
Drawn to aviation in his early years, Asian Sky Group (ASG)
Director of Consulting Services, Patrick Bouvry, bas been
on the aerospace and aviation road for over 22 years. From
earning degrees in Mechanical Aerospace Engineering and an MBA, to
working with top aircraft manufacturers and operators on commercial
strategy and restructuring, his extensive work in the industry has seen
a wide-range of aviation projects leading to a deep understanding of
the industry.
“I’ve been with Asian Sky Group since 2013,” says Bouvry. “At that time,
it was a small start-up put together by SEACOR Capital and Avion
Pacific to establish an independent private aviation consulting firm in
the Asia Pacific.”
Patrick was brought on board as Commercial Director and played a
pivotal role in the company’s creation of the now renown Asia Pacific
Region Fleet Reports and Asian Sky Quarterly publications. “We
created the first Fleet Report in 2013, which only covered China. This
began as a tool to explain the reality of aircraft markets to our clients.
Showing the fleet in this region, its pricing and trends proved to be very
beneficial to owners and the industry.”
Over time, the Fleet Report grew to cover the entire Asia-Pacific
region, from India to New Zealand, and the concept was replicated to
analyse other aviation segments such as civil helicopters, business
jet charter, flight training schools, airport infrastructure and general
aviation in China. “Becoming a go-to source for information on
regional private aviation has proven ASG’s credibility and desirable
reputation in the marketplace.”
Since 2013, ASG has expanded, building a team of multi-lingual
analysts, researchers, transaction specialists, graphic designers and
editors. “In the last four years as Commercial Director, we’ve created
all the capabilities we need to properly serve the industry. Now, my role
will be to further develop our consulting capabilities supported by our
network, tools and research team, and help regional and international
players with their aviation challenges in Asia Pacific.”
ASG now offers a wide range of aviation consulting services. It
starts with Transactional Advisory, where ASG’s lawyers assist
with any aviation-related contracts, saving considerable time and
money to clients. Then there is Operation Advisory, where ASG
can audit, analyse, evaluate and structure an aircraft operator’s
34 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

INDUSTRY INSIDER
organization. On the aircraft owner’s side, ASG will review monthly
invoices as independent experts. “Aircraft owners will typically not
have the technical expertise to judge if their aviation expenses are
being optimised. So, involving an impartial expert to increase the
credibility of provided services can make a lot of sense for the
owner and operator.”
The company also performs aircraft cabin Completion Management,
where expert oversight of the process is provided from the initial cabin
definition, facility selection, up to the aircraft redelivery and operator
selection. “Completion management is often not well understood by
new aircraft owners,” says Patrick. “Those who underestimate the
issues with completing their aircraft almost always severely regret not
having hired an independent expert to oversee the process to ensure
the aircraft is redelivered with a trouble-free and safe interior, on time
and on budget.”
Since 2013’s Chinese
Government crackdown
on corruption, the
region has significantly
changed its business
aviation purchasing and
operating habits.
Finally, Market Research and Aviation Planning represents a large
portion of ASG’s consulting services. “With our
research and marketing team, we can support
clients with aviation-related market analyses,
project planning, feasibility studies and marketing
campaigns.” Marketing Campaigns are a new
service provided by ASG’s newest entity — Asian
Sky Media, which focuses on publications and
reports. The new division will now offer marketing
agency-type services, aiding client with marketing
materials, sales tools and advertising through
digital and print means, tailored to each client.
As the Asia-Pacific business aviation climate
changes and grows, ASG understands the need to
evolve — helping the company reach the heights it’s
at today.
“Since 2013’s Chinese Government crackdown on
corruption, the region has significantly changed its
business aviation purchasing and operating habits,” explains Patrick.
“The need was always there; industry players understood that it
wasn’t the best moment to display their private aviation requirements.
However, in the last six months, we have seen a increase in aircraft
acquisition interest and the establishment of numerous new
operators, including the entrance and restructuring of major operators
and MRO players.”
With the regional industry picking up momentum, Patrick believes
the near future will see an increased emphasis on the development
of aviation infrastructure, especially airport landing, parking and
hangarage availability, which are now the key limiting factors to
business and general aviation’s development in Asia.
experiences, able to effectively lead ASG’s consulting services,
and ready to contribute to the industry’s upcoming growth in this
vibrant region.
“It is truly exciting to be an independent expert in this industry,” says
Patrick, explaining what sets ASG apart from others in the region. “We
choose to partner with the best in the industry, and aren’t attached to
any aircraft manufacturer or operator, making us truly impartial in our
recommendations, analyses, and oversight, in the selection of aircraft,
financing, registration, operator and completion facilities.”
www.asianskygroup.com
“I was fortunate to work in Asia-Pacific aircraft sales early in my
career, showing me that this is the place to be for business aviation,”
reminisces Patrick. “I was working with top names in the industry in
North America and knew this region had a great future.”
In 2011, after having worked to explain the technical, financial and
special-mission aspects of aircraft, and performing aircraft sales,
strategic planning, business restructuring and lead customer service
and commercial development activities, Patrick decided to take a
leap of faith and permanently move to Hong Kong with his family. He
now finds Himself equipped with a substantial toolbox of valuable
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 35

UPCOMING SPOTLIGHT
EMBRAER LEGACY 650E
It’s one thing to be proud of an achievement, but it’s another entirely
to demonstrate commitment. As a testament to Embraer Executive
Jets’ confidence in the Legacy 650E’s heritage of strength and nearperfect
dispatch reliability, this new aircraft carries a 10 year/10,000
flight hour warranty — an amazing new standard unheard of in the
business jet industry. In short, no aircraft manufacturer stands more
steadfastly behind its product.
(SVS) and auto throttle — both now standard equipment. They’re the
perfect complement to the aircraft’s proven Honeywell Primus Elite
avionics suite. Two iPads with mounting systems are now available
in the cockpit, so pilots can enjoy a friendlier interface, easier
updates and a full range of other tools to support operation. These
features reduce cockpit workload and potential errors, and create a
more intuitive environment.
With a restyled seat upholstery, the Legacy 650E’s spacious cabin
features three distinct cabin zones with ample space and privacy, plus
the option for a separate crew lavatory in the forward cabin. It can seat
up to 14 passengers, and fly 3,900 nautical miles with four passengers
— and its largest-in-class 240 cubic foot baggage compartment can
carry virtually everything you might want to bring along.
The Legacy 650E delivers an enhanced level of automation and
situational awareness — starting with a Synthetic Vision System
The longest warranty of any business jet in the world. Unparalleled
cabin comfort and convenience. Unbeatable dispatch reliability. And
updated avionics. The Legacy 650E delivers all this and more — at a
list price that’s millions of dollars less than any competitor in its class,
and an operational cost that’s unmatched among large jets.
www.embraerexecutivejets.com
SPECS
AT A GLANCE
HIGHLIGHTS
Range - nm
Seating
Total Baggage Capacity - cu.ft.
Take off Field Length - ft
Engine Thrust - lbf
MMO - Mach
Maximum Operation Altitude - ft
Avionics Suite
3,900
13-14
286
5,741
9,020
0.80
41,000
Honeywell Primus Elite tm
• Longest warranty in the industry*
• Three spacious cabin zones with up to two lavatories
• Largest cabin and lavatory in its class
• Largest inflight-accessible baggage compartment in the segment
• One of the quietest flight experiences in class
• Rugged airliner heritage - excellent dispatch reliability
• Remarkably low operating costs
• Transcontinental range
*OEM and supplier systems and components
36 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

UPCOMING SPOTLIGHT
VERSATILE LAYOUTS
INTERIOR HIGHLIGHTS
• Accommodates up to 14 passengers in 3 distinct cabin zones
• Conference table area
• Third private zone configurable with 2 divans
• Optional forward lavatory for full privacy
• Comfort and privacy for business and leisure
INFLIGHT ENTERTAINMENT
• Superior cabin volume
• Outstanding cabin comfort and productivity
• Superior Honeywell Ovation Select cabin management system
• Swift Broadband (432 kbps) high-speed data
• The largest inflight accessible baggage compartment in its class
• Fully berthing, premium leather seats
• Spacious and fully equipped galley
• Largest lavatory in its class
• Multiple interior configurations
• Low cabin noise
CROSS SECTION
2.10 M / 6 ft 11 in
• 100% digital
• Full HD video system
• High definition media input and two-zone surround system
• iPod/iPhone docking stations
• Redesigned entertainment cabinet
• Up to two Blu-ray players
• XM Radio with 4 independent channels (US only)
• Choices of full HD LCD, up to 32”
• Individual monitors
• JetMap ® high-resolution 3-D moving map
• Auxiliary panel
• The largest cabin volume in its class
• Cabin width optimized for a variety of seating configurations
1.82 M / 6 ft
DIMENSIONS
21.17 M / 69 ft 5 in
WINGSPAN
6.64 M / 21 ft 9 in
HEIGHT
26.33 M / 86 ft 5 in
LENGTH
Source: www.embraerexecutivejets.com
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 37

Delivering financing value for business aviation
Up to 100% financing Operating Leases with no residual value risk Financing solutions that meet customers needs
SELECT INTERNATIONAL FINANCINGS
Finance Lease
airbus acJ
• Two week closing
• High advance rate
• Favorable VAT structure for client
• Pre-owned aircraft
Operating Lease
Lear 45
• Pre-owned aircraft
• Three week closing
• 100% financing
Operating Lease
gLObaL 5000
• Pre-owned aircraft
• 100% financing
• No residual exposure for client
Operating Lease
chaLLenger 350
• Client selected operating lease
(vs. financing lease)
shortly before delivery
• 100% advance rate
Finance Lease
g650er
• 100% advance rate
• Progress payment
financing included
• Favorable VAT structure for client
Finance Lease
guLFstream g650
• Non traditional jurisdiction
• 10 year term
• High advanced rate
Contact David Henderson at +61 450452828 or email him at dhenderson@globaljetcapital.com.
globaljetcapital.com
LEASING & LENDING SOLUTIONS FOR PRIVATE AIRCRAFT
38 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

AIRCRAFT POSITIONING
BUSINESS JETS
Aircraft Estimated Total Yearly Cost vs Maximum Range
Mid - Size
Large
Long Range
Corp. Airliner
1 ACJ318
2 ACJ319
3 ACJ320
4 ACJ321
5 BBJ
6 BBJ2
7 BBJ3
8 CL850
9 CL870 CS
10 CL890 CS
11 Lineage 1000E
12 F7X
13 F8X
14 G550
15 G650
16 G650ER
17 Global 5000
18 Global 6000
19 Global Express
20 Global Express XRS
21 G-V
22 CL604
23 CL605
24 CL650
25 F2000
26 F2000DX
27 F2000EX
28 F2000LX
29 F2000LXS
30 F2000S
31 F900EX
32 F900EX EASy
33 F900LX
34 G300
35 G350
36 G450
37 G-IV
38 G-IVSP
39 Legacy 600
40 Legacy 650
41 Astra SP
42 Cit. Latitude
43 Cit. Sovereign
44 Cit. Sovereign+
45 Cit. X
46 Cit. X+
47 CL300
48 CL350
49 F50EX
50 G100
51 G150
52 G200
53 G280
54 H4000
55 H800
56 H800XP
57 H850XP
58 H900XP
59 L60XR
60 Legacy 450
61 Legacy 500
84
Light
Very Light
62 Beechjet 400
63 Cit. Bravo
64 Cit. CJ2
65 Cit. CJ2+
66 Cit. CJ3
67 Cit. CJ3+
68 Cit. CJ4
69 Cit. Encore
70 Cit. Encore+
71 Cit. Excel
72 Cit. Ultra
73 Cit. VII
74 Cit. XLS
75 Cit. XLS+
76 Diamond 1A
77 H400XP
78 L40XR
79 L45XR
80 L70
81 L75
82 Nextant 400XTi
83 Phenom 300
84 Cit. CJ1
85 Cit. CJ1+
86 Cit. M2
87 Cit. Mustang
88 Eclipse 550
89 HondaJet
90 Phenom 100E
91 Premier IA
85
91
64
90
89
62
77
66
74
71
10
81
75
80
70
78
69 65
82
76
63 86 72
9
60
41
42
58
61
45
25
57
73
68
59
56
79
83
55
67
50
8
51
43 54
40
29
24
39
35
30
48
46 53
23
28
47
26
44
49
52
38
34
37
27
22
1
4
3
36
11
33
32
31
17
7
6
2
5
15
18 14
13
12
20
19
21
16
24
23
22
21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
4
3
2
TOTAL YEARLY COST (MILLION USD/YEAR)
87
88
500
1,000
1,500
2,000
MAX RANGE (N.M.)
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
1
* The estimated total yearly cost is based on aircraft ownership cost on 10 years including financing, plus yearly operating costs and regional adjustments.
Source: Conklin & de Decker 2017
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 39

AIRBUS
MARKET SUMMARY -- JETS
MARKET SUMMARY PER MODEL — BUSINESS JETS
AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE
ACJ318
$42.2
$31.2 $31.0
SPECS
Max Range
4,253 N.M. / 7,877 km (with ACTs)
Max Speed
Mach 0.82
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
19
4 (20.0%)
31.0M USD
1,318
6
Total Aircraft for Sale
4 4
SOLD
Past 12 Months
Past 3 Months
0
0
May Aug Nov Feb May
2016 2017
Source: JETNET & ASG
40 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

MARKET SUMMARY -- JETS
ACJ319
AIRBUS
$44.4
$39.0
$36.7
SPECS
Max Range
Max Speed
Typ. Passengers
6,000 N.M. /11,112 km
Mach 0.82
19
6 6
7
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
7 (10.0%)
36.7M USD
431
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
1
0
May Aug Nov Feb May
2016 2017
FEATURED AIRCRAFT
2001 ACJ319
SN1256
7,683 HOURS SINCE NEW
2,280 CYCLES SINCE NEW
• LOWEST PRICED, BEST VALUE ACJ IN THE WORLD
• ONE OWNER SINCE NEW
• LONG RANGE WITH 5 ACT’S
• C CHECK NOW IN PROGRESS @ LUFTHANSA
TECHNIK IN SHANNON IRELAND
• NOW REGISTERED ON THE ISLE OF MAN
ASKING PRICE:
16.95M USD
REDUCED PRICE
sales@asianskygroup.com
+852 2235 9222
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 41

MARKET SUMMARY -- JETS
BBJ
BOEING
$42.7
$43.7 $43.8
$41.4
$39.3
SPECS
Max Range
6,235 N.M. / 11,547 km (with 9 ACTs)
Max Speed
Mach 0.82
16
17
Typ. Passengers
19
14
11
Total Aircraft for Sale
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
17 (13.0%)
41.4M USD
510
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
5
1
FEATURED AIRCRAFT
2015 BBJ
SN61040
781 HOURS SINCE NEW
169 CYCLES SINCE NEW
BELL HELCIOPTERS
• NEWEST BBJ ON THE MARKET WITH UNDER 400 HRS
• ONE OF THE LONGEST RANGE BBJS: 8 AUXILIARY FUEL
TANKS AND SPLIT SCIMITAR WINGLETS (6,000 N.M)
• ENROLLED ON BBJ COMPONENTS
EXCHANGE PROGRAM
• CABIN EQUIPMENT SABENA TECHNICS
WARRANTY PROGRAM
• MAINTENANCE CONTROL: CAMP MTX SYSTEM
• HUD WITH SVS
• 16 PASSENGER INTERIOR WITH VIP BEDROOM AND
LAVATORY
ASKING PRICE:
MAKE OFFER
SIKORSKY
REDUCED PRICE
sales@asianskygroup.com
+852 2235 9222
Source: JETNET & ASG
42 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

MARKET SUMMARY -- JETS
BBJ2
$67.0
$67.0
BOEING
$62.0 $62.0
$55.6
3
SPECS
Max Range
Max Speed
Typ. Passengers
5,620 N.M. / 10,408 km (with 7 ACTs)
Mach 0.82
19
2 2
2
Total Aircraft for Sale
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
2 (9.1%)
62.0M USD
698
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
1
0
AIRCRAFT SALES
& ACQUISITIONS
AIRCRAFT ACQUISITION & MARKETING
ASIAN SKY GROUP will manage the process of acquiring
an aircraft on your behalf. ASG will research, compare,
recommend and locate the most suitable aircraft
available, assisting in every detail throughout the
purchasing process of such aircraft and in the
negotiation of any contractual matter.
WE CAN ASSIST WITH SELECTION OF:
Aircraft
Asset Financing
Ownership Structure
Registration
Operator
AIRCRAFT INSPECTION & APPRAISALS
ASIAN SKY GROUP will conduct aircraft pre-purchase
inspections and market value appraisals by
coordinating the scheduling work and professionally
reviewing opinions regarding inspections or fair market
value assessments.
For more information contact our sales team
Email: sales@asianskygroup.com
Tel: +852 2235 9222
YOUR BUSINESS AVIATION PARTNER IN ASIA
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 43

MARKET SUMMARY -- JETS
CHALLENGER 604/605
$13.0
CL605
$11.6
$10.5
BOMBARDIER
SPECS
Max Range
Max Speed
Typ. Passengers
CL604
4,027 N.M. / 7,458 km
Mach 0.82
9
CL605
4,000 N.M. / 7,408 km
Mach 0.82
9
$6.3
CL604
$5.5
$5.2
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
43 (11.9%)
5.2M USD
309
23 (8.0%)
10.5M USD
327
67
Total Aircraft for Sale
65
69
66
SOLD
Past 12 Months
Past 3 Months
20
8
32
8
May Aug Nov Feb May
2016 2017
CHALLENGER 850
$11.0
$10.0
$10.2
$8.8
$8.5
SPECS
Max Range
2,811 N.M. / 5,206 km
Max Speed
Mach 0.80
Typ. Passengers
14
13
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
7 (10.1%)
8.5M USD
589
Total Aircraft for Sale
7
7
SOLD
Past 12 Months
Past 3 Months
4
0
May Aug Nov Feb May
2016 2017
Source: JETNET & ASG
44 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

MARKET SUMMARY -- JETS
GLOBAL 5000
$16.3
$19.9
$20.8
SPECS
Max Range
5,200 N.M. / 9,630 km
BOMBARDIER
Max Speed
Mach 0.89
23
Total Aircraft for Sale
18
25
17
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
13
17 (7.8%)
20.8M USD
405
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
13
2
FEATURED AIRCRAFT
2007 GLOBAL XRS
SN9250
3,643 HOURS SINCE NEW
932 CYCLES SINCE NEW
• BEST PRICED 2007 XRS ON THE MARKET
• AIRCRAFT ENROLLED ON BOMBARDIER SMART PARTS,
JSSI PLATINUM AND HONEYWELL MSP
• ENHANCED VISION SYSTEM AND HEAD UP FLIGHT
DISPLAY SYSTEM
• SATCOM 6100 WITH HST-2100 HIGH SPEED DATA AND
IRIDIUM TELEPHONE
• EASA OPS1 APPROVED
• 99,500 LBS MTOW SB INSTALLED
• BATCH 3 AVIONICS COMPLIANCE
(BATCH 3.3, FANS 1/A & CPDLC, WAAS/LPV)
• 14 PASSENGER INTERIOR WITH GLOBAL OFFICE
PACKAGE, AND WIRELESS LAN
• NEW CARPET AND DADO CHANGED IN 2013
ASKING PRICE:
16M USD
sales@asianskygroup.com
+852 2235 9222
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 45

MARKET SUMMARY -- JETS
GLOBAL 6000
$42.6
$40.0
$39.0
BOMBARDIER
SPECS
Max Range
6,000 N.M. / 11,112 km
$36.7
$36.2
Max Speed
Mach 0.88
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
13
12 (5.4%)
39.0M USD
282
5
Total Aircraft for Sale
12
12
SOLD
Past 12 Months
Past 3 Months
6
0
May Aug Nov Feb May
2016 2017
FEATURED AIRCRAFT
2011 GLOBAL XRS
SN9422
2,642 HOURS SINCE NEW
815 CYCLES SINCE NEW
• 12 PASSENGERS EXECUTIVE CONFIGURATION
• KU-BAND HIGH SPEED CONNECTIVITY, GLOBAL OFFICE
PACKAGE W/ WIFI, SAT-6100 AND ICS-100 IRIDIUM
• COMPLETED BATCH 3 AVIONICS UPGRADE , ADS-B OUT,
FANS 1/A+ AND EVS/HUD
• TWELVE (12) PASSENGERS INTERIOR WITH AVOD, ASXI,
THREE 21.3-INCH MONITORS AND SIX 10.4-INCH
MONITORS
• 60 MONTH (4C CHECK) COMPLETED DEC 9, 2016
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com
+852 2235 9222
46 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- JETS
FALCON 7X
$28.2
$28.2
$27.6
$26.9
$26.9
$25.8
SPECS
Max Range
5,950 N.M. / 11,018 km
Max Speed
Mach 0.90
23
31
26
Total Aircraft for Sale
31
31
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
12
31 (11.5%)
26.9M USD
308
DASSAULT
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
13
0
FEATURED AIRCRAFT
2011 FALCON 7X SN130
2015 FALCON 8X SN406
2,096 Hours, 15 Passengers
24.95M USD
Delivery Hours, 14 Passengers
MAKE OFFER
2003 FALCON 2000 SN192
2003 FALCON 2000 SN206
3,305 Hours,8 Passengers
MAKE OFFER
3,815 Hours,10 Passengers
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 47

MARKET SUMMARY -- JETS
FALCON 2000LX/LXS/S
$29.0
FALCON 2000LXS
$27.9
MAKE
OFFER
SPECS
Max Range
2000LX
2000LXS
2000S
4,000 N.M. / 4,000 N.M. / 3,350 N.M. /
7,408 km 7,408 km 6,208 km
$18.0
$19.5
FALCON 2000LX
$14.1
$15.9
$16.2
DASSAULT
Max Speed
Typ. Passengers
FOR SALE
2017 Q2
Mach 0.83
10
Mach 0.83
10
Mach 0.83
10
19 20
16
No. for sale
Avg Asking Price
Avg Days on Market
19 (14.5 %)
16.2M USD
256
1 (1.61%)
Make Offer
97
0 (0.0%)
N/A
N/A
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
6
0
0
0
0
0
May Aug Nov Feb May
2016 2017
GET LISTED ACROSS THE ASIA-PACIFIC REGION
Featuring a first of it’s kind directory section highlighing Infrastructure service providers, you can be a
part of this inaugural report and ensure the right contact information and service scope is presented to
potential customers around the Asira-Pacific region
For enquiries, please contact Carmen Chan
cchan@asianskygroup.com / +852 2235 9211
48 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- JETS
FALCON 900DX/EX/EX EASy/LX
$17.6
$23.5
$17.6
F900EX EASy
$15.7
$17.8
$13.4
$10.1
36
$30.2 $31.1 $8.5
F900LX
$25.6
$24.7
F900DX
F900EX
35
$13.0
Total Aircraft for Sale
36
MAKE
OFFER
32
$8.8
35
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
F900DX
4,100 N.M. /
7,593 km
F900EX
4,500 N.M. /
8,334 km
F900EX EASy
4,500 N.M. /
8,334 km
F900LX
4,750 N.M. /
8,800 km
Mach 0.83
12
Mach 0.83
12
Mach 0.83
12
Mach 0.83
12
1 (4.2%) 13 (11.0%) 11 (9.2%) 10 (18.5%)
Make Offer 8.8M USD 17.6M USD 24.7M USD
569 401 610
277
DASSAULT
SOLD
May Aug Nov Feb May
2016 2017
Past 12 Months
Past 3 Months
1
0
8
0
7
1
4
1
FEATURED AIRCRAFT
2010 FALCON 900LX SN248 2007 FALCON 900EX SN181
1,675 Hours, 13 Passengers MAKE OFFER 3,560 Hours,11 Passengers
21,800,000 USD
2003 FALCON 900EX EASy II SN128
2000 FALCON 2000 SN105
4,440 Hours,14 Passengers
MAKE OFFER
REDUCED PRICE
6,578 Hours,10 Passengers
3,950,000 USD
Contact us: sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 49

MARKET SUMMARY -- JETS
LEGACY 600/650
$19.9 $21.2 Legacy 650
$17.4
$14.6
$13.7
$8.4
Legacy 600
$7.5 $8.1
SPECS
Max Range
Max Speed
Typ. Passengers
Legacy 600
3,400 N.M. / 6,297 km
Mach 0.80
13
Legacy 650
3,640 N.M. / 7,112 km
Mach 0.80
13
EMBRAER
49
42
41
Total Aircraft for Sale
May Aug Nov Feb May
2016 2017
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
28 (16.1%)
8.1M USD
363
16
3
13 (14.0%)
13.7M USD
305
8
1
FEATURED AIRCRAFT
2008 LEGACY 600
SN14501069
586 HOURS SINCE NEW
373 CYCLES SINCE NEW
• ENGINE ENROLLED ON RRCC
• AIRFRAME ENROLLED ON EMBRAER
STANDARD EEC (INCLUDING AVIONICS,
AIRFRAME, APU )
• COMPLETED 72-MONTH INSPECTION IN
NOV 2014 AND RVSM COMPLIANCE
• ADS-B OUT INSTALLED
• CAT II, RVSM CERTIFICATION
• DUAL FLIGHT MANAGEMENT SYSTEM
• DATALINK CAPABILITY
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com
+852 2235 9222
50 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- JETS
LINEAGE 1000/E
$35.6 $35.6
$31.8
$30.0
SPECS
Max Range
Lineage 1000
4,400 N.M. / 8,149 km
Lineage 1000E
4,600 N.M. / 8,520 km
Max Speed
Typ. Passengers
Mach 0.82
19
Mach 0.82
19
6
7
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
7 (23.3%)
30.0M USD
570
4
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
0
0
May Aug Nov Feb May
2016 2017
EMBRAER
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 51

MARKET SUMMARY -- JETS
G200 & G280
$18.6
$19.0
G280
$15.4
$15.3
$15.0
$5.5
$5.1 $5.0
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
G200
3,050 N.M. / 5,651km
Mach 0.81
8
29 (11.8%)
5.0M USD
321
G280
3,600 N.M. / 6,667 km
Mach 0.84
8
5 (4.8%)
15.3M USD
225
46
G200
Total Aircraft for Sale
46
36
34
SOLD
Past 12 Months
Past 3 Months
65
14
4
0
May Aug Nov Feb May
2016 2017
GULFSTREAM
FEATURED AIRCRAFT
2000 G200 SN009
214 Hours, 9
2007 G200 SN156
NEW ARRIVAL
5,992 Hours, 10 Passengers
MAKE OFFER
2,229 Hours, 9 Passengers
6.9M USD
2004 G200 SN102
4,290 Hours, 9 Passengers
4.95M USD
Contact us: sales@asianskygroup.com +852 2235 9222
52 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- JETS
G450
$17.4
$18.0
$16.9
$15.6 $15.6
$15.2
28
30
26
32
28
34
SPECS
Max Range
Max Speed
Typ. Passengers
4,350 N.M. / 8,056 km
Mach 0.85
13
Total Aircraft for Sale
25
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
34 (9.8%)
15.2M USD
218
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
45
12
FEATURED AIRCRAFT
2007 G450
SN4088
GULFSTREAM
2,513 HOURS SINCE NEW
962 CYCLES SINCE NEW
• ENGINE ENROLLED ON RRCC
• APU ENROLLED ON HONEYWELL MSP GOLD
• 14 PASSENGERS CONFIGURATION
• 6 BERTHABLE SINGLE SEATS
• FWD CREW LAVATORY AND AFT LAVATORY
• SATCOM & HIGH SPEED DATA
• ADS-B OUT / RVSM
• EVS AND HUD
• TCAS, TAWS, FDR & CVR
NEW ARRIVAL
Source: JETNET & ASG
ASKING PRICE:
MAKE OFFER
sales@asianskygroup.com
+852 2235 9222
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 53

MARKET SUMMARY -- JETS
G550
$29.4 $29.4
$24.3 $24.4
SPECS
Max Range
Max Speed
Typ. Passengers
6,750 N.M. / 12,501 km
Mach 0.87
18
34
45
37
38
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
38 (7.1%)
24.4M USD
288
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
34
7
May Aug Nov Feb May
2016 2017
GULFSTREAM
G650 & G650 ER
$69.0
$68.4
$67.6
$63.5
$62.9 $62.5
$61.0
$61.8
$59.0
$55.5
$54.0
SPECS
Max Range
Max Speed
Typ. Passengers
G650
7,000 N.M. / 12,964 km
Mach 0.90
18
G650ER
7,500 N.M. / 13,890 km
Mach 0.90
18
18
19
15
15 15
12
Total Aircraft for Sale
May Aug Nov Feb May
2016 2017
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
11 (6.5%)
55.5M USD
196
15
4
4 (6.1%)
61.8M USD
266
5
0
Source: JETNET & ASG
54 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

in more than 27 countries, and a fleet of more
than 135 aircraft on lease, coupled with a large
Copyright © 2015 Waypoint Leasing Services LLC. All rights reserved.
Source: JETNET & ASG

AIRCRAFT POSITIONING
CIVIL HELICOPTERS
Aircraft Acquisition Price vs Maximum Range
Heavy
(Super) Medium
Light Twin
1 AS332 L1e
2 AW189
3 AC313*
4 H225
5 S-92
6 H175
7 Bell 412EPI
8 S-76D
9 AW139
10 H155
11 H145
12 S-76C++
13 AC312*
14 EC145
15 AW109 GN
16 H135 (P3)
17 Bell 430
18 Bell 429
19 MD 902
20 AW109 Power
21 AW169
22 H135 (T3)
Single Turbine
Piston
23 AW119 Kx
24 H130
25 Bell 407GXP
26 AC311*
27 H125
28 Bell 407
29 MD 600N
30 Bell 206L4
31 MD 520N
32 MD 530F
33 H120
34 MD 500E
35 S-333
36 EN480B
37 R66
38 R44 Raven II
39 R22 Beta II
7
12
1
9
8
2
10
3
5
6
4
8.00
4.00
13
31
32
21
19
17
22 16
24
28 25
27
30 26
18
29
11
14
15
20
23
2.00
1.00
AIRCRAFT ACQUISTION PRICE (MILLION USD)
34
33
35
36
37
0.50
38
39
200
250
300
350
400
450
500
550
600
650
700
750
0.25
MAX RANGE (N.M.)
* The estimated total yearly cost is based on aircraft ownership cost on 10 years including financing, plus yearly operating cost and regional adjustments.
Source: Conklin & de Decker 2017
56 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS
AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE
EC135T2 & P2
MARKET SUMMARY -- HELICOPTERS
$2.6
$2.6 $2.6
EC135P2
$1.8
$1.8 $1.8
EC135T2
SPECS
Max Range
Max Speed
Typ. Passengers
EC135T2
332 N.M. / 614 km
127 Knots
6
EC135P2
332 N.M. / 614 km
127 Knots
6
12
Total Aircraft for Sale
16
14
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
4 (2.8%)
1.8M USD
755
10 (6.5%)
2.6M USD
840
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
2
0
4
2
FEATURED AIRCRAFT
2005 EC135 P2
SN0429
1,318 HOURS SINCE NEW
2,395 LANDINGS SINCE NEW
• VIP INTERIOR
• MEGHAS FLIGHT CONTROL DISPLAY SYSTEM
• AIR CONDITIONING SYSTEM
• TINTED WINDOW FOR COCKPIT DOOR (LIGHT GREY)
• AUTOPILOT
• WEATHER RADAR
AIRBUS HELICOPTERS
NEW ARRIVAL
Source: JETNET & ASG
ASKING PRICE:
MAKE OFFER
sales@asianskygroup.com
+852 2235 9222
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 57

MARKET SUMMARY -- HELICOPTERS
EC145
$4.5
$4.3 $4.3
SPECS
Max Range
461 N.M. / 855 km
Max Speed
Typ. Passengers
131 Knots
9
11
11
10
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
10 (1.3%)
4.3M USD
471
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
10
2
May Aug Nov Feb May
2016 2017
FEATURED AIRCRAFT
2013 EC135 P2+ SN1107
2008 EC135 P2 SN660
AIRBUS HELICOPTERS
REDUCED NEW ARRIVAL PRICE
1,450 Hours, 5 Passengers, EMS/VIP
3.495M USD
NEW ARRIVAL
780 Hours, 5 Passengers, VIP
2.895M USD
2007 H130B4 SN4245 2012 EC130B4 SN7375
NEW ARRIVAL
NEW ARRIVAL
620 Hours, 7 Passengers, VIP 1.695M USD 195 Hours, 7 Passengers, VIP
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
58 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
AS332L1 & H225
$25.5 $25.5 $25.8
H225
SPECS
Max Range
AS332L1
452 N.M. / 837 km
H225
452 N.M. / 837 km
$8.4 $8.5 $8.5
AS332L1
Max Speed
142 Knots
142 Knots
Typ. Passengers
19
19
17
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
4 (6.0%)
8.5M USD
756
8 (4.8%)
25.8M USD
386
Total Aircraft for Sale
11
12
SOLD
Past 12 Months
Past 3 Months
0
0
0
0
May Aug Nov Feb May
2016 2017
FEATURED AIRCRAFT
2005 H225
SN2968
FERRY FLIGHT HOURS/LANDINGS ONLY
• C-CLASS UTILITY OPERATIONS
• EMERGENCY FLOTATION GEAR WITH
AUTOMATIC FIRING
• CARGO SLING W/ DYNAMOMETER
• 4750 KG CARGO SLING W/ DYNAMOMETER
• MULTIPURPOSE ENGINE AIR INTAKES
(ANTI-SAND & ANTI-ICE FILTERS)
AIRBUS HELICOPTERS
NEW ARRIVAL
Source: JETNET & ASG
ASKING PRICE:
MAKE OFFER
sales@asianskygroup.com
+852 2235 9222
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 59

MARKET SUMMARY -- HELICOPTERS
EC155B & H155
$5.7
$4.7 $4.6
H155
$3.3
$3.3 $3.3
$2.5
EC155B
22
22
24
SPECS
Max Range
Max Speed
Typ. Passengers
EC155B
516 N.M. / 955 km
135 Knots
13
H155
516 N.M. / 955 km
150 Knots
13
18
Total Aircraft for Sale
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
9 (30.0%)
3.3M USD
947
15 (10.5%)
4.6M USD
485
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
1
0
4
0
FEATURED AIRCRAFT
FEATURED AIRCRAFT
2008 EC130B4 SN4601
2008 EC155B1 SN6825
2004 EC155 SN6664
AIRBUS HELICOPTERS
1,698 Hours, 7 Passengers, Utility
MAKE OFFER
NEW ARRIVAL
5,229 Hours, 9 Passengers, Utility
MAKE OFFER
2004 EC155 SN6669
2008 EC155 SN6825
NEW ARRIVAL
5,535 Hours, 12 Passengers, Utility
1,695,000 USD
NEW ARRIVAL
3,984 Hours, 12 Passengers, Offshore
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
60 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
BELL 429
$6.1
$5.4
$5.5
8
15
SPECS
12 Max Range
368 N.M. / 681 km
Max Speed
130 Knots
Typ. Passengers 7
Total Aircraft for Sale
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
15 (5.3%)
5.5M USD
193
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
8
1
AIRCRAFT SALES
& ACQUISITIONS
AIRCRAFT ACQUISITION & MARKETING
ASIAN SKY GROUP will manage the process of acquiring
an aircraft on your behalf. ASG will research, compare,
recommend and locate the most suitable aircraft
available, assisting in every detail throughout the
purchasing process of such aircraft and in the
negotiation of any contractual matter.
WE CAN ASSIST WITH SELECTION OF:
Aircraft
Asset Financing
Ownership Structure
Registration
Operator
BELL HELICOPTER
AIRCRAFT INSPECTION & APPRAISALS
ASIAN SKY GROUP will conduct aircraft pre-purchase
inspections and market value appraisals by
coordinating the scheduling work and professionally
reviewing opinions regarding inspections or fair market
value assessments.
For more information contact our sales team
Email: sales@asianskygroup.com
Tel: +852 2235 9222
YOUR BUSINESS AVIATION PARTNER IN ASIA
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 61

MARKET SUMMARY -- HELICOPTERS
BELL 412EP/412HP
$5.0
$5.6
$5.8
BELL 412EP
$3.8
SPECS
Max Range
Max Speed
Bell 412EP
356 N.M. / 659 km
140 Knots
Bell 412HP
349 N.M. / 646 km
133 Knots
$2.9
BELL 412HP
$3.0
28
Typ. Passengers
9
14
FOR SALE
2017 Q2
19
22
No. for sale
Avg Asking Price
Avg Days on Market
24 (4.4%)
5.8M USD
421
4 (5.9%)
3.0M USD
396
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
10
3
5
1
May Aug Nov Feb May
2016 2017
FEATURED AIRCRAFT
2005 412EP SN36396 2007 412EP SN36446
BELL HELICOPTER
8,689 Hours, 12 Passengers, Utility / Offshore MAKE OFFER 8,493 Hours, 12 Passengers, Utility / Offshore MAKE OFFER
2009 412EP SN36533
2011 412EP SN36588
NEW ARRIVAL
7,742 Hours, 12 Passengers, Utility / Offshore
MAKE OFFER
NEW ARRIVAL
4,203 Hours, 12 Passengers, Utility / Offshore
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
62 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
A109E POWER/A109SP GRANDNEW
$4.8 $4.8 $4.6
A109SP GRANDNEW
$2.2 $2.1
$1.9
63
A109E Power
61
61
SPECS
Max Range
Max Speed
Typ. Passengers
A109E Power
353 N.M. / 654 km
139 Knots
7
A109SP Grandnew
480 N.M. / 889 km
130 Knots
7
Total Aircraft for Sale
57
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
54 (14.5%)
1.9M USD
609
7 (4.7%)
4.6M USD
430
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
2
0
18
3
FEATURED AIRCRAFT
2006 A109E POWER SN11657
2011 A109E POWER SN11784
2,915 Hours, 6 Pax, EMS
1.595M USD
1,179 Hours, 6 Passengers, EMS
2.95M USD
2002 A109E POWER SN11148
2006 A109S SN22019
LEONARDO
NEW ARRIVAL
2,171 Hours, 6 Passengers, Utility
MAKE OFFER
NEW ARRIVAL
1,679 Hours, 5 Passengers, VIP
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 63

MARKET SUMMARY -- HELICOPTERS
AW139
$8.8
$8.6
$8.3
SPECS
Max Range
Max Speed
Typ. Passengers
568 N.M. / 1,052 km
140 Knots
15
17
19
23
24
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
24 (3.0%)
8.6M USD
644
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
10
2
May Aug Nov Feb May
2016 2017
ASIAN SKY CONSULTING
INDEPENDENT BUSINESS AVIATION CONSULTING SERVICES
LEONARDO
TRANSACTION ADVISORY
Handle the negotiation, drafting, review and translation of
any aviation contractual documents to ensure the
best terms are achieved.
OPERATION ADVISORY
Perform invoice analysis, recommend operator structure
and provide self-management services.
MARKET RESEARCH & STUDIES
Perform aviation market research, feasibility studies
and business planning.
COMPLETION MANAGEMENT
Please contact our sales team for more information
E-mail: sales@asianskygroup.com
Tel: +852 2235 9222
Generate the cabin definition, select the facility, handle green
aircraft delivery, carry out completion oversight and conduct
aircraft final delivery & compliance
64 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
S-92
$23.3
$23.3
$23.3
4
Total Aircraft for Sale
5
6
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
474 N.M. / 877 km
155 Knots
19
6 (2.1%)
23.3M USD
447
May Aug Nov Feb May
2016 2017
SOLD
Past 12 Months
Past 3 Months
5
1
FEATURED AIRCRAFT
2011 SIKORSKY S92A
SN920155
4,127 HOURS SINCE NEW
4,464 LANDINGS SINCE NEW
• ENGINES ON GE MAINTENANCE COST PER HOUR
• AIRFRAME, AVIONICS, DRIVETRAINS & APU ON
SIKORSKY TOTAL ASSURANCE PROGRAM (TAP)
• SEA STATE LEVEL FIVE (5) FLOATS
• FIFTH MFD
• FIXED PART FOR HOIST/ CARGO HOOK
• RAIN ICE PROTECTION SYSTEM (RIPS)
• THREE (3) ADDITIONAL FORCE GENERATORS (VCAS)
ASKING PRICE:
MAKE OFFER
NEW ARRIVAL
Source: JETNET & ASG
sales@asianskygroup.com
+852 2235 9222
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 65
SIKORSKY

MARKET SUMMARY -- HELICOPTERS
S-76C+ / S-76C++
$7.1
$7.1
S-76C++
$6.9
$4.5
$3.9
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
2017 Q2
No. for sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
S-76C+
335 N.M. / 620 km
155 Knots
12
28 (19.2%)
3.9M USD
638
8
6
S-76C++
335 N.M. / 620 km
155 Knots
12
21 (10.0%)
7.1M USD
429
5
3
$3.3
S-76C+
29
28
Total Aircraft for Sale
22
May Aug Nov Feb May
2016 2017
FEATURED AIRCRAFT
2009 S-76C+ SN760599
7,658 HOURS SINCE NEW
• TWELVE (12) PASSENGER INTERIOR
• WAAS UNS-1FW FLIGHT SYSTEM W/O LPV
• ENHANCED GROUND PROXIMITY WARNING SYSTEM
• ENGINE INLET BARRIER FILTER
NEW ARRIVAL
ASKING PRICE:
MAKE OFFER
2005 S-76C+ SN760592
10,357 HOURS SINCE NEW
• OIL AND GAS PLATFORM COMPLIANT
• ENROLLED ON SBH & PAP
• 12 PASSENGER INTERIOR
SIKORSKY
Contact us: sales@asianskygroup.com +852 2235 9222
ASKING PRICE:
MAKE OFFER
66 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
FEATURED AIRCRAFT
Contact us: 2001 sales@asianskygroup.com S-76C+ SN760521 +852 2235 9222
10,028 HOURS SINCE NEW
• 12 PASSENGERS
• FREON AIR CONDITIONING
• UTILITY CONFIGURED
• EMERGENCY POP-OUT FLOATS & WINDOWS
2009 S-76C++ SN760759
ASKING PRICE:
MAKE OFFER
4,138 HOURS SINCE NEW
• UTILITY / OGP CONFIGURATION
• 12 PASSENGER SEATS
• HEALTH & USAGE MONITORING SYSTEM
• CVR + FDR
• POP-OUT FLOATS
2006 S-76C++ SN760614
ASKING PRICE:
CALL FOR PRICING
6,621 HOURS SINCE NEW
• UTILITY / OGP CONFIGURATION
• HEALTH & USAGE MONITORING SYSTEM
• CVR + FDR
• POP-OUT FLOATS
• AUTO FLIGHT CONTROL SYSTEM
2005 S-76C++ SN760756
ASKING PRICE:
CALL FOR PRICING
5,096 HOURS SINCE NEW
• UTILITY / OGP CONFIGURATION
• 12 PASSENGER SEATS
• HEALTH & USAGE MONITORING SYSTEM
• CVR + FDR
• ENROLLED ON PBH & SBH
Source: JETNET & ASG
Contact us: sales@asianskygroup.com +852 2235 9222
ASKING PRICE:
MAKE OFFER
SECOND QUARTER 2017 — ASIAN SKY QUARTERLY | 67
SIKORSKY

OTHER FEATURED AIRCRAFT
For inquiries, please contact sales@asianskygroup.com
2002 HAWKER 800XP SN258579
• MANUFACTURING YEAR: 2002
• SERIAL NUMBER: 258579
• TOTAL HOURS: 1,023 SINCE NEW
• 8 PASSENGERS CONFIGURATION
• ADS-B SYSTEM
• COLLINS PRO LINE 21 AVIONIC SYSTEM
MODEL
YEAR
HOURS
PASSENGERS
ASKING (USD)
Beechcraft - King Air C90B
1996
2,364
8
Make Offer
Bombardier - Challenger 601-1A
1986
10,946
10
Make Offer
Bombardier - Challenger 300
2011
1,327
10
11,900,000
Bombardier - Challenger 604
1998
6,863
12
Make Offer
Bombardier - Global Express
2000
5,612
14
6,950,000
Bombardier - Learjet 31A
2000
2,389
4
1,395,000
Bombardier - Learjet 45XR
2009
2,841
8
3,995,000
Bombardier - Learjet 55
1982
13,177
7
Make Offer
Bombardier - Learjet 60
1995
8,190
8
1,295,000
FIXED WING
Bombardier - Learjet 60
Bombardier - Learjet 60
Cessna - Citation CJ2
Cessna - Citation Encore
Cessna - Citation Sovereign
2004
1995
2004
2002
2005
2,084
8,589
3,641
5,274
5,567
7
7
6
7
10
Make Offer
1,595,000
Make Offer
2,995,000
Make Offer
Dassault Falcon - 50EX
2004
3,375
9
4,495,000
Dassault Falcon - 2000EX
2003
2,829
8
Make Offer
Embraer - Phenom 100
2013
1,354
4
Make Offer
Gulfstream - G-IVSP
1994
6,457
13
Make Offer
Gulfstream - G-IVSP
1997
7,726
14
Make Offer
Gulfstream - G-IVSP
2001
5,167
16
Make Offer
Gulfstream - G-IVSP
2002
5,024
13
Make Offer
Gulfstream - G-V
1997
8,300
14
9,950,000
MODEL
YEAR
HOURS
CONFIG/PASSENGER
ASKING (USD)
Leonardo - A119*
2004+
-
Utility:
6
1,280,000
Leonardo - AW139*
2010+
-
Utility:
12
10,500,000
ROTARY
Airbus Helicopters - EC135T1
Airbus Helicopters - EC145
Airbus Helicopters - EC145
1998
2006
2008
3,352
3,225
2,483
EMS:
VIP:
Utility:
5
8
8
1,100,000
1,950,000
Make Offer
Airbus Helicopters - EC155B1
2012
425
VIP:
6
Make Offer
Sikorsky - S-76C+
2005
-
Utility:
5-7
Make Offer
* Note: Due to several of this model currently available on the market, only the earliest manufacturing year is shown.
Price Reduced
New Arrival
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68 | ASIAN SKY QUARTERLY — SECOND QUARTER 2017

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