Asian Sky Quarterly 2017Q4 Issue 9 EN

FOURTH QUARTER 2017
COUNTRY PROFILE
INDONESIA
INTERVIEWS
GARY FORSTER
EXECUJET INDONESIA
VRUSHALI SUVARNA & NICOLE WANG
ASIAN SKY GROUP
PRE-OWNED MARKET
AIRBUS H125 & AS350 B3
UPCOMING AIRCRAFT
BELL 525 & BELL 505
ASIA-PACIFIC OUTLOOK
METRICS & MOOD
MARKET SUMMARIES
JETS & HELICOPTERS

BEST IN CLASS
A new paradigm of flight is about to take off. Designed for discerning travelers,
the G500 can fly at more than nine-tenths the speed of sound
while surrounding you in a spacious, luxurious cabin.
Make the most of your time. Make it a Gulfstream.
GULFSTREAMG500.COM
+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
For us here in the Asia-Pacific Region, the Year of the Rooster is about to
give way to the Chinese Year of Dog. And according to the Asian astrology,
the animal determines a lot about your personality traits.
So if I look back at 2017, according to Chinese folklore, roosters are able
to protect against evil spirits. And indeed this held true through all of 2017
as we didn’t see any of those “evil spirits” – the pre-owned market started
the year with a very positive trend reversal and then grew uninterrupted
from strength to strength as the year progressed.
So looking ahead to 2018 and applying this same highly scientific
methodology, according to Chinese folklore, a dogs' barking sounds like
“prosperous wealth” in Chinese. So I’m going to take this as a very positive
prediction for the market for the coming year.
This 9th issue of Asian Sky Quarterly is being released in conjunction with
HAI Heli Expo in Las Vegas. We’ve consequently got a decidedly rotary feel
to the magazine. For our usual in depth, pre-owned market analysis, we’ve
selected the AS350 and its modern day equivalent, the H125. Our aircraft
spotlight is also on Bell’s twin new offerings of the 505 and 525, both set
to be game-changers in their respective categories.
The country profile this time round is on Indonesia and includes an
interview with Gary Forster from Execujet Indonesia. You also find our
usual market survey results and both jets & helicopter market summaries.
All the best to everyone for 2018 and the Year of the Dog.
But in all seriousness, the pre-owned market especially for jets, is in great
shape at the moment. Looking at all the metrics we collect for every issue
of Asian Sky Quarterly - optimism, utilization, purchase intentions and
market dynamics to name a few - they are all at high points.
And for those of us who attended the CJI Conference in London at the end
of January, we all heard much of the same. The percentage of the fleet for
sale is diminishing, days on market is starting to flatten out and none too
surprising therefore, prices are starting to trend up. The theme and best
advice from the conference was very much “buy now or pay more later, if
it is even available”.
Sincerely,
Jeffrey C. Lowe
Managing Director, Asian Sky Group
SPECIAL THANKS TO OUR CONTRIBUTORS:
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 1

CONTENTS
04 ECONOMICS
24
06
12
14
Overview of the Asia-Pacific region’s current status and
specific country’s GDP versus their business jet and civil
helicopter fleet size.
MOOD & INTENTIONS
Results of the survey on the Asia-Pacific region’s outlook
on current economic status, aircraft utilization, purchase
intentions and influencing factors.
INTERVIEW:
VRUSHALI SUVARNA, ASG BUSINESS
DEVELOPMENT MANAGER
Discussing her wide-range of business aviation knowledge
from maintenance to operational, after working in India, the
US and Hong Kong.
COUNTRY PROFILE - INDONESIA
Overview and examination of Indonesia’s business
aviation industry, its fleet growth, top operators and airport
infrastructure.
33
40
43
MARKET DYNAMICS
An in-depth analysis of inventory levels, market trends
and the changing price signals for the business jet and
helicopter fleets in the Asia-Pacific region, given the
continual fluctuations in supply and demand.
PRE-OWNED MARKET ANALYSIS
AIRBUS H125 & AS350 B3
A comprehensive market performance analysis of the preowned
H125 and AS350 B3 markets.
INTERVIEW:
GARY FORSTER, REGIONAL FBO MANAGER,
EXECUJET INDONESIA
Insight into the FBO’s operations at Ngurah Rai
International Airport in Bali and the company’s evolution
over the years.
MARKET SUMMARY - JETS
A look at market position and average days on market of
featured pre-owned business jets.
20
INTERVIEW:
NICOLE WANG, ASG SALES MANAGER,
GREATER CHINA
Speaking on the growing China market, including recent
trends, potential and challenges of operating an aircraft in
the region.
56
MARKET SUMMARY - HELICOPTERS
A look at market position and average days on market of
featured pre-owned helicopters.
22
UPCOMING SPOTLIGHT
BELL 505 & 525
An introduction to two of Bell Helicopter’s latest aircraft,
complete with a look at its versatile layout, superior cabin
and specifications.
PUBLISHER
EDITORIAL
Litalia Yoakum
Iris Zhou
DESIGN
Michael Wong
Aya Leung
Robert Li
MARKET RESEARCH & DATA ANALYSIS
Bowen Zhang
Candice Yue
Casper Zhuang
Enoch Cheung
Jersey Wu
Michelle Shen
Patrick Bouvry
Veronica Zhang
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 — FOURTH QUARTER 2017

2017Q3 ECONOMICS
Australia
Australia’s economy grew at a slower pace than normal in Q3, with an
overall year on year growth of 2.8 percent and 0.6 quarter on quarter.
Private business investment and public infrastructure contributed to
growth, while consumer spending remained weak.
Mainland China
China’s economic growth slowed to 6.8 percent, slightly down from 6.9
percent in Q2. The slowdown was primarily a reflection of a softening
in the property investment and construction sectors, a result of
housing purchase restrictions in many of China’s larger cities. However,
industrial production, exports, fixed assessment investment and retail
sales finished Q3 on a positive note. The country is still expected to hit
the government’s full-year growth target of 6.5 percent.
Hong Kong
Hong Kong’s economy growth slowed to 3.6 percent in Q3, down from a
revised 3.9 percent in Q2. Growth remained solid in private consumption
and government spending, while fixed investment contracted and net
external demand contributed negatively to the slight slowdown.
Taiwan
Taiwan’s economy accelerated to 3.1 percent in the third quarter, up
from 2.1 percent in the previous quarter. Strong external demand was
one of the greatest contributors to the country’s acceleration, in part
due to high overseas demand for consumer electronics products.
South Korea
Renewed investment in construction and a return to growth in
exports helped South Korea expand at the fastest pace in seven
years. The country’s GDP reached 3.6 percent, up from the 2.7
percent expansion in Q2. Domestic consumption, government
consumption and fixed investments were among the greatest
contributors to the country’s expansion.
Thailand
Thailand’s economy grew at its fastest pace since the first quarter of
2013, raising to an impressive 4.3 percent in Q3. Exports increased
by 12.5 percent in Q3, while the manufacturing sector expanded, as
well. Additionally, the tourism sector continues to remain steady, while
domestic demands and delays in the start of infrastructure projects
have hindered the growth.
Japan
Japan’s economy expanded 1.4 percent, down from Q2’s growth of
2.6 percent. A pick up in external demand contributed to the growth,
while domestic demand saw a slowdown. The Japanese economy
has now expanded for seven straight quarters, the longest period of
uninterrupted growth in more than a decade.
India
India’s economy grew 6.3 percent in Q3, rebounding from 5.7 percent
in Q2. This is the fastest pace in three quarters. Trade, hotels, transport
and communication show growth, while agriculture, forestry and
fishing were relatively flat and government consumer and government
spending slowed. The overall economy’s growth comes after major
changes in the country, including the demonetization program and the
implementation of a single goods and services tax to replace India’s
system of federal and state taxes.
Philippines
The Philippine economy grew 6.9 percent in Q3, the fastest growth in
the last four quarters. Manufacturing, trade and real estate were among
the main growth drivers for the quarter. Among the major economic
sectors, industry recorded the fastest growth, followed by services,
while agriculture slowed.
Indonesia
Indonesia’s GDP expanded 5.06 percent in Q3, up from 5.01 percent
in Q1 and Q2. Fixed investment and government spending on public
projects were the major contributors to the increase. The government’s
infrastructure plan should continue to support activity, and foreign
investment will likely pick up due to improved credit ratings.
Singapore
Led by manufacturing and externally-oriented sectors, Singapore’s
economy grew 5.2 percent in Q3. The strong performance has led the
city-state’s Ministry of Trade and Industry (MTI) to upgrade its 2017
GDP forecast to 3 to 3.5 percent, up from an earlier estimate of 2 to
3 percent.
Malaysia
The Malaysian economy continues to grow at a fast pace, posting
a 6.2 percent increase, up from 5.8 percent in Q2. This was the
strongest growth since the June quarter of 2014. The services sector
accounted for most of the growth, while manufacturing expanded a
great deal, as well. Additionally, government spending rose faster
than in previous months.
* China's researching area includes Mainland China, Hong Kong, Macau & Taiwan.
4 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

Sponsored by
ECONOMICS
BUSINESS JET FLEET AND GDP BY COUNTRY
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
12,317
328
835
9,491
749
647
4,909
4,236
250
608
582
2,344
1,862
1,564
1,306
913
1,455
1,388
969
556
170
140
114
190
141
121
382
274
478
292
511
420
323
300
276
272
423
327
326
325
325
55
48
43
39
32
60
55
54
53
48
37
30
272
210
170
136
135
128
95
227
207
162
157
111
104
191
181
20
21
15
20
16
9
3
14
4
36
14
1
21
15
5
2013 2014 2015 2016 2017
Q3
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
* 2014, 2015 & 2016 ASG data, historically adjusted using Jetnet fleet yearly increases.
* GDP Source: Tradingeconomics.com
Sponsored by
YEAR END 2017
YEAR END 2017
CIVIL HELCOPTER YEAR END 2017
sponsored by Waypoint Leasing
Comprehensive coverage and overview of the civil helicopter fleet
in the Asia-Pacific region, to be released Feb 26, 2018.
ASIA PACIFIC REGION
ASIA CIVIL PACIFIC HELICOPTERS REGION
CIVIL HELICOPTERS
ASIA PACIFIC REGION CIVIL HELICOPTER FLEET REPORT – YEAR END 2016 I
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 5

MOOD & INTENTIONS:
ASIA-PACIFIC REGION SURVEY 2017Q4
In December 2017 and January 2018, over 450 respondents participated
in ASG’s survey regarding the mood and intentions of the current
business aviation market, as well as the charter demand in Southeast
Asia and Greater China.
Regions with the most respondents include:
1. Southeast and Northeast Asia (144 valid respondents (32%),
including Malaysia, Indonesia, Singapore, Philippines, Thailand,
Japan, and South Korea)
2. Central Asia (113 valid respondents (25%), including India,
Pakistan, etc.)
3. Greater China (108 valid respondents (24%), including Mainland
China, Taiwan, Hong Kong and Macau)
4. Oceania (63 valid respondents (14%), including Australia, New
Zealand)
TOP 10 RESPONDENT’S LOCATION
Thailand (3%)
Philippines (4%)
Malaysia (7%)
Indonesia (8%)
24+16+14+12+9+8+7+4+3+3+G
Pakistan (3%)
India (25%)
Singapore (9%)
OF TOTAL
Astralia (16%)
RESPONDENTS
Hong Kong 37 (12%)
95 %
China (14%)
Over 50% of the respondents from this quarter’s survey are from aircraft operators and aircraft services providers (FBO, MRO, etc.) and we also
have feedback from aircraft brokers (13%), aircraft end users (9%) and respondents from other related areas, as well.
RESPONDENT LOCATION
RESPONDENT AIRCRAFT TYPE
RESPONDENT CATEGORY
Southeast & Northeast
Asia (32%)
Others (5%)
Oceania (14%)
25+24+14+5+32+G
450+
RESPONDENTS
Central Asia (25%)
Greater China (24%)
Turboprop (23%)
Civil Helicopter
(23%)
54+23+23+G 28+28+22+9+13+G
Aircraft Sales / Charter
Business Jet (54%) Broker (13%)
Service Providers (28%)
End User (9%)
Others (22%)
Operator / Management
Company (28%)
WHAT IS OUR CURRENT ECONOMIC STATUS?
(QUARTERLY COMPARISON)
Optimistic
(Will get better)
Past Low Point
25%
22%
At Low Point
30%
30%
24%
30%
26%
27%
36%
38%
45%
52%
56%
100%
90%
80%
70%
60%
30%
50%
Pessimistic
(Will get worse)
45%
Not Reached Low Point
48%
46%
47%
34%
35%
27%
34%
21%
32%
15%
34%
10%
40%
30%
20%
10%
0%
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
6 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017Q4
OPTIMISM LEVELS SINCE 2015Q4 - REGIONAL DIFFERENCES
Greater China SE & NE Asia Central Asia Oceania
Overall
100%
90%
80%
70%
60%
50%
57%
55%
60%
53%
52%
56%
51%
54%
52%
83% 84%
80%
79%
69%
73%
66%
57%
54%
61%
62%
53% 54%
91%
81%
79%
70%
68%
95%
86%
85%
79%
100%
92%
91%
90%
87%
40%
43%
30%
2015
Q4
37%
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
Economic optimism continues to reach new high levels, since the
survey’s beginnings in 2015 Q4. This quarter, 56% of the respondents
believed that the economy has passed its low point and will improve,
which is the second time ever this number has reached over 50%.
Alternatively, only 10% of respondents believed that the economy
has not reached its low point and will continue to worsen; a 5% drop
from last quarter. The number of respondents who believed that the
economy reached a low point in December 2017 is 34%, which is 2%
higher compared to the 2017 Q3 survey.
optimistic. This quarter, 90% of respondents believed that our economy
will improve in the future – a 5% increase compared to 2017 Q3 and a
new high level increase since 2015 Q4.
This quarter, all regions reached a new high in optimistic levels. Central
Asia (made up of mainly respondents from India) showed an optimistic
level of 100%, while the average for this quarter is 90%. Greater China is
lower than average but still at a new high 87%. Oceania, Southeast and
Northeast Asia have all reached average levels.
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
HOW IS YOUR AIRCRAFT UTILIZATION COMPARED TO 12 MONTHS AGO?
100%
Up by 20% and more (>20%)
90%
80%
70%
60%
Up but less than 20% (0 - 20%)
The same (0%)
Increased
50%
40%
30%
20%
10%
0%
2015
Q4
Down but less than 20% (-20 - 0%)
Down by 20% or more (

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017Q4
GREATER CHINA
Improved Aircraft Utilization
AIRCRAFT UTILIZATION:
REGIONAL DIFFERENCES
OPTIMISTIC
PESSIMISTIC
49 35 16 39 27 34 37 32 32 47 19 34 34 28 38 29 24 47 18 31 51 22 23 55 211960
49%
35%
16%
2015
Q4
OCEANIA
39%
27%
34%
2016
Q1
Decreased The Same Increased Signal Line*
37%
32%
32%
2016
Q2
47%
19%
34%
2016
Q3
34%
28%
38%
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
PESSIMISTIC
41 35 24 25 37 38 42 30 27 46 32 22 38 31 31 31 44 25 23 33 45 25 17 58 213841
Decreased The Same Increased Signal Line*
2015 2016 2016 2016 2016 2017 2017 2017 2017
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
29%
24%
47%
18%
31%
51%
22%
23%
Improved Aircraft Utilization
OPTIMISTIC
41%
35%
24%
25%
37%
38%
42%
30%
27%
SOUTHEAST AND NORTHEAST ASIA
46%
32%
22%
38%
31%
31%
31%
44%
25%
23%
33%
45%
25%
27%
55%
58%
21%
19%
21%
60%
38%
41%
This quarter, 21% of respondents (+1% since
last quarter, -23% since 2015 Q4) in the surveyed
area said their expected aircraft utilization has
decreased. 61% of respondents said their
aircraft utilization has increased, which is a 1%
increase compared to last quarter and a 42%
increase since 2015 Q4.
* An Optimistic-Pessimistic Signal Line has
been added to regional aircraft usage trend
analyses for Greater China, Oceania and
Southeast and Northeast Asia regions. An
optimistic mood is derived from more people
indicating a ‘higher’ aircraft utilization than 12
months ago, and a pessimistic mood is derived
from more people indicating ‘lower’ aircraft
utilization than 12 months ago.
Greater China
60% (55% at 2017 Q3) of respondents indicated
their aircraft utilization in 2017 Q4 has
increased, with only 21% (22% at 2017 Q3) of
the respondents stating their aircraft utilization
was lower compared to 12 months ago. The
total expected aircraft utilization continued
to increase in 2017 Q4, allowing the total
utilization trend to continue its upward slope
into the optimistic zone.
Oceania
The aircraft utilization in this region has
continued to increase in Q4. 40% of respondents
have indicated their aircraft utilization has
increased, 18% lower than 2017 Q3. 21% of
respondents believe their aircraft utilization has
decreased, 4% lower than 2017 Q3.
Southeast and Northeast Asia
OPTIMISTIC
PESSIMISTIC
Improved Aircraft Utilization
Since 2017 Q1, expected aircraft utilization
has continued to move back into the optimistic
zone. In 2017 Q4, 59% of respondents recorded
an increased use of aircraft, which has
continued to be the highest number since 2015
Q4 and 6% higher compared to 2017 Q3.
50 50 23 37 27 33 26 22 27
2015
Q4
437 32 18 36 41 28 35 36 37 48 19 18 56 13 65 1459
50%
43%
7%
50%
32%
18%
Decreased The Same Increased Signal Line*
23%
36%
41%
37%
28%
35%
27%
36%
37%
33%
48%
19%
26%
18%
56%
26%
13%
65%
27%
14%
59%
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
8 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017Q4
SATISFACTION KEY FACTORS:
CHARTER OPERATOR VS. CHARTER BROKER
(OUTER IS BETTER)
Operational
Safety
Charter
Operator
Customer Service
Charter
Broker
Most Satisfied
Operational
Efficiency
DO YOU OR YOUR CLIENT OWN OR CHARTER
A PRIVATE AIRCRAFT?
Just Own (34%)
49+34+17+G
Just Charter (17%) Both Own and Charter (49%)
259
OF TOTAL
RESPONDENTS
WHEN CHARTERING AN AIRCRAFT, WHAT IS
YOUR PRIMARY SOURCE?
Quality of
Maintenance
Quality of
On-board Service
Value for
Money (Price)
24+76+G
Contact Operator (83%) Contact Broker (17%)
In this quarter’s market survey, ASG recorded over 84 responses from
the Asia-Pacific region regarding the satisfaction factors of management
company and those of charter brokers.
Similarly, compared to last quarter, when asking “Do you or your client
own or charter a private aircraft?”, 17% (14% in 2017 Q1) of respondents
only charter an aircraft, while 34% (same in Q1) just own a private aircraft.
The remaining 49% would both own and charter an aircraft, implying that
to charter an aircraft is reasonable for those who already own one.
On the charter operator / broker side, when asking the primary choice
when chartering an aircraft, 76% of respondents would contact a charter
operator first.
WHERE ARE WE CURRENTLY IN THE
PRE-OWNED MARKET?
PURCHASE INTENTION 2015Q4 - 2017Q4
I’m Not Sure (4%)
Balanced Market in General
(21%)
Seller’s Market in General
(36%)
39+36+21+4+G
Buyer’s Market in General
(39%)
58%
22%
20%
Yes, a new aircraft Yes, a pre-owned aircraft No / I’m not sure
58%
59%
56%
54%
48%
43%
38%
41%
32% 33%
30% 29%
25%
22%
28%
23% 19%
29%
27%
22%
20%
19%
22%
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 9

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017Q4
PURCHASE INTENTION - REGIONAL DIFFERENCES (FIXED WING)
Corporate Airliner Large Jet Medium Jet Small Jet Turboprop / Piston Fixed Wing
Central Asia 21% 21% 16% 13%
8%
SE & NE Asia 15% 31% 23%
7%
8%
Oceania 5% 10% 14% 24% 24%
Greater China 16% 16% 14% 17%
12%
PURCHASE INTENTION
Regarding professional aircraft sales’ opinion of the current pre-owned
market, 39% (49% last quarter) of the respondents believed that the
current market is still in a ‘Buyer’s Market’ with low demand and high
supply; 36% (23% last quarter) of the respondents believed that we
are now in a balanced market with equal demand and supply; and the
remaining 21% believed that we have moved into a ‘Seller’s Market’, with
higher demand on the market.
higher need for large and medium jets, while turboprops are more
suitable for Oceania than any other region. Corporate airliners are
commonly needed (17-22%) in Central Asia, Greater China, Southeast
and Northeast Asia. Additionally, the medium and small jets categories
are wanted, but on a relatively lower level.
Based on the Market Dynamic analysis from ASG’s research department,
ASG now believes the pre-owned business jet market has entered a
balanced market. For details, please go to the Market Dynamics section
of this issue of ASQ.
PURCHASE INTENTION - FIXED WING
(OUTER IS PREFERRED)
Corporate Airliner
(Such as ACJ, BBJ)
Regarding the Purchase Intentions of 2017 Q4, ASG noticed that the
demand for a new aircraft has been rising and is higher compared to
the demand for pre-owned aircraft.
* Since 2017 Q3’s market survey, a new method was applied filtering
out a few respondents who are not relevant to this question, hence
reflecting a percentage drop in the category “No / I’m not sure”.
Turboprop/Piston
Fixed Wing
(Such as King Air Series)
Most Preferred
Large Jet
(Such as G650,
Falcon 8X)
Purchase intention by region is shown in a graph to describe regional
differences for fixed-wing aircraft. Greater China has a significantly
Small Jet
(Such as Citation Series, Hawker Series)
Midsize Jet
(Such as G200 & CL650)
PURCHASE DECISIONS - INFLUENCING FACTORS
(OUTER IS LIMITING)*
Greater China Oceania Central Asia SE & NE Asia
Government / Public Opinion
PURCHASE INTENTION - HELICOPTER
(OUTER IS PREFERRED)
Twin Turbine
(Such as Sikorsky S-76C+)
Most Limiting
Most Preferred
No Need
No Interesting Aircraft
Piston Helicopter
(Such as Robinson R22)
Single Turbine Helicopter
(Such as Bell 206)
Price
10 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017Q4
SOUTHEAST ASIA AND GREATER CHINA
CHARTER MARKET DEMAND RESEARCH
In 2017 Q4, ASG conducted a market survey regarding the demand
for regional aircraft charter demand in the Southeast Asia and Greater
China region. Over 200 industry members took part in the survey,
among which 80 respondents’ answers are validated and used for
result analysis.
In the survey, we asked the respondents how they feel about the
future of business jet usage in the region, 64% (44% replied some what
optimistic, 20% replied very optimistic) of the respondents replied with
positive feedback. This result confirms that the industry is generally
optimistic about the business jet usage in the future.
HOW DO YOU FEEL ABOUT THE FUTURE OF
BUSINESS JET USAGE IN THE REGION?
20+44+21+9+7
Very Optimistic
Somehow Optimistic
Neutral
Somehow Pessimistic
Very Pessimistic
7%
9%
20%
21%
44%
WHAT IS YOUR PRIMARY PURPOSE OF
CHARTERING AN AIRCRAFT?
WHAT IS YOUR PREFERRED AIRCRAFT
SIZE WHEN CHARTER?
Leisure (3%)
Business (37%)
60+37+3+G
Both Leisure & Business (60%)
Corp. Airliner (7%)
Light (11%)
Mid-Size (29%)
53+29+11+7+G
Large (53%)
When asking our respondents to rank the top departure regions and
city destinations, Hong Kong and Singapore become the top answers,
and if we exclude the answers from Greater China region, Hong Kong
and Singapore still ranks the first and second in the results.
When asking our respondents to give us an attractive charter hourly
rate of different models, we managed to get the average rate for the
following four categories: Light Jet (Learjet, Hawker): US$3,600, Midsize
(Challenge 350, G200): US$5,400, Large Jet (G550, Falcon 7X):
US$7,500, Corporate Airliner (ACJ, BBJ): US$9,450.
And when asking our respondents their primary purposes of aircraft
charter, 60% of the respondents would choose “Both Leisure &
Business” equally, 37% of the respondents would choose Business
only. And when asking what is their preferred aircraft size-category,
53% of the respondents choose “Large” jet.
WHAT IS THE ATTRACTIVE CHARTER HOURLY
RATE TO YOU / YOUR CLIENTS?
$3,600
$5,400
$7,500
$9,450
Light Mid-Size Large Corp. Airliner
TOP DEPARTURE REGIONS RANKING
TOP CITY DESTINATIONS RANKING
Hong Kong & Macau
Singapore
Southern China
Indonesia
Thailand
34+23+19+13+11
13%
11%
19%
23%
34%
Hong Kong
Singapore
Jakarta
Bangkok
9.0%
8.7%
20.3%
15.7%
11.4%
6.3%
11.4%
6.6%
Bali
2.1%
8.4%
All Respondents Excl. Greater China
Greater China Respondents
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 11

GROWING CONSULTING SERVICES
INTERVIEW WITH VRUSHALI SUVARNA,
BUSINESS DEVELOPMENT MANAGER
Interview by Litalia Yoakum
Asian Sky Group’s latest addition to the team is Vrushali Suvarna, who is taking on the position
of Business Development Manager. After almost a decade in the industry, Vrushali has a widerange
of knowledge from maintenance to operational, after working in India, the US and Hong
Kong. She is now ready to take on her latest role, helping to grow ASG’s consulting services.
Tell me a bit about your background and how
you ended up with Asian Sky Group.
My aviation career began in India, when I was at a technical school
studying Aircraft Maintenance Engineering, specializing avionics. After
graduation in 2009, I worked with the domestic airline GoAir (India) as
an avionics technician. I continued my studies and ended up at Embry-
Riddle Aeronautical University, in Prescott, Arizona, where I received
a degree in Aviation Business Administration. During this time, I had
the opportunity to intern in Hong Kong with the business jet operator
Hongkong Jet. After graduating from Embry Riddle University, I rejoined
the Hongkong Jet team as a Senior Projects Executive/Client Relations.
While working with Hongkong Jet, I came across Asian Sky Group while
reading one of their quarterly magazines. My interest was piqued with
the consulting services offered by the company, which was unique,
particularly in Asia.
What is the most interesting market in the
region?
China is obviously a very notable market. It’s one of the biggest
countries, in terms of size, population and economic status. Although
it continues to grow, it’s facing a lot of challenges in terms of tax
regulations and as it is highly regulated, making it difficult to operate
foreign registered aircraft.
There’s a lot of potential for countries like the Singapore, Philippines,
India and Malaysia. These countries are working on their infrastructure
challenges. The governments in these countries are also trying to
liberalize laws, regarding permits and operations, so that foreignregistered
aircraft can operate more freely. Hong Kong is an interesting
and rapidly growing market as well. However, the aviation authorities
need to collaborate with operators and owners to improvise on the slot
situation and expand on the infrastructure.
How has the industry evolved since you
started?
When I started out, in 2009, business aviation was a huge market in the
US. Over the years, the trend moved and the Asia-Pacific region picked
up the pace, specially to China. This region saw a lot of new aircraft
deliveries and still is, while the US market remains saturated. Today,
the Asia-Pacific region continues to grow and China has remained the
largest market.
Since I started out there has been a great development in aircraft
systems, specially avionics. Now all business jets are using fly by wire
technology, which was initially only used in commercial aircraft. There
have been huge investments of maintenance facilities all over Asia to
build some state of the art facilities.
12 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

INDUSTRY INSIDER
You began your aviation career in India. What
can we expect from business aviation there?
India has a lot of potential, in terms of business aviation. The country’s
high net worth population is rapidly increasing, which paves the way for
more business aviation activity. Like all other countries in this region,
India faces issues with infrastructure. And, like China, operating a
business jet or importing/ exporting an aircraft in India is heavily taxed.
The governing body in India needs to learn of the potential of the country
and work on liberalizing these processes.
What are some of the challenges the industry
is facing in this region?
Infrastructure is the main issue. The Asia-Pacific region is one of the
fastest growing markets, yet it is not as developed as the US or Europe
in terms of infrastructure. It is still in a developing phase and lack
resources to support the growing demand of business jets.
Also, given that Asia (particularly in China and India) is highly regulated
and heavily-taxed makes its challenging for owners to register an
aircraft to that region and obtain financing when taking these factors
into consideration. If the process does not become smoother, owners
and operators will move away from registrations in these countries and
move to countries that are more flexible.
As a woman in aviation, have you come across
any difficulties throughout your career?
Starting out my career in India as an aircraft engineer, which is a country
that often reinforces gender stereotypes, I was often questioned about
my interest in the aviation industry as a woman. However, having a
supportive family and being inspired by sister, who worked as a flight
attendant for a major carrier was very encouraging. She supported my
ambition to pursue my technical and business aviation education
I have been very fortunate to have been groomed by some of the best
women professors at Embry Riddle. When I first moved to Asia I was
mentored by Sarah Kalmeta, who now is the Director of APAC—Universal
Weather & Aviation and a fellow alumnus at Embry Riddle. When I
look around, particularly in Asia, I see some very inspiring women in
all facets of the industry, from ground handling companies, operators,
OEMs running the show. I am also surrounded with some very talented
women at ASG.
If the process does not
become smoother, owners
and operators will move
away from registrations in
these countries and move
to countries that are more
flexible.
I encourage all young women with great potential, especially in India
to look at aviation not with a perspective that it is male dominated,
but rather that it is an industry that is growing exponentially and now
offering several different types of opportunities for women. It’s all about
taking the first step toward one’s ambition and the industry is very
welcoming and out there to support them.
What’re you hoping to achieve in your new role
with Asian Sky Group?
Asian Sky Group has already done a lot in terms of its market reports,
its media division, and with sales and acquisitions, so I’m happy to join
and help the growing consulting segment.
In the Asia Pacific, a lot of HNWI and companies want to invest in the
aviation industry, however lack direction and are unsure where to begin.
The consulting side provides a way for individuals and companies to
understand and learn all aspects of aviation and potentially consider this
industry as a promising investment.
With my background working with an operator and having knowledge
on the technical side, I feel I can offer a unique perspective in ASG’s
consulting segment. In terms of sales, I look forward to educating
clients on the growing trend of pre-owned aircraft with the APAC region
as it is a fairly new concept, this side of the region.
www.asianskygroup.com
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 13

COUNTRY PROFILE
INDONESIA
FBO MRO
Top Operator - Jet
Training School Airport
Top Operator - Helicopter
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
ExecuJet
Travira Air
Wira
Airbus Helicopters
Kalimasada Pusaka
WJA Aviation
BP3
Deraya Flying School
Bandung International Aviation
Perkasa Flight School
Bali International Flight Academy
Genesa Flight Academy
Sekolah Tinggi Penerbangan
Gov’t of Indonesia
Premiair
PT. Elang Lintas Indonesia
17
18
19
20
21
22
23
Airfast Indonesia
Hevilift Group
Intan Angkasa Air Service
National Police
National SAR
Pelita Air Service
Travira Air
JAKARTA HALIM PERDANAKUSUMA INT'L
2 3 4 5 6
7 8 9 10 13
14 15 16 17 19 20 21 22 23
SULTAN AJI MUHAMMAD SULAIMAN SEPINGGAN INT’L 18
NGURAH RAI (BALI) INT'L
1
11
TUNGGUL WULUNG AIRPORT
12
14 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

COUNTRY PROFILE: THAILAND
INDONESIA
by Litalia Yoakum
Home to Southeast Asia’s largest economy and the world’s fourth most
populated nation, Indonesia is capitalizing on its continued economic
growth to further boost its aviation industry.
As an emerging middle-income country, forecasts expect Indonesia’s
GDP to exceed US$1 trillion by 2020, despite a slowdown in demand
for commodities, which previously stimulated the economy. Rising
protectionism and lack of investment in exploration are also factors
contributing to the slowdown .
Keeping the country on track to join the trillion-dollar club, the
government, led by President Joko Widodo, has put in place an ambitious
long-term development plan — the National Long-Term Development
Plan 2005-2025 — laying out national objectives.
The third phase of the plan, known as the National Medium-Term
Development Plan 2015-2019, focuses on infrastructure development
ahead of the 2018 Asian Games, a pan-Asian multi-sport event, offering
a chance for an improved investment climate and domestic connectivity.
The importance of infrastructure on an archipelago made up of
more than 17,000 is substantial. In Indonesia, this geographic layout
makes mobility for transport of resources and people vital. Improved
infrastructure, combined with a growing economy and strengthening
tourism levels, are now among the key factors involved in growing the
country’s aviation industry.
In Indonesia, this
geographic layout makes
mobility for transport of
resources and people vital.
Business Jet Fleet — Size Category Breakdown
Very Light 1 (2%)
Corp. Airliner 4 (8%)
Long Range 7 (14%)
Mid-Size 8 (16%)
Business Jet Fleet — OEM Breakdown
BAE 1 (2%)
Dassault 2 (4%)
Boeing 2 (4%)
Cessna 4 (8%)
Bombardier 10 (20%)
35+25+16+14+8+2+G
51
29+23+20+10+8+4+4+2+G
Gulfstream 5 (10%)
51
Data Source: Asian Sky Group Fleet Report (Year-End 2016)
Large 18 (35%)
Light 13 (25%)
Embraer 15 (29%)
Hawker 12 (23%)
STATUS QUO
In the late 1990s through the early 2000s, the Indonesian Government
passed a series of laws that deregulated the Indonesian aviation sector.
This allowed for the setup of several privately-owned carriers and paved
the way for the booming industry that is seen today.
With the emergence of low-cost carriers, combined with an increased
interest in tourism and a growing middle class, the commercial aviation
industry took off. Domestic and international travel increased and
Indonesia’s airports have become among the busiest in Asia, with the
country’s entry point — Jakarta Soekarn-Hatta International Airport —
already exceeding its passenger capacity.
Over the past decade, Indonesia’s economic growth has continued to
rise. According to ’s 2017 World Wealth Report, the Southeast Asian
country’s high net worth individual (HNWI) population increased by
13.7% in 2016, with a total HNWI population of 54,400. The growing
economy and HNW population has since provided a basis for
business aviation.
At yearend 2016, Indonesia was home to 52 business jets, making it
the second largest business jet market in the Southeast Asia region,
just after Singapore. This is up from 46 in 2014. While the Asia-Pacific
region tends to shift toward Bombardier and Gulfstream, Brazilian
manufacturer Embraer holds the largest market share in Indonesia, with
approximately 29%.
Dassault Falcon forecasts Indonesia to become the largest business
jet market in Southeast Asia by 2019, in great part due to the country’s
economic growth and relaxed aviation regulations.
REGULATIONS
In late 2016, Indonesia lifted its cabotage ban, allowing foreignregistered
business aircraft to operate domestically. The previous law
limited operations of foreign-registered business aircraft, allowing travel
to only one international airport and barred them from making domestic
flights. Consequently, Indonesian-registered business aircraft were the
only ones allowed to operate domestically.
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 15

COUNTRY PROFILE: INDONESIA
Helicopter Fleet — Size Category Breakdown
Helicopter Fleet — OEM Breakdown
Medium 69 (35%)
39+35+25+1+G
Light Twin 51 (25%) Heavy 2 (1%)
200
Single 78 (39%)
Others 6 (3%)
Leonardo 8 (4%)
Sikorsky 17 (8%)
Enstrom 17 (8%)
Bell 73 (37%)
38+37+8+8+4+3+2+G
200
MD 4 (2%)
Airbus 75 (38%)
Data Source: Asian Sky Group Fleet Report (Year-End 2016)
The relaxation of these regulations is said to boost the national economy,
through global business operations and tourism. However, the process
is still lengthy and complicated as several approvals are required, in
addition to security clearances from the Foreign Ministry and Military.
Still, even with a more welcoming environment for foreign-registered
business aircraft, Indonesia’s aviation industry has long battled a less
than satisfactory safety record.
A report by the International Civil Aviation Organization’s (ICAO)
Universal Safety Oversight Audit Program deemed Indonesia as “below
the global average”, resulting in the US Federal Aviation Administration
downgrading the country to Category 2.
After offering several recommendations on how to improve the
country’s safety record, Indonesia carried out several improvements
over the course of a few years. In October 2017, the ICAO’s audit on the
nation’s industry found Indonesia to have exceeded the world aviation
safety standards with an 81.15 percent; the current ICAO requirement
is 64.71 percent.
Additionally, Indonesia is implementing its requirement for automatic
dependent surveillance — broadcast (ADS—B), which, according to
the Federal Aviation Administration (FAA), is “an environmentallyfriendly
technology that enhances safety and efficiency, and directly
benefits pilots, controllers, airports, airlines and the public. It forms the
foundation for NextGen by moving from ground radar and navigational
aids to precise tracking using satellite signals”.
As of January 1, 2018, ADS-B is required for all flights within Jakarta
(WIIF) and Ujung Pandang (WAAF) flight information regions (FIR) at
and above flight level (FL) 290. The ADS-B transmitting equipment must
meet requirements outlined in FAA TSO-C166b, CASA AUS ATSCO-
C100a, or other standards accepted by the Directorate General of Civil
Aviation of Indonesia (DGCA).
Business Jets — Top Operators by OEM
Premiair
8 +4 +3 +2 +2+2 +2 +2 +2 +2 +2
8 4 3 2 2 2 2 2 2 2 2
Elang Lintas
Indonesia
Gov’t of Indonesia
Enggang Air
Service
Airfast Indonesia
Transwisata
Prima Aviation
Transpac
Jet Aviation
Travira Air
Jhonlin Air
Transport
Lionair
Total
Hawker 4 1 1 2 2 10
Embraer 6 1 2 9
Bombardier 1 2 2 2 7
Gulfstream 1 1 1 3
Boeing 1 1
Cessna 1 1
Total 8 4 3 2 2 2 2 2 2 2 2 31
Data Source: Asian Sky Group Fleet Report (Year-End 2016)
16 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

FOR OTHER COUNTRIES’ INFRASTRUCTURE PROFILES DOWNLOAD
OUR INFRASTRUCTURE REPORT AT: WWW.ASIANSKYMEDIA.COM
An improved safety environment is now expected to encourage more
growth and development in the sector throughout Indonesia.
Helicopter Fleet — Mission Breakdown
INFRASTRUCTURE
The International Air Transport Association (IATA) forecasts Indonesia
to be one of the five fastest-growing markets by 2036, in terms of
annual additional passengers, with 235 million new passengers for a
total of 355 million passengers. With rising passenger traffic levels, the
domestic industry needs to be supported by sufficient infrastructure.
This sentiment is understood by Indonesian President Widodo, who has
mandated a push for domestic infrastructure development, including
developing airports in proximity to top tourist destinations.
According to Gapura Airport Services, the government is focusing
much of its attention on airports in East Indonesia. Among those is the
Ahmad Yani International Airport in Semarang, Central Java, which is
scheduled to be ready in early 2018, with the ability to accommodate
six to seven million passengers per year.
Others airport currently being enhanced are the Sultan Babullah (Ternate)
in North Maluku, Raden Inten II in Lampung, Tjilik Riwut in Palangkaraya,
Syamsudin Noor serving Banjarmasin and Sebatik in North Kalimantan.
The Indonesian Government also has plans for at least two new
airports. The Kertajati International Airport in Majalengka is scheduled
to be operational in April 2018, while the Kulon Progo Airport, which
will replace the existing and overserved Yogyakarta Airport, will likely
be complete in 2019.
Indonesia’s largest airport, Soekarno-Hatta International Airport,
located 20km from central Jakarta, serves as the country’s main port of
Others 5 (1%)
SAR 13 (7%)
Corporate 18 (9%)
Charter 21 (11%)
41+16+15+11+9+7+1+G
200
Data Source: Asian Sky Group Fleet Report (Year-End 2016)
Multi-Mission 82 (41%)
Offshore 29 (15%) Law Enforcement 32 (16%)
entry. A third terminal was built in early 2017, in hopes of relieving some
of the airport’s congestion. State-owned airport operator PT Angkasa
Pura II has plans to expand the airport, developing a third runway, which
will, again, help to alleviate some of the overcapacity issues. A fourth
terminal is now in the development stages.
In terms of business jet infrastructure, Indonesia is falling behind the
demand. As of 2017, Wira Jasa Angkasa (WJA) Aviation was the only
business jet MRO in the country, while six FBOs were based throughout
the country.
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 17

Fleet Growth 2014 - 2016
Number of Hangers
Civil Turbine Helicopters
Business Jets
186 +8%
46
+13%
200
52
0%
-2%
200
51
6 4
2014 2015 2016
Data Source: Asian Sky Group Infrastructure Report 2017
Total number of hangars only includes FBO and MRO facilities in this report.
FUTURE EXPECTATIONS
With Indonesia deemed as one of the more notable economies in the
Asia-Pacific region, the business aviation industry is expected to flourish.
AsBAA, the Asian region’s non-profit representative body for business
and general aviation, created an AsBAA Indonesia Chapter to meet the
growing need for support in this part of the Region. The move came
with recognition of the growing market in this part of Southeast Asia.
Through the Chapter, AsBAA members can access support, advice,
business tools and an expansive network of B2B contacts. AsBAA
hopes to aid in the expansion of the local market, helping it to overcome
some of the challenges and make good on the significant opportunities.
Indonesia’s Ministry of Tourism introduced the Wonderful Indonesia
campaign in 2011, to boost tourism, which would consequently
increase aviation movements. In 2017, the campaign was still seen
as having a positive impact on the archipelago. Improving tourism
facilities, including airports, are in line with increasing tourist numbers.
Still, as a growing market, Indonesia faces several challenges. Improving
infrastructure, particularly for business aviation, along with ensuring
regulations remain relatively relaxed toward foreign-registered aircraft
will aid in boosting the industry, helping it become the market leader in
Southeast Asia.
FBO’s Facilities and Services
FBO Name
Airport
Aircraft
Hangarage
On-Site
CIQ 1
VIP
Lounges
Aircraft
Handling
Aircraft
Refueling 2
ExecuJet Ngurah Rai (Bali) International Airport ● ● ● ●
Travira Air Halim Perdanakusuma Airport ● ● ●
Wira Halim Perdanakusuma Airport ● ● ● ●
Data Source: Asian Sky Group Infrastructure Report 2017
1 CIQ: Customs, Immigration and Quarantine; 2 Aircraft Refueling: Fuel Arrangement Service
18 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

● ● ● ● ● ● ●
● ● ● ● ● ●
● ●
●
COUNTRY PROFILE: INDONESIA
Top Operators‘ Civil Helicopters by OEM
84+31+29+20+17+13+3+1+1
82
32 29
21 18 13
3 1 1
Multi-Mission
Law Enforcement
Offshore
Charter
Corporate
SAR
EMS
Private
Training
Total
Airbus 32 13 3 8 9 10 75
Bell 39 2 8 9 8 2 3 1 1 73
Enstrom 17 17
Kamov 3 3
Leonardo 1 3 2 1 1 8
MD 4 4
Mil 2 2
Robinson 1 1
Sikorsky 2 15 17
Total 82 32 29 21 18 13 3 1 1 200
MRO Capabilities by Model
● Line Maintenance (Fixed-wing)/Field Maintenance (Helicopter)
● Base Maintenance (Fixed-wing)/Overhaul (Helicopter)
● Both
EMBRAER
WJA Aviation
TEXTRON
WJA Aviation
AIRBUS
Airbus Indonesia
BELL
Kalimasada Pusaka
Phenom 100
King Air 90
H120
204
Phenom 300
King Air 200/250
H125
205
Legacy 500
King Air 300/350
H130
206
Legacy 600
Cessna 172
H135
212
Legacy 650
Cessna 182
H145
214
ERJ135/ER/LR
Cessna 205
H155
230
Cessna 206
H215
407
Cessna 207
H225
412
Cessna 400
AS355
427
Caravan
AS365
429
Grand Caravan
BK117
430
Baron
Bonanza
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 19

GREAT POTENTIAL AHEAD
INTERVIEW WITH NICOLE WANG
SALES MANAGER, GREATER CHINA
Interview by Iris Zhou
Nicole Wang, Asian Sky Group’s newly appointed Sales Manager based in Beijing, is
preparing to help ASG’s development with her fresh perspective on the industry.
After focusing her work on Greater China for more than four years, she is positive
about the great potential and promising future ahead of the aviation industry in this market.
What triggered your interest in business
aviation?
I more or less stumbled into my aviation career. When I was about to
graduate from college, with a degree in English, I was informed of a
career opportunity at Dassault Aviation SA, an international French
aircraft manufacturer and I thought I should give it a whirl. At last, I
kicked off my career in aviation as an assistant intern to the Senior
Vice President.
As a new graduate, I had little knowledge about the industry and hesitated
about my career choice. I didn’t realize the fun and bright prospect
of this industry, until I worked for a while. As far as I’m concerned,
business aviation presents the economy trend of a country or region
through the flight hours and the number of aircraft transactions, and
inspired me to think in a more comprehensive way. That’s why I love
this industry. Additionally, I have met a lot of experienced people from
Dassault, operators, aircraft leasing companies and other firms in the
downstream chain, most of whom have made a lifelong commitment to
developing their careers in this industry. I was deeply inspired by them
and would like to grow together with business aviation.
How did you end up with Asian Sky Group?
Its superb reputation in the industry attracted me most. The reports
on business aviation, exclusively compiled and published by Asian Sky
Group, fill the gap for industry information and provide easy access to
significant industry data and insights. Also, Asian Sky Group, with its
various business segments, is committed to its clients and prioritizes
their interests, while considering all perspectives. Another significant
reason is, for me, working in Asian Sky Group is interesting since it is
possible for me to gain more knowledge about aircraft models, better
understand aircraft remarketing and involve in the procedures that I
am interested in such as registration, financing and management of
business jets.
Why is Greater China a market that should be
paid attention to?
First of all, the market of business jets in Greater China embodies great
potential. There is a large number of entrepreneurs in China, which
reveals a strong demand for business jets. Consequently, a promising
future is in store for business jets in Greater China with the increasing
20 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

INDUSTRY INSIGHTS
improvement in aviation infrastructure and policies. Although many
entrepreneurs are concerned about whether their ownership of business
jets will exert negative influence on their public images, an increasing
number of clients have paid more attention to the convenience and
efficiency of business jets and showed their willingness of purchase.
I am quite optimistic about the future of this industry in Greater China.
What are the recent trends of the business jet
market in China?
The buyers in Greater China, prevailingly, show their interest in the ultralong-range
business jet with a large cabin. The second-hand market has
demonstrated its vitality since last year. Among the earlier owners of
business jets in China, many of them have transformed from buyers
into sellers in business aviation. Clients in China, to my knowledge, who
update their business jets much more frequently than what clients in
European and American do, typically replace their aircraft every five
years. In addition, the latest aircraft models developed by manufacturers
also stimulates the desire to purchase among clients. The majority of
earlier clients in China tend to choose brand-new or the top-class jets,
but an increasing number of our current or potential Chinese clients
are willing to accept second-hand aircraft, which boosts the balance
between supply and demand in second-hand aircraft market.
Furthermore, I noticed that many jet owners have no clue about selling
their business jets, which highlights the importance of the role a broker,
like Asian Sky Group, plays. Recent years witnessed the establishment of
aircraft management companies launched by jet owners, as they would
rather manage their aircraft by themselves rather than rely on large
aircraft management companies. It not only provides better service of
aircraft management in a more economical way for jet owners, but also
marks the increasing maturity of Chinese business aviation market. I am
very glad to see this trend.
A promising future is in store
for business jets in Greater
China with the increasing
improvement in aviation
infrastructure and policies.
What are some of the challenges of operating
an aircraft in China?
The challenge that we meet first is insufficient aviation infrastructure.
The slots and schedules for business jets to take off and land in airports
of China are far from sufficient, especially when business flights are
arranged between hub airports in large cities such as Beijing, Shanghai,
Shenzhen, Guangzhou. The limited routes, significant cost and deficient
talent also cause difficulties in business aircraft management. The
challenge lies in the misunderstanding of the usage of business jets, as
well. Allowing for the fact that business jets are deemed by most people
as the toy of the well-off, many entrepreneurs worry that their public
images will be affected through their ownership of business jets. I hope
the public can soon realize that business jets, in essence, are a means
of transportation used to facilitate efficiency in business.
Are you optimistic about the Asia-Pacific
industry’s future?
Yes! I am quite optimistic about the future because the rapid
improvement of business aviation is a must, particularly with continuous
economic development and growing number of wealthy people in this
region, which is generally followed by a strong demand for business
aviation. Among Asia-Pacific countries and regions, China, as the
second biggest economy, enjoys a continuous and stable increase
of GDP, target customers and purchasing power, as well as favorable
policies implemented around the country. It is embracing a great
opportunity for developing business aviation. Extensive opportunities
lie ahead for business aviation market in Asia Pacific.
What’re you hoping to achieve in your new role
at ASG?
I hope I can make good use of my industry knowledge accumulated
in my previous work to help my current or potential clients have an
objective understanding about business jets – a carrier of a new lifestyle
and a means of transportation with safety, efficiency, convenience,
coupled with privacy for business. I would like to be helpful to my clients
in terms of decision making, and also expect to bring convenience and
create value for them.
www.asianskygroup.com
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 21

Bell 505
AIRCRAFT SPOTLIGHT
BELL 505 & BELL 525
BELL 505 SPECS
AT A GLANCE
ENGINE
Max Cruise
Range
Useful Load
Baggage Compartment Volume
Hover Ceiling IGE
Hover Ceiling OGE
Takeoff
Max Continuous
Powerplants
125+ kts
306 N.M
1500+ lbs
18 ft³
14,450 ft
10,460 ft
504 shp
457 shp
Turbomeca Arrius 2R
The Bell 505 Jet Ranger X is equipped with the proven and reliable
Turbomeca Arrius 2R engine, delivering 504 shaft horsepower.
Equipped with a dual channel FADEC, the Arrius 2R provides improved
fuel efficiency, start-up protection and full integration with the aircarft
avionics system. Overrall features include:
• Proven Arrius lineage with over 6 million flight hours
• Dual Channel FADEC with backup
• 3,000 Hour TBO
• Engine Data Recorder
• Designed for easy maintenance access
EXTERIOR
• 2 bladed rotor system proven on Bell 206L4
• 10 Choices of paint, with flat and metallic options
- 2 accent stripe choices
• Easily removable panels for access to engine and drives system
After a few tumultuous years for the helicopter industry, American
aerospace manufacturer Bell Helicopter - a division of Textron
Company - has continued to position itself as a strong player. While
entering into emerging markets and solidifying impressive deals
across its line, the future of Bell Helicopter is bright.
Two of the company’s latest developments have come onto the market
strong: the Bell 505 Jet Ranger X (JRX) and the Bell 525 Relentless.
Officially announced in 2014, the Bell 505 is a new five-seat aircraft
designed for safety, efficiency and reliability. The light-size helicopter
incorporates proven dynamic components, advanced aerodynamic
design and a dual channel FADEC Turbomeca Arrius 2R engine.
The integration of a flat floor, open cabin is configurable to a widerange
of mission segments. Its forward-facing seats can be quickly
and easily switched to support utility missions. These features
combined with a proven and reliable drivetrain and rotor system make
the Bell 505 a favorable multi-mission aircraft in the short light singleengine
market.
The Bell 505 is the first helicopter in its class to feature a fullyintegrated
glass flight deck, featuring the Garmin G1000HTM Avionics
suite. This high-tech system enhances situational awareness, while
reducing pilot workload.
In March 2017, Bell Helicopter delivered its first Bell 505 to a private
operator based in the US. The aircraft has since received certification
from the civil certification authorities in the United States, Europe,
Australia, Chile, Guatemala, Indonesia, Mexico, New Zealand, Peru,
South Korea, Argentina and Japan. The helicopter has also seen
great success in China, with Hubei Tongcheng General Aviation
Company among those signing orders for the aircraft. Reignwood
International Investment Group Company Ltd. signed an agreement
22 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

AIRCRAFT SPOTLIGHT
with Bell Helicopter to purchase 50 additional Bell 505s, act as the
exclusive reseller for the Bell 505 in China and establish a delivery and
maintenance facility in the country.
For the 505, Bell Helicopter and Safran Helicopter Engines have a
collaboration to provide a complete service option for the Bell 505
protecting the entire aircraft – including engine coverage.
Bell Helicopter’s super-medium Bell 525 Relentless was unveiled at the
2012 Heli-Expo and made its first flight in 2015.
The Bell 525 is the world’s first fly-by-wire commercial helicopter and
is designed to operate safely and reliably in extreme environments
with a decreased pilot workload. The aircraft features the first fullyintegrated
touch screen avionics suite designed for helicopters, the
Garmin G5000H®. Best-in-class payload, cabin, cargo volumes, and
passenger comfort complement the technological advancements on
the aircraft.
With capacity for up to 20 passengers, the 525 provides comfort
and ease for VIP transport. Its LIVE rotor hub technology allows for
minimal noise and vibration, providing an exceptional flight experience.
As the largest helicopter produced by Bell yet, the spacious cabin
offers flexible layouts for a variety of mission segments. Its floor “puck”
system allows for easy seat removal for reconfiguration to suit any
mission’s needs.
Throughout 2018, Bell Helicopter will continue its flight testing and
focus on certification. The helicopter is expected to be available for
delivery in 2019.
Until then, the company continues its success across its line
of helicopters.
www.bellhelicopter.com
BELL 525 SPECS
AT A GLANCE
MISSION
Max Cruise
Range
Seating
Baggage Compartment Volume
Hover Ceiling IGE
Hover Ceiling OGE
Max Gross Weight
Max Gross Weight (External Load)
Powerplants
160 kts
560 N.M
2 Flight crew + 16 Passengers
128 ft³
11,200 ft
8,600 ft
20,500 lb
21,500 lb
2xGE CT7-2F1
With a highly reconfigurable main cabin, 162 kts/300 km/h speed for
rapid response and excellent side and over-the-nose crew visibility, the
Bell 525. Relentless delivers precision, safety and consistency across
all parapublic helicopter missions.
ENGINE
Known for its rugged, fuel-efficient and exceptional performance, the
CT7-2F1 provides reliable power and perfiirmance for all missions.
Bell 525
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 23

MARKET DYNAMICS
PRE-OWNED BUSINESS JETS FOR SALE
INVENTORY VALUE (USD) 1
WORLDWIDE
$7,582M
$6,009M
SEP 2017
$6,103M
$1,439M
ASIA PACIFIC
$1,261M
SEP 2017
$1,150M
Dec Jan
2015 2016
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
2017
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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
TREND REVERSAL
MOVING TOWARDS SELLER’S MARKET
MOVING TOWARDS BUYER’S MARKET
AIRCRAFT SOLD 1
WORLDWIDE 21
25
TREND
IMPROVEMENT
24
26
20
35
32
36
32
30 30
28
25 25 25
23 24
21
22
37
29
37
26
13
11
Dec Jan
2015 2016
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
2017
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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.
24 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
AVERAGE ASKING PRICE
MILLION USD
25
24
23
ASIA PACIFIC
22
21
20
19
WORLDWIDE
18
Dec
15
Feb
16
Apr
16
Jun
16
Aug
16
Oct
16
Dec
16
Feb
17
Apr
17
Jun
17
Aug
17
Oct
17
Dec
17
% OF FLEET FOR SALE
14%
13%
12%
11%
ASIA PACIFIC
10%
9%
WORLDWIDE
8%
7%
6%
Dec
15
Feb
16
Apr
16
Jun
16
Aug
16
Oct
16
Dec
16
Feb
17
Apr
17
Jun
17
Aug
17
Oct
17
Dec
17
AVERAGE DAYS ON MARKET
520
470
420
370
ASIA PACIFIC
320
270
WORLDWIDE
220
Dec
15
Feb
16
Apr
16
Jun
16
Aug
16
Oct
16
Dec
16
Feb
17
Apr
17
Jun
17
Aug
17
Oct
17
Dec
17
Source: JETNET & ASG
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 25

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
BUSINESS JETS
2017 Q4
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY >
DEMAND
% OF FLEET
FOR SALE
MODEL
DAYS ON MARKET
NO TRANSACTIONS
20.0%
9.7%
AIRBUS
ACJ318
ACJ319
NO TRANSACTIONS
13.5%
9.1%
BOEING
BBJ
BBJ2
5.9%
CL604
12.9%
7.3%
4.0%
BOMBARDIER
CL605
CL850
GL5000
8.0%
GL6000
NO TRANSACTIONS
8.4%
8.4%
24.1%
EMBRAER
L600
L650
L1000
AVERAGE
NO TRANSACTIONS
NO TRANSACTIONS
3.1%
1.4%
7.9%
F2000LX
F2000LXS
F2000S
AVERAGE
NO TRANSACTIONS
9.2%
8.3%
DASSAULT
F7X
F900DX
7.6%
F900EX
5.8%
F900EXe
9.8%
F900LX
13.0%
G200
1.7%
6.8%
4.4%
4.8%
GULFSTREAM
G280
G450
G550
G650
NO TRANSACTIONS
10.0%
G650ER
400% 300% 200% 100%
0
Average AC for sale / Total sold in last 12 months
7.4%
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 stabilization in pre-owned asking prices and
decline in inventory level appear 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 with certain Gulfstream (G200, G450, G550,
G650) and Bombardier models (Challenger 604/605 & Global 6000)
where more transactions are occurring relative to the number for
sale, and transactions are requiring less time on the market for
sellers to complete.
26 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
MARKET POSITIONING
BUSINESS JETS
MOVING TOWARDS
BUYER’S MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLER’S 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
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 27

MARKET DYNAMICS
PRE-OWNED CIVIL HELICOPTERS FOR SALE
INVENTORY VALUE (USD) 1
$1,525M
$1,555M
SEP 2017
WORLDWIDE
$994M
$156M
ASIA PACIFIC
$173M
SEP 2017
$105M
Dec Jan
2015 2016
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
2017
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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
TREND
IMPROVEMENT
MOVING TOWARDS SELLER’S MARKET
MOVING TOWARDS BUYER’S MARKET
TREND
WORSENING
TREND
WORSENING
TREND
IMPROVEMENT
AIRCRAFT SOLD 1
WORLDWIDE
4
12
5
7
4
5
7
10
6
10
8
7 7 7
10
7
9
7
2
4
7
6
2
9
7
Dec Jan
2015 2016
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
2017
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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.
28 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
AVERAGE ASKING PRICE
MILLION USD
7
6.5
6
ASIA PACIFIC
5.5
5.0
WORLDWIDE
4.5
4
Dec
15
Feb
16
Apr
16
Jun
16
Aug
16
Oct
16
Dec
16
Feb
17
Apr
17
Jun
17
Aug
17
Oct
17
Dec
17
% OF FLEET FOR SALE
7.5%
7.0%
6.5%
6.0%
WORLDWIDE
5.5%
5.0%
ASIA PACIFIC
4.5%
4.0%
3.5%
3.0%
Dec
15
Feb
16
Apr
16
Jun
16
Aug
16
Oct
16
Dec
16
Feb
17
Apr
17
Jun
17
Aug
17
Oct
17
Dec
17
AVERAGE DAYS ON MARKET
600
550
ASIA PACIFIC
500
450
WORLDWIDE
400
350
300
Dec
15
Feb
16
Apr
16
Jun
16
Aug
16
Oct
16
Dec
16
Feb
17
Apr
17
Jun
17
Aug
17
Oct
17
Dec
17
Source: JETNET & ASG
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 29

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
CIVIL HELICOPTERS
2017 Q4
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY >
DEMAND
% OF FLEET
FOR SALE
MODEL
DAYS ON MARKET
20.7%
S76C+
12.4%
SIKORSKY
S76C++
2.8%
S92A
AVERAGE
5.4%
4.9%
5.6%
BELL HELICOPTER
BELL 412EP
BELL 412HP
BELL 429
AVERAGE
16.1%
AW109E PWR
5.9%
LEONARDO
AW109SP GN
2.9%
AW139
NO
TRANSACTIONS
6.0%
AS332L1
NO
TRANSACTIONS
8.4%
H225
7.2%
2.1%
1.2%
AIRBUS HELICOPTERS
EC135P2
EC135T2
EC145
NO
TRANSACTIONS
36.7%
EC155B
9.1%
H155
350% 300% 250% 200% 150% 100% 50% 0
Average AC for sale / Total sold in last 12 months
6.2%
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).
30 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
MARKET POSITIONING
CIVIL HELICOPTERS
MOVING TOWARDS
BUYER’S MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLER’S 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
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 31

RELY ON.
FLY
WE MAKE IT
The new generation H160 boasts a range
of unparalleled safety features. Maximized
pilot visibility, intuitive information display,
unrivalled pilot assistance with Helionix ® ,
and unmatched flight envelope protection.
What’s more, it carries up to 12 passengers
with a radius of action of 120 NM, while
burning 15% less fuel. With so many
impressive features, the H160 is a huge
step forward not just for its category, but
for the environment, too.
Safety. We make it fly.

PRE-OWNED MARKET ANALYSIS
AIRBUS H125 & AS350 B3
The H125, the latest evolution of the AS350 series, outclasses
all other single-engine helicopters for its performance,
versatility, safety, low maintenance and acquisition costs,
while excelling in high, hot and extreme environments.
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 33

PRE-OWNED SPOTLIGHT
H125 & AS350 B3 MARKET CONDITION
FLEET LIFE CYCLE - DEC 2017
In Operation
In Production
At MFR
Retired
Total Aircraft
H125 & AS350 B3 SPECS
CONFIGURATION
High Density Version
Standard Version
Comfort Version
Medical Transportation
Cargo Carrying
WEIGHT
Maximum Takeoff Weight
Maximum Takeoff Weight with External
Load Maximum Cargo-swing Load
CABIN DIMENSIONS
Length (excl. Baggage)
Height
Width
ENGINES
Engine Model
Takeoff Power (at SL-ISA)
PERFORMANCE AT MAX. GROSS WEIGHT, ISA, SL
H125 AS350 B3
631
1,029
2
0
31
3
25
94
689
1,126
H125 AS350 B3
1 Pilot & 6 Pax
1 Pilot & 5 Pax
1 Pilot & 4/5 Pax
1 Pilot, 2 Doctors w/ 1 Stretcher
1 Pilot w/ 3 m³ Payload
2,250 kg / 4,960 lb
2,800 kg / 6,172 lb
1,400 kg / 3,086 lb
24 ft 5 in
25 ft 10 in
6 ft 3 in
6 ft 3 in
7 ft 2 in
7 ft 2 in
TURBOMECA
TURBOMECA
ARRIEL 2D
ARRIEL 2B
632 kW / 847 shp
INTRODUCING THE H125 & AS350B3
H125 is a member of Airbus Helicopters'
single-engine Ecureuil family. Some 6,000
Ecureuils have been delivered in nearly 120
countries for over 1,800 operators. Together,
these aircraft have accumulated more than
29 million flight hours.
The H125, previously named the AS350
B3e, is equipped with a Turbomeca Arriel
2D turboshaft engine with upgraded
engine control thanks to a dual-channel
FADEC unit, plus a third independent and
automatic back-up channel for automatic
start-up. Additionally, the upgraded engine,
previously an Arriel 2B in earlier variations
of the aircraft, is fitted with an engine data
recorder.
The H125, previously named the AS350
B3e, is equipped with a Turbomeca Arriel
2D turboshaft engine with upgraded triple
engine control, thanks to a dual-channel
Full Authority Digital Engine Control
(FADEC) unit, plus a third independent and
automatic back-up channel for automatic
start-up. Additionally, the upgraded
engine, previously an Arriel 2B in earlier
variations of the aircraft, is fitted with an
engine data recorder.
With built-in maneuverability, excellent
visibility, low vibration levels in the cabin and
low operating cost, the H125 has earned its
reputation as a true multi-mission aircraft,
becoming a common sight at heliports,
hospital landing pads, police department
operations centers, snowy mountains and
airports around the world.
Maximum Speed (VNE)
Fast cruise speed
Range with standard tank
Max Endurance without
reserve at 100 km/h - 54 kts
Rate of climb
Service ceiling
Hover ceiling IGE
Hover ceiling OGE
287 km/h / 155 kts
251 km/h / 136 kts 254 km/h / 137 kts
651 km / 351 N.M. 646 km / 349 N.M.
4 h 28 min
4 h 10 min
10 m/s, 1,959 ft/min 9.2 m/s, 1,818 ft/min
5,044 m / 16,550 ft 4,556 m / 14,950 ft
4,023 m / 13,200 ft 3,536 m / 11,600 ft
3,383 m / 11,100 ft 2,880 m / 9,450 ft
The H125’s new cabin has a flat floor that
can be quickly and easily reconfigured for
various mission types, including aerial work,
firefighting, law enforcement, search and
rescue, and passenger transport. Flying
longer and higher than previous variations,
the H125 has a range of 651km / 351nm and
a maximum altitude of 5,044m / 16,550ft.
OPERATION LIMITATIONS
Maximum altitude (PA)
Minimum temperature
Maximum temperature
7,010 m / 23,000 ft
- 40°C / - 40°F
ISA + 35°C / 95°F, limited to + 50°C / 122°F
34 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

PRE-OWNED SPOTLIGHT
PRESENCE IN ASIA-PACIFIC
The Asia-Pacific AS350 fleet stands at 534, with the latest H125 model
making up 123 of those, of which the majority are based in China. Still,
the older AS350 B2 model represents the highest number of the fleet, at
152. While the H125 represents the younger fleet from 2011 to now, the
AS350 B2 made its way onto the market in the early 1980s and enjoyed
a peak period during the late 1980s to early 1990s, when Australian
and New Zealand operators took ownership of several. The AS350 B2
has steadily made its way onto the market throughout the years into
the 2000s and beyond, attesting to the model’s reliability. Additionally,
the AS350 B3 variation makes up a large amount of the fleet with 95
throughout the region, particularly in New Zealand, Australia, China
and Japan.
A majority of the 534 fleet is used for the multi-mission segment, while
the remaining are used specifically for charter, corporate and private
use, law enforcement, training and EMS.
AS350 & H125 AGE DISTRIBUTION - APAC COUNTRIES
AS-350B
AS-350BA
AS-350D
AS-350B-1
AS-350B-2
AS-350B-3
H125 (AS350B3e)
35
No. of Aircraft in Operation
30
25
20
15
10
5
0
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
* Data: ASG Helicopter Fleet Report - Researched area includes the top operating countries, New Zealand, Australia, China, Japan, Phillippines, and Indonesia.
MODEL
AS-350B
AS-350B-1
AS-350B-2
AS-350B-3
AS-350BA
AS-350D
H125
TOTAL
New Zealand
Australia
China
Japan
Philippines
Indonesia
11
12
38
5
1
5
2
73
46
7
8
14
4
19
24
19
21
6
6
35
40
3
4
2
3
3
3
14
80
17
3
6
145
144
106
89
32
18
TOTAL
66
8
152
95
84
6
123
534
MISSION BREAKDOWN
MISSION
AS-350B
AS-350B-1
AS-350B-2
AS-350B-3
AS-350BA
AS-350D
H125
TOTAL
Multi-Mission
Charter
Corporate
Private
SAR
Law Enforcement
Offshore
Training
EMS
53
4
6
2
1
5
1
2
114
11
12
2
4
3
6
81
3
7
1
3
54
8
8
2
5
2
4
1
4
1
1
111
11
1
422
39
34
9
9
8
6
5
2
TOTAL
66
8
152
95
84
6
123
534
* Data Source: ASG Helicopter Fleet Report - Researched area includes the top operating countries, New Zealand, Australia, China, Japan, Phillippines, and Indonesia.
* Multi-mission includes: Cargo Lifting, Forestry (Surveying, Logging and Protection), Firefighting, Aerial Photography, Aerial Tours, Agriculture and Pest Control, Powerline Repair &
Media Industry
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 35

PRE-OWNED SPOTLIGHT
PRE-OWNED MARKET
Of the H125 operating worldwide, 16 (2.5%) are for sale, with an
average manufacturing year of 2014. Most of these are being sold out
of Europe and North America, spending an average 519 days on the
market. The asking price range for the H125, as of December 2017,
was US$1.77, which is lower than December 2016, when the average
asking price was US$1.84.
Of the AS350 B3 operating worldwide, 39 (3.8%) are for sale, with an
average manufacturing year of 2006. The AS350 B3s vary in terms
of year, dating from 1997 to 2013. Base locations vary, as well, with
the aircraft being sold out of Western Europe, Latin America, Africa,
North America and Asia. The average asking price for the aircraft, as
of December 2017, was US$1.53M, which is again slightly lower than
the asking price in December 2016 — US$1.72M.
The market for both the H125 and AS350 B3 remains very active,
with inventory levels and pricing remaining stable. Airbus Helicopters
has continued to make improvements to this model, over the years.
Affordability, reliability, world wide support system and low operating
cost continues to be its major selling points.
AS350 B3 & H125 MODEL BREAKDOWN BY TOP OPERATOR IN APAC
CO. NAME
COUNTRY
AS-350B-1 AS-350B-1 AS-350B-2 AS-350B-3 AS-350BA AS-350D H125 TOTAL
Aviation Utilities
Australia
1
2
7
1
11
Microflite Helicopter Services
Australia
1
1
3
3
8
Helicopter Resources
Australia
2
2
4
8
Gov’t of Australia
Australia
4
1
1
6
Heli West Group
Australia
4
1
5
Prof. Helicopter Services
Australia
1
1
2
1
5
Choppair Helicopters
Australia
1
3
4
Beijing Capital Helicopter GA
China
4
7
11
State Grid GA
China
10
10
Hubei Tongcheng GA
China
2
8
10
Shanghai Skyway GA
China
1
8
9
Sichuan Xilin Fengteng GA
China
9
9
China Flying Dragon GA
China
7
7
Yunnan Feng Xiang GA
China
5
5
Nakanihon Air Service
Japan
9
1
3
4
18
Aero Asahi Corporation
Japan
1
9
5
14
Toho Air Service
Japan
5
1
1
3
10
Nishi Nihon
Japan
5
3
1
6
Akagi Helicopter
Japan
2
1
1
1
5
Takahashi Helicopter Service
Japan
2
2
4
The Helicopter Line
New Zealand
2
14
1
15
Fox Franz Heliservices
New Zealand
1
4
8
HNZ Group (New Zealand)
New Zealand
3
6
7
Alpine Helicopters
New Zealand
1
3
1
5
Reid Helicopters Nelson
New Zealand
1
3
4
Glacier Helicopters
New Zealand
1
3
4
208
* Data source: ASG Fleet Report
AS350 B3 & H125 MODEL RESIDUAL VALUE DEPRECIATION BY DELIVERY YEAR
RESIDUAL VALUE
AFTT
VALUE (M USD)
2.85
2.70
2.40
2.10
1.90
1.70
1.50
1.45
1.40
1.35
1.30
1.25
1.20
1.15
1.10
1.05
1.03
1.00
0.98
0.95
AFTT (HOUR)
0
280
770
1,050
1,330
1,610
1,890
2,170
2,450
2,730
3,010
3,290
3,570
3,850
4,130
4,410
4,690
4,970
5,250
5,530
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
* Data source: Vref
Aircraft Delivery Year
36 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

PRE-OWNED SPOTLIGHT
MARKET DYNAMICS - PAST 12 MONTHS
AS350 B3
H125
INVENTORY LEVEL (M USD)
AVERAGE ASKING PRICE TREND (M USD)
90 90
1.84
1.85
82 84
1.83
1.81 1.81
77
74 1.78
1.76
68 69
1.76
1.72 1.72
60
63
59 61 61
1.67
1.64
1.61
41 41
36 37 38
40
35 35
37 38 36
39
1.55
34
1.80
1.61
1.84
1.61
1.82
1.59
1.84
1.60
1.84
1.61
1.77
1.53
Dec
2016
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
Dec
2016
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
AIRCRAFT FOR SALE
TRANSACTION HISTORY
52
48
51
50
47 46
44 43
37 37 38 39 40
1
1
2
6
4
4
2
16 16 16 17 18 17 18
16 16 15
17 16
14
2
1
5
1
4
6
8
3
2
4
4
5
1
3
4
7
3
3
Dec
2016
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
Dec
2016
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 37

PRE-OWNED SPOTLIGHT
H125 (AS350 B3E) & AS350 B3
CURRENT PRE-OWNED MARKET CONDITION - 2017Q4
MARKET STATUS H125 AS350 B3
For Sale
% of Fleet In Operation
Average Manufacturing Year
Average Days on Market
Asking Price Range (USD)
16
2.50%
2014
519
1.757M - 2.825M
39
3.80%
2006
835
1M - 2.2M
AIRCRAFT MODEL YEAR REGION ASKING DAYS ON MARKET AFTT
AS350B3 1997 Western Europe Make Offer 7 14,047
AS350B3 1998 Western Europe $1,230,483 722 1,167
AS350B3 1998 Latin Amer. & Carib $1,650,000 2,429 6,338
AS350B3 1998 Latin Amer. & Carib Make Offer 537 2,798
AS350B3 1999 Asia $1,000,000 189 9,136
AS350B3 2001 Asia $1,200,000 1,723 7,281
AS350B3 2001 Northern America $1,200,000 1,028 6,398
AS350B3 2001 Latin Amer. & Carib $1,650,000 2,429 3,862
AS350B3 2002 Latin Amer. & Carib $1,750,000 795 1,990
AS350B3 2001 Western Europe Make Offer 64 3,220
AS350B3 2002 Northern America Make Offer 153 4,625
AS350B3 2002 Western Europe Make Offer 7 10,150
AS350B3 2005 Northern America Make Offer 333 1,462
AS350B3 2003 Latin Amer. & Carib Make Offer 309 7,798
AS350B3 2003 Latin Amer. & Carib Make Offer 139 4442
AS350B3 2005 Latin Amer. & Carib Make Offer 1,114 1,660
AS350B3 2005 Western Europe Make Offer 64 4,077
AS350B3 2006 Western Europe Make Offer 553 2,829
AS350B3 2006 Latin Amer. & Carib Make Offer 139 -
AS350B3 2006 Northern America $1,995,000 335 7
AS350B3 2007 Northern America $1,250,000 46 5,390
AS350B3 2008 Western Europe Make Offer 553 2,063
AS350B3 2008 Sub-Saharan Africa $1,500,000 642 2,200
AS350B3 2008 Latin Amer. & Carib Make Offer 57 1,302
AS350B3 2010 Latin Amer. & Carib Make Offer 309 5,037
AS350B3 2009 Latin Amer. & Carib Make Offer 917 1,950
AS350B3 2009 Western Europe $1,584,607 2,395 2,891
AS350B3 2009 Latin Amer. & Carib Make Offer 435 1,095
AS350B3 2010 Western Europe Sale/Lease 2,533 -
AS350B3 2009 Western Europe $1,769,762 2,455 -
AS350B3 2011 Latin Amer. & Carib Make Offer 1,065 1,380
AS350B3 2010 Western Europe Sale/Lease 2,339 -
AS350B3 2011 Latin Amer. & Carib $2,000,000 901 1,200
AS350B3 2011 Latin Amer. & Carib Make Offer 36 900
AS350B3 2011 Western Europe Sale/Lease 2,086 -
AS350B3 2012 Western Europe Make Offer 287 -
AS350B3 2011 Northern America $2,175,000 376 1,342
AS350B3 2011 Western Europe Sale/Lease 2,099 -
AS350B3 2013 Oceania $2,200,000 6 1,129
H125 2012 Western Europe Sale/Lease 1,925 -
H125 2012 Western Europe Make Offer 48 723
H125 2013 Northern America $2,550,000 858 653
H125 2013 Northern America $2,500,000 1,343 312
H125 2013 Northern America Make Offer 922 -
H125 2012 Europe - C.W. Of Ind. States $2,772,510 253 15
H125 2013 Northern America $2,550,000 204 450
H125 2014 Western Europe Sale/Lease 707 -
H125 2014 Latin Amer. & Carib $2,100,000 512 155
H125 2014 Northern America $2,495,000 182 336
H125 2014 Northern America Make Offer 64 906
H125 2015 Western Europe $1,756,899 259 2,499
H125 2016 Western Europe $2,825,206 7 600
H125 2016 Western Europe $2,416,780 259 900
H125 2017 Western Europe $2,558,122 33 850
38 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

与 数 千 名 公 务 航 空 领 导 者 、 企 业 家 和 其 他 采 购 决
策 者 一 道 , 一 起 参 加 亚 洲 公 务 航 空 大 会 及 展 览 会
(ABACE2018)。 这 场 展 会 非 常 适 合 于 那 些 将 公 务
航 空 作 为 商 机 的 投 资 者 , 以 及 考 虑 使 用 公 务 飞 机 的
公 司 和 已 经 将 公 务 飞 机 作 为 宝 贵 业 务 工 具 使 用 的 飞
行 部 门 。 访 问 ABACE 官 网 以 了 解 更 多 相 关 信 息 ,
并 立 即 注 册 。
www.abace.aero/2018
REGISTER FOR ASIA’S PREMIER
BUSINESS AVIATION EVENT
Join thousands of top business aviation leaders,
entrepreneurs, and other purchase decision-makers
for the Asian Business Aviation Conference &
Exhibition (ABACE2018). This is the perfect venue
for investors considering aviation as a business
opportunity; companies thinking of using an aircraft
for business; and flight departments who have
long used aircraft as a valuable business tool.
REGISTER TODAY
www.abace.aero/2018
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 39

INDUSTRY INSIDER
GROWING BUSINESS AVIATION
IN BALI
INTERVIEW WITH GARY FORSTER,
EXECUJET INDONESIA
Interview by Litalia Yoakum
ExecuJet Indonesia, a joint venture between ExecuJet Aviation Group and Indonesia-based Dimitri Utama Abadi, began its FBO
operations at the Ngurah Rai International Airport in Bali in 2015. The strong demand for aircraft handling, as well as the trend
for larger VIP aircraft and charter, in the Southeast Asian holiday destination has made the company’s operations successful.
What services does ExecuJet Indonesia offer?
ExecuJet’s Bali facility is operated by highly trained and professional
staff, offering full FBO services to corporations, high net worth
individuals, heads of state and royalty, ensuring a seamless, discreet,
safe and efficient first-class service.
The purpose-built general aviation terminal offers a large and exclusive
ramp, VIP lounges, crew rest area and conference facilities.
The Bali FBO offers:
• Presidential, VIP, diplomatic and corporate flight coordination;
• Expansive ramp area and parking;
• Passenger handling and coordination;
• Customs and immigration assistance;
• Landing and overfly permissions;
• VIP passenger lounges;
• Organization of conference rooms;
• Limousine booking service and hotel arrangements;
• Crew briefing and lounge;
• Fuel supply;
• Catering arrangements;
• Air traffic control (ATC) and airport slot coordination;
• Cleaning services and organization of water and lavatory services;
• Ground power unit;
• Rental car arrangements;
• Crew transportation; and
• Concierge services.
40 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

INDUSTRY INSIDER
What challenges does business aviation face
in Indonesia?
The Asia-wide airport capacity issues affect Indonesia, just as it does
the rest of the region. A nationwide slot system introduced in the
last few years has meant business aviation is somewhat restricted
in its operations, especially at peak times. This has been a difficult
transition for local owners and operators who previously had freedom
of movement.
Why did ExecuJet Indonesia decide on Bali
and its selected location?
An opportunity was identified by ExecuJet on the paradise island of
Bali, a location which has seen business jet traffic for many years but
with no dedicated VIP handling facility.
ExecuJet brought the idea of creating Indonesia’s first FBO to
Angakasa Pura 1, the Airport Operator, and operations commenced
in October 2013 from a temporary terminal to coincide with the Asia-
Pacific Economic Cooperation (APEC) forum taking place in Bali.
Once completed, operations moved into a new and larger General
Aviation Terminal to provide a better level of service to clients.
Refurbishments have
also taken place to
ensure the facility is
fully functioning and
up-to-date.
How has the FBO evolved since coming onto
the market a few years ago?
Customers are now aware and have become familiar with the dedicated
facility that previously did not exist. Additionally, local hotels now
regularly have staff to meet guests at the FBO. It is considered a shining
example of airport cooperation and the airport operator Angkasa Pura
1 is rightly proud of the facility. Several events have since taken place in
Bali, in conjunction with the FBO, with its large aircraft parking being the
focal point for arriving VIPs.
The lack of customs, immigration and quarantine (CIQ) means that
only a few airports have the ability to clear the passengers and this
necessitates unwanted technical stops when visiting the likes of
Komodo Island and Raja Ampat diving area.
The recently relaxed regulation preventing internal flying by non
PK-registered (Indonesia-registered) aircraft was welcome news,
however, the process is still quite complicated.
What action is being taken to overcome these
challenges?
ExecuJet is an active participant in the Asian Business Aviation
Association (AsBAA) and supports all their initiatives to improve the
business aviation environment in Asia Pacific.
The government has recognized some of the shortcomings and has
embarked on a countrywide infrastructure improvement project, which
encompasses many existing and new airports. Bali has seen many new
developments, including increased parking areas, hangarage, a new
fire station, and a new ATC tower is currently being built. An online slot
system has eased the slot process, but limitations still exist.
What does the future hold for ExecuJet
Indonesia?
We are always looking for opportunities for expansion, both in Indonesia
and throughout the Asia Pacific, and have identified areas of potential
in new locations for business aviation development and in existing
undeveloped markets. This could be with potential partners or as a
stand-alone venture.
www.execujet.com
Refurbishments have also taken place to ensure the facility is fully
functioning and up-to-date.
Is there increased business aviation traffic in
Indonesia?
The traffic levels have been relatively flat over the last couple of years.
Several natural disasters on nearby islands, and most recently the
volcanic crisis on Bali, has resulted in periods of lower activity. This is
then recovered with high numbers for Chinese New Year and Christmas.
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 41

Be among the biggest names in rotorcraft as we land again in
Singapore. Dedicated to the thriving Asia Pacific market,
Rotorcraft Asia 2019 covers the entire rotorcraft supply chain
from airframes, components and parts, to avionics, safety
systems, MROs and more.
Stay ahead of the competition and seize the
unparalleled business opportunities in this flourishing
region. Book now!
• Meet with potential buyers
via our VIP Buyers Programme
Land right here for the full view
www.rotorcraft-asia.com
To exhibit, please contact Lim Mei Ling / Theresa Gan at:
+65 65956113 / 6595 6122 sales@rotorcraft-asia.com
42 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

AIRCRAFT POSITIONING
BUSINESS JETS
CORP. AIRLINER
LONG RANGE
LARGE
MEDIUM
LIGHT
VERY LIGHT
ACJ321 BBJ3
ACJ320
BBJ2
ACJ319 BBJ
24
23
22
21
20
19
18
17
16
15
14
13
ACJ318
GLOBAL 6000
LINEAGE 1000E
GLOBAL 5000
G650ER
G650
G550
F8X
F7X
12
11
10
9
G450
8
F900LX
7
LEGACY 650
F2000LXS
CL850
CL650
LEGACY 600
F2000S
CL350
GLOBAL EXPRESS
CIT. X+ G280
F2000LX
G350
LEGACY 500
CL605
F900EX EASY
CIT. SOVEREIGN+
CL300
F2000
LRGACY 450
CIT. LATITUDE
CIT. X
G300
L75
L70
CIT. XLS+
G150
F2000DX
F50EX
GLOBAL EXPRESS XRS
G200
H4000
CIT. SOVEREIGN
G-IVSP
F900EX
G-IV
F2000EX
CL604
G-V
6
4
3
TOTAL ANNUAL COST (MILLION USD/YEAR)
CIT. CJ1+
CIT. CJ1
PREMIER 1A
DIAMOND 1A
H400XP CIT. BRAVO
CIT. M2
BEECHJET 400
CIT. CJ2
PHENOM 100E
HONDAJET
CIT. MUSTANG
ECLIPSE 550
CIT. ULTRA
CIT. ENCORE
H900XP
CIT. CJ4
H850XP
PHENOM 300
H800
CIT. XLS
CIT. VII
L60XR
L45XR
CIT. CJ3+
G100
CIT. CJ3
L40XR
CIT. EXCEL ASTRA SP
CIT. ENCORE+
CIT. CJ2+
H800XP
NEXTANT 400XTI
2
500
1,000
1,500
2,000
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
MAX RANGE (N.M.)
* The estimated total yearly cost is based on aircraft ownership cost for 10 years including financing, plus annual operating costs and regional adjustments.
Source: Conklin & de Decker 2017
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 43

AIRBUS
SUMMARY -- JETS
MARKET SUMMARY PER MODEL — BUSINESS JETS
INVENTORY LEVEL, PRICE TREND & TRANSACTIONS
ACJ318
$32.2
Average Asking Price
For Sale vs. Sold
$29.4
$29.3
4 4 4 4 4 4 4 4 4 4 4 4 4
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
• There are four ACJ318s on the market, representing 20% of the total active
fleet, which remains stable compared to Q3 2017.
• The average asking price of ACJ318s in Q4 2017 is US$29.3M, slightly
reduced compare to Q3 2017.
• The average days on market is 1,242 days, increased from 1,151 days in Q3
2017.
• Q4 2017 saw no ACJ318 transactions, with the latest closing in December
2016.
SPECS
Max Range
Max Speed
Typ. Passengers
0+14+0 0+14+0 0+14+0 0+14+0 0+14+0 0+14+0 0+14+0 0+14+0 0+14+0 0
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
4,253 N.M. / 7,877 km (with ACTs)
Mach 0.82
19
2017 Q4 2017 Q3
4 (20.0%) 4 (20.0%)
29.3M USD 29.4M USD
1,242 1,151
2017 Q4 2017 Q3
0
0
0
0
+0 0+14+0 0+14+0
ACJ319
• There are seven ACJ319s for sale, including three on-market and four
off-market. With 7 ACJ319s operating worldwide, the 7 available for sale
represents 10% of the total active fleet, increased 3% from Q3 2017.
0+12+0 0+0+0 12+0+
12+0 0+0+0 14+0 2+0+0 14+0 0+14+0 0+0+0 14+0 0+0+0 14+0 0+0+0 0+10+0 12+0+0+0 14+0 2+0+0 14+0
0+0+0 0+0+0 4+0+00+0+00+0
• In Q4 2017, there was one transaction.
Average Asking Price
$39.0
$39.3
SPECS
Max Range
6,000 N.M. /11,112 km
Max Speed
Mach 0.82
Typ. Passengers 19
$35.7
FOR SALE
2017 Q4
2017 Q3
No. for Sale
7 (10.0%) 5 (7.0%)
For Sale vs. Sold
Avg Asking Price 39.3M USD 35.7M USD
Avg Days on Market 418
556
7 7 7 7 7 7
7 7
6 6 6
6
5
2
1
1
SOLD
2017 Q4
2017 Q3
Past 12 Months 4
3
Dec Mar Jun Sep Dec
2016 2017
For Sale Sold
Past 3 Months 1
2
44 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
• The average asking prices of an ACJ319 in Q4 2017 was US$39.3M, increased
10% from Q3 2017.
• The average days on market of an ACJ319 is 418 days, decreased from 516
days in Q3 2017.
Source: JETNET & ASG

MARKET SUMMARY -- JETS
BBJ
• There are currently 18 Boeing BBJs available for sale, representing approximately
14% of the total 133 aircraft in service.
• The BBJ pre-owned market is segmented into two main categories: 2008
YOM & up, typically asking US$50 million and above; and 2002 YOM & down,
typically asking low USD 20 million and down. Current asking prices range
from US$92.5M for a 2011 model with only ferry hours to US$19.5M for a
1999 model with 10,115 total hours. Currently, the average days on market
for sale in Q4 2017 is around 743 days.
• There were two transactions completed in Q4 2017 (total seven in the whole
year). In Q4 2017, the average days on market increased from 685 days in Q3
to 743 days.
BOEING
SPECS
Max Range
Max Speed
6,235 N.M. / 11,547 km (with 9 ACTs)
Mach 0.82
Typ. Passengers
19
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
18 (14.0%) 16 (12.0%)
37.3M USD 35.9M USD
743 685
SOLD
0+0+0 0+0+01+0+00+0+01+0+02+0+00+0+01+0+00+0+00+0
0+18+00+17+00+14+00+16+00+16+00+16+00+16+00+17+00+17+00+16+00+16
0+16+00+15+0
2+0+0
Past 12 Months
Past 3 Months
7
2
7
2
$39.3
$43.8
15 16 16 16 17 17 16 16 16 16
$35.9
14
17
$37.3
2017 Q4 2017 Q3
Average Asking Price
For Sale vs. Sold
18
1 2 1 1
2
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
OUR INVENTORY
2010 BBJ SN38608
1,130 HOURS SINCE NEW
318 CYCLES SINCE NEW
AIRCRAFT HIGHLIGHT
• 23 Passengers Executive Configuration
• Engine Enrolled on GE Onpoint Program
• APU Enrolled on Honeywell AMP Program
• Avionics Enrolled on Rockwell CASP Program
• TAWS & TCAS
• Seven (7) PATS Auxiliary Fuel Tanks
• Complied with SFAR 88 & LCA3
INTERIOR
• Carpet: Light beige carpeting
• Refreshment Equip: Forward galley
• Cabinetry/Woodwork: Dark high-gloss woodwork
• Entertainment Equip: Airshow 410, dual 21.3-inch
monitors, three 37-inch monitors
• Business Equipment: RJ-45 jacks, ACRAS printer
• Accessories: Forward crew lav, mid-cabin guest lav,
private aft lav w/shower
• Storage: Mid-cabin closet
MAINTENANCE
• 2A, 4A, 2C, and 1C Insp carried out 13 Apr 2017
• Next due Major Check
• 4A Check: 13 Apr 2019
• 1C/3C Check: 13 Apr 2020
ASKING PRICE:
CALL FOR PRICING
Source: JETNET & ASG
sales@asianskygroup.com +852 2235 9222
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 45

MARKET SUMMARY -- JETS
BOEING
BBJ2
0+8+0 0+8+0+8+00+8+00+8+00+8+00+8+00+8+00+12+00+16+00+16+00+16+0
$62.0
Average Asking Price
For Sale vs. Sold
2 2 2 2 2 2 2 2 2
$69.6
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
3
$69.0
4 4 4
• Currently there are only 4 BBJ2s on the market. This represents approximately
18% of the total 23 aircraft in service. The inventory level has
increased from two in July 2017 to four in December, with two new aircraft
entering the market in August and September.
• There were no transactions completed over the last 12 months, although
there is a “deal pending” which could close in Q1 2018. Aside from the pending
deal, the most recent BBJ2 transaction occurred in July 2016 — a 2003
model with an estimated US$33 million selling price.
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
5,620 N.M. / 10,408 km (with 7 ACTs)
Mach 0.82
19
2017 Q4
4 (18.2%)
69.0M USD
532
2017 Q4
0
0
2017 Q3
3 (13.6%)
62.0M USD
673
2017 Q3
0
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
BELL HELCIOPTERS
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
SIKORSKY
46 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
YOUR BUSINESS AVIATION PARTNER IN ASIA
Source: JETNET & ASG

MARKET SUMMARY -- JETS
GLOBAL 5000
• There are 16 Global 5000s for sale, with 218 operating worldwide, representing
7.3% of the total active fleet, decreased from 18 in Q3 2017.
• The average asking price was in Q4 2017 US$17.8M, decreased from 6% in
Q3 2017.
• The asking prices range from US$ 8.5M to US$ 29.5M.
• The average days on market is 497 days, increased from 480 days in Q3 2017.
• In Q4 2017, there were five Global 5000 transactions, increased from four
transactions in Q3 2017.
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
5,200 N.M. / 9,630 km
Mach 0.89
13
2017 Q4
16 (7.3%)
17.8M USD
497
2017 Q4
14
5
2017 Q3
18 (8.3%)
19.0M USD
480
2017 Q3
14
4
$20.9
20
21
Average Asking Price
For Sale vs. Sold
18 17
25
17
18
$20.4
$17.8
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
20
19 18 17 16 16
3
3
1 1 1 1 1 1
1 1
1
1+0+03+0+01+0+00+0+03+0+01+0+00+0+01+0+01+0+01+0
0+16+0 0+16+00+17+00+18+00+19+00+20+00+18+00+17+00+25+00+17+00+18
1+0+0
+0 0+21+0 0+20+0
+0 1+0+0 1+0+0
BOMBARDIER
GLOBAL 6000
• There are 10 Global 6000 on the market, with 249 operating worldwide, representing
4% of the total active fleet.
• The average asking price of a Global 6000 in Q4 2017 was US$38M, decreased
9% from US$41.8M in Q3 2017.
• The asking prices range from US$29M to US$48M.
• The average days on market (DOM) for sale of a Global 6000 is 198 days,
decreased from 236 days in Q3 2017.
• In Q4 2017, there were two transactions, down from eight transactions in Q3
2017.
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
Source: JETNET & ASG
6,000 N.M. / 11,112 km
Mach 0.88
13
2017 Q4
10 (4.0%)
38.0M USD
198
2017 Q4
15
2
2017 Q3
9 (3.8%)
28.5M USD
236
2017 Q3
17
8
$36.8
Average Asking Price
For Sale vs. Sold
$41.8
$28.5
$38.0
15
13 12 12 13 14
12
10 10 9 9 10 10
3
4
1 2 2 1 1 1 1
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 47
1+0+0 1+0+04+0+01+0+03+0+01+0+02+0+00+0+00+0+02+0
0+0+01+0+0
0+10+0 0+10+00+9+00+9+00+10+00+10+00+14+00+12+00+13+00+12+00+12
0+13+00+15+0
0+0+0

MARKET SUMMARY -- JETS
CHALLENGER 604/605
• There are 33 CL604s and 17 CL605s on the market for sale, representing
9.1% and 6.3% of the total fleet, respectively.
• The average asking price of a CL604 in Q4 is US$5.1M, on the same level as
Q3 2017; A CL605 is US$12.6M, increased 17% from Q3 2017.
• The average days on market of a CL604 and CL605 are, respectively, 300 and
194 days.
• In Q4 2017, there were 10 CL604 transactions, decreased from 12 in Q3 2017.
And nine CL605 transactions, increased from three transactions in Q3 2017.
BOMBARDIER
$12.6
$5.8
Average Asking Price
CL605
CL604
For Sale vs. Sold
67 66 65 65
69
66
62
Dec Mar Jun Sep Dec
2016 2017
For Sale Sold
53
$10.1
52 52 51 49 50
$12.6
$5.2 $5.1
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
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
33 (9.1%) 33 (9.1%)
5.1M USD 5.2M USD
300 387
2017 Q4
17 (5.9%)
12.6M USD
194
2017 Q3
19 (6.6%)
10.8M USD
287
8 6 6 5 7 5
8 8 7 6 6 7
3
6+0+0 6+0+07+0+03+0+08+0+08+0+05+0+07+0+05
6+0+08+0+0
0+50+00+49+00+51+00+52+00+52+00+53+00+62+00+66+00+69+00
0+66+00+67+0
7+0+0
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
39 33
10 12
2017 Q4
35
9
2017 Q3
36
6
CHALLENGER 850
$10.2
Average Asking Price
For Sale vs. Sold
$7.2 $7.2
9
7 7 6 7 7 7 7 7 7 7 6 6
1 1 1
2
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
0+0+0 0+0+01+0+00+0+00+0+00+0+00+0+01+0+01
0+9+00+6+00+6+00+7+00+7+0 2+0+0
+0 0+0+0 0+0+0
• There are nine (12.9%) CL850 on market for sale, with 70 operating
worldwide.
• The average asking price in Q4 2017 is US$7.2M.
• The average days on market of a CL850 in Q4 2017 was 295 days, decreased
from 778 days in Q3 2017.
• In Q4 2017, there were two transactions, more than the previous two
quarters.
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
2,811 N.M. / 5,206 km
Mach 0.80
14
2017 Q4
9 (12.9%)
7.2M USD
664
2017 Q4
5
2
2017 Q3
7 (10.1%)
7.2M USD
778
2017 Q3
4
1
7+0 0+7+0 0+7+0 0+7+0 0+6+0 0+7+0
Source: JETNET & ASG
48 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

MARKET SUMMARY -- JETS
FALCON 7X
• There are 25 Falcon 7X on market for sale, with 272 operating worldwide, this
number represents 9.2% of the total active fleet, increased from 8.9% in Q3
2017.
• The average asking price in Q4 2017 is US$26.6M, slightly reduced compare
to Q3.
• The average days on market in Q4 2017 is 300 days, decreased from 341 days
in Q3 2017.
• In Q4 2017, there were seven Falcon 7X transactions, increased from four in
Q3 2017.
SPECS
Max Range
Max Speed
5,950 N.M. / 11,018 km
Mach 0.90
$26.8
28
29
$27.6
31 31 30 31 31
28
26
$24.9
24 24 25 25
$26.6
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
12
2017 Q4
25 (9.2%)
26.6M USD
300
2017 Q3
24 (8.9%)
26.8M USD
341
2 3 4
1 1 1 2 2 2 1
Dec Mar Jun Sep Dec
DASSAULT
SOLD
Past 12 Months
Past 3 Months
2017 Q4
17
7
2017 Q3
16
4
Average Asking Price
For Sale vs. Sold
4+0+02+0+00+0+02+0+02+0+03+0+00+0+00+0+01+0+01+0
1+0+02+0+0
0+25+0 0+25+00+24+00+24+00+26+00+28+00+31+00+31+00+30+00+31+00+31
0+29+00+28+0
1+0+0
2016 2017
Sold
For Sale
OUR INVENTORY
2010 FALCON 7X
OFF MARKET FOR SALE
AIRCRAFT HIGHLIGHT
• Engine Enrolled on Honeywell ESP Gold
• APU Enrolled on Honeywell MSP Gold
• 12 Passengers Configuration, Fwd / Aft Lavatory
• Part 135, CPDLC, FANS 1A Compliance
• ADSB-Out
• EASy II Avionic Suite
• HUD & EVS
• Honeywell LSS-860 Lightning Sensor System
AVIONICS
• Standard FLY-BY-WIRE (FBW) 2.3.1
• HUD, CVR ,EVS & EVAS
• Honeywell LSS-860 Lightning Sensor System
• PWC Monitoring Data Collection Transmission Unit
• Three (3) Honeywell VHF COMM
• Two (2) Honeywell VHF NAV
• Two (2) Honeywell DF-855 ADF
• Two (2) Honeywell DM-855 DME
• Two (2) Honeywell KHF-1050 HF COMM
• Two (2) Honeywell GPS-90X GPS
• Two (2) Honeywell XS-857A Transponder
• Honeywell WU-880 Weather Radar
• Two (2) Honeywell KRA-405B Radio Altimeter
• Single (1) ACSS TCAS 3000
• Single (1) Honeywell RESCU 406AF ELT
• Single (1) Honeywell MK V EGPW
Source: JETNET & ASG
INTERIOR
• 12 Passenger Configuration
• 17 inches Fwd LCD Monitor
• 17 inches Aft Bulkhead LCD Monitor
• Galley Pocket / Sliding Door
• Aft Cabin Tracking CurtainTwo (2)
• 30 inches Fwd RH Lavatory
• LH 43 inches & 71 inches RH Galley / Bar Area
• Four (4) 20 inches Individual Seats w/ Electrical
Lumbar
• Retractable Dining / Conference Table
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com +852 2235 9222
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 49

MARKET SUMMARY -- JETS
FALCON 900DX/EX/EX EASy/LX
Average Asking Price
• There were 24 Falcon 900 series aircraft available on market for sale, including two
Falcon 900DXs, nine Falcon 900EX, seven Falcon 900EX EASy and five Falcon 900LX.
• The average asking prices for Falcon 900EX & 900EX EASy is US$6.6M and
US$18.3M, respectively. The average asking prices for Falcon 900LX is US$21M.
• The average days on market in Q4 for Falcon 900EX, 900EX EASy & 900LX is 256
days, 173 days and 350 days respectively.
• In Q4 2017, there were seven Falcon 900 series aircraft transactions, including five
900EX models and two 900LX models, which is similar to that in Q3 2017.
DASSAULT
$16.7
F900DX
$9.0 F900EX
For Sale vs. Sold
36 36 36
34
F900EX EASy
32
F900LX
35
$14.7
30
29
28
$21.0
$15.6
$6.6
26
25
$21.0
$18.3
$11.5
$6.3
23 24
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
F900DX F900EX F900EX EASy F900LX
4,100 N.M. / 4,500 N.M. / 4,500 N.M. / 4,750 N.M. /
7,593 km 8,334 km 8,334 km 8,800 km
Mach 0.83
12
Mach 0.83
12
Reporting quarter vs. Previous quarter
Q4 | Q3
Q4 | Q3
Q4 | Q3
2 | 2 9 | 13 7 | 4
11.5M USD |
11.5M USD
443 | 349
6.6M USD |
6.6M USD
256 | 254
Mach 0.83
12
18.3M USD |
15.6M USD
173 | 340
Mach 0.83
12
Q4 | Q3
6 | 6
21.0M USD |
21.0M USD
350 | 350
FALCON 2000LX/LXS/S
$27.9
$14.1
12
FALCON 2000LXS
MAKE
OFFER
FALCON 2000S
FALCON 2000LX
14 16
14 14
16
11 15 10
$27.9
$19.0
$15.8
$27.9
$19.0
$13.4
9 9
9
4
4 3
1 2
2
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
9
1
2+0+03+0+04+0+02+0+01+0+00+0+00+0+00+0+0 0+8+0 0+8+00+10+00+11+00+13+00+14+00+16+00+19+00+19+00
1+0+0
+0 0+0+0 0+0+0
+0 0+14+0 0+14+0
4+0+01+0+04+0+02+0+00+0+02+0+03+0+00+0+01
0+24+00+25+00+23+00+26+00+28+00+29+00+30+00+35+00+32+00
2+0+0
+0 1+0+0 1+0+0
+0 0+36+0 0+36+0
$25.1 $25.6 $13.0
3 4 4
1 1 1 2 2 1 2
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
SOLD
Past 12 Months
Past 3 Months
Reporting quarter vs. Previous quarter
Q4 | Q3
Q4 | Q3
Q4 | Q3
0 | 0
0 | 0
11 | 7
5 | 3
4 | 6
0 | 2
Q4 | Q3
5 | 5
2 | 1
Average Asking Price
For Sale vs. Sold
• There were eight Falcon 2000 series aircraft on the market, with four Falcon
2000LX, one Falcon 2000LXS and three Falcon 2000S, making up 3.4% of the total
active fleet.
• The average asking price for a Falcon 2000LX model in Q4 2017 is US$13.4 M,
decreased 15% from Q3 2017. The average asking price for a 2000LXS and 2000S
model are US$27.9M and US$19M, respectively.
• The average days on market of a Falcon 2000 series is 95 days, decreased from 130
days in Q3 2017.
• In Q4 2017, there were three 2000 series transactions, decreased from nine transactions
in Q3 2017.
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
Max Speed
Mach 0.83
Mach 0.83
Mach 0.83
Typ. Passengers
10
10
10
FOR SALE
No. for sale
Avg Asking Price
Avg Days on Market
Reporting quarter vs. Previous quarter
Q4 | Q3
4 | 9
13.4M USD |
15.8M USD
104 | 234
Q4 | Q3
1 | 0
27.9M USD |
27.9M USD
68 | 0
Q4 | Q3
3 | 2
19.0M USD |
19.0M USD
92 | 31
SOLD
Past 12 Months
Past 3 Months
Reporting quarter vs. Previous quarter
Q4 | Q3
Q4 | Q3
17 | 12
0 | 0
6 | 7
0 | 0
Q4 | Q3
0 | 0
0 | 0
Source: JETNET & ASG
50 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

MARKET SUMMARY -- JETS
LINEAGE 1000/E
• There are seven Lineage 1000s on market for sale, with 29 operating worldwide,
representing 24.1% of the total active fleet.
• The average asking price of a Lineage 1000 in Q4 2017 was US$27.4M,
decreased 2% from US$28M in Q3 2017.
• The average days on market for sale of a Lineage 1000 is 744 days, increased
from 649 days in Q3 2017.
• In Q4 2017, there were no transactions.
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
Lineage 1000
4,400 N.M. / 8,149 km
Mach 0.82
19
2017 Q4
7 (24.1%)
27.4M USD
744
2017 Q3
7 (23.3%)
28.0M USD
649
Lineage 1000E
4,600 N.M. / 8,520 km
Mach 0.82
19
$33.0
$35.6
$25.1
$28.0
$27.4
SOLD
Past 12 Months
Past 3 Months
2017 Q4
0
0
2017 Q3
0
0
Average Asking Price
For Sale vs. Sold
5 6 6 6 7 7 7
5
7 7 7 7 7
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
EMBRAER
6+0+02+0+01+0+01+0+01+0+03+0+00+0+04+0+01+0+02+0
0+22+00+23+00+24+00+30+00+29+00+33+00+36+00+41+00+40+00+42+00+49
1+0+0
0+53+0
0+ 7+00+
7+00+7+00+7+00+7+00+7+00+7+00+6+00+6+00+6+00+5+00+5+0
0+7+0
LEGACY 600/650
• There are eight Legacy 650s and 14 Legacy 600s on market for sale, with 95
and 174 operating worldwide, respectively, representing 8.4% and 8.0% of the
total active fleet.
• The average asking prices of a Legacy 650 in Q4 2017 was US$12.0M,
decreased 10% from US$13.2M in Q3 2017; The Legacy 600 is US$7.1M,
slightly reduced compare to Q3 2017.
• In Q4 2017, there were eight Legacy 600 transactions, increased by five compare
to Q3 transactions. One Legacy 650 transaction was completed.
Average Asking Price
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
Legacy 600
3,400 N.M. / 6,297 km
Mach 0.80
13
2017 Q4 2017 Q3
14 (8.0%) 22 (12.6%)
7.1M USD 7.2M USD
529 416
Legacy 650
3,640 N.M. / 7,112 km
Mach 0.80
13
2017 Q4 2017 Q3
8 (8.4%) 8 (8.4%)
12.0M USD 13.2M USD
279 347
$18.1
$7.7
53
54
+0 0+54+0
49
42
Legacy 650
40
+0 3+0+0 2+0+0
Legacy 600
41
36
33
$13.2
$7.2
29 30
24
23
$12.0
$7.1
22
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
18 14
8 3
2017 Q4
7
1
2017 Q3
8
0
For Sale vs. Sold
2 3 2
4
1
3
1 1 1
6
2 1
Dec Mar Jun Sep Dec
2016 2017
For Sale Sold
Source: JETNET & ASG
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 51

MARKET SUMMARY -- JETS
G200 & G280
$15.0
$5.2
40
36
Average Asking Price
For Sale vs. Sold
36 37
G280
34
G200
37
34 33
$16.0
$16.0
$5.0 $4.9
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
34
29 30
5 6 5 6
3
3 4 5
3
3 4
2
38
34
1
• There are 34 G200 and two G280s on the market, with 246 and 118 operating
worldwide, representing 13% and 1.7%, respectively, of the total active fleet.
• The average asking price of a G200 in Q4 2017 was US$5.1M, slightly down
from US$5.2M in Q3 2017; G280 is US$16M, remaining stable compared to
Q3.
• The average days on market for a G200 is 274 days, up from 258 days in Q3
2017. The average days on market for a G280 is 371 days, increased from 281
days in Q3 2017.
• In Q4 2017, there were seven G200 and zero G280 transactions, down from 11
transactions and one transaction, respectively, in Q3 2017.
SPECS
Max Range
Max Speed
Typ. Passengers
G200
3,050 N.M. / 5,651km
Mach 0.81
8
G280
3,600 N.M. / 6,667 km
Mach 0.84
8
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
32 (13.0%) 27 (11.0%)
4.9M USD 5.2M USD
274 258
2017 Q4
2 (1.7%)
16.0M USD
371
2017 Q3
2 (1.8%)
16.0M USD
281
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
43 54
7 11
2017 Q4
2
0
2017 Q3
3
1
GULFSTREAM
G450
+0 0+36+0 0+40+0
+0 3+0+0 5+0+0
2+0+04+0+03+0+05+0+04+0+06+0+03+0+05+0+06+
0+34+00+38+00+30+00+29+00+34+00+33+00+37+00+34+00+34+00
1+0+0
$16.3
32
27
Average Asking Price
$16.9
For Sale vs. Sold
28 27
25
34
33
6
7
5
6
3 4
2 2 1 2 2 3
1
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
36
34
$14.1
32
29
27
24
• There are 24 G450s on market, with a total fleet of 353. 6.3% of the total
active fleet is on the market, decreased from 9.1% in Q3 2017.
• The average asking price of a G450 in Q4 2017 was US$13.8M, decreased 2%
from Q3 2017.
• The average days on market of G450 is 330 days, increased from 244 days in
Q3 2017.
• In Q4 2017, there were six G450 transactions, decreased from 12 transactions
in Q3 2017.
SPECS
Max Range
4,350 N.M. / 8,056 km
$13.8
Max Speed
Typ. Passengers
Mach 0.85
13
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
24 (6.8%) 32 (9.1%)
13.8M USD 14.1M USD
330 244
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
38
6
46
12
1+0+02+0+06+0+02+0+04+0+01+0+07+0+02+0+05
0+24+00+27+00+29+00+32+00+34+00+36+00+33+00+34+00+25+00
3+0+0
+0 3+0+0 6+0+0
+0 0+27+0 0+32+0
Source: JETNET & ASG
52 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

MARKET SUMMARY -- JETS
G550
• There are 24 G550s available on the market, with 543 operating worldwide.
The 24 for sale represents 4.4% of the total active fleet, decreased from 5.7%
in Q3 2017.
• The average asking price of a G550 in Q4 2017 was US$23.9M, decreased
4.8% since Q3 2017.
• The average days on market of a G550 is 258 days, increased from 249 days
in Q3 2017.
• In Q4 2017, there were 14 transactions in total, increased by four in Q3 2017.
SPECS
Max Range
6,750 N.M. / 12,501 km
$28.3
41
$23.9
Max Speed
Mach 0.87
Typ. Passengers
18
$22.8
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
24 (4.4%) 31 (5.7%)
23.9M USD 22.8M USD
258 249
40
37 37 37
38
35
35
34
31
28
24
24
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
44 38
14 10
5
7
4
2 3 2 2 2 3
5
5 5 4
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
2+0+05+0+0
+0 0+40+00+41+0
Average Asking Price
For Sale vs. Sold
G650 & G650 ER
• There are 17 G650/G650ERs for sale, accounting for 6.4% of the total fleet.
Inventory level has maintained at 16-18 aircraft throughout the four quarters
in 2017.
• The average asking price for a G650 in Q4 2017 was US$56.6M, down from
US$57.3M in Q3 2017. The average asking price for a G650ER in Q4 was
US$65.2M, down from US$58.5M.
• The average days on market for G650 in Q4 2017 was 388 days, compared to
215 days in Q3 2017, recording an 80% increase. While the average days on
market for G650ER is 372 days, increased from 326 days in Q3.
• In Q4 2017, there were five G650 transactions, increased by one transaction in
Q3 2017 (two G650 & two G650ER transactions).
5+0+0 5+0+0 5+0+03+0+02+0+07+0+02+0+02+0+03+0+04+0
0+24+0 0+24+00+28+00+31+00+34+00+35+00+35+00+38+00+37+00+37+00+37
4+0+0
14 15
12
13
15
16
17
19
18
18
16 16 17
GULFSTREAM
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
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
$62.3
$58.7
$54.0
1 1 1 1 2
1
$58.5
$57.3
$65.8
$65.2
$56.6
2017 Q4 2017 Q3
9 (4.8%) 13 (7.1%)
56.6M USD 57.3M USD
388 215
2017 Q4
8 (10.0%)
65.2M USD
372
2017 Q4 2017 Q3
12 9
5 2
2017 Q4
0
0
2017 Q3
3 (4.2%)
58.5M USD
326
2017 Q3
4
2
Average Asking Price
For Sale vs. Sold
4
1 1
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
4+0+00+0+00+0+01+0+01+0+00+0+00+0+02+0+01+0+01+0
0+17+00+18+00+16+00+16+00+18+00+19+00+17+00+16+00+15+00+13+00+15
0+12+00+14+0
1+0+0
Source: JETNET & ASG
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 53

Asian Sky Media is releasing one of its most anticipated reports of the
year: the Asia-Pacific Region Civil Helicopter Fleet Report Year End 2017
sponsored by Waypoint Leasing, featuring all new content from aircraft
spotlights to interviews.
Stay tuned on
www.asianskymedia.com
Asian Sky Media
WeChat

NOW AVAILABLE
YEAR END 2017
Sponsored by
YEAR END 2017
YEAR END 2017
• APAC Market Overview
• Market Trends
• Operator Profiles
• Aircraft Spotlight:
Airbus H225
SPECIAL FEATURES
ASIA PACIFIC REGION
ASIA CIVIL PACIFIC HELICOPTERS REGION
CIVIL HELICOPTERS
Sponsored by
ASIA PACIFIC REGION CIVIL HELICOPTER FLEET REPORT – YEAR END 2016 I
• Greater China Market
• APAC Offshore &
Leasing Market
• EMS Helicopter Market
ASIANSKYMEDI

AIRCRAFT POSITIONING
CIVIL HELICOPTERS
Aircraft Acquisition Price vs Maximum Range
8.00
HEAVY
(SUPER) MEDIUM
LIGHT TWIN
SINGLE TURBINE
PISTON
AC313*
S-92
H225
AS332 L1E
4.00
AW189
H175
BELL 412EPI
AW139
S-76C++
S-76D
H155
AC312*
MD 520N
MD 530F
AW169
MD 902
H135(T3)
H130
BELL 407
BELL 206L4
MD 500E
H145
BELL 430
BELL 429
H135(P3)
BELL 407GXP
H125
AC311*
H120
AW 109 GN
MD 600N
EC145
AW109 POWER
AW119KX
2.00
1.00
0.50
0.25
200
250
300
350
400
450
500
550
600
650
700
750
AIRCRAFT ACQUISTION PRICE (MILLION USD)
S-333
EN480B
R66
R44 RAVEN II
R22 BETA II
MAX RANGE (N.M.)
* The estimated total yearly cost is based on aircraft ownership cost for 10 years including financing, plus yearly operating cost and regional adjustments.
Source: Conklin & de Decker 2017
56 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS
INVENTORY LEVEL, PRICE TREND & TRANSACTIONS
EC135T2 & P2
• There are three and 11 EC135 T2 and P2, respectively, on the market, representing
2.1% and 7.2%, respectively, of the total active fleet.
• The average asking price of an EC135 T2 in Q4 2017 was US$2.3M, increased
25% from US$1.8M in Q3 2017. The P2 model was US$2.7M, similar to that
of Q3 2017.
• The average days on market for an EC135 P2 in Q4 2017 was 939 days,
decreased from 1,274 days in Q3 2017; The T2 model’s average days on market
was 827 days, decreased from 902 days in Q3 2017.
• In Q4 2017, there were no transactions for both, the EC135 T2 & P2.
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
EC135T2
332 N.M. / 614 km
127 Knots
6
2017 Q4 2017 Q3
3 (2.1%) 2 (1.4%)
2.3M USD 1.8M USD
939 1274
2017 Q4 2017 Q3
1 1
0 0
EC135P2
332 N.M. / 614 km
127 Knots
6
2017 Q4
11 (7.2%)
2.7M USD
827
2017 Q4
2
0
2017 Q3
9 (5.9%)
2.7M USD
902
2017 Q3
2
0
$2.7
$1.8
Average Asking Price
17
15 16 16
1 2
EC135P2
EC135T2
For Sale vs. Sold
14
MARKET SUMMARY -- HELICOPTERS
14
11
$2.6
$2.7
$1.8
$2.7
$2.3
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
12
11 11
14 14 14
0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+02+0
1+0+00+0+0
0+14+0 0+14+0 0+14+00+11+00+11+00+12+00+11+00+14+00+14+00+16+00+16
0+17+00+15+0
0+0+0
OUR INVENTORY
2005 EC135P2 SN0429
1,813 HOURS SINCE NEW
2,395 LANDINGS SINCE NEW
AIRCRAFT HIGHLIGHT
• VIP Interior
• MEGHAS Flight Control Display System
• Air Conditioning System
• Tinted Window for Cockpit Door (Light Grey)
• Autopilot
• Weather Radar
AIRBUS HELICOPTERS
AVIONICS
• MEGHAS SENSOR KIT
• MEGHAS - Flight Control Display System (FCDS)
Single (2x SMD45)
• 2X MEGHAS Flight control display Module
• 2x MEGHAS SMD45 - Pilot
• 2x ICP (Instrument Control Panel)
• 1x RCU (Reconfiguration Control Unit)
• Co-pilot Static System
• Digital Automatic Flight Control System (DAFCS)
• VHF AM/COM System (pilot) KTR 908/KFS 598A
HONEYWELL
INTERIOR
• Four (4) Pax VIP Transport Configuration
• Air conditioning system (Tropical type)
• DVD-system
• Enhanced sound proofing kit with carpeting
• Cabin/cargo compartment separation wall w/smoke
detector in cargo compartment
• Map case in sliding doors LH/RH
• Covers for sliding door fairing LH/RH
ASKING PRICE:
CALL FOR PRICING
Source: JETNET & ASG
sales@asianskygroup.com +852 2235 9222
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 57

MARKET SUMMARY -- HELICOPTERS
EC145
$4.5
Average Asking Price
For Sale vs. Sold
10 11 11 11 11
10
2 1 1 1 1 2
9
8
$5.4
9 9 9 9 9
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
• There are nine EC145s on the market, with 777 in operation, representing
1.2% of the total active fleet.
• The average asking price in Q4 2017 was US$5.0M, decreased 7% from
US$5.4M in Q3 2017.
• The average days on market in Q4 2017 was 399 days, decreased from 482
days in Q3 2017.
• In Q4 2017, there were no transactions.
+0 0+11+0 0+10+0
+0 1+0+0 2+0+0
0+0+0 0+0+0 0+0+02+0+01+0+00+0+01+0+01+0+0 0+9+0 0+9+0 0+9+0 0+9+0 0+9+00+8+00+9+00+10+00+11+00
0+0+0
$5.0 SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
SOLD
Past 12 Months
Past 3 Months
461 N.M. / 855 km
131 Knots
9
2017 Q4
9 (1.2%)
5.0M USD
399
2017 Q4
6
0
2017 Q3
9 (1.2%)
5.4M USD
482
2017 Q3
10
3
EC155B & H155
AIRBUS HELICOPTERS
$5.9
$3.3
20
$3.5
20
Average Asking Price
For Sale vs. Sold
22
24 24
H155
EC155B
24
22
21
$4.6
$3.3
22 22
20
19
24
• There are 11 EC155B and 13 H155s on the market for sale, with 300 EC155B
and 143 H155 in operation, this number represents 3.7% and 9.1%, respectively,
of the total active fleet.
• The average asking price for an EC155B and H155 in Q4 2017 was US$3.3M
and US$4.8M, respectively.
• The average days on market in Q4 2017 are 878 and 647 days respectively.
• In Q4 2017, there was one H155 transaction.
$4.8
$3.3
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
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
11 (36.7%) 8 (26.7%)
3.3M USD 3.3M USD
878 1108
2017 Q4
13 (9.1%)
4.8M USD
647
2017 Q3
14 (9.8%)
4.6M USD
575
1+0+00+0+00+0+00+0+00+0+00+0+00+0+00+0+0 0+24+00+19+00+20+00+22+00+22+00+21+00+22+00+24+00+24+00
0+0+0
+0 1+0+0 1+0+0
+0 0+20+0 0+20+0
1 1 1
1
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
0 0
0 0
2017 Q4
3
1
2017 Q3
4
0
58 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
AS332L1 & H225
• There are 14 H225s on the market, with 167 aircraft in operation, this number
represents 8.4% of the total active fleet, remaining stable since Q3 2017.
• The average asking price for and H225 and AS332L1 in Q4 2017 was
US$25.8M and US$8.5M, respectively.
• The average days on market for AS332L1 and H225 in Q4 2017 are 849 and
394 days, respectively.
• In Q4 2017, there were no transactions.
$25.5 $25.8 $25.8
SPECS
Max Range
AS332L1
452 N.M. / 837 km
H225
452 N.M. / 837 km
H225
Max Speed
Typ. Passengers
142 Knots
19
142 Knots
19
$8.5 $8.5 $8.5
11 11 11 12 12
AS332L1
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
4 (6.0%) 4 (6.0%)
8.5M USD 8.5M USD
849 755
2017 Q4
14 (8.4%)
25.8M USD
394
2017 Q3
12 (7.2%)
25.8M USD
352
12
15
14
16 16
18 18 18
0+18+0 0+18+00+16+00+16+00+14+00+15+00+12+00+12+00+12+00+11
+0 0+11+0 0+11+0
0+18+0
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
0 0
0 0
2017 Q4
0
0
2017 Q3
0
0
Average Asking Price
For Sale vs. Sold
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
OUR INVENTORY
2008 EC130B4 SN4601
1,782 HOURS SINCE NEW
3,658 LANDINGS SINCE NEW
AIRCRAFT HIGHLIGHT
• Utility Configuration
• Always Maintained by Airbus Helicopters
• Always Hangared
• Cargo Hook
• Dual Controls
• Air Conditioning System
• Emergency Floatation Gear - Fixed Parts
AIRBUS HELICOPTERS
AVIONICS
• VFR
• COM/NAV1: GNS430
• COM/NAV2: KX165A T50
• GPS: GNS430
• Transponder: Garmin GTX327
• ELT: KANAD 406AF-H
• ADF: KR87 T50
• Airspeed Indicator
• Turn & Bank Indicator
• Gyro Horizontal
• Horizontal Situation Indicator (HSI)
Source: JETNET & ASG
INTERIOR
• 4+3 Passengers Cabin Configuration
• Utilty Configuration
• Air Conditioning System
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com +852 2235 9222
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 59

MARKET SUMMARY -- HELICOPTERS
BELL 412EP/412HP
• There are 30 Bell 412EP on the market for sale, with 552 delivered aircraft in
operation, this number represents 5.4% of the total active fleet. The inventory
level remained stable compared to Q3 2017. There are three Bell 412HP for
sale, representing 8.2% of the total operating fleet, reflecting a decrease in
inventory from the previous quarter.
• The average asking price for an 412EP in Q4 2017 was US$5.2M. The average
asking price for a 412HP is US$3M, remaining stable compared to Q3 2017.
• The average days on market for a 412EP in Q4 2017 was 453 days, increased
from 401 days in Q3 2017. The average days on market for a 412HP is 187
days, decreased from 415 days in Q3.
• In Q4 2017, there were eight Bell 412HP transactions, increased from six
transactions in Q3 2017. There were two Bell 412HP transactions, increased
by one in Q3.
SPECS
Max Range
Bell 412EP
356 N.M. / 659 km
Bell 412HP
349 N.M. / 646 km
Max Speed
140 Knots
133 Knots
Typ. Passengers
9
14
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
30 (5.4%) 31 (5.6%)
5.2M USD 5.2M USD
453 401
2017 Q4
3 (4.9%)
3.0M USD
187
2017 Q3
5 (8.2%)
3.0M USD
415
3
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
16 9
8 2
2017 Q4
4
2
2017 Q3
2
1
FEATURED AIRCRAFT
BELL 429
2008 EC155B1 SN6825
• There are 17 Bell 429s on the market, representing 5.6% of the 304 operating
worldwide.
• The average asking price in Q4 2017 was US$5.4M.
• The average days on market in Q4 2017 is 291 days, increased from 267 days
in Q3 2017.
• In Q4 2017, there were no transactions, decreased from two transactions in
Q3 2017.
BELL HELICOPTER
$5.3
$3.8
Average Asking Price
$5.8
21 22 22 23
BELL 412EP
25
BELL 412HP
33
28 29
$5.2
36 36 37
35
33
SPECS
Max Range
Max Speed
Typ. Passengers
368 N.M. / 681 km
130 Knots
7
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
0+0+0 0+0+01+0+00+0+01+0+00+0+00+0+01+0+0 0+17+0 0+17+0 0+17+00+15+00+15+00+16+00+16+00+15+00+12+00
0+0+0
+0 0+0+0 0+0+0
+0 0+12+0 0+11+0
5+0+02+0+02+0+01+0+00+0+01+0+01+0+03+0+0 0+33+00+35+00+37+00+36+00+36+00+29+00+33+00+28+00+25+00
3+0+0
+0 1+0+0 1+0+0
+0 0+22+0 0+21+0
3
1 1 1 1 1 1 2
$3.0 $3.0
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
$5.43
For Sale vs. Sold
Average Asking Price
$5.37
For Sale vs. Sold
11 12 12 12 12
$5.51
15 16 16
$5.39
15 15
2
5
1 1 1
$5.2
$5.34
17 17 17
2017 Q4
17 (5.6%)
5.34M USD
314
2017 Q3
15 (5.0%)
5.39M USD
267
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
SOLD
Past 12 Months
Past 3 Months
2017 Q4
3
0
2017 Q3
6
2
60 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
A109E POWER/A109SP GRANDNEW
• There are 60 AW109E POWER and 9 AW109E SP on the market for sale, with
373 and 152 operating worldwide, respectively. This represents 16.1% and
5.9% of the total fleet, respectively. The AW109E POWER decreased from 59
in Q3 2017, while the AW109E SP increased from seven in Q3 2017.
• The average asking price of an AW109E POWER in Q4 2017 was US$1.9M.
The AW109E SP GRANDNEW was US$4.3M.
• The average days on market for an A109E POWER and A109SP GRANDNEW
in Q4 were 585 and 435 days, respectively.
• In Q4 2017, there were one A109E Power and 3 A109 SP GRANDNEW
transactions.
Average Asking Price
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
$4.7
$2.1
A109SP GRANDNEW
A109E Power
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
59 58 57 58
3+0+01+0+0
+0 0+58+00+59+0
62
61
SOLD
Past 12 Months
Past 3 Months
66
66
$4.5
$1.9
67 67
$4.3
$1.7 $1.9
2017 Q4 2017 Q3
60 (16.1%) 60 (16.1%)
1.9M USD 1.9M USD
585 612
2017 Q4
9 (5.9%)
4.3M USD
435
2017 Q3
7 (9.8%)
4.5M USD
475
For Sale vs. Sold
2017 Q4 2017 Q3
3 3
1 1
2017 Q4
21
3
2017 Q3
21
6
70 71 69
6
1 3 1 1 2 2 3 2 1 3
Dec Mar Jun Sep Dec
2016 2017
For Sale Sold
1+0+00+0+02+0+03+0+02+0+00+0+02+0+01+0+01+0+06+0
0+69+00+71+00+70+00+67+00+67+00+66+00+66+00+61+00+62+00+58+00+57
3+0+0
AW139
• There are 24 AW139s on the market for sale, representing 2.9% of the total
814 fleet, which reflects a decrease of 26 in Q3 2017.
• The average asking price in Q4 2017 was US$7.8M, decreased 7% from
US$8.4M USD in Q3 2017.
• The average days on market in Q4 2017 was 442 days, decreased from 595
days in Q3 2017.
• In Q4 2017, there was one transaction.
SPECS
Max Range
568 N.M. / 1,052 km
Max Speed
Typ. Passengers
140 Knots
15
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
LEONARDO
SOLD
Past 12 Months
Past 3 Months
$8.3
21
21
23 23 23
$8.6
24
28
28
26 26
$8.3
$7.8
2017 Q4
24 (2.9%)
7.8M USD
442
2017 Q3
26 (3.2%)
8.3M USD
595
2017 Q4
3
1
2017 Q3
6
0
Average Asking Price
For Sale vs. Sold
24 25 24
2 1 1 1
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+01+0+00+0+01+0+00+0
0+0+02+0+0
0+24+00+25+00+24+00+26+00+26+00+28+00+28+00+24+00+23+00+23+00+23
0+21+0 0+21+0
1+0+0
Source: JETNET & ASG
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 61

MARKET SUMMARY -- HELICOPTERS
S-76C+ / S-76C++
• There are 30 S76C+ and 26 C++ models on market for sale, which represent
20.7% and 12.4%, respectively, of the total active fleet.
• The average asking price of C+ model in Q4 2017 was US$3.1M, down from
US$3.9M in Q3 2017. The average asking price of C++ model in Q4 was
US$4.9M, decreased from US$7.3M since Q3 2017.
• The average days on market in Q4 2017 was 732 days and 453 days,
respectively, for C+ and C++ model, increased from 645 days and 456 days,
respectively, in Q3 2017.
• In Q4 2017, there was one S76C+ transaction and one C++ transaction.
$6.9
Average Asking Price
S-76C++
$7.3
$3.5
49 49 48 47
S-76C+
2+0+00+0+01+0+01+0+00+0+00+0+02+0+02+0+05
0+56+00+55+00+56+00+53+00+53+00+51+00+52+00+49+00+49+00
0+0+0
0+0+0 0+0+0 +0 0+49+0 0+49+0
For Sale vs. Sold
49
49
52
51
$3.9
53 53
$4.9
$3.1
56 56
5
55
SPECS
Max Range
Max Speed
Typ. Passengers
S-76C+
335 N.M. / 620 km
155 Knots
12
S-76C++
335 N.M. / 620 km
155 Knots
12
FOR SALE
2017 Q4
No. for Sale
Avg Asking Price
Avg Days on Market
2017 Q4 2017 Q3
30 (20.7%) 30 (20.7%)
3.1M USD 3.9M USD
732 645
2017 Q4
26 (12.4%)
4.9M USD
453
2017 Q3
23 (10.9%)
7.3M USD
456
2 2 1 1 2
Dec Mar Jun Sep Dec
2016 2017
For Sale Sold
SOLD
Past 12 Months
Past 3 Months
2017 Q4 2017 Q3
8 9
1 1
2017 Q4
5
1
2017 Q3
5
1
OUR INVENTORY
2001 S76C+ SN760521
10,357 HOURS SINCE NEW
SIKORSKY
AIRCRAFT HIGHLIGHT
• Freon Air Conditioning
• Utility Configured
• Emergency Pop-Out Floats & Windows
AVIONICS
• Honeywell SPZ-7600 DAFCS / Proline II
• Collins ADF-462
• Dual Collins VHF-22A Communication Radios
• Collins DME-42
• Dual Collins VIR-32 Navigation Radios
• Dual AHRS
• GPS Trimble2101 VHF Navigation Radio System
• Honeywell Primus WL-440 Weather Radar
• Penny & Giles 2000 CVR/FDR
• Honeywell EDZ-756 5x6-inch
• TSO-C113 Integrated Instrument Display System
• Collins ALT-55B Radio Altimeter
• LCR-92 Altitude Heading Reference System
62 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017
INTERIOR
• Twelve (12) passenger utility interior with soundproofing.
Featuring upholstered seating and cabin
protection flooring.
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTERS
OUR INVENTORY
2005 S76C+ SN760592
10,357 HOURS SINCE NEW
AIRCRAFT HIGHLIGHT
• OGP Compliant
• Enrolled on SBH & PAP
AVIONICS
• Primus 440 Weather Radar
• Penny & Giles Flight Data Recorder (FDR)
• Penny & Giles Cockpit Voice Recorder (CVR)
• Penny & Giles Air Data
• Collins TDR 90 Trasponder Mode A/C
• BC Goodrich AD1355D w/ JET Standby Power Supply
• Collins Radio Altimeter
• Caledonian Airborne Systems CPT-900 Emergency
Locator Transmitter (ADELT)
• Dual Life LCR92S AHRS
• Dukane Underwater Locator Beacon
• Trimble Free Flight 2101 GPS
INTERIOR
• Twelve (12) passenger interior with tan leather seating
complete with space for two (2) stretchers.
• Additional accessories include passenger ear
protectors & HEEL system.
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com +852 2235 9222
S-92
• There are eight S92s on the market, representing 2.8% of the total active fleet
of 282. The inventory level remains stable since Q3 2017.
• The average asking price in Q4 2017 was US$16.9M, decreased 16% from
US$20.1M in Q3 2017.
• The average days on market in Q4 2017 was 524 days, increased from 494
days in Q3 2017.
• In Q4 2017, there were no S92 transactions.
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
No. for Sale
Avg Asking Price
Avg Days on Market
474 N.M. / 877 km
155 Knots
19
2017 Q4
8 (2.8%)
16.9M USD
524
2017 Q3
7 (2.5%)
20.1M USD
494
$20.1
$16.9
0+0+0 0+0+0 0+0+0 0+0+0 0+0+01+0+00+0+01+0+00+0+00+0
0+8+0 0+8+0+7+00+7+00+7+00+7+00+6+00+5+00+5+00+5+00+5+00+5+0
0+0+0
SOLD
Past 12 Months
Past 3 Months
2017 Q4
2
0
2017 Q3
3
0
SIKORSKY
Source: JETNET & ASG
$23.3
Average Asking Price
For Sale vs. Sold
5 5 5 5 5
1
6 7 7
1
7 7 8 8 8
Dec Mar Jun Sep Dec
2016 2017
Sold
For Sale
FOURTH QUARTER 2017 — ASIAN SKY QUARTERLY | 63

OTHER FEATURED AIRCRAFT
2006 CITATION XLS SN5598
1,519 HOURS SINCE NEW
1,181 LANDINGS SINCE NEW
AIRCRAFT HIGHLIGHT
• Phase 5 / 3 Year Inspection Scheduled for Feb 2018
• Low Hours
• 9 Passenger Configuration
• Weather Radar
• TCAS 7.1
• Mode S Transponder
• Dual UNS-1Espw Upgrade
• Comply with Honeywell Primus II ADS-B Out
Upgrade Program
ENGINES / APU
Engines Model: PW545B
Engine 1 Serial Number: PCE-DD0205
Engine 2 Serial Number: PCE-DD0208
• Each Engines Total Hours: 1,519 Since New
• Each Engines Total Cycles: 1,181 Since New
APU Model: RX100(XL)
APU Serial Numbe: P619
• APU Total Hours: 1,919 Since New
• APU Total Cycle: 1,522 Since New
INTERIOR
• 9 Passenger VIP Configuration
• One (1) RH Rear Toilet
• One (1) Galley
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com +852 2235 9222
FIXED WING
MODEL
Bombardier - Challenger 300
Bombardier - Challenger 300
Bombardier - Global Express
Dassault Falcon - 2000EX
Dassault Falcon - 2000S
Dassault Falcon - 50EX
Dassault Falcon - 900DX
Dassault Falcon - 900EX
Dassault Falcon - 900EX
Dassault Falcon - 900EX EASy
Gulfstream - G200
Gulfstream - G200
Gulfstream - G200
Gulfstream - G200
Gulfstream - G200
Gulfstream - G200
Gulfstream - G450
Gulfstream - G550
YEAR
2005
2007
2000
2003
2013
2004
2006
1997
2007
2008
2008
2002
2005
2007
2007
2007
2013
2005
HOURS
4,759
4,464
5,612
2,829
589
3,775
3,460
10,343
3,560
3,277
3,309
8,985
3,929
6,554
2,229
6,626
1,750
6,570
PASSENGERS
8
8
14
8
10
9
16
14
11
14
9
9
9
9
9
9
14
14
ASKING (USD)
Make Offer
Make Offer
6,950,000
Make Offer
Make Offer
4,495,000
Make Offer
Make Offer
19,950,000
19,950,000
Make Offer
Make Offer
Call for Pricing
Make Offer
6,900,000
Make Offer
Make Offer
Make Offer
ROTARY
MODEL
YEAR
AgustaWestland - A109E Power 2001
AgustaWestland - A109E Power 2002
AgustaWestland - A109E Power 2006
AgustaWestland - A109E Power 2011
Airbus Helicopters - EC135P2+ 2015
Airbus Helicopters - EC135T2+ 2009
Airbus Helicopters - EC135P2+ 2013
Airbus Helicopters - EC135T2
2001
Sikorsky - S92A
2011
For inquiries, please contact sales@asianskygroup.com
HOURS
4679
2171
2915
1179
403
1163
1308
6112
4128
CONFIG/PASSENGER
Offshore: 6
Utility: 6
EMS: 6
EMS: 6
VIP: 4
Utility: 7
EMS: 5
EMS: 5
Utility: 19
ASKING (USD)
Make Offer
Make Offer
1,595,000
2,950,000
Make Offer
Make Offer
Make Offer
Call for Pricing
Make Offer
Source: JETNET & ASG
64 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2017

Source: JETNET & ASG

FALCON 8X TAKES YOU
TO THE TOP OF THE WORLD
The ultra-long range Falcon 8X is the ultimate platform for success. It can fl y non-stop to virtually any destination, including
the most challenging airports, with astonishing fuel effi ciency. Multiple confi gurations allow for maximum customization,
and advanced soundproofi ng creates the quietest cabin in the sky. Innovative wing design and fully digital fl ight controls provide
a ride that’s as smooth as silk. Falcon 8X. Fly farther. Achieve more.
WWW.DASSAULTFALCON.COM I BEIJING: +86 10 5696 5200 I HONG KONG: +852 3621 0522 I SHANGHAI: +86 189 1157 7115