Asian Sky Quarterly - Q2 2020

SECOND QUARTER 2020
AIRCRAFT SPOTLIGHT
BELL 505
COMMENTARY
HFW | RECOVERY OF BUSINESS AVIATION
GLOBAL MARKET UPDATE
GLOBAL JET CAPITAL | AMSTAT
ASIA-PACIFIC OUTLOOK
METRICS & MOOD
ASIA-PACIFIC FLIGHT ACTIVITY
MARKET SUMMARIES
JETS & HELICOPTERS

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Director
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Manager
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Illustrating Your
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CONTENTS
04
ECONOMICS
Overview of the Asia-Pacific’s region current status and
specific country’s GDP versus their business jet and
helicopter fleet size.
32
GLOBAL MARKET UPDATE
Q1 GLOBAL JET CAPITAL
An analysis of the global market, including commentary on
the world economy, flight operations and OEM backlogs
10
16
20
23
MOOD & INTENTIONS
Results of our survey on the Asia-Pacific region’s outlook on
economic status, aircraft utilization, purchase intentions and
influencing factors.
COMMENTARY
RECOVERY OF BUSINESS AVIATION BY HFW
Gordon Gardiner of HFW discusses the impacts of Covid-19
on business aviation and how the industry will bounce back.
AIRCRAFT SPOTLIGHT
BELL 505
A look at the Bell 505 -- designed for safety, efficiency and
reliability across mission types.
SPECIAL FEATURE
ASIA-PACIFIC FLIGHT ACTIVITY BY WINGX
A look at the flight activity in Q2, including most popular
flight routes and impact on flight activity from COVID-19.
38
46
48
65
MARKET DYNAMICS
An analysis of APAC inventory levels, market trends and the
changing price signals for the business jet and helicopter fleets.
GLOBAL MARKET UPDATE
JUNE 2020 AMSTAT
An update on the pre-owned business jet market, including
the short-term impact of Covid-19 on transactions.
MARKET SUMMARY - JETS
A look at market position and average days on market of
featured pre-owned business jets.
MARKET SUMMARY – HELICOPTERS
A look at market position and average days on market of
featured pre-owned helicopters.
27
PRE-OWNED MARKET ANALYSIS
BELL 412
A comprehensive market performance analysis of the preowned
Bell 412 market.
PUBLISHER
EDITORIAL & MARKET RESEARCH
Litalia Yoakum
Bowen Zhang
Maggie Gu
DESIGN
Aya Leung
Michael Wong
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.
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SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 1

PUBLISHER’S NOTE
Oh, what a difference a quarter makes as hope grows and a recovery
from Covid-19 starts to take hold in the aviation industry.
In China, the commercial airlines flew 26M passengers in May, down
only 53% y-o-y; still a 16% improvement from April. Some projections
even see a full recovery to pre-Covid-19 levels by the end of August and
“possibly even see a slightly positive y-o-y growth”.
The Asia-Pacific region did not fare as well as the huge domestic China
market, but was only 43% down in June versus 2019, with projections
of just 12% down in August.
For business aviation, likewise, improvements took hold in Q2 of 2020,
with China the busiest business aviation market with 280 domestic
flights. The Asia-Pacific region as a whole saw business jet flight
activity stop its decline and the curve flatten but flights of five hours
or more saw the biggest increase as Europe and the United States
reopened.
These positive trends were reflected in our survey with optimism
significantly bouncing back in the Q2: overall optimism was up 8%,
with China registering a whopping 20% improvement.
But people’s intentions in the end are still tempered as recent events
have demonstrated the fragility of any recovery, with an outbreak in
Beijing in June and as we here in Hong Kong experience a “third wave”.
To help you see your own way forward, as always, we here at Asian Sky
Group have strived to provide you with relevant commentary, special
features & market updates.
Enclosed in the Q2 issue of Asian Sky Quarterly you’ll find commentary
by Gordon Gardiner and James Jordan of HFW on the Recovery of
Business Aviation, a market update on the global business jet fleet -
including OEM backlogs by Global Jet Capital, an update on pre-owned
transactions on a worldwide scale by AMSTAT, Q2 Asia-Pacific flight
activity courtesy of WINGX, a look at the flexibility and efficiency of
the Bell 505, and analysis of the Bell 412 pre-owned market. Lastly, we
hear from AsBAA Chairman Wu Zhendong in our foreword, discussing
the importance of regulators and associations during such periods of
uncertainty.
So, despite renewed optimism, the percentage of the “I’m not sure”
respondents grew 10% in Q2 to 59% - almost 2/3rds. And with this
growing uncertainty, the higher percentage of the fleet for sale, due
to the drastic economic impacts of Covid-19, sits unsold longer, with
Seller’s having few options but to eventually lower prices.
Thus, this is the current state of affairs, but by no means where we
will end up.
Sincerely,
Jeffrey C. Lowe
Managing Director, Asian Sky Group
SPECIAL THANKS TO OUR CONTRIBUTORS:
2 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

FOREWORD
Dear all,
As Covid-19 continues to impact many industries including business
aviation, our thoughts remain with the communities and individuals
most affected by the pandemic, and with those working around the
clock to alleviate the situation. AsBAA will continue to remain vigilant
in monitoring and working with relevant government authorities in
the region to help resolve our members' and the industry's challenges
during this historic time.
The Covid-19 crisis underscores the importance of regulators and
associations working together. Last month, the AsBAA Singapore
Chapter reached out to the CAAS on the subject of support for
the business aviation community as a result of the pandemic.
Subsequently, the association received a response from CAAS in which
the Authority clarified details and provided a contact for technical
clarifications going forward. The AsBAA Malaysia Chapter has also
recently met with the new CEO of Civil Aviation Authority of Malaysia
(CAAM) to discuss key operational and infrastructural issues affecting
business aviation in Malaysia. The CAAM has suggested regular
dialogue with AsBAA going forward in order to continue working
towards resolving challenges. AsBAA continues to be in close dialogue
with other government authorities in representing our members' and
the industry's interests.
Within the association, we have continued to improve and streamline
our own capabilities and resources to better serve our members. In
addition to bringing on board our COO Jeff Chiang earlier this year, we
have also invited former business aviation magazine editor-in-chief
Anthony Lam in-house to spearhead the association's marketing and
external affairs going forward (replacing the external agency). We
believe these strategic and economic decisions will aid in the long
term vitality, strength, and effectiveness of the association.
Looking forward, there are a couple of upcoming events to highlight.
The inaugural AsBAA Malaysia Safety Day is still set to take place on
3 November 2020 at Saujana Hotel, Subang, just ahead of our 6th
Icons of Aviation Awards gala on 5 November 2020, which coincides
with the association's 20-year anniversary. The Philippine Safety Day
is tentatively scheduled for 11 November 2020 with venue details to
follow. More events are in the pipeline and we will be sharing details
with all of you through our weekly email digests and social media
channels.
As the situation evolves rapidly, we will continue to adapt. Business
aviation is fundamentally strong, and this disruption to our industry is
only temporary. Remember aircraft take off into the wind, and together
we will overcome this turbulence. On behalf of the association, allow
me to give our sincere thanks to our members and supporters for their
contributions. Stay safe and healthy.
Best Wishes,
Zhendong Wu
Chairman, AsBAA
ABOUT ASBAA:
AsBAA’s mission is to represent the needs of its members
and the wider industry through its three core pillars:
Advocacy, Representation and Community. The association
actively advocates the benefits of business aviation to key
stakeholders such as government, transport ministries and
the media. It represents the interests of all sectors of the
business and general aviation industry across the region, and
creates a community in which members can network, access
B2B opportunities, and tackle common issues with greater
collective influence.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 3

ECONOMICS
GREATER CHINA
ASIA PACIFIC REGION BUSINESS JET
FLEET REPORT YEAR END 2019
NOW AVAILABLE
MAINLAND CHINA, HONG KONG, MACAU & TAIWAN
Mainland China
The Chinese economy shrank 6.8% y-o-y in the first quarter of
2020, after a 6% growth in the last three months of 2019 and
compared with market forecasts of a 6.5% decline. It is the first
GDP contraction since records began in 1992, reflecting the
impact of the COVID-19 outbreak after the authorities enforced
a near two-month-long shutdown of all non-essential business
activity.
Hong Kong
Hong Kong's economy shrank 8.9% y-o-y, the sharpest contraction
on record, after a 3% drop in the prior period amid disruptions
of economic activities due to the COVID-19 pandemic. Private
consumption dropped 6.7% and exports of goods declined 9.2%
(vs 2% in Q4) and those of services plunged 16.8% (vs -10.6% in
Q4).
Taiwan
Taiwan’s economy grew 1.5% y-o-y in Q1 2020, slowing from the
3.3% increase recorded in Q4 2019 and marking the slowest rate
of growth since Q2 2016. On a seasonally-adjusted quarter-onquarter
basis, activity shrank 1.5% in Q1 2020, contrasting the
1.9% expansion in Q4 2020.
Source: Focus Economics & Trading Economics
GDP GROWTH (BILLION USD)
$11,016
$525
$309
$45
54.0%
52.0%
50.0%
48.0%
46.0%
44.0%
42.0%
40.0%
38.0%
36.0%
34.0%
32.0%
30.0%
Mainland China
$11,138
$531
$321
$45
Mainland China
$12,134
$579
$342
$51
Taiwan
Taiwan
Hong Kong
Hong Kong
Apr20
May20
Macau
$13,608 $14,200 $12,835
$589 $605 $597
$363 $362 $335
$55 $50
$25
2015 2016 2017 2018 2019 2020Q1
PURCHASING MANAGER’S INDEX
Jun19
Jul19
Aug19
Sep19
Oct19
Nov19
Dec19
Jan20
Feb20
Mar20
Jun20
Expansion Contraction
FLEET SIZE GROWTH:
BUSINESS JET
FLEET SIZE GROWTH:
TURBINE HELICOPTER
FLEET SIZE GROWTH:
TURBOPROP
Mainland China Taiwan Mainland China Taiwan Mainland China Taiwan
Hong Kong
Macau
Hong Kong
Hong Kong
313
344 338 332 321
679 719 741
157 164
581
495
133
184
184
129
135
135
122
123
24
11
25
9
10
27 27 28
5 5 5
4 4
27
25 24 23
21
4
3
2
23 22
2
19
10 10 10
15 15
2016 2017 2018 2019 2020Q2
2016 2017 2018 2019 2020Q2
2016 2017 2018 2019 2020Q2
* Data Source: ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by Amstat.
4 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

ECONOMICS
AUSTRALASIA
AUSTRALIA, NEW ZEALAND & PAPUA NEW GUINEA
Australia
A severe bushfire season coupled with a prolonged drought
and lockdown measures to combat the coronavirus pandemic
hit the economy hard in Q1. GDP fell 0.3% quarter-on-quarter
in seasonally-adjusted, contrasting a 0.5% quarter-on-quarter
increase in the fourth quarter of 2019. The result matched
expectations and marked the sharpest contraction since Q4 2008.
Meanwhile, on an annual basis, the economy grew 1.4%, down
from Q4’s 2.2%.
GDP GROWTH (BILLION USD)
Australia New Zealand Papua New Guinea
$1,352
$1,210 $1,331 $1,432 $1,439 $1,446
$177 $188 $203 $205 $210 $205
New Zealand
New Zealand’s GDP contracted 0.2% y-o-y after a 1.8 percent
expansion. On a quarterly basis, the economy shrank 1.6%
following a 0.5% increase in the previous period, as travel
restrictions and a national lockdown contributed heavily to the
largest decline in 29 years. Services contributed significantly to
the decline, as hospitality (accommodation, restaurants, and bars)
was among the most affected industries, falling 7.8% and tourism
declining after the border was closed to slow the spread of the
coronavirus.
$22
$21
$22
$23 $24 $23
2015 2016 2017 2018 2019 2020Q1
PURCHASING MANAGER’S INDEX
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
Australia
New Zealand
Expansion Contraction
20.0%
Jun19
Jul19
Aug19
Sep19
Oct19
Nov19
Dec19
Jan20
Feb20
Mar20
Apr20
May20
Jun20
Source: Focus Economics & Trading Economics
FLEET SIZE GROWTH:
BUSINESS JET
FLEET SIZE GROWTH:
TURBINE HELICOPTER
FLEET SIZE GROWTH:
TURBOPROP
Australia New Zealand
Australia New Zealand
Australia New Zealand
Papua New Guinea Papua New Guinea Papua New Guinea
181
186
185
199
196
808
832
853 855 860 410 428 433
432
432
15
16
19
19
19
462
478
511
539
557
49
51
54
56
58
4
4
4
3
3
107
104
116
103
91
23
22
23
28
29
2016 2017 2018 2019 2020Q2 2016 2017 2018 2019 2020Q2 2016 2017 2018 2019 2020Q2
* Data Source: ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by Amstat.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 5

ECONOMICS
EAST ASIA & CENTRAL ASIA
JAPAN, SOUTH KOREA & INDIA
Japan
The Japanese economy contracted 2.2% y-o-y in Q1, less than
the initial reading of a 3.4% contraction and compared with
consensus of a 2.1% fall. On a quarterly basis, it shrank 0.6%.
This was the first recession since 2015, as the COVID-19 crisis
took a huge toll on activity and demand. Private consumption fell
slightly more than anticipated (-0.8% vs -0.7% in the preliminary
estimate), while there was a significant upward revision of capital
expenditure (1.9% vs -0.5%).
South Korea
South Korea’s quarterly GDP declined 1.3%, falling after increasing
1.3% in the prior period. It was the sharpest drop since the last
quarter of 2008, dragged by services (-2.4% vs 1.3% in Q4) and
manufacturing (-1% vs 1.8%). Also, construction activity slowed
sharply (0.2% vs 3.7%). On an annual basis, GDP expanded an
upwardly revised 1.4%.
India
The Indian economy expanded 3.1% y-o-y in the first quarter of
2020, beating market forecasts of a 2.1% rise. Still, it is the slowest
GDP growth since quarterly data became available in 2004, as the
country imposed a nationwide lockdown from March 24th aiming
to contain the spread of the coronavirus.
GDP GROWTH (BILLION USD)
Japan South Korea India
$4,927 $4,860 $4,971 $4,881 $4,981
$4,389
$2,597 $2,769 $2,899 $2,899
$2,274
$2,095
$1,378 $1,415
$1,531 $1,619 $1,640 $1,614
2015 2016 2017 2018 2019 2020Q1
PURCHASING MANAGER’S INDEX
Japan South Korea India
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
Expansion Contraction
20.0%
Jun19
Jul19
Aug19
Sep19
Oct19
Nov19
Dec19
Jan20
Feb20
Mar20
Apr20
May20
Jun20
Source: Focus Economics & Trading Economics
FLEET SIZE GROWTH:
BUSINESS JET
FLEET SIZE GROWTH:
TURBINE HELICOPTER
FLEET SIZE GROWTH:
TURBOPROP
Japan South Korea India Japan South Korea India Japan
South Korea India
138
140
140
138 139
646
647
646
664 676
134
155
155
97
94
92
78
77
73
75
54
54
55
63 63
21
21
19
21 19
286
291
287
285 293
16
16
19
17
17
222
227
229
233 226
2016 2017 2018 2019 2020Q2
2016 2017 2018 2019 2020Q2
2016 2017 2018 2019 2020Q2
* Data Source: ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by Amstat.
6 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

ECONOMICS
SOUTHEAST ASIA
THAILAND, MALAYSIA, SINGAPORE
Thailand
Thailand's gross domestic product shrank by 1.8% year-on-year
in the first quarter of 2020, following a downwardly revised 1.5%
expansion in the previous period and better than market consensus
of a 4 percent contraction. This was the worst economic downturn
since the fourth quarter 2011, as both supply and demand took a hit
from the pandemic crisis. On the production side, output contracted
mostly for agriculture (-5.7%), manufacturing (-2.7%), construction
(-9.9%), transportation and storage (-6%), accommodation and food
service activities (-24.1%), administrative and support services
activities (-6.7%).
Malaysia
GDP growth decelerated to 0.7% on an annual basis in the first
quarter, down from the fourth quarter’s 3.6% y-o-y expansion and
marking the slowest growth rate since Q3 2009. On a seasonallyadjusted
quarter-on-quarter basis, economic activity dropped 2.0% in
Q1, contrasting Q4's 0.6% growth. The Covid-19 crisis is expected to
push the economy into recession this year. Containment measures,
rising unemployment and deteriorated sentiment will hamper
domestic demand, while exports look set to shrink on muted global
demand, fragile commodity prices, and diminished tourism. Political
risks also cloud the outlook.
Singapore
The economy contracted sharply in Q1 to 2.2% year-on-year (Q4:
+1.0% y-o-y) and fell 10.6% on a quarter-on-quarter seasonallyadjusted
annualized (SAAR) basis (Q4: +0.6% SAAR). The result
reflects the economic impact of the global Covid-19 pandemic. The
economy is expected to contract this year, although the outlook
remains uncertain due to questions surrounding the longevity and
severity of the coronavirus pandemic..
Source: Focus Economics & Trading Economics
GDP GROWTH (BILLION USD)
Singapore Thailand Malaysia
$474 $475 $471
$455
$412
$395
$364 $366 $360
$338
$308
$318
$354
$356 $358
$314
$296 $297
2015 2016 2017 2018 2019 2020Q1
PURCHASING MANAGER’S INDEX
Singapore Thailand Malaysia
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
Mar20
Feb20
Jan20
Dec19
Nov19
Oct19
Sep19
Aug19
Jul19
Jun19
Expansion Contraction
Jun20
May20
Apr20
FLEET SIZE GROWTH:
BUSINESS JET
FLEET SIZE GROWTH:
TURBINE HELICOPTER
FLEET SIZE GROWTH:
TURBOPROP
Singapore Thailand Malaysia Singapore Thailand Malaysia Singapore Thailand
Malaysia
60
64
63
62
54
38
56
57
59 59
154 157
106
111
48
40
37
38
4 6
35
161
111
6
153
118
6
155
121
6
40
33
6
42
34
5
44
28
9
25
19
8
24
18
8
2016 2017 2018 2019 2020Q2 2016 2017 2018 2019 2020Q2 2016 2017 2018 2019 2020Q2
* Data Source: ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by Amstat.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 7

ECONOMICS
SOUTHEAST ASIA
INDONESIA & PHILIPPINES
Philippines
GDP GROWTH (BILLION USD)
The economy dipped in Q1 as disruptions from the Taal Volcano
eruption in January, the COVID-19 pandemic and subsequent
lockdown put in place in March combined to hammer activity.
GDP contracted 0.2% y-o-y in Q1 2020, after expanding 6.7% in Q4
2019. This marked the first annual economic contraction since
Q4 1998 and also surprised market analysts who had expected
growth of 3.1%. In seasonally-adjusted quarter-on-quarter terms,
the economy shrank 5.1% in Q1, contrasting the revised 1.8%
expansion in Q4 (previously reported: +2.2% quarter-on-quarter).
While Q1’s result marked an over two-decade low, prospects for
Q2 are even more dismal.
$862
$292
Indonesia
$932
$305
Philippines
$1,016
$314
$1,042
$331
$1,024
$338
$1,087
$327
Indonesia
Activity lost momentum in the first quarter, with GDP expanding
3.0% (Q4: +5.0% year-on-year), below market expectations of
4.0% and marking the weakest quarterly reading in nearly two
decades. Domestic demand softened sharply in Q1 due to social
distancing measures introduced in March and rising uncertainty
as coronavirus cases accelerated. Household spending increased
2.8% in the first quarter, which was below the fourth quarter's
5.0% expansion. Fixed investment growth moderated to 1.7% in
Q1, compared to the 4.1% expansion in the prior quarter. However,
public spending growth picked up to 3.7% in Q1 (Q4: +0.5% yoy),
likely amid government efforts to support the economy.
2015 2016 2017 2018 2019 2020Q1
PURCHASING MANAGER’S INDEX
Indonesia Philippines
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
Expansion Contraction
20.0%
Jun20
May20
Apr20
Mar20
Feb20
Jan20
Dec19
Nov19
Oct19
Sep19
Aug19
Jul19
Jun19
Source: Focus Economics & Trading Economics
FLEET SIZE GROWTH:
BUSINESS JET
FLEET SIZE GROWTH:
TURBINE HELICOPTER
FLEET SIZE GROWTH:
TURBOPROP
Indonesia Philippines Indonesia Philippines Indonesia Philippines
50
51
51
51
221
226
117
116
119
121
48
49
48
203
208
207
104
47
48
46
156
162
163
168
162
52
57
59
62
64
2016 2017 2018 2019 2020Q2
2016 2017 2018 2019 2020Q2
2016 2017 2018 2019 2020Q2
* Data Source: ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by Amstat.
8 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

FLIGHT ELEVATED
Gulfstream presents aircraft for every journey: the supermidsize
Gulfstream G280 ; the high-performing G550 ; the
all-new, award-winning G500 and G600 ; the legendary
G650ER ; and the new flagship G700 .
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 9

MOOD & INTENTIONS:
ASIA-PACIFIC REGION SURVEY 2020Q2
44+24+18+7+7+G
15+14+13+11+10+9+8+5+5+5+5+G
RESPONDENT LOCATION
Rest of the World (7%)
Oceania (7%)
Greater
China (18%)
Indonesia (5%)
Pakistan (5%)
Philippines (5%)
Australia (5%)
Singapore (8%)
Malaysia (9%)
Hong Kong (10%)
Turboprop (18%)
Civil Helicopter
(19%)
550 +
RESPONDENTS
TOP 10 RESPONDENT’S LOCATIONS
RESPONDENT AIRCRAFT TYPE
Owner /
Charter User (4%)
Broker (12%)
Others** (18%)
63+19+18+G
35+31+18+12+4+G
RESPONDENT CATEGORY
Central Asia &
Middle East (44%)
SE & NE Asia (24%)
India (15%)
Qatar (14%)
China (13%)
United Arab Emirates
(11%)
Business Jet (63%)
Aircraft Service
Providers* (35%)
Aircraft Operator
/Management Company
(31%)
* Aircraft Service Providers include: financial services, training, FBO, ground
handlers, Service, MRO, parts, etc.
** Others include law firms, research facilities and government official
Results Summary in 2020 Q2:
1. Pessimistic mood in APAC stabilized slightly in Q2, with
optimism levels slowing increasing mainly contributed by
Greater China and Central Asia.
2. Covid-19 has continued to affect business confidence in
Q2 with more respondents believing their business has
been seriously affected. The industry is adjusting business
targets, as well as re-evaluating market demand.
3. Cabin sanitation is now the second most critical factor to
business aviation / general aviation, aside from value for
price paid.
4. Historically high 49% respondents reported decreasing
fleet utilization.
5. Historically high level of respondents “not sure” of
purchasing an aircraft.
In 2020 Q2, over 550 respondents participated in ASG’s survey regarding the
mood and intentions of the current business aviation market.
Regions with the most respondents include:
1. Greater China (18%) 2. Southeast and Northeast Asia (24%) 3. Central Asia &
Middle East (44%, incl. India, Pakistan, UAE etc.) 4. Oceania (7%)
The majority of the respondent’s aircraft type are business jets (63%).
67% of the respondents from this quarter’s survey are from aircraft services
providers (FBO, MRO, etc.) and aircraft operators, as well as from aircraft brokers
(12%), aircraft end users (4%) and respondents from other related areas.
Covid-19 Pandemic in Asia Pacific
The ongoing Covid-19 pandemic has continued to impact business aviation
companies business confidence and perspective of the market. In Q2, more
companies have reported being impacted, particularly on the flight operation
side of the industry. Over 70% of the respondents from the operator / end user
segment reported that Covid-19 has seriously affected their business.
A few more respondents believe that market demand will not bounce back by the
end of the year. This comes with many companies adjusting their market goals
and evaluations to meet the ongoing challenges of the pandemic. On a positive
note, many are still optimistic about meeting their business targets for 2020.
In this quarter’s survey we added a new question asking respondents to rank the
factors they think would be critical to the future of business aviation / general
aviation. ‘Value for price paid’ was ranked the first, while cabin sanitation ranked
second - surpassing many factors typically believed to be most important.
Privacy ranked last.
Aircraft Utilization
Aircraft utilization was mainly contributed to by respondents in Greater China
as well as respondents from Oceania. Fleet utilization in the area was largely
affected by Covid-19; 49% of the respondents reported their fleet utilization has
been decreasing. This is the highest decreasing level since the survey began.
Purchase Intention
Purchase intention has been affected as well. More respondents now are not
sure whether to purchase an aircraft. This comes as many brokers are hesitant
to define the market situation as well. We saw a drop in respondents believing
this is a ‘Buyer’s Market’ shifting to “I’m not sure”.
10 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

ECONOMICS STATUS
WHAT IS OUR CURRENT ECONOMIC STATUS? (QUARTERLY COMPARISON)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
45%
34%
21%
2017
Q2
52%
32%
15%
2017
Q3
56%
34%
10%
2017
Q4
52%
37%
11%
2018
Q1
55%
28%
16%
2018
Q2
41%
27%
32%
2018
Q3
38%
29%
33%
2018
Q4
29%
2019
Q1
MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2020Q2
32%
35% 28% 31% 32%
2019
Q2
32%
35% 19%
20%
2019
Q3
2019
Q4
Past Low Point
At Low Point
29%
Not Reached
Low Point
37% 45%
36% 40% 33% 53%
2020
Q1
35%
2020
Q2
Optimistic
(Will get better)
Pessimistic
(Will get worse)
OPTIMISM LEVELS SINCE 2017Q2 - REGIONAL DIFFERENCES
100%
90%
80%
70%
60%
50%
Greater China SE & NE Asia Central Asia & Middle East Oceania
100%
87%
95%
94%
95%
91%
92%
92%
91%
92%
88%
89%
89%
86% 90%
88% 89%
85%
84%
86%
86%
81%
83%
82%
79%
79%
78%
80%
75%
70%
75% 76%
73%
72%
74%
68%
68%
67%
67%
64%
65%
63%
60%
50%
48%
84%
82%
73%
67%
Overall
67%
61%
58%
55%
56%
54%
40%
41%
43%
36%
47%
40%
30%
32%
30%
20%
20%
10%
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2018
Q4
2019
Q1
2019
Q2
2019
Q3
2019
Q4
2020
Q1
2020
Q2
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 11

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2020Q2
COVID-19 IMPACT ON ASIA PACIFIC
Has the COVID-19 coronavirus outbreak affected you
or your organization’s business so far?
6%
3% 4%
1%
Hard to tell at
the Moment
No, it has not
affected my
business
68%
63%
Yes, It has seriously
affected my
business
2020Q1
2020Q2
27% 28%
Yes, It has somewhat
affected my
business
Aircraft Operator / Management Company
Hard to tell at the moment
No, it has not affected my business
Yes, it has seriously affected my business
Yes, it has somewhat affected my business
Aircraft Owner / Charter User
Hard to tell at the moment
No, it has not affected my business
Yes, it has seriously affected my business
Yes, it has somewhat affected my business
Aircraft Sales / Charter Broker
Hard to tell at the moment
No, it has not affected my business
Yes, it has seriously affected my business
Yes, it has somewhat affected my business
Other Related (FBO, MRO, etc.)
Hard to tell at the moment
No, it has not affected my business
Yes, it has seriously affected my business
Yes, it has somewhat affected my business
2020Q1
4%
7%
65%
24%
2020Q1
12%
12%
54%
23%
2020Q1
6%
1%
62%
30%
2020Q1
5%
3%
62%
30%
2020Q2
2%
0%
75%
22%
2020Q2
0%
0%
76%
24%
2020Q2
1%
4%
67%
27%
2020Q2
2%
1%
67%
30%
Do you foresee market demand bouncing back in the
2nd half-year of 2020?
2020Q1
2020Q2
Aircraft Operator / Management Company
Hard to tell at the moment
No
Yes
2020Q1
35%
23%
41%
2020Q2
37%
26%
37%
36%
35%
24%
27%
40%
38%
Aircraft Owner / Charter User
Hard to tell at the moment
No
Yes
2020Q1
42%
38%
19%
2020Q2
14%
43%
43%
Aircraft Sales / Charter Broker
Hard to tell at the moment
No
Yes
2020Q1
39%
19%
42%
2020Q2
33%
25%
42%
Hard to tell at
the Moment
Are you or your organization still optimistic to meet the
business performance targets you set for 2020?
33%
Hard to tell at
the Moment
36%
42%
No No
34%
2020Q1
25%
Yes Yes
2020Q2
30%
Other Related (FBO, MRO, etc.)
Hard to tell at the moment
No
Yes
Aircraft Operator / Management Company
Hard to tell at the moment
No
Yes
Aircraft Owner / Charter User
Hard to tell at the moment
No
Yes
Aircraft Sales / Charter Broker
Hard to tell at the moment
No
Yes
Other Related (FBO, MRO, etc.)
Hard to tell at the moment
No
Yes
2020Q1
33%
25%
42%
2020Q1
33%
36%
30%
2020Q1
27%
62%
12%
2020Q1
20%
57%
23%
2020Q1
41%
34%
25%
2020Q2
37%
26%
37%
2020Q2
39%
37%
24%
2020Q2
38%
38%
24%
2020Q2
21%
51%
28%
2020Q2
36%
27%
37%
Rank the following factors that you think are critical to the future of business aviation / general aviation:
Value for Price Paid
More Important
Factors
Overall Rank
Score (the lower the better)
Privacy
Maintenance Support
Cabin Sanitation
Customer Service
Value for Price Paid
Cabin Sanitation
Customer Service
Flexibility / Punctuality
Maintenance Support
Privacy
1
2
3
4
5
6
2.6
2.7
2.8
3.0
3.8
4.1
Flexibility / Punctuality
12 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2020Q2
FLEET UTILIZATION
SUMMARY: AIRCRAFT UTILIZATION CHANGES COMPARED TO 12 MONTHS AGO
100%
90%
80%
70%
Up by 20% and more (>20%)
Up but less than 20% (0 - 20%)
17%
14%
4%
INCREASED
SAME
60%
50%
The same (0%)
16%
40%
30%
20%
Down but less than 20% (-20 - 0%)
49%
DECREASED
10%
0%
2018
Q2
2018
Q3
2018
Q4
2019
Q1
2019
Q2
Down by 20% or more (

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2020Q2
PURCHASE INTENTION
DO YOU OR YOUR CLIENT OWN OR
CHARTER A PRIVATE AIRCRAFT?
65+20+15+G
Just Charter (15%) Both Own and Charter (65%)
Just Own (20%)
WHERE ARE WE IN THE CURRENT PRE-OWNED MARKET?
WHEN CHARTERING AN AIRCRAFT,
WHAT IS YOUR PRIMARY SOURCE?
8+92+G
Contact Operator (92%)
Contact Broker (8%)
PURCHASE INTENTION 2018Q2 - 2020Q2*
Buyer’s Market
Balanced Market
Seller’s Market
66%
I’m not sure
Yes, a new aircraft Yes, a pre-owned aircraft No / I’m not sure
59%
58%
55%
53%
47%
28%
17%
8%
43%
38%
14%
38%
26%
10%
41%
38%
16%
20%
15%
50%
5% 5%
8%
6%
54%
12%
11%
2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2
28%
17%
21%
15%
9%
13%
8%
22%
13%
43%
46%
48% 49%
40%
41%
38%
32%
31%
30%
28%
27%
28%
30% 31%
27%
26%
29%
22%
25%
24%
20%
19%
2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2
PURCHASE INTENTION - REGIONAL DIFFERENCES (FIXED WING)
SE & NE Asia
Corporate Airliner Large Jet Medium Jet Small Jet Turboprop /
Piston Fixed Wing
20% 26%
23%
17%
14%
Oceania
Greater China
25% 25%
50%
11% 43%
29%
7% 11%
Central Asia
& Middle East
34%
30% 22% 8% 5%
PURCHASE INTENTION
- FIXED WING
(OUTER IS PREFERRED)
Corporate Airliner
(Such as ACJ, BBJ)
PURCHASE INTENTION
- HELICOPTER
(OUTER IS PREFERRED)
Twin Turbine
(Such as Sikorsky S-76C++)
PURCHASE DECISIONS
- INFLUENCING FACTORS
(OUTER IS LIMITING)
Government / Public Opinion
Most Preferred
Most Preferred
Turboprop/Piston
Fixed Wing
(Such as King Air Series)
Large Jet
(Such as G650,
Falcon 8X)
Inconvenient
to Use
No Interesting
Aircraft
Small Jet
(Such as Citation Series,
Hawker Series)
Midsize Jet
(Such as G200 &
CL650)
Piston Helicopter
(Such as Robinson R22)
Single Turbine Helicopter
(Such as Bell 206)
No Need
Greater China
Central Asia
Price
Oceania
SE & NE Asia
14 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

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SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 15

THE FLIGHT PATH TO COVID-19 RECOVERY
MINIMISING THE LEGAL TURBULENCE
In this article, business aviation lawyers, HFW Hong Kong Partner Gordon Gardiner and Singapore Senior
Associate James Jordan, provide an overview of some of the critical legal issues created by the pandemic and
list ten key questions that industry stakeholders should be asking as the sector looks to rebuild its international
operations in a post-COVID-19 (C-19) world.
The impact of COVID-19 (C-19) on the business aviation sector
is truly unprecedented. Even during previous international
crises - such as 9/11 or the Global Financial Crisis - business
aviation operations were relatively unaffected and in some instances
saw an increase in operations compared to the airline sector. C-19 has,
however, led to a steep decline in business aviation movements due to
strict border restrictions, which in many cases has made international
flights impossible.
Domestic business aviation traffic is, however, starting to recover in
many places. The sector is now turning its mind to safely resuming
international operations as we enter into a new phase of the pandemic.
Outlined below are the key legal concerns for the business aviation
community and the questions that the sector needs to address as the
recovery process gathers pace.
The impact of C-19 over recent months:
• Just over 26,000 business jet flights operated worldwide
in the first two weeks of April 2020, 79% below the same
period in 2019.
• Just under 1,000 business jets were active worldwide
in the first half of April, compared to over 4,000 in the
corresponding 2019 period.
• Business aviation activity in Asia was down 28% in June
compared to 2019, although flight hours are down by 44% 1 .
TRANSMISSION RISKS AND CLAIMS
The biggest threat to the industry is that aviation continues to act not
only as a transmission vector (i.e. transporting C-19 from an area of
high infection rates to less affected areas) but also as a transmission
cluster in and of itself (i.e. passengers/crew infect other passengers on
board the aircraft).
Operators and aircraft management companies should be alive to the
risk of liability claims from passengers who contract C-19 on board
their aircraft or inside business aviation centres during the process
of embarkation or disembarkation. While proving that an operator or
manager is liable may be difficult, it is not impossible if the correct
evidence can be adduced by the passenger. Given the smaller number
of passengers and crew on business aircraft, it may be easier for
passengers to demonstrate transmission links which will be clearer and
easier to define.
Operators and aircraft managers are also at risk of claims from crew
and other employees if steps are not taken by employers to ensure that
they are adequately protected. These risks can, however, be significantly
mitigated if appropriate steps are taken in accordance with international
regulations and guidance issued by entities such as the NBAA 2 .
1
https://wingx-advance.com/covid-impact-live-updates/
2
https://nbaa.org/wp-content/uploads/aircraft-operations/safety/
coronavirus/nbaa-aircraft-disinfection-and-cleaning-procedures.pdf
16 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

COMMENTARY: RECOVERY OF BUSINESS AVIATION BY HFW
ASSET PRESERVATION
The general sentiment is that global demand exists for business aviation
but that it is being hindered by a complex patchwork of government
border and immigration controls. It is, therefore, hoped that the sector
will recover quickly as soon as restrictions are relaxed, unlike the airline
industry where the recovery is likely to be considerably slower due to
waning consumer demand and broader economic malaise.
That being said, a large number of business jets will remain grounded
for an extended period. A significant concern for stakeholders involved
in the financing and insuring of the industry is that aircraft are not being
maintained in a manner that will enable them to remain serviceable and
to retain their value.
Operators and entities involved in aircraft maintenance should ensure
asset preservation and maintenance plans are clear, robust and
accessible in the event that they are requested by a party with an
interest in the aircraft. Failure to properly maintain aircraft during a
period of extended grounding may vitiate insurance terms and/or lead
to claims from owners and finance parties.
PERSONAL DATA
Health screening for C-19 and/or antibody certification is likely to
become commonplace within the broader aviation industry and may
even be mandated in order for passengers and crew to enter certain
countries.
This will entail business aviation operators having to manage
increasingly more complex and sensitive personal data relating to
passenger and employee health. Fines for data breaches are significant
(e.g. under the European Union General Data Protection Regulation –
which has extraterritorial effect - fines can be up to €20 million, or up
to 4% of the relevant company’s annual worldwide turnover for the
preceding financial year, whichever is greater) and existing systems
will need to be enhanced to manage these exposures.
Operational staff will need to understand the relevant data protection
and privacy laws so as to avoid sanctions for their respective
organisations.
COMMERCIAL CONTRACTS
Inevitably there will be greater scrutiny on the allocation of risk between
parties in commercial contracts. In particular, given the impact of
C-19 on businesses across the whole spectrum of business aviation,
it is likely that counterparties will seek greater financial protection
in case of default on payment obligations. Credit and payment
terms will therefore be a particular focus of attention, as well as the
circumstances in which liens can be exercised over aircraft and other
property. The scope of ‘force majeure’ clauses and the contractual
consequences will also be subject to close examination.
Operators may also wish to consider drafting specific wording into their
terms of business to deal with the issues that have been created by the
pandemic. This should not only deal with transmission risks but also
issues created by travel disruptions and border control restrictions.
SUSTAINABILITY
In the 2019 Q4 version of Asian Sky Quarterly, we discussed the
importance of sustainability for the business aviation sector and why
failing to address green issues represents one of the most significant
threats to the sector. This was before the emergence of C-19.
Notwithstanding the systemic threat created by C-19, the world and
its economies will recover and, while the nature of that recovery is
still uncertain, sustainability should still be a core pillar of all business
plans. Shifting consumer sentiment towards a desire for sustainable
business aviation has not disappeared and cannot be ignored. There
is, however, now an opportunity to develop a new model for the future
of business aviation which puts the sustainability of the industry at
its core.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 17

COMMENTARY: RECOVERY OF BUSINESS AVIATION BY HFW
QUESTIONS TO ASK
All companies within the business aviation sector should consider
whether the following questions have been addressed within their
organisations:
1. Are all relevant employees and crew fully briefed on the
applicable local and international regulations relating to reducing
transmission risks?
2. What steps have been taken to keep an accurate record of
employee and crew training relating to C-19? Is your business
able to easily present such information if requested by the
regulator or in the event that you face a legal claim?
3. Is the business prepared to handle C-19 claims by passengers? Is
it clear what steps will be taken if/when an incident occurs so that
ongoing legal and litigation risks can be effectively managed and
immediate steps can be taken to mitigate reputational damage?
4. For aircraft that remain grounded, what discussions have been
held with insurers, lessors and other finance parties to ensure that
all stakeholders are in agreement as to the long term preservation
of the asset?
5. Have you reviewed your data protection protocols to ensure that
they adequately address the additional health data you may be
holding, either now or in the future, as a result of C-19?
6. What do your terms of business state about transmission risks
relating to C-19 and have amendments been made to deal with
issues that are specific to the pandemic?
7. Do your commercial contracts with suppliers, vendors and
business partners adequately manage the unique risks of C-19
(e.g. if your contracts contain force majeure provisions, do you
understand the triggers and consequences)?
8. Credit risk remains high throughout the entire business aviation
sector. Have payment terms with customers and suppliers been
reviewed so as to highlight areas of financial risk for the business?
9. Are Business Continuity Plans (BCP) in place to deal with further
future waves of C-19 or a return to lockdown? These should be
concise, easily understood, and up to date. They should also be
regularly reviewed and tested, to enable your company to remain
operational through future waves of C-19, or to mitigate against
reduced demand.
10. Is your company committed to sustainability as the business
aviation sector enters the recovery phase? If so, what steps have
been taken to document and publicise the action you have taken
to ensure that sustainability remains a key constituent of your
post-C-19 business plan?
PLANNING FOR THE RECOVERY
C-19 has created numerous and complex legal questions for the
business aviation sector. Those companies that pre-emptively address
the issues raised above before they develop into real legal problems
will be well placed to overcome the challenges presented by C-19, as
borders gradually reopen and government restrictions are relaxed.
ABOUT THE AUTHORS
HFW HONG KONG PARTNER GORDON GARDINER
AND SINGAPORE SENIOR ASSOCIATE JAMES JORDAN
ARE TRUSTED LEGAL ADVISERS TO THE BUSINESS
AVIATION COMMUNITY. THEY REGULARLY ADVISE ON
A DIVERSE RANGE OF BUSINESS AVIATION MATTERS
AND ARE PART OF A GLOBAL TEAM THAT PROVIDES
CLIENTS WITH SOLUTIONS ACROSS THE BROAD
SPECTRUM OF FINANCING & LEASING, COMMERCIAL
CONTRACTS, REGULATORY ISSUES, AND DISPUTES.
HFW has more than 600 lawyers working across Asia Pacific,
the Americas, Europe and the Middle East. HFW is committed
to Asia Pacific, with seven offices and three associations across
the region.
HFW has been at the forefront of legal developments in the
aerospace sector for more than four decades. With more than
80 specialist aviation lawyers in ten international hubs, HFW
provides at the point of delivery the resources of a global team.
HFW prides itself in knowing clients’ business needs and delivers
solutions 24 hours a day.
Recent examples of HFW’s business aviation work include
advising on:
• Sale and purchase agreements for both new and used business jets
GORDON GARDINER
Partner, Hong Kong
D: +852 3983 7710
E: Gordon.Gardiner@hfw.com
• Acquisition and financing or refinancing by lease or loan of numerous
business jets
• Terms and conditions of use for an Asian FBO
• Commercial contracts relating to the services provided by an Asian
MRO facility
• Various commercial disputes in relation to aircraft acquisition and
aircraft management
JAMES JORDAN
Senior Associate, Singapore
D: +65 6411 5374
E: James.Jordan@hfw.com
• Insured claims arising out of business jet and general aviation incidents
and major accidents
hfw.com
18 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

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SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 19

AIRCRAFT SPOTLIGHT:
BELL 505
The 505 is a five-seater, flat-floor cabin, light single turbine engine helicopter. Loaded with the
latest technology from Garmin G1000H NXi avionics to a Safran dual channel FADEC (Full Authority
Digital Engine Control), the 505 is Bell’s entry level offering seeking to recapture a market once
owned by the Bell 206 Jet Ranger. The powerful 505 SHP engine, 2,295 lb external load capability,
and open, high visibility cabin, have opened the 505 up to compete with traditionally larger aircraft
markets such as public safety, HEMS, and long lining.
The 505 was unveiled in 2013, at the Paris Air Show, and formally
introduced in 2014 at the HAI Expo in Anaheim, California. The Bell
505 Jet Ranger X was designed to fill a gap in product offering left
by the Bell 206B Jet Ranger when it was discontinued in 2010. The
505 continues the Jet Ranger legacy, utilizing the rotor and drive
system from the venerable 206 Long Ranger, with a modernized
cockpit, improved engine power, and versatile open cabin.
There are over 260 505s operating in 46 countries. The 505 fleet
has flown over 45,000 hours in less than three years. The 505 is
put to work every day in a wide variety of mission from private
individuals flying for fun, long lining operators taking supplies and
crew high into the mountains, militaries training their future pilots,
or police agencies keeping their cities safe.
Embedded sensors around the aircraft provide critical information
to the cockpit helping the pilot more quickly identify, solve, and
react to any potential problems. The dual channel FADEC utilizes
a redundant channel control system to maintain the turbine engine
at peak performance. This FADEC allows the 505 to eliminate any
mechanical throttle linkage and provide single switch automated
starting that eliminates the chance for a pilot induced hot start.
Digital engine control provides smooth and consistent rotor
speed as well as better fuel economy by setting fuel flow to the
optimized limit based on the required power setting. The engine
control system also includes a 3rd backup channel that, in the
unlikely event of a FADEC failure, would keep fuel flowing to the
engine to allow the pilot to bring the aircraft to the ground safely.
The 505 is the most advanced short light single helicopter on
the market today. The Garmin G1000H NXi avionics and dual
channel FADEC provide enhanced situational awareness and
reduced pilot workload to help pilots and operators ensure every
mission is a success. The Garmin G1000H NXi provides flight
and engine parameters in an easy to read, color coded, display
that combines with aural headset alerts to ensure the pilot has
a complete picture of the aircraft’s current status. This primary
flight display includes the Bell unique Power Situation Indicator
(PSI) and dual tachometer that combines five traditional engine
and rotor displays into two easy to read gauges that provide color
coded engine parameters.
20 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

AIRCRAFT SPOTLIGHT: BELL 505
The 505’s open cabin, easily removeable seats, and integrated tie
downs provides the ultimate in versatility for operators around the
world. The 505 is quickly able to convert from moving passengers
or crew to cargo and goods with tool free removal of seats. The
505’s cabin boasts best in class 99 cubic feet of usable volume
and a 18 cubic foot cargo bay providing ample space for passenger
baggage or important cargo. The Bell 505 includes a 2000 lb cargo
hook capability providing additional uses for operators to serve
the community or add revenue streams to their business.
Tim Otteson, former U.S. army pilot and current Bell demo pilot
details his trust in the 505:“The Bell 505 Jet Ranger X does a
magnificent job of blending proven technologies like the 206L4
drive train with a state-of-the-art Dual Channel FADEC and glass
cockpit. I have had the privilege of flying the 505 in locations as
diverse as the Himalayas and the Dead Sea. The avionics suite has
kept me from getting lost in places I’ve never been and gives me
power I can feel confident in. I was able to land at and depart from
the Annapurna Basecamp, Nepal with 5 people on board at a density
altitude of approximately 15,500 or so feet. My time flying the 505
in Nepal did nothing but increase my confidence in the aircraft and
its ability to operate in the world’s mountainous environments.”
The Garmin G1000H NXi utilizes a second screen, called the
Multi-Function Display or MFD, to display a series of maps, charts,
weight & balance diagrams, and other supporting information key
to providing enhanced situational awareness and reducing the
pilot’s overall workload. The MFD also allows pilots to process
live data such as weather, traffic, and terrain to ensure the
complete situational picture is presented allowing pilots to make
the best possible decisions while flying. With optional Synthetic
Vision, terrain and traffic are presented on the Primary Flight
Display similar to how it would appear outside of the windscreen.
Terrain is color coded based on the aircraft’s proximity and
paired with aural alerts to help key pilots to look for impending
problems. Utilizing the optional Flight Stream 510, pilots can also
automatically upload flight plans and database updates from a
compatible portable device. The Flight Stream 510 also allows
for a portable device to be used as a third screen for further
situational awareness.
While new to the market, the 505’s rotor and drive system have
millions of combined flight hours. The 505 utilizes the same high
inertia rotor system from the 206 Long Ranger. A high inertia rotor
system provides the pilot more time to react to an engine failure
and enter an auto rotation without the rotor slowing down too
much, providing a better cushion and a safer landing. The millions
of flight hours on these systems provide operators the assurance
of reliability knowing that they can not only trust the operating
cost numbers, but they can also rely on the aircraft to be ready to
go each and every day for their needs.
The 505’s open cabin,
easily removeable seats,
and integrated tie downs
provides the ultimate in
versatility for operators
around the world.
The Bell 505 utilizes the 505 SHP Safran Arrius 2R. This is the
first Safran engine product to be used by Bell. The Arrius 2R
is the newest offering in the Arrius family of engines that has
accumulated millions of successful flight hours through multiple
OEMs products all over the world. The Arrius 2R provides a variety
of features that add to the reliability and safety of the 505 from the
dual channel FADEC to the Flame Out Protection System (FOPS).
The FOPS provides a preference flame tube that has its own fuel
line and bypass valve. In the event of a fuel blockage, the preference
flame tube would re-light the engine maintaining thrust and safety
of flight. The Arrius 2R provides best in class power to the 505
giving the aircraft the ability to hover at over 10,000 feet out of
ground effect and have a service ceiling of up to 22,500 ft density
altitude. The Arrius 2R is comprised of 2 modular sections to ease
overhauls and replacements, a hot section and a gear box section.
The Bell 505 provides hydraulically powered cyclic and collective
controls to maintain low control forces. A panel mounted switch
allows pilots to cycle hydraulic power on and off to provide
additional training opportunities for new pilots to practice flying
through hydraulic failures.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 21

AIRCRAFT SPOTLIGHT: BELL 505
TECHNICAL SPECIFICATIONS
SPEEDS AT MGW, ISA
MAX CRUISE
125 KTS 231KM/H
RANGE AT VLRC1
306 NM 566 KM
MAX ENDURANCE1 (NO RESERVES, 60 KIAS) >3.9+ HRS
CAPACITIES
CABIN FLOOR AREA2
22 FT 2 2.0 M 2
BAGGAGE COMPARTMENT VOLUME 18 FT 2 0.5 M 2
CEILING ALTITUDES AT MGW, ISA
SERVICE CEILING
18,610 FT PA 5,672 M PA
HOVER CEILING IGE
14,450 FT 4,404 M
HOVER CEILING OGE
10,460 FT 3,188 M
WEIGHTS
EMPTY WEIGHT (BASE AIRCRAFT)
2,180 LBS 989 KG
The Bell 505 utilizes the Maintenance Steering Group 3 (MSG-
3) methodology commonly found in commercial airlines
maintainer groups. MSG-3 utilizes industry experts to create an
analytically backed program to ensure logical inspection and
overhaul scheduling that allows for maximum aircraft availability.
Maintenance operations are also grouped by their location on the
airframe to ensure maintainers are accomplishing as many tasks
as logical when entering certain access panels or maintenance
locations. MSG-3 aids in increasing aircraft availability and
lowers operating costs, bringing a more modern and analytical
maintenance program to the operator.
Being the most recently certified Short Light Single helicopter on
the market, the 505 meets the latest safety standards. The Bell
505 features standard crash attenuating seats, a crash resistant
fuel system, and 4-point seat belts for all occupants. Technology
like the Garmin G1000H NXi integrated avionics suite and dual
channel FADEC create the additional situation awareness and
reduced pilot workload that benefit pilots of all experience levels.
MAX GROSS WEIGHT (INTERNAL)
MAX GROSS WEIGHT (EXTERNAL)
USEFUL LOAD (BASE AIRCRAFT, INTERNAL)
POWERPLANT SPECIFICATIONS
3,680 LBS 1,669 KG
4,475 LBS 2,030 KG
1,500 LBS 680 KG
Many 505 operators will attest that the 505s many redundant
systems create a level of security that allow their pilots to learn
and confidently fly the 505 faster than other aircraft, allowing
them to integrate the aircraft into their operations more quickly.
TURBOMECA ARRIUS 2R (UNINSTALLED THERMODYNAMIC RATING)
www.bellflight.com
TAKEOFF
MAX CONTINUOUS
505 SHP 377 KW
459 SHP 342 KW
In Asia Pacific, PT. Whitesky relies on their two Bell 505s for air taxi/charter and medical evacuation
for their HeliCity project in Jakarta, Indonesia.
“I have to be honest with you, the first time I saw the 505 in Dallas I knew it was the perfect
helicopter for Jakarta and our project, HeliCity. With our experience working in these types of
operations, it can be difficult to learn to operate several different machines at once. The 505 is
easy for pilots to learn, with its advanced avionics and FADEC computer systems. The FADEC is
a safety feature that’s nice for us. Instead of needing a twin-engine helicopter, we have the three
levels of redundancy in a single engine helicopter.”
- PT. Whitesky CEO, Denon Prawiraatmadia
22 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

SPECIAL FEATURE
ASIA-PACIFIC FLIGHT ACTIVITY
2020 Q2
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contact: Richard or Christoph at office@wingx-advance.com
WINGX Data Source: ADSB and ATC
DATA BY
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 23

SPECIAL FEATURE: ASIA-PACIFIC FLIGHT ACTIVITY 2020 Q2
2020 Q2 ASIA PACIFIC BUSINESS JET FLIGHT ACTIVITY
TOTAL DEPARTURE FLIGHTS FROM APAC
TOTAL ARRIVAL FLIGHTS TO APAC
9.3%
-1.3%
-29.3%
-70.3%
-84.5%
-83.4%
9.3%
-1.1%
-29.1%
-70.2%
-84.6%
-83.6%
6,807
6,227
6,041 6,120 5,931
7334
6539 5950
6,722
6,150 6,030 6,097 5,907
7,266
6,313
5,879
4,171
4,186
2178
988 988
2,168
972 965
Jan
Feb
Mar
Apr
May
Jun
Jan
Feb
Mar
Apr
May
Jun
2020 Dep. Flights 2019 Dep.Flights YoY Growth Rate
2020 Q2 BUSIEST REGIONS (DEPARTURE)
2020 Arr. Flights 2019 Arr .Flights YoY Growth Rate
INTERNATIONAL FLIGHTS VS. DOMESTIC FLIGHTS
2020 Q2
32%,
1,321
68%,
2,843
2020 Q1
43%, 7,386
57%, 9,653
DEPARTURE AREA FLIGHTS YOY GROWTH RATE
Israel
United Arab Emirates
Saudi Arabia
Mainland China
Lebanon
Japan
Iraq
Georgia
Hong Kong SAR
Kazakhstan
During Q2, business aviation flights in the Asia-Pacific region
declined by 78.8%, compared with the same period in 2019. As the
Covid-19 pandemic continuted to spread globally in the second
quarter countries imposed tight restrictions on movement to halt
the spread of the virus. Consequently, flight activity was more
seriously affected than during Q1. Flights ( departures & arrivals)
in APAC dropped each month in Q2; from 4,346 in April to 1,960 in
May and to 1,953 in June.
As the Covid-19 situation in mainland China has begun to subside,
the domestic business jet market saw more activity. Q2 saw 280
domestic flights, making it the most active regional market (in
terms of business jet activity).
583
369
362
353
309
280
165
154
145
128
- 60%
- 75%
- 79%
- 86%
- 43%
- 78%
2%
- 65%
- 82%
- 58%
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000
FLIGHT DURATIONS
40%
35%
30%
25%
20%
15%
10%
5%
0%
-82%
1 to 2 hours
More than 5 hours
Domestic Flights
30 min. to 1 hours
2 to 3 hours
International Flights
Apr May Jun 2020 Q2 vs 2019 Q2
Lockdown lifts are being seen throughout North America and
Europe. As such, business aviation activity in May and June showed
signs of recovery. During these two months there was a significant
increase in the long-range category (flights with a duration of more
than five hours).
-71%
-85%
-79% -75%
In Q2, the proportion of international flights was higher than in Q1,
accounting for 68% of all business jet activity. Notably, Turkey, the
United States, Germany, United Kingdom and Greece were the Top
3 to 4 hours
-83%
Max 30 min.
5 destinations for international business jet flights.
-66%
* Unless otherwise noted, all numbers are compared on a year-on-year basis.
* * The Oceanian traffic only consists flights arrived in Asia
Data Source: WINGX
4 to 5 hours
24 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

SPECIAL FEATURE: ASIA-PACIFIC FLIGHT ACTIVITY 2020 Q2
TOP AVIATION HUBS’ PERFORMANCES
There were a total of 537 business jet departures in Greater China,
falling 86% compared with the second quarter of last year.
During Q2, 353 flights departed from mainland China in total. As a
ban on all non-resident foreign nationals from entering the territory
remains in place indefinitely, domestic flights within Mainland China
represented the largest portion of activity, with 280 flights.
GREATER CHINA 2020 Q2 PERFORMANCE
-90%, 38
-99%, 1
-82%, 145
-86%, 353
Ultra Long Range
Large Cabin
Super Light
Super Midsize
193, -89%
140, -78%
Mainland China
Taiwan
Macau
Hong Kong
10, -9%
7, -94%
*Light Jet 2, -87%
*Airliner/Bizliner(Jet) 1,

SPECIAL FEATURE: ASIA-PACIFIC FLIGHT ACTIVITY 2020 Q2
Q2 DEPARTURE BY CITY
FROM TOKYO
217 222
Q2 Flights: 74
YoY Growth Rate: -87%
Asia
Southeast Asia Europe North America Oceania Total
FROM SINGAPORE
286
240
135
Q2 Flights: 48
YoY Growth Rate: -94%
131
150
87
42
12
20
181
168
39
5
4
Jan
Feb
Mar
Apr
May
Jun
Flights departing from Tokyo fell 87% in Q2. Flights within Asia dropped
from 25 flights in April to zero in June. However, arrivals into North
America from Tokyo increased throughout.
Departures from Singapore were down -94% y-o-y in Q2. In March,the
Singapore Government placed restricted all short-term vistors from
entering or transiting through the city-state. Further to that, in June,
long-term travelers or residents coming from specified countries/
regions would no longer need to server a mandatory 14-day quarantine at
dedicated quarantine facilities; rather the quarantine could be served at
home. The move was expected to translate to move business jet activity.
2020Q2 ASIA PACIFIC BUSINESS JET FLIGHT ACTIVITIES
TOTAL FLIGHT ACTIVITIES BY SIZE CATEGORY
TOP OEM PERFORMANCE COMPARISON YOY%
Airliner / Bizliner, -93%, 47
Entry Level, -64%, 4
Very Light, -72%, 75
Super Light, -46%, 217
Super Midsize, -74%, 353
-81%
-84%
1,118 1,087
-66%
-76%
Flights
-35%
YoY Growth Rate
Large Cabin,
-76%, 1,450
Light, -66%, 367
Midsize, -62%, 491
535
469
301
Ultra Long Range, -86%, 1160
Bombardier
Gulfstream
Cessna
Embraer
Learjet
In light of Covid-19, medical and cargo flights have played an important
role in business aviaiton activity. In Q2, flights utilizing large cabin jets
dominanted the market.
TOP 10 CITIES (DEPARTURE + ARRIVAL FLIGHTS)
497
Depature Arrival
In terms of business jet activities by OEM: flights using Bombardier and
Gulfstream aircraft decreased by 81% and 84%.
Cities in the Middle East saw significantly more flight activity than most
aviation hubs in the Asia-Pacific region during Q2. Notably, Hong Kong
376
302
274
235
229
200
159
153
157
had the 6th most traffic, with 145 flights departures and 84 flights arrivals.
Tel Aviv
Beirut
Riyadh
Beersheba
Tbilisi
Hong Kong
Jebel Ali
Abu Dhabi
Baku
Shanghai
4
17
9
4
2
3
18
7
1
0
5
25
11
1
0
0
10
1
0
0
1
19
0
2
0
2
42
57
65
97
19
16
1
1
6
3
1
3
25
0
1
6
4
34
0
0
4
0
2
0
1
2
41
103
Jan
Feb
Mar
Apr
May
Jun
* Unless otherwise noted, all numbers are compared on a year-on-year basis.
Data Source: WINGX
26 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

PRE-OWNED MARKET ANALYSIS
BELL 412
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 27

PRE-OWNED MARKET ANALYSIS: BELL 412
MODEL INTRODUCTION
Introduced in the 1980s, the Bell 412 is a twin-engine utility helicopter powered by Pratt & Whitney PT6T-3D Twin Pac engines, the 412 EP has
still in production today. It is widely noted for its reliability in varying a useful load capability of 5,100 lbs / 2,313 kg. The EPI is powered by
climates and multi-mission flexibility. After a few variants stemming the Pratt & Whitney Canada PT6T-9 engines, replacing the 3D.
from the original 412 model – SP (Special Performance) and HP (High
Performance), today’s EP (Enhanced Performance) and EPI versions In the cockpit, the 414EPI is certified for single pilot IFR operation.
continue to be a sought-after aircraft.
The three-axis, dual digital automatic flight control system (AFCS)
enables safe and easy operation while reducing the pilot workload.
The Bell 412 EPI model has an expansive cabin, with 220 ft3 / 6.2 The avionics include multi-functional displays, VHF antenna, VHF
m3 of space designed to be easily reconfigured to comfortably seat transceiver, magnetic compass, distance measuring equipment,
up to 14 passengers. Its wide-opening 7.7 ft / 2.3m doors also allow transponder, airspeed indicator, and altimeter. The EPI comes with the
for quick and easy loading and unloading. The Bell 412 EP model is addition of the Bell BasiX Pro fully integrated glass flight deck.
MODEL COMPARISON
Model Bell 412EPI Bell 412EP S76C++ AW139
Production Period
2014 - present 1994 - 2013
2006 - 2012
2004 - present
Engine Type
Max Range (30 Min Reserve, nm)
Useful Load (lb)
Average Speed (Standard Trip, kts)
PWC PT6T-9
318
3,911
115
PWC PT6T-3D
314
4,028
115
Turbomeca Arriel 2S2
335
3,571
131
PWC PT6C-67C
580
4,701
134
Fuselage (W*L)
9.3 ft x 56.2 ft
9.3 ft x 56.2 ft
10 ft x 52.5 ft
11.4 ft x 54.6 ft
Passengers Capacity & Crew
Cabin Width (ft.)
Cabin Height (ft.)
Cabin Length (ft.)
Cabin Volume (cu.ft.)
14 Pax / 1 Crew
8.00
4.35
8.62
208
14 Pax / 1 Crew
8.00
4.35
8.62
208
13 Pax / 1 Crew
6.25
4.50
8.75
205
15 Pax / 2 Crew
7.20
4.70
8.85
282
Total Variable Cost/Hour (USD/Hour)
1,387
1,348
1,827
1,645
* Data Source: Conklin & de Decker
** Data Source: Amstat
DELIVERIES AND OPERATING REGIONS
The Bell 412 EP is known for is flexibility and versatility. The EP model
has a significantly higher number of deliveries than its predecessors,
which until now is still in production under the name of 412EPI with
upgraded glass cockpit and electronical controlled engine.
Europe and the US are home to mostly older 412 models such as
the original 412, 412SP and HP models, all of which have stopped
production. While Asia and the Middle East have more 412EP models
in operation. The top countries using 412 models include Mexico,
Spain, Indonesia, and the US.
The average year of manufacture for the 412EP model on market is
2005, which means that like its major competitors such as the S76 or
AW139, the Bell 412EP fleet is aging with its value slowly depreciating.
BELL 412 OPERATING REGIONS
BELL 412 TOP OPERATING COUNTRIES
412 412HP 412SP 412EP*
412
160 60
412HP
412SP
412EP*
140
120
100
80
50
40
30
60
40
20
0 0
20
10
Asia
Mid. East /
Africa
W. Europe
N. America
S. / C.
America
Australia /
Oceania
E. Europe /
W.Asia
Mexico
Spain
Indonesia
U.S.A
Canada
Australia
Japan
India
U.A.E
Nigeria
28 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

PRE-OWNED MARKET ANALYSIS: BELL 412
BELL 412 AGE DISTRIBUTION
35
412 412HP 412SP 412EP*
30
25
20
15
10
5
0
1981
1982
1983
1984
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
2018
2019
*EP model includes EPI, data source: Amstat
BELL 412 OPERATIONS IN ASIA PACIFIC
In the Asia-Pacific region, the EP model has been popular since the
90s with the EPI model also increasing in popularity. Asia currently
operates the largest fleet of 412 helicopters with the majority of the
fleet made up of the Bell 412EP model. Among regional countries,
Indonesia, Japan as well as India are the major 412EP users. This model
throughout the Asia-Pacific region is mainly used for multi-tasking, law
enforcement (by Japanese, Philippine and Thai governments) or VIP/
corporate flying for large corporations, as well as offshore operations.
Model Breakdown
Bell 412EP
Bell 412
Bell 412HP
Bell 412EPI
Bell 412SP
Grand Total
Fleet Size
202
20
20
18
12
272
In the Oceania region, such as Australia and Papua New Guinea,
they have a relatively smaller scale of Bell 412 fleet under operation
compared to Asia. And the 412 fleet is mainly controlled by major
leasing companies such as CHC, Babcock, or Kestrel Aviation. This
model in Oceania is often used for multi-mission purposes including
EMS, offshore and air transport.
BELL 412 IN ASIA PACIFIC
Corporate, 6 (2%)
Charter, 8 (3%)
SAR,18 (6%)
Law Enforcement, 32
(12%)
Offshore, 32 (12%)
EMS, 34 (12%)
52+12+12+12+6+3+2+1+G
Private, 2 (1%)
Multi-Mission, 144
(52%)
Top Operators In APAC
Japan Fire Dept
Global Vectra
Babcock
Royal Thai Police
Aero Asahi
Kestrel Aviation (Australia)
PT National Utility Helicopter
Gov’t of Japan
Japan Coast Guard
Japan National Police
% of Total
FOR MORE INFORMATION, GO
TO ASIAN SKY MEDIA’S CIVIL
HELICOPTER COUNTRY PROFILES.
www.asianskymedia.com
Fleet Size
22
18
16
12
10
10
10
10
10
10
47%
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 29

PRE-OWNED MARKET ANALYSIS: BELL 412
PRE-OWNED MARKET ANALYSIS
INVENTORY VALUE (PRICES X FLEET FOR SALE)
250
Bell 412EP
AW139
S76C+
S76C++
Inventory Value (M USD)
200
150
100
50
0
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Similar to its fellow competitors - the S76 and AW139, the 412EP and
EPI’s performance on the pre-owned market saw a slowly depreciating
value trend. The Bell 412EP’s value has depreciated as its operating
fleet ages, but given the fact it has a relatively younger fleet the
depreciation speed is still slower than the AW139 or S76C++ models.
AVERAGE ASKING PRICES TREND
Bell 412EP AW139
12
10
S76C+
S76C++
ASG expects the pre-owned 412EP’s average asking prices will
stabilize, similar to the S76C+ model, in around 2 years’ time.
Currently there are around 20-25 412EP models listed publicly for sale.
This number has been decreasing, like other models, as the helicopter
markets slowly begins to revive; a trend seen since 2019. The highest
number of EP models for sale was seen in 2019 Q1 when there was
over 30 for sale.
There is a large variety of pre-owned 412EP available on market –
ranging from mid- 90s models to the most recent EPI models. The
most popular 412EP models on market are around 10 years old with a
current asking price of around US$4M. This market segment has been
the most active and transparent. Most likely buyers will be dealing with
sellers with their aircraft based in Asia.
On average we see around one or two 412EP transactions every
month. According to AMSTAT, buyers of 412EP often use it to replace
their 407, 212 or AS350. Given the vast market reserve of these models
ASG foresees that the 412 will continue to have robust market demand
in the future
Asking Price (M USD)
8
6
4
2
900
800
700
600
500
400
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Bell 412EP
Jan-17
Apr-17
Jul-17
Oct-17
AVERAGE DAYS ON MARKET
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
AW139
S76C+
Jul-19
Oct-19
Jan-20
Apr-20
S76C++
300
200
100
0
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
30 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

PRE-OWNED MARKET ANALYSIS: BELL 412
FLEET FOR SALE
40
Bell 412EP
AW139
S76C+
S76C++
35
30
25
20
15
10
5
0
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
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
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
TRANSACTIONS
Bell 412EP
5
4
3
2
1
0
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Data Source: Amstat & Asian Sky Group

Q1 2020 – GLOBAL MARKET UPDATE
GLOBAL JET CAPITAL
Q1 2020 can be looked at as two separate stories. Leading up to the World Health Organization’s (WHO)
announcement on March 11 that COVID-19 was an official pandemic, most key business aviation metrics were in
good shape when measured against Q1 2019. Following the WHO announcement and ensuing social distancing
measures, the industry entered into a forced hiatus, negatively impacting flight operations, aircraft production,
and deal flow. We are now in a period of uncertainty that looks to continue through the second quarter.
OVERALL, KEY BUSINESS JET MARKET
INDICATORS WERE MIXED IN Q1 2020
• Business jet operations declined 9.7 percent compared to the
same period last year, a trend that had started internationally
in late Q4 2019 and accelerated globally late in Q1 2020.
• While OEM backlogs remain healthy, a mix of shutdowns
and furloughs across the production ecosystem led industry
forecasters to reduce supply side forecasts between 25-50%.
While difficult for everyone in the industry, this unusual
dynamic may act as a guardrail on aircraft values as the full
impact of the pandemic plays out.
• While inventories, as measured by the percentage of the
active fleet for sale, have been inching up since Q1 2019,
they ended Q1 2020 below 10%. This is a historically sound
position. Furthermore, to date, there has not been a major
increase in new aircraft being listed for sale.
• The overall fleet continues to show signs of aging, with 55%
of the fleet now greater than 13 years in age. While there is
evidence that operators are flying aircraft longer, these data
suggest a growing need for fleet renewal.
• There is evidence that the business jet market was undergoing
a fleet renewal before the outbreak of COVID-19. Operators
were retiring older aircraft in response to mandated upgrade
requirements, while new deliveries led to a modest increase
in younger aircraft in the fleet.
• Overall, new and pre-owned transactions for the quarter were
down 6.7 percent by unit volume and 16.4 percent by dollar
volume versus the same period last year. Most of the dropoff
was felt in March as the industry hit the “pause” button.
• Residual values experienced modest declines in Q1 2020 as
model-by-model volatility continued.
Looking ahead, the full effect of the coronavirus on the market
remains unknown, although speculative comparisons to 2008 and
the impact of the Great Recession are rampant.
The current environment demonstrates some important differences
to 2008, however. The cause of the economic disruption is a virus,
not widespread failures in financial regulation. Banking systems and
capital markets are not in a state of seizure. Government reaction
and intervention has been swift and expansive. OEM production
has been curtailed in a disciplined fashion to protect backlogs and
ultimately aircraft values. This is clearly a different environment.
32 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

Special Feature on the Global Economy
by Jason Thomas, Managing Director & Head of Global Research for The Carlyle Group
1. When people don’t work, shop or travel, it shows
in the economic data. March’s economic collapse
continued in April with implied growth rates deeply
negative across virtually every Indicator we track.
Yet, when measured relative to March 31, a slow and
uneven recovery in China and the first signs of life in
Europe caused our (i.e., the Carlyle Group’s) forwardlooking
index to rise despite further deterioration in
U.S. data.
2. Officially, the U.S. economy contracted at a -4.8%
annualized rate in Q1-2020, a remarkable result
considering that official data were consistent with 2%
annualized growth through the first 10 of the quarter’s
13 weeks. Our data suggest real consumption fell -
32% annually in April, as spending on experiences
(travel, tourism, events, etc.) and big-ticket goods fell
to a fraction of pre-crisis levels. The drop in industrial
and logistics volumes appears less steep, but energy
development is in free fall.
3. Despite worse U.S. data, U.S. stocks rebounded
sharply over the month, with the S&P 500 up by 33%
from its March lows and forward price-to-earnings
ratios 13% above their February peak. While much
of this may be explained by the scale of announced
fiscal and monetary policy support, improving public
health data also play a role. The level of the S&P 500
has risen in lockstep with the decline in new COVID-
19 cases (new infections net of recoveries) and
projected U.S. COVID-19 mortalities.
4. Ironically, the improvement in public health data may
have come at the expense of the private health sector.
The sharp decline in non-essential medical, surgical,
and dental procedures subtracted 2.25 percentage
points from U.S. GDP in Q1-2020, a result that implies
that revenues at private health care providers and
clinics are suffering every bit as much as those in
the retail, energy, or airline sectors. Our data suggest
U.S. health care hiring is down -15% over the course
of the pandemic.
5. While investors may be looking past the “lockdown”
and focused instead on the reopening, business
managers are taking a more cautious tac. Our
proprietary data point to another leg down in the labor
market, with hiring intentions off significantly across
virtually every sector of the economy. The initial boom
in grocery, delivery and logistics hiring has subsided
as those businesses have scaled up to meet demand.
Overall, job postings have declined by -40% over the
past six weeks and capex budgets have been cut by
-18%. Cancellation of jobs, projects, and equipment
purchases signals that management teams are
preparing for a future that looks far less sanguine than
the one pictured by stock market investors.
While investors may be
looking past the ‘lockdown’
and focused instead on
the reopening, business
managers are taking a
more cautious tac.
6. The only economy where hiring intentions increased
over the past month was Italy’s. There were other signs
of life in Europe: more workplaces were open and more
work trips occurred, contributing to more electricity
consumption and better manufacturing numbers. In
many European economies, more retail establishments
were open at the end of April than the end of March.
Online sales continue to grow rapidly.
7. Despite these hopeful signs, the euro zone economy
continues to contract at even more dramatic rates
than those observed in the U.S., with a -14% annualized
fall in Q1-2020 GDP and an implied annualized decline
in April retail sales of nearly -40%. Unfortunately, the
economies hardest hit by the virus, Italy and Spain,
will also be among the most impacted by any travel
restrictions that extend into summer given tourism’s
~15% contribution to GDP.
8. China continues to recover at a pace that looks either
remarkably fast or frustratingly slow depending on
your point of view. Over a span of six weeks, China went
from fully locked down to operating at 95% of capacity
– an impressive achievement. Rather than experience
setbacks in April, the economy consolidated these
gains with over 98% of retail locations in operation,
an impressive 34% rebound in logistics volumes,
and ongoing improvement in real estate markets. To
detractors, the Chinese economy looks soft. Declines
in retail foot traffic, air travel, and subway ridership all
point to skittish consumers worried about a “second
wave” of infections.
9. Interestingly, the same concerns that depress transit
ridership also bolster auto sales. After declining by
-80% in February and - 40% last month, auto sales in
China dropped by just -7% in April relative to the same
month last year. An 11% annual increase in Beijing
auto traffic relative to April 2019 also suggests auto
demand has risen measurably. Overall retail sales
continue to contract on an annual basis but at a much
slower rate than observed a month ago.
10. The effect of India’s lockdown was evident in the
April data. Equipment sales fell at a -34% annual rate,
suggesting that the economy is in the midst of its
worst performance since the 1991 reforms.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 33

Q1 2020 – GLOBAL MARKET UPDATE
FLIGHT OPERATIONS
GLOBAL BUSINESS JET OPERATIONS
1.11M 1.15M 1.12M 1.14M
1.11M 1.15M 1.13M 1.15M
15.0% 16.1% 15.7% 14.6% 15.1% 16.3% 16.0% 14.5%
U.S.
Rest of World
1.00M
14.7%
85.0% 83.9% 84.3% 85.4% 84.9% 83.7% 84.0% 85.5%
85.3%
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1
In 2019, the FAA reported 4.53 million flight operations (defined as
a takeoff and landing) around the globe, representing a 0.3 percent
increase from 2018. Operations appeared to continue their steady
growth in 2020, increasing 1.2 percent year-over-year in January and
February. However, the outbreak of COVID-19 disrupted global flight
operations. Flight operations increased in early March as people flew
to their sheltering locations.ii However, flights decreased over the
course of March, leading to a 9.7 percent year-over-year decline for
the quarter.
OEM BACKLOGS
Q4 BACKLOG AT MAJOR BUSINESS JET OEM’S
FORECAST PRODUCTION
Million USD
Bombardier Cessna Dassault Embraer Gulfstream
$33,303
$31,022 $30,569
800
700
600
500
400
300
200
Scenario 1
2018
Scenario 2 Scenario 3 Scenario 4 Q4 Forecast
2019 2020F 2021F 2022F 2023F 2024F
2025F
2017 Q4 2018 Q4 2019 Q4
Backlogs at major business jet manufacturers increased in Q4, driven
by strong demand for recently certified new models. In Q4, backlogs
at five major OEMs reached $33.3 billion, an 8.9 percent increase
from a year earlier. Strong quarterly results from Dassault, Embraer,
and Gulfstream drove the gains. Orders for new aircraft will likely
decline as a result of COVID-19 and the efforts to contain it, putting
downward pressure on backlogs. At the same time, manufacturers
have reduced production levels, which could stabilize backlogs
despite lower order intakes.
There are many unknowns that will affect the market in the future,
such as how long the virus will last and what the long-term economic
effects will be. As a result, many analysts are suggesting a number
of scenarios, rather than using a single model to forecast production.
For example, Rollie Vincent of JetNet iQ, laid out four scenarios, with
production forecasts ranging from 377 to 630 aircraft versus a Q4
2019 forecast of 730. Each scenario makes different assumptions
about a range of factors, including sold to unsold delivery positions
by OEMs, announced and additional production furloughs, and other
factors. At this point, JetNet iQ expects business jet deliveries to be
down 40-50 percent year-over-year in 2020 in its most likely scenario.
34 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

Q1 2020 – GLOBAL MARKET UPDATE: GLOBAL JET CAPITAL
FOR-SALE INVENTORY
PERCENT OF BUSINESS JET FLEET FOR SALE
TOTAL 0-12 YEARS 13 YEARS
AIRCRAFT LISTED FOR SALE BY WEEK (2020 YTD)
(NOT ACCUMULATING INVENTORY)
14%
12%
48
58 58
44
59
54
57 52 54 53
46
47 47 50 48 47
41
10%
8%
6%
4%
2%
0%
2020 Q1
2019 Q4
2019 Q3
2019 Q2
2019 Q1
2018 Q4
2018 Q3
2018 Q2
2018 Q1
Pre-owned inventory has gradually increased from historical lows
in mid-2018. As a percentage of the overall fleet, increases have
been gradual and remain below 10 percent, considered a historical
average. Jets younger than 13 years old are typically seen as more
desirable aircraft.
15
WK1
WK2
WK3
WK4
WK5
WK6
WK7
WK8
WK9
The number of aircraft listed for sale each week has remained
consistent throughout 2020, despite disruptions due to the COVID-
19 outbreak. There has been some mention of “shadow inventory,” or
inventory intended for sale but not officially listed. However, available
data reflects stability. Throughout 2020, the average number of
aircraft listed for sale has been 48, with a peak of 59 in mid-February.
For comparison, as the Great Recession took hold in 2008, new
listings averaged 70 per week with peaks of 106, 115 and 120 in Q4
2008. One reason for the steady listings may be that aircraft owners
are waiting to see how the COVID-19 pandemic plays out and what
effect it will have on the economy before deciding what to do with
their business jets. It also suggests an absence of speculative activity
and excessive leverage, which may serve to cushion the effect of a
drop-off in demand.
WK10
WK11
WK12
WK13
WK14
WK15
WK16
WK17
WK18
FLEET STATUS
BUSINESS JET FLEET BY AIRCRAFT AGE*
55+24+21+G
0-6 Years, 4,755 (21%) 13+ Years, 12,357 (55%)
7-12 Years, 5,362 (24%)
* as of Mar 2020
CHANGES IN OPERATIONAL BUSINESS JET FLEET
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
TOTAL 0-6 YEARS 7-12 YEARS 13+ YEARS
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
Following the financial crisis of 2008, reduced new production and
longer lifespans for in-service jets led to an aging fleet increasingly
made up of older jets (defined as aircraft older than 12 years). More
recently, however, that trend has slowed. Mandated upgrades (such
as ADS-B Out and FANS 1/A) led to some older aircraft being taken
out of service. As a group, older aircraft continue to increase as
aircraft built around the financial crisis age. However, young aircraft
(defined as aircraft younger than 7 years old), continue to increase
as OEM deliveries of new models increase.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 35

Q1 2020 – GLOBAL MARKET UPDATE: GLOBAL JET CAPITAL
FLIGHT OPERATIONS
BUSINESS JET TRANSACTIONS
New
Pre-Owned
$6.1B
(727 Units)
53.3%
46.7%
$7.3B
(840 Units)
46.8%
53.2%
$6.0B
(706 Units)
48.8%
51.2%
$8.8B
(951 Units)
44.3%
55.7%
$5.8B
(629 Units)
43.2%
56.6%
$6.8B
(759 Units)
41.1%
58.9%
$6.9B
(738 Units)
39.0%
61.0%
$8.6B
(991 Units)
39.9%
60.1%
$4.9B
(587 Units)
48.9%
51.1%
2018 Q1
2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1
JANUARY & FEBRUARY TRANSACTIONS
MARCH TRANSACTIONS
$3.0B
(405 Units)
67.7%
$2.9B
(347 Units)
54.5%
$2.5B
(370 Units)
$3.2B
(322 Units)
39.8%
$3.0B
(282 Units)
32.2%
$2.3B
(271 Units)
58.8% 38.0%
32.3%
45.5%
41.2%
60.2%
67.8%
62.0%
2018
2019
2020 2018
2019
2020
In January and February 2020, transaction unit volume was 6.6
percent higher than the same period in 2019. However, transaction
value was down by about 13.8 percent due to lower new deliveries
and a higher proportion of smaller aircraft transactions taking place.
The market performance in January and February set the stage for a
stable year of business jet transactions.
However, the outbreak of COVID-19 had an effect on business jet
transactions in March. The World Health Organization (WHO)
officially declared COVID-19 a global pandemic on March 11, 2020.
As a result, transaction numbers in March 2020 were down 23
percent compared to a year earlier and transaction value was down
21.6 percent. As nations implemented social distancing and “stay-athome”
orders, it became difficult to conduct the necessary activities
to buy and sell aircraft (e.g. inspect the aircraft, travel to a location to
deliver or pick up the aircraft, etc.). Furthermore, many business jet
OEMs and suppliers shut down or slowed operations, delaying new
deliveries. Overall, transactions for the quarter were down 6.7 percent
by number and 16.4 percent by value.
Note: That transaction metrics are preliminary and may require
adjustment if additional transactions are reported by the U.S. FAA.
RESIDUAL VALUE
YOY % VALUATION CHANGE
1.3%
0.8%
0.8% 0.8%
-1.3%
-4.1%
-3.0%
-5.9%
-8.0% -8.1%
2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1
The above chart compares the year-over-year percentage change
in value of like-aged aircraft over time (e.g., the difference between
value of an eight-year-old aircraft from one year to the next). Global
Jet Capital analyzed a basket of aircraft as a proxy for the overall
market and increases or decreases in value are not applicable to
individual aircraft or aircraft make/model. For the value of a specific
aircraft, please contact a licensed aircraft appraiser.
Declining for-sale inventory and strong transaction levels in 2017 and
2018 led to stable residual values in 2018 and 2019. Even with overall
market improvements in 2018 and 2019, the values of individual jets
varied, particularly heavy jets in late 2019. This period of stability
follows a period of decline between 2015 and 2017, led by relatively
lower transaction levels and weak demand outside North America.
In 2020, the year started off with modest declines in value. It is
unlikely the early declines were the result of COVID-19, as the virus
did not cause major disruptions until late in quarter. Instead, the
value declines were likely routine fluctuations normally seen from
quarter to quarter as a result of multiple factors and patterns. There
is not enough data to assess the impact of COVID-19 on business jet
valuations quite yet.
36 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

Q1 2020 – GLOBAL MARKET UPDATE: GLOBAL JET CAPITAL
CONCLUSION
Following the official declaration of COVID-19 as a global pandemic
on March 11 and the ensuing social distancing measures, the
business jet market was forced into a hiatus. As a result, in Q1 2020
flight operations were down 9.7 percent year-over-year, OEM new
deliveries dropped, and new and pre-owned transactions were down
6.7 percent by unit volume and 16.4 percent by dollar volume versus
the same period last year.
Going forward, forecasting deliveries and transactions will be difficult
due to the uncertainty surrounding the virus. As a result, some
analysts are suggesting using a number of scenarios to forecast
production rather than relying on a single model. For example, Roland
Vincent of JetNetiQ is using four such scenarios in his JetNetiQ Pulse
newsletter with production forecasts ranging from 377 to 630 aircraft
versus a Q4 2019 forecast of 730.
Many have compared the current situation to the financial crisis in
2008. There are few similarities, however. The current situation was
caused by a virus rather than widespread failures in the financial
system. Furthermore, swift government intervention combined with a
healthy banking sector heading into the crisis has avoided significant
capital markets disruption. Within the business jet industry, OEM
production has been reduced, which should help protect backlog and
aircraft values.
Interested in learning more about the flexible financing options
available for obtaining a business aircraft? Global Jet Capital’s
financial products are designed to help you optimize your
private aviation experience across the lifetime of the asset—
from acquisition to disposition and upgrade. Whether your
goal is to free up capital or to enable the flexibility to transition
between aircraft, we work tirelessly to understand your needs
and provide straightforward and highly responsive solutions.
Visit www.globaljetcapital.com to learn more.
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 37

MARKET DYNAMICS
PRE-OWNED BUSINESS JETS MARKET - 2020 Q2
INVENTORY VALUE (USD) 1
WORLDWIDE
$9,992M
$7,592M
$1,728M
ASIA PACIFIC
$1,008M
Jun
2017
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2018
2019
2020
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
WORSENING
TREND REVERSAL
MOVING TOWARDS SELLER’S MARKET
MOVING TOWARDS BUYER’S MARKET
AIRCRAFT SOLD 1
WORLDWIDE
80
73
54
46 47 44 40 40
35
55
36
59
42 45 51 55
45
45
41
38
40
42
29 31 36
33
26
43
38
56
47
28 32
23 22
28 28
Jun
2017
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2018
2019
2020
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 39 different models, multiplied by their average asking prices.
38 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020
Source: AMSTAT & ASG

MARKET DYNAMICS
WORLDWIDE % OF FLEET SOLD
1.10%
1.05%
1.00%
0.95%
0.90%
0.85%
0.80%
0.75%
0.70%
0.65%
0.60%
0.55%
0.50%
0.45%
0.40%
0.35%
0.30%
0.25%
0.20%
0.15%
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
AVERAGE ASKING PRICE
MILLION USD
28
26
24
ASIA PACIFIC
22
20
18
16
14
12
WORLDWIDE
10
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
% OF FLEET FOR SALE
15%
13%
11%
9%
ASIA PACIFIC
7%
WORLDWIDE
5%
3%
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
AVERAGE DAYS ON MARKET
550
500
ASIA PACIFIC
450
400
350
300
WORLDWIDE
250
200
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 39

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
BUSINESS JETS
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY >
DEMAND
% OF FLEET
FOR SALE
MODEL
DAYS ON MARKET
AVERAGE
AVERAGE
NO TRANSACTIONS
15.8%
4.3%
5.6%
AIRBUS
ACJ318
ACJ319
ACJ320
3.0%
4.5%
6.2%
BOEING
BBJ
BBJ2
CL300
3.5%
CL350
8.1%
CL604
10.8%
6.8%
15.4%
14.5%
BOMBARDIER
CL605
CL650
CL850
GL Express
9.3%
GL XRS
9.5%
GL5000
6.5%
GL6000
10.7%
CIT. CJ3
6.3%
2.5%
CESSNA
CIT. CJ4
CIT. Latitude
7.3%
CIT. Sovereign
NO TRANSACTIONS
6.1%
F2000LX
8.2%
F2000LXS
2.3%
F2000S
NO TRANSACTIONS
5.2%
6.7%
16.7%
4.2%
11.7%
5.1%
17.2%
6.7%
5.6%
6.5%
EMBRAER DASSAULT
F7X
F8X
F900DX
F900EX
F900EXe
F900LX
L1000
L600
L650
Phenom 300
12.9%
G200
NO TRANSACTIONS
7.8%
8.8%
5.7%
8.1%
2.7%
GULFSTREAM
G280
G450
G500
G550
G650
4.9%
G650ER
450% 400% 350% 300% 250% 200% 150% 100% 50% 0
Average AC for sale / Total sold in last 12 months
7.5%
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.
40 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020
This can be seen most with certain Gulfstream (G200, G450, G550,
G650), Bombardier models (Challenger 604/605 & Global 5000)
and Dassault Falcon models (2000 Series and 7X), where more
transactions are occurring relative to the number for sale, and
transactions are requiring less time on the market for sellers to
complete.
Source: AMSTAT & ASG

MARKET DYNAMICS
MARKET POSITIONING
BUSINESS JETS
MOVING TOWARDS
BUYER’S MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLER’S MARKET
AIRBUS
BOEING
BOMBARDIER
EMBRAER DASSAULT
CESSNA
GULFSTREAM
ACJ318
ACJ319
ACJ320
BBJ 1
BBJ 2
CL300
CL350
CL604
CL605
CL650
CL850
GL Express
GL XRS
GL5000
GL6000
CIT. CJ3
CIT. CJ4
CIT. Latitude
CIT. Sovereign
F2000LX
F2000LXS
F2000S
F7X
F8X
F900DX
F900EX
F900EXe
F900LX
L1000
L600
L650
Phenom 300
G200
G280
G450
G500
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:
When taking into account these four factors, most of the the large and
medium sized jets, such as Challenger 600, Falcon 2000 & 900 Series,
as well as the various Gulfstream models, appear better positioned to
find buyers available, compare to corporate airliner models.
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).
* Since 2019 Q3, ASG expanded its market research scope to include 39 business jet models
including light jet models as described in the report.
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 41

MARKET DYNAMICS
PRE-OWNED CIVIL HELICOPTERS MARKET - 2020 Q2
INVENTORY VALUE (USD) 1
WORLDWIDE
$1,489M
$1,073M
ASIA PACIFIC
$227M
$167M
Jun
2017
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2018
2019
2020
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
WORSENING
TREND
WORSENING
MOVING TOWARDS SELLER’S MARKET
MOVING TOWARDS BUYER’S MARKET
TREND
IMPROVEMENT
TREND
IMPROVEMENT
AIRCRAFT SOLD 1
WORLDWIDE
20
15
Jun
2017
10
7 11 12
20
26
21 20
19 19 19
17 16
28
22
23 24
19 21
16
19
14 15 17
18
12 12 12 12
7 10 12
9
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2018
2019
2020
32
1
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.
42 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020
Source: AMSTAT & ASG

MARKET DYNAMICS
WORLDWIDE % OF FLEET SOLD
0.35%
0.30%
0.25%
0.20%
0.15%
0.10%
0.05%
0.00%
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
AVERAGE ASKING PRICE
MILLION USD
3.6
3.4
3.2
ASIA PACIFIC
3.0
2.8
2.6
WORLDWIDE
2.4
2.2
2.0
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
% OF FLEET FOR SALE
5.5%
5.0%
WORLDWIDE
4.5%
4.0%
3.5%
3.0%
ASIA PACIFIC
2.5%
2.0%
1.5%
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
AVERAGE DAYS ON MARKET
700
650
600
WORLDWIDE
550
500
450
ASIA PACIFIC
400
350
300
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr
18
Jun
18
Aug
18
Oct
18
Dec
18
Feb
19
Apr
19
Jun
19
Aug
19
Oct
19
Dec
19
Feb
20
Apr
20
Jun
20
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 43

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
CIVIL HELICOPTERS
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY >
DEMAND
% OF FLEET
FOR SALE
MODEL
DAYS ON MARKET
AVERAGE
AVERAGE
1.4%
EC145
3.1%
H125
3.9%
0.4%
9.4%
4.4%
AIRBUS HELICOPTERS
H130
H145
H155
EC135P2
0.7%
EC135T2
7.1%
EC155B
5.0%
BELL 206 JetRanger
6.2%
BELL 206 LongRanger
3.3%
3.7%
4.3%
4.4%
9.0%
2.4%
19.1%
SIKORSKY LEONARDO
BELL HELICOPTER
BELL 407
BELL 412EP
BELL 412HP
BELL 429
AW109SP GN
AW139
S76C+
350% 300% 250% 200% 150% 100% 50% 0
Average AC for sale / Total sold in last 12 months
4.4%
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).
44 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020
Source: AMSTAT & ASG

MARKET DYNAMICS
MARKET POSITIONING
CIVIL HELICOPTERS
MOVING TOWARDS
BUYER’S MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLER’S MARKET
EC145
H125
SIKORSKY LEONARDO BELL HELICOPTER
AIRBUS HELICOPTERS
H130
H145
H155
EC135P2
EC135T2
EC155B
BELL 206 JetRanger
BELL 206 LongRanger
BELL 407
BELL412EP
BELL412HP
BELL 429
AW109SP GN
AW139
S76C+
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: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 45

GLOBAL PRE-OWNED BUSINESS JET
MARKET REPORT - JUNE 2020
AMSTAT
It remains to be seen whether the trends of the last few months will continue long-term.
However, whether the result of a COVID-19 driven reduction in travel or the logistical issues
surrounding getting deals done under quarantine, or both, there was a year-over-year reduction
in resale transactions in March and April this year. Further, the analytics clearly show a
reduction in estimated aircraft values.
What is also interesting is that inventories, while up, are not indicating a panic to sell and levels
remain below recent highs seen in 2017. If inventory levels remain relatively low and interest
in business aviation materializes as an alternative to commercial travel in parallel with an
economic recovery, then we might expect to see a significant uptick in transaction activity
leading to a recovery in aircraft values in the coming months.
- Andrew Young, AMSTAT General Manager
AMSTAT releases interim business aircraft resale market data
showing the short-term impact of COVID-19 on aircraft values,
transactions and inventory.
AIRCRAFT VALUES
The overall business jet market has experienced a significant decline
in estimated values since early April in our most recent update, and
this update shows a consistent decline across all Business Jet
Groups. Some individual makes/models fell between 15% and 20%
with the deepest decline of over 20% for an individual make/model
in the heavy jet group.
The below highlights the changes observed since early April 2020:
• Significant declines in values across all business jet groups
since early April
• Some individual make/model values fell between 15% and
20% in heavy jets and super-ids
• The deepest decline for an individual make/model was over
20% in heavy jets
• A slower decline in Light Jet and Turboprop values was
found in the data in early June
AIRCRAFT VALUES COMPARED TO Q1 2020
Category*
All Business Jets
Heavy Jets
Super-Midsize
Medium Jets
Light Jets
Turboprops
Average
-13%
-15%
-14%
-12%
-12%
-10%
Median
-12%
-14%
-14%
-11%
-10%
-10%
46 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

Q1 2020 – GLOBAL MARKET UPDATE: AMSTAT
BUSINESS JET & TURBOPROP
TRANSACTIONS
After the Business Jet market saw improved performance year-overyear
in the months of January (+13%) and February (+23%) the market
changed in March and April. In March 2020, resale retail transactions
were down 23% compared to March 2019 and in April 2020 activity
was down 40% compared to April 2019. Overall, transaction activity
in the first four months of 2020 are down 10% versus the first four
months of 2019.
BUSINESS JETS
200
2018
2019
2020
After a minimal change year-over-year in transaction activity in the
months of January and February 2020, resale retail transaction
activity in the Turboprops dropped 27% and 40% respectively
year-over-year in March and April. Overall, transaction activity in
the first four months of 2020 are down 19% versus the first four
months of 2019.
BUSINESS TURBOPROPS
2018
2019
2020
200
150
-25%
-40%
100
150
-25%
50
100
-40%
0
Jan
Feb Mar Apr
50
0
Jan
Feb Mar Apr
For a full copy of the report go to:
https://www.amstatcorp.com/pages/PressReleases/AMSTAT_
Resale_Market_Update_June2020.pdf
About the AMSTAT Aircraft Valuation Tool
The AMSTAT Aircraft Valuation Tool (AVT) is fully integrated
into the AMSTAT Premier service and calculates objective
statistically generated serial number specific estimated
values for business aircraft in seconds.
About AMSTAT, Inc.
AMSTAT is the leading provider of market research
information and services to the corporate aviation industry.
Founded in 1982, and based in Tinton Falls, NJ, AMSTAT
introduced the concept of providing researched information
to corporate aviation professionals. AMSTAT’s mission is to
provide timely, accurate, and objective market information
to its customers. AMSTAT products and services provide
aviation market and statistical information that generates
revenue and delivers competitive advantage to brokers/
dealers, finance companies, fractional providers, and
suppliers of aircraft parts and services.
Information: Andrew Young, AMSTAT GM, 732-530-6400
x147, andrew@amstatcorp.com
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 47

AIRCRAFT POSITIONING - BUSINESS JET
AIRCRAFT ACQUISITION VS. MAX RANGE
CORP. AIRLINER
LONG RANGE
LARGE
MEDIUM
LIGHT
VERY LIGHT
ACJ321
ACJ320
BBJ3
BBJ2
24
23
22
21
20
19
18
17
16
15
14
ACJ319 BBJ
G650ER
ACJ318
G650
GLOBAL 6000
G550
LINEAGE 1000E
F8X
GLOBAL 5000
F7X
G500
F900LX
13
12
11
10
9
8
CIT. XLS+
LEGACY 500
LEGACY 650
LEGACY 600
CIT. X+
CIT. SOVEREIGN+ F2000DX
CIT. LATITUDE
L75
CL850
LEGACY 450
CIT. SOVEREIGN
H850XP
CIT. X
H4000
CL350
CL650
G350
CL300 G300
F2000
G150
H900XP
CL605
F50EX
G200
GLOBAL EXPRESS XRS
F2000LXS
G450
F2000S
GLOBAL EXPRESS
G280
F900EX EASY
F2000LX
G-IVSP
G-IV F900EX
F2000EX
CL604
G-V
7
6
5
4
3
CIT. CJ4 L70
H800XP
CIT. VII
PHENOM 300
L45XR
L60XR
CIT. CJ3+ CIT. XLS
CIT. EXCEL
L40XR
G100
CIT. CJ2+ CIT. CJ3
CIT. ENCORE+
ASTRA SP
CIT. M2 DIAMOND 1A
CIT. ENCORE
H800 CIT. ULTRA
CIT. BRAVO
CIT. CJ2
NEXTANT 400XTI
H400XP
CIT. CJ1
CIT. CJ1+
BEECHJET 400
PREMIER 1A
HONDAJET
PHENOM 100E
CIT. MUSTANG
2
ECLIPSE 550
1
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
TOTAL ANNUAL COST (MILLION USD/YEAR)
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 2019
48 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY PER MODEL — BUSINESS JETS
INVENTORY LEVEL, PRICE TREND & TRANSACTIONS
ACJ318, ACJ319 & ACJ320
MARKET SUMMARY -- JETS
AIRBUS
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
ACJ318
4,253 N.M. /7,877 km
Mach 0.82
19
ACJ319
6,000 N.M. /11,112 km
Mach 0.82
19
ACJ320
5,250 N.M. /9,723 km
Mach 0.82
19
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
3 (15.8%) 3 (15.8%) 3 (4.3%) 4 (5.6%) 1 (5.6%) 1 (5.6%)
25.2M USD 25.2M USD 42.0M USD 43.0M USD 39.5M USD 39.5M USD
1,027 935
930 779
658 566
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
1
1
2
1
0
0
0
0
1
0
0
0
Average Asking Price
ACJ318
Market Indicators (vs. Last Quarter)
$50.8
$47.1
$39.5
$29.9 $30.3
$25.0
$45.2
$23.7
$39.5
$46.9
$45.5
$39.5 $39.5
$23.2
$26.0
ACJ319
ACJ320
Average
$43.0
$42.0
$39.5
$39.5
$25.2 $25.2
ACJ318
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
ACJ319
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
For Sale vs. Sold
Average Days on Market
Sold
For Sale
1
1
1
1
ACJ320
Transaction Level (Past 12 Months)
1
Inventory Level
8 7 10 11 11 12 12 11 11 11 10 10 10 11 11 10 9 9 8 8 8 8 8 7 7
Average Asking Price
Average Days on Market
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
FEATURED AIRCRAFT
BBJ 787-8
TOTAL HOURS: DELIVERY HOURS
TOTAL CYCLES: DELIVERY CYCLES
• Interior Completed 2019
• Brand New Aircraft with Delivery Hours & Cycles Only
• One of the Longest Ranged Business Jet - Capable of Flying 16 Hours
Non-stop
• 39 Passenger VVIP Configuration, with 2,415 square feet (224 square
meters) Living Space including: a Master Suite, VIP Lounge, Dining
Lounge, Business Class, Fwd & Aft Galley, Crew Rest Area and a gym.
• Aero H+ Satcom w/ Ku-Band High Speed Internet
• State-of-the-art avionics, including: New, Latest Generation FMC;
SELCAL, ADS, FANS-1 & CPDLC; Dual Head-Up Displays; Weather
Radar, TCAS & TAWS; Approved For GLS II Approaches
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 49

MARKET SUMMARY -- JETS
BBJ & BBJ2
BOEING
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
BBJ
6,235 N.M. / 11,547 km
Mach 0.82
19
BBJ2
5,620 N.M. / 10,408 km
Mach 0.82
19
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar 2020 Jun 2020 Mar
4 (3.0%) 6 (4.5%) 1 (4.5%) 2 (9.1%)
31.3M USD 31.3M USD 90.0M USD 90.0M USD
573 505
41 404
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar
4
3
1
0
1
1
1
0
Average Asking Price
BBJ2
BBJ
Average
$90.0 $90.0 $90.0 $90.0 $90.0
Market Indicators (vs. Last Quarter)
BBJ
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
$59.0 $58.0
$40.9 $41.9
For Sale vs. Sold
$47.2
$43.8
$52.5
$45.0
$31.3
BBJ2
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
Sold
For Sale
3
1 2 2 1
1
3
1
1
1
1
1
13 13 13 12 12 12 13 12 11 11 12 12 13 11 10 9 9 7 7 8 8 8 13 10 12
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
FEATURED AIRCRAFT
BELL HELCIOPTERS
CHALLENGER 650 SN 6131
TOTAL HOURS: 450 SINCE NEW
TOTAL CYCLES: 185 SINCE NEW
• Mint 2019 Aircraft with Very Low Hours Since New
• 11 Passengers & Belted Lav Configuration with Fwd Galley
• Under Original OEM Warranty: 5 Years Airframe & 2 Years Interior
• 2020 Avionics Ready: FANS 1A+, ADS-B Out, CPDLC & TCAS II 7.1
• Satellite Communication System
• ELT, CVR & FDR
SIKORSKY
50 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- JETS
CHALLENGER 300 & 350
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
CL300
3,340 N.M. /6,185 km
Mach 0.82
19
CL350
3,421 N.M. /6,335 km
Mach 0.82
19
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar
28 (6.2%) 24 (5.3%) 12 (3.5%) 10 (3.2%)
7.5M USD 8.0M USD 14.9M USD 14.9M USD
229 213
159 98
2020 Jun 2020 Mar 2020 Jun 2020 Mar
28
3
25
13
8
1
7
3
BOMBARDIER
Average Asking Price
CL350
Market Indicators (vs. Last Quarter)
$17.4
$16.9
$16.3 $16.2
$16.1
CL300
Average
$14.9
$14.2
CL300
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
$7.5
$9.1
$10.4
$9.9 $10.0
$8.6
$7.5
CL350
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
For Sale vs. Sold
Average Days on Market
Sold For Sale
8
1 4 4 7
2 5
4 7
2
4
3 5 5
2 3
1
2
1
13
1
1
2
1
23 25 27 25 26 23 22 17 24 23 28 36 37 36 35 37 35 36 38 35 33 34 42 40 40
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
FEATURED AIRCRAFT
CHALLENGER 350 SN20649
TOTAL HOURS: 527 SINCE NEW
TOTAL CYCLES: 199 SINCE NEW
• Delivery Date: December 2016
• Fully Enrolled on Programs: Honeywell MSP, BBD Smart Parts & CAMP
Tracking
• FANS 1/A+ (CPDLC & ADS-C), & TCAS 7.1
• Gogo Biz Cabin Wifi & Swift Broadband High Speed Data
• 3C Inspection Completed: December 2019
• Aircraft Still Under Warranty
• Single Owner Since New
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 51

MARKET SUMMARY -- JETS
CHALLENGER 604, 605 & 650
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
CL604
4,027 N.M. / 7,458 km
Mach 0.82
9
CL605
4,123 N.M. / 7,635 km
Mach 0.82
9
CL650
4,123 N.M. / 7,635 km
Mach 0.82
10
BOMBARDIER
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
29 (8.1%) 22 (6.1%) 31 (10.8%) 28 (9.7%) 7 (6.8%) 6 (6.3%)
4.7M USD 4.8M USD 10.2M USD 10.2M USD 17.0M USD 17.5M USD
273 274
208 165
221 236
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
31
4
27
10
22
3
19
10
2
1
1
0
Average Asking Price
$18.7
$18.7
$18.2
CL650
CL605
CL604
Average
$17.5
$17.0 $17.0
Market Indicators (vs. Last Quarter)
CL604
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$12.4
$9.2
$12.5 $12.0
$10.8 $10.4 $10.2
Average Days on Market
CL605
Transaction Level (Past 12 Months)
$5.3
$5.3
$5.0 $4.8 $5.0 $4.8 $4.7
Inventory Level
Average Asking Price
For Sale vs. Sold
Average Days on Market
4
Sold
10
7
For Sale
7 9
8
4
11
1
5
6 1
9
6
2
5
7
7
3
7
6
2
4 2
2
CL650
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
35 28 33 28 25 32 34 35 34 34 37 43 49 50 49 46 46 46 48 50 52 56 62 65 67
Average Days on Market
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
FEATURED AIRCRAFT
LEGACY 600 SN14500644
TOTAL HOURS: 5,338 SINCE NEW
TOTAL CYCLES: 3,231 SINCE NEW
• 13 Passengers VIP
• Medical Transport (1-2 Patients) Convertible Configuration
• Engines enrolled on RRCC
• Airframe and APU enrolled on EEC Enhanced
• Dual Spectrum EMS Sleds installed 2015
• 2020 Avionics Mandate Ready: ADS-B Out, CPDLC & TCAS 7.1
52 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- JETS
CHALLENGER 850
Average Asking Price
Market Indicators (vs. Last Quarter)
$7.8
$8.6
$9.3
$7.0
$7.5
$6.8 $6.8
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
6,750 N.M. / 12,501 km
Mach 0.87
18
BOMBARDIER
1
Sold
For Sale
1 1 1
2
3
2
1
1
12 10 8 8 8 8 8 7 8 8 8 9 9 9 9 8
1
9 10 10 11 10 11 12 13 14
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
14 (15.4%) 11 (12.2%)
6.8M USD 6.8M USD
431 446
2020 Jun 2020 Mar
8 6
2 2
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 53

MARKET SUMMARY -- JETS
GLOBAL EXPRESS, 5000, XRS & 6000
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
GLOBAL 5000
5,350 N.M. / 9,908 km
Mach 0.82
13
GLOBAL EXPRESS
6,125 N.M. / 11,343 km
Mach 0.82
13
GLOBAL XRS
6,226 N.M. / 11,520 km
Mach 0.82
13
GLOBAL 6000
6,080 N.M. / 11,260 km
Mach 0.82
13
BOMBARDIER
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
22 (9.5%) 20 (8.7%) 21 (14.5%) 18 (12.4%) 15 (9.3%) 14 (8.6%) 21 (6.5%) 13 (4.0%)
18.6M USD 16.5M USD 8.0M USD 9.0M USD 16.4M USD 17.0M USD 27.0M USD 27.0M USD
314 326
242 253
196 150
121 145
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
16
3
13
3
18
3
15
5
10
1
9
4
17
2
15
9
$36.3
$18.2
$17.3
$8.2
Sold
Average Asking Price
For Sale vs. Sold
For Sale
$35.8
$19.3
$18.7
$8.6
8
7 4 5 3
3 3
7
$32.7
$20.0
$18.0
$9.2
48 53 48 51 52 56 55 59 60 69 74 68 63 65 64 68
1
5
3
5
$32.0
$29.3
5
4
3
GL EXPRESS
GL XRS
$30.0
8
$29.8
$16.9 $17.5
$15.8
$8.7 $9.3 $9.1
6 10
1
66 61 65
9
GL6000
GL5000
Average
$27.0
$17.0
5
1
56 61 65 70 73 79
4
3
$27.0
$18.6
$16.4
$8.0
2
Market Indicators (vs. Last Quarter)
GLOBAL 5000
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
GLOBAL EXPRESS
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
GLOBAL XRS
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
GLOBAL 6000
Transaction Level (Past 12 Months)
Inventory Level
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Average Asking Price
Average Days on Market
Source: AMSTAT & ASG
FEATURED AIRCRAFT
LEGACY 500 SN55000072
TOTAL HOURS: 596 SINCE NEW
TOTAL CYCLES: 181 SINCE NEW
• Very Low Hours & One Owner Since New
• Airframe Enrolled on EECE
• Engine & APU Enrolled on MSP Gold
• Aircraft Enrolled on CAMP
• 10 Passenger Executive Configuration with Fwd Galley
• SATCOM, Swift Broadband High Speed Data and Cabin Wi-fi
• RNP-1,2,4,5,10 Certification
• SVS, EVS & HUD
• ADS-B Out, FANS 1/A+, ATN-B1 CPDLC
• Weather Radar, TCAS 7.1, CVR, ELT, FDR
54 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- JETS
CITATION CJ3 & CJ4
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
Cit. CJ3
1,891 N.M. / 3,502 km
Mach 0.73
6
Cit. CJ4
1,991 N.M. / 3,687 km
Mach 0.77
7
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar 2020 Jun 2020 Mar
61 (10.7%) 51 (9.0%) 20 (6.3%) 18 (5.8%)
4.3M USD 4.0M USD 5.5M USD 6.3M USD
160 139
176 128
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar
16 9
26 23
7
9
3
11
Average Asking Price
CJ4
CJ3
Average
Market Indicators (vs. Last Quarter)
Cit. CJ3
Transaction Level (Past 12 Months)
CESSNA
$6.1
$6.4 $6.4 $6.3
$6.2
Inventory Level
Average Asking Price
$6.2
$5.5
Average Days on Market
Cit. CJ4
Transaction Level (Past 12 Months)
$3.7
$4.3
$4.1
$4.4
$4.2
$4.0
$4.3
Inventory Level
Average Asking Price
For Sale vs. Sold
Sold For Sale
10
5
4
5 4
3
11
14
3
6
4
3
9
6
6 10
9
9
9
4
5
2
4
5
1
Average Days on Market
29 32 34 38 40 46 44 36 37 45 46 54 50 51 44 43
46 54 51
53 63 62 74 74 81
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
FEATURED AIRCRAFT
CITATION MUSTANG SN5100441
TOTAL HOURS: 793 SINCE NEW
TOTAL CYCLES: 609 SINCE NEW
• 5 Passenger Executive Configuration
• Low Hours Since New
• Enrolled on ProParts Program, Power Advantage & CESCOM
• 2020 Compliant
• Always Hangared
• N-registered, FAA Part 91 Ops
• 36 Month Inspection completed December 2019
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 55

MARKET SUMMARY -- JETS
CITATION LATITUDE
Average Asking Price
Market Indicators (vs. Last Quarter)
$13.9
$13.6
Transaction Level (Past 12 Months)
Inventory Level
$13.5
Average Asking Price
Average Days on Market
$13.0
$12.3 $12.3
For Sale vs. Sold
$12.0
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
2,870N.M. / 5,315 km
Mach 0.80
9
CESSNA
Sold
For Sale
2
1
1
2
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
6 (2.5%) 5 (2.2%)
12.0M USD 13.4M USD
165 265
1 1
1
1
4 2 2 2 2 2 1 2 3 4 4 5 5 5 5 5
7 6 6
8 7 5 5 5 6
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
6 6
0 2
CITATION SOVEREIGN
Average Asking Price
Market Indicators (vs. Last Quarter)
$7.8 $7.7
$7.9
Transaction Level (Past 12 Months)
$7.7
$7.1
$6.7
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
$4.1
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
3,010N.M. / 5,574 km
Mach 0.80
9
Sold
For Sale
3
5 1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
32 (7.3%) 27 (6.2%)
6.7M USD 6.9M USD
164 152
21 19 12 14 14 19 18 18 23 22 24 22 22 22 20 24
19 24 24 22 25 27 29 30 32
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
10 8
2 8
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
56 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- JETS
FALCON 900DX/EX/EX EASy/LX
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
F900DX
4,100 N.M. /7,593 km
Mach 0.83
12
F900EX
4,500 N.M. /8,334 km
Mach 0.83
12
F900EX EASy
4,500 N.M. /8,334 km
Mach 0.83
12
F900LX
4,750 N.M. /8,800 km
Mach 0.83
12
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
4 (16.7%) 6 (25.0%) 5 (4.2%) 7 (5.9%) 14 (11.7%) 14 (11.7%) 4 (5.1%) 5 (6.5%)
11.8M USD 12.7M USD 7.8M USD 7.8M USD 13.4M USD 14.6M USD 21.0M USD 21.0M USD
206 134
161 178
217 151
120 54
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
7
6
11 111
7
5
4
2
1
4
0
5
2
3
2
0
Average Asking Price
F900EX EASy
F900EX
Market Indicators (vs. Last Quarter)
F900LX
F900DX
Average
F900DX
Transaction Level (Past 12 Months)
$27.9
Inventory Level
Average Asking Price
$18.5
$16.3
$18.5
$13.1
$12.5 $12.5
$7.0 $7.4
$14.2 $15.9
$12.0 $12.9
$6.9 $6.9
$21.0 $21.0
$15.9
$14.7
$13.4
$13.6 $12.6
$11.8
$7.3 $8.3 $7.8
Average Days on Market
F900EX
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
F900EX EASy
Transaction Level (Past 12 Months)
DASSAULT
For Sale vs. Sold
Inventory Level
Sold
For Sale
Average Asking Price
4
1 3 2 2
5
3
6
1
2
1
2
6
2
2
2
2
4
1
1
9 1 1 2
2
Average Days on Market
F900LX
Transaction Level (Past 12 Months)
Inventory Level
23 24 23 22 24 17 18 19 18 19 18 16 17 17 16 15 16 21 20 22 29 32 31 28 27
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Average Asking Price
Average Days on Market
Source: AMSTAT & ASG
FEATURED AIRCRAFT
G450 SN4202
TOTAL HOURS: 2,604 SINCE NEW
TOTAL CYCLES: 953 SINCE NEW
• 14 Passenger Configuration with Forward Galley
• Engines Enrolled on RRCC
• APU Enrolled on MSP
• Airframe Enrolled on Gulfstream Planeparts
• FAA Compliant, EASA Validation
• ADSB-Out, High Speed Data, FM Immunity
• FANS-1A, CPDLC, TCAS7.1
• Honeywell Head Up Display / Visual Guidance System
• Fresh Annual Inspection
• 96 Month Inspection Completed
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 57

MARKET SUMMARY -- JETS
FALCON 2000LX/LXS/S
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
F2000LX
4,000 N.M. /7,408 km
Mach 0.83
10
F2000LXS
4,000 N.M. /7,408 km
Mach 0.83
10
F2000S
3,350 N.M. /6,208 km
Mach 0.83
10
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
8 (6.1%) 6 (4.5%) 8 (8.2%) 8 (8.2%) 1 (2.3%) 1 (2.3%)
12.0M USD 15.0M USD 21.8M USD 21.8M USD 27.7M USD 27.7M USD
242 293
277 185
257 165
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar 2020 Jun 2020 Mar 2020 Jun 2020 Mar
4
3
4
4
1
1
1
2
0
2
0
0
DASSAULT
Average Asking Price
$27.9 $25.0 $25.0
$16.5
$16.5
$23.5
$19.7
F2000S
F2000LXS
F2000LX
Average
$27.7 $27.7 $27.7
$22.3 $21.8 $21.8
Market Indicators (vs. Last Quarter)
F2000LX
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
F2000LXS
Transaction Level (Past 12 Months)
Inventory Level
$14.1
$15.4
$16.0
$16.0
$13.9
$14.5
$12.0
Average Asking Price
Average Days on Market
F2000S
Transaction Level (Past 12 Months)
For Sale vs. Sold
Inventory Level
Sold For Sale
4
2
2
1 3
2
1
2
1
1
1
2
1
1
2
1
2
1
1
Average Asking Price
Average Days on Market
7 7 7 8 9 8 9 7 7 8 11 11 11 11 13 12
14 16 16
16 16 15 16 16 17
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
FEATURED AIRCRAFT
G550
TOTAL HOURS: 3,162 SINCE NEW
TOTAL CYCLES: 1,168 SINCE NEW
• Engines & APU Enrolled Pro-Rata JSSI
• 16 Pax, Forward Galley & Crew Rest
• 4 Club, Conf. Area & Aft Double Divans
• Beijing Based, all Logs in English
• Painting & Interior Refurbished 2017
• ADS-B Out, CPDLC & FANS 1/A+
• BBML & HD-700
• No Damage or Material Corrosion
58 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- JETS
FALCON 7X
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$21.7
$20.9
$23.0
$21.2
$24.4
$23.3
$24.5
Average Days on Market
PERFORMANCE
Max Range
Max Speed
5,950 N.M. / 11,018 km
Mach 0.90
For Sale vs. Sold
Typ. Passengers
12
Sold
For Sale
SUPPLY
No. for Sale
2020 Jun 2020 Mar
15 (5.2%) 20 (7.0%)
2
6
2
4
4
4
2
1
2
5
3
2 1
1
2
1
3
2
1
1
2
2
1
Avg Asking Price
Avg Days on Market
24.5M USD
304
23.3M USD
256
2
17 18 16 14 11 9 12 15 15 18 17 17 16 16 17 19
18 14
15
20 22 20 20 22 20
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
18 15
3 6
DASSAULT
2018 2019 2020
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 59

MARKET SUMMARY -- JETS
PHENOM 300
Average Asking Price
Market Indicators (vs. Last Quarter)
$8.0
Transaction Level (Past 12 Months)
Inventory Level
$6.9 $7.5
$7.0
$6.8
Average Asking Price
Average Days on Market
$6.8
$6.8
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
1,242 N.M. / 2,300 km
Mach 0.78
5
Sold
4
2
For Sale
3
6
1
2
2
8
1
2
3
2 2
4
5
3
3
2
3
1
1
0
2
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
36 (6.5%) 28 (5.2%)
6.8M USD 6.6M USD
274 269
19 16 17 10 13 15 16 16 18 18 19 18 19 19 20 21
20 20
20
20 25 26 33 35 36
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
29 26
3 9
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
EMBRAER
LEGACY 600/650
Average Asking Price
$13.7
$11.7
$9.5
$15.1
L650
L600
Average
$15.1 $15.0
$15.0
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
L600
L650
$7.9
$8.1
$7.3
For Sale vs. Sold
Sold For Sale
$6.9 $6.7
$5.1
$5.3
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
L600
3,400 N.M. 3,640 N.M.
6,297 km
Mach 0.80
13
L650
7,112 km
Mach 0.80
13
7
3 3
4 3
3
2 1
3
1
2
2
1
3
2
3
2
1
1
2
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Jun | Mar
13 | 18
7.9M USD
9.2M USD
286 | 289
Jun | Mar
6 | 4
15.0M USD
15.0M USD
211 | 186
21 20 24 24 21 22 22 21 21 25 23 21 22 24 21 21
22 21 25 23 19 12 24 21 19
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
TRANSACTION
Past 12 Months
Past 3 Months
Jun | Mar
21 | 17
4 | 8
Jun | Mar
7 | 7
0 | 5
Source: AMSTAT & ASG
60 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- JETS
LINEAGE 1000/E
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$23.5
$22.2
$22.2
$21.4
$20.2
Inventory Level
Average Asking Price
Average Days on Market
$19.1
$18.3
PERFORMANCE
Max Range
4,400 N.M. / 8,149 km
Max Speed
Mach 0.82
For Sale vs. Sold
Typ. Passengers
19
Sold
For Sale
1
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
5 (17.2%) 6 (20.7%)
18.3M USD 19.1M USD
525 450
5 5 6 6 7 7 7 8 9 9 9 9 9 9 8 8
9 10
10
7 6 6 6 5 5
TRANSACTION
Past 12 Months
2020 Jun 2020 Mar
2 2
Past 3 Months
0
1
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
EMBRAER
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 61

MARKET SUMMARY -- JETS
G200
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$4.1
$4.4
$4.6
$4.3
$4.0
$4.1
Inventory Level
Average Asking Price
Average Days on Market
$4.1
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
3,050 N.M. / 5,651 km
Mach 0.81
8
3
Sold
3
3
For Sale
4
4
2
2
2 2 1
4
3 1
1
3
4
6 2
1
8
2
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun
31 (12.9%)
4.1M USD
196
2020 Mar
21 (8.8%)
4.2M USD
226
24 20 17 17 21 26 27 23 20 21 25 27 27 27 28 28
25 27
24
22 22 21 22 22 21
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun
26
1
2020 Mar
25
14
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
G280
Average Asking Price
Market Indicators (vs. Last Quarter)
GULFSTREAM
$18.3
$18.3
$17.3
$15.7
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
$14.7
$13.3
$13.2
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
3,600 N.M. / 6,667 km
Mach 0.84
8
Sold
For Sale
3
1
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun
15 (7.8%)
13.2M USD
196
2020 Mar
13 (7.0%)
12.5M USD
137
2
1
1 3 3 3 2 2 4 4 4 4 4 4 7 9 8 9 10 12
11
9 12 13 14 15 15
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun
3
0
2020 Mar
3
1
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
62 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- JETS
G450
Average Asking Price
Market Indicators (vs. Last Quarter)
$16.8
$16.4
Transaction Level (Past 12 Months)
$15.1
$15.8
$15.2
Inventory Level
Average Asking Price
Average Days on Market
$14.1
For Sale vs. Sold
$12.4
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
4,350 N.M. / 8,056 km
Mach 0.85
13
Sold For Sale
4
5
3 2
4 5
5
6
2
4
3
1
2
3
5
4
2
1
2
1
4
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun
31 (8.8%)
12.4M USD
343
2020 Mar
31 (8.8%)
13.7M USD
299
20 20 23 24 20 20 18 18 17 22 25 22 21 23 23 23 21 28 29 25 29 31 20 20 23
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun
24
4
2020 Mar
20
4
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
G550
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$25.7
$28.1
For Sale vs. Sold
$25.2
$22.0
$22.7
$20.2
$17.7
Inventory Level
Average Asking Price
Average Days on Market
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
6,750 N.M. / 12,501 km
Mach 0.87
18
GULFSTREAM
Sold For Sale
5
3
5
2 2 2
5
3
3 3 4 3 1 3 3
4
2
3
29 24 27 26 24 27 28 27 26 27 18 18 19 24 31 32 31 33 33
8 2
32 36
1
39
3
45 49
1
48
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
48 (8.1%) 39 (6.6%)
17.7M USD 20.3M USD
203 169
2020 Jun 2020 Mar
39
4
35
15
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 63

MARKET SUMMARY -- JETS
G650 & G650 ER
Average Asking Price
G650ER
Market Indicators (vs. Last Quarter)
$62.4
G650
Average
Transaction Level (Past 12 Months)
G650
G650ER
$56.2
$53.1
$51.7
$61.9
$52.0
$50.6
$51.6
$49.7
$44.4
Inventory Level
Average Asking Price
Average Days on Market
Sold
For Sale vs. Sold
For Sale
$48.0
$44.8 $44.0
$39.4
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
G650 G650ER
7,000 N.M. 7,500 N.M.
12,964 km 13,890 km
Mach 0.90 Mach 0.90
18 18
2
1
2
2 1 3 3
3
4 2
1
1 1 1 1
1
3
1
1 1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Jun | Mar
5 | 5
39.4M USD
43.2M USD
157 | 164
Jun | Mar
11 | 8
46.6M USD
49.7M USD
214 | 194
16 13 11 15 18 14 12 12 9 10 15 16 15 16 16 16
17 15 17 14 14 13 16 15 16
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
TRANSACTION
Past 12 Months
Past 3 Months
Jun | Mar Jun | Mar
6 | 5 5 | 4
1 | 4 1 | 2
Source: AMSTAT & ASG
GULFSTREAM
64 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

AIRCRAFT POSITIONING - CIVIL HELICOPTERS
ACQUISITION COST VS. MAX RANGE
AIRCRAFT ACQUISITION PRICE (MILLION USD)
6
5
4
3
2
1
0
HEAVY
(SUPER) MEDIUM
LIGHT TWIN
SINGLE TURBINE
PISTON
100
S-76D
BELL 412EPI
H135(T3)
BELL 430
MD902
BELL 429
MD530F BELL 206L4
MD502N
MD600N
MD550E R66
R22 BETA II
R44 RAVEN II
H225
BELL 407GXP
H215(C1)
S-76C++
H145
S-92
200 300 400
500
600 700
MAXIMUM RANGE (N.M)
H155
BELL 505
EN480B BELL 407
AW169
AW109 GRANDNEW
AW109 POWER
H125
H130 AW119KX
H120
H175
AW139
AW189
ACQUISITION COST VS. MAX TAKEOFF WEIGHT
AIRCRAFT ACQUISITION PRICE (MILLION USD)
8
4
2
1
0.5
0.25
1000
HEAVY
(SUPER) MEDIUM
LIGHT TWIN
SINGLE TURBINE
PISTON
2000
MD500E
EN480B
R66
R44 RAVEN II
R22 BETA II
MD520N
MD530F
H120
MD 902
H135(T3)
AW109 POWER
BELL 407GXP
4000
MD 600N
BELL 505
MAX TAKE-OFF WEIGHT (LBS)
8000
16000
H225
H155
H215(C1)
H145
S-76D
AW189
AW169
H175
AW139
BELL 429
BELL 412EPI
S-76C++
BELL 430
AW109 GRANDNEW
AW119KX
H130
H125 BELL 407 BELL 206L4
S-92
32000
ACQUISITION COST VS. CABIN VOLUME
AIRCRAFT ACQUISITION PRICE (MILLION USD)
8
4
2
1
0.5
0.25
20
HEAVY
(SUPER) MEDIUM
LIGHT TWIN
SINGLE TURBINE
PISTON
EN480B
MD 520N
MD 530F
R44 RAVEN II
R22 BETA II
MD 500E
R66
40
H125
H130
H120
BELL 505
MD 902
H135(T3)
80
BELL 407GXP
MD 600N
BELL 407
BELL 206L4
H215(C1) S-92
H175
BELL430
H145
S-76D H155
AW169
AW139
AW189
BELL412EPI S-76C++
BELL429 AW109 GRANDNEW
AW109 POWER
AW119KX
160
CABIN VOLUMN (CU.FT)
H225
320 640 800
Source: Conklin & de Decker 2019
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 65

SUMMARY -- HELICOPTERS
MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS
INVENTORY LEVEL, PRICE TREND & TRANSACTIONS
H125
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$2.5
Inventory Level
$2.5
$2.4
$2.4
Average Asking Price
Average Days on Market
$2.4
For Sale vs. Sold
$2.4
$2.4
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
340 N.M. / 630 km
140 Knots
6
4
Sold
1
3
For Sale
2
4 4 8
2 1
1
1 2
2 1
1
3
2
3
3
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun
26 (3.1%)
2.4M USD
530
2020 Mar
26 (3.2%)
2.4M USD
492
18 17 18 21 23 23 23 25 26 31 32 33 29 27 29 25
26 27
25
27 26 26
24 26 26
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun
20
6
2020 Mar
14
6
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
H130
Average Asking Price
Market Indicators (vs. Last Quarter)
AIRBUS
$2.9
$2.9
$3.0
$3.0
$3.0
$3.0
$2.7
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
333 N.M. / 606km
128 Knots
7
2
Sold
2
For Sale
2
1 1
1 1 1
2
2
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun
11 (3.9%)
2.7M USD
231
2020 Mar
7 (2.6%)
3.1M USD
321
6 5 5 5 5 5 4 4 9 10 10 9 10 11 10 10
11 9
9
9 9 7 8 11 11
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun
6
1
2020 Mar
5
2
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
66 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- HELICOPTERS
EC135P2 & T2
Average Asking Price
EC135T2
EC135P2
Average
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
EC135P2 EC135T2
$3.1
$2.8
$2.6
$2.6
$2.4
$2.2 $2.2
Inventory Level
Average Asking Price
Average Days on Market
$1.8
$1.6
For Sale vs. Sold
Sold For Sale
5
2
1
1
1
1
$2.1
$1.7
1
$1.7
1
1
$1.7
1
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
EC135P2
332 N.M.
614 km
127 Knots
6
Jun | Mar
7 | 8
2.2M USD
2.2M USD
595 | 484
EC135T2
332 N.M.
614 km
127 Knots
6
Jun | Mar
1 | 1
1.7M USD
1.7M USD
116 | 24
11 11 12 12 12 11 9 9 10 10 11 12 12 11 11 11
11 10 11 10 8 9 9 8 8
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
TRANSACTION
Past 12 Months
Past 3 Months
Jun | Mar
2 | 1
1 | 0
Jun | Mar
2 | 1
1 | 0
EC145
Average Asking Price
Market Indicators (vs. Last Quarter)
$5.1
Transaction Level (Past 12 Months)
$4.5
Inventory Level
Average Asking Price
AIRBUS
Average Days on Market
$4.3
$3.6
$3.6
For Sale vs. Sold
$3.4
$3.9
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
461 N.M. / 855 km
131 Knots
9
Sold
For Sale
1
1
2
2
1
3
2
2
1
3
4
1
3
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
10 (1.4%) 9 (1.3%)
3.9M USD 4.3M USD
440 410
9 11 13 15 14 14 12 13 13 13 13 12 9 9 8 10
12 10 9 9 9 9 9 10 10
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
16 13
3 5
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 67

MARKET SUMMARY -- HELICOPTERS
H155 & EC155B
Average Asking Price
EC155B
Market Indicators (vs. Last Quarter)
$5.1
$4.9
$4.5
$4.5
$5.9
H155
Average
$3.9
$3.9
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
H155
EC155B
$2.4 $2.0
For Sale vs. Sold
Sold For Sale
$2.0
$2.0
$2.0
$2.9
$2.6
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
H155
516 N.M.
955 km
150 Knots
13
EC155B
516 N.M.
955 km
135 Knots
13
1
1
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Jun | Mar
13 | 12
3.9M USD
3.9M USD
644 | 650
Jun | Mar
3 | 4
2.6M USD
2.9M USD
390 | 491
15 15 15 15 13 13 13 12 12 12 11 10 11 11 15 23
20 18 17 18 16 16 16 16 16
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
TRANSACTION
Past 12 Months
Past 3 Months
Jun | Mar
0 | 0
0 | 0
Jun | Mar
2 | 1
1 | 1
H225
Average Asking Price
Market Indicators (vs. Last Quarter)
AIRBUS
$7.0
$5.8
$7.0
$6.0
$6.2 $6.2
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
$4.0
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
452 N.M. / 837 km
142 Knots
19
Sold
For Sale
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
9 (5.1%) 9 (5.1%)
6.2M USD 6.2M USD
701 1,094
13 13 14 13 13 17 17 16 13 13 13 13 13 13 13 13
12 12
11
11 9 9 11 10 9
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
0 0
0 0
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
68 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- HELICOPTERS
BELL 206 JETRANGER / LONGRANGER
Average Asking Price
Bell 206 LongRanger
Bell 206 JetRanger
Average
Market Indicators (vs. Last Quarter)
Bell 206JBell 206L
Transaction Level (Past 12 Months)
$0.9
$0.9
$0.9
$0.9
$0.8
$0.9
$0.8
Inventory Level
Average Asking Price
Average Days on Market
$0.6
$0.6
For Sale vs. Sold
Sold For Sale
$0.6
$0.5
$0.6
$0.5
7
9 13
4
$0.5
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Bell 206J
374 N.M.
693 km
121 Knots
4
Jun | Mar
125 | 132
0.5M USD
0.5M USD
789 | 737
Bell 206L
270 N.M.
500 km
105 Knots
6
Jun | Mar
82 | 79
0.8M USD
0.9M USD
403 | 440
206 205 195 201 201 211 215 205 209 201 208 215 213 211 210 208
206 193 201 207 216 211 208 208 207
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
TRANSACTION
Past 12 Months
Past 3 Months
Jun | Mar
29 | 14
15 | 14
Jun | Mar
4 | 2
2 | 2
BELL 407
Average Asking Price
Market Indicators (vs. Last Quarter)
$2.3
$2.5
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$2.0
$2.2
Average Days on Market
$1.9
$1.9
For Sale vs. Sold
$1.9
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
323 N.M. / 598 km
132 Knots
7
BELL
6
Sold
8
For Sale
4
5
5
5
6
10
3
5 4
1 5 5 7
3
3
5
2
4
3 5 6 3
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
52 (3.3%) 46 (2.9%)
2.3M USD 2.3M USD
506 519
42 42 42 44 46 47 48 48 48 41 38 41 43 44 39 43
44 49
53
51 46 46 49 49 52
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
49 40
9 16
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 69

MARKET SUMMARY -- HELICOPTERS
BELL 412EP/412HP
Average Asking Price
Bell 412 HP
Market Indicators (vs. Last Quarter)
Bell 412 EP
Average
Transaction Level (Past 12 Months)
Bell 412EPBell 412HP
$4.8
$4.3
$3.0
$2.8
For Sale vs. Sold
Sold For Sale
$4.6
$3.0
$4.2
$2.0
$3.7
$3.3
$2.0 $2.0
$4.0
$2.1
Inventory Level
Average Asking Price
Average Days on Market
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
Bell 412EP
356 N.M. /
659 km
140 Knots
9
Bell 412HP
349 N.M. /
646 km
133 Knots
14
2 1
3 2
1 2 1
1 2
3 5
2 1 3
1
1
1
1 3
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Jun | Mar
21 | 24
5.6M USD
4.4M USD
591 | 682
Jun | Mar
2 | 3
2.1M USD
2.0M USD
673 | 1,055
32 34 37 37 38 38 36 38 35 36 34 33 31 28 27 27
26 26
26
27 25 27 23 23 23
Jun Mar Aug May Oct Jul Dec Sep Feb Nov Apr Jan Jun Mar Aug May Oct Jul Dec Sep Feb Nov Apr Jan Jun Mar
2018 2019 2019
2020
TRANSACTION
Past 12 Months
Past 3 Months
Jun | Mar
20 | 17
3 | 7
Jun | Mar
2 | 1
1 | 0
BELL 429
Average Asking Price
Market Indicators (vs. Last Quarter)
$5.4
$5.6
$5.6
$5.0
$4.8
$4.5
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
BELL
For Sale vs. Sold
$4.1
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
368 N.M. / 681 km
130 Knots
7
1
Sold
1
2
For Sale
1
1
1
1
2
1
1
1
1
3
4
2
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
16 (4.4%) 14 (3.9%)
4.1M USD 4.4M USD
263 378
14 13 14 14 14 15 16 15 16 15 17 20 21 20 21 21
24 24
21
20 17 14 14 15 16
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
14 14
0 9
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
70 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

MARKET SUMMARY -- HELICOPTERS
AW109SP GRANDNEW
Average Asking Price
Market Indicators (vs. Last Quarter)
$6.2
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$4.7
For Sale vs. Sold
$4.7
$4.2
$4.5
$4.3 $4.4
Average Days on Market
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
480 N.M. / 889 km
130 Knots
7
1
Sold
1
1
For Sale
2
2
2
2
1
2
1 1
1
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2020 Jun 2020 Mar
17 (9.0%) 12 (6.5%)
4.4M USD 4.3M USD
216 235
6 8 8 9 10 9 8 8 9 7 7 8 8 8 9 8
12 10 10 9 11 12 15 17 17
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
6 5
1 4
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
AW139
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$7.5 $7.5 $7.5
$7.7
Inventory Level
Average Asking Price
Average Days on Market
$6.3
For Sale vs. Sold
$6.6
$5.7
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
568 N.M. / 1,052 km
140 Knots
15
Sold For Sale
2
3 1
1
1
4
1
2 3 3
1 1
28 28 27 28 28 25 24 26 26 27 26 23 23 26 23 22
22 23 23
6
4 2
22 24 23
1
24 24 23
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
Past 12 Months
Past 3 Months
2020 Jun 2020 Mar
23 (2.4%) 23 (2.4%)
5.7M USD 6.0M USD
552 509
2020 Jun 2020 Mar
22 21
1 13
LEONARDO
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
Source: AMSTAT & ASG
SECOND QUARTER 2020 — ASIAN SKY QUARTERLY | 71

MARKET SUMMARY -- HELICOPTERS
S-76C+ / S-76C++
Average Asking Price
S76C+
Market Indicators (vs. Last Quarter)
S76C++
Average
S76C+
Transaction Level (Past 12 Months)
S76C++
$6.7
Inventory Level
$5.8
$5.6
$4.9
$4.7
$4.8
$4.4
Average Asking Price
Average Days on Market
$2.1
$1.9
For Sale vs. Sold
Sold For Sale
$2.0
$1.9
$1.7
$1.7
$1.7
PERFORMANCE
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
2
1
2
1
1
1 1 1 1
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Jun | Mar
22 | 20
1.7M USD
1.7M USD
723 | 695
Jun | Mar
22 | 20
4.4M USD
4.8M USD
652 | 780
54 51 49 47 48 46 46 42 46 47 42 45 41 41 45 45
44 45
45
44 41 40 43 43 44
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
2018 2019 2020
TRANSACTION
Past 12 Months
Past 3 Months
Jun | Mar
0 | 0
0 | 0
Jun | Mar
3 | 3
0 | 2
FEATURED AIRCRAFT
BELL 412EP SN36442
TOTAL HOURS: 2,632 HOURS
TOTAL CYCLES: 7,604 CYCLES
Source: AMSTAT & ASG
• 13+2 Seats Configuration
• Aircraft Enrolled on Pratt Eagle Service Gold and the Bell CAP
• ADS-B Fitted
• Emergency Floats and External Mounted Life Rafts
• Hoist Available Separately
• AFCS
• Cargo Hook Provisions
• Emergency Floats
• Litter Kit
• Auxiliary Fuel Tank
BELL 205A1 SN30109
TOTAL HOURS: 7,688 HOURS
SIKORSKY
• 13 Passengers Utilty Configuration
• Skylight Window
• Dart Dual Mirror
• Onboard System Cargo Hook with Load Cell
• Dart Heli Access Handle
• Dart Door Modification Kit
• Dart Shoulder Harness Kit
• Dart Interior Protector Kit
• AKV N1/N2 Cycle Counter
• K-flex Main Driveshaft
72 | ASIAN SKY QUARTERLY — SECOND QUARTER 2020

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