AMSTAT releases latest Business Aircraft Resale Market Update Report showing Heavy Jets as the best performing market segment in 2016

Tinton Falls, NJ – January 20, 2017: According to AMSTAT, the number of Resale Retail Transactions for Heavy Business Jets
rose 9.3% higher in 2016 than for 2015. Light Jets also saw a modest year‐over‐year improvement of 1.7%. These segments
bucked the trend in Business Jets in general, which saw the overall Resale Retail Transaction count contract just slightly by 1.1%
versus 2015. The Medium Jet market did not fare so well with resale transaction activity dropping 10.5% versus 2015. The
Turboprop resale market saw a slight uptick in transaction activity of 0.4% versus the previous year. These trends were
consistent with the performance in the first three quarters of 2016 as reported by AMSTAT in November.

The Turbine Helicopter resale market had a tougher time in 2016. Overall Resale Retail Transaction activity was down 14.2%.
At a segment level, the Single‐Engine market was down 12.9% and Multi‐Engine market was down 17.2%.
Many of the segments tracked by AMSTAT saw inventory levels take an arc trajectory during 2016 ‐ rising then falling over the
year. As a result many ended 2016 at levels similar to the start of the year. Heavy Jets started and end with 10.4% of the fleet
for sale, having reached 10.9% at mid‐year. Similar, Light Jets started at 11.5% of the fleet for sale and ended at 11.6% and
Medium Jets started 2016 at 11.2%, rose to 12% mid‐year and then retreated to 11.6% by December. Turboprop inventories
started 2016 at 8.2% for sale, ended at 8.5%, but were back to 8.2% by January 2017. All fixed wing segments have experienced
modest inventory contraction since the start of the New Year.

In the Turbine Helicopter market, the Single‐Engine Helicopter inventory saw a modest contraction in 2016, starting at 6.3% and
ending at 6.0% by December and 5.9% today. The inventory of Multi‐Engine Helicopters has risen from 6.8% in January 2016 to
7.2% today.

Average Asking Price trends continue to vary between tracked market segments. The Heavy Jet segment has seen a steady
increase in Average Asking Price since mid‐2016. Indeed versus Q3, they are up 3.7%. However, considering Average Asking
Prices in this market declined for the first half of 2016, we ended up year‐over‐year largely unchanged, off by 0.2%. Light Jets
and Turboprops experienced modest year‐over‐year gains of 2.2% each respectively, although it should be noted Average
Asking Prices in the Light Jet market are down 4.3% since Q3 2016.

Average Asking Prices in the Turbine Helicopter segments have remained largely unchanged year‐over‐year. It should be noted
that while in the Single‐Engine market Average Asking Prices have remained flat since mid‐2015, there has been greater
volatility in the Multi‐Engine market.